Washington, D.C. 20549
Gifford R. Zimmerman
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 |
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| Portfolio Manager's Comments | 5 |
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| Fund Leverage | 10 |
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| Common Share Information | 12 |
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| Risk Considerations | 14 |
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| Performance Overview and Holding Summaries | 15 |
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| Shareholder Meeting Report | 19 |
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| Report of Independent Registered Public Accounting Firm | 22 |
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| Portfolios of Investments | 23 |
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| Statement of Assets and Liabilities | 111 |
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| Statement of Operations | 112 |
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| Statement of Changes in Net Assets | 113 |
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| Statement of Cash Flows | 114 |
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| Financial Highlights | 116 |
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| Notes to Financial Statements | 119 |
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| Additional Fund Information | 137 |
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| Glossary of Terms Used in this Report | 138 |
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| Reinvest Automatically, Easily and Conveniently | 140 |
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| Annual Investment Management Agreement Approval Process | 141 |
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| Board Members and Officers | 148 |
Chairman's Letter to Shareholders
Dear Shareholders,
After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy's strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year winds down, 2016 looks on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.
A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed's intentions since then has been a strong influence on the markets throughout 2016. After remaining on hold for a year, the Fed judged that the economy's modest growth, the return to "full" employment and an uptick in inflation were sufficient to raise the target rate at the December 2016 meeting.
Global conditions continue to look subdued by comparison. Investors continue to adjust to the idea of a slower Chinese economy, which has helped commodity prices stabilize and lift global inflation expectations. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced a new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.
Since the election, U.S. stocks have rallied strongly on expectations that the Republican controlled Congress and Trump administration will pursue more business friendly policies. But the details have yet to be seen. Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook (not just in the U.S. but also in Europe), we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. 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
December 22, 2016
Portfolio Manager's Comments
Nuveen Quality Municipal Income Fund (NAD)
(formerly Nuveen Dividend Advantage Municipal Fund)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
(formerly Nuveen AMT-Free Municipal Income Fund)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio manager Christopher L. Drahn, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these two national Funds. Chris has managed NAD and NEA since 2016.
Effective May 31, 2016, Thomas C. Spalding, CFA, retired from NAM and Christopher L. Drahn, CFA, has taken over portfolio management responsibilities for NAD. In addition, effective August 2016, Chris has assumed portfolio management responsibilities for NEA.
Effective February 5, 2016, the investment policy changed for NAD and NEA. Under the new policy, each Fund may invest up to 35% of its assets in municipal securities rated BBB and below or judged by the portfolio manager to be of comparable quality.
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.
| |
| 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. Ratings are not covered by the report of independent registered public accounting firm.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Portfolio Manager's Comments (continued)
FUND REORGANIZATIONS
During February 2016, the Board of Directors/Trustees of the Nuveen Closed-End Funds approved a series of reorganizations for certain Funds (the Target Funds) to create two, larger-national Funds (the Acquiring Funds), which are included in this report.
The approved reorganizations are as follows:
| Target Funds | Symbol | | Acquiring Fund | Symbol | |
| Nuveen Premier Municipal Income Fund, Inc. | NPF | | Nuveen Dividend Advantage Municipal Fund, | NAD | |
| Nuveen Premium Income Municipal Fund, Inc. | NPI | | renamed Nuveen Quality Municipal Income Fund | | |
| Nuveen Select Quality Municipal Fund, Inc. | NQS | | | | |
| Nuveen Investment Quality Municipal Fund, Inc. | NQM | | | | |
| Nuveen Performance Plus Municipal Fund, Inc. | NPP | | Nuveen AMT-Free Municipal Income Fund, | NEA | |
| Nuveen Municipal Market Opportunity Fund, Inc. | NMO | | renamed Nuveen AMT-Free Quality Municipal Income Fund | | |
| Nuveen Premium Income Municipal Fund 2, Inc. | NPM | | | | |
During August 2016, the reorganizations were approved by shareholders and became effective before the opening of business on September 12, 2016.
See Notes to Financial Statements, Note 1 — General Information and Significant Accounting Policies, Fund Reorganizations for further information.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2016?
The restrained pace of growth that has defined the U.S. economic recovery since 2009 continued in the twelve-month reporting period. Growth over the previous four calendar quarters averaged below 2% (annualized), as measured by real gross domestic product (GDP), which is the value of goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes. For most of the reporting period, consumer spending remained healthy but was offset by the drag from the inventory cycle, lackluster business spending and weak net exports. As a result, GDP growth stayed below 1.5% from the fourth quarter of 2015 through the second quarter of 2016. However, decent consumer spending, an inventory turnaround and a short-term jump in exports contributed to a more robust gain of 3.2% in the third quarter, as reported by the "second" estimate of the Bureau of Economic Analysis.
Consumers, whose purchases comprise the largest component of the U.S. economy, benefited from employment growth and firming wages over the twelve-month reporting period. As reported by the Bureau of Labor Statistics, the unemployment rate was little changed at 4.9% in October 2016 from 5.0% in October 2015, and job gains averaged slightly above 200,000 per month for the past twelve months. Although consumer spending gains were rather muted in the latter half of 2015, spending surged in the second quarter of 2016. Although inflation began to accelerate slightly in the reporting period, the overall level remained low, which also contributed to consumers' willingness to buy. The Consumer Price Index (CPI) rose 1.6% over the twelve-month reporting period ended October 2016 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.1% during the same period, slightly above the Fed's unofficial longer term inflation objective of 2.0%.
The housing market was another bright spot in the economy. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.5% annual gain in September 2016 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 4.3% and 5.1%, respectively.
However, business investment remained soft over the reporting period. Corporate earnings growth continued to be constrained by diminished demand expectations amid sluggish U.S. and global growth, the impact of falling commodity prices and a strong U.S. dollar. Additionally, a murky outlook kept capital spending muted. Concerns about financial market turbulence in early 2016, the U.K.'s "Brexit" vote to leave the European Union (EU) and the U.S. presidential election weighed on business sentiment throughout the reporting period.
The consistent growth of the economy prompted the U.S. Federal Reserve (Fed) to raise the Fed funds role from the zero bound range to a range of 0.25% to 0.50% in December 2015. The widely anticipated move had little impact on the financial markets. Over the remainder of the reporting period, speculation on the timing of future rate hikes drove short-term swings in the markets, including falling bond yields, rallies in the U.S. dollar and bouts of volatility in stock prices. For most of 2016, the Fed kept this rate unchanged due to concerns ranging from low inflation in the U.S. to weakening growth prospects globally and the U.K.'s Brexit vote. However, the third quarter's strong GDP report and an uptick in inflation boosted expectations that the Fed would likely increase the target rate at the December 2016 meeting. As anticipated, subsequent to the close of the reporting period, the Fed raised the rate to a range of 0.50% to 0.75%.
Other market-moving events during the reporting period included a spike in volatility in January and February 2016 triggered by deteriorating sentiment about China's economy, another sharp downturn in oil prices and concerns about central bank policy both in the U.S. and around the world. The Brexit referendum on June 23 also caught investors off guard. In response, U.K. sterling fell to 30-year lows and global equities tumbled while perceived safe-haven assets such as gold, the U.S. dollar and government bonds saw large inflows. However, the markets stabilized fairly quickly post-Brexit vote, buoyed by reassurances from global central banks and a perception that the temporary price rout presented an attractive buying opportunity. Following a relatively calm July and August 2016, volatility resumed in the final months of the reporting period. Investors worried whether central banks were reaching the limits of their effectiveness as global growth continues to stagnate. The health of the European banking sector came into question, renewing concerns about the potential to trigger a wider crisis. Political uncertainty increased leading up to the November U.S. presidential election, and after the close of the reporting period, the unexpected win of Donald Trump contributed to an initial sell-off across global markets. However, after digesting the "shock", U. S. equities rallied strongly and global developed market stocks pared their losses, while emerging markets, fixed income and gold remained lower.
The broad municipal bond market performed well during the twelve-month reporting period, supported by falling interest rates, a favorable supply-demand balance and generally improving credit fundamentals. Although interest rates began to drift higher in the final month of the reporting period in anticipation of a possible Fed rate hike in December, they still ended at lower than where they started the reporting period. The largest declines were in longer-dated bond yields, while yields on the short end (zero to four years) of the yield curve increased, driven by anticipation of new money market fund regulations that triggered volatility in short-term rates. This caused the municipal yield curve to flatten over the reporting period.
The demand for municipal bonds continued to outpace supply. During the reporting period, municipal bond gross issuance nationwide totaled $435.6 billion, a 2.9% gain from the issuance for the twelve-month period ended October 31, 2015. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this has been an overall positive technical factor on municipal bond investment performance.
While supply has tightened, investor demand for municipal bonds has risen. Municipal bond mutual funds reported net inflows in 2015, and the inflows for the first four months of 2016 had already exceeded 2015's total volume for the year. The bouts of heightened volatility across other risky assets, uncertainty about the Fed's rate increases and the low to negative yields of European
Portfolio Manager's Comments (continued)
and Asian bonds have bolstered the appeal of municipal bonds' risk-adjusted returns and tax-equivalent yields. The municipal bond market is less directly influenced by the Fed's rate adjustments and its demand base is largely comprised of U.S. investors, factors which have helped municipal bonds deliver relatively attractive returns with less volatility than other market segments.
The fundamental backdrop also remained favorable for municipal bonds. Despite the U.S. economy's rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2016?
Municipal market conditions remained favorable over the reporting period, supported by positive technical factors, stable credit fundamentals for municipal issuers and a backdrop of moderate economic growth and low inflation. 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. Due to the Fund reorganizations, the credit quality composition of NAD and NEA shifted from the beginning of the reporting period (pre-Fund mergers) to the end of the reporting period (post-Fund mergers). The Funds' weightings in A rated and BBB rated credits increased meaningfully, while the AA allocations of both Funds decreased considerably. Even with these shifts, the Funds current holdings remained within their new investment policy that took effect in February 2016, which allows the Funds to invest up to 35% of assets in municipal securities rated BBB and below or those we judge to be of comparable quality. As such, no outright sales were needed to keep the Funds within their investment mandates after the reorganizations.
The proceeds from call activity and maturing bonds provided sufficient cash to fund new purchases. For NEA and NAD, we also invested the proceeds from incremental preferred share offerings that were conducted as part of the overall management of the Fund's leverage. NAD bought credits issued for the Greater Orlando Aviation Authority, Boston University, Salem Health in Oregon and Saint Barnabas Health in New Jersey. NEA's additions included bonds issued for the Great Lakes Water Authority in Michigan, Marshfield Clinic in Wisconsin and Presence Health in Illinois.
As of October 31, 2016, 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 to movements in U.S. interest rates relative to the Funds' benchmark. Although these swaps had a negative impact on performance, the two Funds' overall duration positioning was a positive contributor to performance during this reporting period.
How did the Funds perform during the twelve-month reporting period ended October 31, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year, five-year and ten-year periods ended October 31, 2016. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the twelve months ended October 31, 2016, the total returns on common share NAV for the two Funds outperformed the returns for the national S&P Municipal Bond Index and the new secondary benchmark, referred to as the NAD and NCA Custom Blended Fund Performance Benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index. For the same period, NAD slightly underperformed the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average and NEA outperformed the Lipper average.
The largest contributor to the Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve, which was advantageous in this reporting period as longer maturity bonds generally outperformed shorter bonds as the yield curve flattened.
Credit ratings exposure was a secondary driver of the Funds' performance during this reporting period. The incremental income component coupled with strong investor demand for higher yielding securities continued to support the outperformance of lower rated municipal bonds over this reporting period. The Funds were positioned with overweight allocations to the lower quality categories (especially A, BBB and B rated), which outperformed the broad market, and underweight allocations to the highest quality categories (AAA and AA rated), which underperformed the broad market. The Funds' tilt toward lower quality bonds was beneficial to performance.
Sector allocations had a marginal impact on relative performance during this reporting period. The Funds benefited from their allocations to the stronger performing sectors tobacco and health care, but gains were partially offset by exposure to pre-refunded bonds, which lagged over this reporting period and detracted from relative results.
In addition, the use of regulatory leverage was an important positive 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: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
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, 0.22% and 0.43%, 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 rated Caa2/CC/CC (below investment grade) 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 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 may do so in the future. Thus there is an increased risk that the organization acting as each Fund's pricing service may change, or that the Funds' pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.
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 positive contribution to the performance of these Funds over this reporting period.
As of October 31, 2016, the Funds' percentages of leverage are as shown in the accompanying table.
| | NAD | | NEA | |
| Effective Leverage* | 37.58% | | 37.35% | |
| Regulatory Leverage* | 33.26% | | 33.82% | |
| * | 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. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
THE FUNDS' REGULATORY LEVERAGE
As of October 31, 2016, 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 | | | |
| | | | | | Shares | | | | | | Shares | | | | |
| | | | | | Issued at | | | | | | Issued at | | | | |
| | | | | | Liquidation | | | | | | Liquidation | | | | |
| | | Series | | | Preference | | | Series | | | 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 | |
| * | VMTP Shares and VRDP Shares issued in connection with the reorganization |
During the current reporting period, NAD refinanced all of its outstanding Series 2016 and Series 2017 VMTP Shares with the issuance of new Series 2019 and Series 2019-1 VMTP Shares, respectively. In conjuction with this refinancing NAD issued an additional $72,000,000 and $165,000,000 Series 2019 and Series 2019-1 VMTP Shares at liquidation preference, respectively, to be invested in accordance with the Fund's investment policies.
During the current reporting period, NEA refinanced all of its outstanding Series 2016 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjuction with this refinancing NEA issued an additional $87,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
During the current reporting period, NEA issued $100,000,000 Series 5 VRDP Shares at liquidation preference, which will be used to invest in additional municipal securities in accordance with its investment objectives and policies.
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.
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of October 31, 2016. 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 2015 | | $ | 0.0710 | | $ | 0.0625 | |
| December | | | 0.0710 | | | 0.0625 | |
| January | | | 0.0710 | | | 0.0625 | |
| February | | | 0.0710 | | | 0.0625 | |
| March | | | 0.0710 | | | 0.0625 | |
| April | | | 0.0710 | | | 0.0625 | |
| May | | | 0.0710 | | | 0.0625 | |
| June | | | 0.0695 | | | 0.0625 | |
| July | | | 0.0695 | | | 0.0625 | |
| August | | | 0.0695 | | | 0.0625 | |
| September | | | 0.0695 | | | 0.0625 | |
| October 2016 | | | 0.0715 | | | 0.0680 | |
| Total Monthly Per Share Distributions | | $ | 0.8465 | | $ | 0.7555 | |
| Ordinary Income Distribution** | | $ | 0.0005 | | $ | 0.0044 | |
| Total Distributions from Net Investment Income | | $ | 0.8470 | | $ | 0.7599 | |
| Yields | | | | |
| Market Yield*** | 6.05 | % | 5.93 | % |
| Tax-Equivalent Yield*** | 8.40 | % | 8.24 | % |
| * | In connection with NAD's and NEA's reorganizations, each Fund declared a dividend of $0.0177 and $0.0165 per common share, respectively, with an ex-dividend date of September 9, 2016, payable on October 3, 2016 and a dividend of $0.0518 and $0.0460 per common share, respectively, with an ex-dividend date of September 20, 2016, payable on October 3, 2016. |
| ** | Distribution paid in December 2015. |
| *** | 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 is 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 October 31, 2016, the Funds had positive UNII balances for tax and 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.
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 October 31, 2016, 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 | 0 | | 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 October 31, 2016, 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 | | $ | 15.75 | | $ | 15.36 | |
| Common share price | | $ | 14.19 | | $ | 13.75 | |
| Premium/(Discount) to NAV | | | (9.90 | )% | | (10.48 | )% |
| 12-month average premium/(discount) to NAV | | | (6.60 | )% | | (7.84 | )% |
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) (formerly known as Nuveen Dividend Advantage Municipal Fund)
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) (formerly known as Nuveen AMT-Free Municipal Income Fund)
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.
| NAD | |
| | Nuveen Quality Municipal Income Fund |
| | (formerly known as Nuveen Dividend Advantage Municipal Fund) |
| | Performance Overview and Holding Summaries as of October 31, 2016 |
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 October 31, 2016
| | Average Annual |
| | 1-Year | 5-Year | 10-Year | |
| NAD at Common Share NAV | 7.54% | 7.87% | 6.24% | |
| NAD at Common Share Price | 6.88% | 7.15% | 5.67% | |
| S&P Municipal Bond Index | 4.53% | 4.57% | 4.53% | |
| NAD Custom Blended Fund Performance Benchmark | 5.25% | 5.08% | 4.62% | |
| Lipper General & Insured Leveraged Municipal Debt Funds Classification Average | 7.63% | 8.07% | 6.10% | |
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
| NAD | Performance Overview and Holding Summaries as of October 31, 2016 (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 | 150.9% |
| Corporate Bonds | 0.0% |
| Investment Companies | 0.0% |
| Short-Term Municipal Bonds | 4.2% |
| Other Assets Less Liabilities | 0.7% |
| Net Assets Plus Floating Rate Obligations, VRDP Shares, at Liquidation Preference & VMTP Shares, at Liquidation Preference | 155.8% |
| Floating Rate Obligations | (5.9)% |
| VRDP Shares, at Liquidation Preference | (19.9)% |
| VMTP Shares, at Liquidation Preference | (30.0)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
(% of total investment exposure)1 | |
| AAA/U.S. Guaranteed | 16.3% |
| AA | 21.8% |
| A | 31.9% |
| BBB | 19.4% |
| BB or Lower | 8.9% |
| N/R (not rated) | 1.7% |
| N/A (not applicable) | 0.0% |
| Total | 100% |
| Portfolio Composition | |
(% of total investments)1 | |
| Transportation | 20.3% |
| Health Care | 17.9% |
| Tax Obligation/Limited | 14.4% |
| U.S. Guaranteed | 11.1% |
| Tax Obligation/General | 10.4% |
| Utilities | 5.9% |
| Water and Sewer | 5.5% |
| Education and Civic Organizations | 5.2% |
| Other | 9.3% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| Illinois | 12.2% |
| Texas | 12.0% |
| California | 11.2% |
| New York | 6.2% |
| Florida | 5.9% |
| Colorado | 5.0% |
| Ohio | 4.7% |
| New Jersey | 3.1% |
| Nevada | 2.9% |
| Pennsylvania | 2.7% |
| Washington | 2.5% |
| Indiana | 2.2% |
| South Carolina | 2.0% |
| Michigan | 2.0% |
| Louisiana | 1.9% |
| Arizona | 1.9% |
| Massachusetts | 1.9% |
| Other | 19.7% |
| Total | 100% |
1 | Excluding investments in derivatives. |
| NEA | |
| | Nuveen AMT-Free Quality Municipal Income Fund |
| | (formerly known as Nuveen AMT-Free Municipal Income Fund) |
| | Performance Overview and Holding Summaries as of October 31, 2016 |
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 October 31, 2016
| | Average Annual |
| | 1-Year | 5-Year | 10-Year | |
| NEA at Common Share NAV | 8.84% | 6.48% | 5.79% | |
| NEA at Common Share Price | 9.33% | 5.82% | 5.37% | |
| S&P Municipal Bond Index | 4.53% | 4.57% | 4.53% | |
| NEA Custom Blended Fund Performance Benchmark | 5.25% | 5.08% | 4.62% | |
| Lipper General & Insured Leveraged Municipal Debt Funds Classification Average | 7.63% | 8.07% | 6.10% | |
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
| NEA | Performance Overview and Holding Summaries as of October 31, 2016 (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 | 151.4% |
| Corporate Bonds | 0.0% |
| Common Stocks | 0.1% |
| Short-Term Municipal Bonds | 2.0% |
| Other Assets Less Liabilities | 1.3% |
| Net Assets Plus Floating Rate Obligations, VRDP Shares, at Liquidation Preference & VMTP Shares, at Liquidation Preference | 154.8% |
| Floating Rate Obligations | (3.7)% |
| VRDP Shares, at Liquidation Preference | (32.0)% |
| VMTP Shares, at Liquidation Preference | (19.1)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
(% of total investment exposure)1 | |
| AAA/U.S. Guaranteed | 13.8% |
| AA | 23.2% |
| A | 34.3% |
| BBB | 18.9% |
| BB or Lower | 8.0% |
| N/R (not rated) | 1.8% |
| N/A (not applicable) | 0.0% |
| Total | 100% |
| Portfolio Composition | |
(% of total investments)1 | |
| Transportation | 18.8% |
| Health Care | 17.7% |
| Tax Obligation/Limited | 15.7% |
| Tax Obligation/General | 11.7% |
| U.S. Guaranteed | 9.2% |
| Water and Sewer | 6.7% |
| Utilities | 6.4% |
| Education and Civic Organizations | 6.0% |
| Consumer Staples | 5.5% |
| Other | 2.3% |
| Total | 100% |
| States and Territories | |
| (% of municipal bonds) | |
| Illinois | 13.6% |
| California | 11.1% |
| Texas | 8.5% |
| Ohio | 5.6% |
| Florida | 5.5% |
| Colorado | 4.9% |
| New York | 4.8% |
| New Jersey | 4.3% |
| Nevada | 3.8% |
| Pennsylvania | 3.5% |
| Indiana | 3.0% |
| Michigan | 2.8% |
| Washington | 2.5% |
| South Carolina | 2.3% |
| Massachusetts | 1.9% |
| Louisiana | 1.6% |
| Georgia | 1.5% |
| Other | 18.8% |
| Total | 100% |
1 | Excluding investments in derivatives. |
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on June 16, 2016 for NEA, NAD, NMO, NPP, NPM, NPI, NQS, NPF and NQM; at this meeting the shareholders were asked to vote to approve an Agreement and Plan of Reorganization, to approve Issuance of Additional Common Shares and to elect Board Members. The meeting was subsequently adjourned to July 19, 2016 and additionally adjourned to August 19, 2016 for NEA, NPP, NPM, NPI, NQS and NQM.
| | | NEA | | | NAD | |
| | | | | Common and | | Preferred | | | | | Common and | | | |
| | | | | Preferred | | shares | | | | | Preferred | | | |
| | | | | shares voting | | voting | | | | | shares voting | | | |
| | | Common | | together | | together | | | Common | | together | | Preferred | |
| | | Shares | | as a class | | as a class | | | Shares | | as a class | | shares | |
| To approve an Agreement and Plan of Reorganization | | | | | | | | | | | | | | |
| For | | — | | — | | 4,233 | | | — | | — | | 2,650 | |
| Against | | — | | — | | — | | | — | | — | | — | |
| Abstain | | — | | — | | — | | | — | | — | | — | |
| BNV | | — | | — | | — | | | — | | — | | — | |
| Total | | �� | | — | | 4,233 | | | — | | — | | 2,650 | |
| To approve issuance of additional common shares | | | | | | | | | | | | | | |
| For | | 36,835,002 | | 36,837,725 | | — | | | 18,605,408 | | 18,608,058 | | — | |
| Against | | 3,564,681 | | 3,564,681 | | — | | | 1,145,746 | | 1,145,746 | | — | |
| Abstain | | 1,704,689 | | 1,704,689 | | — | | | 808,468 | | 808,468 | | — | |
| Total | | 42,104,372 | | 42,107,095 | | — | | | 20,559,622 | | 20,562,272 | | — | |
| Approval of the Board Members was reached as follows: | | | | | | | | | | | | | | |
| William Adams IV | | | | | | | | | | | | | | |
| For | | — | | — | | — | | | — | | — | | — | |
| Withhold | | — | | — | | — | | | — | | — | | — | |
| Total | | — | | — | | — | | | — | | — | | — | |
| Jack B. Evans | | | | | | | | | | | | | | |
| For | | — | | | | — | | | — | | — | | — | |
| Withhold | | — | | — | | — | | | — | | — | | — | |
| Total | | — | | — | | — | | | — | | — | | — | |
| David J. Kundert | | | | | | | | | | | | | | |
| For | | — | | — | | — | | | — | | — | | — | |
| Withhold | | — | | — | | — | | | — | | — | | — | |
| Total | | — | | — | | — | | | — | | — | | — | |
| John K. Nelson | | | | | | | | | | | | | | |
| For | | — | | — | | — | | | — | | — | | — | |
| Withhold | | — | | — | | — | | | — | | — | | — | |
| Total | | — | | — | | — | | | — | | — | | — | |
| William C. Hunter | | | | | | | | | | | | | | |
| For | | — | | — | | 4,233 | | | — | | — | | 2,650 | |
| Withhold | | — | | — | | — | | | — | | — | | — | |
| Total | | — | | — | | 4,233 | | | — | | — | | 2,650 | |
| William J. Schneider | | | | | | | | | | | | | | |
| For | | — | | — | | 4,233 | | | — | | — | | 2,650 | |
| Withhold | | — | | — | | — | | | — | | — | | — | |
| Total | | — | | — | | 4,233 | | | — | | — | | 2,650 | |
| Judith M. Stockdale | | | | | | | | | | | | | | |
| For | | — | | 66,012,348 | | — | | | — | | 34,458,546 | | — | |
| Withhold | | — | | 3,937,978 | | — | | | — | | 1,201,293 | | — | |
| Total | | — | | 69,950,326 | | — | | | — | | 35,659,839 | | — | |
| Carole E. Stone | | | | | | | | | | | | | | |
| For | | — | | 66,114,359 | | — | | | — | | 34,457,475 | | — | |
| Withhold | | — | | 3,835,967 | | — | | | — | | 1,202,364 | | — | |
| Total | | — | | 69,950,326 | | — | | | — | | 35,659,839 | | — | |
| Terence J. Toth | | | | | | | | | | | | | | |
| For | | — | | — | | — | | | — | | — | | — | |
| Withhold | | — | | — | | — | | | — | | — | | — | |
| Total | | — | | — | | — | | | — | | — | | — | |
| Margaret L. Wolff | | | | | | | | | | | | | | |
| For | | — | | 66,037,704 | | — | | | — | | 34,453,423 | | — | |
| Withhold | | — | | 3,912,622 | | — | | | — | | 1,206,416 | | — | |
| Total | | — | | 69,950,326 | | — | | | — | | 35,659,839 | | — | |
Shareholder Meeting Report (continued)
| | | NMO | | | NPP | | | NPM | | | NPI | |
| | | Common and | | | | | Common and | | | | | Common and | | | | | Common and | | | |
| | | Preferred | | | | | Preferred | | | | | Preferred | | | | | Preferred | | | |
| | | shares voting | | | | | shares voting | | | | | shares voting | | | | | shares voting | | | |
| | | together | | Preferred | | | together | | Preferred | | | together | | Preferred | | | together | | Preferred | |
| | | as a class | | shares | | | as a class | | shares | | | as a class | | shares | | | as a class | | shares | |
| To approve an Agreement and Plan of Reorganization | | | | | | | | | | | | | | | | | | | | |
| For | | 23,962,660 | | 2,786 | | | 30,769,238 | | 5,350 | | | 35,695,110 | | 3,483 | | | 33,280,834 | | 4,070 | |
| Against | | 2,605,486 | | — | | | 2,236,400 | | — | | | 2,627,127 | | — | | | 1,854,612 | | — | |
| Abstain | | 908,887 | | — | | | 1,404,155 | | — | | | 1,527,585 | | — | | | 1,324,616 | | — | |
| BNV | | 14,194,987 | | — | | | 21,804,024 | | — | | | 24,465,910 | | — | | | 20,971,605 | | — | |
| Total | | 41,672,020 | | 2,786 | | | 56,213,817 | | 5,350 | | | 64,315,732 | | 3,483 | | | 57,431,667 | | 4,070 | |
| To approve issuance of additional common shares | | | | | | | | | | | | | | | | | | | | |
| For | | — | | — | | | — | | — | | | — | | — | | | — | | — | |
| Against | | — | | — | | | — | | — | | | — | | — | | | — | | — | |
| Abstain | | — | | — | | | — | | — | | | — | | — | | | — | | — | |
| Total | | — | | — | | | — | | — | | | — | | — | | | — | | — | |
| Approval of the Board Members was reached as follows: | | | | | | | | | | | | | | | | | | | | |
| William Adams IV | | | | | | | | | | | | | | | | | | | | |
| For | | 37,649,454 | | — | | | 53,261,135 | | — | | | 60,607,984 | | — | | | 53,840,527 | | — | |
| Withhold | | 3,291,941 | | — | | | 1,781,953 | | — | | | 2,206,509 | | — | | | 2,230,024 | | — | |
| Total | | 40,941,395 | | — | | | 55,043,088 | | — | | | 62,814,493 | | — | | | 56,070,551 | | — | |
| Jack B. Evans | | | | | | | | | | | | | | | | | | | | |
| For | | 37,658,784 | | — | | | 53,267,929 | | — | | | 60,588,982 | | — | | | 53,783,347 | | — | |
| Withhold | | 3,282,611 | | — | | | 1,775,159 | | — | | | 2,225,511 | | — | | | 2,287,204 | | — | |
| Total | | 40,941,395 | | — | | | 55,043,088 | | — | | | 62,814,493 | | — | | | 56,070,551 | | — | |
| David J. Kundert | | | | | | | | | | | | | | | | | | | | |
| For | | 37,601,286 | | — | | | 53,255,667 | | — | | | 60,525,893 | | — | | | 53,775,957 | | — | |
| Withhold | | 3,340,109 | | — | | | 1,787,421 | | — | | | 2,288,600 | | — | | | 2,294,594 | | — | |
| Total | | 40,941,395 | | — | | | 55,043,088 | | — | | | 62,814,493 | | — | | | 56,070,551 | | — | |
| John K. Nelson | | | | | | | | | | | | | | | | | | | | |
| For | | 37,599,553 | | — | | | 53,283,745 | | — | | | 60,604,055 | | — | | | 53,813,162 | | — | |
| Withhold | | 3,341,842 | | — | | | 1,759,343 | | — | | | 2,210,438 | | — | | | 2,257,389 | | — | |
| Total | | 40,941,395 | | — | | | 55,043,088 | | — | | | 62,814,493 | | — | | | 56,070,551 | | — | |
| William C. Hunter | | | | | | | | | | | | | | | | | | | | |
| For | | — | | 2,786 | | | — | | 5,350 | | | — | | 3,483 | | | — | | 4,070 | |
| Withhold | | — | | — | | | — | | — | | | — | | — | | | — | | — | |
| Total | | — | | 2,786 | | | — | | 5,350 | | | — | | 3,483 | | | — | | 4,070 | |
| William J. Schneider | | | | | | | | | | | | | | | | | | | | |
| For | | — | | 2,786 | | | — | | 5,350 | | | — | | 3,483 | | | — | | 4,070 | |
| Withhold | | — | | — | | | — | | — | | | — | | — | | | — | | — | |
| Total | | — | | 2,786 | | | — | | 5,350 | | | — | | 3,483 | | | — | | 4,070 | |
| Judith M. Stockdale | | | | | | | | | | | | | | | | | | | | |
| For | | 37,669,024 | | — | | | 53,213,090 | | — | | | 60,592,123 | | — | | | 53,715,138 | | — | |
| Withhold | | 3,272,371 | | — | | | 1,829,998 | | — | | | 2,222,370 | | — | | | 2,355,413 | | — | |
| Total | | 40,941,395 | | — | | | 55,043,088 | | — | | | 62,814,493 | | — | | | 56,070,551 | | — | |
| Carole E. Stone | | | | | | | | | | | | | | | | | | | | |
| For | | 37,660,928 | | — | | | 53,193,970 | | — | | | 60,587,487 | | — | | | 53,729,451 | | — | |
| Withhold | | 3,280,467 | | — | | | 1,849,118 | | — | | | 2,227,006 | | — | | | 2,341,100 | | — | |
| Total | | 40,941,395 | | — | | | 55,043,088 | | — | | | 62,814,493 | | — | | | 56,070,551 | | — | |
| Terence J. Toth | | | | | | | | | | | | | | | | | | | | |
| For | | 37,578,146 | | — | | | 53,261,771 | | — | | | 60,570,095 | | — | | | 53,784,291 | | — | |
| Withhold | | 3,363,249 | | — | | | 1,781,317 | | — | | | 2,244,398 | | — | | | 2,286,260 | | — | |
| Total | | 40,941,395 | | — | | | 55,043,088 | | — | | | 62,814,493 | | — | | | 56,070,551 | | — | |
| Margaret L. Wolff | | | | | | | | | | | | | | | | | | | | |
| For | | 37,613,419 | | — | | | 53,215,892 | | — | | | 60,633,357 | | — | | | 53,725,462 | | — | |
| Withhold | | 3,327,976 | | — | | | 1,827,196 | | — | | | 2,181,136 | | — | | | 2,345,089 | | — | |
| Total | | 40,941,395 | | — | | | 55,043,088 | | — | | | 62,814,493 | | — | | | 56,070,551 | | — | |
| | | NQS | | | NPF | | | NQM | |
| | | Common and | | | | | Common and | | | | | Common and | | Preferred | |
| | | Preferred | | | | | Preferred | | | | | Preferred | | shares | |
| | | shares voting | | | | | shares voting | | | | | shares voting | | voting | |
| | | together | | Preferred | | | together | | Preferred | | | together | | together | |
| | | as a class | | shares | | | as a class | | shares | | | as a class | | as a class | |
| To approve an Agreement and Plan of Reorganization | | | | | | | | | | | | | | | |
| For | | 17,962,024 | | 1,751 | | | 9,947,001 | | 1,277 | | | 21,399,463 | | 2,283 | |
| Against | | 3,090,730 | | — | | | 980,446 | | — | | | 1,750,268 | | — | |
| Abstain | | 639,369 | | — | | | 433,988 | | — | | | 1,007,253 | | — | |
| BNV | | 10,195,307 | | — | | | 7,068,589 | | — | | | 14,401,899 | | — | |
| Total | | 31,887,430 | | 1,751 | | | 18,430,024 | | 1,277 | | | 38,558,883 | | 2,283 | |
| To approve issuance of additional common shares | | | | | | | | | | | | | | | |
| For | | — | | — | | | — | | — | | | — | | — | |
| Against | | — | | — | | | — | | — | | | — | | — | |
| Abstain | | — | | — | | | — | | — | | | — | | — | |
| Total | | — | | — | | | — | | — | | | — | | — | |
| Approval of the Board Members was reached as follows: | | | | | | | | | | | | | | | |
| William Adams IV | | | | | | | | | | | | | | | |
| For | | 28,197,184 | | — | | | 17,328,904 | | — | | | 35,803,243 | | — | |
| Withhold | | 3,081,179 | | — | | | 837,521 | | — | | | 1,470,666 | | — | |
| Total | | 31,278,363 | | — | | | 18,166,425 | | — | | | 37,273,909 | | — | |
| Jack B. Evans | | | | | | | | | | | | | | | |
| For | | 28,182,950 | | — | | | 17,307,078 | | — | | | 35,765,630 | | — | |
| Withhold | | 3,095,413 | | — | | | 859,347 | | — | | | 1,508,279 | | — | |
| Total | | 31,278,363 | | — | | | 18,166,425 | | — | | | 37,273,909 | | — | |
| David J. Kundert | | | | | | | | | | | | | | | |
| For | | 28,158,686 | | — | | | 17,226,213 | | — | | | 35,755,797 | | — | |
| Withhold | | 3,119,677 | | — | | | 940,212 | | — | | | 1,518,112 | | — | |
| Total | | 31,278,363 | | — | | | 18,166,425 | | — | | | 37,273,909 | | — | |
| John K. Nelson | | | | | | | | | | | | | | | |
| For | | 28,200,433 | | — | | | 17,302,933 | | — | | | 35,799,033 | | — | |
| Withhold | | 3,077,930 | | — | | | 863,492 | | — | | | 1,474,876 | | — | |
| Total | | 31,278,363 | | — | | | 18,166,425 | | — | | | 37,273,909 | | — | |
| William C. Hunter | | | | | | | | | | | | | | | |
| For | | — | | 1,751 | | | — | | 1,277 | | | — | | 2,285 | |
| Withhold | | — | | — | | | — | | — | | | — | | — | |
| Total | | — | | 1,751 | | | — | | 1,277 | | | — | | 2,285 | |
| William J. Schneider | | | | | | | | | | | | | | | |
| For | | — | | 1,751 | | | — | | 1,277 | | | — | | 2,285 | |
| Withhold | | — | | — | | | — | | — | | | — | | — | |
| Total | | — | | 1,751 | | | — | | 1,277 | | | — | | 2,285 | |
| Judith M. Stockdale | | | | | | | | | | | | | | | |
| For | | 28,165,882 | | — | | | 17,258,243 | | — | | | 35,799,423 | | — | |
| Withhold | | 3,112,481 | | — | | | 908,182 | | — | | | 1,474,486 | | — | |
| Total | | 31,278,363 | | — | | | 18,166,425 | | — | | | 37,273,909 | | — | |
| Carole E. Stone | | | | | | | | | | | | | | | |
| For | | 28,175,643 | | — | | | 17,272,749 | | — | | | 35,792,712 | | — | |
| Withhold | | 3,102,720 | | — | | | 893,676 | | — | | | 1,481,197 | | — | |
| Total | | 31,278,363 | | — | | | 18,166,425 | | — | | | 37,273,909 | | — | |
| Terence J. Toth | | | | | | | | | | | | | | | |
| For | | 28,188,415 | | — | | | 17,304,721 | | — | | | 35,768,409 | | — | |
| Withhold | | 3,089,948 | | — | | | 861,704 | | — | | | 1,505,500 | | — | |
| Total | | 31,278,363 | | — | | | 18,166,425 | | — | | | 37,273,909 | | — | |
| Margaret L. Wolff | | | | | | | | | | | | | | | |
| For | | 28,173,267 | | — | | | 17,303,913 | | — | | | 35,815,011 | | — | |
| Withhold | | 3,105,096 | | — | | | 862,512 | | — | | | 1,458,898 | | — | |
| Total | | 31,278,363 | | — | | | 18,166,425 | | — | | | 37,273,909 | | — | |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Nuveen Quality Municipal Income Fund (formerly known as Nuveen Dividend Advantage Municipal Fund)
Nuveen AMT-Free Quality Municipal Income Fund (formerly known as Nuveen AMT-Free Municipal Income Fund):
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income Fund (the "Funds") as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statements of cash flows for the year then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through October 31, 2013 were audited by other auditors whose report dated December 27, 2013 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, their cash flows for the year then ended and the financial highlights for each of the years in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
December 29, 2016
| NAD | | |
| | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 150.9% (97.3% of Total Investments) | | | | | | | |
| | | | MUNICIPAL BONDS – 150.9% (97.3% of Total Investments) | | | | | | | |
| | | | Alabama – 0.5% (0.3% of Total Investments) | | | | | | | |
| $ | 2,010 | | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (Pre-refunded 11/15/16) | 11/16 at 100.00 | | Aa2 (4) | | $ | 2,013,317 | |
| | 11,790 | | Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/43 (Pre-refunded 1/01/17) – BHAC Insured | 1/17 at 100.00 | | AA+ (4) | | | 11,864,631 | |
| | 500 | | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama,Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 3.000%, 2/01/29 | 2/26 at 100.00 | | A– | | | 495,465 | |
| | 1,000 | | Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured | 1/17 at 100.00 | | A2 | | | 1,005,510 | |
| | 1,000 | | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | | A3 | | | 1,261,130 | |
| | 16,300 | | Total Alabama | | | | | | 16,640,053 | |
| | | | Alaska – 0.5% (0.3% of Total Investments) | | | | | | | |
| | | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: | | | | | | | |
| | 1,160 | | 4.625%, 6/01/23 | 1/17 at 100.00 | | Ba1 | | | 1,178,200 | |
| | 14,500 | | 5.000%, 6/01/32 | 1/17 at 100.00 | | B3 | | | 14,230,155 | |
| | 1,500 | | 5.000%, 6/01/46 | 1/17 at 100.00 | | B3 | | | 1,426,650 | |
| | 17,160 | | Total Alaska | | | | | | 16,835,005 | |
| | | | Arizona – 2.9% (1.9% 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 | | BBB+ | | | 1,081,332 | |
| | 2,500 | | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/39 | 12/24 at 100.00 | | A2 | | | 2,894,350 | |
| | | | 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 | | | 1,654,004 | |
| | 2,500 | | 5.000%, 7/01/32 | 7/22 at 100.00 | | A | | | 2,762,800 | |
| | 2,335 | | 5.000%, 7/01/36 | 7/22 at 100.00 | | A | | | 2,563,830 | |
| | 2,000 | | Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 | 7/17 at 100.00 | | A3 | | | 2,041,440 | |
| | 2,500 | | Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2216, 13.060%, 7/01/31 – AGM Insured (IF) | 7/17 at 100.00 | | AA– | | | 2,736,600 | |
| | 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+ | | | 13,042,788 | |
| | | | 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– | | | 4,935,463 | |
| | 8,200 | | 5.000%, 7/01/38 | 7/18 at 100.00 | | AA– | | | 8,703,398 | |
| | 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 | | | 9,484,790 | |
| | 5,000 | | Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Tender Option Bond Trust 2016-XF0388, 8.531%, 7/01/38 (IF) (5) | 7/18 at 100.00 | | AA– | | | 5,613,900 | |
| | 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 | | BBB+ | | | 1,109,670 | |
| | 1,000 | | Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, RefundingSeries 2015, 4.000%, 12/01/38 – AGM Insured | No Opt. Call | | AA | | | 1,052,920 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Arizona (continued) | | | | | | | |
| | | | 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+ | | $ | 628,860 | |
| | 24,765 | | 5.000%, 12/01/37 | No Opt. Call | | BBB+ | | | 29,773,969 | |
| | 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 | | | 1,275,692 | |
| | 860 | | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 | 1/17 at 100.00 | | N/R | | | 858,727 | |
| | 80,120 | | Total Arizona | | | | | | 92,214,533 | |
| | | | 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 | | | 2,283,948 | |
| | | | California – 17.3% (11.2% 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– | | | 1,720,050 | |
| | 185 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured | No Opt. Call | | Baa2 | | | 173,367 | |
| | 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 | | | 8,587,238 | |
| | 1,535 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/37 – NPFG Insured | No Opt. Call | | A3 | | | 728,511 | |
| | 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 | | | 13,261,560 | |
| | | | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C: | | | | | | | |
| | 2,945 | | 0.000%, 9/01/27 | No Opt. Call | | A2 | | | 2,169,346 | |
| | 7,150 | | 0.000%, 9/01/28 – AGM Insured | No Opt. Call | | A2 | | | 5,010,005 | |
| | 2,455 | | 0.000%, 9/01/32 – AGM Insured | No Opt. Call | | A2 | | | 1,463,254 | |
| | 200 | | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | | A2 | | | 104,338 | |
| | 1,000 | | Arcadia Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/33 – AGM Insured | 2/17 at 44.77 | | AA | | | 445,950 | |
| | | | 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 | | | 11,699,500 | |
| | 3,500 | | 5.250%, 4/01/53 | 4/23 at 100.00 | | A1 | | | 4,129,195 | |
| | 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 | | | 543,990 | |
| | 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+ | | | 953,955 | |
| | 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) | | | 41,303 | |
| | | | 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 | | | 2,141,132 | |
| | 4,505 | | 0.000%, 8/01/33 – FGIC Insured | No Opt. Call | | A3 | | | 2,392,155 | |
| | 2,820 | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 | 1/17 at 100.00 | | B– | | | 2,820,338 | |
| | 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 | | AA– | | | 29,991,359 | |
| | 2,000 | | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2016B, 5.000%, 8/15/55 | 8/26 at 100.00 | | AA– | | | 2,312,960 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | | |
| $ | 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– | | $ | 6,637,463 | |
| | 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– | | | 816,940 | |
| | | | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | | | | | | | |
| | 825 | | 8.563%, 8/15/51 (IF) (5) | 8/22 at 100.00 | | AA– | | | 1,056,462 | |
| | 2,140 | | 8.563%, 8/15/51 (IF) (5) | 8/22 at 100.00 | | AA– | | | 2,740,398 | |
| | 790 | | 8.557%, 8/15/51 (IF) (5) | 8/22 at 100.00 | | AA– | | | 1,011,445 | |
| | | | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A: | | | | | | | |
| | 3,335 | | 5.000%, 11/15/42 (Pre-refunded 11/15/16) | 11/16 at 100.00 | | AA– (4) | | | 3,340,603 | |
| | 5,285 | | 5.250%, 11/15/46 (Pre-refunded 11/15/16) | 11/16 at 100.00 | | AA– (4) | | | 5,294,354 | |
| | 9,545 | | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.476%, 11/15/48 (IF) | 5/18 at 100.00 | | AA– | | | 12,943,115 | |
| | 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– | | | 4,285,960 | |
| | 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) | | | 939,697 | |
| | | | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1: | | | | | | | |
| | 1,530 | | 5.750%, 3/01/30 | 3/20 at 100.00 | | A+ | | | 1,755,690 | |
| | 1,000 | | 6.000%, 3/01/35 | 3/20 at 100.00 | | A+ | | | 1,156,080 | |
| | 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+ | | | 961,724 | |
| | 4,300 | | California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 | 2/17 at 100.00 | | AA– | | | 4,336,378 | |
| | 65 | | California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured | 1/17 at 100.00 | | AA– | | | 65,242 | |
| | | | California State, General Obligation Bonds, Various Purpose Series 2010: | | | | | | | |
| | 2,100 | | 5.250%, 3/01/30 | 3/20 at 100.00 | | AA– | | | 2,367,624 | |
| | 3,000 | | 5.500%, 3/01/40 | 3/20 at 100.00 | | AA– | | | 3,408,810 | |
| | 4,250 | | 5.250%, 11/01/40 | 11/20 at 100.00 | | AA– | | | 4,884,015 | |
| | 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 | | | 554,255 | |
| | | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A: | | | | | | | |
| | 6,330 | | 5.000%, 12/01/41 | 6/26 at 100.00 | | BB | | | 7,069,914 | |
| | 3,070 | | 5.250%, 12/01/56 | 6/26 at 100.00 | | BB | | | 3,438,032 | |
| | | | 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+ | | | 1,005,489 | |
| | 1,030 | | 6.250%, 10/01/39 | 10/19 at 100.00 | | BBB+ | | | 1,158,554 | |
| | 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+ | | | 2,540,408 | |
| | 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) | | | 1,162,592 | |
| | 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 | | | 1,021,140 | |
| | | | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | | | | | | | |
| | 2,640 | | 5.500%, 7/01/30 (6) | 1/17 at 100.00 | | CCC | | | 2,621,520 | |
| | 7,230 | | 5.250%, 7/01/39 (6) | 1/17 at 100.00 | | CCC | | | 7,184,017 | |
| | 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) | | | 6,977,733 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | | |
| $ | 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 | | A1 (4) | | $ | 7,086,183 | |
| | 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 | | | 3,834,347 | |
| | 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 | | | 626,910 | |
| | 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) | | | 5,160,300 | |
| | 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– | | | 2,586,773 | |
| | 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+ | | | 1,582,006 | |
| | 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) | | | 5,163,000 | |
| | 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 | | | 975,840 | |
| | 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 | | | 4,772,120 | |
| | 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 | | | 2,472,173 | |
| | 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– | | | 1,886,360 | |
| | | | 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 | | | 1,735,626 | |
| | 6,480 | | 6.000%, 1/15/49 | 1/24 at 100.00 | | Ba1 | | | 7,689,427 | |
| | 25,000 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 (ETM) | No Opt. Call | | AA+ (4) | | | 24,973,500 | |
| | 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– | | | 1,771,290 | |
| | 2,000 | | Glendale Redevelopment Agency, California, Tax Allocation Bonds, Central Glendale Redevelopment Project, Series 2010, 5.500%, 12/01/24 (Pre-refunded 12/01/16) | 12/16 at 100.00 | | A3 (4) | | | 2,008,160 | |
| | 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+ | | | 11,504,203 | |
| | | | 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+ | | | 2,940,896 | |
| | 3,500 | | 0.000%, 6/01/26 – AGM Insured | No Opt. Call | | A1 | | | 2,841,125 | |
| | | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | | | | | | | |
| | 4,680 | | 4.500%, 6/01/27 | 6/17 at 100.00 | | B3 | | | 4,691,185 | |
| | 25,825 | | 5.000%, 6/01/33 | 6/17 at 100.00 | | B– | | | 25,554,354 | |
| | 3,000 | | 5.750%, 6/01/47 | 6/17 at 100.00 | | B– | | | 2,974,650 | |
| | 8,110 | | 5.125%, 6/01/47 | 6/17 at 100.00 | | B– | | | 7,861,347 | |
| | 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– | | | 1,496,475 | |
| | 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) | | | 11,815,984 | |
| | 2,000 | | Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2015C, 5.000%, 11/01/38 | 5/26 at 100.00 | | AA– | | | 2,385,040 | |
| | 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 | | | 4,207,600 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | | |
| $ | 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 | | A1 | | $ | 642,038 | |
| | 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 | | | 105,160 | |
| | 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– | | | 3,107,177 | |
| | 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 | | | 17,184,450 | |
| | 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) | | | 2,239,420 | |
| | 250 | | Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 | 9/21 at 100.00 | | A– | | | 308,518 | |
| | 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 | | | 552,855 | |
| | 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 | | | 8,008,027 | |
| | 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 | | | 4,922,701 | |
| | 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+ | | | 3,954,150 | |
| | 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+ | | | 3,067,570 | |
| | 760 | | Natomas Union School District, Sacramento County, California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured | No Opt. Call | | A3 | | | 824,836 | |
| | 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 | | A3 | | | 19,400,885 | |
| | 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) | | | 4,208,113 | |
| | 1,410 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 | 11/20 at 100.00 | | Ba1 | | | 1,528,905 | |
| | 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 | | | 1,246,600 | |
| | 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) | | | 2,104,620 | |
| | 6,195 | | Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2007B, 5.000%, 8/01/37 – AGM Insured (UB) (5) | 8/17 at 100.00 | | Aa3 | | | 6,396,957 | |
| | 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) | | | 18,395,376 | |
| | 2,500 | | Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 | 5/21 at 100.00 | | A1 | | | 2,907,150 | |
| | 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) | | | 3,841,020 | |
| | 10,540 | | 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) | | | 12,721,042 | |
| | 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– | | | 810,900 | |
| | 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 | | | 4,673,950 | |
| | 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 | | | 4,119,400 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | 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 | | $ | 1,965,159 | |
| | 330 | | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 | 6/23 at 100.00 | | BBB– | | | 382,345 | |
| | 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) | | | 758,531 | |
| | 2,000 | | San Francisco, California, Community Facilities District6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43 | 8/22 at 29.31 | | N/R | | | 473,200 | |
| | 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) | | | 6,806,599 | |
| | 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+ | | | 2,273,640 | |
| | | | 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– | | | 17,497,004 | |
| | 25,840 | | 5.000%, 1/15/50 | 1/25 at 100.00 | | BBB– | | | 29,311,862 | |
| | 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 | | | 1,954,710 | |
| | 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) | | | 1,070,687 | |
| | 2,460 | | Santee School District, County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured | No Opt. Call | | AA | | | 1,390,540 | |
| | 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 | | AA– | | | 5,883,850 | |
| | 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 | | | 734,987 | |
| | 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 | | | 598,745 | |
| | | | 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+ | | | 1,220,680 | |
| | 1,000 | | 6.500%, 12/01/24 | 12/21 at 100.00 | | A+ | | | 1,226,720 | |
| | 1,000 | | 6.625%, 12/01/25 | 12/21 at 100.00 | | A+ | | | 1,228,400 | |
| | 1,325 | | 6.750%, 12/01/26 | 12/21 at 100.00 | | A+ | | | 1,635,620 | |
| | 85 | | 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) | 12/16 at 100.00 | | N/R | | | 85,116 | |
| | 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– | | | 1,858,761 | |
| | 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+ | | | 2,292,680 | |
| | 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 | | | 3,159,075 | |
| | 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) | | | 1,355,460 | |
| | 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 | | | 4,654,520 | |
| | 540,965 | | Total California | | | | | | 553,112,745 | |
| | | | Colorado – 7.8% (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 | | | 1,133,134 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Colorado (continued) | | | | | | | |
| $ | 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 | | Baa2 | | $ | 3,427,740 | |
| | 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 | | | 1,013,300 | |
| | 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 | | | 3,509,498 | |
| | 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 | | | 1,649,881 | |
| | 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 | | | 552,405 | |
| | 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 | | | 1,138,700 | |
| | 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 | | | 3,649,172 | |
| | 1,250 | | Colorado Educational and Cultural Facilities Authority, Revenue and Refunding Bonds, University Corporation for Atmospheric Research Project, Series 2012A, 4.500%, 9/01/22 | No Opt. Call | | A+ | | | 1,447,575 | |
| | 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 | | | 1,571,623 | |
| | 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+ | | | 7,618,275 | |
| | 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+ | | | 2,498,927 | |
| | | | 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+ | | | 3,393,514 | |
| | 4,890 | | 5.250%, 1/01/45 | 1/23 at 100.00 | | BBB+ | | | 5,456,898 | |
| | 1,400 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/31 | 1/24 at 102.00 | | N/R | | | 1,570,968 | |
| | | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A: | | | | | | | |
| | 2,670 | | 5.000%, 6/01/28 | No Opt. Call | | BBB+ | | | 3,074,291 | |
| | 2,395 | | 5.000%, 6/01/40 | No Opt. Call | | BBB+ | | | 2,647,146 | |
| | 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 | | BBB+ | | | 253,906 | |
| | 2,090 | | 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 | | | 2,248,359 | |
| | 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 | | | 1,235,181 | |
| | 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– | | | 9,838,710 | |
| | 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) | | | 741,913 | |
| | 1,500 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42 | 5/17 at 100.00 | | A– | | | 1,528,725 | |
| | 750 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%, 5/15/28 | 5/18 at 100.00 | | A– | | | 795,915 | |
| | 1,545 | | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 | 1/17 at 100.00 | | BBB+ | | | 1,548,986 | |
| | 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– | | | 1,073,500 | |
| | 2,000 | | Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 4.250%, 5/15/37 | 5/21 at 100.00 | | Aa2 | | | 2,128,940 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Colorado (continued) | | | | | | | |
| $ | 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 | | $ | 3,465,870 | |
| | 2,000 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 | 11/22 at 100.00 | | A+ | | | 2,363,420 | |
| | 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 | | | 1,126,930 | |
| | 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 | | | 5,142,450 | |
| | 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– | | | 1,939,483 | |
| | | | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016: | | | | | | | |
| | 2,200 | | 5.000%, 12/01/35 (WI/DD, Settling 11/08/16) | 12/26 at 100.00 | | BBB– | | | 2,479,840 | |
| | 685 | | 5.000%, 12/01/40 (WI/DD, Settling 11/08/16) | 12/26 at 100.00 | | BBB– | | | 769,652 | |
| | 4,030 | | Denver School District 1, Colorado, General Obligation Bonds, Series 2012B, 4.000%, 12/01/16 | No Opt. Call | | AA | | | 4,041,365 | |
| | | | Denver, Colorado, Airport System Revenue Bonds, Series 2006: | | | | | | | |
| | 4,060 | | 5.000%, 11/15/23 (Pre-refunded 12/19/16) – FGIC Insured | 12/16 at 100.00 | | A1 (4) | | | 4,094,348 | |
| | 6,800 | | 5.000%, 11/15/24 (Pre-refunded 12/19/16) – FGIC Insured | 12/16 at 100.00 | | A1 (4) | | | 6,824,956 | |
| | 8,940 | | 5.000%, 11/15/25 (Pre-refunded 12/19/16) – FGIC Insured | 12/16 at 100.00 | | A1 (4) | | | 9,015,632 | |
| | | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A: | | | | | | | |
| | 385 | | 0.000%, 9/01/35 | No Opt. Call | | BBB | | | 196,831 | |
| | 150 | | 0.000%, 9/01/37 | No Opt. Call | | BBB | | | 69,972 | |
| | 75 | | 0.000%, 9/01/38 | No Opt. Call | | BBB | | | 33,371 | |
| | 20 | | 0.000%, 9/01/39 | No Opt. Call | | BBB | | | 8,536 | |
| | 110 | | 0.000%, 9/01/41 | No Opt. Call | | BBB | | | 43,259 | |
| | | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | | | | | | | |
| | 1,420 | | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | | BBB | | | 1,209,244 | |
| | 18,380 | | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | | BBB | | | 14,602,359 | |
| | | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | | | | | |
| | 1,045 | | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | | BBB | | | 701,634 | |
| | 2,175 | | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | | BBB | | | 1,399,721 | |
| | 25,050 | | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | | BBB | | | 15,516,972 | |
| | 23,305 | | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | | BBB | | | 13,869,039 | |
| | 100 | | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | | BBB | | | 57,117 | |
| | 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 | | | 4,689,750 | |
| | | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | | | | | | | |
| | 385 | | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | | BBB | | | 271,028 | |
| | 60,000 | | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | | BBB | | | 30,706,800 | |
| | | | 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 | | | 193,631 | |
| | 13,000 | | 0.000%, 9/01/34 – NPFG Insured | 9/20 at 45.40 | | BBB | | | 5,110,300 | |
| | 14,500 | | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | | BBB | | | 5,221,885 | |
| | 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 | | | 546,680 | |
| | 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) | | | 5,250,350 | |
| | 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 | | | 1,984,006 | |
| | 5,000 | | Metropolitan Wastewater Reclamation District, Colorado, Sewer Revenue Bonds, Series 2012A, 5.000%, 4/01/17 | No Opt. Call | | Aa1 | | | 5,091,200 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Colorado (continued) | | | | | | | |
| | | | Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016: | | | | | | | |
| $ | 1,065 | | 5.000%, 12/01/36 | 12/26 at 100.00 | | Baa3 | | $ | 1,189,317 | |
| | 2,600 | | 5.000%, 12/01/46 | 12/26 at 100.00 | | Baa3 | | | 2,873,000 | |
| | 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 | | BBB | | | 7,553,853 | |
| | 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 | | BBB(4) | | | 6,838,283 | |
| | 3,000 | | Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | | BBB(4) | | | 3,468,900 | |
| | 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+ | | | 983,010 | |
| | | | 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 | | | 2,900,275 | |
| | 3,115 | | 6.000%, 1/15/34 | 7/20 at 100.00 | | Baa3 | | | 3,551,193 | |
| | 2,615 | | 6.000%, 1/15/41 | 7/20 at 100.00 | | Baa3 | | | 2,976,158 | |
| | 1,500 | | 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– | | | 1,728,300 | |
| | 315,250 | | Total Colorado | | | | | | 248,847,102 | |
| | | | Connecticut – 0.5% (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 | | | 3,971,631 | |
| | | | Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender Option Bond Trust 2016-XG0059: | | | | | | | |
| | 1,295 | | 14.987%, 1/01/32 (IF) (5) | 1/23 at 100.00 | | A+ | | | 2,050,736 | |
| | 190 | | 14.856%, 1/01/38 (IF) (5) | 1/23 at 100.00 | | A+ | | | 292,908 | |
| | 1,930 | | Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16 | No Opt. Call | | AA– | | | 1,941,387 | |
| | 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 | | | 2,898,825 | |
| | 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 | | | 3,765,709 | |
| | 4,348 | | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31, PIK (8) | No Opt. Call | | N/R | | | 169,446 | |
| | 17,258 | | Total Connecticut | | | | | | 15,090,642 | |
| | | | 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 | | | 8,239,866 | |
| | | | District of Columbia – 2.5% (1.6% of Total Investments) | | | | | | | |
| | 1,580 | | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) | 12/16 at 100.00 | | AA+ | | | 1,584,614 | |
| | 5,750 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | | BBB | | | 6,937,317 | |
| | 21,000 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 1/17 at 100.00 | | N/R | | | 2,686,950 | |
| | 23,745 | | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 – AGM Insured (UB) | No Opt. Call | | AA | | | 28,737,624 | |
| | | | District of Columbia, General Obligation Bonds, Series 1998B: | | | | | | | |
| | 5,000 | | 6.000%, 6/01/19 – NPFG Insured | No Opt. Call | | AA | | | 5,629,800 | |
| | 9,505 | | 6.000%, 6/01/20 – NPFG Insured | No Opt. Call | | AA | | | 11,117,428 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | District of Columbia (continued) | | | | | | | |
| $ | 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+ | | $ | 6,254,212 | |
| | 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 | | | 936,940 | |
| | 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 | 1/17 at 100.00 | | AA+ | | | 16,450,020 | |
| | 90,605 | | Total District of Columbia | | | | | | 80,334,905 | |
| | | | Florida – 8.9% (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 | | | 1,627,600 | |
| | | | 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– | | | 465,759 | |
| | 875 | | 5.000%, 9/01/48 | 9/23 at 100.00 | | BBB– | | | 904,365 | |
| | 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) | | | 1,144,200 | |
| | 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+ | | | 8,514,975 | |
| | 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 | | | 4,972,865 | |
| | 100 | | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43 | No Opt. Call | | N/R | | | 109,545 | |
| | 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 | | | 4,684,834 | |
| | 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 | | | 1,353,654 | |
| | 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 | | | 2,326,520 | |
| | 3,175 | | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2010B, 5.000%, 7/01/40 | No Opt. Call | | AA | | | 3,593,306 | |
| | 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) | | | 2,789,400 | |
| | 11,705 | | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 2016A, 5.000%, 10/01/46 (Alternative Minimum Tax) | 10/26 at 100.00 | | AA– | | | 13,482,872 | |
| | 5,020 | | 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+ | | | 5,617,581 | |
| | 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– | | | 11,880,841 | |
| | 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+ | | | 2,629,676 | |
| | 8,000 | | JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39 | 4/20 at 100.00 | | Aa2 | | | 8,921,280 | |
| | 2,735 | | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/35 | 11/24 at 100.00 | | A2 | | | 3,111,610 | |
| | 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) | | | 2,707,038 | |
| | 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 | | | 1,567,950 | |
| | 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 | | | 11,221,314 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Florida (continued) | | | | | | | |
| $ | 2,930 | | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42 | No Opt. Call | | A– | | $ | 3,258,805 | |
| | 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– | | | 9,314,394 | |
| | 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) | | | 13,431,080 | |
| | 1,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax) | No Opt. Call | | A | | | 1,138,310 | |
| | 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 | | | 1,166,810 | |
| | 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) | | | 4,511,800 | |
| | | | 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 | | | 4,540,760 | |
| | 7,890 | | 5.000%, 10/01/41 | 10/20 at 100.00 | | A | | | 8,722,316 | |
| | 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 | | | 5,677,300 | |
| | 3,010 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax) | 10/25 at 100.00 | | A | | | 3,424,838 | |
| | 2,865 | | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 | 10/22 at 100.00 | | A2 | | | 3,251,546 | |
| | | | 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 | | | 3,445,050 | |
| | 2,050 | | 5.000%, 7/01/42 – AGM Insured | 7/22 at 100.00 | | A1 | | | 2,376,709 | |
| | 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+ | | | 1,125,630 | |
| | 12,370 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 | 10/22 at 100.00 | | A+ | | | 14,200,141 | |
| | 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 | | | 4,492,800 | |
| | 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) | | | 3,102,300 | |
| | 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– | | | 2,184,072 | |
| | 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 | | | 1,827,321 | |
| | 5,000 | | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45 | 10/26 at 100.00 | | A | | | 5,209,950 | |
| | 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 | | | 139,087 | |
| | 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) | | | 1,368,809 | |
| | 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– | | | 5,337,063 | |
| | 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) | | | 9,513,070 | |
| | 22,000 | | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/37 (UB) | 8/17 at 100.00 | | AA– | | | 22,536,140 | |
| | 1,000 | | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/42 | 8/17 at 100.00 | | AA– | | | 1,023,730 | |
| | 20,175 | | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB), (5) | 8/17 at 100.00 | | AA– | | | 20,653,752 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Florida (continued) | | | | | | | |
| $ | 2,500 | | South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 11151, 16.304%, 8/15/42 (IF) | 8/17 at 100.00 | | AA– | | $ | 2,737,300 | |
| | 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+ | | | 785,624 | |
| | 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– | | | 1,694,955 | |
| | 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+ | | | 809,081 | |
| | 14,610 | | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 | No Opt. Call | | A | | | 16,511,638 | |
| | 65 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (7) | 5/17 at 100.00 | | N/R | | | 52,629 | |
| | 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 | | | 118,180 | |
| | 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 | | | 38,241 | |
| | 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 ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 | 5/18 at 100.00 | | N/R | | | 10,154 | |
| | 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 | | | 195,770 | |
| | 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 | | | 181,734 | |
| | 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 | | | 95,612 | |
| | 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 | |
| | 1,105 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 | 1/17 at 100.00 | | N/R | | | 1,104,889 | |
| | 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– | | | 7,435,722 | |
| | 257,180 | | Total Florida | | | | | | 282,372,300 | |
| | | | 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+ | | | 2,167,129 | |
| | 865 | | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 | 1/19 at 100.00 | | A2 | | | 968,489 | |
| | 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+ | | | 1,686,036 | |
| | | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: | | | | | | | |
| | 3,065 | | 5.000%, 11/01/31 | 5/25 at 100.00 | | A+ | | | 3,671,410 | |
| | 5,000 | | 5.000%, 11/01/32 | 5/25 at 100.00 | | A+ | | | 5,960,300 | |
| | 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) | | | 5,157,000 | |
| | 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 | | | 2,376,100 | |
| | | | East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A: | | | | | | | |
| | 4,360 | | 5.000%, 2/01/30 – SYNCORA GTY Insured | 1/17 at 100.00 | | N/R | | | 4,366,060 | |
| | 1,480 | | 5.000%, 2/01/34 – SYNCORA GTY Insured | 1/17 at 100.00 | | N/R | | | 1,481,880 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Georgia (continued) | | | | | | | |
| $ | 2,500 | | 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 | | $ | 2,747,150 | |
| | 3,000 | | 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– | | | 3,289,680 | |
| | 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 | | A2 | | | 11,803,309 | |
| | 265 | | Georgia Municipal Electric Authority, Project One Special Obligation Bonds, Fourth Crossover Series 1997E, 6.500%, 1/01/20 | No Opt. Call | | A | | | 285,326 | |
| | 1,000 | | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20 | No Opt. Call | | BBB+ | | | 1,092,550 | |
| | 3,035 | | Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured | 8/18 at 100.00 | | BB+ | | | 3,285,570 | |
| | 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 | | | 1,713,928 | |
| | 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– | | | 3,881,693 | |
| | 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 | | | 1,398,449 | |
| | 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– | | | 1,577,703 | |
| | 52,620 | | Total Georgia | | | | | | 58,909,762 | |
| | | | 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– | | | 835,778 | |
| | 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– | | | 1,919,866 | |
| | 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– | | | 1,387,201 | |
| | 3,755 | | Total Guam | | | | | | 4,142,845 | |
| | | | 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 | | | 15,254,330 | |
| | | | Hawaii State, Airport System Revenue Bonds, Series 2015A: | | | | | | | |
| | 2,500 | | 5.000%, 7/01/41 (Alternative Minimum Tax) | 7/25 at 100.00 | | A | | | 2,858,475 | |
| | 8,205 | | 5.000%, 7/01/45 (Alternative Minimum Tax) | 7/25 at 100.00 | | A | | | 9,348,121 | |
| | 23,705 | | Total Hawaii | | | | | | 27,460,926 | |
| | | | Idaho – 0.2% (0.1% of Total Investments) | | | | | | | |
| | | | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016: | | | | | | | |
| | 1,795 | | 5.000%, 9/01/23 | No Opt. Call | | BB+ | | | 2,056,047 | |
| | 1,000 | | 5.000%, 9/01/29 | 9/26 at 100.00 | | BB+ | | | 1,148,970 | |
| | | | 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 | | Baa1 | | | 1,294,097 | |
| | 310 | | 5.000%, 9/01/32 | 9/22 at 100.00 | | Baa1 | | | 344,168 | |
| | 4,260 | | Total Idaho | | | | | | 4,843,282 | |
| | | | Illinois – 18.3% (11.8% 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 | | | 3,296,280 | |
| | 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 | | | 1,308,388 | |
| | 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 | | | 9,836,635 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | | |
| $ | 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 | | $ | 2,465,520 | |
| | | | 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+ | | | 8,734,300 | |
| | 10,130 | | 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | | B+ | | | 7,392,266 | |
| | 7,140 | | 0.000%, 12/01/25 – FGIC Insured | No Opt. Call | | B+ | | | 4,940,309 | |
| | 4,325 | | 0.000%, 12/01/29 – FGIC Insured | No Opt. Call | | B+ | | | 2,382,902 | |
| | 4,235 | | 0.000%, 12/01/31 – FGIC Insured | No Opt. Call | | B+ | | | 2,085,356 | |
| | | | 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+ | | | 12,586,050 | |
| | 10,000 | | 0.000%, 12/01/23 – FGIC Insured | No Opt. Call | | B+ | | | 7,671,400 | |
| | 8,845 | | 5.500%, 12/01/26 – FGIC Insured | No Opt. Call | | B+ | | | 10,182,541 | |
| | 7,900 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | | A1 | | | 8,728,157 | |
| | 2,404 | | Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24 | 3/17 at 100.00 | | Ba3 | | | 2,435,595 | |
| | | | Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A: | | | | | | | |
| | 285 | | 5.500%, 12/20/19 (Alternative Minimum Tax) | 4/17 at 100.00 | | AA– | | | 285,789 | |
| | 1,210 | | 5.600%, 12/20/29 (Alternative Minimum Tax) | 4/17 at 100.00 | | AA– | | | 1,212,214 | |
| | 1,925 | | 5.650%, 12/20/40 (Alternative Minimum Tax) | 4/17 at 100.00 | | AA– | | | 1,927,791 | |
| | 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 | | | 2,494,083 | |
| | | | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | | | | | |
| | 4,115 | | 0.000%, 1/01/33 – FGIC Insured | No Opt. Call | | BBB– | | | 1,937,177 | |
| | 29,600 | | 0.000%, 1/01/38 – FGIC Insured | No Opt. Call | | BBB– | | | 10,767,592 | |
| | 3,880 | | Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured | 1/17 at 100.00 | | BBB– | | | 3,892,688 | |
| | 22,750 | | Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured | No Opt. Call | | BBB– | | | 25,112,360 | |
| | 6,280 | | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/22 at 100.00 | | Ba1 | | | 6,537,480 | |
| | 6,410 | | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured | No Opt. Call | | A3 | | | 7,663,988 | |
| | 1,500 | | Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – AMBAC Insured | No Opt. Call | | Baa2 | | | 1,832,130 | |
| | 13,310 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | | A2 | | | 14,419,921 | |
| | | | 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 | | | 3,113,519 | |
| | 700 | | 4.500%, 11/01/36 | 11/24 at 100.00 | | A | | | 726,187 | |
| | 4,000 | | 4.450%, 11/01/36 | 11/25 at 102.00 | | A | | | 4,212,840 | |
| | 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 | | | 417,228 | |
| | 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 | | AA | | | 15,945,402 | |
| | 2,000 | | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 4.000%, 3/01/38 | 3/26 at 100.00 | | A1 | | | 2,100,120 | |
| | 4,985 | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/32 | 9/22 at 100.00 | | BBB | | | 5,438,037 | |
| | | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | | | | | | | |
| | 4,750 | | 5.000%, 9/01/39 | 9/24 at 100.00 | | BBB | | | 5,222,292 | |
| | 6,000 | | 5.000%, 9/01/42 | 9/24 at 100.00 | | BBB | | | 6,583,680 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | | |
| $ | 4,125 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 | 11/19 at 100.00 | | Aa2 | | $ | 4,656,547 | |
| | 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 | | A+ | | | 4,246,720 | |
| | 2,120 | | Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured | 2/18 at 100.00 | | A | | | 2,213,238 | |
| | 3,875 | | Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 | 1/18 at 100.00 | | Baa2 | | | 4,046,391 | |
| | 1,750 | | Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26 | No Opt. Call | | AA– | | | 1,774,973 | |
| | | | Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A: | | | | | | | |
| | 11,520 | | 4.000%, 7/01/37 | 7/26 at 100.00 | | A2 | | | 12,012,595 | |
| | 6,140 | | 4.000%, 7/01/38 | 7/26 at 100.00 | | A2 | | | 6,387,135 | |
| | 345 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | | A | | | 392,489 | |
| | 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) | | | 719,083 | |
| | 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) | | | 2,023,425 | |
| | 10,745 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 | 11/25 at 100.00 | | A | | | 12,202,882 | |
| | 12,125 | | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 | 5/20 at 100.00 | | AA– | | | 13,170,660 | |
| | 2,670 | | Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 5.000%, 2/15/36 | 2/27 at 100.00 | | BBB– | | | 2,939,403 | |
| | | | 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) | | | 58,955 | |
| | 4,995 | | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | | BBB– (4) | | | 5,913,830 | |
| | | | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: | | | | | | | |
| | 415 | | 5.500%, 7/01/28 | 7/23 at 100.00 | | A– | | | 488,355 | |
| | 390 | | 6.000%, 7/01/43 | 7/23 at 100.00 | | A– | | | 464,225 | |
| | 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) | | | 112,743 | |
| | | | 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) | | | 101,469 | |
| | 2,810 | | 6.125%, 5/15/25 (Pre-refunded 5/15/19) | 5/19 at 100.00 | | BBB– (4) | | | 3,168,078 | |
| | | | 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) | | | 69,095 | |
| | 1,735 | | 5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | | A2 (4) | | | 1,844,305 | |
| | 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) | | | 1,086,060 | |
| | 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 | | | 1,276,218 | |
| | 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+ | | | 4,877,428 | |
| | 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) | | | 5,150,170 | |
| | | | 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+ | | | 4,295,000 | |
| | 5,000 | | 5.500%, 8/15/30 | 8/18 at 100.00 | | BBB+ | | | 5,251,200 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | | |
| | | | 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 | | $ | 633,685 | |
| | 3,745 | | 5.000%, 8/15/44 | 8/25 at 100.00 | | Baa1 | | | 4,168,148 | |
| | | | 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) | | | 2,323,540 | |
| | 3,000 | | 7.000%, 8/15/44 (Pre-refunded 8/15/19) | 8/19 at 100.00 | | N/R (4) | | | 3,495,600 | |
| | 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 | | | 1,101,890 | |
| | 1,400 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 | 8/20 at 100.00 | | AA– | | | 1,562,806 | |
| | 2,500 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5) | 2/21 at 100.00 | | AA– | | | 2,955,800 | |
| | 500 | | Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26 | 1/17 at 100.00 | | N/R | | | 500,820 | |
| | 3,000 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 | 10/25 at 100.00 | | AA– | | | 3,420,000 | |
| | 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) | | | 1,259,337 | |
| | 11,140 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21 at 100.00 | | AA– | | | 12,305,355 | |
| | 5,915 | | 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 | | | 5,971,429 | |
| | 2,000 | | Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36 | 2/17 at 100.00 | | Aa1 | | | 2,008,400 | |
| | 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 | | | 2,067,369 | |
| | | | Illinois State, General Obligation Bonds, February Series 2014: | | | | | | | |
| | 3,500 | | 5.250%, 2/01/30 | 2/24 at 100.00 | | BBB | | | 3,816,435 | |
| | 4,000 | | 5.250%, 2/01/31 | 2/24 at 100.00 | | BBB | | | 4,348,440 | |
| | 3,200 | | 5.250%, 2/01/32 | 2/24 at 100.00 | | BBB | | | 3,466,144 | |
| | 2,000 | | 5.250%, 2/01/33 | 2/24 at 100.00 | | BBB | | | 2,158,480 | |
| | 1,575 | | 5.250%, 2/01/34 | 2/24 at 100.00 | | BBB | | | 1,699,803 | |
| | 2,000 | | 5.000%, 2/01/39 | 2/24 at 100.00 | | BBB | | | 2,072,400 | |
| | 4,225 | | Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/37 | 6/26 at 100.00 | | BBB | | | 3,948,643 | |
| | | | Illinois State, General Obligation Bonds, May Series 2014: | | | | | | | |
| | 1,305 | | 5.000%, 5/01/36 | 5/24 at 100.00 | | BBB | | | 1,359,640 | |
| | 1,950 | | 5.000%, 5/01/39 | 5/24 at 100.00 | | BBB | | | 2,022,794 | |
| | 3,510 | | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 (WI/DD, Settling 11/02/16) | 2/27 at 100.00 | | BBB | | | 3,816,599 | |
| | 2,375 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | | BBB | | | 2,550,774 | |
| | | | Illinois State, General Obligation Bonds, Series 2012A: | | | | | | | |
| | 3,600 | | 4.000%, 1/01/26 | 1/22 at 100.00 | | BBB | | | 3,640,068 | |
| | 415 | | 5.000%, 3/01/37 | 3/22 at 100.00 | | BBB | | | 427,492 | |
| | | | Illinois State, General Obligation Bonds, Series 2013: | | | | | | | |
| | 2,500 | | 5.250%, 7/01/31 | 7/23 at 100.00 | | BBB | | | 2,713,125 | |
| | 1,520 | | 5.500%, 7/01/38 | 7/23 at 100.00 | | BBB | | | 1,663,336 | |
| | 1,430 | | Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 | 6/21 at 100.00 | | AA+ | | | 1,535,062 | |
| | 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– | | | 1,593,969 | |
| | 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– | | | 5,418,437 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | | |
| $ | 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– | | $ | 5,110,362 | |
| | 1,815 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.850%, 1/01/38 (IF) | 1/23 at 100.00 | | AA– | | | 2,851,220 | |
| | 1,875 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0052, 15.930%, 1/01/38 (IF) | 1/23 at 100.00 | | AA– | | | 2,944,725 | |
| | 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 | | | 1,782,660 | |
| | 3,000 | | Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9) | 1/17 at 100.00 | | N/R | | | 1,319,700 | |
| | | | Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | | | | | | | |
| | 850 | | 5.250%, 1/01/25 (10) | 1/17 at 100.00 | | D | | | 254,915 | |
| | 2,750 | | 5.250%, 1/01/30 (10) | 1/17 at 100.00 | | D | | | 824,725 | |
| | 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 | | | 1,670,136 | |
| | 1,525 | | McCook, Illinois, General Obligation Bonds, Series 2008, 5.200%, 12/01/30 | 12/18 at 100.00 | | BBB | | | 1,627,846 | |
| | 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 | | | 7,806,510 | |
| | 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– | | | 2,061,820 | |
| | 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– | | | 5,686,600 | |
| | 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– | | | 10,706,667 | |
| | 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 | | | 1,118,933 | |
| | | | 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 | | | 5,111,427 | |
| | 12,250 | | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | | BBB | | | 10,011,067 | |
| | 23,575 | | 0.000%, 12/15/23 – NPFG Insured | No Opt. Call | | BBB | | | 18,437,536 | |
| | 10,775 | | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | | BBB | | | 8,038,904 | |
| | 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– | | | 2,807,758 | |
| | | | 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 | | | 5,290,771 | |
| | 5,000 | | 0.000%, 12/15/34 – NPFG Insured | No Opt. Call | | BBB | | | 2,266,050 | |
| | 1,100 | | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | | BBB | | | 472,791 | |
| | 3,805 | | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | | BBB | | | 1,249,258 | |
| | 3,000 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | No Opt. Call | | AA+ (4) | | | 3,922,230 | |
| | | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | | | | | | | |
| | 1,550 | | 5.250%, 6/01/21 | No Opt. Call | | A | | | 1,797,674 | |
| | 4,000 | | 6.250%, 6/01/24 | 1/17 at 100.00 | | A | | | 4,045,720 | |
| | 800 | | 6.000%, 6/01/28 | 6/21 at 100.00 | | A– | | | 940,168 | |
| | | | 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 | | | 25,322,020 | |
| | 3,500 | | 5.750%, 6/01/23 – AGM Insured | No Opt. Call | | Aa3 | | | 4,255,545 | |
| | 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 | | | 2,057,497 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | | |
| | | | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | | | | | | | |
| $ | 2,250 | | 5.000%, 3/01/29 | 3/25 at 100.00 | | A3 | | $ | 2,654,370 | |
| | 3,505 | | 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | | A2 | | | 4,004,462 | |
| | | | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013: | | | | | | | |
| | 1,580 | | 6.000%, 10/01/32 | 10/23 at 100.00 | | A3 | | | 1,897,533 | |
| | 9,625 | | 6.250%, 10/01/38 | 10/23 at 100.00 | | A3 | | | 11,588,885 | |
| | 2,745 | | 6.000%, 10/01/42 | 10/23 at 100.00 | | A3 | | | 3,243,629 | |
| | 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 | | | 4,047,283 | |
| | 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 | | A2 (4) | | | 11,255,286 | |
| | 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 | | | 2,389,662 | |
| | 603,644 | | Total Illinois | | | | | | 581,731,054 | |
| | | | Indiana – 3.4% (2.2% 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 | | | 5,466,704 | |
| | 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– | | | 1,759,871 | |
| | 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– | | | 1,023,068 | |
| | 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 | | | 3,205,591 | |
| | 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 | | BBB– (4) | | | 1,697,115 | |
| | 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– | | | 8,709,039 | |
| | | | 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 | | | 3,325,032 | |
| | 6,545 | | 5.000%, 7/01/48 (Alternative Minimum Tax) | 7/23 at 100.00 | | BBB | | | 7,176,920 | |
| | 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 | | | 1,668,495 | |
| | 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– | | | 5,177,769 | |
| | 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– | | | 2,820,925 | |
| | | | 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 | | | 1,410,235 | |
| | 3,790 | | 5.250%, 9/01/40 (Alternative Minimum Tax) | 9/24 at 100.00 | | B | | | 4,068,262 | |
| | 15,900 | | 5.000%, 9/01/46 (Alternative Minimum Tax) | 9/24 at 100.00 | | B | | | 16,808,208 | |
| | 1,880 | | 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 | | | 2,179,428 | |
| | 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 | | | 3,146,935 | |
| | | | 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) | | | 506,269 | |
| | 530 | | 5.250%, 11/01/29 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | | Aa3 (4) | | | 564,890 | |
| | 2,225 | | 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | | Aa3 (4) | | | 2,370,782 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Indiana (continued) | | | | | | | |
| | | | Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007: | | | | | | | |
| $ | 2,060 | | 5.500%, 3/01/37 (Pre-refunded 3/01/17) | 3/17 at 100.00 | | N/R (4) | | $ | 2,093,084 | |
| | 1,940 | | 5.500%, 3/01/37 (Pre-refunded 3/01/17) | 3/17 at 100.00 | | A+ (4) | | | 1,963,610 | |
| | 2,860 | | Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0068, 7.254%, 7/01/32 (Alternative Minimum Tax) (IF) | 1/17 at 100.00 | | Aaa | | | 2,925,351 | |
| | 7,875 | | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 | 7/26 at 100.00 | | A+ | | | 9,130,511 | |
| | 10,900 | | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured | 1/17 at 100.00 | | A1 (4) | | | 10,977,935 | |
| | 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 | | | 1,791,307 | |
| | 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 | | | 4,956,384 | |
| | 99,035 | | Total Indiana | | | | | | 106,923,720 | |
| | | | Iowa – 1.6% (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 | | | 1,544,760 | |
| | | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | | | | | | | |
| | 3,700 | | 5.000%, 12/01/19 | No Opt. Call | | B– | | | 3,805,561 | |
| | 5,645 | | 5.500%, 12/01/22 | 12/18 at 100.00 | | B– | | | 5,727,135 | |
| | 1,335 | | 5.250%, 12/01/25 | 12/23 at 100.00 | | B– | | | 1,396,503 | |
| | 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 | | | 3,266,790 | |
| | | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | | | | | |
| | 24,420 | | 5.500%, 6/01/42 | 1/17 at 100.00 | | B2 | | | 24,418,291 | |
| | 12,100 | | 5.625%, 6/01/46 | 1/17 at 100.00 | | B2 | | | 11,970,288 | |
| | 51,700 | | Total Iowa | | | | | | 52,129,328 | |
| | | | 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 (Pre-refunded 9/01/21) | 9/21 at 100.00 | | Aa3 (4) | | | 1,452,003 | |
| | 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 | | | 1,731,437 | |
| | 1,000 | | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29 | 9/17 at 100.00 | | A+ | | | 1,025,960 | |
| | 2,755 | | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured | 1/17 at 100.00 | | BB+ | | | 2,759,601 | |
| | 550 | | 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 | | | 579,046 | |
| | 80 | | 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 | | | 83,755 | |
| | 5,000 | | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/32 | No Opt. Call | | A3 | | | 5,732,850 | |
| | 30 | | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital | 12/16 at 76.41 | | A– (4) | | | 22,907 | |
| | | | Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 (Mandatory put) | | | | | | | |
| | 12,195 | | Total Kansas | | | | | | 13,387,559 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Kentucky – 1.9% (1.2% of Total Investments) | | | | | | | |
| | | | Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2016: | | | | | | | |
| $ | 1,635 | | 5.000%, 1/01/25 | No Opt. Call | | A2 | | $ | 1,974,099 | |
| | 600 | | 5.000%, 1/01/29 | 1/26 at 100.00 | | A2 | | | 712,986 | |
| | | | 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 | | | 2,243,920 | |
| | 5,500 | | 6.500%, 3/01/45 | 6/20 at 100.00 | | Baa3 | | | 6,224,185 | |
| | 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 | | | 5,980,774 | |
| | 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 | | | 1,061,510 | |
| | 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 | | | 3,056,672 | |
| | | | 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) | | | 522,827 | |
| | 1,785 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | | A3 (4) | | | 1,848,011 | |
| | | | 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 | | | 4,085,056 | |
| | 3,655 | | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | | Baa3 | | | 3,127,583 | |
| | | | 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 | | | 9,690,160 | |
| | 585 | | 6.000%, 7/01/53 | 7/23 at 100.00 | | Baa3 | | | 688,346 | |
| | 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 | | | 10,406,901 | |
| | 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 | | | 2,631,700 | |
| | | | 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 | | | 5,764,200 | |
| | 1,375 | | 6.500%, 3/01/41 | 3/21 at 100.00 | | A3 | | | 1,579,669 | |
| | 56,725 | | Total Kentucky | | | | | | 61,598,599 | |
| | | | Louisiana – 3.0% (1.9% 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 | | | 5,842,115 | |
| | 2,665 | | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39 | 2/25 at 100.00 | | AA– | | | 3,091,986 | |
| | 1,000 | | Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 | 11/17 at 100.00 | | Baa3 | | | 1,050,940 | |
| | 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+ | | | 5,923,736 | |
| | 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 | | | 1,585,965 | |
| | 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 | | | 9,638,121 | |
| | 485 | | 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 | | | 540,552 | |
| | 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) | | | 8,121,516 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Louisiana (continued) | | | | | | | |
| | | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A: | | | | | | | |
| $ | 3,625 | | 5.375%, 5/15/43 | 5/17 at 100.00 | | Baa1 | | $ | 3,693,875 | |
| | 13,625 | | 5.500%, 5/15/47 | 5/17 at 100.00 | | Baa1 | | | 13,891,369 | |
| | | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A: | | | | | | | |
| | 1,375 | | 5.375%, 5/15/43 (Pre-refunded 5/15/17) | 5/17 at 100.00 | | N/R (4) | | | 1,409,705 | |
| | 5,175 | | 5.500%, 5/15/47 (Pre-refunded 5/15/17) | 5/17 at 100.00 | | N/R (4) | | | 5,309,084 | |
| | 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 | | Baa1 (4) | | | 5,370,918 | |
| | 330 | | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 | 7/23 at 100.00 | | A3 | | | 372,788 | |
| | | | 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– | | | 7,021,358 | |
| | 5,140 | | 5.000%, 1/01/45 (Alternative Minimum Tax) | 1/25 at 100.00 | | A– | | | 5,768,673 | |
| | 1,000 | | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/28 – AGM Insured | 12/22 at 100.00 | | A2 | | | 1,170,180 | |
| | 5,350 | | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 | 6/24 at 100.00 | | A– | | | 6,109,753 | |
| | 1,200 | | New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 | 12/24 at 100.00 | | A– | | | 1,355,484 | |
| | 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 | | BBB | | | 530,973 | |
| | 5,655 | | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 | 12/25 at 100.00 | | A– | | | 6,504,607 | |
| | 86,060 | | Total Louisiana | | | | | | 94,303,698 | |
| | | | Maine – 0.7% (0.5% of Total Investments) | | | | | | | |
| | 2,000 | | 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 | | | 2,210,080 | |
| | | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A: | | | | | | | |
| | 4,525 | | 4.000%, 7/01/41 | 7/26 at 100.00 | | Baa3 | | | 4,465,361 | |
| | 2,800 | | 4.000%, 7/01/46 | 7/26 at 100.00 | | Baa3 | | | 2,735,600 | |
| | 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+ | | | 2,292,000 | |
| | | | 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 | | | 3,362,880 | |
| | 2,260 | | 6.750%, 7/01/41 | 7/21 at 100.00 | | Ba2 | | | 2,530,296 | |
| | 1,720 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | | A1 | | | 1,911,505 | |
| | | | Maine Turnpike Authority, Special Obligation Bonds, Series 2014: | | | | | | | |
| | 1,290 | | 5.000%, 7/01/33 | No Opt. Call | | A– | | | 1,502,927 | |
| | 1,020 | | 5.000%, 7/01/34 | No Opt. Call | | A– | | | 1,184,516 | |
| | 20,615 | | Total Maine | | | | | | 22,195,165 | |
| | | | Maryland – 0.5% (0.3% of Total Investments) | | | | | | | |
| | 2,100 | | Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement, Series 2012, 5.000%, 4/01/17 | No Opt. Call | | Aa1 | | | 2,138,199 | |
| | 5,000 | | Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 | 1/25 at 100.00 | | AA– | | | 5,793,900 | |
| | 2,200 | | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 – SYNCORA GTY Insured | 1/17 at 100.00 | | BB | | | 2,205,918 | |
| | 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 | | | 530,249 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Maryland (continued) | | | | | | | |
| $ | 515 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 | 7/20 at 100.00 | | BB+ | | $ | 542,244 | |
| | 1,500 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 | 7/24 at 100.00 | | A | | | 1,710,105 | |
| | 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) | | | 2,115,080 | |
| | 13,765 | | Total Maryland | | | | | | 15,035,695 | |
| | | | Massachusetts – 2.9% (1.9% of Total Investments) | | | | | | | |
| | | | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option Bond Trust 2016-XG0070: | | | | | | | |
| | 505 | | 15.291%, 10/01/48 (IF) (5) | 10/23 at 100.00 | | A+ | | | 810,545 | |
| | 930 | | 15.206%, 10/01/48 (IF) (5) | 10/23 at 100.00 | | A+ | | | 1,491,999 | |
| | | | 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) | | | 1,244,773 | |
| | 2,840 | | 5.250%, 7/01/34 (Pre-refunded 7/01/18) | 7/18 at 100.00 | | AAA | | | 3,047,547 | |
| | | | 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 | | | 4,904,361 | |
| | 7,500 | | 5.000%, 1/01/37 | 1/20 at 100.00 | | A3 | | | 8,276,850 | |
| | 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 | | | 666,055 | |
| | 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 | | | 924,354 | |
| | 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– | | | 759,285 | |
| | 825 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 | No Opt. Call | | BBB | | | 912,557 | |
| | 8,370 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 (WI/DD, Settling 11/08/16) | 10/26 at 100.00 | | A+ | | | 9,762,852 | |
| | 3,200 | | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 | 1/25 at 100.00 | | Baa2 | | | 3,432,512 | |
| | 1,220 | | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 5.125%, 1/01/25 | 1/23 at 100.00 | | BBB– | | | 1,387,347 | |
| | 2,300 | | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 | 11/23 at 100.00 | | A2 | | | 2,660,755 | |
| | 2,500 | | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Healthcare, Refunding Series 2016I, 4.000%, 7/01/41 | 7/26 at 100.00 | | BBB+ | | | 2,563,450 | |
| | | | 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 | | | 1,294,915 | |
| | 1,280 | | 5.000%, 9/01/45 | 9/25 at 100.00 | | BBB | | | 1,441,318 | |
| | 3,365 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 (Pre-refunded 12/19/16) – AGC Insured | 12/16 at 100.00 | | A3 (4) | | | 3,376,407 | |
| | | | 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) | | | 663,815 | |
| | 500 | | 5.125%, 7/01/38 (Pre-refunded 7/01/18) | 7/18 at 100.00 | | A– (4) | | | 535,335 | |
| | 9,525 | | Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 | 7/19 at 100.00 | | BBB | | | 10,445,210 | |
| | 2,660 | | Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) | 12/18 at 100.00 | | AA– | | | 2,772,970 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Massachusetts (continued) | | | | | | | |
| $ | 700 | | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 | 7/21 at 100.00 | | A3 | | $ | 778,155 | |
| | 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 | | | 6,900,741 | |
| | 1,100 | | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | | A3 | | | 965,030 | |
| | 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) | | | 382,565 | |
| | 5,590 | | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 | 8/17 at 100.00 | | AA+ | | | 5,772,178 | |
| | 5,535 | | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 (Pre-refunded 2/01/17) – AGM Insured | 2/17 at 100.00 | | AA+ (4) | | | 5,588,025 | |
| | 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+ | | | 7,661,852 | |
| | 83,010 | | Total Massachusetts | | | | | | 91,423,758 | |
| | | | Michigan – 3.0% (2.0% 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– | | | 3,952,377 | |
| | 2,500 | | Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30 (Pre-refunded 3/01/17) | 3/17 at 103.00 | | AA (4) | | | 2,608,650 | |
| | 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) | | | 2,609,955 | |
| | 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) | | | 1,721,536 | |
| | 2,020 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 | 7/21 at 100.00 | | A– | | | 2,219,233 | |
| | 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– | | | 2,342,347 | |
| | 3,000 | | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 | 1/17 at 100.00 | | BB | | | 2,985,060 | |
| | 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– | | | 4,292,595 | |
| | 1,500 | | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42 | 11/22 at 100.00 | | A+ | | | 1,678,185 | |
| | 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 | | | 460,983 | |
| | 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 | | | 3,103,695 | |
| | 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 | | | 1,130,910 | |
| | | | 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– | | | 2,888,600 | |
| | 3,670 | | 5.000%, 12/01/32 | 6/22 at 100.00 | | AA– | | | 4,225,821 | |
| | 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 | | | 2,356,420 | |
| | 1,640 | | Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22 | 1/17 at 100.00 | | AAA | | | 1,672,931 | |
| | 5,000 | | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-7, 5.000%, 11/15/47 (WI/DD, Settling 11/03/16) | 11/26 at 100.00 | | Aa2 | | | 5,827,850 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Michigan (continued) | | | | | | | |
| $ | 2,500 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured | No Opt. Call | | AA– | | $ | 2,767,050 | |
| | 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+ | | | 1,149,220 | |
| | | | 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+ | | | 6,064,950 | |
| | 10,000 | | 5.000%, 4/15/34 | 10/25 at 100.00 | | A+ | | | 11,766,500 | |
| | 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) | | | 3,986,152 | |
| | 4,090 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 | 12/16 at 100.00 | | AA– | | | 4,103,252 | |
| | 1,275 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) | 12/16 at 100.00 | | Aa2 (4) | | | 1,279,514 | |
| | 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– | | | 5,716,828 | |
| | 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) | | | 1,263,804 | |
| | 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 | | | 5,127,850 | |
| | 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 | | | 1,304,641 | |
| | 3,000 | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37 | No Opt. Call | | A– | | | 3,354,300 | |
| | | | 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– | | | 1,100,889 | |
| | 1,200 | | 5.000%, 12/01/45 | 12/25 at 100.00 | | A– | | | 1,383,372 | |
| | 86,420 | | Total Michigan | | | | | | 96,445,470 | |
| | | | Minnesota – 1.2% (0.8% 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+ | | | 306,643 | |
| | 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 | | | 976,490 | |
| | 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 | | | 1,008,480 | |
| | 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) | | | 10,239,730 | |
| | 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+ | | | 481,565 | |
| | 2,000 | | Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 | 11/20 at 100.00 | | BBB– | | | 2,124,500 | |
| | 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) | | | 7,109,272 | |
| | 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– | | | 3,327,420 | |
| | | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: | | | | | | | |
| | 700 | | 5.000%, 10/01/34 | 10/24 at 100.00 | | A2 | | | 815,136 | |
| | 500 | | 5.000%, 10/01/35 | 10/24 at 100.00 | | A2 | | | 580,305 | |
| | 1,000 | | Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18 | No Opt. Call | | AA+ | | | 1,072,160 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Minnesota (continued) | | | | | | | |
| $ | 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 | | $ | 2,251,880 | |
| | | | 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 | | | 531,605 | |
| | 1,000 | | 5.125%, 5/01/48 | 5/23 at 100.00 | | N/R | | | 1,058,590 | |
| | 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– | | | 1,628,391 | |
| | 495 | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16) | 11/16 at 100.00 | | A (4) | | | 495,866 | |
| | 400 | | Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 | No Opt. Call | | N/R | | | 423,464 | |
| | 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+ | | | 861,660 | |
| | 3,835 | | Washington County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28 | 8/17 at 100.00 | | AAA | | | 3,880,138 | |
| | 35,540 | | Total Minnesota | | | | | | 39,173,295 | |
| | | | Mississippi – 0.8% (0.5% 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 | 4/17 at 100.00 | | Baa3 | | | 642,153 | |
| | | | 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) | | | 1,453,512 | |
| | 850 | | 5.800%, 1/01/24 (Pre-refunded 1/01/19) | 1/19 at 100.00 | | Baa2 (4) | | | 937,899 | |
| | | | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A: | | | | | | | |
| | 12,500 | | 5.000%, 9/01/41 | 9/26 at 100.00 | | A– | | | 14,009,375 | |
| | 7,500 | | 5.000%, 9/01/46 | 9/26 at 100.00 | | A– | | | 8,366,025 | |
| | 22,795 | | Total Mississippi | | | | | | 25,408,964 | |
| | | | Missouri – 2.0% (1.3% 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 | | | 955,290 | |
| | 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) | | | 1,623,630 | |
| | 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 | | | 1,961,240 | |
| | 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+ | | | 549,885 | |
| | 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– | | | 2,195,640 | |
| | 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 | | | 385,312 | |
| | | | 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 | | | 5,198,340 | |
| | 5,000 | | 0.000%, 4/15/28 – AMBAC Insured | No Opt. Call | | A1 | | | 3,581,000 | |
| | 5,000 | | 0.000%, 4/15/29 – AMBAC Insured | No Opt. Call | | A1 | | | 3,442,450 | |
| | 1,650 | | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 | No Opt. Call | | A3 | | | 1,776,522 | |
| | 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 | | | 3,431,582 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Missouri (continued) | | | | | | | |
| $ | 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+ | | $ | 1,445,119 | |
| | | | 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 | �� | | 1,174,956 | |
| | 11,090 | | 5.000%, 11/15/48 | 11/23 at 100.00 | | A2 | | | 12,419,691 | |
| | 4,000 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 (WI/DD, Settling 11/04/16) | 2/26 at 100.00 | | BBB+ | | | 4,448,360 | |
| | 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 | | | 408,312 | |
| | 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 | | | 4,275,791 | |
| | 5,025 | | Missouri Highways and Transportation Commission, State Road Revenue Bonds, Refunding Senior Lien Series 2010C, 5.000%, 2/01/17 | No Opt. Call | | AAA | | | 5,080,225 | |
| | 1,000 | | North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37 | 1/17 at 100.00 | | N/R | | | 1,003,280 | |
| | 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 | | | 2,109,660 | |
| | 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– | | | 515,289 | |
| | | | Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A: | | | | | | | |
| | 3,605 | | 5.000%, 12/15/31 (Pre-refunded 12/15/16) | 12/16 at 100.00 | | A2 (4) | | | 3,623,818 | |
| | 1,395 | | 5.000%, 12/15/31 (Pre-refunded 12/15/16) – NPFG Insured | 12/16 at 100.00 | | A2 (4) | | | 1,400,859 | |
| | 575 | | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 | No Opt. Call | | BBB– | | | 602,031 | |
| | 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– | | | 435,990 | |
| | 65,055 | | Total Missouri | | | | | | 64,044,272 | |
| | | | Nebraska – 1.1% (0.7% of Total Investments) | | | | | | | |
| | 1,500 | | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32 | 9/22 at 100.00 | | BBB+ | | | 1,697,970 | |
| | 1,580 | | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16 (ETM) | No Opt. Call | | N/R (4) | | | 1,582,654 | |
| | | | 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– | | | 1,715,883 | |
| | 470 | | 5.000%, 11/01/45 | 11/25 at 100.00 | | A– | | | 531,974 | |
| | 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 | | | 5,980,897 | |
| | 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) | | | 2,935,075 | |
| | 6,100 | | Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured | 2/17 at 100.00 | | A2 | | | 6,153,863 | |
| | 2,135 | | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 2016-XF2220, 18.353%, 2/01/49 – BHAC Insured (IF) | 2/17 at 100.00 | | AA+ | | | 3,245,157 | |
| | 7,990 | | Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured | 1/17 at 100.00 | | BBB+ (4) | | | 8,046,809 | |
| | | | 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) | | | 1,329,550 | |
| | 2,100 | | 5.000%, 5/15/38 (Pre-refunded 5/15/18) | 5/18 at 100.00 | | AA (4) | | | 2,233,644 | |
| | 32,730 | | Total Nebraska | | | | | | 35,453,476 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Nevada – 4.6% (2.9% 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) | | $ | 10,005,210 | |
| | 39,625 | | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | | A+ | | | 45,011,226 | |
| | 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+ | | | 3,106,550 | |
| | | | 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 | | A1 | | | 5,762,416 | |
| | 9,725 | | 5.250%, 7/01/42 | 1/20 at 100.00 | | A+ | | | 10,749,820 | |
| | 15,000 | | Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, 5.250%, 7/01/31 – BHAC Insured (UB) (5) | 7/17 at 100.00 | | A3 | | | 15,352,200 | |
| | 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) | | | 6,827,818 | |
| | | | 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 | | | 10,834,470 | |
| | 7,835 | | 5.000%, 6/01/39 | 12/24 at 100.00 | | AA | | | 9,260,422 | |
| | 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 | | | 2,998,190 | |
| | 2,280 | | North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured | 1/17 at 100.00 | | B+ | | | 2,281,801 | |
| | 10,000 | | North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured | 1/17 at 100.00 | | B+ | | | 10,008,000 | |
| | 10,000 | | Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 – BHAC Insured (UB) (5) | 7/17 at 100.00 | | A3 | | | 10,234,800 | |
| | 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 | | | 2,339,357 | |
| | 130,625 | | Total Nevada | | | | | | 144,772,280 | |
| | | | New Hampshire – 0.3% (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) | | | 5,729,300 | |
| | 3,500 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 4.000%, 7/01/32 | No Opt. Call | | Baa1 | | | 3,624,635 | |
| | 1,110 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 2016-XL0025, 13.189%, 6/01/39 (IF) (5) | 6/19 at 100.00 | | AA+ | | | 1,472,559 | |
| | 9,610 | | Total New Hampshire | | | | | | 10,826,494 | |
| | | | New Jersey – 4.8% (3.1% 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+ | | | 1,046,343 | |
| | | | 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 | | | 2,243,873 | |
| | 2,805 | | 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | | BBB | | | 3,186,704 | |
| | 2,685 | | 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | | BBB | | | 3,041,112 | |
| | 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 | | | 8,341,655 | |
| | 1,500 | | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 | 3/21 at 100.00 | | BBB+ | | | 1,632,660 | |
| | 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 | | | 616,644 | |
| | 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) | | | 1,047,303 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | New Jersey (continued) | | | | | | | |
| $ | 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+ | | $ | 1,547,458 | |
| | 8,415 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 (WI/DD, Settling 11/02/16) | 7/26 at 100.00 | | A+ | | | 9,676,493 | |
| | 16,840 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/35 | 1/17 at 39.39 | | A+ | | | 6,590,166 | |
| | 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) | | | 2,406,000 | |
| | 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 | | | 1,400,539 | |
| | 665 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 17.970%, 6/01/30 (IF) (5) | 6/19 at 100.00 | | A | | | 930,947 | |
| | | | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1&2: | | | | | | | |
| | 2,020 | | 5.000%, 6/15/28 (WI/DD, Settling 11/02/16) | 6/26 at 100.00 | | A3 | | | 2,264,804 | |
| | 3,340 | | 5.000%, 6/15/29 (WI/DD, Settling 11/02/16) | 6/26 at 100.00 | | A3 | | | 3,733,452 | |
| | 1,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 | No Opt. Call | | BBB+ | | | 684,410 | |
| | 4,705 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 | No Opt. Call | | BBB+ | | | 5,234,124 | |
| | | | 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+ | | | 13,427,885 | |
| | 10,000 | | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | | A– | | | 5,293,200 | |
| | 20,000 | | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | | A– | | | 10,007,600 | |
| | 25,000 | | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | | BBB+ | | | 11,196,750 | |
| | 30,000 | | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | | BBB+ | | | 12,757,200 | |
| | 4,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18 | No Opt. Call | | BBB+ | | | 4,259,360 | |
| | | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: | | | | | | | |
| | 7,330 | | 5.500%, 6/15/31 | 6/21 at 100.00 | | BBB+ | | | 8,229,538 | |
| | 2,000 | | 5.000%, 6/15/42 | No Opt. Call | | BBB+ | | | 2,126,940 | |
| | 3,710 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | No Opt. Call | | BBB+ | | | 3,991,626 | |
| | | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | | | | | | | |
| | 1,690 | | 5.250%, 6/15/33 | 6/25 at 100.00 | | BBB+ | | | 1,896,383 | |
| | 2,840 | | 5.000%, 6/15/45 | 6/25 at 100.00 | | BBB+ | | | 3,081,911 | |
| | 700 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 | 1/19 at 100.00 | | A2 | | | 754,026 | |
| | 1,315 | | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.996%, 1/01/43 (IF) (5) | 7/22 at 100.00 | | A | | | 2,051,702 | |
| | 570 | | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 | 5/23 at 100.00 | | A+ | | | 661,303 | |
| | | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | | | | | | | |
| | 1,250 | | 4.500%, 6/01/23 | 6/17 at 100.00 | | BB | | | 1,267,763 | |
| | 7,080 | | 4.625%, 6/01/26 | 6/17 at 100.00 | | B+ | | | 7,113,276 | |
| | 6,420 | | 4.750%, 6/01/34 | 6/17 at 100.00 | | B– | | | 6,185,413 | |
| | 2,000 | | 5.000%, 6/01/41 | 6/17 at 100.00 | | B– | | | 1,883,960 | |
| | 206,810 | | Total New Jersey | | | | | | 151,810,523 | |
| | | | New Mexico – 0.4% (0.2% of Total Investments) | | | | | | | |
| | | | Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A: 5.125%, 6/01/17 | | | | | | | |
| | 880 | | 5.125%, 6/01/17 | 1/17 at 100.00 | | A3 | | | 883,309 | |
| | 1,295 | | 5.125%, 6/01/19 | 1/17 at 100.00 | | A3 | | | 1,299,701 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | New Mexico (continued) | | | | | | | |
| $ | 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 | | $ | 2,259,140 | |
| | 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 | | | 6,969,186 | |
| | 9,760 | | Total New Mexico | | | | | | 11,411,336 | |
| | | | New York – 7.6% (4.9% 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– | | | 3,444,330 | |
| | 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– | | | 1,997,886 | |
| | | | 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) | | | 5,319,005 | |
| | 3,065 | | 6.250%, 7/15/40 (Pre-refunded 1/15/20) | 1/20 at 100.00 | | AA+ (4) | | | 3,564,288 | |
| | 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+ | | | 564,882 | |
| | 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– | | | 3,530,187 | |
| | 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 | 7/17 at 100.00 | | AA– | | | 5,137,132 | |
| | | | 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– | | | 1,777,524 | |
| | 3,195 | | 5.000%, 5/01/43 | 5/25 at 100.00 | | A– | | | 3,654,537 | |
| | 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 | | | 6,041,159 | |
| | | | 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 | | | 3,040,154 | |
| | 3,100 | | 5.250%, 2/15/47 | 2/21 at 100.00 | | A | | | 3,544,292 | |
| | | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A: | | | | | | | |
| | 2,000 | | 5.000%, 2/15/47 – FGIC Insured | 2/17 at 100.00 | | A | | | 2,024,000 | |
| | 16,845 | | 4.500%, 2/15/47 – NPFG Insured | 2/17 at 100.00 | | A2 | | | 17,026,926 | |
| | | | 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– | | | 3,463,500 | |
| | 1,155 | | 4.000%, 9/01/39 – AGM Insured | 9/24 at 100.00 | | A– | | | 1,231,738 | |
| | 860 | | 5.000%, 9/01/44 | 9/24 at 100.00 | | A– | | | 991,563 | |
| | 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) | | | 3,239,964 | |
| | 10,000 | | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32 | No Opt. Call | | AA | | | 6,249,000 | |
| | 1,000 | | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 | 11/19 at 100.00 | | AA | | | 1,115,610 | |
| | 2,500 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26 | 11/22 at 100.00 | | A | | | 2,996,175 | |
| | 750 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41 | 11/21 at 100.00 | | A | | | 868,050 | |
| | 5,000 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 | 5/23 at 100.00 | | A | | | 5,775,800 | |
| | | | 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 100.00 | | N/R | | | 161,190 | |
| | 1,000 | | 5.875%, 10/01/46 (8) | 10/17 at 102.00 | | N/R | | | 322,380 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | New York (continued) | | | | | | | |
| $ | 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 | | $ | 5,389,602 | |
| | 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+ | | | 3,943,116 | |
| | 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 | No Opt. Call | | AA+ | | | 2,762,875 | |
| | 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+ | | | 6,849,605 | |
| | 500 | | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 16.028%, 6/15/39 (IF) | 6/19 at 100.00 | | AA+ | | | 697,420 | |
| | 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 | | | 5,863,450 | |
| | 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 | No Opt. Call | | AA | | | 5,019 | |
| | 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 | | | 2,331,820 | |
| | 565 | | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 | 1/17 at 100.00 | | Baa1 | | | 565,237 | |
| | 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 | | | 28,408,120 | |
| | | | 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 | | | 1,770,428 | |
| | 4,350 | | 5.750%, 11/15/51 | No Opt. Call | | A | | | 5,107,639 | |
| | 7,500 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | | BBB+ | | | 9,508,875 | |
| | | | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016: | | | | | | | |
| | 3,970 | | 5.000%, 8/01/26 (Alternative Minimum Tax) | 8/21 at 100.00 | | BB– | | | 4,347,269 | |
| | 1,290 | | 5.000%, 8/01/31 (Alternative Minimum Tax) | 8/21 at 100.00 | | BB– | | | 1,379,939 | |
| | | | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: | | | | | | | |
| | 4,910 | | 5.000%, 7/01/41 (Alternative Minimum Tax) | 7/24 at 100.00 | | Baa3 | | | 5,378,807 | |
| | 1,995 | | 4.000%, 7/01/41 (Alternative Minimum Tax) | 7/24 at 100.00 | | Baa3 | | | 2,042,601 | |
| | 11,130 | | 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | | Baa3 | | | 12,170,766 | |
| | 14,600 | | 4.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | | Baa3 | | | 14,702,054 | |
| | 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) | | | 554,620 | |
| | 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) | | | 3,102,240 | |
| | 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– | | | 1,486,771 | |
| | 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– | | | 5,115,528 | |
| | | | 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 | 1/17 at 100.00 | | BBB | | | 5,148,400 | |
| | 590 | | 5.500%, 12/01/31 | 12/20 at 100.00 | | BBB | | | 672,311 | |
| | 1,670 | | 6.000%, 12/01/36 | 12/20 at 100.00 | | BBB | | | 1,942,978 | |
| | 3,045 | | 6.000%, 12/01/42 | 12/20 at 100.00 | | BBB | | | 3,533,235 | |
| | 10,000 | | 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) | 12/16 at 100.00 | | BBB+ | | | 10,298,000 | |
| | 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– | | | 1,314,413 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | New York (continued) | | | | | | | |
| | | | 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 | | $ | 3,149,850 | |
| | 3,800 | | 5.000%, 1/01/33 (Alternative Minimum Tax) | 1/26 at 100.00 | | Baa1 | | | 4,329,834 | |
| | 227,580 | | Total New York | | | | | | 240,954,094 | |
| | | | North Carolina – 1.9% (1.2% of Total Investments) | | | | | | | |
| | 2,850 | | Charlotte-Mecklenberg Hospital Authority,North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.764%, 1/15/47 (IF) (5) | 1/18 at 100.00 | | AA– | | | 3,280,977 | |
| | 1,050 | | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2007A, 5.000%, 1/15/31 (Pre-refunded 1/15/17) | 1/17 at 100.00 | | AA– (4) | | | 1,059,282 | |
| | | | 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) | | | 1,580,115 | |
| | 3,000 | | 5.000%, 1/15/47 (Pre-refunded 1/15/18) | 1/18 at 100.00 | | AA– (4) | | | 3,151,260 | |
| | 12,250 | | Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 5.125%, 4/01/43 | 4/23 at 100.00 | | A– | | | 13,603,992 | |
| | 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) | | | 1,624,245 | |
| | | | 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– | | | 3,981,529 | |
| | 3,480 | | 5.000%, 6/30/54 (Alternative Minimum Tax) | 6/25 at 100.00 | | BBB– | | | 3,805,102 | |
| | 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 | | | 12,778,180 | |
| | | | 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 | | | 5,809,500 | |
| | 3,400 | | 5.000%, 10/01/31 | 10/22 at 100.00 | | A2 | | | 3,887,356 | |
| | 1,570 | | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 (WI/DD, Settling 11/10/16) | 10/24 at 102.00 | | N/R | | | 1,748,760 | |
| | 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 | | | 598,650 | |
| | 1,900 | | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured | 1/19 at 100.00 | | BBB– | | | 2,061,272 | |
| | 51,855 | | Total North Carolina | | | | | | 58,970,220 | |
| | | | North Dakota – 0.3% (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) | | | 811,013 | |
| | 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+ | | | 7,324,514 | |
| | 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 | | | 2,064,000 | |
| | 8,650 | | Total North Dakota | | | | | | 10,199,527 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Ohio – 6.7% (4.3% of Total Investments) | | | | | | | |
| | | | 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 | | $ | 5,093,552 | |
| | 16,425 | | 5.125%, 6/01/24 | 6/17 at 100.00 | | Caa1 | | | 15,569,257 | |
| | 14,305 | | 5.875%, 6/01/30 | 6/17 at 100.00 | | Caa1 | | | 13,556,133 | |
| | 11,785 | | 5.750%, 6/01/34 | 6/17 at 100.00 | | Caa1 | | | 11,046,434 | |
| | 8,645 | | 6.000%, 6/01/42 | 6/17 at 100.00 | | B– | | | 8,293,667 | |
| | 2,345 | | 6.500%, 6/01/47 | 6/17 at 100.00 | | B– | | | 2,321,784 | |
| | 18,640 | | 5.875%, 6/01/47 | 6/17 at 100.00 | | B– | | | 17,642,201 | |
| | 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 | | | 24,333,832 | |
| | | | Butler County, Ohio,Hospital Facilities Revenue Bonds, UC Health, Series 2010: | | | | | | | |
| | 7,125 | | 5.250%, 11/01/29 | 11/20 at 100.00 | | A | | | 8,159,550 | |
| | 1,000 | | 5.750%, 11/01/40 | 11/20 at 100.00 | | A | | | 1,158,710 | |
| | 5,000 | | 5.500%, 11/01/40 | 11/20 at 100.00 | | A | | | 5,743,250 | |
| | 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 | | | 5,224,057 | |
| | 760 | | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 | 7/21 at 100.00 | | BBB– | | | 837,360 | |
| | | | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A: | | | | | | | |
| | 1,000 | | 5.000%, 1/01/38 | 1/23 at 100.00 | | Aa3 | | | 1,144,480 | |
| | 16,820 | | 5.000%, 1/01/38 (UB) (5) | 1/23 at 100.00 | | Aa3 | | | 19,250,154 | |
| | | | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052: | | | | | | | |
| | 1,315 | | 15.641%, 1/01/38 (IF) (5) | 1/23 at 100.00 | | AA | | | 2,074,965 | |
| | 625 | | 15.641%, 1/01/38 (IF) (5) | 1/23 at 100.00 | | AA | | | 986,200 | |
| | 975 | | 15.641%, 1/01/38 (IF) (5) | 1/23 at 100.00 | | AA | | | 1,538,472 | |
| | 265 | | 15.532%, 1/01/38 (IF) (5) | 1/23 at 100.00 | | AA | | | 416,978 | |
| | 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 | | | 9,453,237 | |
| | 1,400 | | Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40 | 12/20 at 100.00 | | Caa1 | | | 1,350,132 | |
| | 7,495 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | | Aa3 | | | 8,937,038 | |
| | 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 | | | 1,112,340 | |
| | 3,480 | | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 | 1/17 at 100.00 | | BBB+ | | | 3,488,874 | |
| | 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 | | | 2,159,840 | |
| | 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 | | B1 | | | 2,953,980 | |
| | 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 | | BBB– | | | 1,972,404 | |
| | 3,750 | | Ohio Higher Educational Facilities Commission,Revenue Bonds, University Hospitals Health System Inc., Tender Option Bond Trust 2015-XF2176, 13.534%, 1/15/46 – AMBAC Insured (IF) | 1/17 at 100.00 | | A2 | | | 3,821,850 | |
| | 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 | | | 1,137,330 | |
| | 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 | | | 4,958,043 | |
| | 2,450 | | Ohio Higher Educational Facility Commission, Revenue Bonds, Case Western Reserve University Project, Refunding Series 2016, 5.000%, 12/01/40 (WI/DD, Settling 11/30/16) | 12/26 at 100.00 | | A1 | | | 2,856,896 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Ohio (continued) | | | | | | | |
| $ | 3,080 | | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Refunding Series 2016A, 4.000%, 1/15/46 | 1/26 at 100.00 | | A | | $ | 3,176,897 | |
| | 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 | | | 1,347,492 | |
| | | | 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+ | | | 1,746,210 | |
| | 10,530 | | 5.000%, 2/15/48 | 2/23 at 100.00 | | A+ | | | 11,858,570 | |
| | 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+ | | | 3,561,452 | |
| | 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– | | | 1,785,366 | |
| | 135 | | Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17 | 12/16 at 100.00 | | Aa1 | | | 135,555 | |
| | 203,940 | | Total Ohio | | | | | | 212,204,542 | |
| | | | Oklahoma – 1.4% (0.9% 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 | | | 2,381,600 | |
| | | | Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Refunding Series 2015A: | | | | | | | |
| | 1,000 | | 5.000%, 8/15/26 | 8/25 at 100.00 | | AA– | | | 1,234,340 | |
| | 1,750 | | 5.000%, 8/15/28 | 8/25 at 100.00 | | AA– | | | 2,126,758 | |
| | 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) | | | 1,804,930 | |
| | | | Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | | | | | | | |
| | 6,620 | | 5.000%, 2/15/37 | 2/17 at 100.00 | | A2 | | | 6,689,245 | |
| | 1,290 | | 5.000%, 2/15/42 | 2/17 at 100.00 | | A2 | | | 1,303,197 | |
| | | | Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | | | | | | | |
| | 220 | | 5.000%, 2/15/37 (Pre-refunded 2/15/17) | 2/17 at 100.00 | | N/R (4) | | | 222,726 | |
| | 45 | | 5.000%, 2/15/42 (Pre-refunded 2/15/17) | 2/17 at 100.00 | | N/R (4) | | | 45,558 | |
| | 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 | | | 3,512,130 | |
| | 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 | | | 5,542,273 | |
| | | | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006: | | | | | | | |
| | 2,705 | | 5.000%, 12/15/36 (Pre-refunded 12/15/16) | 12/16 at 100.00 | | AA+ (4) | | | 2,717,605 | |
| | 15,315 | | 5.000%, 12/15/36 (Pre-refunded 12/15/16) (UB) (5) | 12/16 at 100.00 | | AA+ (4) | | | 15,386,367 | |
| | 231 | | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390, 7.989%, 12/15/36 (IF) (5) | 12/16 at 100.00 | | AA+ | | | 232,957 | |
| | 40,836 | | Total Oklahoma | | | | | | 43,199,686 | |
| | | | Oregon – 0.8% (0.5% of Total Investments) | | | | | | | |
| | 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 | | | 2,453,400 | |
| | 3,500 | | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2015D, 5.000%, 4/01/29 | 4/25 at 100.00 | | Aa2 | | | 4,288,375 | |
| | 5,940 | | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 (WI/DD, Settling 11/10/16) | 6/26 at 100.00 | | A1 | | | 6,782,827 | |
| | 9,500 | | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A, 5.000%, 5/15/46 (WI/DD, Settling 11/01/16) | 5/26 at 100.00 | | A+ | | | 10,824,775 | |
| | 20,940 | | Total Oregon | | | | | | 24,349,377 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Pennsylvania – 4.1% (2.7% 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 | | $ | 1,101,232 | |
| | 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+ | | | 2,213,480 | |
| | 1,960 | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 | 5/21 at 100.00 | | A1 | | | 2,271,405 | |
| | 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) | | | 3,046,735 | |
| | 1,980 | | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | 3/17 at 100.00 | | BBB– | | | 1,988,257 | |
| | 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+ | | | 109,866 | |
| | 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) | | | 998,703 | |
| | 4,550 | | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A, 4.000%, 6/01/32 | 6/26 at 100.00 | | A2 | | | 4,877,418 | |
| | 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) | | | 1,097,190 | |
| | | | 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) | | | 347,213 | |
| | 1,670 | | 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured | 12/18 at 100.00 | | A2 (4) | | | 1,812,017 | |
| | 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 | | | 547,108 | |
| | | | 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 | | | 2,972,646 | |
| | 11,000 | | 0.000%, 12/01/38 | No Opt. Call | | A | | | 5,040,750 | |
| | 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 | | | 6,130,886 | |
| | 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) | | | 1,927,754 | |
| | 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 | | | 3,799,274 | |
| | 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 | | | 259,099 | |
| | 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) | | | 468,428 | |
| | 6,250 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006A, 4.350%, 10/01/31 (Alternative Minimum Tax) (UB) (5) | 1/17 at 100.00 | | AA+ | | | 6,256,625 | |
| | 5,130 | | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 (Pre-refunded 12/01/16) – AGM Insured | 12/16 at 100.00 | | A2 (4) | | | 5,144,980 | |
| | 5,250 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds,Series 2010A, 5.500%, 12/01/34 | 12/20 at 100.00 | | A2 | | | 6,004,477 | |
| | 16,750 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) | 12/27 at 100.00 | | A– | | | 20,721,927 | |
| | 4,305 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 | 6/25 at 100.00 | | A | | | 4,892,848 | |
| | 2,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 2014A-1, 5.000%, 12/01/38 | 12/24 at 100.00 | | A– | | | 2,275,940 | |
| | 14,500 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured | 6/26 at 100.00 | | A2 | | | 18,806,355 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Pennsylvania (continued) | | | | | | | |
| $ | 6,250 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45 | 12/25 at 100.00 | | A– | | $ | 7,010,062 | |
| | 5,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46 | 12/25 at 100.00 | | A3 | | | 5,603,950 | |
| | 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) | | | 1,809,735 | |
| | 1,425 | | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 | 8/20 at 100.00 | | A– | | | 1,677,880 | |
| | 2,350 | | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.500%, 8/01/20 | No Opt. Call | | A– | | | 2,587,467 | |
| | 6,000 | | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Series 2016, 5.000%, 8/15/42 – BAM Insured | 8/25 at 100.00 | | AA | | | 6,880,860 | |
| | 122,970 | | Total Pennsylvania | | | | | | 130,682,567 | |
| | | | Puerto Rico – 0.4% (0.2% of Total Investments) | | | | | | | |
| | 4,300 | | Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 | 1/17 at 100.00 | | A2 | | | 4,433,730 | |
| | 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 | | | 803,768 | |
| | | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: | | | | | | | |
| | 14,000 | | 0.000%, 8/01/42 – FGIC Insured | No Opt. Call | | C | | | 3,355,520 | |
| | 23,890 | | 0.000%, 8/01/54 – AMBAC Insured | No Opt. Call | | C | | | 2,636,023 | |
| | 42,990 | | Total Puerto Rico | | | | | | 11,229,041 | |
| | | | Rhode Island – 0.6% (0.4% 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+ | | | 8,462,643 | |
| | 2,005 | | Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, University of Rhode Island Auxiliary Enterprise, Refunding Series 2016B, 5.000%, 9/15/30 | 9/26 at 100.00 | | A+ | | | 2,404,155 | |
| | 3,150 | | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/34 | 5/26 at 100.00 | | BBB+ | | | 3,611,507 | |
| | 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+ | | | 3,300,119 | |
| | 47,355 | | Total Rhode Island | | | | | | 17,778,424 | |
| | | | South Carolina – 3.1% (2.0% of Total Investments) | | | | | | | |
| | 2,500 | | Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2011A, 5.000%, 2/01/41 | 2/21 at 100.00 | | AA+ | | | 2,840,850 | |
| | 750 | | Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning, South Carolina, Revenue Bonds, Wofford College, Series 2007A, 4.500%, 4/01/30 (Pre-refunded 4/01/17) | 4/17 at 100.00 | | A– (4) | | | 761,850 | |
| | 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– | | | 2,150,889 | |
| | 6,180 | | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/41 | 5/26 at 100.00 | | A1 | | | 7,128,877 | |
| | | | 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– | | | 14,280,559 | |
| | 1,250 | | 0.000%, 1/01/31 – AMBAC Insured | No Opt. Call | | A3 | | | 806,750 | |
| | 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 | | | 1,896,299 | |
| | 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+ | | | 1,051,225 | |
| | 9,000 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/55 | 6/25 at 100.00 | | A1 | | | 10,135,350 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | South Carolina (continued) | | | | | | | |
| | | | 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 | | $ | 14,849,958 | |
| | 8,830 | | 5.000%, 12/01/46 | 12/24 at 100.00 | | A1 | | | 10,116,354 | |
| | 5,500 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 | 12/23 at 100.00 | | A1 | | | 6,389,735 | |
| | 3,455 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 | 6/24 at 100.00 | | A1 | | | 4,075,380 | |
| | 14,765 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 | 12/25 at 100.00 | | A1 | | | 17,427,572 | |
| | 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+ | | | 5,655,800 | |
| | 96,065 | | Total South Carolina | | | | | | 99,567,448 | |
| | | | South Dakota – 0.2% (0.1% 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 | | | 1,396,005 | |
| | 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+ | | | 1,641,449 | |
| | 2,185 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 | 11/25 at 100.00 | | A+ | | | 2,496,887 | |
| | 1,000 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured | 8/18 at 100.00 | | AA+ (4) | | | 1,079,710 | |
| | 5,945 | | Total South Dakota | | | | | | 6,614,051 | |
| | | | Tennessee – 1.4% (0.9% of Total Investments) | | | | | | | |
| | 9,460 | | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23 at 100.00 | | BBB+ | | | 10,556,698 | |
| | 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+ | | | 3,505,219 | |
| | 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) | | | 151,598 | |
| | 6,100 | | Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40 (Pre-refunded 1/01/17) | 1/17 at 31.68 | | A (4) | | | 1,918,328 | |
| | | | 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 | | | 3,407,070 | |
| | 3,200 | | 5.000%, 11/01/24 | 11/21 at 100.00 | | Baa1 | | | 3,640,704 | |
| | 3,400 | | 5.000%, 11/01/25 | 11/21 at 100.00 | | Baa1 | | | 3,846,114 | |
| | 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 | | | 618,599 | |
| | 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) | | | 11,145,400 | |
| | 4,000 | | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26 | No Opt. Call | | BBB+ | | | 4,910,480 | |
| | 42,970 | | Total Tennessee | | | | | | 43,700,210 | |
| | | | Texas – 18.1% (11.7% 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 | 1/17 at 100.00 | | Ba1 | | | 4,296,178 | |
| | 3,040 | | Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (Alternative Minimum Tax) | 11/24 at 100.00 | | A | | | 3,429,728 | |
| | 13,705 | | Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) | 11/25 at 100.00 | | AA– | | | 15,931,514 | |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | | |
| $ | 5,000 | | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 5.000%, 11/15/43 | 5/23 at 100.00 | | AA– | | $ | 5,792,150 | |
| | 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 | | | 1,135,970 | |
| | 15,000 | | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2016F, 5.000%, 8/15/47 (UB) | No Opt. Call | | AAA | | | 20,524,200 | |
| | 13,875 | | Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2006F, 4.250%, 8/15/36 (Pre-refunded 2/15/17) | 2/17 at 100.00 | | AAA | | | 14,017,774 | |
| | 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 | | | 111,166 | |
| | 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 | | | 160,975 | |
| | | | Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012: | | | | | | | |
| | 1,000 | | 5.000%, 7/01/28 | 7/22 at 100.00 | | A2 | | | 1,166,950 | |
| | 1,000 | | 5.000%, 7/01/29 | 7/22 at 100.00 | | A2 | | | 1,161,980 | |
| | 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 | | | 6,218,300 | |
| | | | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A: | | | | | | | |
| | 765 | | 5.000%, 1/01/43 | 1/23 at 100.00 | | Baa2 | | | 844,629 | |
| | 1,100 | | 5.000%, 1/01/43 – AGM Insured | 1/23 at 100.00 | | A2 | | | 1,223,629 | |
| | 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) | | | 1,428,913 | |
| | | | 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) | | | 1,193,370 | |
| | 3,380 | | 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | | Baa2 (4) | | | 4,067,796 | |
| | | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: | | | | | | | |
| | 2,600 | | 5.000%, 1/01/35 | 7/25 at 100.00 | | Baa2 | | | 2,964,338 | |
| | 1,000 | | 5.000%, 1/01/40 | 7/25 at 100.00 | | Baa2 | | | 1,133,640 | |
| | 2,035 | | 5.000%, 1/01/45 | 7/25 at 100.00 | | Baa2 | | | 2,290,555 | |
| | 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 | | | 1,199,260 | |
| | 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 | | | 2,825,075 | |
| | 2,770 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax) | No Opt. Call | | A | | | 3,088,079 | |
| | 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 | | | 9,116,874 | |
| | 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 | | | 3,932,985 | |
| | 10,000 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax) | No Opt. Call | | A | | | 11,123,400 | |
| | 9,000 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax) | No Opt. Call | | A | | | 10,078,290 | |
| | 200 | | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 | 9/24 at 100.00 | | BB+ | | | 214,186 | |
| | 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 | | | 1,811,788 | |
| | 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 | | | 6,784,077 | |
| | 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+ | | | 10,569,168 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | | |
| $ | 4,105 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 16.059%, 4/01/53 (IF) | 10/23 at 100.00 | | AA– | | $ | 6,714,877 | |
| | 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 | | | 3,122,593 | |
| | | | 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 | | | 4,011,709 | |
| | 1,895 | | 4.000%, 12/01/45 | 6/25 at 100.00 | | AA | | | 1,990,508 | |
| | 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 | | | 1,812,773 | |
| | 3,070 | | Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 (Pre-refunded 2/15/17) – NPFG Insured | 2/17 at 100.00 | | AA+ (4) | | | 3,110,524 | |
| | 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 | | | 603,265 | |
| | | | 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 | | | 181,509 | |
| | 1,020 | | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | | A2 | | | 345,556 | |
| | 1,255 | | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | | A2 | | | 402,943 | |
| | 3,305 | | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | | A2 | | | 1,012,652 | |
| | 4,460 | | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | | A2 | | | 1,294,738 | |
| | 6,500 | | 0.000%, 11/15/47 – AGM Insured | 11/31 at 46.45 | | A2 | | | 1,697,800 | |
| | | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: | | | | | | | |
| | 150 | | 0.000%, 11/15/24 – NPFG Insured | No Opt. Call | | A3 | | | 114,570 | |
| | 4,440 | | 0.000%, 11/15/29 – NPFG Insured | No Opt. Call | | A3 | | | 2,795,424 | |
| | 730 | | 0.000%, 11/15/30 – NPFG Insured | No Opt. Call | | A3 | | | 440,540 | |
| | 7,570 | | 0.000%, 11/15/31 – NPFG Insured | No Opt. Call | | A3 | | | 4,342,303 | |
| | 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 | | | 686,064 | |
| | 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– | | | 1,176,360 | |
| | 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 | | | 2,143,212 | |
| | 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 | | | 3,081,420 | |
| | 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 | | B1 | | | 426,022 | |
| | 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) | | | 4,186,282 | |
| | 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 | | | 230,885 | |
| | 3,500 | | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 | No Opt. Call | | AA | | | 4,044,670 | |
| | 4,000 | | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 | 11/21 at 100.00 | | AA | | | 4,623,320 | |
| | 225 | | Houston, Texas, General Obligation Bonds, Series 2007A, 5.000%, 3/01/32 – NPFG Insured | 3/17 at 100.00 | | A3 | | | 228,022 | |
| | 875 | | Houston, Texas, General Obligation Bonds, Series 2007A, 5.000%, 3/01/32 (Pre-refunded 3/01/17) – NPFG Insured | 3/17 at 100.00 | | A3 (4) | | | 887,600 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | |
| | | | 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 | | $ | 2,537,405 | |
| | 4,130 | | 0.000%, 9/01/26 – AMBAC Insured | No Opt. Call | A2 | | | 3,139,419 | |
| | 3,130 | | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A– | | | 2,036,378 | |
| | 12,030 | | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A– | | | 7,365,367 | |
| | 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 | AA+ (4) | | | 10,912,413 | |
| | 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+ | | | 4,214,808 | |
| | 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) | | | 1,056,970 | |
| | | | 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 | | | 8,697,600 | |
| | 2,275 | | 5.000%, 8/15/40 | 8/25 at 100.00 | AAA | | | 2,677,971 | |
| | 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 | | | 67,153 | |
| | 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) | | | 1,550,160 | |
| | 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 | | | 5,357,472 | |
| | 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 | | | 11,345,929 | |
| | 2,000 | | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 6.125%, 12/01/38 | 12/25 at 100.00 | Ba2 | | | 2,300,400 | |
| | 5,000 | | Midland Independent School District, Midland County, Texas, General Obligation Bonds, School Building Series 2007, 5.000%, 2/15/32 (Pre-refunded 2/15/17) | 2/17 at 100.00 | AAA | | | 5,062,400 | |
| | 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– | | | 1,279,139 | |
| | 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 | | | 1,919,170 | |
| | | | 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– | | | 4,217,838 | |
| | 8,470 | | 0.000%, 9/01/45 (7) | 9/31 at 100.00 | AA– | | | 9,624,292 | |
| | 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– | | | 2,357,600 | |
| | 205 | | North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 | 1/19 at 100.00 | A | | | 225,539 | |
| | 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) | | | 996,574 | |
| | 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 | | | 8,943,410 | |
| | | | 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 | | | 152,305 | |
| | 270 | | 5.750%, 1/01/40 – BHAC Insured | 1/18 at 100.00 | A1 | | | 283,603 | |
| | 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) | | | 1,184,030 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | |
| | | | 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) | | $ | 570,872 | |
| | 415 | | 5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured | 1/18 at 100.00 | A1 (4) | | | 438,726 | |
| | 835 | | 5.750%, 1/01/40 (Pre-refunded 1/01/18) – BHAC Insured | 1/18 at 100.00 | A1 (4) | | | 882,737 | |
| | 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 | | | 11,754,985 | |
| | 1,380 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2016A, 5.000%, 1/01/27 | 1/24 at 100.00 | A | | | 1,657,145 | |
| | 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) | | | 11,232,431 | |
| | | | 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– | | | 15,560,311 | |
| | 1,770 | | 5.000%, 1/01/34 | 1/25 at 100.00 | A– | | | 2,055,253 | |
| | 11,000 | | Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 7.060%, 2/15/32 (IF) | 2/17 at 100.00 | AA– | | | 11,197,340 | |
| | 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) | | | 3,699,850 | |
| | 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 | | | 1,067,160 | |
| | 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 | | | 137,880 | |
| | 4,375 | | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XF0389, 8.531%, 11/15/47 (IF) (5) | 11/17 at 100.00 | AA | | | 4,685,100 | |
| | 125 | | Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Tender Option Bond Trust 2016-XF0387, 15.772%, 2/15/36 (IF) (5) | 2/17 at 100.00 | AA | | | 131,210 | |
| | 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 | | | 1,426,971 | |
| | | | 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) | | | 412,915 | |
| | 4,445 | | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | AA– (4) | | | 5,170,157 | |
| | 1,370 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42 | 5/26 at 100.00 | AA– | | | 1,454,830 | |
| | 13,170 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Refunding Series 2007A, 5.000%, 2/15/36 (Pre-refunded 2/15/17) | 2/17 at 100.00 | AA (4) | | | 13,333,571 | |
| | 22,630 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) | 2/17 at 100.00 | AA | | | 22,911,065 | |
| | 600 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Northwest Senior Housing-Edgemere Project, Series 2006A, 6.000%, 11/15/26 | 11/16 at 100.00 | BBB | | | 601,854 | |
| | 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+ | | | 799,351 | |
| | | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012: | | | | | | |
| | 5,910 | | 5.000%, 12/15/23 | No Opt. Call | BBB | | | 6,900,752 | |
| | 2,050 | | 5.000%, 12/15/26 | No Opt. Call | BBB | | | 2,345,467 | |
| | 1,000 | | 5.000%, 12/15/27 | No Opt. Call | BBB | | | 1,139,860 | |
| | 12,745 | | 5.000%, 12/15/29 | No Opt. Call | BBB | | | 14,357,880 | |
| | 2,000 | | 5.000%, 12/15/31 | No Opt. Call | BBB | | | 2,243,520 | |
| | | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016: | | | | | | |
| | 7,470 | | 5.000%, 12/31/50 (Alternative Minimum Tax) | 12/25 at 100.00 | Baa3 | | | 8,264,659 | |
| | 10,210 | | 5.000%, 12/31/55 (Alternative Minimum Tax) | 12/25 at 100.00 | Baa3 | | | 11,205,067 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | |
| $ | 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– | | $ | 1,884,433 | |
| | | | 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 | | | 1,177,830 | |
| | 1,000 | | 7.000%, 6/30/40 | 6/20 at 100.00 | Baa3 | | | 1,181,530 | |
| | | | 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– | | | 1,656,121 | |
| | 4,040 | | 6.750%, 6/30/43 (Alternative Minimum Tax) | 9/23 at 100.00 | BBB– | | | 4,944,354 | |
| | 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) | | | 1,033,760 | |
| | 2,985 | | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 12.613%, 4/01/33 (IF) | 4/17 at 100.00 | Aaa | | | 4,157,150 | |
| | 3,200 | | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2007, 4.750%, 4/01/29 (Pre-refunded 4/01/17) | 4/17 at 100.00 | AAA | | | 3,254,016 | |
| | 3,335 | | Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 2015-XF0075, 12.258%, 8/01/39 (IF) | 8/19 at 100.00 | AAA | | | 4,352,075 | |
| | 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– | | | 10,687,490 | |
| | | | 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– | | | 3,856,855 | |
| | 4,710 | | 5.000%, 8/15/37 | 8/24 at 100.00 | A– | | | 5,419,750 | |
| | | | 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 | | | 2,416,449 | |
| | 5,000 | | 5.000%, 8/15/37 | 8/24 at 100.00 | BBB | | | 5,712,150 | |
| | 10,750 | | 5.000%, 8/15/42 | 8/24 at 100.00 | BBB | | | 12,185,125 | |
| | | | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A: | | | | | | |
| | 7,715 | | 0.000%, 8/15/21 – AMBAC Insured | No Opt. Call | A– | | | 7,088,156 | |
| | 9,980 | | 0.000%, 8/15/23 – AMBAC Insured | No Opt. Call | A– | | | 8,618,429 | |
| | 21,170 | | 0.000%, 8/15/24 – AMBAC Insured | No Opt. Call | A– | | | 17,522,832 | |
| | | | 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) | | | 2,133,276 | |
| | 2,020 | | 0.000%, 8/15/23 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | | | 1,805,456 | |
| | 3,830 | | 0.000%, 8/15/24 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | | | 3,332,751 | |
| | 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 | | | 256,139 | |
| | 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) | | | 1,111,983 | |
| | 3,000 | | Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17) | 2/17 at 100.00 | AAA | | | 3,032,400 | |
| | 655 | | Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities Program 4/17 at 100.00 Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax) | | CC | | | 657,089 | |
| | | | 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 | | | 2,296,049 | |
| | 6,135 | | 0.000%, 8/15/37 | No Opt. Call | AAA | | | 2,284,490 | |
| | 578,450 | | Total Texas | | | | | 576,747,480 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Utah – 0.7% (0.5% 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+ | | $ | 1,161,750 | |
| | 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+ | | | 2,251,680 | |
| | 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 | | | 6,574,428 | |
| | 4,110 | | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 6/15/42 | 6/22 at 100.00 | A+ | | | 4,638,793 | |
| | 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) | | | 4,819,815 | |
| | 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) | | | 3,201,150 | |
| | 20,405 | | Total Utah | | | | | 22,647,616 | |
| | | | Virginia – 1.9% (1.3% of Total Investments) | | | | | | |
| | 1,000 | | Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 | 1/17 at 100.00 | B | | | 982,460 | |
| | 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 | | | 413,890 | |
| | 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) | | | 3,120,930 | |
| | 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) | 4/17 at 100.00 | AA+ | | | 1,013,380 | |
| | 2,400 | | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 | No Opt. Call | A– | | | 2,753,256 | |
| | 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 | | | 5,188,770 | |
| | 5,000 | | Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39 | 10/20 at 100.00 | A1 | | | 5,636,250 | |
| | 5,000 | | 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 | | | 6,847,150 | |
| | 3,000 | | Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 5.000%, 11/01/46 | 11/22 at 100.00 | A+ | | | 3,335,070 | |
| | 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– | | | 5,639,820 | |
| | 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– | | | 4,861,747 | |
| | | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | | | | | | |
| | 4,470 | | 6.000%, 1/01/37 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | | | 5,216,579 | |
| | 14,930 | | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | | | 16,791,622 | |
| | 55,350 | | Total Virginia | | | | | 61,800,924 | |
| | | | Washington – 3.9% (2.5% of Total Investments) | | | | | | |
| | 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 | | | 10,943,387 | |
| | 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– | | | 2,336,160 | |
| | 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 | | | 4,125,300 | |
| | 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 | | | 10,973,500 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Washington (continued) | | | | | | |
| $ | 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) | | $ | 6,102,930 | |
| | 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) | | | 1,887,076 | |
| | 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– | | | 4,603,720 | |
| | 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 | | | 1,136,100 | |
| | 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 | | | 13,329,075 | |
| | 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 | | | 941,051 | |
| | 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) | | | 1,315,302 | |
| | 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) | | | 4,528,880 | |
| | 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 12/04/17) | 12/17 at 100.00 | N/R (4) | | | 3,683,225 | |
| | 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 | | | 1,998,042 | |
| | 320 | | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012, 5.000%, 1/01/48 | No Opt. Call | BBB– | | | 336,010 | |
| | 2,000 | | Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Refunding Series 2009R-2010C, 5.000%, 1/01/17 | No Opt. Call | AA+ | | | 2,014,760 | |
| | 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+ | | | 5,613,624 | |
| | 11,050 | | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | | | 10,607,447 | |
| | 3,350 | | Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured | No Opt. Call | AA+ | | | 3,312,212 | |
| | | | Washington, General Obligation Compound Interest Bonds, Series 1999S-3: | | | | | | |
| | 17,650 | | 0.000%, 1/01/20 | No Opt. Call | AA+ | | | 16,943,118 | |
| | 18,470 | | 0.000%, 1/01/21 | No Opt. Call | AA+ | | | 17,380,085 | |
| | 121,135 | | Total Washington | | | | | 124,111,004 | |
| | | | West Virginia – 0.3% (0.2% 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 | A3 | | | 2,147,961 | |
| | 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 | | | 1,049,040 | |
| | 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 | | | 8,113,000 | |
| | 9,965 | | Total West Virginia | | | | | 11,310,001 | |
| | | | Wisconsin – 2.1% (1.3% 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) | | | 2,476,839 | |
| | 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 | | | 966,680 | |
| | 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– | | | 4,445,716 | |
| | 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 | | | 5,656,400 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Wisconsin (continued) | | | | | | |
| $ | 8,675 | | 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 | | $ | 9,153,860 | |
| | 7,620 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2006A, 5.000%, 11/15/36 (Pre-refunded 11/15/16) | 11/16 at 100.00 | Aa2 (4) | | | 7,632,725 | |
| | 600 | | 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 | | | 620,802 | |
| | 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– | | | 1,106,415 | |
| | 2,685 | | 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– | | | 2,713,891 | |
| | 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 | | | 4,845,010 | |
| | 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+ | | | 5,091,553 | |
| | 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+ | | | 3,098,342 | |
| | 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– | | | 1,406,175 | |
| | 3,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 4.000%, 2/15/38 | 8/25 at 100.00 | A3 | | | 3,143,790 | |
| | 6,745 | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36 | 5/19 at 100.00 | AA– | | | 7,524,722 | |
| | 5,100 | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA– (4) | | | 5,764,224 | |
| | 61,295 | | Total Wisconsin | | | | | 65,647,144 | |
| | | | Wyoming – 0.1% (0.1% of Total Investments) | | | | | | |
| | 4,750 | | Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) | No Opt. Call | BBB | | | 4,767,290 | |
| $ | 4,818,028 | | Total Municipal Bonds (cost $4,359,394,139) | | | | | 4,795,883,246 | |
| | 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) | | | | | | | | | |
| $ | 767 | | Las Vegas Monorail Company, Senior Interest Bonds, PIK, (11), (12) | 5.500% | | 7/15/19 | | N/R | | $ | 467,714 | |
| | 204 | | Las Vegas Monorail Company, Senior Interest Bonds, (11), (12) | 5.500% | | 7/15/55 | | N/R | | | 101,797 | |
| $ | 971 | | Total Corporate Bonds (cost $87,037) | | | | | | | | 569,511 | |
| | | | | | | | | | | | | |
| | Shares | | Description (1), (13) | | | | | | | | Value | |
| | | | INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments) | | | | | | | | | |
| | 8,812 | | BlackRock MuniHoldings Fund Inc. | | | | | | | $ | 147,601 | |
| | 32,524 | | Invesco Quality Municipal Income Trust | | | | | | | | 426,064 | |
| | | | Total Investment Companies (cost $530,611) | | | | | | | | 573,665 | |
| | | | Total Long-Term Investments (cost $4,360,011,787) | | | | | | | | 4,797,026,422 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 4.2% (2.7% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS – 4.2% (2.7% of Total Investments) | | | | | | |
| | | | Illinois – 0.7% (0.4% 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, 0.880%, 12/01/49 (14) | 12/24 at 100.00 | A-1 | | $ | 7,295,000 | |
| | 14,310 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds, Tender Option Bond Floater 2016-ZF0480, 0.660%, 7/01/17 | No Opt. Call | A-1 | | | 14,310,000 | |
| | 21,605 | | Total Illinois | | | | | 21,605,000 | |
| | | | Florida – 0.3% (0.2% of Total Investments) | | | | | | |
| | 10,000 | | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Tender Option Bond Floater 2008-2539, 0.680%, 1/01/17 | No Opt. Call | Aa2 | | | 10,000,000 | |
| | | | Ohio – 0.6% (0.4% of Total Investments) | | | | | | |
| | 16,070 | | Ohio State Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Variable Rate Demand Obligations, Series 2013-B1, 0.470%, 1/01/39 (14) | 1/17 at 100.00 | A-1+ | | | 16,070,000 | |
| | 3,060 | | Ohio State, General Obligation Bonds, Higher Education, Series 2015C, 2.000%, 11/01/16 | No Opt. Call | AA+ | | | 3,060,000 | |
| | 19,130 | | Total Ohio | | | | | 19,130,000 | |
| | | | New York – 2.0% (1.3% of Total Investments) | | | | | | |
| | 23,860 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Variable Rate Demand Obligations, Series 2008BB-1, 0.140%, 6/15/39 (14) | 1/17 at 100.00 | A-1 | | | 23,860,000 | |
| | 20,985 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Variable Rate Demand Obligations, Subordinate Fiscal 2014 Series A-4, 0.480%, 11/01/43 (14) | 1/17 at 100.00 | A-1 | | | 20,985,000 | |
| | 20,000 | | New York City, New York, General Obligation Bonds, Variable Rate Demand Obligations, Fiscal 2015 Series F-6, 0.520%, 6/01/44 (14) | 1/17 at 100.00 | A-1 | | | 20,000,000 | |
| | 64,845 | | Total New York | | | | | 64,845,000 | |
| | | | Texas – 0.5% (0.4% of Total Investments) | | | | | | |
| | 16,500 | | Rockwall Independent School District, Rockwall County, Texas, General Obligation Bonds, School Building Variable Rate Demand Obligation Series 2006, 0.600%, 8/01/37 (14) | 1/17 at 100.00 | A-1 | | | 16,500,000 | |
| $ | 132,080 | | Total Short-Term Investments (cost $132,080,000) | | | | | 132,080,000 | |
| | | | Total Investments (cost $4,492,091,787) – 155.1% | | | | | 4,929,106,422 | |
| | | | Floating Rate Obligations – (5.9)% | | | | | (187,169,000 | ) |
| | | | Variable Rate Demand Preferred Shares, at liquidation preference – (19.9)% (15) | | | | | (632,000,000 | ) |
| | | | Variable Rate MuniFund Term Preferred Shares, at liquidation preference – (30.0)% (16) | | | | | (952,500,000 | ) |
| | | | Other Assets Less Liabilities – 0.7% (17) | | | | | 21,730,999 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | $ | 3,179,168,421 | |
| NAD | Nuveen Quality Municipal Income Fund | |
| | (formerly Nuveen Dividend Advantage Municipal Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
Investments in Derivatives as of October 31, 2016
Interest Rate Swaps
| | | | | | | | | | | | | | | | | | | | | Variation | | | | |
| | | | | | Fund | | | | | Fixed Rate | | | | Optional | | | | | Margin | | | Unrealized | |
| | | | Notional | | Pay/Receive | | Floating Rate | | Fixed Rate | | Payment | | Effective | | Termination | | Termination | | | Receivable/ | | | Appreciation | |
| Counterparty | | | Amount | Floating Rate | | Index | | (Annualized) | | Frequency | | Date (18) | | Date | | Date | | | (Payable) | | | (Depreciation) | |
| LCH. Clearnet Ltd* | | $ | 15,600,000 | | Receive | | 3-Month USD-LIBOR-ICE | | 2.560% | Semi-Annually | | 1/13/17 | | 12/13/25 | | 1/13/31 | | $ | (33,674 | ) | $ | (1,380,160 | ) |
| * | Citigroup Global Markets Inc. is the clearing broker for this transaction. |
| (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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (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. Ratings are not covered by the report of independent registered public accounting firm. |
| (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 is not accruing income for either senior interest corporate bond. |
| (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 Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 12.8%. |
| (16) | Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 19.3%. |
| (17) | 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. |
| (18) | 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-LIBOR-ICE | United States Dollar-London Inter-Bank Offered Rate-Intercontinental Exchange. |
| PIK | All or a portion of this security is payment-in-kind. |
See accompanying notes to financial statements.
| NEA | | |
| | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | LONG-TERM INVESTMENTS – 151.5% (98.7% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS – 151.4% (98.7% of Total Investments) | | | | | | |
| | | | Alabama – 1.4% (0.9% of Total Investments) | | | | | | |
| $ | 12,000 | | Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/39 – BHAC Insured (UB) | 1/17 at 100.00 | AA– | | $ | 12,075,960 | |
| | 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– | | | 4,823,495 | |
| | | | Jefferson County, Alabama, General Obligation Warrants, Series 2004A: | | | | | | |
| | 1,395 | | 5.000%, 4/01/22 – NPFG Insured | 1/17 at 100.00 | A3 | | | 1,395,684 | |
| | 1,040 | | 5.000%, 4/01/23 – NPFG Insured | 1/17 at 100.00 | A3 | | | 1,040,374 | |
| | 25,890 | | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | A3 | | | 32,650,656 | |
| | 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 | | | 4,994,570 | |
| | 49,475 | | Total Alabama | | | | | 56,980,739 | |
| | | | 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 | 1/17 at 100.00 | B3 | | | 16,722,886 | |
| | 16,570 | | 5.000%, 6/01/46 | 1/17 at 100.00 | B3 | | | 15,759,727 | |
| | 33,610 | | Total Alaska | | | | | 32,482,613 | |
| | | | Arizona – 2.1% (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 | BBB+ | | | 1,610,964 | |
| | | | Arizona State, Certificates of Participation, Series 2010A: | | | | | | |
| | 2,800 | | 5.250%, 10/01/28 – AGM Insured | 10/19 at 100.00 | Aa3 | | | 3,110,184 | |
| | 3,500 | | 5.000%, 10/01/29 – AGM Insured | 10/19 at 100.00 | Aa3 | | | 3,858,575 | |
| | 7,500 | | Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured | 1/20 at 100.00 | A1 | | | 8,252,400 | |
| | 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 | | | 8,282,145 | |
| | 10,000 | | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2016A, 5.000%, 1/01/38 (WI/DD, Settling 11/17/16) (UB) (5) | 1/27 at 100.00 | AA– | | | 11,686,900 | |
| | 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+ | | | 11,976,257 | |
| | | | 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 | | | 8,772,263 | |
| | 10,000 | | 5.500%, 7/01/40 – FGIC Insured | No Opt. Call | AA | | | 13,633,900 | |
| | 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+ | | | 13,609,583 | |
| | 71,020 | | Total Arizona | | | | | 84,793,171 | |
| | | | 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 | 1/17 at 100.00 | N/R | | | 4,600,448 | |
| | | | California – 16.1% (10.5% 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+ (4) | | | 3,651,445 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | |
| $ | 22,880 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 – NPFG Insured | No Opt. Call | A3 | | $ | 13,430,789 | |
| | 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 | | | 3,256,757 | |
| | 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 | A2 | | | 14,894,471 | |
| | 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 | | | 2,280,277 | |
| | | | 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 (4) | | | 2,752,575 | |
| | 2,500 | | 5.625%, 4/01/44 (Pre-refunded 4/01/19) | 4/19 at 100.00 | Aa3 (4) | | | 2,782,375 | |
| | | | 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 | | | 5,849,750 | |
| | 6,500 | | 5.250%, 4/01/53 | 4/23 at 100.00 | A1 | | | 7,668,505 | |
| | 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 | | | 11,485,600 | |
| | 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+ | | | 4,910,640 | |
| | | | 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– | | | 1,871,415 | |
| | 1,350 | | 0.000%, 8/01/33 | 2/25 at 100.00 | AA– | | | 1,116,518 | |
| | 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 | | | 8,054,383 | |
| | 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+ (4) | | | 3,160,609 | |
| | 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 | | | 2,268,402 | |
| | 3,250 | | California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 5.000%, 5/01/22 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | AA (4) | | | 3,457,935 | |
| | 10,420 | | California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2008H, 2016U-7, 5.000%, 6/01/46 | No Opt. Call | AAA | | | 14,641,871 | |
| | | | 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 | | | 2,853,984 | |
| | 5,890 | | 0.000%, 10/01/24 – NPFG Insured | No Opt. Call | A2 | | | 5,016,690 | |
| | 7,615 | | 0.000%, 10/01/25 – NPFG Insured | No Opt. Call | A2 | | | 6,251,458 | |
| | 1,350 | | 0.000%, 10/01/39 – NPFG Insured | No Opt. Call | A2 | | | 603,396 | |
| | 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– | | | 3,879,283 | |
| | | | 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 | | | 11,402,800 | |
| | 3,000 | | 5.000%, 8/15/51 (UB) (5) | 8/22 at 100.00 | AA– | | | 3,420,840 | |
| | 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– | | | 2,844,627 | |
| | 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– | | | 609,829 | |
| | 1,710 | | California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40 | 11/21 at 100.00 | Aa3 | | | 1,932,813 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | |
| | | | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | | | | | | |
| $ | 525 | | 8.563%, 8/15/51 (IF) (5) | 8/22 at 100.00 | AA– | | $ | 672,294 | |
| | 1,285 | | 8.563%, 8/15/51 (IF) (5) | 8/22 at 100.00 | AA– | | | 1,645,520 | |
| | 485 | | 8.557%, 8/15/51 (IF) (5) | 8/22 at 100.00 | AA– | | | 620,950 | |
| | 5,355 | | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.476%, 11/15/48 (IF) | 5/18 at 100.00 | AA– | | | 7,261,434 | |
| | 2,330 | | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 | 7/20 at 100.00 | Baa2 | | | 2,549,533 | |
| | 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+ | | | 3,457,488 | |
| | | | 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+ (4) | | | 2,830,093 | |
| | 1,460 | | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | | | 1,626,747 | |
| | 5 | | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured | 1/17 at 100.00 | AA– | | | 5,017 | |
| | | | 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+ (4) | | | 9,973,347 | |
| | 6,270 | | 5.000%, 6/01/37 (Pre-refunded 6/01/17) | 6/17 at 100.00 | AA+ (4) | | | 6,426,813 | |
| | 20,000 | | California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 | 11/19 at 100.00 | AA– | | | 22,841,600 | |
| | | | California State, General Obligation Bonds, Various Purpose Series 2010: | | | | | | |
| | 7,000 | | 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | | | 7,892,080 | |
| | 4,250 | | 5.250%, 11/01/40 | 11/20 at 100.00 | AA– | | | 4,884,015 | |
| | 10,000 | | California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 | 10/21 at 100.00 | AA– | | | 11,546,500 | |
| | 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+ | | | 7,079,269 | |
| | 10,000 | | California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 | 8/20 at 100.00 | AA– | | | 11,691,500 | |
| | 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 | | | 3,190,050 | |
| | | | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | | | | | | |
| | 3,895 | | 5.500%, 7/01/30 (6) | 1/17 at 100.00 | CCC | | | 3,867,735 | |
| | 5,000 | | 5.500%, 7/01/35 (6) | 1/17 at 100.00 | CCC | | | 4,966,750 | |
| | 6,000 | | 5.250%, 7/01/39 (6) | 1/17 at 100.00 | CCC | | | 5,961,840 | |
| | 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 | A1 (4) | | | 1,676,883 | |
| | 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 | | | 7,213,839 | |
| | 4,775 | | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – NPFG Insured (ETM) | No Opt. Call | A3 (4) | | | 4,054,739 | |
| | 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 (4) | | | 5,363,400 | |
| | 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 | | | 3,950,812 | |
| | 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 | | | 4,018,779 | |
| | 2,500 | | Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured | 1/17 at 100.00 | A | | | 2,508,950 | |
| | 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– | | | 4,190,414 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | 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 | | $ | 774,383 | |
| | 3,350 | | 5.750%, 1/15/46 | 1/24 at 100.00 | Ba1 | | | 3,928,612 | |
| | 8,350 | | 6.000%, 1/15/49 | 1/24 at 100.00 | Ba1 | | | 9,908,444 | |
| | 30,000 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) (5) | No Opt. Call | AA+ (4) | | | 28,393,800 | |
| | 3,120 | | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 3/17 at 100.00 | A | | | 3,158,688 | |
| | 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 | A1 | | | 10,958,625 | |
| | | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | | | | | | |
| | 22,760 | | 4.500%, 6/01/27 | 6/17 at 100.00 | B3 | | | 22,814,396 | |
| | 14,725 | | 5.000%, 6/01/33 | 6/17 at 100.00 | B– | | | 14,570,682 | |
| | 1,000 | | 5.750%, 6/01/47 | 6/17 at 100.00 | B– | | | 991,550 | |
| | 2,850 | | 5.125%, 6/01/47 | 6/17 at 100.00 | B– | | | 2,762,619 | |
| | 10,000 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37 | 6/22 at 100.00 | B– | | | 9,993,300 | |
| | 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 | | | 4,742,776 | |
| | 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– | | | 2,992,950 | |
| | 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 | | | 2,649,542 | |
| | 680 | | 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 | | | 705,840 | |
| | 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 | | | 984,210 | |
| | 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+ (4) | | | 5,163,000 | |
| | 395 | | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM) | 1/17 at 100.00 | N/R (4) | | | 396,386 | |
| | 995 | | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM) | 1/17 at 100.00 | N/R (4) | | | 999,030 | |
| | 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 | | | 2,721,022 | |
| | 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 | | | 11,456,300 | |
| | 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 | | | 1,830,250 | |
| | 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 | | | 8,543,428 | |
| | 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+ | | | 7,668,925 | |
| | 835 | | Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM) | 1/17 at 100.00 | N/R (4) | | | 943,408 | |
| | 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 | | | 7,923,918 | |
| | 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 (4) | | | 4,325,875 | |
| | 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 | | | 1,715,800 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | |
| | | | 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 | | $ | 3,943,009 | |
| | 5,000 | | 7.400%, 8/01/25 – NPFG Insured | No Opt. Call | A3 | | | 6,151,200 | |
| | | | Orange County Water District, California, Revenue Certificates of Participation, Series 2003B: | | | | | | |
| | 1,745 | | 5.000%, 8/15/34 – NPFG Insured (ETM) | No Opt. Call | AAA | | | 2,266,406 | |
| | 1,490 | | 5.000%, 8/15/34 – NPFG Insured (ETM) | No Opt. Call | Aa1 (4) | | | 1,917,719 | |
| | 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 | | | 703,790 | |
| | 920 | | Palmdale, California, Certificates of Participation, Park Improvement & Avenue Construction, Series 2002, 5.000%, 9/01/32 – NPFG Insured | 1/17 at 100.00 | A1 | | | 922,714 | |
| | 5,000 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 | 11/20 at 100.00 | Ba1 | | | 5,562,850 | |
| | 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 | | | 1,655,300 | |
| | 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 | A2 (4) | | | 11,105,613 | |
| | 9,320 | | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, - 0.000%, 8/01/33 AGC Insured | No Opt. Call | A2 | | | 5,115,002 | |
| | | | Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A: | | | | | | |
| | 1,420 | | 5.000%, 9/01/25 | 9/17 at 100.00 | N/R | | | 1,437,196 | |
| | 435 | | 5.100%, 9/01/30 | 9/17 at 100.00 | N/R | | | 440,107 | |
| | 5,805 | | Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) (5) | No Opt. Call | AA+ (4) | | | 7,062,769 | |
| | 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 | | | 2,038,460 | |
| | 1,800 | | Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28 | No Opt. Call | A1 | | | 1,271,034 | |
| | 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 | | | 1,139,980 | |
| | 760 | | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44 | 6/23 at 100.00 | BBB– | | | 881,045 | |
| | 5,415 | | 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+ (4) | | | 6,516,140 | |
| | 2,250 | | San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 | 12/21 at 100.00 | Ba2 | | | 2,728,125 | |
| | 1,830 | | San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.903%, 8/01/39 (IF) | 8/19 at 100.00 | AA– | | | 2,730,817 | |
| | 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+ | | | 4,586,160 | |
| | | | 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– | | | 12,076,923 | |
| | 32,725 | | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB– | | | 37,121,931 | |
| | 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– | | | 6,134,556 | |
| | 10,000 | | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured | 1/17 at 100.00 | BBB | | | 10,038,600 | |
| | 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 | BBB | | | 12,821,536 | |
| | 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– | | | 2,130,768 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | |
| $ | 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 | | $ | 4,156,159 | |
| | 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+ | | | 3,150,613 | |
| | 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 | | | 7,033,635 | |
| | | | 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 | | | 1,233,000 | |
| | 6,570 | | 0.000%, 8/01/47 | No Opt. Call | A1 | | | 1,525,226 | |
| | 2,210 | | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23 | 1/17 at 100.00 | B2 | | | 2,225,868 | |
| | 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 | | | 2,134,902 | |
| | 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 – AGM Insured | 8/21 at 100.00 | A2 | | | 4,751,994 | |
| | 675,815 | | Total California | | | | | 651,047,334 | |
| | | | Colorado – 7.5% (4.9% of Total Investments) | | | | | | |
| | 3,220 | | Adams and Weld Counties School District 27J, Brighton, Colorado, General Obligation Bonds, Series 2015, 5.000%, 12/01/40 | 12/25 at 100.00 | AA– | | | 3,784,627 | |
| | 1,085 | | Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, - 10/01/40 – SYNCORA GTY Insured | 1/17 at 100.00 | BBB– | | | 1,087,268 | |
| | 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 | | | 1,433,425 | |
| | 115 | | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 | 12/23 at 100.00 | BB | | | 121,809 | |
| | 6,350 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 | 1/17 at 100.00 | BBB+ | | | 6,367,208 | |
| | 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+ | | | 2,493,495 | |
| | 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+ | | | 5,579,650 | |
| | 7,500 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 2016-XG0007, 13.524%, 10/01/41 – AGM Insured (IF), (5) | 4/18 at 100.00 | A– | | | 9,092,250 | |
| | 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+ | | | 5,707,400 | |
| | 1,500 | | 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 | | | 1,655,370 | |
| | 425 | | 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 | BBB+ | | | 490,501 | |
| | 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– | | | 28,149,642 | |
| | 2,055 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42 | 5/17 at 100.00 | A– | | | 2,094,353 | |
| | 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+ | | | 3,326,180 | |
| | | | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005: | | | | | | |
| | 450 | | 5.250%, 6/01/23 | 1/17 at 100.00 | BBB+ | | | 451,512 | |
| | 175 | | 5.000%, 6/01/29 | 1/17 at 100.00 | BBB+ | | | 175,452 | |
| | 9,750 | | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 – AGM Insured | 8/26 at 100.00 | A2 | | | 11,414,423 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Colorado (continued) | | | | | | |
| $ | 11,140 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37 | 11/22 at 100.00 | A+ | | $ | 13,101,531 | |
| | 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 | | | 14,692,713 | |
| | | | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016: | | | | | | |
| | 3,000 | | 5.000%, 12/01/34 (WI/DD, Settling 11/08/16) | 12/26 at 100.00 | BBB– | | | 3,389,760 | |
| | 2,400 | | 5.000%, 12/01/36 (WI/DD, Settling 11/08/16) | 12/26 at 100.00 | BBB– | | | 2,700,936 | |
| | 530 | | 5.000%, 12/01/40 (WI/DD, Settling 11/08/16) | 12/26 at 100.00 | BBB– | | | 595,497 | |
| | 13,920 | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | BBB | | | 12,684,878 | |
| | | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | | | | |
| | 6,200 | | 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | BBB | | | 5,529,532 | |
| | 45,540 | | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | BBB | | | 29,307,267 | |
| | 16,635 | | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | BBB | | | 9,899,655 | |
| | 49,250 | | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | BBB | | | 28,130,122 | |
| | | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | | | | | | |
| | 9,310 | | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | BBB | | | 6,553,961 | |
| | 2,900 | | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | BBB | | | 1,585,401 | |
| | 18,500 | | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | BBB | | | 9,467,930 | |
| | | | 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 | | | 2,273,274 | |
| | 13,300 | | 0.000%, 9/01/31 – NPFG Insured | 9/20 at 53.77 | BBB | | | 6,220,144 | |
| | 6,250 | | 0.000%, 9/01/32 – NPFG Insured | 9/20 at 50.83 | BBB | | | 2,758,500 | |
| | 10,000 | | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | BBB | | | 3,601,300 | |
| | 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 | | | 1,210,763 | |
| | 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 | | | 19,980,251 | |
| | 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 | BBB (4) | | | 3,158,892 | |
| | 630 | | Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 | 6/20 at 100.00 | A | | | 709,657 | |
| | | | 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 | | | 17,401,650 | |
| | 4,150 | | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | | | 4,723,156 | |
| | 4,000 | | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 | 11/22 at 100.00 | AA– | | | 4,576,520 | |
| | 14,500 | | University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 | 6/24 at 100.00 | Aa2 | | | 16,762,000 | |
| | 360,645 | | Total Colorado | | | | | 304,439,855 | |
| | | | 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– | | | 1,923,554 | |
| | 8,485 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 5.000%, 7/01/45 | 7/25 at 100.00 | A– | | | 9,687,834 | |
| | 10,135 | | Total Connecticut | | | | | 11,611,388 | |
| | | | 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 | | | 1,111,260 | |
| | 3,250 | | Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32 | 7/23 at 100.00 | BBB– | | | 3,504,410 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Delaware (continued) | | | | | | |
| $ | 9,070 | | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 | 6/25 at 100.00 | A1 | | $ | 10,301,252 | |
| | 13,320 | | Total Delaware | | | | | 14,916,922 | |
| | | | District of Columbia – 1.8% (1.2% 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+ | | | 1,258,363 | |
| | 107,000 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 1/17 at 100.00 | N/R | | | 13,690,650 | |
| | 15,150 | | District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 - AMBAC Insured (7) | 4/21 at 100.00 | A3 | | | 15,438,759 | |
| | 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+ | | | 13,297,846 | |
| | 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 | | | 3,279,290 | |
| | | | 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 | 1/17 at 100.00 | A | | | 15,038,850 | |
| | 11,200 | | 4.500%, 10/01/30 – AMBAC Insured | 1/17 at 100.00 | AA+ | | | 11,234,160 | |
| | 168,560 | | Total District of Columbia | | | | | 73,237,918 | |
| | | | Florida – 8.4% (5.5% of Total Investments) | | | | | | |
| | 450 | | Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured | No Opt. Call | A3 | | | 451,926 | |
| | 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– | | | 2,896,936 | |
| | 255 | | Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM) | No Opt. Call | Baa1 (4) | | | 255,533 | |
| | 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 (4) | | | 2,139,571 | |
| | 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+ (4) | | | 2,165,940 | |
| | 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 | | | 12,677,060 | |
| | 2,830 | | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25 at 100.00 | AA– | | | 3,254,387 | |
| | | | Clay County, Florida, Utility System Revenue Bonds, Refunding Series 2007: | | | | | | |
| | 1,500 | | 5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB) | 11/17 at 100.00 | AA (4) | | | 1,564,185 | |
| | 3,000 | | 5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB) | 11/17 at 100.00 | AA (4) | | | 3,128,370 | |
| | 3,010 | | Cocoa, Florida, Water and Sewerage System Revenue Bonds, Refunding Series 2003, 5.500%, 10/01/23 – AMBAC Insured | No Opt. Call | AA | | | 3,516,914 | |
| | 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– | | | 4,151,946 | |
| | | | 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 | | | 10,141,354 | |
| | 4,280 | | 5.625%, 4/01/43 | 4/23 at 100.00 | Baa1 | | | 4,958,294 | |
| | | | Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | | | | | | |
| | 1,040 | | 0.000%, 11/01/25 – NPFG Insured | No Opt. Call | A3 | | | 798,450 | |
| | 1,590 | | 0.000%, 11/01/26 – NPFG Insured | No Opt. Call | A3 | | | 1,175,487 | |
| | 2,500 | | Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 16.332%, 6/01/38 – AGC Insured (IF) (5) | 6/18 at 101.00 | AAA | | | 3,221,050 | |
| | 14,985 | | Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 – FGIC Insured (UB) | 1/17 at 100.00 | AA | | | 15,036,099 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Florida (continued) | | | | | | |
| $ | 5,000 | | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Refunding Series 2008A, 5.000%, 7/01/35 | No Opt. Call | AA | | $ | 5,180,600 | |
| | 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 | | | 1,620,210 | |
| | 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 | BBB+ (4) | | | 2,219,226 | |
| | | | 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+ | | | 6,579,931 | |
| | 12,885 | | 5.000%, 10/01/44 | 10/24 at 100.00 | A+ | | | 14,776,647 | |
| | 400 | | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 | 10/22 at 100.00 | A+ | | | 468,588 | |
| | 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 | | | 1,766,324 | |
| | 2,500 | | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 | 11/24 at 100.00 | A2 | | | 2,791,375 | |
| | 4,000 | | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 - NPFG Insured | 4/17 at 100.00 | A2 | | | 4,057,520 | |
| | | | 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 | | | 4,361,764 | |
| | 19,145 | | 5.000%, 2/01/44 – AGM Insured | 2/24 at 100.00 | A1 | | | 21,876,991 | |
| | 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 | A | | | 1,413,180 | |
| | 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– | | | 8,529,538 | |
| | 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 | | | 11,234,500 | |
| | 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 | | | 1,166,810 | |
| | 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 | | | 5,591,450 | |
| | 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 | | | 8,472,300 | |
| | | | 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 | | | 3,411,720 | |
| | 2,500 | | 5.000%, 10/01/27 | 10/20 at 100.00 | A | | | 2,840,025 | |
| | 4,000 | | 5.000%, 10/01/35 – AGM Insured | 10/20 at 100.00 | A2 | | | 4,479,880 | |
| | 15,660 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 | 10/26 at 100.00 | A | | | 18,299,650 | |
| | 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 (4) | | | 4,316,400 | |
| | 1,850 | | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 | 10/22 at 100.00 | A2 | | | 2,099,602 | |
| | | | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012: | | | | | | |
| | 5,500 | | 5.000%, 7/01/31 | No Opt. Call | A1 | | | 6,421,470 | |
| | 3,000 | | 5.000%, 7/01/42 | 7/22 at 100.00 | A1 | | | 3,445,050 | |
| | 11,300 | | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured | 7/18 at 100.00 | A1 | | | 11,981,164 | |
| | 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+ | | | 6,623,671 | |
| | 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 | | | 1,827,321 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Florida (continued) | | | | | | |
| $ | 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 | | $ | 805,628 | |
| | 8,475 | | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45 | 10/26 at 100.00 | A | | | 8,830,865 | |
| | 10,170 | | Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured | No Opt. Call | AA– | | | 10,516,085 | |
| | 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 | | | 4,152,400 | |
| | 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 | | | 308,410 | |
| | 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– (4) | | | 3,097,020 | |
| | 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 | | | 4,438,560 | |
| | | | 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 (4) | | | 5,142,200 | |
| | 4,700 | | 5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured | 7/17 at 100.00 | A3 (4) | | | 4,833,668 | |
| | 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 (4) | | | 469,809 | |
| | 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 | | | 48,297 | |
| | 1,635 | | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured | 5/18 at 100.00 | A3 | | | 1,685,374 | |
| | 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– (4) | | | 2,713,079 | |
| | 6,625 | | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/33 | 5/25 at 100.00 | Aa3 | | | 7,037,009 | |
| | 3,500 | | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/37 | 8/17 at 100.00 | AA– | | | 3,585,295 | |
| | 2,455 | | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5) | 8/17 at 100.00 | AA– | | | 2,513,257 | |
| | 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 (4) | | | 1,305,396 | |
| | 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+ (4) | | | 5,392,100 | |
| | | | Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995: | | | | | | |
| | 1,025 | | 5.750%, 10/01/20 – NPFG Insured | No Opt. Call | AA– | | | 1,109,727 | |
| | 2,785 | | 5.750%, 10/01/25 – NPFG Insured | No Opt. Call | AA– | | | 3,348,238 | |
| | 3,300 | | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22 at 100.00 | Aa2 | | | 3,756,720 | |
| | 9,720 | | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 | No Opt. Call | A | | | 10,985,155 | |
| | 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– | | | 1,713,825 | |
| | 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 | | | 2,253,780 | |
| | 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– | | | 8,452,280 | |
| | 305,815 | | Total Florida | | | | | 337,880,586 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Georgia – 2.3% (1.5% 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 | | $ | 7,678,916 | |
| | 7,230 | | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 | 1/22 at 100.00 | AA– | | | 8,217,184 | |
| | 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+ | | | 3,408,131 | |
| | | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: | | | | | | |
| | 3,400 | | 5.000%, 11/01/33 | 5/25 at 100.00 | A+ | | | 4,035,834 | |
| | 2,040 | | 5.000%, 11/01/35 | 5/25 at 100.00 | A+ | | | 2,406,119 | |
| | 5,000 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured | No Opt. Call | A+ | | | 6,039,000 | |
| | 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 | | | 1,657,340 | |
| | 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– | | | 2,278,240 | |
| | 3,000 | | East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A, 5.000%, 2/01/30 – SYNCORA GTY Insured | 1/17 at 100.00 | N/R | | | 3,004,170 | |
| | 10,000 | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45 | 2/41 at 100.00 | AA– | | | 10,922,300 | |
| | 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– | | | 15,159,997 | |
| | 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 | | | 9,094,070 | |
| | 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 | | | 3,215,204 | |
| | 1,350 | | Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured | No Opt. Call | AA+ | | | 1,732,131 | |
| | 2,500 | | Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured | 8/18 at 100.00 | BB+ | | | 2,706,400 | |
| | 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 | | | 9,181,717 | |
| | 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– | | | 2,895,223 | |
| | 82,450 | | Total Georgia | | | | | 93,631,976 | |
| | | | 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– | | | 4,616,423 | |
| | | | 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+ | | | 312,532 | |
| | 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 | | | 4,475,627 | |
| | 4,500 | | Total Hawaii | | | | | 4,788,159 | |
| | | | 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– | | | 2,321,338 | |
| | 2,780 | | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | 1/17 at 100.00 | A1 | | | 2,816,362 | |
| | 4,890 | | Total Idaho | | | | | 5,137,700 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois – 20.7% (13.5% 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 | | $ | 2,656,783 | |
| | 4,000 | | 0.000%, 1/01/34 – FGIC Insured | No Opt. Call | A2 | | | 2,144,320 | |
| | 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 | | | 2,616,776 | |
| | 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 | | | 12,176,159 | |
| | 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 | | | 1,833,731 | |
| | 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+ | | | 9,521,745 | |
| | | | 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+ | | | 17,119,228 | |
| | 1,000 | | 5.500%, 12/01/26 – FGIC Insured | No Opt. Call | B+ | | | 1,151,220 | |
| | 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 | | | 3,886,645 | |
| | 5,785 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | A1 | | | 6,391,442 | |
| | 9,285 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 | No Opt. Call | AA | | | 10,574,501 | |
| | 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 | | | 2,338,906 | |
| | 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 | A2 | | | 14,463,448 | |
| | | | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | | | | |
| | 32,170 | | 0.000%, 1/01/21 – FGIC Insured | No Opt. Call | BBB– | | | 27,913,909 | |
| | 32,670 | | 0.000%, 1/01/22 – FGIC Insured | No Opt. Call | BBB– | | | 27,232,078 | |
| | 22,670 | | 0.000%, 1/01/25 – FGIC Insured | No Opt. Call | BBB– | | | 16,464,541 | |
| | 820 | | Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured | 12/16 at 100.00 | BBB– | | | 822,878 | |
| | 5,540 | | Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured | 1/18 at 100.00 | BBB | | | 5,717,557 | |
| | 5,000 | | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/22 at 100.00 | Ba1 | | | 5,205,000 | |
| | 4,735 | | 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 | A+ | | | 5,279,004 | |
| | 4,865 | | Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured | No Opt. Call | Aa2 (4) | | | 4,476,092 | |
| | 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 | | | 2,287,166 | |
| | 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 (4) | | | 3,420,115 | |
| | | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A: | | | | | | |
| | 3,500 | | 5.250%, 11/15/22 | 11/20 at 100.00 | A2 | | | 3,941,945 | |
| | 12,425 | | 5.250%, 11/15/33 | 11/20 at 100.00 | A2 | | | 13,461,121 | |
| | | | DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000: | | | | | | |
| | 8,000 | | 0.000%, 11/01/18 | No Opt. Call | AAA | | | 7,770,320 | |
| | 15,285 | | 0.000%, 11/01/19 | No Opt. Call | AAA | | | 14,583,571 | |
| | 13,720 | | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured | No Opt. Call | Aa3 | | | 13,685,426 | |
| | 8,140 | | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured (ETM) | No Opt. Call | Aa3 (4) | | | 8,129,662 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | |
| $ | 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 | | $ | 5,886,059 | |
| | 5,020 | | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42 | No Opt. Call | AA | | | 5,581,587 | |
| | 4,200 | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 | 9/22 at 100.00 | BBB | | | 4,539,990 | |
| | | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | | | | | | |
| | 8,750 | | 5.000%, 9/01/39 | 9/24 at 100.00 | BBB | | | 9,620,013 | |
| | 11,030 | | 5.000%, 9/01/42 | 9/24 at 100.00 | BBB | | | 12,102,998 | |
| | 1,500 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 | 11/19 at 100.00 | Aa2 | | | 1,693,290 | |
| | 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 | A+ | | | 2,123,360 | |
| | 3,040 | | Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured | 2/18 at 100.00 | A | | | 3,173,699 | |
| | 1,750 | | Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26 | No Opt. Call | AA– | | | 1,774,973 | |
| | 2,910 | | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 | 5/22 at 100.00 | Baa1 | | | 3,118,181 | |
| | 6,000 | | Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 | 4/19 at 100.00 | A1 | | | 6,489,960 | |
| | 20,000 | | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/46 | 6/26 at 100.00 | A3 | | | 22,519,600 | |
| | 3,000 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 4.000%, 8/15/33 | No Opt. Call | Aa2 | | | 3,196,020 | |
| | 1,100 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076, 15.930%, 8/15/43 (IF) | 8/22 at 100.00 | Aa2 | | | 1,596,408 | |
| | 1,930 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | | | 2,195,664 | |
| | 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 (4) | | | 4,045,570 | |
| | 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 (4) | | | 2,070,726 | |
| | 8,540 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 | 11/25 at 100.00 | A | | | 9,698,707 | |
| | | | Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C: | | | | | | |
| | 3,995 | | 5.000%, 2/15/36 | 2/27 at 100.00 | BBB– | | | 4,398,096 | |
| | 1,000 | | 5.000%, 2/15/41 | 2/27 at 100.00 | BBB– | | | 1,091,990 | |
| | 27,135 | | 4.000%, 2/15/41 | 2/27 at 100.00 | BBB– | | | 26,012,968 | |
| | | | 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 (4) | | | 100,224 | |
| | 8,400 | | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | BBB– (4) | | | 9,945,180 | |
| | 2,215 | | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 | 7/23 at 100.00 | A– | | | 2,636,559 | |
| | | | 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 (4) | | | 217,915 | |
| | 2,995 | | 5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | A2 (4) | | | 3,183,685 | |
| | | | 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+ | | | 2,415,937 | |
| | 8,645 | | 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | | | 9,079,325 | |
| | 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 | | | 4,602,214 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | |
| $ | 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 | | $ | 9,433,171 | |
| | 1,000 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) | 2/21 at 100.00 | AA– (4) | | | 1,182,320 | |
| | 2,500 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5) | 2/21 at 100.00 | AA– | | | 2,955,800 | |
| | 15,510 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21 at 100.00 | AA– | | | 17,132,501 | |
| | 5,245 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.642%, 7/01/46 (IF) (5) | 7/17 at 100.00 | AA– | | | 5,539,035 | |
| | 4,930 | | 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 | | | 4,977,032 | |
| | 3,540 | | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25 | 11/16 at 100.00 | Baa3 | | | 3,547,009 | |
| | 2,670 | | Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A, 6.250%, 4/01/18 – AGM Insured (ETM) | No Opt. Call | AA (4) | | | 2,799,575 | |
| | 2,010 | | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 | No Opt. Call | Aa2 | | | 2,100,108 | |
| | 6,500 | | Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured | 2/17 at 100.00 | A1 (4) | | | 6,570,200 | |
| | 5,000 | | Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/39 | 2/24 at 100.00 | BBB | | | 5,181,000 | |
| | 11,050 | | Illinois State , General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured | No Opt. Call | BBB+ | | | 13,179,335 | |
| | | | Illinois State, General Obligation Bonds, May Series 2014: | | | | | | |
| | 1,700 | | 5.000%, 5/01/36 | 5/24 at 100.00 | BBB | | | 1,771,179 | |
| | 5,420 | | 5.000%, 5/01/39 | 5/24 at 100.00 | BBB | | | 5,622,329 | |
| | 3,510 | | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 (WI/DD, Settling 11/02/16) | 2/27 at 100.00 | BBB | | | 3,816,599 | |
| | 10,000 | | Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured | 1/20 at 100.00 | BBB+ | | | 10,724,700 | |
| | 2,515 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24 | 8/22 at 100.00 | BBB | | | 2,718,765 | |
| | 2,000 | | Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 | 9/18 at 100.00 | BBB | | | 2,053,440 | |
| | | | Illinois State, General Obligation Bonds, Series 2012A: | | | | | | |
| | 2,500 | | 5.000%, 3/01/25 | 3/22 at 100.00 | BBB | | | 2,678,650 | |
| | 4,500 | | 5.000%, 3/01/27 | 3/22 at 100.00 | BBB | | | 4,766,850 | |
| | 1,620 | | Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 | 7/23 at 100.00 | BBB | | | 1,772,766 | |
| | 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– | | | 5,747,429 | |
| | | | 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– | | | 9,230,800 | |
| | 6,500 | | 5.000%, 1/01/39 | 1/24 at 100.00 | AA– | | | 7,490,860 | |
| | 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– | | | 11,611,762 | |
| | 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– | | | 10,243,769 | |
| | 1,115 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.850%, 1/01/38 (IF) | 1/23 at 100.00 | AA– | | | 1,751,576 | |
| | | | 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 | | | 3,049,863 | |
| | 1,740 | | 0.000%, 11/01/21 – AGM Insured | No Opt. Call | A2 | | | 1,547,521 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | |
| $ | 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 | | $ | 4,637,834 | |
| | | | Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | | | | | | |
| | 855 | | 5.250%, 1/01/25 (8) | 1/17 at 100.00 | D | | | 256,415 | |
| | 1,750 | | 5.250%, 1/01/30 (8) | 1/17 at 100.00 | D | | | 524,825 | |
| | 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 | | | 5,530,250 | |
| | 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 | | | 16,030,986 | |
| | 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 | | | 2,670,158 | |
| | 5,000 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 (UB) (5) | 6/22 at 100.00 | BBB– | | | 5,298,250 | |
| | 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– | | | 5,686,600 | |
| | 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– | | | 16,603,324 | |
| | | | 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 | | | 9,168,720 | |
| | 5,355 | | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | BBB | | | 1,418,593 | |
| | | | 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 | | | 8,936,298 | |
| | 16,570 | | 0.000%, 12/15/20 – NPFG Insured | No Opt. Call | BBB | | | 14,627,665 | |
| | 5,010 | | 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | BBB | | | 4,257,398 | |
| | 23,920 | | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | BBB | | | 19,548,142 | |
| | 13,350 | | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BBB | | | 9,960,034 | |
| | 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 | | | 5,874,996 | |
| | 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 (4) | | | 6,161,610 | |
| | 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– | | | 2,436,528 | |
| | | | 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 | | | 7,316,400 | |
| | 8,000 | | 0.000%, 6/15/26 – NPFG Insured (7) | 6/22 at 101.00 | BBB | | | 8,903,520 | |
| | 5,725 | | 0.000%, 6/15/27 – NPFG Insured (7) | 6/22 at 101.00 | BBB | | | 6,331,793 | |
| | 3,700 | | 0.000%, 6/15/30 – NPFG Insured | No Opt. Call | BBB | | | 2,054,684 | |
| | 28,000 | | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | BBB | | | 12,079,760 | |
| | 3,280 | | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | BBB | | | 1,300,914 | |
| | 11,715 | | 0.000%, 12/15/38 – NPFG Insured | No Opt. Call | BBB | | | 4,325,412 | |
| | 10,650 | | 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) | | | 13,923,916 | |
| | | | Midlothian, Illinois, General Obligation Bonds, Series 2010A: | | | | | | |
| | 2,685 | | 5.000%, 2/01/30 – AGM Insured | 2/20 at 100.00 | AA | | | 2,823,680 | |
| | 2,080 | | 5.250%, 2/01/34 – AGM Insured | 2/20 at 100.00 | AA | | | 2,205,237 | |
| | 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 | Aa3 | | | 21,721,518 | |
| | 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 | | | 3,155,968 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | |
| $ | 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 | | $ | 5,575,144 | |
| | 3,000 | | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 (Pre-refunded 3/01/17) – NPFG Insured | 3/17 at 100.00 | A3 (4) | | | 3,042,900 | |
| | | | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | | | | | | |
| | 2,000 | | 5.000%, 3/01/18 | No Opt. Call | A3 | | | 2,101,380 | |
| | 2,250 | | 5.000%, 3/01/29 | 3/25 at 100.00 | A3 | | | 2,654,370 | |
| | 7,000 | | 5.000%, 3/01/31 | 3/25 at 100.00 | A3 | | | 8,109,080 | |
| | 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 | | | 3,004,971 | |
| | 2,000 | | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.250%, 10/01/38 | 10/23 at 100.00 | A3 | | | 2,408,080 | |
| | 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 | | | 3,948,769 | |
| | 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 | | | 2,206,183 | |
| | 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 (4) | | | 708,724 | |
| | 1,895 | | Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 – AGM Insured | 12/20 at 100.00 | A2 | | | 2,249,119 | |
| | 876,970 | | Total Illinois | | | | | 835,352,279 | |
| | | | Indiana – 4.7% (3.0% of Total Investments) | | | | | | |
| | 5,000 | | Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2006A, 5.000%, 7/15/26 (Pre-refunded 1/15/17) – AGM Insured | 1/17 at 100.00 | AA+ (4) | | | 5,043,550 | |
| | 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 | | | 6,749,880 | |
| | 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 | | | 8,720,617 | |
| | | | 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 | | | 5,169,200 | |
| | 5,420 | | 5.000%, 5/01/42 | 5/23 at 100.00 | A | | | 6,064,330 | |
| | | | 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– | | | 3,958,654 | |
| | 1,875 | | 4.000%, 12/01/40 | 6/25 at 100.00 | AA– | | | 1,965,225 | |
| | 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 | BBB– | | | 1,568,460 | |
| | 8,630 | | Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana Obligated Group, Series 2012, 5.000%, 3/01/41 | No Opt. Call | A+ | | | 9,432,158 | |
| | | | 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 | | | 6,973,912 | |
| | 10,000 | | 5.250%, 12/01/38 (UB) (5) | 12/19 at 100.00 | AA– | | | 11,087,300 | |
| | 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– | | | 2,820,925 | |
| | 16,115 | | 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 | | | 18,831,344 | |
| | 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 | | | 5,721,700 | |
| | 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 | | | 5,760,650 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Indiana (continued) | | | | | | |
| $ | 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 | | $ | 15,246,013 | |
| | 4,320 | | Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM) | 1/17 at 100.00 | AA– (4) | | | 4,336,891 | |
| | | | Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007: | | | | | | |
| | 1,545 | | 5.500%, 3/01/37 (Pre-refunded 3/01/17) | 3/17 at 100.00 | N/R (4) | | | 1,569,813 | |
| | 1,455 | | 5.500%, 3/01/37 (Pre-refunded 3/01/17) | 3/17 at 100.00 | A+ (4) | | | 1,472,707 | |
| | 16,080 | | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 | 7/26 at 100.00 | A+ | | | 18,643,634 | |
| | 10,810 | | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured | 1/17 at 100.00 | A1 (4) | | | 10,887,292 | |
| | 3,000 | | Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 1/01/31 | No Opt. Call | A+ | | | 3,393,300 | |
| | | | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | | | | | | |
| | 9,255 | | 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | A | | | 7,706,453 | |
| | 9,560 | | 0.000%, 2/01/26 – AMBAC Insured | No Opt. Call | A | | | 7,701,345 | |
| | | | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A: | | | | | | |
| | 3,000 | | 5.500%, 1/01/38 – AGC Insured | 1/19 at 100.00 | AA | | | 3,294,030 | |
| | 5,000 | | 5.500%, 1/01/38 – AGC Insured (UB) | 1/19 at 100.00 | A2 | | | 5,490,050 | |
| | 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 (4) | | | 2,060,460 | |
| | 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 | | | 4,530,953 | |
| | 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 (4) | | | 520,965 | |
| | 1,580 | | Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured | No Opt. Call | A2 | | | 1,210,912 | |
| | 175,260 | | Total Indiana | | | | | 187,932,723 | |
| | | | Iowa – 2.1% (1.4% 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 (4) | | | 4,581,200 | |
| | | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | | | | | | |
| | 5,000 | | 5.000%, 12/01/19 | No Opt. Call | B– | | | 5,142,650 | |
| | 7,255 | | 5.500%, 12/01/22 | 12/18 at 100.00 | B– | | | 7,360,560 | |
| | 16,130 | | 5.250%, 12/01/25 | 12/23 at 100.00 | B– | | | 16,873,109 | |
| | | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | | | | |
| | 13,950 | | 5.375%, 6/01/38 | 1/17 at 100.00 | B2 | | | 13,948,884 | |
| | 12,830 | | 5.500%, 6/01/42 | 1/17 at 100.00 | B2 | | | 12,829,102 | |
| | 5,675 | | 5.625%, 6/01/46 | 1/17 at 100.00 | B2 | | | 5,614,164 | |
| | 16,100 | | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 6/17 at 100.00 | B2 | | | 16,178,246 | |
| | | | Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016: | | | | | | |
| | 700 | | 5.000%, 12/01/36 | 12/26 at 100.00 | BBB+ | | | 798,126 | |
| | 2,000 | | 5.000%, 12/01/41 | 12/26 at 100.00 | BBB+ | | | 2,265,700 | |
| | 83,640 | | Total Iowa | | | | | 85,591,741 | |
| | | | Kansas – 0.2% (0.2% of Total Investments) | | | | | | |
| | 630 | | Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 – AMBAC Insured | 1/17 at 100.00 | A+ | | | 635,468 | |
| | 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 | | | 2,214,180 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Kansas (continued) | | | | | | |
| $ | 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 | | $ | 3,499,200 | |
| | 3,125 | | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured | 1/17 at 100.00 | BB+ | | | 3,130,219 | |
| | 30 | | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 (Pre-refunded 12/01/16) | 12/16 at 76.41 | A- (4) | | | 22,907 | |
| | 8,785 | | Total Kansas | | | | | 9,501,974 | |
| | | | Kentucky – 1.4% (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 | | | 4,120,516 | |
| | 4,300 | | 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 | | | 4,866,181 | |
| | 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 | | | 2,148,000 | |
| | 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 | | | 1,060,060 | |
| | | | 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 (4) | | | 1,138,830 | |
| | 3,900 | | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | A3 (4) | | | 4,037,670 | |
| | | | 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 | | | 4,264,150 | |
| | 8,610 | | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa3 | | | 7,367,577 | |
| | | | 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 | | | 3,077,437 | |
| | 430 | | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | | | 505,964 | |
| | 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 | | | 5,233,752 | |
| | 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 | A– | | | 3,281,814 | |
| | 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 (4) | | | 11,570,479 | |
| | 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 | | | 4,805,434 | |
| | 56,580 | | Total Kentucky | | | | | 57,477,864 | |
| | | | Louisiana – 2.1% (1.4% 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 | | | 9,092,657 | |
| | 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 (4) | | | 799,558 | |
| | 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 | | | 5,659,550 | |
| | 1,695 | | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship | 7/26 at 100.00 | A3 | | | 1,928,741 | |
| | | | Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 5.000%, 7/01/46 | | | | | | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Louisiana (continued) | | | | | | |
| | | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016: | | | | | | |
| $ | 5,350 | | 4.000%, 5/15/35 | 5/26 at 100.00 | Baa1 | | $ | 5,629,645 | |
| | 5,885 | | 4.000%, 5/15/41 | 5/26 at 100.00 | Baa1 | | | 6,124,225 | |
| | 2,000 | | 5.000%, 5/15/47 | 5/26 at 100.00 | Baa1 | | | 2,259,460 | |
| | 1,960 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 | 5/17 at 100.00 | Baa1 | | | 1,998,318 | |
| | 745 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17) | 5/17 at 100.00 | N/R (4) | | | 764,303 | |
| | 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 | Baa1 (4) | | | 7,173,700 | |
| | 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 | | | 15,352,079 | |
| | 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 | | | 5,560,800 | |
| | 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– | | | 13,559,400 | |
| | 6,280 | | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 | 6/24 at 100.00 | A– | | | 7,171,823 | |
| | 1,355 | | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 | 12/25 at 100.00 | A– | | | 1,558,575 | |
| | 75,490 | | Total Louisiana | | | | | 84,632,834 | |
| | | | Maine – 0.2% (0.1% of Total Investments) | | | | | | |
| | 1,010 | | 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 | | | 1,107,202 | |
| | 5,250 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | Baa3 | | | 5,775,525 | |
| | 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 | | | 1,175,580 | |
| | 7,310 | | Total Maine | | | | | 8,058,307 | |
| | | | Maryland – 0.3% (0.2% of Total Investments) | | | | | | |
| | 3,730 | | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured | 1/17 at 100.00 | BB | | | 3,740,034 | |
| | 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 | | | 1,163,450 | |
| | 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– | | | 3,950,660 | |
| | 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 (4) | | | 2,730,607 | |
| | 2,000 | | Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 5.000%, 12/01/44 | 6/25 at 100.00 | AA– | | | 2,326,980 | |
| | 12,805 | | Total Maryland | | | | | 13,911,731 | |
| | | | Massachusetts – 2.9% (1.9% 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 (4) | | | 1,040,888 | |
| | 2,385 | | 5.250%, 7/01/34 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AAA | | | 2,559,296 | |
| | 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 | | | 6,140,145 | |
| | 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 | A3 | | | 15,863,962 | |
| | 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– | | | 1,441,388 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Massachusetts (continued) | | | | | | |
| $ | 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– | | $ | 1,449,505 | |
| | 930 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 | No Opt. Call | BBB | | | 1,028,701 | |
| | | | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N: | | | | | | |
| | 1,235 | | 5.000%, 12/01/41 | 12/26 at 100.00 | A | | | 1,447,926 | |
| | 3,000 | | 5.000%, 12/01/46 | 12/26 at 100.00 | A | | | 3,505,860 | |
| | | | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: | | | | | | |
| | 8,800 | | 5.000%, 1/01/45 | 1/25 at 100.00 | Baa2 | | | 9,836,200 | |
| | 2,070 | | 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | | | 2,220,406 | |
| | 2,700 | | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 | 11/23 at 100.00 | A2 | | | 3,123,495 | |
| | | | 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 | | | 1,560,683 | |
| | 1,545 | | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | | | 1,739,716 | |
| | 3,000 | | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | No Opt. Call | A+ | | | 4,191,780 | |
| | 4,500 | | Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39 | 7/19 at 100.00 | AA– | | | 4,929,975 | |
| | 3,335 | | Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 12.264%, 7/01/34 (IF) | 7/19 at 100.00 | AA– | | | 4,335,300 | |
| | 6,725 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 (Pre-refunded 12/19/16) – AGC Insured | 12/16 at 100.00 | A3 (4) | | | 6,747,798 | |
| | 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- (4) | | | 535,335 | |
| | 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– | | | 1,986,498 | |
| | 900 | | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 | 7/21 at 100.00 | A3 | | | 1,000,485 | |
| | 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 | | | 7,959,708 | |
| | | | 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 (4) | | | 3,345,119 | |
| | 15 | | 5.000%, 8/15/37 (Pre-refunded 8/15/17) – AMBAC Insured | 8/17 at 100.00 | Aa2 (4) | | | 15,509 | |
| | 3,335 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2015-XF2187, 12.279%, 8/15/37 – AGM Insured (IF) (5) | 8/17 at 100.00 | Aa2 | | | 3,674,570 | |
| | 7,500 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2016-XF2223, 8.632%, 8/15/24 (IF) | 8/22 at 100.00 | Aa2 | | | 10,526,100 | |
| | 5,120 | | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 (Pre-refunded 2/01/17) – AGM Insured | 2/17 at 100.00 | AA+ (4) | | | 5,169,050 | |
| | 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+ | | | 9,205,658 | |
| | 500 | | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured | 11/20 at 100.00 | A3 | | | 567,830 | |
| | 102,925 | | Total Massachusetts | | | | | 117,148,886 | |
| | | | Michigan – 4.3% (2.8% 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– | | | 5,964,903 | |
| | 4,250 | | Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23 (Pre-refunded 3/01/17) | 3/17 at 103.00 | AA (4) | | | 4,427,650 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Michigan (continued) | | | | | | |
| $ | 7,000 | | Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.250%, 11/01/35 (Pre-refunded 3/01/17) | 3/17 at 103.00 | AA (4) | | $ | 7,313,460 | |
| | 2,830 | | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured | No Opt. Call | A3 | | | 3,515,086 | |
| | 10,000 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 | 7/21 at 100.00 | A– | | | 10,986,300 | |
| | | | 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 | | | 7,009,513 | |
| | 7,955 | | 0.000%, 12/01/22 | No Opt. Call | AAA | | | 7,104,054 | |
| | 8,260 | | 0.000%, 12/01/23 | No Opt. Call | AAA | | | 7,202,968 | |
| | 8,575 | | 0.000%, 12/01/24 | No Opt. Call | AAA | | | 7,293,981 | |
| | 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– | | | 11,540,000 | |
| | 17,460 | | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | A– | | | 19,852,369 | |
| | 2,000 | | 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 | | | 2,208,360 | |
| | 1,200 | | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 | 1/17 at 100.00 | BB | | | 1,194,024 | |
| | 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 | | | 460,983 | |
| | 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– | | | 1,429,532 | |
| | 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– | | | 11,517,746 | |
| | 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 (4) | | | 41,577 | |
| | 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– | | | 3,466,320 | |
| | 1,315 | | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | BBB | | | 1,417,741 | |
| | | | 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+ | | | 20,210,790 | |
| | 1,615 | | 5.000%, 4/15/38 | 10/25 at 100.00 | A+ | | | 1,884,947 | |
| | 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 (4) | | | 12,939,313 | |
| | 2,045 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 | 12/16 at 100.00 | AA– | | | 2,051,626 | |
| | 455 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) | 12/16 at 100.00 | Aa2 (4) | | | 456,611 | |
| | 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– | | | 2,198,780 | |
| | 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 | | | 4,691,983 | |
| | 5,780 | | Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 | No Opt. Call | A1 | | | 6,463,427 | |
| | 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 (4) | | | 2,866,625 | |
| | 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 | | | 2,609,281 | |
| | 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– | | | 2,536,182 | |
| | 160,360 | | Total Michigan | | | | | 172,856,132 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Minnesota – 0.8% (0.5% 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+ | | $ | 281,913 | |
| | 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 | | | 4,170,126 | |
| | 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 | | | 2,100,670 | |
| | 5,000 | | Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007, 5.250%, 5/01/37 | 5/17 at 100.00 | Baa1 | | | 5,082,700 | |
| | 2,580 | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 1/01/17 – NPFG Insured (ETM) | No Opt. Call | A3 (4) | | | 2,598,473 | |
| | 1,535 | | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/47 | 10/26 at 100.00 | A2 | | | 1,796,257 | |
| | 2,350 | | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 4.000%, 2/01/42 | 2/25 at 100.00 | A1 | | | 2,481,788 | |
| | 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– | | | 4,157,244 | |
| | | | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | | | | | | |
| | 580 | | 5.000%, 11/15/21 | No Opt. Call | BB+ | | | 669,018 | |
| | 550 | | 5.250%, 11/15/35 | 11/20 at 100.00 | BB+ | | | 601,447 | |
| | 3,595 | | 5.000%, 11/15/40 | 11/25 at 100.00 | BB+ | | | 4,025,969 | |
| | 4,315 | | 5.000%, 11/15/44 | 11/25 at 100.00 | BB+ | | | 4,818,086 | |
| | 31,155 | | Total Minnesota | | | | | 32,783,691 | |
| | | | Mississippi – 0.3% (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 | 4/17 at 100.00 | Baa3 | | | 10,051,760 | |
| | 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 (4) | | | 4,020,765 | |
| | 13,560 | | Total Mississippi | | | | | 14,072,525 | |
| | | | Missouri – 2.1% (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 | | | 2,959,747 | |
| | | | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2016: | | | | | | |
| | 2,470 | | 4.000%, 8/01/33 | 8/26 at 100.00 | Baa1 | | | 2,593,055 | |
| | 4,590 | | 5.000%, 8/01/35 | 8/26 at 100.00 | Baa1 | | | 5,299,981 | |
| | 5,140 | | 4.000%, 8/01/38 | 8/26 at 100.00 | Baa1 | | | 5,322,573 | |
| | | | 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 | | | 6,052,353 | |
| | 5,000 | | 0.000%, 4/15/31 – AMBAC Insured | No Opt. Call | A1 | | | 3,184,650 | |
| | 1,500 | | Kansas City School District, Missouri, Certificates of Participation, Series 2016, 3.000%, 4/01/32 | 4/26 at 100.00 | A | | | 1,433,670 | |
| | 550 | | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 | No Opt. Call | A3 | | | 592,174 | |
| | 1,000 | | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016, 4.000%, 11/15/33 | 5/26 at 100.00 | A+ | | | 1,081,120 | |
| | 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 | | | 13,353,088 | |
| | 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 | | | 19,374,270 | |
| | 1,305 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/33 (WI/DD, Settling 11/04/16) | 2/26 at 100.00 | BBB+ | | | 1,478,748 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Missouri (continued) | | | | | | |
| $ | 7,085 | | Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/40 | 6/26 at 100.00 | A2 | | $ | 8,257,426 | |
| | 3,000 | | Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/32 (Pre-refunded 1/01/17) – AMBAC Insured | 1/17 at 100.00 | AA+ (4) | | | 3,021,900 | |
| | | | Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A: | | | | | | |
| | 7,300 | | 5.000%, 12/15/31 (Pre-refunded 12/15/16) | 12/16 at 100.00 | A2 (4) | | | 7,338,106 | |
| | 2,830 | | 5.000%, 12/15/31 (Pre-refunded 12/15/16) – NPFG Insured | 12/16 at 100.00 | A2 (4) | | | 2,841,886 | |
| | 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– | | | 255,781 | |
| | 82,010 | | Total Missouri | | | | | 84,440,528 | |
| | | | Nebraska – 1.4% (0.9% 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+ | | | 2,934,112 | |
| | | | 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– | | | 792,302 | |
| | 1,400 | | 5.000%, 11/01/48 | 11/25 at 100.00 | A– | | | 1,582,728 | |
| | 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 | No Opt. Call | A– | | | 2,503,964 | |
| | 4,000 | | Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 | 9/22 at 100.00 | AA | | | 4,721,880 | |
| | 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 (4) | | | 5,428,863 | |
| | 11,690 | | Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured | 2/17 at 100.00 | A2 | | | 11,793,223 | |
| | 5,130 | | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43 (Pre-refunded 2/01/17) | 2/17 at 100.00 | AA (4) | | | 5,185,404 | |
| | 10,000 | | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 2/01/42 | 2/22 at 100.00 | AA | | | 11,444,800 | |
| | 1,915 | | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 2016-XF2219, 18.353%, 2/01/49 – BHAC Insured (IF) | 2/17 at 100.00 | A+ | | | 2,910,762 | |
| | 8,000 | | Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured | 1/17 at 100.00 | BBB+ (4) | | | 8,056,880 | |
| | 53,025 | | Total Nebraska | | | | | 57,354,918 | |
| | | | Nevada – 5.9% (3.8% 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 (4) | | | 3,335,070 | |
| | 3,540 | | Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2010D, 5.000%, 7/01/24 | No Opt. Call | AA– | | | 3,952,021 | |
| | 2,600 | | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 - AGM Insured | 7/19 at 100.00 | A1 | | | 2,851,290 | |
| | 27,000 | | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009: | 1/20 at 100.00 | A+ | | | 30,670,110 | |
| | 3,520 | | 5.000%, 6/01/27 | 6/19 at 100.00 | AA | | | 3,859,539 | |
| | 3,695 | | 5.000%, 6/01/28 | 6/19 at 100.00 | AA | | | 4,051,420 | |
| | 3,880 | | 5.000%, 6/01/29 | 6/19 at 100.00 | AA | | | 4,237,620 | |
| | | | Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B: | | | | | | |
| | 4,915 | | 5.000%, 7/01/25 | 1/20 at 100.00 | AA | | | 5,495,167 | |
| | 4,160 | | 5.000%, 7/01/26 | 1/20 at 100.00 | AA | | | 4,646,928 | |
| | | | 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 | A1 | | | 13,565,458 | |
| | 35,860 | | 5.250%, 7/01/42 | 1/20 at 100.00 | A+ | | | 39,638,927 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Nevada (continued) | | | | | | |
| | | | 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 | | $ | 2,423,602 | |
| | 1,525 | | 4.000%, 9/01/27 | 9/26 at 100.00 | N/R | | | 1,587,464 | |
| | 2,660 | | 4.000%, 9/01/29 | 9/26 at 100.00 | N/R | | | 2,739,667 | |
| | 2,920 | | 4.000%, 9/01/30 | 9/26 at 100.00 | N/R | | | 2,995,307 | |
| | | | 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 | | | 6,019,150 | |
| | 10,000 | | 5.000%, 6/01/33 | 12/24 at 100.00 | AA | | | 11,989,200 | |
| | 7,170 | | 5.000%, 6/01/39 | 12/24 at 100.00 | Aa1 | | | 8,474,438 | |
| | 11,915 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds Series 2015, 5.000%, 6/01/39 (UB) | 12/24 at 100.00 | AA | | | 14,082,696 | |
| | | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond Trust 2015-XF0233: | | | | | | |
| | 1,000 | | 16.055%, 6/01/39 (IF) | 12/24 at 100.00 | AA | | | 1,727,720 | |
| | 1,250 | | 16.153%, 6/01/39 (IF) | 12/24 at 100.00 | AA | | | 2,159,650 | |
| | 1,250 | | 16.153%, 6/01/39 (IF) | 12/24 at 100.00 | AA | | | 2,159,650 | |
| | 2,500 | | 16.153%, 6/01/39 (IF) | 12/24 at 100.00 | AA | | | 4,319,300 | |
| | 3,995 | | 16.244%, 6/01/39 (IF) | 12/24 at 100.00 | AA | | | 6,900,404 | |
| | 10,000 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38 | 6/21 at 100.00 | AA | | | 11,417,400 | |
| | 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 | | | 4,727,915 | |
| | 3,760 | | Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured | 6/24 at 49.90 | A3 | | | 1,339,237 | |
| | 5,380 | | Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 | 7/17 at 100.00 | A3 | | | 5,493,249 | |
| | 20,000 | | Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 – BHAC Insured (UB) (5) | 7/17 at 100.00 | A3 | | | 20,469,600 | |
| | 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 | | | 9,745,421 | |
| | 209,700 | | Total Nevada | | | | | 237,074,620 | |
| | | | New Hampshire – 0.2% (0.1% 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 (4) | | | 9,166,880 | |
| | | | New Jersey – 6.6% (4.3% of Total Investments) | | | | | | |
| | | | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: | | | | | | |
| | 2,675 | | 5.000%, 7/01/22 – NPFG Insured | 1/17 at 100.00 | A3 | | | 2,743,320 | |
| | 4,445 | | 5.000%, 7/01/23 – NPFG Insured | 1/17 at 100.00 | A3 | | | 4,558,525 | |
| | 1,200 | | 5.000%, 7/01/29 – NPFG Insured | 1/17 at 100.00 | A3 | | | 1,230,648 | |
| | 6,050 | | 5.250%, 7/01/33 – NPFG Insured | 1/17 at 100.00 | A3 | | | 6,216,436 | |
| | | | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG: | | | | | | |
| | 4,000 | | 5.000%, 9/01/22 | 3/21 at 100.00 | BBB+ | | | 4,353,760 | |
| | 6,975 | | 5.000%, 9/01/24 | 3/21 at 100.00 | BBB+ | | | 7,548,415 | |
| | 3,300 | | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/25 | 3/23 at 100.00 | BBB+ | | | 3,679,335 | |
| | 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+ | | | 2,112,072 | |
| | 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+ | | | 841,975 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | New Jersey (continued) | | | | | | |
| $ | 10,970 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 (WI/DD, Settling 11/02/16) | 7/26 at 100.00 | A+ | | $ | 12,614,513 | |
| | 18,400 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/37 | 1/17 at 35.47 | A+ | | | 6,483,608 | |
| | 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 | | | 788,158 | |
| | | | New Jersey Transportation Trust Fund Authority, Federal Highway REimbursement Revenue Notes, Series 2016A-1&2: | | | | | | |
| | 3,050 | | 5.000%, 6/15/28 (WI/DD, Settling 11/02/16) | 6/26 at 100.00 | A3 | | | 3,419,630 | |
| | 7,795 | | 5.000%, 6/15/29 (WI/DD, Settling 11/02/16) | 6/26 at 100.00 | A3 | | | 8,713,251 | |
| | | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A: | | | | | | |
| | 5,000 | | 0.000%, 12/15/26 | No Opt. Call | BBB+ | | | 3,422,050 | |
| | 16,495 | | 0.000%, 12/15/33 | No Opt. Call | BBB+ | | | 7,615,741 | |
| | 3,425 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 | No Opt. Call | BBB+ | | | 3,810,175 | |
| | | | 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+ | | | 1,409,674 | |
| | 10,000 | | 0.000%, 12/15/30 – FGIC Insured | No Opt. Call | A3 | | | 5,824,200 | |
| | 38,000 | | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | A– | | | 19,014,440 | |
| | 45,000 | | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | BBB+ | | | 20,154,150 | |
| | 10,000 | | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | BBB+ | | | 4,252,400 | |
| | 4,500 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured | No Opt. Call | A– | | | 4,872,060 | |
| | 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 | | | 10,874,115 | |
| | 5,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 | No Opt. Call | BBB+ | | | 5,648,450 | |
| | 2,310 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 | 6/21 at 100.00 | BBB+ | | | 2,593,483 | |
| | 9,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38 | No Opt. Call | BBB+ | | | 9,697,500 | |
| | 6,400 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | No Opt. Call | BBB+ | | | 6,885,824 | |
| | | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA: | | | | | | |
| | 5,500 | | 5.000%, 6/15/29 | 6/23 at 100.00 | BBB+ | | | 6,076,675 | |
| | 7,500 | | 5.500%, 6/15/39 | 6/23 at 100.00 | BBB+ | | | 8,426,625 | |
| | 4,200 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 4.750%, 6/15/38 | 6/25 at 100.00 | BBB+ | | | 4,481,316 | |
| | 5,065 | | New Jersey Turnpike Authority, Revenue Bonds, Growth and Income Securities, Series 2004B, 5.150%, 1/01/35 (Pre-refunded 1/01/17) – AMBAC Insured | 1/17 at 100.00 | A2 (4) | | | 5,102,886 | |
| | 14,000 | | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured | No Opt. Call | A2 | | | 17,779,720 | |
| | 5,000 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36 | 1/19 at 100.00 | A2 | | | 5,381,600 | |
| | 1,315 | | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.996%, 1/01/43 (IF) (5) | 7/22 at 100.00 | A | | | 2,051,702 | |
| | 3,000 | | Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | Aa3 | | | 2,397,300 | |
| | | | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L: | | | | | | |
| | 2,000 | | 5.000%, 5/01/38 | 5/23 at 100.00 | A+ | | | 2,336,120 | |
| | 910 | | 5.000%, 5/01/43 | 5/23 at 100.00 | A+ | | | 1,055,764 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | New Jersey (continued) | | | | | | |
| | | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | | | | | | |
| $ | 1,425 | | 4.500%, 6/01/23 | 6/17 at 100.00 | BB | | $ | 1,445,249 | |
| | 1,785 | | 4.625%, 6/01/26 | 6/17 at 100.00 | B+ | | | 1,793,390 | |
| | 14,255 | | 5.000%, 6/01/29 | 6/17 at 100.00 | B | | | 14,256,283 | |
| | 14,425 | | 4.750%, 6/01/34 | 6/17 at 100.00 | B– | | | 13,897,910 | |
| | 8,000 | | 5.000%, 6/01/41 | 6/17 at 100.00 | B– | | | 7,535,840 | |
| | 328,120 | | Total New Jersey | | | | | 265,396,288 | |
| | | | New Mexico – 0.1% (0.0% 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 | | | 2,985,238 | |
| | | | New York – 7.1% (4.6% 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– | | | 11,343,327 | |
| | 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– | | | 2,018,170 | |
| | 510 | | Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program, Gateway-Longview Inc., Series 1998A, 5.500%, 7/01/18 – AMBAC Insured | 1/17 at 100.00 | N/R | | | 511,428 | |
| | 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 | | | 3,466,530 | |
| | 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 (4) | | | 8,510,696 | |
| | 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– | | | 14,534,209 | |
| | 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– | | | 3,695,104 | |
| | 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– | | | 4,634,400 | |
| | 10,000 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2016A Group A, 5.000%, 2/15/37 | 8/26 at 100.00 | Aa1 | | | 11,880,300 | |
| | | | 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 | | | 3,975,586 | |
| | 10,115 | | 5.250%, 2/15/47 | 2/21 at 100.00 | A | | | 11,564,682 | |
| | | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A: | | | | | | |
| | 4,330 | | 5.000%, 2/15/47 – FGIC Insured | 2/17 at 100.00 | A | | | 4,381,960 | |
| | 13,150 | | 4.500%, 2/15/47 – NPFG Insured | 2/17 at 100.00 | A2 | | | 13,292,020 | |
| | | | 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– | | | 1,114,430 | |
| | 780 | | 5.000%, 9/01/44 | 9/24 at 100.00 | A– | | | 899,324 | |
| | 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– | | | 8,084,256 | |
| | 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– | | | 17,304,449 | |
| | 2,500 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26 | 11/22 at 100.00 | A | | | 2,996,175 | |
| | 1,858 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 (Pre-refunded 11/15/16) – AGM Insured (UB) | 11/16 at 100.00 | AA (4) | | | 1,860,887 | |
| | 11,742 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB) | 11/16 at 100.00 | AA | | | 11,759,395 | |
| | 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 | | | 4,102,035 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | New York (continued) | | | | | | |
| $ | 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– | | $ | 1,140,740 | |
| | 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+ | | | 2,435,454 | |
| | 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 | No Opt. Call | AA+ | | | 4,862,660 | |
| | 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+ | | | 8,387,864 | |
| | 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 | | | 5,863,450 | |
| | 10 | | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | 1/17 at 100.00 | AA– | | | 10,041 | |
| | 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 | 1/17 at 100.00 | AA | | | 5,023 | |
| | | | New York City, New York, General Obligation Bonds, Fiscal Series 2002G: | | | | | | |
| | 10 | | 5.000%, 8/01/17 | 1/17 at 100.00 | AA | | | 10,037 | |
| | 80 | | 5.750%, 8/01/18 | 1/17 at 100.00 | AA | | | 80,346 | |
| | 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 | | | 26,997,308 | |
| | 6,385 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51 | No Opt. Call | A | | | 7,497,075 | |
| | 10,000 | | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | BBB+ | | | 12,678,500 | |
| | 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, 12.456%, 6/15/26 (IF) (5) | 6/22 at 100.00 | AAA | | | 6,425,280 | |
| | 50 | | New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured | 11/16 at 100.00 | A2 | | | 50,153 | |
| | 8,000 | | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.000%, 1/01/51 (UB) (5) | 1/26 at 100.00 | A– | | | 9,170,080 | |
| | 10,000 | | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2007B, 5.000%, 3/15/37 (Pre-refunded 3/15/17) | 3/17 at 100.00 | Aa1 (4) | | | 10,161,200 | |
| | 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 (4) | | | 2,536,820 | |
| | 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– | | | 4,647,789 | |
| | | | 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 | | | 9,742,810 | |
| | 3,710 | | 6.000%, 12/01/42 | 12/20 at 100.00 | BBB | | | 4,304,861 | |
| | 9,950 | | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Tender Option Bond Trust 2016-XL0003, 6.674%, 11/15/21 (IF) (5) | No Opt. Call | AA– | | | 12,598,690 | |
| | 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– | | | 5,780,900 | |
| | | | 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+ | | | 6,811,984 | |
| | 1,105 | | 0.000%, 11/15/32 | No Opt. Call | A+ | | | 675,022 | |
| | 259,915 | | Total New York | | | | | 284,803,450 | |
| | | | North Carolina – 1.2% (0.8% of Total Investments) | | | | | | |
| | 3,555 | | Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2016-XL0012, 12.369%, 7/01/38 (IF) (5) | 7/20 at 100.00 | AAA | | | 4,924,030 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | North Carolina (continued) | | | | | | |
| $ | 1,775 | | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.764%, 1/15/47 (IF) (5) | 1/18 at 100.00 | AA– | | $ | 2,043,415 | |
| | 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– (4) | | | 5,829,831 | |
| | 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– | | | 1,125,270 | |
| | 9,485 | | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015B, 5.000%, 10/01/55 (UB) (5) | 10/25 at 100.00 | AA+ | | | 11,137,572 | |
| | 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 (4) | | | 3,922,052 | |
| | 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 | | | 5,695,050 | |
| | 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+ | | | 1,639,800 | |
| | | | 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 | | | 3,773,022 | |
| | 1,500 | | 5.000%, 10/01/38 | 10/22 at 100.00 | A2 | | | 1,706,355 | |
| | 1,495 | | North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17) (UB) | 10/17 at 100.00 | N/R (4) | | | 1,546,951 | |
| | 2,505 | | North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (UB) | 10/17 at 100.00 | AA– | | | 2,571,984 | |
| | 1,310 | | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 (WI/DD, Settling 11/10/16) | 10/24 at 102.00 | N/R | | | 1,435,354 | |
| | 1,900 | | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured | 1/19 at 100.00 | BBB– | | | 2,061,272 | |
| | 43,390 | | Total North Carolina | | | | | 49,411,958 | |
| | | | North Dakota – 0.4% (0.2% 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 (4) | | | 5,910,936 | |
| | | | 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+ | | | 1,783,080 | |
| | 3,910 | | 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | | | 4,694,893 | |
| | 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 | | | 1,112,278 | |
| | 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 | | | 851,787 | |
| | 12,925 | | Total North Dakota | | | | | 14,352,974 | |
| | | | Ohio – 8.6% (5.6% of Total Investments) | | | | | | |
| | 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 | | | 351,149 | |
| | | | 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 | | | 734,448 | |
| | 860 | | 4.000%, 5/01/33 | 5/22 at 100.00 | A2 | | | 899,749 | |
| | 800 | | 5.000%, 5/01/42 | 5/22 at 100.00 | A2 | | | 893,896 | |
| | 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 (4) | | | 9,937,981 | |
| | 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 | | | 623,971 | |
| | 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 | | $ | 4,515,526 | |
| | 29,190 | | 5.125%, 6/01/24 | 6/17 at 100.00 | Caa1 | | | 27,669,201 | |
| | 9,665 | | 5.875%, 6/01/30 | 6/17 at 100.00 | Caa1 | | | 9,159,037 | |
| | 37,175 | | 5.750%, 6/01/34 | 6/17 at 100.00 | Caa1 | | | 34,845,243 | |
| | 8,590 | | 6.000%, 6/01/42 | 6/17 at 100.00 | B– | | | 8,240,902 | |
| | 1,500 | | 6.500%, 6/01/47 | 6/17 at 100.00 | B– | | | 1,485,150 | |
| | 22,450 | | 5.875%, 6/01/47 | 6/17 at 100.00 | B– | | | 21,248,251 | |
| | 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 | | | 14,232,996 | |
| | 6,000 | | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29 | 11/20 at 100.00 | A | | | 6,871,200 | |
| | 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 | | | 20,056,815 | |
| | 10,000 | | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Series 2006, 4.250%, 12/01/32 (Pre-refunded 12/01/16) – AGM Insured | 12/16 at 100.00 | AA (4) | | | 10,029,800 | |
| | 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 | | | 6,509,643 | |
| | 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 | | | 1,630,604 | |
| | 6,345 | | Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 | 11/21 at 100.00 | Aa2 | | | 7,072,454 | |
| | 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 | | | 10,859,800 | |
| | 4,200 | | Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & Improvement Series 2016, 5.000%, 1/01/46 | 1/26 at 100.00 | BBB– | | | 4,571,574 | |
| | 7,775 | | Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 (Pre-refunded 12/01/16) – AMBAC Insured | 12/16 at 100.00 | A1 (4) | | | 7,797,470 | |
| | 4,605 | | Hamilton County, Ohio, Sales Tax Revenue Bonds, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured (UB) (5) | 12/16 at 100.00 | A1 | | | 4,618,308 | |
| | | | 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 | | | 7,919,802 | |
| | 14,850 | | 5.000%, 1/01/38 (UB) (5) | 1/23 at 100.00 | AA | | | 16,995,528 | |
| | | | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052: | | | | | | |
| | 875 | | 15.641%, 1/01/38 (IF) (5) | 1/23 at 100.00 | AA | | | 1,380,680 | |
| | 1,050 | | 15.641%, 1/01/38 (IF) (5) | 1/23 at 100.00 | AA | | | 1,656,816 | |
| | 2,305 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | Aa3 | | | 2,748,482 | |
| | 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 | | | 7,670,160 | |
| | 5,990 | | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 | 1/17 at 100.00 | BBB+ | | | 6,005,275 | |
| | 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+ | | | 24,471,300 | |
| | 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 | BBB– | | | 6,026,790 | |
| | 2,550 | | Ohio Higher Educational Facility Commission, Revenue Bonds, Case Western Reserve University Project, Refunding Series 2016, 5.000%, 12/01/40 (WI/DD, Settling 11/30/16) | 12/26 at 100.00 | A1 | | | 2,973,504 | |
| | 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– | | | 8,172,375 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Ohio (continued) | | | | | | |
| $ | 6,000 | | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Refunding Series 2016A, 5.000%, 1/15/46 | 1/26 at 100.00 | A | | $ | 6,898,860 | |
| | 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+ | | | 21,977,208 | |
| | 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+ | | | 7,247,698 | |
| | | | 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 | | | 153,098 | |
| | 130 | | 6.000%, 12/01/42 | 12/22 at 100.00 | BB | | | 148,009 | |
| | 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 | | | 5,294,484 | |
| | 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 | | | 3,800,946 | |
| | 329,975 | | Total Ohio | | | | | 346,396,183 | |
| | | | Oklahoma – 0.5% (0.4% 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– (4) | | | 1,804,930 | |
| | | | Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | | | | | | |
| | 2,600 | | 5.000%, 2/15/37 | 2/17 at 100.00 | A2 | | | 2,627,196 | |
| | 2,210 | | 5.000%, 2/15/42 | 2/17 at 100.00 | A2 | | | 2,232,608 | |
| | | | Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | | | | | | |
| | 140 | | 5.000%, 2/15/37 (Pre-refunded 2/15/17) | 2/17 at 100.00 | N/R (4) | | | 141,735 | |
| | 75 | | 5.000%, 2/15/42 (Pre-refunded 2/15/17) | 2/17 at 100.00 | N/R (4) | | | 75,929 | |
| | 9,435 | | Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 (Pre-refunded 1/01/17) – FGIC Insured | 1/17 at 100.00 | A2 (4) | | | 9,494,629 | |
| | | | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390: | | | | | | |
| | 5,460 | | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) (5) | 12/16 at 100.00 | Aa2 | | | 5,485,443 | |
| | 99 | | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390, 7.989%, 12/15/36 (IF) (5) | 12/16 at 100.00 | Aa2 | | | 99,839 | |
| | 21,694 | | Total Oklahoma | | | | | 21,962,309 | |
| | | | Oregon – 0.9% (0.6% of Total Investments) | | | | | | |
| | 4,010 | | 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 | | | 4,645,505 | |
| | 7,420 | | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 (WI/DD, Settling 11/10/16) | 6/26 at 100.00 | A1 | | | 8,472,824 | |
| | 8,500 | | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A, 5.000%, 10/01/35 (WI/DD, Settling 11/16/16) | 10/26 at 100.00 | BBB+ | | | 9,666,795 | |
| | 1,500 | | Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32 | No Opt. Call | AA– | | | 1,742,520 | |
| | 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 | | | 10,704,093 | |
| | 30,320 | | Total Oregon | | | | | 35,231,737 | |
| | | | Pennsylvania – 5.3% (3.5% 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+ | | | 1,383,863 | |
| | 3,000 | | 5.625%, 8/15/39 | 8/19 at 100.00 | A+ | | | 3,325,380 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Pennsylvania (continued) | | | | | | |
| | | | 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 | | $ | 2,797,344 | |
| | 3,125 | | 0.000%, 5/15/23 – AGM Insured | No Opt. Call | A2 | | | 2,712,437 | |
| | 3,135 | | 0.000%, 5/15/24 – AGM Insured | No Opt. Call | A2 | | | 2,643,745 | |
| | 3,155 | | 0.000%, 5/15/26 – AGM Insured | No Opt. Call | A2 | | | 2,487,875 | |
| | 4,145 | | 0.000%, 11/15/26 – AGM Insured | No Opt. Call | A2 | | | 3,223,235 | |
| | 2,800 | | 0.000%, 5/15/28 – AGM Insured | No Opt. Call | A2 | | | 2,049,600 | |
| | 3,000 | | 0.000%, 11/15/28 – AGM Insured | No Opt. Call | A2 | | | 2,153,610 | |
| | 500 | | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | 3/17 at 100.00 | BBB– | | | 502,085 | |
| | 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 | | | 7,686,280 | |
| | 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 | | | 2,398,153 | |
| | 1,880 | | Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19 | 1/17 at 100.00 | Ba1 | | | 1,887,088 | |
| | 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 | | | 3,883,145 | |
| | 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 | | | 1,338,550 | |
| | 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 | | | 4,257,640 | |
| | | | 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 | | | 2,712,237 | |
| | 5,180 | | 0.000%, 12/01/32 | No Opt. Call | A | | | 2,999,997 | |
| | 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 | | | 10,573,640 | |
| | 50 | | Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured | No Opt. Call | A3 | | | 50,221 | |
| | 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 (4) | | | 1,204,122 | |
| | 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 | | | 5,538,300 | |
| | 6,575 | | Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke’s University Health Network Project, Refunding Series 2016A, 4.000%, 8/15/40 | 8/26 at 100.00 | A– | | | 6,732,734 | |
| | 630 | | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23, PIK (5), (9) | 1/17 at 100.00 | N/R | | | 282,585 | |
| | 45 | | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23, PIK (5), (9) | 1/17 at 100.00 | N/R | | | 20,007 | |
| | 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 | | | 1,662,617 | |
| | 13,125 | | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 (Pre-refunded 12/01/16) – AGM Insured | 12/16 at 100.00 | A2 (4) | | | 13,163,325 | |
| | 6,975 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 | 12/20 at 100.00 | A2 | | | 7,977,377 | |
| | 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 | | | 2,230,160 | |
| | 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 | | | 3,553,779 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Pennsylvania (continued) | | | | | | |
| $ | 16,805 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) | 12/27 at 100.00 | A– | | $ | 20,789,970 | |
| | 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 | | | 4,656,178 | |
| | 2,620 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | | | 2,995,787 | |
| | | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1: | | | | | | |
| | 6,385 | | 5.000%, 12/01/41 | 6/26 at 100.00 | A1 | | | 7,349,710 | |
| | 5,135 | | 5.000%, 12/01/46 | 6/26 at 100.00 | A1 | | | 5,883,426 | |
| | 19,250 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured | 6/26 at 100.00 | A2 | | | 24,967,057 | |
| | 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 (4) | | | 30,368,372 | |
| | 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 | | | 559,181 | |
| | 1,425 | | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 | 8/20 at 100.00 | A– | | | 1,677,880 | |
| | 3,410 | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM) | No Opt. Call | A1 (4) | | | 4,379,940 | |
| | 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 | | | 3,818,790 | |
| | 1,125 | | Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured | 12/21 at 100.00 | AA | | | 1,290,904 | |
| | 1,930 | | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 | No Opt. Call | BB+ | | | 1,948,740 | |
| | 198,875 | | Total Pennsylvania | | | | | 214,117,066 | |
| | | | Puerto Rico – 0.7% (0.4% of Total Investments) | | | | | | |
| | 625 | | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/25 – NPFG Insured | 1/17 at 100.00 | C | | | 632,925 | |
| | 1,000 | | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – NPFG Insured | No Opt. Call | C | | | 1,083,840 | |
| | 1,305 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/23 – NPFG Insured | No Opt. Call | A3 | | | 1,441,151 | |
| | 1,000 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured | No Opt. Call | CC | | | 1,058,730 | |
| | 4,300 | | Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 | 1/17 at 100.00 | A2 | | | 4,433,730 | |
| | 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 | | | 6,250,381 | |
| | | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: | | | | | | |
| | 25,000 | | 0.000%, 8/01/47 – AMBAC Insured | No Opt. Call | C | | | 4,226,250 | |
| | 64,335 | | 0.000%, 8/01/54 – AMBAC Insured | No Opt. Call | C | | | 7,098,724 | |
| | 1,190 | | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured | No Opt. Call | A3 | | | 1,227,794 | |
| | 104,635 | | Total Puerto Rico | | | | | 27,453,525 | |
| | | | Rhode Island – 0.8% (0.5% 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+ | | | 9,827,370 | |
| | 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+ | | | 1,490,316 | |
| | 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+ | | | 19,072,177 | |
| | 212,915 | | Total Rhode Island | | | | | 30,389,863 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | South Carolina – 3.5% (2.3% of Total Investments) | | | | | | |
| | | | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006: | | | | | | |
| $ | 8,000 | | 5.000%, 12/01/24 (Pre-refunded 12/01/16) | 12/16 at 100.00 | AA (4) | | $ | 8,028,560 | |
| | 1,955 | | 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured | 12/16 at 100.00 | AA (4) | | | 1,961,979 | |
| | 6,820 | | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/41 | 5/26 at 100.00 | A1 | | | 7,867,143 | |
| | | | 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– | | | 17,131,789 | |
| | 15,420 | | 0.000%, 1/01/32 – AMBAC Insured | No Opt. Call | A– | | | 9,407,279 | |
| | 4,610 | | Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, 5.000%, 1/01/47 | 1/26 at 100.00 | A3 | | | 5,288,223 | |
| | 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+ | | | 450,525 | |
| | 3,000 | | South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/16 | No Opt. Call | A1 | | | 3,010,950 | |
| | 2,250 | | South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Refunding Series 2006C, 5.000%, 1/01/21 (Pre-refunded 1/01/17) – AGM Insured | 1/17 at 100.00 | A1 (4) | | | 2,265,885 | |
| | 10,000 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/55 | 6/25 at 100.00 | A1 | | | 11,261,500 | |
| | 9,850 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 | 12/24 at 100.00 | A1 | | | 11,284,948 | |
| | 6,790 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 | 12/23 at 100.00 | A1 | | | 7,888,418 | |
| | 17,240 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 | 6/24 at 100.00 | A1 | | | 20,335,614 | |
| | 20,035 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 | 12/25 at 100.00 | A1 | | | 23,647,912 | |
| | 4,800 | | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40 | 10/19 at 100.00 | A | | | 5,290,032 | |
| | 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 | | | 5,049,630 | |
| | 142,600 | | Total South Carolina | | | | | 140,170,387 | |
| | | | South Dakota – 0.5% (0.4% of Total Investments) | | | | | | |
| | 5,555 | | Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Refunding Series 2016, 5.000%, 11/01/46 | 11/26 at 100.00 | BB | | | 5,736,037 | |
| | 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 | | | 9,980,960 | |
| | 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+ | | | 1,697,663 | |
| | 3,260 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 | 11/25 at 100.00 | A+ | | | 3,725,332 | |
| | 19,125 | | Total South Dakota | | | | | 21,139,992 | |
| | | | Tennessee – 1.1% (0.7% of Total Investments) | | | | | | |
| | 10,670 | | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | | | 11,906,973 | |
| | 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 | | | 2,752,519 | |
| | 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 (4) | | | 857,487 | |
| | 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+ | | | 2,262,765 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Tennessee (continued) | | | | | | |
| $ | 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 (4) | | $ | 202,130 | |
| | 5,000 | | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2016, 5.000%, 9/01/36 (WI/DD, Settling 11/17/16) | 9/26 at 100.00 | BBB+ | | | 5,667,800 | |
| | | | 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 | | | 1,330,880 | |
| | 2,055 | | 5.000%, 10/01/45 | 10/26 at 100.00 | BBB | | | 2,348,372 | |
| | | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A: | | | | | | |
| | 7,440 | | 5.000%, 7/01/40 | 7/26 at 100.00 | A3 | | | 8,663,359 | |
| | 1,435 | | 5.000%, 7/01/46 | 7/26 at 100.00 | A3 | | | 1,659,233 | |
| | 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 | | | 6,427,380 | |
| | 39,265 | | Total Tennessee | | | | | 44,078,898 | |
| | | | Texas – 13.1% (8.5% of Total Investments) | | | | | | |
| | 14,615 | | Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) | 11/25 at 100.00 | AA– | | | 16,989,353 | |
| | 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– | | | 3,311,306 | |
| | 5,835 | | Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2006F, 4.250%, 8/15/36 (Pre-refunded 2/15/17) | 2/17 at 100.00 | AAA | | | 5,895,042 | |
| | 1,000 | | Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34 | 7/17 at 100.00 | A2 | | | 1,025,790 | |
| | 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 | | | 2,826,500 | |
| | 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 | | | 630,280 | |
| | 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 | | | 1,468,440 | |
| | | | 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 (4) | | | 2,461,139 | |
| | 1,000 | | 6.000%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa2 (4) | | | 1,193,370 | |
| | 6,940 | | 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa2 (4) | | | 8,352,221 | |
| | | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: | | | | | | |
| | 4,380 | | 5.000%, 1/01/40 | 7/25 at 100.00 | Baa2 | | | 4,965,343 | |
| | 3,250 | | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | | | 3,658,135 | |
| | | | 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– | | | 1,968,505 | |
| | 1,000 | | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | | | 1,022,560 | |
| | 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 | | | 2,268,250 | |
| | 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+ (4) | | | 10,335,600 | |
| | 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 | | | 7,207,249 | |
| | 160 | | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 | 9/24 at 100.00 | BB+ | | | 171,349 | |
| | 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 | | | 1,684,080 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | |
| | | | 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+ | | $ | 19,608,588 | |
| | 15,000 | | 5.000%, 4/01/53 (UB) | 10/23 at 100.00 | AA+ | | | 17,383,500 | |
| | 6,610 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 16.059%, 4/01/53 (IF) | 10/23 at 100.00 | AA– | | | 10,812,506 | |
| | | | 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 | | | 2,674,473 | |
| | 2,845 | | 4.000%, 12/01/45 | 6/25 at 100.00 | AA | | | 2,988,388 | |
| | | | Harris County Hospital District, Texas, Revenue Bonds, Series 2007A: | | | | | | |
| | 5,625 | | 5.250%, 2/15/42 (Pre-refunded 2/15/17) – NPFG Insured | 2/17 at 100.00 | A2 (4) | | | 5,699,250 | |
| | 12,070 | | 5.250%, 2/15/42 (Pre-refunded 2/15/17) – NPFG Insured | 2/17 at 100.00 | AA+ (4) | | | 12,229,324 | |
| | 4,040 | | Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Options Bond Trust 2015-XF2184, 13.017%, 8/15/28 – AGM Insured (IF) (5) | No Opt. Call | AAA | | | 7,706,906 | |
| | | | 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 | | | 425,301 | |
| | 2,390 | | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | | | 809,684 | |
| | 2,660 | | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | | | 854,046 | |
| | 7,260 | | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | | | 2,224,464 | |
| | 10,440 | | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | | | 3,030,732 | |
| | 7,165 | | 0.000%, 11/15/49 – AGM Insured | 11/31 at 41.91 | A2 | | | 1,683,560 | |
| | 3,000 | | 0.000%, 11/15/52 – AGM Insured | 11/31 at 35.81 | A2 | | | 598,350 | |
| | 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 | | | 3,713,128 | |
| | 4,930 | | Houston, Texas, Airport System Revenue Bonds, Refunding Senior Lien Series 2009A, 5.500%, 7/01/39 | 7/18 at 100.00 | AA– | | | 5,284,664 | |
| | 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 | | | 5,649,270 | |
| | 990 | | Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – AGM Insured | No Opt. Call | A | | | 1,191,673 | |
| | 2,000 | | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 | No Opt. Call | AA | | | 2,311,240 | |
| | 6,000 | | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 | 11/21 at 100.00 | AA | | | 6,934,980 | |
| | | | 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 | | | 1,255,471 | |
| | 10,850 | | 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | A– | | | 8,522,892 | |
| | 1,715 | | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A– | | | 1,004,836 | |
| | 4,550 | | Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31 | 7/22 at 100.00 | A | | | 5,248,698 | |
| | 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 | | | 3,257,766 | |
| | 3,035 | | Irving Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding Series 2015A, 0.000%, 2/15/17 | No Opt. Call | AAA | | | 3,028,718 | |
| | 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 | | | 2,661,586 | |
| | | | 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 | | | 3,207,679 | |
| | 4,000 | | 4.000%, 8/15/41 | 8/25 at 100.00 | AAA | | | 4,326,160 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | |
| | | | 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 | | $ | 52,732 | |
| | 780 | | 0.000%, 8/15/41 | 8/17 at 24.20 | AAA | | | 186,420 | |
| | | | 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 (4) | | | 1,302,732 | |
| | 19,020 | | 0.000%, 8/15/41 (Pre-refunded 8/15/17) | 8/17 at 24.20 | N/R (4) | | | 4,562,137 | |
| | 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 | | | 3,348,420 | |
| | 3,305 | | 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 | | | 3,810,401 | |
| | 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 | | | 7,559,695 | |
| | | | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | | | | | | |
| | 1,780 | | 5.750%, 12/01/33 | 12/25 at 100.00 | Ba2 | | | 2,038,581 | |
| | 1,800 | | 6.125%, 12/01/38 | 12/25 at 100.00 | Ba2 | | | 2,070,360 | |
| | 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+ | | | 954,389 | |
| | 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 | | | 4,804,714 | |
| | | | 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– | | | 1,967,627 | |
| | 7,990 | | 0.000%, 9/01/45 (7) | 9/31 at 100.00 | AA– | | | 9,078,877 | |
| | 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 | | | 5,110,520 | |
| | 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 | | | 1,499,761 | |
| | | | 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 | | | 11,754,985 | |
| | 12,205 | | 5.000%, 1/01/45 | 1/25 at 100.00 | A | | | 14,094,822 | |
| | 2,455 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2016A, 5.000%, 1/01/27 | 1/24 at 100.00 | A | | | 2,948,038 | |
| | 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- (4) | | | 3,573,235 | |
| | | | 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– | | | 7,322,842 | |
| | 4,410 | | 5.000%, 1/01/34 | 1/25 at 100.00 | A– | | | 5,120,716 | |
| | 4,000 | | 5.000%, 1/01/35 | 1/25 at 100.00 | A– | | | 4,631,960 | |
| | 7,630 | | Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/15/32 (Pre-refunded 2/15/17) | 2/17 at 100.00 | Aaa | | | 7,725,222 | |
| | 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 | | | 2,393,685 | |
| | 1,000 | | Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (9) | 1/17 at 100.00 | N/R | | | 34,470 | |
| | 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– | | | 3,568,247 | |
| | 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– | | | 2,726,481 | |
| | 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 | | | 3,991,769 | |
| | 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: | | | | | | |
| $ | 430 | | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | | $ | 500,150 | |
| | 5,350 | | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | AA– (4) | | | 6,222,799 | |
| | 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– | | | 4,543,120 | |
| | 2,000 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42 | 5/26 at 100.00 | AA– | | | 2,123,840 | |
| | 13,170 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Refunding Series 2007A, 5.000%, 2/15/36 (Pre-refunded 2/15/17) | 2/17 at 100.00 | AA (4) | | | 13,333,571 | |
| | 7,100 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) | 2/17 at 100.00 | AA | | | 7,188,182 | |
| | 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 | | | 5,953,780 | |
| | | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012: | | | | | | |
| | 14,815 | | 5.000%, 12/15/27 | No Opt. Call | BBB | | | 16,887,026 | |
| | 7,925 | | 5.000%, 12/15/28 | No Opt. Call | BBB | | | 8,956,518 | |
| | 6,550 | | 5.000%, 12/15/30 | No Opt. Call | BBB | | | 7,367,112 | |
| | 2,340 | | 5.000%, 12/15/32 | No Opt. Call | BBB | | | 2,610,972 | |
| | 3,755 | | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 12.613%, 4/01/33 (IF) | 4/17 at 100.00 | N/R | | | 5,229,513 | |
| | 2,500 | | Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/31 | No Opt. Call | AAA | | | 2,937,925 | |
| | 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– | | | 20,128,296 | |
| | 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– | | | 8,451,818 | |
| | | | 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 | | | 4,200,018 | |
| | 18,400 | | 5.000%, 8/15/37 | 8/24 at 100.00 | BBB | | | 21,020,712 | |
| | 32,105 | | 5.000%, 8/15/42 | 8/24 at 100.00 | BBB | | | 36,391,017 | |
| | 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– | | | 3,193,520 | |
| | 2,315 | | Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17) | 2/17 at 100.00 | AAA | | | 2,340,002 | |
| | 2,710 | | Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41 | 11/21 at 100.00 | Ba1 | | | 2,950,241 | |
| | | | 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 | | | 2,005,960 | |
| | 5,675 | | 0.000%, 8/15/36 | No Opt. Call | AAA | | | 2,239,809 | |
| | 525,715 | | Total Texas | | | | | 528,772,084 | |
| | | | Utah – 0.7% (0.5% 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 | | | 6,363,821 | |
| | 12,335 | | Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 | 8/19 at 100.00 | AA+ | | | 13,337,095 | |
| | 2,000 | | Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/25 – NPFG Insured | No Opt. Call | A1 | | | 1,347,520 | |
| | 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 (4) | | | 4,557,403 | |
| | 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 (4) | | | 4,534,963 | |
| | 28,600 | | Total Utah | | | | | 30,140,802 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | 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 | | $ | 5,178,150 | |
| | | | 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+ | | | 1,071,240 | |
| | 10,000 | | 5.000%, 10/01/45 | 10/25 at 100.00 | A+ | | | 11,512,100 | |
| | 16,000 | | Total Vermont | | | | | 17,761,490 | |
| | | | Virginia – 1.7% (1.1% 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 | | | 345,578 | |
| | 1,800 | | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 | No Opt. Call | A– | | | 2,064,942 | |
| | 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+ | | | 21,222,360 | |
| | 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 | | | 43,821,760 | |
| | 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 | | | 267,312 | |
| | 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 (4) | | | 5,708 | |
| | 52,480 | | Total Virginia | | | | | 67,727,660 | |
| | | | Washington – 3.9% (2.5% of Total Investments) | | | | | | |
| | 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 | | | 9,555,780 | |
| | 970 | | Cowlitz County, Washington, Special Sewerage Revenue Refunding Bonds, CSOB Wastewater Treatment Facilities, Series 2002, 5.500%, 11/01/16 – FGIC Insured | No Opt. Call | A1 | | | 970,281 | |
| | 2,575 | | King County Public Hospital District 1, Washington, General Obligation Bonds, Refunding Limited Tax Series 2008A, 5.000%, 12/01/37 – AGC Insured | No Opt. Call | A2 | | | 2,722,908 | |
| | 15,000 | | King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 | 1/22 at 100.00 | Aa2 | | | 16,935,900 | |
| | 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 (4) | | | 3,086,340 | |
| | 5,000 | | King County, Washington, Sewer Revenue Bonds, Series 2008, Tender Option Bond Trust 2016-XG0012, 12.289%, 1/01/31 – AGM Insured (IF) (5) | 1/17 at 100.00 | Aa2 | | | 5,107,500 | |
| | 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 (4) | | | 2,730,800 | |
| | 3,000 | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/40 | 10/24 at 100.00 | A+ | | | 3,474,900 | |
| | 1,250 | | Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 | 12/23 at 100.00 | AA | | | 1,332,750 | |
| | 3,910 | | Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2015A, 5.000%, 5/01/17 | No Opt. Call | AA | | | 3,994,769 | |
| | 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 | A2 | | | 13,787,775 | |
| | 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+ (4) | | | 5,125,950 | |
| | 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 | | | 9,266,730 | |
| | 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 (4) | | | 5,186,610 | |
| | | | 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– | | | 4,603,720 | |
| | 10,000 | | 4.250%, 10/01/40 | 10/22 at 100.00 | AA– | | | 10,633,800 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Washington (continued) | | | | | | |
| $ | 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 | | $ | 3,626,976 | |
| | 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 | | | 9,350,103 | |
| | 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 (4) | | | 7,925,540 | |
| | 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 | Aa3 (4) | | | 8,623,520 | |
| | 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 12/04/17) | 12/17 at 100.00 | N/R (4) | | | 1,052,350 | |
| | 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+ | | | 556,370 | |
| | 1,500 | | Washington State, General Obligation Bonds, Various Purpose Series 2017A, 5.000%, 8/01/40 | 8/26 at 100.00 | AA+ | | | 1,779,810 | |
| | 3,000 | | Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Refunding Series 2009R-2010C, 5.000%, 1/01/17 | No Opt. Call | AA+ | | | 3,022,140 | |
| | 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+ (4) | | | 4,264,022 | |
| | 9,000 | | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured | No Opt. Call | AA+ | | | 6,965,820 | |
| | 10,855 | | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | | | 10,420,257 | |
| | 149,965 | | Total Washington | | | | | 156,103,421 | |
| | | | West Virginia – 0.6% (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 | | | 3,474,120 | |
| | 16,845 | | 5.500%, 6/01/44 | 6/23 at 100.00 | A | | | 19,523,355 | |
| | 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 | | | 3,364,230 | |
| | 22,845 | | Total West Virginia | | | | | 26,361,705 | |
| | | | Wisconsin – 2.1% (1.3% 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 | A+ | | | 4,672,811 | |
| | 12,725 | | 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 | | | 13,427,420 | |
| | 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 | | | 1,372,271 | |
| | 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 | | | 7,747,348 | |
| | 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 | | | 2,840,275 | |
| | 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– | | | 1,128,934 | |
| | 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+ | | | 1,126,670 | |
| | | | 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– | | | 1,150,170 | |
| | 1,000 | | 5.000%, 2/15/28 | 2/22 at 100.00 | A– | | | 1,145,100 | |
| | 4,735 | | 5.000%, 2/15/40 | 2/22 at 100.00 | A– | | | 5,227,677 | |
| | 15,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A, 5.000%, 2/15/42 | 2/26 at 100.00 | A– | | | 16,726,350 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Wisconsin (continued) | | | | | | |
| $ | 4,360 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 | 6/22 at 100.00 | A3 | | $ | 4,829,921 | |
| | 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 | | | 1,816,555 | |
| | 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 | AA (4) | | | 3,203,081 | |
| | 10,070 | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33 | 5/19 at 100.00 | AA– | | | 11,174,981 | |
| | 5,000 | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA– (4) | | | 5,651,200 | |
| | 74,830 | | Total Wisconsin | | | | | 83,240,764 | |
| | | | 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 | | | 4,526,147 | |
| | 9,625 | | Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/37 | 9/23 at 100.00 | BBB– | | | 10,425,319 | |
| | | | 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+ | | | 2,282,720 | |
| | 1,000 | | 6.000%, 12/01/36 | 12/21 at 100.00 | BBB+ | | | 1,143,220 | |
| | 16,705 | | Total Wyoming | | | | | 18,377,406 | |
| $ | 6,380,569 | | Total Municipal Bonds (cost $5,522,775,274) | | | | | 6,113,898,065 | |
| | 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) | | | | | | | | |
| $ | 1,126 | | Las Vegas Monorail Company, Senior Interest Bonds, PIK, (10), (11) | 5.500% | | 7/15/19 | N/R | | $ | 686,633 | |
| | 299 | | Las Vegas Monorail Company, Senior Interest Bonds, (10), (11) | 5.500% | | 7/15/55 | N/R | | | 149,442 | |
| $ | 1,425 | | Total Corporate Bonds (cost $127,784) | | | | | | | 836,075 | |
| | | | | | | | | | | | |
| | Shares | | Description (1) | | | | | | | Value | |
| | | | COMMON STOCKS – 0.1% (0.0% of Total Investments) | | | | | | | | |
| | | | Airlines – 0.1% (0.0% of Total Investments) | | | | | | | | |
| | 53,589 | | American Airlines Group Inc., (12) | | | | | | $ | 2,175,713 | |
| | | | Total Common Stocks (cost $1,552,724) | | | | | | | 2,175,713 | |
| | | | Total Long-Term Investments (cost $5,524,455,782) | | | | | | $ | 6,116,909,853 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 2.0% (1.3% of Total Investments) | | | | | | |
| | | | MUNICIPAL BONDS – 2.0% (1.3% of Total Investments) | | | | | | |
| | | | Arizona – 0.1% (0.1% of Total Investments) | | | | | | |
| $ | 5,000 | | Phoenix Industrial Development Authority, Arizona, Health Care Facilities Revenue Bonds, Mayo Clinic, Variable Rate Demand Obligations, Series 2014B, 0.450%, 11/15/52 (13) | 1/17 at 100.00 | A-1+ | | $ | 5,000,000 | |
| | | | California – 0.9% (0.6% of Total Investments) | | | | | | |
| | 5,520 | | Burbank Unified School District, Los Angeles County, California, General Obligation Bonds, Tender Option Bond Floater 2016-XF2292, Variable Rate Demand Obligations, 0.790%, 8/01/31, 144A (13) | 8/23 at 100.00 | A-1 | | | 5,520,000 | |
| | 25,550 | | Elsinore Valley Municipal Water District, California, Certificates of Participation, Tender Option Bond Floater 2007-0069, Variable Rate Demand Obligations, 0.090%, 7/01/34, 144A (13) | 7/17 at 100.00 | Aa2 | | | 25,550,000 | |
| | 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, 0.670%, 8/01/35 (13) | 8/20 at 100.00 | A-1 | | | 5,500,000 | |
| | 36,570 | | Total California | | | | | 36,570,000 | |
| | | | 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, 0.720%, 12/15/41 (13) | 12/20 at 100.00 | A-1 | | | 4,200,000 | |
| | | | Louisiana – 0.3% (0.2% of Total Investments) | | | | | | |
| | 12,440 | | East Baton Rouge Parish, Louisiana, Pollution Control Revenue Bonds, Exxon Project, Series 1989 Variable Rate Demand Obligation Refunding, 0.430%, 11/01/19 (13) | 1/17 at 100.00 | A-1+ | | | 12,440,000 | |
| | | | Minnesota – 0.1% (0.0% of Total Investments) | | | | | | |
| | 3,000 | | Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Allina Health System, Series 2007C1, Variable Rate Demand Obligations, 0.570%, 11/15/34 (13) | 1/17 at 100.00 | A-1+ | | | 3,000,000 | |
| | | | Missouri – 0.1% (0.1% of Total Investments) | | | | | | |
| | 5,000 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2000B, Variable Rate Demand Obligations, 0.470%, 3/01/40 (13) | 4/17 at 100.00 | A-1 | | | 5,000,000 | |
| | | | New York – 0.3% (0.2% of Total Investments) | | | | | | |
| | 10,000 | | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2005B-2, Variable Rate Demand Obligations, 0.440%, 1/01/32 (13) | 1/17 at 100.00 | A-1+ | | | 10,000,000 | |
| | | | Ohio – 0.1% (0.0% of Total Investments) | | | | | | |
| | 3,000 | | Ohio State, General Obligation Bonds, Higher Education, Series 2015C, 2.000%, 11/01/16 | No Opt. Call | AA+ | | | 3,000,000 | |
| $ | 79,210 | | Total Short-Term Investments (cost $79,210,000) | | | | | 79,210,000 | |
| | | | Total Investments (cost $5,603,665,782) – 153.5% | | | | | 6,196,119,853 | |
| | | | Floating Rate Obligations – (3.7)% | | | | | (150,224,000 | ) |
| | | | Variable Rate Demand Preferred Shares, at Liquidation Preference – (32.0)% (14) | | | | | (1,290,300,000 | ) |
| | | | Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (19.1)% (15) | | | | | (773,000,000 | ) |
| | | | Other Assets Less Liabilities – 1.3% (16) | | | | | 54,597,178 | |
| | | | Net Assets Applicable to Common Shares – 100% | | | | $ | 4,037,193,031 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
| | (formerly Nuveen AMT-Free Municipal Income Fund) | |
| | Portfolio of Investments (continued) | October 31, 2016 |
Investments in Derivatives as of October 31, 2016
Interest Rate Swaps
| | | | | | 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 (16) | | Date | | Date | | | (Depreciation) | |
| JPMorgan Chase | | $ | 150,800,000 | | Receive | | Weekly USD-SIFMA | | 1.544% | | Quarterly | | 4/13/17 | | 5/14/17 | | 4/13/27 | | $ | (2,769,451) | |
| Bank, N.A. | | | | | | | | | | | | | | | | | | | | | |
| JPMorgan Chase | | | 25,400,000 | | Receive | | Weekly USD-SIFMA | | 1.255 | | Quarterly | | 7/31/17 | | 8/31/17 | | 7/31/28 | | | 444,637 | |
| Bank, N.A. | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 176,200,000 | | | | | | | | | | | | | | | | $ | (2,324,814) | |
| (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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
| (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. Ratings are not covered by the report of independent registered public accounting firm. |
| (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 ratings of such securities. |
| (5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or 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) | 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 is not accruing income for either senior interest corporate bond. |
| (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 Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 20.8%. |
| (15) | Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 12.5%. |
| (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. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| 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.
| Statement of | | |
| | Assets and Liabilities | October 31, 2016 |
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | ) | | (NEA | ) |
| Assets | | | | | | | |
| Long-term investments, at value (cost $4,360,011,787 and $5,524,455,782, respectively) | | $ | 4,797,026,422 | | $ | 6,116,909,853 | |
| Short-term investments, at value (cost approximates value) | | | 132,080,000 | | | 79,210,000 | |
| Cash | | | 6,440,883 | | | — | |
Cash collateral at brokers(1) | | | 1,356,720 | | | — | |
| Receivable for: | | | | | | | |
| Dividends and interest | | | 62,205,272 | | | 74,689,477 | |
| Investments sold | | | 33,873,617 | | | 85,595,345 | |
| Deferred offering costs | | | 3,119,273 | | | 8,403,019 | |
| Other assets | | | 1,112,945 | | | 1,743,063 | |
| Total assets | | | 5,037,215,132 | | | 6,366,550,757 | |
| Liabilities | | | | | | | |
| Cash overdraft | | | — | | | 6,987,599 | |
| Floating rate obligations | | | 187,169,000 | | | 150,224,000 | |
| Unrealized depreciation on interest rate swaps, net | | | — | | | 2,324,814 | |
| Payable for: | | | | | | | |
| Dividends | | | 14,434,582 | | | 17,868,792 | |
| Interest | | | 1,326,710 | | | 1,124,865 | |
| Investments purchased | | | 66,032,801 | | | 82,457,035 | |
| Offering Costs | | | 184,670 | | | 255,000 | |
| Variation margin on swap contracts | | | 33,674 | | | — | |
| Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference | | | 952,500,000 | | | 773,000,000 | |
| Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference | | | 632,000,000 | | | 1,290,300,000 | |
| Accrued expenses: | | | | | | | |
| Management fees | | | 2,380,631 | | | 2,958,142 | |
| Trustees Fees | | | 676,224 | | | 889,356 | |
| Other | | | 1,308,419 | | | 968,123 | |
| Total liabilities | | | 1,858,046,711 | | | 2,329,357,726 | |
| Net assets applicable to common shares | | $ | 3,179,168,421 | | $ | 4,037,193,031 | |
| Common shares outstanding | | | 201,882,267 | | | 262,776,347 | |
| Net asset value ("NAV") per common share outstanding | | $ | 15.75 | | $ | 15.36 | |
| 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 | | | 2,779,314,762 | | | 3,514,802,222 | |
| Undistributed (Over-distribution of) net investment income | | | 3,632,418 | | | 3,605,445 | |
| Accumulated net realized gain (loss) | | | (41,432,057 | ) | | (73,971,656 | ) |
| Net unrealized appreciation (depreciation) | | | 435,634,475 | | | 590,129,257 | |
| Net assets applicable to common shares | | $ | 3,179,168,421 | | $ | 4,037,193,031 | |
| Authorized shares: | | | | | | | |
| Common | | | Unlimited | | | Unlimited | |
| Preferred | | | Unlimited | | | Unlimited | |
(1) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
See accompanying notes to financial statements.
| Statement of | | |
| | Operations | Year Ended October 31, 2016 |
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | ) | | (NEA | ) |
| Investment Income | | $ | 63,824,421 | | $ | 102,018,248 | |
| Expenses | | | | | | | |
| Management fees | | | 8,589,644 | | | 14,024,979 | |
| Interest expense and amortization of offering costs | | | 7,910,546 | | | 7,942,615 | |
| Liquidity fees | | | 759,915 | | | 4,081,566 | |
| Remarketing fees | | | 87,778 | | | 472,456 | |
| Custodian fees | | | 145,788 | | | 227,772 | |
| Trustees fees | | | 37,333 | | | 61,401 | |
| Professional fees | | | 62,719 | | | 130,311 | |
| Shareholder reporting expenses | | | 162,153 | | | 237,430 | |
| Shareholder servicing agent fees | | | 49,340 | | | 81,273 | |
| Stock exchange listing fees | | | 12,604 | | | 25,300 | |
| Investor relations expenses | | | 135,312 | | | 220,142 | |
| Reorganization expenses | | | 470,000 | | | 780,014 | |
| Other | | | 94,002 | | | 124,499 | |
| Total expenses | | | 18,517,134 | | | 28,409,758 | |
| Net investment income (loss) | | | 45,307,287 | | | 73,608,490 | |
| Realized and Unrealized Gain(Loss) | | | | | | | |
| Net realized gain (loss) from: | | | | | | | |
| Investments | | | (11,413,917 | ) | | 1,687,966 | |
| Swaps | | | — | | | (10,768,831 | ) |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | |
| Investments | | | (47,355,106 | ) | | (33,319,919 | ) |
| Swaps | | | (1,380,160 | ) | | 4,531,818 | |
| Net realized and unrealized gain (loss) | | | (60,149,183 | ) | | (37,868,966 | ) |
| Net increase (decrease) in net assets applicable to common shares from operations | | $ | (14,841,896 | ) | $ | 35,739,524 | |
See accompanying notes to financial statements.
| Statement of | |
| | Changes in Net Assets |
| | | Quality | | AMT-Free Quality | |
| | | Income (NAD) | | Income (NEA) | |
| | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | | 10/31/16 | | | 10/31/15 | | | 10/31/16 | | | 10/31/15 | |
| Operations | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 45,307,287 | | $ | 32,950,875 | | $ | 73,608,490 | | $ | 60,777,981 | |
| Net realized gain (loss) from: | | | | | | | | | | | | | |
| Investments | | | (11,413,917 | ) | | (450,462 | ) | | 1,687,966 | | | 362,768 | |
| Swaps | | | — | | | — | | | (10,768,831 | ) | | (13,704,565 | ) |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | (47,355,106 | ) | | (5,996,275 | ) | | (33,319,919 | ) | | (11,167,229 | ) |
| Swaps | | | (1,380,160 | ) | | — | | | 4,531,818 | | | 2,465,401 | |
| Net increase (decrease) in net assets applicable to common shares from operations | | | (14,841,896 | ) | | 26,504,138 | | | 35,739,524 | | | 38,734,356 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | |
| From net investment income | | | (53,330,854 | ) | | (34,348,941 | ) | | (80,907,076 | ) | | (62,996,011 | ) |
| Decrease in net assets applicable to common shares from distributions to common shareholders | | | (53,330,854 | ) | | (34,348,941 | ) | | (80,907,076 | ) | | (62,996,011 | ) |
| 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 | | | 2,572,561,126 | | | (7,844,803 | ) | | 2,868,346,122 | | | (24,261,655 | ) |
| Net assets applicable to common shares at the beginning of period | | | 606,607,295 | | | 614,452,098 | | | 1,168,846,909 | | | 1,193,108,564 | |
| Net assets applicable to common shares at the end of period | | $ | 3,179,168,421 | | $ | 606,607,295 | | $ | 4,037,193,031 | | $ | 1,168,846,909 | |
| Undistributed (Over-distribution of) net investment income at the end of period | | $ | 3,632,418 | | $ | 4,903,386 | | $ | 3,605,445 | | $ | 1,728,735 | |
See accompanying notes to financial statements.
| Statement of | | |
| | Cash Flows | Year Ended October 31, 2016 |
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | ) | | (NEA | ) |
| Cash Flows from Operating Activities: | | | | | | | |
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | | $ | (14,841,896 | ) | $ | 35,739,524 | |
| 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 | | | (346,766,757 | ) | | (545,069,822 | ) |
| Proceeds from sales and maturities of investments | | | 186,374,549 | | | 314,477,420 | |
| Proceeds from (Purchases of) short-term investments, net | | | (121,718,073 | ) | | 2,176,792 | |
| Proceeds from (Payments for) swap contracts, net | | | — | | | (10,768,831 | ) |
| Taxes paid | | | (217 | ) | | (1,619 | ) |
| Amortization (Accretion) of premiums and discounts, net | | | (5,467,763 | ) | | (2,089,919 | ) |
| Amortization of deferred offering costs | | | 496,818 | | | 378,035 | |
| (Increase) Decrease in: | | | | | | | |
| Cash collateral at brokers | | | (1,356,720 | ) | | — | |
| Receivable for interest | | | (11,368,786 | ) | | (11,627,203 | ) |
| Receivable for investments sold | | | (1,489,712 | ) | | (25,365,345 | ) |
| Other assets | | | (180,452 | ) | | (276,366 | ) |
| Increase (Decrease) in: | | | | | | | |
| Payable for interest | | | 1,109,119 | | | 1,001,981 | |
| Payable for investments purchased | | | 61,239,257 | | | 51,836,293 | |
| Payable for variation margin on futures contracts | | | 33,674 | | | — | |
| Accrued management fees | | | 1,928,582 | | | 2,084,766 | |
| Accrued Trustees fees | | | 547,424 | | | 648,155 | |
| Accrued other expenses | | | (2,088,065 | ) | | (2,374,717 | ) |
| Net realized (gain) loss from: | | | | | | | |
| Investments | | | 11,413,917 | | | (1,687,966 | ) |
| Swaps | | | — | | | 10,768,831 | |
| Change in net unrealized (appreciation) depreciation of: | | | | | | | |
| Investments | | | 47,355,106 | | | 33,319,919 | |
Swaps(1) | | | — | | | (4,531,818 | ) |
| Net cash provided by (used in) operating activities | | | (194,779,995 | ) | | (151,361,890 | ) |
| Cash Flows from Financing Activities: | | | | | | | |
| (Payments for) deferred offering costs | | | (420,000 | ) | | (500,000 | ) |
| Proceeds from VMTP Shares issued, at liquidation preference | | | 237,000,000 | | | 87,000,000 | |
| Proceeds from VRDP Shares issued, at liquidation preference | | | — | | | 100,000,000 | |
| Increase (Decrease) in: | | | | | | | |
| Cash overdraft | | | — | | | 6,987,599 | |
| Floating rate obligations | | | (18,180,000 | ) | | (7,515,000 | ) |
| Payable for offering costs | | | 184,670 | | | 255,000 | |
| Cash distribution paid to common shareholders | | | (41,619,428 | ) | | (67,771,619 | ) |
| Net cash provided by (used in) financing activities | | | 176,965,242 | | | 118,455,980 | |
| Net Increase (Decrease) in Cash | | | (17,814,753 | ) | | (32,905,910 | ) |
| Cash at the beginning of period | | | 9,913,247 | | | 15,114,845 | |
| Cash acquired in connection with the Reorganizations | | | 14,342,389 | | | 17,791,065 | |
| Cash at the end of period | | $ | 6,440,883 | | $ | — | |
| | | | | | | | |
Supplemental Disclosure of Cash Flow Information(2) | | | | | | | |
| Cash paid for interest on borrowings (excluding amortization of offering costs) | | $ | 6,267,048 | | $ | 6,535,051 | |
(1) | Excluding over-the-counter cleared swaps. |
(2) | See Notes to Financial Statements, Note 1–General Information and Significant Accounting Policies, Fund Reorganizations for more information of the non-cash activities related to Quality Income's (NAD) and AMT-Free Income's (NEA) Reorganizations. |
See accompanying notes to financial statements.
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Selected data for a common share outstanding throughout each period:
| | | | | | Investment Operations | | Less Distributions to
Common Shareholders | | Common Share |
| | | | Beginning
Common
Share
NAV | | | Net
Investment
Income
(Loss | ) | | Net
Realized/
Unrealized
Gain (Loss | ) | | Total | | | From
Net
Investment
Income | | | From
Accumu-
lated Net
Realized
Gains | | | Total | | | Ending
NAV | | | Ending
Share
Price | |
| Quality Income (NAD) | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | |
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AMT-Free Quality Income (NEA) | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | |
| 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. |
| | | | | | | | | Common Share Supplemental Data/
Ratios Applicable to Common Shares |
| | | Common Share
Total Returns | | | | Ratios to Average Net Assets(b) | | | |
| | | | Based
on
NAV | (a) | | Based
on
Share
Price | (a) | | Ending
Net
Assets (000 | ) | | Expenses | (c) | | Net
Investment
Income (Loss | ) | | Portfolio
Turnover
Rate | (d) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | 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), and the interest expense and fees paid on borrowings (as described in Note 8 – Borrowing Arrangements), where applicable, as follows: |
| Quality Income (NAD) | | | | |
| Year Ended 10/31: | | | | |
| 2016 | | | 0.90 | % |
| 2015 | | | 0.47 | |
| 2014 | | | 0.75 | |
| 2013 | | | 1.03 | |
| 2012 | | | 1.03 | |
| AMT-Free Quality Income (NEA) | | | | |
| Year Ended 10/31: | | | | |
| 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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
| | | MTP Shares
at the End of Period(a) | | VMTP Shares
at the End of Period | | VRDP Shares
at the End of Period | | MTP,
VMTP and/or
VRDP Shares
at the End
of Period |
| | | | Aggregate
Amount
Outstanding
(000 | ) | | Asset
Coverage
Per $10
Share | | | Aggregate
Amount
Outstanding
(000 | ) | | Asset
Coverage
Per $100,000
Share | | | Aggregate
Amount
Outstanding
(000 | ) | | Asset
Coverage
Per $100,000
Share | | | Asset
Coverage
Per $1
Liquidation
Preference | |
| Quality Income (NAD) | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | |
| 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 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| AMT-Free Quality Income (NEA) | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | 2011 | |
| Quality Income (NAD) | | | | | | | | | | | | | |
| Series 2015 (NAD PRC) | | | | | | | | | | | | | |
| Ending Market Value per Share | | $ | — | | $ | 10.06 | | $ | 10.10 | | $ | 10.06 | |
| Average Market Value per Share | | | 10.04 | ^ | | 10.08 | | | 10.09 | | | 10.05 | |
| AMT-Free Income (NEA) | | | | | | | | | | | | | |
| Series 2015 (NEA PRCCL) | | | | | | | | | | | | | |
| Ending Market Value per Share | | $ | — | | $ | 10.07 | | $ | 10.16 | | $ | 10.14 | |
| Average Market Value per Share | | | 10.05 | ^ | | 10.10 | | | 10.14 | | | 10.08 | |
| ^ | For the period November 1, 2013 through December 20, 2013. |
Notes to Financial Statements
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) ("Quality Income (NAD)") |
| | • | Nuveen AMT-Free Quality Municipal Income Fund (NEA) ("AMT-Free Quality Income (NEA)") |
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Quality Income (NAD) and AMT-Free Quality Income (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 October 31, 2016, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2016 (the "current fiscal period").
Effective September 12, 2016, in conjunction with their reorganizations, Quality Income (NAD) changed its name from Nuveen Dividend Advantage Municipal Fund and AMT-Free Quality Income (NEA) changed its name from Nuveen AMT-Free Municipal Income Fund.
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. 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 AMT-Free Quality Income (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.
Effective February 5, 2016, Quality Income (NAD) and AMT-Free Quality Income (NEA) changed their investment policy to allow each Fund to invest 35% (previously 20%) of its managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates) in securities rated BBB and below. In addition, effective August 5, 2016, Quality Income (NAD) has added an investment policy to limit the amount of securities subject to AMT to no more than 20% of the Fund's managed assets.
Fund Reorganizations
Effective prior to the opening of business on September 12, 2016, certain funds were reorganized into the two, larger-national Funds included in this report (each a "Reorganization" and collectively, the "Reorganizations") as follows:
| Target Funds | Acquiring Fund |
| Nuveen Premier Municipal Income Fund, Inc. (NPF) | Quality Income (NAD) |
| ("Premier Income (NPF)") | |
| Nuveen Premium Income Municipal Fund, Inc. (NPI) | |
| ("Premium Income (NPI)") | |
| Nuveen Investment Quality Municipal Fund, Inc. (NQM) | |
| ("Investment Quality (NQM)") | |
| Nuveen Select Quality Municipal Fund, Inc. (NQS) | |
| ("Select Quality (NQS)") | |
Notes to Financial Statements (continued)
| Target Funds | Acquiring Fund |
| Nuveen Municipal Market Opportunity Fund, Inc. (NMO) | AMT-Free Quality Income (NEA) |
| ("Market Opportunity (NMO)") | |
| Nuveen Premium Income Municipal Fund 2, Inc. (NPM) | |
| ("Premium Income 2 (NPM)") | |
| Nuveen Performance Plus Municipal Fund, Inc. (NPP) | |
| ("Performance Plus (NPP)") | |
For accounting and performance reporting purposes, the Acquiring Fund is the survivor.
Upon the closing of each Reorganization, the Target Funds transferred their assets to the Acquiring Funds in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Funds of the liabilities of the Target Funds. The Target Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds became shareholders of the Acquiring Funds. Holders of common shares of the Target Funds received newly issued common shares of the Acquiring Funds, the aggregate net asset value ("NAV") of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders were entitled). Holders of preferred shares of the Target Funds receive on a one-for-one basis newly issued preferred shares of the Acquiring Funds, in exchange for preferred shares of the Target Funds held immediately prior to the Reorganizations. Details of the Reorganizations are further described in Note 9 – Fund Reorganizations.
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:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | ) | | (NEA | ) |
| Outstanding when-issued/delayed delivery purchase commitments | | $ | 64,926,639 | | $ | 68,172,277 | |
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.
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.
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 reporting 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). |
Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Trustees (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 NAVs 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
Notes to Financial Statements (continued)
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:
| Quality Income (NAD) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments: | | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | $ | 4,795,883,246 | | $ | — | | $ | 4,795,883,246 | |
| Corporate Bonds** | | | — | | | — | | | 569,511 | *** | | 569,511 | |
| Investment Companies | | | 573,665 | | | — | | | — | | | 573,665 | |
| Short-Term Investments: | | | | | | | | | | | | | |
| Municipal Bonds* | | | — | | | 132,080,000 | | | — | | | 132,080,000 | |
| Investments in Derivatives: | | | | | | | | | | | | | |
| Interest Rate Swaps**** | | | — | | | (1,380,160 | ) | | — | | | (1,380,160 | ) |
| Total | | $ | 573,665 | | $ | 4,926,583,086 | | $ | 569,511 | | $ | 4,927,726,262 | |
| | | | | | | | | | | | | | |
| AMT-Free Quality Income (NEA) | | | | | | | | | | | | | |
| Long-Term Investments: | | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | $ | 6,113,898,065 | | $ | — | | $ | 6,113,898,065 | |
| Corporate Bonds** | | | — | | | — | | | 836,075 | *** | | 836,075 | |
| Common Stocks** | | | 2,175,713 | | | — | | | — | | | 2,175,713 | |
| Short-Term Investments: | | | | | | | | | | | | | |
| Municipal Bonds* | | | — | | | 79,210,000 | | | — | | | 79,210,000 | |
| Investments in Derivatives: | | | | | | | | | | | | | |
| Interest Rate Swaps**** | | | — | | | (2,324,814 | ) | | — | | | (2,324,814 | ) |
| Total | | $ | 2,175,713 | | $ | 6,190,783,251 | | $ | 836,075 | | $ | 6,193,795,039 | |
| * | 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. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| | (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| | | |
| | (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters") in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and 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:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| Floating Rate Obligations Outstanding | | | (NAD | ) | | (NEA | ) |
| Floating rate obligations: self-deposited Inverse Floaters | | $ | 187,169,000 | | $ | 150,224,000 | |
| Floating rate obligations: externally-deposited Inverse Floaters | | | 142,484,000 | | | 193,821,000 | |
| Total | | $ | 329,653,000 | | $ | 344,045,000 | |
Notes to Financial Statements (continued)
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:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| Self-Deposited Inverse Floaters | | | (NAD | ) | | (NEA | ) |
| Average floating rate obligations outstanding | | $ | 177,711,063 | | $ | 144,722,060 | |
| Average annual interest rate and fees | | | 0.91 | % | | 0.91 | % |
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, Quality Income (NAD) and AMT-Free Quality Income (NEA) had outstanding borrowings under such liquidity facilities in the amount of $3,938,228 and $3,933,218, respectively, which are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| Floating Rate Obligations — Recourse Trusts | | | (NAD | ) | | (NEA | ) |
| Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | | $ | 104,414,000 | | $ | 91,764,000 | |
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | | | 70,954,000 | | | 109,011,000 | |
| Total | | $ | 175,368,000 | | $ | 200,775,000 | |
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.
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 used forward interest rate swap contracts to help reduce the 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:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | ) | | (NEA | ) |
| Average notional amount of interest rate swap contracts outstanding* | | $ | 3,120,000 | | $ | 146,120,000 | |
| * | 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. |
Notes to Financial Statements (continued)
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 | |
| Quality Income (NAD) | | | | | | | | | | | |
| Interest rate | Swaps | — | | $ | — | | Cash collateral at brokers | | | | |
| | (OTC Cleared) | | | | | | and Payable for | | | | |
| | | | | | | | variation margin | | | | |
| | | | | | | | on swap contracts** | | $ | (1,380,160 | ) |
| | | | | | | | | | | | |
| AMT-Free Quality Income (NEA) | | | | | | | | | | | |
| Interest rate | Swaps | | | | | | Unrealized depreciation on interest | | | | |
| | (OTC Uncleared) | — | | $ | — | | rate swaps, net | | $ | 444,637 | |
| Interest rate | Swaps | | | | | | Unrealized depreciation on interest | | | | |
| | (OTC Uncleared) | — | | | — | | rate swaps, net | | | (2,769,451 | ) |
| Total | | | | $ | — | | | | $ | (2,324,814 | ) |
| ** | Value represents the unrealized appreciation (depreciation) of swaps as reported in the Fund's Portfolio of Investments and not the asset and/or liability amount as described in the table above. |
The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of end of the reporting period.
| | | | | | | | | | | | | | | | | | Gross Amounts Not Offset |
| | | | | | | | | | | | | | | | | | on the Statement of |
| | | | | | | | | | | | | | | | | | Assets and Liabilities |
| | | | | | | 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 | | | Financial | | | to (from | ) | | Net | |
| Fund | | | Counterparty | | | Rate Swaps | *** | | Rate Swaps | *** | | Liabilities | | | Rate Swaps | | Instruments | **** | Counterparty | | Exposure | |
| AMT-Free Quality Income (NEA) | | | JPMorgan Chase | | $ | 444,637 | | $ | (2,769,451 | ) | $ | 444,637 | | $ | (2,324,814 | ) | $ | 2,013,557 | | $ | 311,257 | | $ | — | |
| | | | Bank, N.A. | | | | | | | | | | | | | | | | | | | | | | |
| *** | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments. |
| **** | Represents inverse floating rate securities available for offset. |
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 | |
| Quality Income (NAD) | | | Interest Rate | | | Swaps | | $ | — | | $ | (1,380,160 | ) |
| AMT-Free Quality Income (NEA) | | | Interest Rate | | | Swaps | | | (10,768,831 | ) | | 4,531,818 | |
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of
any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable, were as follows:
| | | | | | | | | | AMT-Free |
| | | | Quality Income (NAD) | | | Quality Income (NEA) |
| | | | Year | | | Year | | | Year | | | Year | |
| | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | | 10/31/16 | | | 10/31/15 | | | 10/31/16 | | | 10/31/15 | |
| Common shares issued in the Reorganizations | | | 162,585,915 | | | — | | | 183,893,286 | | | — | |
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for each Fund were as follows:
| | | | | | | Shares | | | Liquidation | |
| Fund | | | Series | | | Outstanding | | | Preference | |
| Quality Income (NAD) | | | 2019-1 | | | 2,085 | | $ | 208,500,000 | |
| | | | 2019 | | | 3,370 | | | 337,000,000 | |
| | | | 2018 | * | | 4,070 | | | 407,000,000 | |
| AMT-Free Quality Income (NEA) | | | 2019 | | | 2,380 | | | 238,000,000 | |
| | | | 2018 | * | | 5,350 | | | 535,000,000 | |
| * | Includes VMTP Shares issued in connection with the Reorganization. |
During the current fiscal period, Quality Income (NAD) refinanced all of its outstanding Series 2016 and Series 2017 VMTP Shares with the issuance of new Series 2019 and Series 2019-1 VMTP Shares, respectively. In conjunction with each refinancing Quality Income (NAD) issued an additional $72,000,000 Series 2019 and $165,000,000 Series 2019-1 VMTP Shares at liquidation preference, respectively, to be invested in accordance with the Fund's investment policies.
During the current reporting period, AMT-Free Quality Income (NEA) refinanced all of its outstanding Series 2016 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing AMT-Free Quality Income (NEA) issued an additional $87,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. Each Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund's VMTP Shares are as follows:
| | | | | | | Term | | | Premium | |
| Fund | | | Series | | | Redemption Date | | | Expiration Date | |
| Quality Income (NAD) | | | 2019-1 | | | October 1, 2019 | | | September 30, 2017 | |
| | | | 2019 | | | August 1, 2019 | | | June 30, 2017 | |
| | | | 2018 | * | | December 1, 2018 | | | May 31, 2016 | |
| AMT-Free Quality Income (NEA) | | | 2019 | | | June 1, 2019 | | | May 31, 2017 | |
| | | | 2018 | * | | December 1, 2018 | | | May 31, 2016 | |
| * | Includes VMTP Shares issued in connection with the Reorganization. |
Notes to Financial Statements (continued)
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | ) | | (NEA | ) |
| Average liquidation preference of VMTP Shares outstanding | | $ | 363,814,208 | | $ | 260,456,284 | |
| Annualized dividend rate | | | 1.36 | % | | 1.41 | % |
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 "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference" 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.
Quality Income (NAD) incurred offering costs of $420,000 in connection with its issuance of Series 2019 and Series 2019-1 VMTP Shares and AMT-Free Quality Income (NEA) incurred offering costs of $195,000 in connection with its issuance of Series 2019 VMTP Shares, which were expensed as incurred and are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following 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 | |
| Quality Income (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 | |
| AMT-Free Quality Income (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 issued in connection with the Reorganizations.
During the current fiscal period, AMT-Free Quality Income (NEA) issued $100,000,000 Series 5 VRDP Shares at liquidation preference, which will be used to invest in additional municipal securities in accordance with its investment objectives and policies.
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.
Series 5 VRDP shares in AMT-Free Quality Income (NEA) are considered to be Special Rate Period VRDP. Special Rate Period VRDP are sold to banks with an initial special short/intermediate rate period (typically three years) with a dividend rate set at a fixed spread to a specified short-term municipal index rate calculated weekly. Weekly remarketings do not take place during the initial special rate period. After the initial special rate period, Special Rate Period VRDP Shares will revert back to traditional VRDP Shares with dividends set at weekly remarketings, with an option to sell the shares to a designated liquidity provider, unless the Board approves another 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.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | )* | | (NEA | ) |
| Average liquidation preference of VRDP Shares outstanding | | $ | 632,000,000 | | $ | 468,260,656 | |
| Annualized dividend rate | | | 0.95 | % | | 0.54 | % |
| * | For the period September 12, 2016 (first issuance of shares in connection with the Reorganization) through October 31, 2016. |
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference" 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 the 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 being amortized over the life of the shares and are recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. AMT-Free Quality Income (NEA) incurred offering costs of $305,000 in connection with its issuance of Series 5 VRDP Shares. 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 period, 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 |
| Quality Income (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 |
| AMT-Free Quality Income (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 |
| Quality Income (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 | |
Notes to Financial Statements (continued)
| | | Year Ended |
| | | October 31, 2016 |
| AMT-Free Quality Income (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 | |
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions) during the current fiscal period were as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | ) | | (NEA | ) |
| Purchases | | $ | 346,766,757 | | $ | 545,069,822 | |
| Sales and maturities | | | 186,374,549 | | | 314,477,420 | |
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 AMT-Free Quality Income (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 October 31, 2016, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (NAD | ) | | (NEA | ) |
| Cost of investments | | $ | 4,305,869,091 | | $ | 5,448,803,211 | |
| Gross unrealized: | | | | | | | |
| Appreciation | | $ | 461,995,006 | | $ | 616,643,143 | |
| Depreciation | | | (25,925,906 | ) | | (19,547,582 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 436,069,100 | | $ | 597,095,561 | |
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' tax year end, as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (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' tax year end, were as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (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. |
The tax character of distributions paid during the Funds' tax years ended October 31, 2016 and October 31, 2015, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| 2016 | | | (NAD | ) | | (NEA | ) |
Distributions from net tax-exempt income3 | | $ | 46,309,674 | | $ | 72,826,597 | |
Distributions from net ordinary income2 | | | 32,795 | | | 359,191 | |
| Distributions from net long-term capital gains | | | — | | | — | |
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| 2015 | | | (NAD | ) | | (NEA | ) |
| Distributions from net tax-exempt income | | $ | 37,045,191 | | $ | 65,388,417 | |
Distributions from net ordinary income2 | | | 46,663 | | | 47,330 | |
| 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. |
3 | The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2016, as Exempt Interest Dividends. |
As of October 31, 2016, the Funds' 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.
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | 4 | | Income | 4 |
| | | | (NAD | ) | | (NEA | ) |
| 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 | |
4 | A portion of Quality Income's (NAD) and AMT-Free Quality Income's (NEA) capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations. |
Notes to Financial Statements (continued)
As of October 31, 2016, the Funds' tax year end, the Funds' capital loss carryforwards expired as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| | | | (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.
For the period November 1, 2015 through July 31, 2016, the annual Fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:
| Average 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 managed assets over $2 billion | | | 0.3750 | |
Effective August 1, 2016, 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 | |
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 Funds' 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 October 31, 2016, the complex-level fee for each Fund was 0.1610%. |
Other Transactions with Affiliates
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 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.
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:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| Inter-Fund Trades | | | (NAD | ) | | (NEA | ) |
| Purchases | | $ | 8,421,950 | | $ | 2,266,276 | |
| Sales | | | — | | | — | |
Notes to Financial Statements (continued)
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, 2015 (the only date utilized during the current fiscal period), the following Fund borrowed the following amount from the Unsecured Credit Line, at an annualized interest rate of 1.68% on its outstanding balance.
| | | | AMT-Free | |
| | | | Quality | |
| | | | Income | |
| | | | (NEA | ) |
| Outstanding balance at December 31, 2015 | | $ | 10,573,680 | |
Quality Income (NAD) did not draw on this Unsecured Credit Line during the current fiscal period.
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.
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, Quality Income (NAD) utilized this facility. The Fund's average daily balance outstanding and average annual interest rate during the utilization period were $15,000,000 and 1.70%, respectively. The Fund's maximum outstanding daily balance during the utilization period was $15,000,000. Borrowings outstanding as of the end of the reporting period are recognized as "Borrowings" on the Statement of Assets and Liabilities. AMT-Free Quality Income (NEA) did not utilize this facility during the current fiscal period.
9. Fund Reorganizations
The Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Target Funds' shareholders recognized no gain or loss for federal income tax purposes as a result. Prior to the closing of each of the Reorganizations, the Target Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Target Funds' shareholders for federal income tax purposes.
Investments
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Target Funds as of the date of the Reorganizations, were as follows:
| | | | Premier | | | Premium | | | Investment | | | Select | |
| | | | Income | | | Income | | | Quality | | | Quality | |
| | | | (NPF | ) | | (NPI | ) | | (NQM | ) | | (NQS | ) |
| Cost of investments | | $ | 402,394,951 | | $ | 1,352,403,461 | | $ | 873,473,292 | | $ | 766,534,215 | |
| Fair value of investments | | | 450,993,519 | | | 1,508,941,206 | | | 995,254,834 | | | 860,007,785 | |
| Net unrealized appreciation (depreciation) of investments | | | 48,598,568 | | | 156,537,745 | | | 121,781,542 | | | 93,473,570 | |
| | | | Market | | | Premium | | | Performance | |
| | | | Opportunity | | | Income 2 | | | Plus | |
| | | | (NMO | ) | | (NPM | ) | | (NPP | ) |
| Cost of investments | | $ | 961,211,883 | | $ | 1,450,037,128 | | $ | 1,382,329,778 | |
| Fair value of investments | | | 1,086,215,473 | | | 1,633,685,469 | | | 1,579,266,178 | |
| Net unrealized appreciation (depreciation) of investments | | | 125,003,590 | | | 183,648,341 | | | 196,936,400 | |
For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of the Acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Common Shares
The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately before and after the Reorganizations were as follows:
| | | | Premier | | | Premium | | | Investment | | | Select | |
| | | | Income | | | Income | | | Quality | | | Quality | |
| Target Funds - Prior to Reorganizations | | | (NPF | ) | | (NPI | ) | | (NQM | ) | | (NQS | ) |
| Common shares outstanding | | | 19,888,518 | | | 64,060,044 | | | 41,576,384 | | | 35,222,129 | |
| Net assets applicable to common shares | | $ | 318,126,617 | | $ | 1,044,228,475 | | $ | 694,815,900 | | $ | 583,562,884 | |
| NAV per common share outstanding | | $ | 16.00 | | $ | 16.30 | | $ | 16.71 | | $ | 16.57 | |
| | | | Market | | | Premium | | | Performance | |
| | | | Opportunity | | | Income 2 | | | Plus | |
| Target Funds - Prior to Reorganizations | | | (NMO | ) | | (NPM | ) | | (NPP | ) |
| Common shares outstanding | | | 45,874,035 | | | 70,692,851 | | | 60,025,455 | |
| Net assets applicable to common shares | | $ | 737,983,427 | | $ | 1,151,769,747 | | $ | 1,023,760,500 | |
| NAV per common share outstanding | | $ | 16.09 | | $ | 16.29 | | $ | 17.06 | |
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| Acquiring Funds - Prior to Reorganizations | | | (NAD | ) | | (NEA | ) |
| Common shares outstanding | | | 39,296,352 | | | 78,883,061 | |
| Net assets applicable to common shares | | $ | 638,225,667 | | $ | 1,249,781,959 | |
| NAV per common share outstanding | | $ | 16.24 | | $ | 15.84 | |
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| Acquiring Funds - Post Reorganizations | | | (NAD | ) | | (NEA | ) |
| Common shares outstanding | | | 201,882,267 | | | 262,776,347 | |
| Net assets applicable to common shares | | $ | 3,278,989,543 | | $ | 4,163,295,633 | |
| NAV per common share outstanding | | $ | 16.24 | | $ | 15.84 | |
Preferred Shares
In connection with each Reorganization, holders of VMTP and VRDP Shares of the Target Funds received on a one-for-one basis newly issued VMTP and VRDP Shares of the Acquiring Funds, in exchange for VMTP and VRDP Shares of the Target Funds held immediately prior to the Reorganizations.
Prior to the closing of the Reorganizations, details of the Target Funds' outstanding VMTP Shares were as follows:
| | | | | | | Shares | | | Liquidation | |
| Target Funds | | | Series | | | Outstanding | | | Preference | |
| Investment Quality (NQM) | | | 2017 | | | 435 | | $ | 43,500,000 | |
| Premium Income (NPI) | | | 2018 | | | 4,070 | | $ | 407,000,000 | |
| Performance Plus (NPP) | | | 2018 | | | 5,350 | | $ | 535,000,000 | |
Prior to the closing of the Reorganizations, details of the Target Funds' outstanding VRDP Shares were as follows:
| | | | | | | Shares | | | Liquidation | | | | |
| Target Funds | | | Series | | | Outstanding | | | Preference | | | Maturity | |
| Investment Quality (NQM) | | | 1 | | | 2,368 | | $ | 236,800,000 | | | May 1, 2041 | |
| Select Quality (NQS) | | | 1 | | | 2,675 | | $ | 267,500,000 | | | May 1, 2041 | |
| Premier Income (NPF) | | | 1 | | | 1,277 | | $ | 127,700,000 | | | May 1, 2041 | |
Notes to Financial Statements (continued)
| | | | | | | Shares | | | Liquidation | | | | |
| Target Funds | | | Series | | | Outstanding | | | Preference | | | Maturity | |
| Market Opportunity (NMO) | | | 1 | | | 3,509 | | $ | 350,900,000 | | | March 1, 2040 | |
| Premium Income 2 (NPM) | | | 1 | | | 4,895 | | $ | 489,500,000 | | | May 1, 2041 | |
Details of the Acquiring Funds' VMTP Shares issued in connection with the Reorganizations were as follows:
| | | | | | | Shares | | | Liquidation | |
| Acquiring Funds | | | Series | | | Outstanding | | | Preference | |
| Quality Income (NAD) | | | 2017 | | | 435 | | $ | 43,500,000 | |
| | | | 2018 | | | 4,070 | | $ | 407,000,000 | |
| AMT-Free Quality Income (NEA) | | | 2018 | | | 5,350 | | $ | 535,000,000 | |
Details of the Acquiring Funds' VRDP Shares issued in connection with the Reorganizations were as follows:
| | | | | | | Shares | | | Liquidation | | | | |
| Acquiring Funds | | | Series | | | Outstanding | | | Preference | | | Maturity | |
| Quality Income (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 | |
| AMT-Free Quality Income (NEA) | | | 3 | | | 3,509 | | $ | 350,900,000 | | | March 1, 2040 | |
| | | | 4 | | | 4,895 | | $ | 498,500,000 | | | September 11, 2026 | |
Pro Forma Results of Operations (Unaudited)
The beginning of the Target Funds' current fiscal period was November 1, 2015. Assuming the Reorganizations had been completed on November 1, 2015, the beginning of the Acquiring Funds' current fiscal period, the pro forma results of operations for the current fiscal period, are as follows:
| | | | | | | AMT-Free | |
| | | | Quality | | | Quality | |
| | | | Income | | | Income | |
| Acquiring Fund - Pro Forma Results from Operations | | | (NAD | ) | | (NEA | ) |
| Net investment income (loss) | | $ | 152,490,731 | | $ | 191,757,515 | |
| Net realized and unrealized gains (losses) | | | 95,852,039 | | | 134,307,943 | |
| Change in net assets resulting from operations | | | 248,342,770 | | | 326,065,459 | |
Because the combined investment portfolios for each Reorganization have been managed as a single integrated portfolio since each Reorganization were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statement of Operations for the Acquiring Funds since the Reorganizations were consummated.
Cost and Expenses
In connection with the Reorganizations, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as components of "Accrued other expenses" on the Statement of Assets and Liabilities and "Reorganization expenses" on the Statement of Operations.
Additional Fund Information (Unaudited)
| Board of Trustees | | | | | | |
| William Adams IV* | Margo L. 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 | | |
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| * Interested Board Member. |
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| 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.
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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports. |
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| ■ | 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. |
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| ■ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
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| ■ | Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. |
| ■ | 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 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | 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. |
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| ■ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Trustees of each Fund (the "Board," and each Trustee a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews each Investment Management Agreement and Sub-Advisory Agreement on behalf of each Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, compliance matters, securities lending, leverage matters, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board's effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board's evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a "Fund Adviser"); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and a review of premium/discount trends and leverage management as well as information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team's assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser's organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members' review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Members did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.
| A. | Nature, Extent and Quality of Services |
| | In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the funds' compliance program and related testing); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); and (g) providing leverage management. |
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| | The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser's additional staffing in key areas that support the funds and the Board, including in investment services, operations, closed-end fund/structured products, fund governance, compliance, fund administration, product management, and information technology. Among the enhancements to its services, the Board recognized the Adviser's (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) expanded efforts to support leverage management with a goal of seeking the most effective structure for fund shareholders given appropriate risk levels and regulatory constraints; (c) increased support for dividend management; (d) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (e) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (f) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (g) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser's efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer's report regarding the Adviser's compliance program, the Adviser's continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments. |
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| | The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the closed-end fund product line. The Board noted the Adviser's continued efforts during 2015 (a) to rationalize the product line through mergers designed to help reduce product overlap, offer shareholders the potential for lower fees and enhanced investor acceptance, and address persistent discounts in the secondary market; (b) to oversee and manage leverage as the Adviser facilitated the rollover of existing facilities and conducted negotiations for improved terms and |
| | pricing to reduce leverage costs; (c) to conduct capital management services including share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on such opportunities for the closed-end funds; and (d) to implement data-driven market analytics which, among other things, provided a better analysis of the shareholder base, enhanced the ability to monitor the closed-end funds versus peers and helped to understand trading discounts. The Board also considered the quality and breadth of Nuveen's investment relations program through which Nuveen seeks to build awareness of, and educate investors and financial advisers with respect to, Nuveen closed-end funds which may help to build an active secondary market for the closed-end fund product line. |
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| | As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement. |
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| | Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory. |
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| B. | The Investment Performance of the Funds and Fund Advisers |
| | The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser's analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016. |
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| | In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data: |
| | • | The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results. |
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| | • | Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance. |
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| | • | Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results. |
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| | • | The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds. The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark. |
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
| | In addition to the foregoing, the Independent Board Members continued to recognize the importance of secondary market trading for the shares of closed-end funds. At the quarterly meetings as well as the May Meeting, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. At the May Meeting and/or prior meetings, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, an analysis by the Adviser of the key economic, market and competitive trends that affected the closed-end fund market and Nuveen closed-end funds and considered any actions proposed periodically by the Adviser to address trading discounts of certain closed-end funds, including, among other things, share repurchases, fund reorganizations, adjusting fund investment mandates and strategies, and increasing fund awareness to investors. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds to be a continuing priority in their oversight of the closed-end funds. |
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| | With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund's investment strategy and seeking exposure to that strategy (even if the strategy was "out of favor" in the marketplace) and knowing the fund's fee structure. |
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| | For Nuveen Quality Municipal Income Fund, the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the three- and five-year periods and second quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory. |
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| | For Nuveen AMT-Free Quality Municipal Income Fund, the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the longer five-year period, the Fund ranked in the third quartile in the one- and three-year periods. In addition, the Fund outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory. |
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| C. | Fees, Expenses and Profitability |
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| | 1. Fees and Expenses |
| | The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe. |
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| | In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board considered that management recently reviewed the breakpoint schedules for the closed-end funds which resulted in reduced breakpoints and/or new breakpoints at certain asset thresholds for numerous closed-end funds, including the Funds. |
| | |
| | In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; and differences in services provided can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund's fees and expenses. In |
| | addition, in reviewing a fund's fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund's expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference. |
| | |
| | The Independent Board Members noted that the Funds each had a net management fee in line with its peer average and a net expense ratio below its peer average. |
| | |
| | Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund. |
| | |
| | 2. Comparisons with the Fees of Other Clients |
| | The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs). |
| | |
| | The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds. |
| | |
| | The Board also was aware that, since the Funds had a sub-adviser, each Fund's management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees. |
| | |
| | 3. Profitability of Fund Advisers |
| | In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen's adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory |
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
| | fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen's revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen's operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014. |
| | |
| | The Board also considered Nuveen's adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen's adjusted operating margins appeared comparable to the adjusted margins of the peers. |
| | |
| | Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA-CREF"), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen. |
| | |
| | Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. |
| | |
| | With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2015. |
| | |
| | In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. |
| | |
| | Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's levels of profitability were reasonable in light of the respective services provided. |
| | |
| D. | Economies of Scale and Whether Fee Levels Reflect These Economies of Scale |
| | The Independent Board Members recognized that as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser's investment |
| | in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. With respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base. |
| | |
| | The Independent Board Members reviewed the breakpoint and complex-wide schedules and the material savings achieved from fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year. |
| | |
| | In addition, the Independent Board Members recognized the Adviser's ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in closed-end funds/structured products, fund administration, operations, fund governance, investment services, compliance, product management, and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance. |
| | |
| | Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase. |
| | |
| E. | Indirect Benefits |
| | The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds and as underwriter on shelf offerings for certain existing funds. |
| | |
| | In addition to the above, the Independent Board Members considered that the Funds' portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds. |
| | |
| | Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters. |
| | |
| F. | Other Considerations |
| | The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed. |
Board Members & Officers (Unaudited)
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed | | Including other | | in Fund Complex |
| | | | | | and Term(1) | | Directorships | | Overseen by |
| | | | | | | | During Past 5 Years | | Board Member |
| | | | | | | | | | |
| Independent Board Members: | | | | | | |
| | | | | | | | | | |
| | WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606 | |
Chairman and
Board Member
| |
1996
Class III
| | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of Med-America Health System and WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | |
184
|
| | | | | | | | | | |
| | JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
1999
Class III
| | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | |
184
|
| | | | | | | | | | |
| | WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2003
Class I
| | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | |
184
|
| | | | | | | | | | |
| | DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2005
Class II
| | Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016). | |
184
|
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed | | Including other | | in Fund Complex |
| | | | | | and Term(1) | | Directorships | | Overseen by |
| | | | | | | | During Past 5 Years | | Board Member |
| | | | | | | | | | |
| Independent Board Members (continued): | | | | |
| | | | | |
| | ALBIN F. MOSCHNER(2)
1952
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2016
Class III
| | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016). | |
184
|
| | | | | | | | | | |
| | JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2013
Class II
| | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading – North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | |
184
|
| | | | | | | | | | |
| | JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
1997
Class I
| | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | |
184
|
| | | | | | | | | | |
| | CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2007
Class I
| | Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | |
184
|
| | | | | | | | | | |
| | TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2008
Class II
| | Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | |
184
|
Board Members & Officers (Unaudited) (continued)
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed | | Including other | | in Fund Complex |
| | | | | | and Term(1) | | Directorships | | Overseen by |
| | | | | | | | During Past 5 Years | | Board Member |
| | | | | | | | | | |
| Independent Board Members (continued): | | | | |
| | | | | | | | | | |
| | MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2016
Class I
| | Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | |
184
|
| Interested Board Members: | | | | |
| | | | | | | | | | |
| | WILLIAM ADAMS IV(3)
1955
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2013
Class II
| | Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Chief Executive Officer (since 2016), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010). | |
184
|
| | | | | | | | | | |
| | MARGO L. COOK(2)(3)
1964
333 W. Wacker Drive
Chicago, IL 60606 | |
Board Member
| |
2016
Class III
| | Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2015-2016) of Nuveen Securities, LLC; Co-President (since October 2016), formerly Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst. | |
184
|
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed(4) | | During Past 5 Years | | in Fund Complex |
| | | | | | | | | | Overseen |
| | | | | | | | | | by Officer |
| | | | | | | | | | |
| Officers of the Funds: | | | | |
| | | | | | | | | | |
| | CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606 | |
Chief
Administrative
Officer
| |
2007
| | Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014); Managing Director (since 2010) of Nuveen Investments Holdings, Inc. | |
74
|
| | | | | | | | | | |
| | LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606 | |
Vice President
| |
1998
| | Managing Director (since 2004) of Nuveen Investments Holdings, Inc. | |
185
|
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed(4) | | During Past 5 Years | | in Fund Complex |
| | | | | | | | | | Overseen |
| | | | | | | | | | by Officer |
| | | | | | | | | | |
| Officers of the Funds (continued): | | | | |
| | | | | | | | | | |
| | STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606 | |
Vice President
and Controller
| |
1998
| | Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant. | |
185
|
| | | | | | | | | | |
| | NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 60606 | |
Vice President
and Treasurer
| |
2016
| | Senior Vice President (since 2016), formerly, Vice President (2011-2016) of Nuveen Investments Holdings, Inc.; Chartered Financial Analyst. | |
185
|
| | | | | | | | | | |
| | WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606 | |
Chief Compliance
Officer and
Vice President
| |
2003
| | Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc. | |
185
|
| | | | | | | | | | |
| | DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 60606 | |
Vice President
| |
2015
| | Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006. | |
74
|
| | | | | | | | | | |
| | TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606 | |
Vice President
| |
2002
| | Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC. | |
185
|
| | | | | | | | | | |
| | KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606 | |
Vice President
and Assistant
Secretary
| |
2007
| | Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director, and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Winslow Capital Management, LLC (since 2010) and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC. | |
185
|
| | | | | | | | | | |
| | KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402 | |
Vice President and
Assistant Secretary
| |
2011
| | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | |
185
|
Board Members & Officers (Unaudited) (continued)
| | Name, | | Position(s) Held | | Year First | | Principal | | Number |
| | Year of Birth | | with the Funds | | Elected or | | Occupation(s) | | of Portfolios |
| | & Address | | | | Appointed(4) | | During Past 5 Years | | in Fund Complex |
| | | | | | | | | | Overseen |
| | | | | | | | | | by Officer |
| | | | | | | | | | |
| Officers of the Funds (continued): | | | | |
| | | | | | | | | | |
| | CHRISTOPHER M. ROHRBACHER
1971
333 West Wacker Drive
Chicago, IL 60606 | |
Vice President and
Assistant Secretary
| |
2008
| | Senior Vice President (since 2011) formerly, Vice President (2008-2011) and Assistant General Counsel (since 2008) of Nuveen Investments Holdings, Inc.; Senior Vice President and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary (since 2010) of Nuveen Commodities Asset Management, LLC. | |
185
|
| | | | | | | | | | |
| | JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 60606 | |
Vice President and
Assistant Secretary
| |
2013
| | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | |
185
|
| | | | | | | | | | |
| | GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606 | |
Vice President
and Secretary
| |
1988
| | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Nuveen Investments Advisers, LLC (since 2002) and Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | |
185
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| (1) | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. |
| (2) | On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016. |
| (3) | "Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (4) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. |
Notes
Notes
Notes
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages $244 billion in assets as of September 30, 2016.
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
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com | |
EAN-B-1016D 21464-INV-Y-12/17
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
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.
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.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
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.
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.
Stephen D. Foy
