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Table of Contents
| | |
| Chairman’s Letter to Shareholders | 4 |
| | |
| Portfolio Manager’s Comments | 5 |
| | |
| Fund Leverage | 7 |
| | |
| Common Share Information | 9 |
| | |
| Risk Considerations | 11 |
| | |
| Performance Overview and Holding Summaries | 12 |
| | |
| Portfolios of Investments | 16 |
| | |
| Statement of Assets and Liabilities | 103 |
| | |
| Statement of Operations | 104 |
| | |
| Statement of Changes in Net Assets | 105 |
| | |
| Statement of Cash Flows | 106 |
| | |
| Financial Highlights | 108 |
| | |
| Notes to Financial Statements | 111 |
| | |
| Additional Fund Information | 125 |
| | |
| Glossary of Terms Used in this Report | 126 |
| | |
| Reinvest Automatically, Easily and Conveniently | 128 |
3
Chairman’s Letter
to Shareholders
Dear Shareholders,
The worries weighing on markets at the end of 2018 appeared to dissipate in early 2019 as positive economic and corporate earnings news, more dovish signals from central banks and trade progress boosted investor confidence. However, political noise and trade disputes have resurfaced in the headlines more recently, knocking stock market indexes off their recent highs and rallying U.S. Treasury bonds and other safe-haven assets. Investors are concerned that increased tariffs and a protracted stalemate between the U.S. and China, Mexico and other trading partners could dampen business and consumer sentiment, weakening spending and potentially impacting the global economy. Additionally, political uncertainty and the risk of policy error appear elevated. In the U.S. in particular, low interest rate levels and the widening federal deficit have constrained the available policy tools for countering recessionary pressures. As the current U.S. economic expansion reaches the 10-year mark this summer, it’s important to note that economic expansions don’t die of old age, but mature economic cycles can be more vulnerable to an exogenous shock.
Until a clearer picture on trade emerges, more bouts of market turbulence are likely in the meantime. While the downside risks warrant careful monitoring, we believe the likelihood of a near-term recession remains low. Global economic growth is moderating, with demand driven by the historically low unemployment in the U.S., Japan and across Europe. Central banks across the developed world continue to emphasize their readiness to adjust policy, and China’s authorities remain committed to keeping economic growth rates steady with fiscal and monetary policy.
The opportunity set may be narrower, but there is still scope for gains in this environment. Patience and maintaining perspective can help you weather periodic market volatility. We encourage you to work with your financial advisor to assess short-term market movements in the context of your time horizon, risk tolerance and investment goals. 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,
Terence J. Toth
Chairman of the Board
June 24, 2019
4
Portfolio Manager’s Comments
Nuveen Quality Municipal Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio manager Christopher L. Drahn, CFA, reviews key investment strategies and the six-month performance of these two national Funds.
During May 2019 (subsequent to the close of this reporting period), the Board of Trustees approved the merger of the Nuveen Texas Quality Municipal Income Fund (NTX) into the acquiring Fund, the Nuveen Quality Municipal Income Fund (NAD) and the Nuveen North Carolina Quality Municipal Income Fund (NNC) into the acquiring Fund the Nuveen AMT-Free Quality Municipal Income Fund (NEA). In order for each reorganization to occur, it must be approved by shareholders.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2019?
During the six-month reporting period, a significant decline in interest rates along with a tailwind from technical supply-demand conditions drove strong performance in municipal bonds. After raising its benchmark interest rate in December 2018, the Federal Reserve (Fed) subsequently adopted a more dovish tone and downgraded its economic forecast. As markets repriced the possibility of no rate hikes (or a potential rate cut) in 2019, U.S. Treasury yields declined and municipal market yields fell even further. Demand for municipal bonds rose, shifting municipal bond fund flows from outflows at the end of 2018 to exceptionally strong inflows in the first four months of 2019. Renewed interest in the tax advantages of municipal bond investments also boosted demand in the new year. Under the new tax laws, some taxpayers had smaller refunds or larger tax bills than they expected, particularly in high tax states. However, supply has not kept pace with the elevated demand, as issuance volumes remain lower. The tight supply-demand conditions further supported municipal bond prices in this reporting period.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. We remained comfortable with the Funds’ broad positioning, maintaining overweight allocations to lower investment grade credits (and corresponding underweights to high grade bonds). Health care and transportation remained the Funds’ largest sector weights. NAD marginally added to alternative minimum tax (AMT) transportation sector bonds during the reporting period, which continued to offer reasonable incremental yield. (NEA does not invest in AMT bonds.) NAD also bought bonds of the newly named Virgin Trains USA Passenger Project, increasing its net exposure to the project after the old Brightline Passenger Rail Project Bonds were called. The Florida rail system is the country’s first privately owned and operated high-speed train, which currently connects Miami, Ft. Lauderdale and West Palm Beach and plans to add Orlando.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio 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 Group (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. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Manager’s Comments (continued)
To fund new purchases, we frequently used the proceeds from called or maturing bonds. Additionally, both NAD and NEA also took advantage of prevailing market conditions late in 2018, when interest rates were rising, to sell bonds with lower book yields and reinvest the proceeds into long-term bonds offering higher yield levels. These one-for-one transactions capitalized on the tax loss (which can be used to offset future taxable gains) and helped boost the Funds’ income distribution capabilities.
As of April 30, 2019, 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.
How did the Funds perform during the six-month reporting period ended April 30, 2019?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2019. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the six months ended April 30, 2019, the total returns on common share NAV for the two Funds outperformed the returns for the national S&P Municipal Bond Index and the secondary benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index.
Yield curve and duration positioning was the main driver of the Funds’ outperformance in this reporting period. Both Funds benefited from an overweight to longer duration bonds, which were the best performing segment, and an underweight to shorter duration bonds, which underperformed.
Credit rating and sector allocations had an overall neutral impact on relative performance in this reporting period. The weak performance of the tobacco sector, and by extension the single B ratings category (which is dominated by tobacco settlement bonds), was a small detractor for both Funds. The Funds’ overweight allocations to pre-refunded bonds, which lagged along with other shorter-dated, high quality bonds, had a slightly negative impact. NAD and NEA also held underweight allocations to Puerto Rico bonds, which was a drag on relative returns as Puerto Rico bonds performed well amid progress on the Commonwealth’s debt restructuring.
In addition, the use of regulatory leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 1, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution's parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy holdings, shareholders should note that NEA had no exposure to FirstEnergy, while NAD had 0.06% and it should be noted that this exposure is senior lien secured and had a negligible effect on relative performance.
6
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments in recent years have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
Leverage had a positive impact on the total return performance of the Funds during the reporting period.
As of April 30, 2019, the Funds’ percentages of leverage are as shown in the accompanying table.
| | | |
| | NAD | NEA |
| Effective Leverage* | 38.46% | 38.49% |
| Regulatory Leverage* | 36.59% | 36.34% |
| * | Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
7
Fund Leverage (continued)
THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2019, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
| | | | | | | | | | |
| | | Variable Rate Preferred* | | | Variable Rate Remarketed Preferred** | | | | |
| | | Shares Issued at Liquidation Preference | | | Shares Issued at Liquidation Preference | | | Total | |
| NAD | | $ | 1,152,500,000 | | | $ | 632,000,000 | | | $ | 1,784,500,000 | |
| NEA | | $ | 758,000,000 | | | $ | 1,490,300,000 | | | $ | 2,248,300,000 | |
| * | Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP- VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. |
| ** | Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. |
Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on preferred shares and each Fund’s respective transactions.
8
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2019. 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 2018 | | $ | 0.0535 | | | $ | 0.0535 | |
| December | | | 0.0535 | | | | 0.0535 | |
| January | | | 0.0535 | | | | 0.0535 | |
| February | | | 0.0535 | | | | 0.0535 | |
| March | | | 0.0535 | | | | 0.0535 | |
| April 2019 | | | 0.0535 | | | | 0.0535 | |
| Total Distributions from Net Investment Income | | $ | 0.3210 | | | $ | 0.3210 | |
| | |
| Yields | | | | | | | | |
| Market Yield* | | | 4.73 | % | | | 4.82 | % |
| Tax-Equivalent Yield* | | | 6.21 | % | | | 6.31 | % |
| * | 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 23.8 and 23.7% for NAD and NEA, respectively. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower. |
Each Fund 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. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. 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 2018, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
9
Common Share Information (continued)
As of April 30, 2019, 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 | | | 17,900 | | | | 75,000 | |
| Common shares authorized for repurchase | | | 20,190,000 | | | | 26,280,000 | |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of April 30, 2019, 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 | | $ | 15.32 | | | $ | 14.99 | |
| Common share price | | $ | 13.57 | | | $ | 13.32 | |
| Premium/(Discount) to NAV | | | (11.42 | )% | | | (11.14 | )% |
| 6-month average premium/(discount) to NAV | | | (12.17 | )% | | | (12.01 | )% |
10
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Quality Municipal Income Fund (NAD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NAD.
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEA.
11
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Performance Overview and Holding Summaries as of April 30, 2019 |
| |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. |
Average Annual Total Returns as of April 30, 2019 |
| |
| | Cumulative | Average Annual |
| | 6-Month | 1-Year | 5-Year | 10-Year |
| NAD at Common Share NAV | 8.55% | 7.89% | 5.57% | 7.94% |
| NAD at Common Share Price | 12.05% | 9.42% | 5.48% | 7.84% |
| S&P Municipal Bond Index | 5.36% | 5.84% | 3.55% | 4.74% |
| NAD Custom Blended Fund Performance Benchmark | 5.36% | 6.13% | 3.70% | 4.81% |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
12
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. Holdings designated N/R are not rated by these national rating agencies.
| | |
Fund Allocation | |
(% of net assets) | |
| Long-Term Municipal Bonds | 158.3% |
| Corporate Bonds | 0.0% |
| Investment Companies | 0.0% |
| Short-Term Municipal Bonds | 0.3% |
| Other Assets Less Liabilities | 1.8% |
Net Assets Plus Floating Rate Obligations, | |
AMTP Shares, net of deferred offering costs, |
MFP Shares, net of deferred offering | |
costs & VRDP Shares, net of deferred | |
offering costs | 160.4% |
| Floating Rate Obligations | (2.8)% |
| AMTP Shares, net of deferred | |
| offering costs | (17.6)% |
| MFP Shares, net of deferred | |
| offering costs | (19.6)% |
| VRDP Shares, net of deferred | |
| offering costs | (20.4)% |
Net Assets | 100% |
| | |
Portfolio Credit Quality | |
(% of total investment exposure) | |
| U.S. Guaranteed | 8.5% |
| AAA | 1.3% |
| AA | 19.8% |
| A | 38.7% |
| BBB | 21.5% |
| BB or Lower | 7.7% |
| N/R (not rated) | 2.5% |
| N/A (not applicable) | 0.0% |
Total | 100% |
| | |
Portfolio Composition | |
(% of total investments) | |
| Transportation | 29.7% |
| Health Care | 15.8% |
| Tax Obligation/Limited | 13.5% |
| Tax Obligation/General | 9.1% |
| U.S. Guaranteed | 8.5% |
| Utilities | 6.4% |
| Education and Civic Organizations | 5.2% |
| Other | 11.8% |
Total | 100% |
| | |
States and Territories | |
(% of total municipal bonds) | |
| Illinois | 12.1% |
| Texas | 10.4% |
| California | 10.4% |
| Colorado | 6.5% |
| Florida | 6.1% |
| Ohio | 5.1% |
| New York | 4.7% |
| Pennsylvania | 3.2% |
| Washington | 2.9% |
| New Jersey | 2.8% |
| South Carolina | 2.6% |
| Missouri | 2.4% |
| Arizona | 2.1% |
| Louisiana | 2.0% |
| Virginia | 2.0% |
| Nevada | 1.8% |
| Michigan | 1.4% |
| Tennessee | 1.4% |
| Oregon | 1.3% |
| Other | 18.8% |
Total | 100% |
13
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Performance Overview and Holding Summaries as of April 30, 2019 |
| |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. |
Average Annual Total Returns as of April 30, 2019 |
| |
| | Cumulative | Average Annual |
| | 6-Month | 1-Year | 5-Year | 10-Year |
| NEA at Common Share NAV | 8.21% | 7.68% | 5.83% | 6.49% |
| NEA at Common Share Price | 12.58% | 9.51% | 5.61% | 6.47% |
| S&P Municipal Bond Index | 5.36% | 5.84% | 3.55% | 4.74% |
| NEA Custom Blended Fund Performance Benchmark | 5.36% | 6.13% | 3.70% | 4.81% |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
14
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. Holdings designated N/R are not rated by these national rating agencies.
| | |
Fund Allocation | |
(% of net assets) | |
| Long-Term Municipal Bonds | 157.6% |
| Corporate Bonds | 0.0% |
| Short-Term Municipal Bonds | 0.2% |
| Other Assets Less Liabilities | 1.5% |
Net Assets Plus Floating Rate | |
Obligations, MFP Shares, net of | |
deferred offering costs & VRDP | |
Shares, net of deferred offering costs | 159.3% |
| Floating Rate Obligations | (2.4)% |
| MFP Shares, net of deferred | |
| offering costs | (24.3)% |
| VRDP Shares, net of deferred | |
| offering costs | (32.6)% |
Net Assets | 100% |
| | |
Portfolio Credit Quality | |
(% of total investment exposure) | |
| U.S. Guaranteed | 8.7% |
| AAA | 2.2% |
| AA | 24.0% |
| A | 33.8% |
| BBB | 20.9% |
| BB or Lower | 7.9% |
| N/R (not rated) | 2.5% |
Total | 100% |
| | |
Portfolio Composition | |
(% of total investments) | |
| Health Care | 19.7% |
| Transportation | 18.8% |
| Tax Obligation/Limited | 14.8% |
| Tax Obligation/General | 12.6% |
| U.S. Guaranteed | 8.8% |
| Education and Civic Organizations | 6.0% |
| Water and Sewer | 5.5% |
| Utilities | 5.2% |
| Consumer Staples | 5.0% |
| Other | 3.6% |
Total | 100% |
| | |
States and Territories | |
(% of total municipal bonds) | |
| Illinois | 14.2% |
| California | 8.0% |
| Texas | 8.0% |
| Colorado | 6.5% |
| Ohio | 5.8% |
| Florida | 4.5% |
| New York | 4.2% |
| Pennsylvania | 4.0% |
| New Jersey | 3.8% |
| Michigan | 3.5% |
| Nevada | 3.3% |
| South Carolina | 2.4% |
| Missouri | 2.3% |
| Indiana | 2.3% |
| Washington | 2.2% |
| Georgia | 2.1% |
| Wisconsin | 2.0% |
| Louisiana | 1.9% |
| Other | 19.0% |
Total | 100% |
15
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | LONG-TERM INVESTMENTS – 158.3% (99.8% of Total Investments) | | | |
| | | MUNICIPAL BONDS – 158.3% (99.8% of Total Investments) | | | |
| | | Alabama – 1.5% (0.9% of Total Investments) | | | |
| | | Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A: | | | |
| $ 5,000 | | 5.000%, 10/01/33 – AGM Insured (AMT) | 10/27 at 100.00 | BBB+ | $ 5,764,550 |
| 5,455 | | 5.000%, 10/01/34 – AGM Insured (AMT) | 10/27 at 100.00 | BBB+ | 6,266,104 |
| 5,550 | | 5.000%, 10/01/35 – AGM Insured (AMT) | 10/27 at 100.00 | BBB+ | 6,365,906 |
| 17,500 | | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A3 | 22,505,175 |
| | | 5.000%, 9/01/46 | | | |
| 4,165 | | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone | 5/29 at 100.00 | N/R | 4,468,753 |
| | | Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A (WI/DD, | | | |
| | | Settling 5/16/19) | | | |
| 37,670 | | Total Alabama | | | 45,370,488 |
| | | Alaska – 0.7% (0.5% of Total Investments) | | | |
| | | Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham | | | |
| | | Hydroelectric Project, Refunding Series 2015: | | | |
| 1,580 | | 5.000%, 1/01/24 (AMT) | No Opt. Call | Baa2 | 1,720,099 |
| 3,400 | | 5.000%, 1/01/25 (AMT) | No Opt. Call | Baa2 | 3,746,052 |
| 1,000 | | 5.000%, 1/01/28 (AMT) | 7/25 at 100.00 | Baa2 | 1,092,320 |
| 1,075 | | 5.000%, 1/01/29 (AMT) | 7/25 at 100.00 | Baa2 | 1,168,009 |
| 300 | | 5.000%, 1/01/31 (AMT) | 7/25 at 100.00 | Baa2 | 324,396 |
| | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | | | |
| | | Bonds, Series 2006A: | | | |
| 205 | | 4.625%, 6/01/23 | 5/19 at 100.00 | A3 | 205,057 |
| 14,500 | | 5.000%, 6/01/32 | 5/19 at 100.00 | B3 | 14,499,420 |
| 22,060 | | Total Alaska | | | 22,755,353 |
| | | Arizona – 3.3% (2.1% of Total Investments) | | | |
| 980 | | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue | 3/22 at 100.00 | A– | 1,030,196 |
| | | Bonds, Tucson Electric Power Company, Series 2012A, 4.500%, 3/01/30 | | | |
| 2,500 | | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals | 12/24 at 100.00 | A2 | 2,762,250 |
| | | Project, Refunding Series 2014A, 5.000%, 12/01/39 | | | |
| 2,000 | | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of | 1/28 at 100.00 | AA– | 2,241,000 |
| | | Math & Science Projects, Series 2018A, 5.000%, 7/01/48 | | | |
| | | 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 | 1,586,969 |
| 2,500 | | 5.000%, 7/01/32 | 7/22 at 100.00 | A | 2,654,125 |
| 2,335 | | 5.000%, 7/01/36 | 7/22 at 100.00 | A | 2,464,476 |
| 11,795 | | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, | 1/27 at 100.00 | AA– | 12,638,814 |
| | | Refunding Series 2016A, 4.000%, 1/01/36 | | | |
| 9,740 | | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien | 7/20 at 100.00 | A+ (4) | 10,120,152 |
| | | Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) | | | |
| 12,935 | | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien | 7/27 at 100.00 | AA– | 14,806,306 |
| | | Series 2017A, 5.000%, 7/01/47 (AMT) | | | |
| 6,000 | | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien | 7/28 at 100.00 | AA– | 6,948,120 |
| | | Series 2018, 5.000%, 7/01/48 (AMT) | | | |
| 7,000 | | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion | No Opt. Call | AA | 9,749,950 |
| | | Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured | | | |
| 1,000 | | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric | 10/20 at 100.00 | A– | 1,041,500 |
| | | Power Company, Series 2010A, 5.250%, 10/01/40 | | | |
| 1,000 | | Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding | 12/25 at 100.00 | AA | 1,051,310 |
| | | Series 2015, 4.000%, 12/01/38 – AGM Insured | | | |
16
| | | | | | |
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+ | $ 629,235 |
| 24,765 | | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 31,229,160 |
| 1,100 | | Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona | 6/24 at 100.00 | A2 | 1,235,729 |
| | | University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured | | | |
| 728 | | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, | 6/19 at 100.00 | N/R | 719,199 |
| | | Series 2005, 6.000%, 7/01/30 | | | |
| 88,368 | | Total Arizona | | | 102,908,491 |
| | | Arkansas – 0.1% (0.0% of Total Investments) | | | |
| 2,055 | | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, | 12/23 at 100.00 | A1 | 2,254,499 |
| | | 4.875%, 12/01/43 | | | |
| | | California – 16.5% (10.4% of Total Investments) | | | |
| 1,500 | | ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured | 5/20 at 100.00 | AA– (4) | 1,569,765 |
| | | Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30 (Pre-refunded 5/15/20) | | | |
| | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding | | | |
| | | Subordinate Lien Series 2004A: | | | |
| 185 | | 0.000%, 10/01/20 – AMBAC Insured | No Opt. Call | Baa2 | 178,390 |
| 9,015 | | 0.000%, 10/01/20 – AMBAC Insured (ETM) | No Opt. Call | N/R (4) | 8,815,408 |
| 1,535 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series | No Opt. Call | A– | 808,884 |
| | | 1999A, 0.000%, 10/01/37 – NPFG Insured | | | |
| | | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement | | | |
| | | Project, Series 1997C: | | | |
| 2,945 | | 0.000%, 9/01/27 | No Opt. Call | A2 | 2,407,390 |
| 7,150 | | 0.000%, 9/01/28 – AGM Insured | No Opt. Call | A2 | 5,650,788 |
| 2,455 | | 0.000%, 9/01/32 – AGM Insured | No Opt. Call | A2 | 1,642,469 |
| 200 | | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | A2 | 117,094 |
| | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | | | |
| | | Series 2013S-4: | | | |
| 10,000 | | 5.000%, 4/01/38 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 11,358,100 |
| 3,500 | | 5.250%, 4/01/53 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 4,008,550 |
| 1,055 | | Brisbane School District, San Mateo County, California, General Obligation Bonds, | No Opt. Call | A2 | 624,750 |
| | | Election 2003 Series 2005, 0.000%, 7/01/35 – AGM Insured | | | |
| | | Byron Unified School District, Contra Costa County, California, General Obligation | | | |
| | | Bonds, Series 2007B: | | | |
| 60 | | 0.000%, 8/01/32 (ETM) | No Opt. Call | A2 (4) | 43,400 |
| 1,640 | | 0.000%, 8/01/32 | No Opt. Call | A2 | 1,080,563 |
| | | 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 | 2,523,451 |
| 4,505 | | 0.000%, 8/01/33 – FGIC Insured | No Opt. Call | A3 | 2,834,816 |
| 2,820 | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/19 at 100.00 | BBB+ | 2,827,501 |
| | | Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 | | | |
| 7,000 | | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter | 11/26 at 100.00 | A+ | 8,044,820 |
| | | Health, Refunding Series 2016B, 5.000%, 11/15/46 | | | |
| 22,520 | | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter | 11/27 at 100.00 | A+ | 26,094,825 |
| | | Health, Refunding Series 2017A, 5.000%, 11/15/48 | | | |
| 2,275 | | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter | 11/27 at 100.00 | AA– | 2,441,120 |
| | | Health, Series 2018A, 4.000%, 11/15/42 | | | |
| 5,950 | | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & | 10/19 at 100.00 | AA– | 6,043,712 |
| | | Services, Series 2009B, 5.500%, 10/01/39 | | | |
| 710 | | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– | 788,164 |
| | | System, Series 2013A, 5.000%, 7/01/37 | | | |
17
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
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: | | | |
| $ 790 | | 7.158%, 8/15/51 , 144A (IF), (6) | 8/22 at 100.00 | AA– | $ 917,601 |
| 825 | | 7.162%, 8/15/51 , 144A (IF), (6) | 8/22 at 100.00 | AA– | 958,378 |
| 2,140 | | 7.162%, 8/15/51 , 144A (IF), (6) | 8/22 at 100.00 | AA– | 2,485,974 |
| 5,600 | | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | BBB+ | 6,398,112 |
| | | Series 2018A, 5.000%, 12/31/43 (AMT) | | | |
| 3,250 | | California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, | 2/27 at 100.00 | A– | 3,657,225 |
| | | Series 2017A, 5.000%, 2/01/42 | | | |
| 810 | | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/19 at 100.00 | A+ (4) | 829,983 |
| | | Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) | | | |
| | | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | | | |
| | | Series 2010A-1: | | | |
| 1,530 | | 5.750%, 3/01/30 (Pre-refunded 3/01/20) | 3/20 at 100.00 | A+ (4) | 1,585,386 |
| 1,000 | | 6.000%, 3/01/35 (Pre-refunded 3/01/20) | 3/20 at 100.00 | A+ (4) | 1,038,250 |
| 815 | | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/23 at 100.00 | A+ | 904,169 |
| | | Series 2013I, 5.000%, 11/01/38 | | | |
| | | California State, General Obligation Bonds, Various Purpose Series 2010: | | | |
| 2,100 | | 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | 2,162,937 |
| 3,000 | | 5.500%, 3/01/40 | 3/20 at 100.00 | AA– | 3,085,410 |
| 4,250 | | 5.250%, 11/01/40 | 11/20 at 100.00 | AA– | 4,452,895 |
| 500 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB– | 543,715 |
| | | Linda University Medical Center, Series 2014A, 5.250%, 12/01/44 | | | |
| | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | | | |
| | | Linda University Medical Center, Series 2016A: | | | |
| 6,000 | | 5.000%, 12/01/46, 144A | 6/26 at 100.00 | BB– | 6,524,400 |
| 3,070 | | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB– | 3,374,268 |
| 5,480 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB– | 6,231,418 |
| | | Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | | | |
| | | 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+ | 915,750 |
| 1,030 | | 6.250%, 10/01/39 | 10/19 at 100.00 | BBB+ | 1,049,055 |
| | | California Statewide Community Development Authority, Revenue Bonds, Daughters of | | | |
| | | Charity Health System, Series 2005A: | | | |
| 2,640 | | 5.750%, 7/01/30 | 6/19 at 100.00 | CC | 2,584,349 |
| 7,230 | | 5.500%, 7/01/39 | 6/19 at 100.00 | CC | 7,106,945 |
| 6,025 | | California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital | 8/19 at 100.00 | N/R (4) | 6,102,662 |
| | | Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) | | | |
| 4,890 | | Clovis Unified School District, Fresno County, California, General Obligation Bonds, | No Opt. Call | Baa2 | 4,188,383 |
| | | Series 2006B, 0.000%, 8/01/26 – NPFG Insured | | | |
| 1,000 | | Coachella Valley Unified School District, Riverside County, California, General | No Opt. Call | A– | 722,690 |
| | | Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured | | | |
| 5,045 | | Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, | 11/21 at 61.42 | AA– (4) | 2,983,108 |
| | | Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27 | | | |
| | | (Pre-refunded 11/01/21) | | | |
| 1,260 | | Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment | 12/21 at 100.00 | A+ | 1,425,199 |
| | | Project, Subordinate Series 2011A, 7.000%, 12/01/36 | | | |
| 4,000 | | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, | 6/24 at 100.00 | Aa1 | 4,491,240 |
| | | Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44 | | | |
| 3,010 | | El Camino Community College District, California, General Obligation Bonds, Election of | No Opt. Call | AA+ | 2,653,676 |
| | | 2002 Series 2012C, 0.000%, 8/01/25 | | | |
| 3,500 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | BBB– | 2,172,940 |
| | | Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured | | | |
18
| | | | | | |
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: | | | |
| $ 1,480 | | 5.750%, 1/15/46 | 1/24 at 100.00 | Baa3 | $ 1,703,465 |
| 6,480 | | 6.000%, 1/15/49 | 1/24 at 100.00 | Baa3 | 7,586,654 |
| 1,500 | | Gavilan Joint Community College District, Santa Clara and San Benito Counties, | 8/21 at 100.00 | AA (4) | 1,646,265 |
| | | California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 | | | |
| | | (Pre-refunded 8/01/21) | | | |
| 9,930 | | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | 6/25 at 100.00 | A+ | 11,164,299 |
| | | Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 | | | |
| | | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | | | |
| | | Asset-Backed Revenue Bonds, Series 2005A: | | | |
| 1,455 | | 0.000%, 6/01/24 – AMBAC Insured | No Opt. Call | A+ | 1,315,509 |
| 3,500 | | 0.000%, 6/01/26 – AGM Insured | No Opt. Call | A1 | 3,010,735 |
| 3,000 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 2,944,800 |
| | | Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 | | | |
| 5,945 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 5,835,612 |
| | | Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 | | | |
| 2,500 | | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | AA– | 1,717,450 |
| | | Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured | | | |
| 9,740 | | Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage | No Opt. Call | AA+ (4) | 10,102,620 |
| | | Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) | | | |
| 5,000 | | Kern Community College District, California, General Obligation Bonds, Safety, Repair & | No Opt. Call | AA | 4,492,900 |
| | | Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured | | | |
| 1,045 | | Lake Tahoe Unified School District, El Dorado County, California, General Obligation | No Opt. Call | A– | 738,418 |
| | | Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured | | | |
| 90 | | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/26 at 100.00 | AA– | 102,452 |
| | | Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (AMT) | | | |
| | | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | | | |
| | | Airport, Subordinate Lien Series 2016B: | | | |
| 2,000 | | 5.000%, 5/15/41 (AMT) | 5/26 at 100.00 | AA– | 2,279,360 |
| 20,015 | | 5.000%, 5/15/46 (AMT) | 5/26 at 100.00 | AA– | 22,723,430 |
| 4,615 | | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/28 at 100.00 | AA– | 5,390,089 |
| | | Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (AMT) | | | |
| 2,665 | | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, | 1/24 at 100.00 | AA | 2,974,113 |
| | | Series 2014B, 5.000%, 7/01/43 | | | |
| 15,000 | | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, | 1/21 at 100.00 | Aa2 | 15,800,400 |
| | | Series 2011A, 5.000%, 7/01/41 | | | |
| 2,000 | | Los Rios Community College District, Sacramento County, California, General Obligation | 8/19 at 100.00 | AA (4) | 2,019,340 |
| | | Bonds, Series 2009D, 5.375%, 8/01/34 (Pre-refunded 8/01/19) | | | |
| 250 | | Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, | 9/21 at 100.00 | A | 279,555 |
| | | Subordinate Lien Series 2011A, 7.000%, 9/01/31 | | | |
| 500 | | Madera County, California, Certificates of Participation, Children’s Hospital Central | 3/20 at 100.00 | A1 (4) | 516,885 |
| | | California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20) | | | |
| 6,215 | | Martinez Unified School District, Contra Costa County, California, General Obligation | 8/24 at 100.00 | AA | 7,436,807 |
| | | Bonds, Series 2011, 5.875%, 8/01/31 | | | |
| 5,955 | | Mount San Antonio Community College District, Los Angeles County, California, General | 8/35 at 100.00 | AA | 5,411,547 |
| | | Obligation Bonds, Election of 2008, Series 2013A, 6.250%, 8/01/43, (5) | | | |
| 2,700 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | BBB+ | 3,979,071 |
| | | Series 2009A, 7.000%, 11/01/34 | | | |
| 2,200 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | BBB+ | 3,246,386 |
| | | Series 2009C, 6.500%, 11/01/39 | | | |
| 290 | | Natomas Union School District, Sacramento County, California, General Obligation | No Opt. Call | Baa2 | 304,961 |
| | | Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured | | | |
19
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California (continued) | | | |
| $ 14,065 | | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue | No Opt. Call | Baa2 | $ 15,917,360 |
| | | Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured | | | |
| 3,615 | | Palomar Pomerado Health Care District, California, Certificates of Participation, | 11/19 at 100.00 | N/R (4) | 3,707,942 |
| | | Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) | | | |
| 890 | | Palomar Pomerado Health Care District, California, Certificates of Participation, | 11/20 at 100.00 | Ba1 (4) | 923,767 |
| | | Series 2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20) | | | |
| 13,145 | | Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage | No Opt. Call | AA+ (4) | 16,615,411 |
| | | Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (ETM) | | | |
| 2,500 | | Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, | 5/21 at 100.00 | AA (4) | 2,704,800 |
| | | 5.500%, 5/01/32 (Pre-refunded 5/01/21) | | | |
| 6,000 | | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates | No Opt. Call | A2 (4) | 4,116,060 |
| | | of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) | | | |
| 7,080 | | Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage | No Opt. Call | AA+ (4) | 7,907,440 |
| | | Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) | | | |
| 2,000 | | Poway Unified School District, San Diego County, California, General Obligation Bonds, | No Opt. Call | AA– | 964,920 |
| | | School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41 | | | |
| 5,000 | | Rialto Unified School District, San Bernardino County, California, General Obligation | 8/36 at 100.00 | A1 | 5,347,600 |
| | | Bonds, Series 2011A, 7.350%, 8/01/41 – AGM Insured, (5) | | | |
| 5,000 | | Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, | No Opt. Call | A1 | 4,355,800 |
| | | Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured | | | |
| 4,615 | | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley | No Opt. Call | A | 2,297,578 |
| | | Project Area, Series 2011B, 0.000%, 10/01/38 | | | |
| 330 | | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | BBB | 362,842 |
| | | Series 2013A, 5.750%, 6/01/48 | | | |
| 14,900 | | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/26 at 100.00 | A+ | 16,927,145 |
| | | International Airport, Second Series 2016B, 5.000%, 5/01/46 (AMT) | | | |
| | | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | | | |
| | | International Airport, Second Series 2018D: | | | |
| 11,615 | | 5.000%, 5/01/43 (AMT) | 5/28 at 100.00 | A+ | 13,577,470 |
| 12,285 | | 5.000%, 5/01/48 (AMT) | 5/28 at 100.00 | A+ | 14,292,983 |
| 11,025 | | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/29 at 100.00 | A+ | 12,975,433 |
| | | International Airport, Second Series 2019A, 5.000%, 5/01/49 (AMT) | | | |
| 660 | | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, | 8/19 at 100.00 | A– (4) | 668,270 |
| | | Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) | | | |
| 2,000 | | San Francisco, California, Community Facilities District 6, Mission Bay South Public | 8/22 at 29.31 | N/R | 539,580 |
| | | Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43 | | | |
| 2,000 | | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | 1/25 at 100.00 | BBB– | 2,219,440 |
| | | Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 | | | |
| | | 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 | 17,123,846 |
| 25,840 | | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB | 28,589,634 |
| | | San Jose, California, Airport Revenue Bonds, Refunding Series 2017A: | | | |
| 5,000 | | 5.000%, 3/01/41 (AMT) | 3/27 at 100.00 | A– | 5,732,650 |
| 5,000 | | 5.000%, 3/01/47 (AMT) | 3/27 at 100.00 | A– | 5,695,200 |
| 6,660 | | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 38.93 | A1 | 2,121,610 |
| | | Refunding Series 2015, 0.000%, 8/01/43 | | | |
| 880 | | Santee Community Development Commission, California, Santee Redevelopment Project Tax | 2/21 at 100.00 | A (4) | 964,260 |
| | | Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) | | | |
| 2,460 | | Santee School District, San Diego County, California, General Obligation Bonds, Capital | No Opt. Call | AA | 1,616,786 |
| | | Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured | | | |
20
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California (continued) | | | |
| $ 5,000 | | Solano Community College District, Solano and Yolo Counties, California, General | 8/23 at 100.00 | Aa3 | $ 5,560,400 |
| | | Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43 | | | |
| 1,145 | | Southern Kern Unified School District, Kern County, California, General Obligation | No Opt. Call | A2 | 820,461 |
| | | Bonds, Series 2006C, 0.000%, 11/01/30 – AGM Insured | | | |
| 1,175 | | Southern Kern Unified School District, Kern County, California, General Obligation | No Opt. Call | A2 | 684,473 |
| | | Bonds, Series 2010B, 0.000%, 11/01/35 – AGM Insured | | | |
| | | Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, | | | |
| | | Redevelopment Project, Subordinate Lien Series 2011: | | | |
| 1,000 | | 6.375%, 12/01/23 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ (4) | 1,125,920 |
| 1,000 | | 6.500%, 12/01/24 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ (4) | 1,128,800 |
| 1,000 | | 6.625%, 12/01/25 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ (4) | 1,131,960 |
| 1,325 | | 6.750%, 12/01/26 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ (4) | 1,504,034 |
| 2,410 | | Victor Elementary School District, San Bernardino County, California, General Obligation | No Opt. Call | A+ | 2,037,751 |
| | | Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured | | | |
| 2,000 | | West Contra Costa Unified School District, Contra Costa County, California, General | 8/21 at 100.00 | A+ (4) | 2,161,940 |
| | | Obligation Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41 (Pre-refunded 8/01/21) | | | |
| 3,750 | | Wiseburn School District, Los Angeles County, California, General Obligation Bonds, | 8/31 at 100.00 | Aa3 | 3,606,112 |
| | | Series 2011B, 7.300%, 8/01/36 – AGM Insured, (5) | | | |
| 4,000 | | Yuba Community College District, California, General Obligation Bonds, Election 2006 | 8/21 at 100.00 | Aa2 (4) | 4,345,920 |
| | | Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) | | | |
| 492,185 | | Total California | | | 508,546,799 |
| | | Colorado – 10.3% (6.5% of Total Investments) | | | |
| 3,000 | | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding | 12/25 at 100.00 | A3 | 3,433,590 |
| | | Series 2015, 5.000%, 12/01/35 – BAM Insured | | | |
| 4,195 | | Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, | 12/26 at 100.00 | Aa2 | 4,590,588 |
| | | General Obligation Bonds, Series 2016C, 4.000%, 12/15/34 | | | |
| 1,775 | | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | 12/22 at 103.00 | N/R | 1,903,350 |
| | | Improvement Series 2017, 5.000%, 12/01/29, 144A | | | |
| 2,945 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 8/23 at 100.00 | BB+ | 3,327,821 |
| | | Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43 | | | |
| 1,715 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 8/26 at 100.00 | A+ | 1,651,339 |
| | | Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 | | | |
| 500 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 1/24 at 100.00 | A+ | 535,300 |
| | | Liberty Common Charter School, Series 2014A, 5.000%, 1/15/44 | | | |
| 1,000 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 8/24 at 100.00 | A+ | 1,109,330 |
| | | Peak-to-Peak Charter School, Refunding Series 2014, 5.000%, 8/15/30 | | | |
| 3,915 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 6/26 at 100.00 | A+ | 3,575,491 |
| | | Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, | | | |
| | | 3.250%, 6/01/46 | | | |
| 1,250 | | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University | No Opt. Call | A+ | 1,353,313 |
| | | Corporation for Atmospheric Research Project, Refunding Series 2012A, 4.500%, 9/01/22 | | | |
| 545 | | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University | 9/27 at 100.00 | A2 | 570,343 |
| | | Corporation for Atmospheric Research Project, Refunding Series 2017, 3.625%, 9/01/31 | | | |
| | | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of | | | |
| | | Denver, Series 2017A: | | | |
| 1,200 | | 4.000%, 3/01/36 | 3/27 at 100.00 | A1 | 1,299,960 |
| 1,600 | | 4.000%, 3/01/37 | 3/27 at 100.00 | A1 | 1,725,248 |
| 1,465 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes | 8/19 at 100.00 | N/R (4) | 1,486,843 |
| | | Project, Series 2009A, 7.750%, 8/01/39 (Pre-refunded 8/01/19) | | | |
| 6,765 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 7/19 at 100.00 | BBB+ | 6,808,499 |
| | | Initiatives, Series 2009A, 5.500%, 7/01/34 | | | |
| 2,300 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 2/21 at 100.00 | BBB+ | 2,380,684 |
| | | Initiatives, Series 2011A, 5.000%, 2/01/41 | | | |
21
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado (continued) | | | |
| | | 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+ | $ 3,255,439 |
| 4,890 | | 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | 5,258,070 |
| 4,600 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living | 1/24 at 102.00 | N/R | 4,925,174 |
| | | Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | | | |
| 270 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/23 at 100.00 | BBB | 297,702 |
| | | Samaritan Society Project, Series 2013, 5.625%, 6/01/43 | | | |
| | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | | | |
| | | Samaritan Society Project, Series 2013A: | | | |
| 2,670 | | 5.000%, 6/01/28 | 6/25 at 100.00 | BBB | 3,038,327 |
| 6,425 | | 5.000%, 6/01/40 | 6/25 at 100.00 | BBB | 7,052,208 |
| 665 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, | 5/27 at 100.00 | BB+ | 728,335 |
| | | Refunding & Improvement Series 2017A, 5.250%, 5/15/47 | | | |
| 9,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of | 1/20 at 100.00 | AA– | 9,165,510 |
| | | Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | | | |
| 625 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Longterm Care | 11/20 at 100.00 | N/R (4) | 665,575 |
| | | National Obligated Group Project, Series 2010A, 6.000%, 11/15/30 (Pre-refunded 11/15/20) | | | |
| 1,075 | | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, | 12/24 at 100.00 | BBB | 1,164,612 |
| | | Senior Lien Series 2017, 5.000%, 12/31/51 | | | |
| 2,000 | | Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, | 5/21 at 100.00 | Aa2 | 2,035,360 |
| | | 4.250%, 5/15/37 | | | |
| 2,775 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/28 at 100.00 | AA | 3,269,672 |
| | | Revenue Bonds, Refunding Series 2017C, 5.000%, 3/01/43 | | | |
| 2,360 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/28 at 100.00 | AA | 2,518,096 |
| | | Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 | | | |
| 3,000 | | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, | 8/24 at 100.00 | A2 | 3,349,710 |
| | | 8/01/44 – AGM Insured | | | |
| 7,250 | | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 | 8/26 at 100.00 | A2 | 8,260,867 |
| 2,000 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, | 11/22 at 100.00 | AA– | 2,191,120 |
| | | 5.000%, 11/15/32 | | | |
| 1,100 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien | 11/23 at 100.00 | A | 1,210,209 |
| | | Series 2013A, 5.250%, 11/15/43 (AMT) | | | |
| 4,515 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien | 11/23 at 100.00 | A | 4,990,475 |
| | | Series 2013B, 5.000%, 11/15/43 | | | |
| | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien | | | |
| | | Series 2018A: | | | |
| 20,460 | | 5.000%, 12/01/43 (AMT) | 12/28 at 100.00 | A | 23,878,048 |
| 29,230 | | 5.000%, 12/01/48 (AMT) | 12/28 at 100.00 | A+ | 33,963,506 |
| 1,820 | | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement | 8/26 at 100.00 | AA– | 1,918,771 |
| | | Series 2016A, 4.000%, 8/01/46 | | | |
| 2,005 | | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United | 10/23 at 100.00 | BB | 2,162,553 |
| | | Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (AMT) | | | |
| | | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center | | | |
| | | Hotel, Refunding Senior Lien Series 2016: | | | |
| 2,955 | | 5.000%, 12/01/28 | 12/26 at 100.00 | Baa2 | 3,370,916 |
| 2,000 | | 5.000%, 12/01/29 | 12/26 at 100.00 | BBB– | 2,271,580 |
| 2,635 | | 5.000%, 12/01/35 | 12/26 at 100.00 | Baa2 | 2,997,550 |
| 1,605 | | 5.000%, 12/01/40 | 12/26 at 100.00 | BBB– | 1,798,065 |
| | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | | | |
| | | Series 2010A: | | | |
| 385 | | 0.000%, 9/01/35 | No Opt. Call | BBB+ | 218,984 |
| 150 | | 0.000%, 9/01/37 | No Opt. Call | BBB+ | 77,762 |
| 75 | | 0.000%, 9/01/38 | No Opt. Call | BBB+ | 37,258 |
| 20 | | 0.000%, 9/01/39 | No Opt. Call | BBB+ | 9,499 |
| 110 | | 0.000%, 9/01/41 | No Opt. Call | BBB+ | 47,933 |
22
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado (continued) | | | |
| | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | | | |
| $ 1,420 | | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | BBB+ | $ 1,288,224 |
| 18,380 | | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | BBB+ | 15,793,750 |
| | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | |
| 1,045 | | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | BBB+ | 774,188 |
| 2,175 | | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | BBB+ | 1,540,792 |
| 25,050 | | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | BBB+ | 16,935,804 |
| 23,305 | | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | BBB+ | 15,068,547 |
| 100 | | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | BBB+ | 61,931 |
| 12,500 | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, | 9/26 at 54.77 | BBB+ | 5,292,875 |
| | | 9/01/38 – NPFG Insured | | | |
| | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | | | |
| 385 | | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | BBB+ | 297,351 |
| 60,000 | | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | BBB+ | 33,201,000 |
| | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: | | | |
| 345 | | 0.000%, 9/01/28 – NPFG Insured | 9/20 at 63.99 | BBB+ | 213,327 |
| 13,000 | | 0.000%, 9/01/34 – NPFG Insured | 9/20 at 45.40 | BBB+ | 5,672,940 |
| 14,500 | | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | A | 5,811,745 |
| 500 | | Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, | 5/21 at 100.00 | Baa2 | 534,075 |
| | | Refunding Series 2011A, 5.500%, 5/01/22 (AMT) | | | |
| 4,000 | | Ebert Metropolitan District (In the City and County of Denver, Colorado), Limited Tax | 12/28 at 100.00 | A2 | 4,664,640 |
| | | General Obligation Refunding Bonds, Series 2018A-1, 5.000%, 12/01/43 – BAM Insured | | | |
| 1,860 | | Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue | 12/25 at 100.00 | Aa2 | 1,964,662 |
| | | Bonds, Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40 | | | |
| | | Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding | | | |
| | | and Improvement Bonds, Series 2016: | | | |
| 1,565 | | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa3 | 1,706,633 |
| 2,100 | | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 2,273,103 |
| 3,000 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/19 at 100.00 | AA (4) | 3,080,940 |
| | | Revenue Bonds, Refunding Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured | | | |
| 6,705 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 7,383,144 |
| | | Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | | | |
| 5,715 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/20 at 100.00 | A2 (4) | 6,116,936 |
| | | Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured | | | |
| 700 | | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado | No Opt. Call | A+ | 1,044,225 |
| | | Springs Utilities, Series 2008, 6.500%, 11/15/38 | | | |
| | | 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 | BBB+ | 2,609,725 |
| 3,115 | | 6.000%, 1/15/34 | 7/20 at 100.00 | Baa3 | 3,233,432 |
| 2,615 | | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | 2,714,422 |
| 1,500 | | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 1,543,410 |
| | | Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 | | | |
| 750 | | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General | 12/26 at 100.00 | AA | 851,910 |
| | | Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 12/01/36 – | | | |
| | | AGM Insured | | | |
| | | Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, | | | |
| | | Refunding Series 2016: | | | |
| 1,050 | | 5.000%, 12/01/32 – BAM Insured | 12/26 at 100.00 | Baa2 | 1,207,647 |
| 1,000 | | 4.125%, 12/01/37 – BAM Insured | 12/26 at 100.00 | Baa2 | 1,062,110 |
| 2,000 | | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General | 12/26 at 100.00 | Baa1 | 2,123,020 |
| | | Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured | | | |
| 368,740 | | Total Colorado | | | 317,947,093 |
23
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Connecticut – 1.4% (0.9% of Total Investments) | | | |
| $ 3,430 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart | 7/22 at 100.00 | A2 (4) | $ 3,784,971 |
| | | University, Series 2012H, 5.000%, 7/01/24 (Pre-refunded 7/01/22) – AGM Insured | | | |
| | | Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, | | | |
| | | Tender Option Bond Trust 2016-XG0059: | | | |
| 1,295 | | 10.721%, 1/01/32 , 144A (IF), (6) | 1/23 at 100.00 | A+ | 1,809,516 |
| 190 | | 10.645%, 1/01/38 , 144A (IF), (6) | 1/23 at 100.00 | A+ | 262,211 |
| | | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | | | |
| | | Series 2018A: | | | |
| 14,775 | | 5.000%, 1/01/34 | 1/28 at 100.00 | A+ | 17,067,046 |
| 6,410 | | 5.000%, 1/01/37 | 1/28 at 100.00 | A+ | 7,335,348 |
| 6,000 | | 5.000%, 1/01/38 | 1/28 at 100.00 | A+ | 6,846,120 |
| 2,500 | | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation | 4/20 at 100.00 | N/R (4) | 2,640,750 |
| | | Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (Pre-refunded 4/01/20) | | | |
| 3,565 | | Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, | 4/22 at 100.00 | AA– | 3,673,519 |
| | | Series 2013A, 4.000%, 4/01/39 | | | |
| 4,949 | | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate | No Opt. Call | N/R | 169,496 |
| | | Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) | | | |
| 43,114 | | Total Connecticut | | | 43,588,977 |
| | | Delaware – 0.3% (0.2% of Total Investments) | | | |
| 800 | | Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, | 12/28 at 100.00 | BBB | 896,104 |
| | | Series 2018, 5.000%, 6/01/48 | | | |
| 7,255 | | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, | 6/25 at 100.00 | A1 | 8,102,964 |
| | | 5.000%, 6/01/55 | | | |
| 8,055 | | Total Delaware | | | 8,999,068 |
| | | District of Columbia – 1.6% (1.0% of Total Investments) | | | |
| 935 | | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage | 6/19 at 100.00 | AA+ | 937,655 |
| | | Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (AMT) | | | |
| 4,365 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 4,801,456 |
| | | Bonds, Series 2001, 6.500%, 5/15/33 | | | |
| 21,000 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 6/19 at 18.94 | N/R | 3,241,350 |
| | | Bonds, Series 2006A, 0.000%, 6/15/46 | | | |
| 23,745 | | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Series | No Opt. Call | AA | 25,973,231 |
| | | 1998, 5.500%, 10/01/23 – AGM Insured (UB) | | | |
| | | District of Columbia, General Obligation Bonds, Series 1998B: | | | |
| 5,000 | | 6.000%, 6/01/19 – NPFG Insured | No Opt. Call | AA+ | 5,017,600 |
| 9,505 | | 6.000%, 6/01/20 – NPFG Insured | No Opt. Call | AA+ | 9,952,115 |
| 64,550 | | Total District of Columbia | | | 49,923,407 |
| | | Florida – 9.6% (6.1% of Total Investments) | | | |
| 1,480 | | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing | 11/23 at 100.00 | BBB | 1,580,418 |
| | | Project, Series 2013A, 5.000%, 11/15/37 | | | |
| | | 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 | 470,498 |
| 875 | | 5.000%, 9/01/48 | 9/23 at 100.00 | BBB | 914,550 |
| 7,500 | | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, | 10/25 at 100.00 | A+ | 8,363,250 |
| | | 10/01/45 (AMT) | | | |
| 4,315 | | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, | 10/21 at 100.00 | AA (4) | 4,666,327 |
| | | 10/01/41 (Pre-refunded 10/01/21) – AGM Insured | | | |
| 100 | | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 6/22 at 100.00 | N/R | 101,847 |
| | | Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43, 144A | | | |
24
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Florida (continued) | | | |
| $ 4,165 | | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova | 4/22 at 100.00 | Baa1 | $ 4,436,308 |
| | | Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/32 | | | |
| 1,150 | | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova | 4/21 at 100.00 | Baa1 | 1,232,260 |
| | | Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 | | | |
| 2,000 | | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust | 10/21 at 100.00 | Aa3 | 2,161,360 |
| | | Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (AMT) | | | |
| | | Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, | | | |
| | | Virgin Trains USA Passenger Rail Project , Series 2019A: | | | |
| 11,000 | | 6.375%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/26) | 1/20 at 105.00 | N/R | 11,299,530 |
| 11,000 | | 6.500%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/29) | 1/20 at 105.00 | N/R | 11,280,830 |
| 2,500 | | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding | 10/19 at 100.00 | AA– (4) | 2,535,825 |
| | | Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) | | | |
| | | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | | | |
| | | Priority Subordinated Series 2017: | | | |
| 31,985 | | 5.000%, 10/01/47 (AMT) | 10/27 at 100.00 | A+ | 36,805,779 |
| 8,565 | | 5.000%, 10/01/52 (AMT) | 10/27 at 100.00 | A+ | 9,796,476 |
| 3,890 | | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | 10/26 at 100.00 | AA– | 4,440,824 |
| | | Series 2016A, 5.000%, 10/01/40 (AMT) | | | |
| 6,020 | | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/24 at 100.00 | A+ | 6,692,855 |
| | | Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (AMT) | | | |
| 5,000 | | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/28 at 100.00 | AA– | 5,807,350 |
| | | Airport, Series 2018E, 5.000%, 10/01/48 (AMT) | | | |
| 2,290 | | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/24 at 100.00 | A+ | 2,582,776 |
| | | Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 | | | |
| 10,305 | | Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer | 10/24 at 100.00 | A3 | 11,484,201 |
| | | Facility Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44 | | | |
| 5,000 | | Hillsborough County Port District, Florida, Revenue Bonds, Tampa Port Authority Project, | 6/28 at 100.00 | A | 5,694,400 |
| | | Series 2018B, 5.000%, 6/01/46 (AMT) | | | |
| | | JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D: | | | |
| 2,690 | | 5.000%, 10/01/39 | 4/20 at 100.00 | A2 | 2,761,473 |
| 5,310 | | 5.000%, 10/01/39 (Pre-refunded 4/01/20) | 4/20 at 100.00 | N/R (4) | 5,471,105 |
| 5,075 | | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, | 11/24 at 100.00 | A2 | 5,666,999 |
| | | 5.000%, 11/15/35 | | | |
| 1,500 | | Martin County Industrial Development Authority, Florida, Industrial Development Revenue | 6/20 at 100.00 | Baa2 | 1,529,190 |
| | | Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21, 144A (AMT) | | | |
| 9,820 | | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City | 2/24 at 100.00 | A1 | 10,975,814 |
| | | Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured | | | |
| 2,000 | | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami | 7/27 at 100.00 | BBB | 2,185,200 |
| | | Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 | | | |
| 2,930 | | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University | 4/23 at 100.00 | A– | 3,181,921 |
| | | of Miami, Series 2012A, 5.000%, 4/01/42 | | | |
| 8,070 | | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University | 4/25 at 100.00 | A– | 8,930,988 |
| | | of Miami, Series 2015A, 5.000%, 4/01/45 | | | |
| 12,000 | | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University | 4/28 at 100.00 | A– | 13,734,600 |
| | | of Miami, Series 2018A, 5.000%, 4/01/53 | | | |
| 1,500 | | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus | 8/27 at 100.00 | A+ | 1,711,770 |
| | | Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/42 | | | |
| 1,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, | 10/22 at 100.00 | A | 1,087,930 |
| | | Refunding Series 2012A, 5.000%, 10/01/29 (AMT) | | | |
| 1,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, | 10/24 at 100.00 | A | 1,130,020 |
| | | Refunding Series 2014B, 5.000%, 10/01/37 | | | |
25
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value�� |
| | | Florida (continued) | | | |
| | | 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 | $ 4,175,000 |
| 7,890 | | 5.000%, 10/01/41 | 10/20 at 100.00 | A | 8,205,837 |
| 5,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, | 10/24 at 100.00 | A | 5,588,150 |
| | | 10/01/35 (AMT) | | | |
| 3,410 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, | 10/25 at 100.00 | A | 3,834,204 |
| | | 10/01/38 (AMT) | | | |
| 2,865 | | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series | 10/22 at 100.00 | A2 | 3,122,506 |
| | | 2012B, 5.000%, 10/01/37 | | | |
| 3,000 | | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding | 7/22 at 100.00 | AA | 3,244,800 |
| | | Series 2012, 5.000%, 7/01/42 | | | |
| 1,000 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, | 10/20 at 100.00 | AA (4) | 1,047,330 |
| | | 10/01/39 (Pre-refunded 10/01/20) – AGM Insured | | | |
| 12,370 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, | 10/22 at 100.00 | AA– | 13,472,291 |
| | | 5.000%, 10/01/42 | | | |
| 4,000 | | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, | 10/20 at 100.00 | AA | 4,197,560 |
| | | Series 2010, 5.375%, 10/01/40 | | | |
| 1,665 | | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 10/19 at 100.00 | A2 | 1,689,359 |
| | | Health, Inc., Series 2009, 5.125%, 10/01/26 | | | |
| 115 | | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences | 6/22 at 102.00 | N/R | 128,940 |
| | | of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 | | | |
| 4,635 | | Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond | 9/24 at 100.00 | AA– | 5,311,942 |
| | | Series 2014B, 5.000%, 9/01/43 | | | |
| 10,095 | | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole | 5/28 at 100.00 | A– | 11,594,814 |
| | | Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42 | | | |
| | | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health | | | |
| | | Systems of South Florida Obligated Group, Series 2017: | | | |
| 5,770 | | 5.000%, 8/15/42 | 8/27 at 100.00 | A1 | 6,624,248 |
| 6,040 | | 5.000%, 8/15/47 | 8/27 at 100.00 | A1 | 6,905,472 |
| 705 | | Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment | 3/24 at 100.00 | BBB+ | 782,621 |
| | | Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30, 144A | | | |
| 1,500 | | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central | 1/24 at 100.00 | A– | 1,629,360 |
| | | Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44 | | | |
| 700 | | Tampa, Florida, Cigarette Tax Allocation Bonds, H Lee Moffitt Cancer Center Project, | 9/22 at 100.00 | A+ | 765,534 |
| | | Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29 | | | |
| 14,610 | | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding | 7/22 at 100.00 | A2 (4) | 16,098,175 |
| | | Series 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | | | |
| 195 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 6/19 at 100.00 | N/R | 195,094 |
| | | Capital Appreciation, Series 2012A-3, 6.610%, 5/01/40, (5) | | | |
| 85 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 5/22 at 100.00 | N/R | 70,950 |
| | | Capital Appreciation, Series 2012A-4, 6.610%, 5/01/40, (5) | | | |
| 120 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, | 6/19 at 100.00 | N/R | 1 |
| | | Series 2007-3, 6.650%, 5/01/40, (7) | | | |
| 10 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Non | 6/19 at 100.00 | N/R | 10,010 |
| | | Performing Parcel Series 2007-1 RMKT, 6.650%, 5/01/40 | | | |
| 290 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 6/19 at 100.00 | N/R | 238,113 |
| | | Series 2015-1, 6.610%, 5/01/40 | | | |
| 180 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 6/19 at 100.00 | N/R | 121,433 |
| | | Series 2015-2, 6.610%, 5/01/40 | | | |
26
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Florida (continued) | | | |
| $ 195 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 6/19 at 100.00 | N/R | $ 2 |
| | | Series 2015-3, 6.610%, 5/01/40, (7) | | | |
| 910 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, | 6/19 at 100.00 | N/R | 911,056 |
| | | 5.400%, 5/01/37 | | | |
| 6,510 | | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson | 6/25 at 100.00 | A– | 7,258,780 |
| | | University Inc. Project, Series 2015, 5.000%, 6/01/45 | | | |
| 270,350 | | Total Florida | | | 297,938,256 |
| | | Georgia – 1.5% (0.9% of Total Investments) | | | |
| 1,820 | | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | Aa3 | 2,096,258 |
| | | Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 | | | |
| | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B: | | | |
| 525 | | 5.250%, 11/01/34 – AGM Insured | 11/19 at 100.00 | AA– | 534,109 |
| 985 | | 5.250%, 11/01/34 (Pre-refunded 11/01/19) – AGM Insured | 11/19 at 100.00 | AA (4) | 1,002,937 |
| 5,000 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | AA– | 5,802,350 |
| | | 5.000%, 11/01/32 | | | |
| 1,760 | | Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System | No Opt. Call | Baa2 | 1,980,669 |
| | | Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured | | | |
| 2,000 | | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | 4/27 at 100.00 | A | 2,271,500 |
| | | System, Inc. Project, Series 2017A, 5.000%, 4/01/47 | | | |
| | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | | | |
| | | Certificates, Northeast Georgia Health Services Inc., Series 2010A: | | | |
| 590 | | 5.000%, 2/15/30 | 2/20 at 100.00 | A | 603,812 |
| 1,910 | | 5.000%, 2/15/30 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 1,960,175 |
| | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | | | |
| | | Certificates, Northeast Georgia Health Services Inc., Series 2010B: | | | |
| 710 | | 5.250%, 2/15/37 | 2/20 at 100.00 | AA– | 726,763 |
| 2,290 | | 5.250%, 2/15/37 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 2,354,624 |
| 10,260 | | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | Baa3 | 10,634,387 |
| | | Series 2015A, 5.000%, 7/01/60 | | | |
| 1,000 | | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, | No Opt. Call | A– | 1,025,790 |
| | | 5.000%, 3/15/20 | | | |
| 1,460 | | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, | 5/29 at 100.00 | A3 | 1,664,225 |
| | | 5.000%, 5/15/43 | | | |
| 825 | | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, | No Opt. Call | N/R (4) | 848,042 |
| | | Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured (ETM) | | | |
| 3,265 | | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third | 7/26 at 100.00 | AA– | 3,794,583 |
| | | Indenture, Series 2015B, 5.000%, 7/01/41 | | | |
| 5,000 | | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/26 at 100.00 | AA+ | 5,819,650 |
| | | Refunding Series 2016A, 5.000%, 10/01/46 | | | |
| 1,220 | | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/21 at 100.00 | Baa1 | 1,307,620 |
| | | Series 2012A, 5.250%, 10/01/27 | | | |
| 1,425 | | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South | 10/21 at 100.00 | AA– | 1,510,771 |
| | | Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 | | | |
| 42,045 | | Total Georgia | | | 45,938,265 |
| | | 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 | BB | 796,992 |
| 1,770 | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/20 at 100.00 | BBB– (4) | 1,851,367 |
| | | Series 2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20) | | | |
| 1,220 | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/23 at 100.00 | BBB– | 1,323,639 |
| | | Series 2013, 5.500%, 7/01/43 | | | |
| 3,755 | | Total Guam | | | 3,971,998 |
27
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Hawaii – 1.6% (1.0% of Total Investments) | | | |
| $ 13,000 | | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | A1 | $ 14,474,460 |
| | | Health Obligated Group, Series 2013A, 5.500%, 7/01/43 | | | |
| 6,000 | | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian | 3/27 at 100.00 | Baa2 | 6,129,360 |
| | | Electric Company, Inc. and Subsidiary Projects, Refunding Series 2017B, 4.000%, 3/01/37 (AMT) | | | |
| 11,205 | | Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (AMT) | 7/25 at 100.00 | A1 | 12,548,031 |
| 10,000 | | Hawaii State, Airport System Revenue Bonds, Series 2018A, 5.000%, 7/01/48 (AMT) | 7/28 at 100.00 | A1 | 11,580,200 |
| 5,000 | | Hawaii State, General Obligation Bonds, Series 2017FK, 4.000%, 5/01/35 | 5/27 at 100.00 | AA | 5,468,250 |
| 45,205 | | Total Hawaii | | | 50,200,301 |
| | | Idaho – 0.7% (0.5% of Total Investments) | | | |
| 5,000 | | Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, | 12/27 at 100.00 | AA– | 5,778,050 |
| | | Series 2017A, 5.000%, 12/01/47 | | | |
| 11,205 | | Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, | 6/27 at 100.00 | AA– | 12,870,960 |
| | | Series 2017ID, 5.000%, 12/01/46 | | | |
| 1,700 | | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, | 9/26 at 100.00 | BB+ | 1,902,623 |
| | | Refunding Series 2016, 5.000%, 9/01/29 | | | |
| | | Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights | | | |
| | | Mitigation Series 2012A: | | | |
| 1,155 | | 4.750%, 9/01/26 | 9/22 at 100.00 | A3 | 1,253,891 |
| 310 | | 5.000%, 9/01/32 | 9/22 at 100.00 | A3 | 337,664 |
| 19,370 | | Total Idaho | | | 22,143,188 |
| | | Illinois – 19.2% (12.1% of Total Investments) | | | |
| | | Bensenville, Illinois, General Obligation Bonds, Series 2011A: | | | |
| 1,055 | | 5.000%, 12/15/30 – AGM Insured | 12/21 at 100.00 | AA | 1,120,874 |
| 1,945 | | 5.000%, 12/15/30 (Pre-refunded 12/15/21) – AGM Insured | 12/21 at 100.00 | AA (4) | 2,110,811 |
| 6,000 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A | 6,952,440 |
| | | Series 2016, 6.000%, 4/01/46 | | | |
| 1,470 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues | 12/21 at 100.00 | B2 | 1,499,180 |
| | | Series 2011A, 5.000%, 12/01/41 | | | |
| 9,250 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB– | 10,829,622 |
| | | Series 2016A, 7.000%, 12/01/44 | | | |
| 2,400 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | B+ | 2,761,008 |
| | | Series 2016B, 6.500%, 12/01/46 | | | |
| 11,295 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | B+ | 13,692,928 |
| | | Series 2017A, 7.000%, 12/01/46, 144A | | | |
| | | 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+ | 9,541,200 |
| 10,130 | | 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | Baa2 | 8,380,144 |
| 7,140 | | 0.000%, 12/01/25 – FGIC Insured | No Opt. Call | B+ | 5,675,729 |
| 4,325 | | 0.000%, 12/01/29 – FGIC Insured | No Opt. Call | B+ | 2,880,623 |
| 4,235 | | 0.000%, 12/01/31 – FGIC Insured | No Opt. Call | B+ | 2,543,922 |
| | | 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+ | 13,848,750 |
| 10,000 | | 0.000%, 12/01/23 – FGIC Insured | No Opt. Call | B+ | 8,588,700 |
| 8,845 | | 5.500%, 12/01/26 – NPFG Insured | No Opt. Call | B+ | 9,931,520 |
| 7,900 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, | 12/21 at 100.00 | A3 | 8,317,989 |
| | | 5.250%, 12/01/40 | | | |
| 1,594 | | Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, | 5/19 at 100.00 | Ba3 | 1,594,868 |
| | | Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24 | | | |
28
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| | | Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, | | | |
| | | Series 1999A: | | | |
| $ 45 | | 5.500%, 12/20/19 (AMT) | 6/19 at 100.00 | N/R | $ 45,117 |
| 1,210 | | 5.600%, 12/20/29 (AMT) | 6/19 at 100.00 | AA– | 1,212,565 |
| 1,925 | | 5.650%, 12/20/40 (AMT) | 6/19 at 100.00 | AA– | 1,928,272 |
| | | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, | | | |
| | | Refunding Senior Lien Series 2018A: | | | |
| 5,450 | | 5.000%, 1/01/48 (AMT) | 1/29 at 100.00 | A | 6,271,315 |
| 10,285 | | 5.000%, 1/01/53 (AMT) | 1/29 at 100.00 | A | 11,754,109 |
| 2,245 | | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/25 at 100.00 | A | 2,472,351 |
| | | Lien Series 2015C, 5.000%, 1/01/46 (AMT) | | | |
| | | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | | | |
| | | Lien Series 2017D: | | | |
| 11,250 | | 5.000%, 1/01/42 (AMT) | 1/27 at 100.00 | A | 12,696,525 |
| 3,000 | | 5.000%, 1/01/47 (AMT) | 1/27 at 100.00 | A | 3,374,760 |
| | | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | |
| 4,115 | | 0.000%, 1/01/33 – FGIC Insured | No Opt. Call | BBB– | 2,417,069 |
| 29,600 | | 0.000%, 1/01/38 – FGIC Insured | No Opt. Call | BBB– | 13,654,776 |
| 11,675 | | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB– | 13,320,708 |
| | | 6.000%, 1/01/38 | | | |
| | | Chicago, Illinois, General Obligation Bonds, Series 2019A: | | | |
| 4,000 | | 5.000%, 1/01/44 | 1/29 at 100.00 | BBB– | 4,248,560 |
| 3,630 | | 5.500%, 1/01/49 | 1/29 at 100.00 | BBB– | 4,010,569 |
| 22,750 | | Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, | No Opt. Call | BBB– | 24,336,585 |
| | | Series 1999, 5.500%, 1/01/23 – FGIC Insured | | | |
| 6,280 | | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/22 at 100.00 | N/R (4) | 6,824,225 |
| | | (Pre-refunded 1/01/22) | | | |
| 6,410 | | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, | No Opt. Call | Baa2 | 7,577,069 |
| | | 5.500%, 1/01/30 – NPFG Insured | | | |
| 1,500 | | Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – | No Opt. Call | Baa2 | 1,844,205 |
| | | AMBAC Insured | | | |
| 4,500 | | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/27 at 100.00 | A+ | 5,005,260 |
| | | City Colleges, Series 2017, 5.000%, 12/01/47 | | | |
| 13,310 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, | 11/20 at 100.00 | AA– | 13,845,861 |
| | | 5.250%, 11/15/33 | | | |
| | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2018: | | | |
| 4,800 | | 5.000%, 11/15/34 | 11/26 at 100.00 | A2 | 5,360,832 |
| 3,250 | | 5.000%, 11/15/35 | 11/26 at 100.00 | AA– | 3,618,225 |
| | | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural | | | |
| | | History, Series 2002RMKT: | | | |
| 5,000 | | 4.450%, 11/01/36 | 11/25 at 102.00 | A2 | 5,390,400 |
| 815 | | 4.500%, 11/01/36 | 11/24 at 100.00 | A | 860,893 |
| 2,785 | | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 3,063,667 |
| 410 | | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools | 12/25 at 100.00 | N/R | 424,830 |
| | | Belmont School Project, Series 2015A, 6.000%, 12/01/45, 144A | | | |
| 13,955 | | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding | 5/25 at 100.00 | Aa3 | 15,518,239 |
| | | Series 2015, 5.000%, 5/01/45 (UB), (6) | | | |
| 2,000 | | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, | 3/26 at 100.00 | AA– | 2,109,380 |
| | | 4.000%, 3/01/38 | | | |
| 2,500 | | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, | 2/27 at 100.00 | Aa2 | 2,928,475 |
| | | Series 2016C, 5.000%, 2/15/33 | | | |
| 4,985 | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, | 9/22 at 100.00 | AA+ | 5,421,038 |
| | | 5.000%, 9/01/32 | | | |
29
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | | | |
| $ 4,750 | | 5.000%, 9/01/39 | 9/24 at 100.00 | AA+ | $ 5,273,782 |
| 6,000 | | 5.000%, 9/01/42 | 9/24 at 100.00 | AA+ | 6,636,540 |
| 4,125 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, | 11/19 at 100.00 | N/R (4) | 4,204,159 |
| | | 11/01/39 (Pre-refunded 11/01/19) | | | |
| | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding | | | |
| | | Series 2010A: | | | |
| 100 | | 6.000%, 5/15/39 | 5/20 at 100.00 | A | 102,664 |
| 615 | | 6.000%, 5/15/39 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (4) | 642,103 |
| 10,745 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, | 11/25 at 100.00 | A | 11,746,864 |
| | | 5.000%, 11/15/45 | | | |
| 12,125 | | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, | 5/20 at 100.00 | AA– | 12,432,005 |
| | | 5.125%, 5/15/35 | | | |
| | | 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) | 50,863 |
| 4,995 | | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 5,081,214 |
| | | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, | | | |
| | | Series 2013A: | | | |
| 415 | | 5.500%, 7/01/28 | 7/23 at 100.00 | A– | 466,834 |
| 390 | | 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 437,108 |
| 4,250 | | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated | 5/25 at 100.00 | A+ | 4,674,235 |
| | | Group, Series 2015B, 5.000%, 11/15/39 | | | |
| | | 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 | 622,916 |
| 3,745 | | 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 4,106,243 |
| | | 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) | 2,029,800 |
| 3,000 | | 7.000%, 8/15/44 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 3,045,420 |
| 1,000 | | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, | 3/20 at 100.00 | A2 (4) | 1,029,720 |
| | | Inc., Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured | | | |
| | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | | | |
| | | Series 2009B: | | | |
| 470 | | 5.000%, 8/15/26 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 489,942 |
| 930 | | 5.000%, 8/15/26 | 8/20 at 100.00 | AA– | 965,135 |
| 2,500 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | 2/21 at 100.00 | AA– (4) | 2,666,375 |
| | | Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB), (6) | | | |
| 3,000 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding | 10/25 at 100.00 | AA+ | 3,378,810 |
| | | Series 2015A, 5.000%, 10/01/46 | | | |
| 11,140 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, | 10/21 at 100.00 | AA– | 11,772,863 |
| | | 5.000%, 10/01/51 | | | |
| 2,000 | | Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., | 5/19 at 100.00 | Aa1 | 2,008,940 |
| | | Series 2001, 5.950%, 2/20/36 | | | |
| 1,830 | | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, | 6/24 at 100.00 | BBB– | 2,037,870 |
| | | 5.250%, 6/15/32 – AGM Insured | | | |
| | | Illinois State, General Obligation Bonds, February Series 2014: | | | |
| 3,500 | | 5.250%, 2/01/30 | 2/24 at 100.00 | BBB– | 3,741,290 |
| 4,100 | | 5.250%, 2/01/31 | 2/24 at 100.00 | BBB– | 4,366,459 |
| 3,200 | | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB– | 3,399,488 |
| 2,000 | | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB– | 2,120,680 |
| 1,575 | | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB– | 1,666,901 |
| 2,000 | | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 2,077,120 |
30
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| $ 8,250 | | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 | 1/26 at 100.00 | BBB– | $ 8,824,200 |
| 1,025 | | Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/34 | 3/22 at 100.00 | BBB– | 1,057,821 |
| 450 | | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 | 5/24 at 100.00 | BBB– | 468,027 |
| 1,500 | | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 | 11/26 at 100.00 | BBB– | 1,592,100 |
| | | Illinois State, General Obligation Bonds, October Series 2016: | | | |
| 3,790 | | 5.000%, 2/01/26 | No Opt. Call | BBB– | 4,149,330 |
| 3,510 | | 5.000%, 2/01/28 | 2/27 at 100.00 | BBB– | 3,865,247 |
| 2,375 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | BBB– | 2,501,469 |
| | | Illinois State, General Obligation Bonds, Series 2013: | | | |
| 2,500 | | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB– | 2,646,025 |
| 1,520 | | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 1,607,962 |
| 2,020 | | Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 | 6/21 at 100.00 | BBB | 2,038,402 |
| 1,395 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | AA– | 1,519,462 |
| | | 5.000%, 1/01/38 | | | |
| 4,685 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | AA– | 5,293,909 |
| | | 5.000%, 1/01/40 | | | |
| 4,435 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, | 1/26 at 100.00 | AA– | 5,028,093 |
| | | 5.000%, 1/01/40 | | | |
| 1,815 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | A1 | 2,463,227 |
| | | 2015-XF0051, 11.222%, 1/01/38 , 144A (IF) | | | |
| 1,875 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | A1 | 2,544,169 |
| | | 2015-XF0052, 11.217%, 1/01/38 , 144A (IF) | | | |
| 2,000 | | Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation | No Opt. Call | Aa2 | 1,897,540 |
| | | Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured | | | |
| 1,510 | | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate | 1/21 at 100.00 | A2 | 1,581,151 |
| | | Revenue Source Series 2011A, 5.250%, 1/01/39 – AGM Insured | | | |
| 9,000 | | McHenry County Community Unit School District 200, Woodstock, Illinois, General | No Opt. Call | Aa2 | 8,269,560 |
| | | Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured | | | |
| 1,890 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BBB– | 2,006,500 |
| | | Bonds, Refunding Series 2015B, 5.000%, 6/15/52 | | | |
| 5,000 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BBB– | 5,446,850 |
| | | Bonds, Series 2015A, 5.500%, 6/15/53 | | | |
| 1,500 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/27 at 100.00 | BBB– | 1,607,250 |
| | | Bonds, Series 2017A, 5.000%, 6/15/57 | | | |
| | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | | | |
| | | Refunding Bonds, Series 2010A: | | | |
| 2,585 | | 5.500%, 6/15/50 (Pre-refunded 6/15/20) | 6/20 at 100.00 | BBB– (4) | 2,694,888 |
| 8,055 | | 5.500%, 6/15/50 | 6/20 at 100.00 | Ba1 | 8,191,371 |
| 1,050 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | 6/20 at 100.00 | BBB– | 1,076,009 |
| | | Expansion Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50 | | | |
| | | 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 | Baa2 | 5,627,454 |
| 12,250 | | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | BBB– | 11,121,530 |
| 23,575 | | 0.000%, 12/15/23 – NPFG Insured | No Opt. Call | BBB– | 20,733,034 |
| 10,775 | | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BBB– | 9,166,292 |
| 2,685 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | 6/20 at 100.00 | BBB | 2,715,904 |
| | | Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 | | | |
31
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | | Expansion Project, Series 2002A: | | | |
| $ 155 | | 0.000%, 12/15/23 (ETM) | No Opt. Call | N/R (4) | $ 141,839 |
| 6,610 | | 0.000%, 12/15/23 | No Opt. Call | BBB | 5,813,164 |
| 5,000 | | 0.000%, 12/15/34 – NPFG Insured | No Opt. Call | BBB– | 2,779,000 |
| 1,100 | | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BBB | 584,804 |
| 3,805 | | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | BBB– | 1,517,092 |
| 2,750 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | AA+ (4) | 3,299,340 |
| | | Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | | | |
| | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, | | | |
| | | Series 2010: | | | |
| 1,550 | | 5.250%, 6/01/21 | No Opt. Call | A | 1,652,315 |
| 800 | | 6.000%, 6/01/28 (Pre-refunded 6/01/21) | 6/21 at 100.00 | N/R (4) | 870,872 |
| | | 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 | A2 | 22,719,988 |
| 3,500 | | 5.750%, 6/01/23 – AGM Insured | No Opt. Call | A2 | 3,928,190 |
| 2,395 | | Southwestern Illinois Development Authority, Local Government Revenue Bonds, | No Opt. Call | AA | 2,176,648 |
| | | Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – | | | |
| | | AGM Insured | | | |
| | | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | | | |
| 2,250 | | 5.000%, 3/01/29 | 3/25 at 100.00 | A3 | 2,557,305 |
| 3,505 | | 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | A2 | 3,882,839 |
| | | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013: | | | |
| 1,580 | | 6.000%, 10/01/32 | 10/23 at 100.00 | A– | 1,793,837 |
| 9,625 | | 6.250%, 10/01/38 | 10/23 at 100.00 | Baa1 | 10,971,152 |
| 2,745 | | 6.000%, 10/01/42 | 10/23 at 100.00 | Baa1 | 3,093,368 |
| 4,930 | | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 4,451,100 |
| | | Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured | | | |
| 597,359 | | Total Illinois | | | 595,048,160 |
| | | Indiana – 1.9% (1.2% of Total Investments) | | | |
| 6,180 | | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | Baa2 | 5,745,422 |
| | | Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured | | | |
| 1,555 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University | 2/22 at 100.00 | A– | 1,673,569 |
| | | Project, Refunding Series 2012B, 5.000%, 2/01/28 | | | |
| 1,050 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For | 10/19 at 100.00 | B | 1,056,878 |
| | | Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 | | | |
| 2,865 | | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | 5/23 at 100.00 | A | 3,102,709 |
| | | Series 2012A, 5.000%, 5/01/42 | | | |
| 1,500 | | Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health | 3/20 at 100.00 | N/R (4) | 1,542,555 |
| | | Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) | | | |
| 7,480 | | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | 6/25 at 100.00 | AA | 8,358,002 |
| | | Group, Refunding 2015A, 5.000%, 12/01/40 | | | |
| | | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing | | | |
| | | Project, Series 2013A: | | | |
| 3,015 | | 5.000%, 7/01/44 (AMT) | 7/23 at 100.00 | BBB+ | 3,254,542 |
| 1,420 | | 5.000%, 7/01/48 (AMT) | 7/23 at 100.00 | BBB+ | 1,529,567 |
| 1,500 | | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing | 7/23 at 100.00 | BBB+ | 1,622,610 |
| | | Project, Series 2013B, 5.000%, 7/01/40 (AMT) | | | |
| 4,170 | | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding | 12/19 at 100.00 | AA– (4) | 4,257,320 |
| | | Series 2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19) | | | |
| 2,500 | | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding | 12/20 at 100.00 | AA– (4) | 2,626,075 |
| | | Series 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) | | | |
32
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Indiana (continued) | | | |
| $ 5,115 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/26 at 100.00 | A | $ 5,879,641 |
| | | First Lien Green Series 2016A, 5.000%, 10/01/41 | | | |
| 2,750 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/21 at 100.00 | A2 | 2,932,243 |
| | | Series 2011B, 5.000%, 10/01/41 | | | |
| 4,500 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/22 at 100.00 | A1 | 4,613,715 |
| | | Series 2012A, 4.000%, 10/01/42 | | | |
| 4,375 | | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding | 7/26 at 100.00 | A+ | 5,004,431 |
| | | Series 2016A, 5.000%, 1/01/42 | | | |
| 3,985 | | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, | 1/24 at 100.00 | N/R | 4,637,384 |
| | | Series 2013, 7.000%, 1/01/44 (AMT) | | | |
| 53,960 | | Total Indiana | | | 57,836,663 |
| | | Iowa – 1.5% (0.9% of Total Investments) | | | |
| 1,505 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. | 8/22 at 100.00 | Ba2 | 1,557,976 |
| | | Project, Series 2012, 4.750%, 8/01/42 | | | |
| 1,335 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | B– | 1,439,491 |
| | | Company Project, Series 2013, 5.250%, 12/01/25 | | | |
| 1,710 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 6/19 at 105.00 | B– | 1,797,347 |
| | | Company Project, Series 2016, 5.875%, 12/01/26, 144A | | | |
| 1,990 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 105.00 | B+ | 2,134,016 |
| | | Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/22) | | | |
| 3,000 | | Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding | 12/19 at 100.00 | AAA | 3,060,270 |
| | | Series 2009-2, 5.500%, 12/01/25 | | | |
| | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | |
| 24,420 | | 5.500%, 6/01/42 | 6/19 at 100.00 | B2 | 24,175,800 |
| 12,100 | | 5.625%, 6/01/46 | 6/19 at 100.00 | B | 11,974,160 |
| 46,060 | | Total Iowa | | | 46,139,060 |
| | | Kansas – 0.3% (0.2% of Total Investments) | | | |
| 1,240 | | Johnson and Miami Counties Unified School District 230, Kansas, General Obligation | 9/21 at 100.00 | Aa3 | 1,332,789 |
| | | Bonds, Series 2011A, 5.000%, 9/01/26 | | | |
| | | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health | | | |
| | | System/Sunbelt Obligated Group, Series 2009C: | | | |
| 35 | | 5.500%, 11/15/29 (Pre-refunded 11/15/19) | 11/19 at 100.00 | N/R (4) | 35,695 |
| 1,505 | | 5.500%, 11/15/29 | 11/19 at 100.00 | AA | 1,533,670 |
| 3,965 | | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, | 7/28 at 100.00 | A | 4,543,692 |
| | | 5.000%, 7/01/48 | | | |
| 1,610 | | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park | 6/19 at 100.00 | Ba3 | 1,612,625 |
| | | Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured | | | |
| 430 | | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak | 4/20 at 100.00 | BBB | 439,619 |
| | | Park Mall Project, Series 2010, 5.900%, 4/01/32 | | | |
| 8,785 | | Total Kansas | | | 9,498,090 |
| | | Kentucky – 1.7% (1.1% of Total Investments) | | | |
| 5,540 | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist | 8/21 at 100.00 | Baa1 | 5,864,035 |
| | | Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 | | | |
| | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | | | |
| | | Medical Health System, Series 2010A: | | | |
| 2,000 | | 6.000%, 6/01/30 (Pre-refunded 6/01/20) | 6/20 at 100.00 | BB+ (4) | 2,092,760 |
| 5,500 | | 6.500%, 3/01/45 (Pre-refunded 6/01/20) | 6/20 at 100.00 | Baa3 (4) | 5,783,800 |
| 2,730 | | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | Baa2 | 2,902,836 |
| | | Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | | | |
33
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Kentucky (continued) | | | |
| | | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, | | | |
| | | Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: | | | |
| $ 4,790 | | 6.750%, 7/01/43, (5) | 7/31 at 100.00 | Baa3 | $ 4,840,199 |
| 3,655 | | 6.875%, 7/01/46, (5) | 7/31 at 100.00 | Baa3 | 3,700,395 |
| | | 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 | 9,123,101 |
| 585 | | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 641,651 |
| 9,195 | | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State | 6/21 at 100.00 | A– | 9,672,956 |
| | | Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 | | | |
| | | Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, | | | |
| | | Improvement and Refunding Series 2011: | | | |
| 495 | | 6.250%, 3/01/31 (Pre-refunded 3/01/21) | 3/21 at 100.00 | Baa2 (4) | 535,877 |
| 4,505 | | 6.250%, 3/01/31 | 3/21 at 100.00 | Baa2 | 4,779,445 |
| 1,375 | | 6.500%, 3/01/41 | 3/21 at 100.00 | N/R | 1,462,574 |
| 48,730 | | Total Kentucky | | | 51,399,629 |
| | | Louisiana – 3.2% (2.0% of Total Investments) | | | |
| 4,955 | | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 5,292,138 |
| | | Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | | | |
| 2,665 | | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, | 2/25 at 100.00 | AA– | 3,036,341 |
| | | 5.000%, 2/01/39 | | | |
| 3,130 | | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue | 12/27 at 100.00 | A2 | 3,664,103 |
| | | Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured | | | |
| | | Lafayette Parish School Board, Louisiana, Sales Tax Revenue Bonds, Series 2018: | | | |
| 1,500 | | 4.000%, 4/01/40 | 4/27 at 100.00 | AA+ | 1,609,905 |
| 4,685 | | 4.000%, 4/01/43 | 4/27 at 100.00 | AA+ | 5,000,394 |
| 5,200 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 2/24 at 100.00 | A+ | 5,745,584 |
| | | Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien | | | |
| | | Series 2014A, 5.000%, 2/01/44 | | | |
| 1,380 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 8/20 at 100.00 | BBB | 1,452,781 |
| | | Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 | | | |
| 8,295 | | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 9,082,610 |
| | | (US) LLC Project, Series 2013, 6.500%, 7/01/36, 144A (AMT) | | | |
| 845 | | Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette | 11/25 at 100.00 | Baa2 | 914,104 |
| | | General Medical Center Project, Series 2016A, 5.000%, 11/01/45 | | | |
| 1,830 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/26 at 100.00 | A3 | 1,928,363 |
| | | Refunding Series 2016, 4.000%, 5/15/35 | | | |
| | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | | | |
| | | Refunding Series 2017: | | | |
| 5,000 | | 5.000%, 5/15/42 | 5/27 at 100.00 | A3 | 5,637,650 |
| 965 | | 5.000%, 5/15/46 | 5/27 at 100.00 | A3 | 1,085,567 |
| 4,305 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/21 at 100.00 | A3 (4) | 4,741,871 |
| | | Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) | | | |
| 330 | | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien | 7/23 at 100.00 | A2 | 364,033 |
| | | Series 2013A, 5.000%, 7/01/36 | | | |
| 14,000 | | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2015A, | 5/25 at 100.00 | AA– | 14,772,520 |
| | | 4.000%, 5/01/41 | | | |
| | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | | | |
| | | Project, Series 2015B: | | | |
| 6,235 | | 5.000%, 1/01/40 (AMT) | 1/25 at 100.00 | A– | 6,873,215 |
| 6,895 | | 5.000%, 1/01/45 (AMT) | 1/25 at 100.00 | A– | 7,574,433 |
| 4,800 | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A– | 5,377,296 |
| | | Project, Series 2017B, 5.000%, 1/01/48 (AMT) | | | |
34
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Louisiana (continued) | | | |
| $ 1,000 | | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, | 12/22 at 100.00 | A2 | $ 1,101,370 |
| | | 12/01/28 – AGM Insured | | | |
| 5,350 | | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, | 6/24 at 100.00 | A– | 5,754,888 |
| | | 5.000%, 6/01/44 | | | |
| 1,200 | | New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 | 12/24 at 100.00 | A– | 1,302,492 |
| 485 | | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, | No Opt. Call | BBB | 506,282 |
| | | Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22) | | | |
| 5,655 | | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, | 12/25 at 100.00 | A– | 6,286,664 |
| | | 5.000%, 12/01/40 | | | |
| 90,705 | | Total Louisiana | | | 99,104,604 |
| | | Maine – 0.8% (0.5% of Total Investments) | | | |
| 2,775 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | Ba1 | 2,971,054 |
| | | Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 | | | |
| | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | | | |
| | | Medical Center Obligated Group Issue, Series 2016A: | | | |
| 3,820 | | 4.000%, 7/01/41 | 7/26 at 100.00 | Ba1 | 3,867,024 |
| 2,800 | | 4.000%, 7/01/46 | 7/26 at 100.00 | Ba1 | 2,830,408 |
| 3,245 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth | 7/28 at 100.00 | A+ | 3,733,859 |
| | | Issue, Series 2018A, 5.000%, 7/01/43 | | | |
| 2,000 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, | 7/23 at 100.00 | A+ | 2,205,780 |
| | | Series 2013, 5.000%, 7/01/43 | | | |
| | | 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 | Ba3 | 3,252,720 |
| 2,260 | | 6.750%, 7/01/41 | 7/21 at 100.00 | Ba3 | 2,442,021 |
| 1,720 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, | 7/20 at 100.00 | A1 | 1,776,588 |
| | | 5.000%, 7/01/40 | | | |
| | | Maine Turnpike Authority, Special Obligation Bonds, Series 2014: | | | |
| 1,290 | | 5.000%, 7/01/33 | 7/24 at 100.00 | A– | 1,451,676 |
| 1,020 | | 5.000%, 7/01/34 | 7/24 at 100.00 | A– | 1,146,031 |
| 23,930 | | Total Maine | | | 25,677,161 |
| | | Maryland – 0.3% (0.2% of Total Investments) | | | |
| 5,000 | | Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 | 1/25 at 100.00 | AA– | 5,642,900 |
| 450 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy | 7/21 at 100.00 | BBB | 487,377 |
| | | Medical Center, Series 2011, 6.000%, 7/01/25 | | | |
| 515 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson | 7/19 at 100.00 | BB+ | 516,303 |
| | | Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 | | | |
| 1,790 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula | 7/24 at 100.00 | A | 1,974,799 |
| | | Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 | | | |
| 1,070 | | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside | 11/24 at 103.00 | BB | 1,189,883 |
| | | King Farm Project, Series 2017A-1, 5.000%, 11/01/28 | | | |
| 8,825 | | Total Maryland | | | 9,811,262 |
| | | Massachusetts – 1.8% (1.2% of Total Investments) | | | |
| | | 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 | A2 | 4,501,111 |
| 7,500 | | 5.000%, 1/01/37 | 1/20 at 100.00 | A2 | 7,652,475 |
| 650 | | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare | 6/19 at 100.00 | N/R | 627,412 |
| | | Project, Series 2007A, 6.750%, 10/15/37 | | | |
| 815 | | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare | 10/20 at 100.00 | N/R | 828,716 |
| | | Project, Series 2010, 7.625%, 10/15/37 | | | |
35
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Massachusetts (continued) | | | |
| $ 825 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | $ 901,304 |
| | | Green Bonds, Series 2015D, 5.000%, 7/01/44 | | | |
| 3,500 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series | 10/26 at 100.00 | A+ | 4,022,760 |
| | | 2016BB-1, 5.000%, 10/01/46 | | | |
| | | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender | | | |
| | | Option Bond Trust 2016-XG0070: | | | |
| 930 | | 10.560%, 10/01/48, 144A (IF), (6) | 10/23 at 100.00 | A+ | 1,322,116 |
| 505 | | 10.607%, 10/01/48, 144A (IF), (6) | 10/23 at 100.00 | A+ | 718,186 |
| 3,200 | | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, | 1/25 at 100.00 | Baa2 | 3,356,064 |
| | | 4.500%, 1/01/45 | | | |
| 1,220 | | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, | 1/23 at 100.00 | BBB | 1,334,253 |
| | | Series 2013A, 5.125%, 1/01/25 | | | |
| 2,300 | | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, | 11/23 at 100.00 | A2 | 2,548,170 |
| | | 5.000%, 11/01/43 | | | |
| 1,500 | | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, | 7/26 at 100.00 | BBB+ | 1,541,220 |
| | | Series 2016I, 4.000%, 7/01/41 | | | |
| | | 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 | 1,260,542 |
| 1,280 | | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,404,365 |
| | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk | | | |
| | | University, Refunding Series 2009A: | | | |
| 3,190 | | 5.750%, 7/01/39 | 7/19 at 100.00 | Baa2 | 3,211,437 |
| 6,335 | | 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 6,378,585 |
| 700 | | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, | 7/21 at 100.00 | A3 | 743,302 |
| | | Series 2011A, 5.125%, 7/01/41 | | | |
| 5,930 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | Aa2 | 6,518,908 |
| | | Series 2013A, 5.000%, 5/15/43 | | | |
| 1,100 | | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior | No Opt. Call | A2 | 1,001,044 |
| | | Series 1997A, 0.000%, 1/01/24 – NPFG Insured | | | |
| 6,700 | | Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking | 7/21 at 100.00 | A+ | 7,078,818 |
| | | Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 | | | |
| 53,735 | | Total Massachusetts | | | 56,950,788 |
| | | Michigan – 2.3% (1.4% of Total Investments) | | | |
| 3,535 | | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | A2 | 3,828,794 |
| | | Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | | | |
| 2,020 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, | 7/21 at 100.00 | A2 | 2,148,048 |
| | | 5.250%, 7/01/41 | | | |
| 1,000 | | Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – | 3/28 at 100.00 | A2 | 1,054,440 |
| | | AGM Insured | | | |
| 3,665 | | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, | 7/21 at 100.00 | AA– | 3,938,885 |
| | | 5.500%, 7/01/41 | | | |
| 1,500 | | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, | 11/22 at 100.00 | A+ | 1,609,965 |
| | | Series 2012, 5.000%, 11/15/42 | | | |
| 405 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A2 | 451,875 |
| | | Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, | | | |
| | | 5.000%, 7/01/37 – AGM Insured | | | |
| 2,690 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A2 | 3,031,764 |
| | | Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%, 7/01/32 – | | | |
| | | AGM Insured | | | |
36
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Michigan (continued) | | | |
| $ 1,000 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A3 | $ 1,118,690 |
| | | Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – | | | |
| | | NPFG Insured | | | |
| | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding | | | |
| | | Series 2015MI: | | | |
| 2,500 | | 5.000%, 12/01/31 | 6/22 at 100.00 | AA– | 2,703,250 |
| 3,670 | | 5.000%, 12/01/32 | 6/22 at 100.00 | AA– | 3,966,096 |
| 2,000 | | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, | 10/22 at 100.00 | AAA | 2,222,900 |
| | | 5.000%, 10/01/31 (Pre-refunded 10/01/22) | | | |
| 5,000 | | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit | 11/26 at 100.00 | AA+ | 5,260,950 |
| | | Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 | | | |
| 1,000 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding | 10/21 at 100.00 | AA– | 1,081,450 |
| | | Series 2011-I-A, 5.375%, 10/15/41 | | | |
| 10,000 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding | 10/25 at 100.00 | AA– | 11,565,100 |
| | | Series 2015-I, 5.000%, 4/15/34 | | | |
| 3,495 | | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health | 11/19 at 100.00 | N/R (4) | 3,571,890 |
| | | System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) | | | |
| 5,200 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, | 6/22 at 100.00 | AA– | 5,526,924 |
| | | Series 2009C, 5.000%, 12/01/48 | | | |
| 5,000 | | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue | 5/19 at 100.00 | B2 | 4,962,550 |
| | | Bonds, Series 2008A, 6.875%, 6/01/42 | | | |
| 3,000 | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/22 at 100.00 | A | 3,293,340 |
| | | County Airport, Series 2012A, 5.000%, 12/01/37 | | | |
| | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | | | |
| | | County Airport, Series 2015D: | | | |
| 1,325 | | 5.000%, 12/01/40 | 12/25 at 100.00 | A | 1,509,440 |
| 1,200 | | 5.000%, 12/01/45 | 12/25 at 100.00 | A | 1,360,848 |
| | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | | | |
| | | County Airport, Series 2017B: | | | |
| 1,350 | | 5.000%, 12/01/42 (AMT) | 12/27 at 100.00 | A | 1,541,565 |
| 3,140 | | 5.000%, 12/01/47 (AMT) | 12/27 at 100.00 | A | 3,572,441 |
| 1,120 | | Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/36 | 11/25 at 100.00 | A+ | 1,268,590 |
| 64,815 | | Total Michigan | | | 70,589,795 |
| | | Minnesota – 1.7% (1.1% of Total Investments) | | | |
| 310 | | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory | 8/26 at 100.00 | BB+ | 309,600 |
| | | Academy, Refunding Series 2016A, 4.000%, 8/01/36 | | | |
| 2,000 | | Brainerd Independent School District 181, Crow Wing County, Minnesota, General | 2/27 at 100.00 | AAA | 2,141,120 |
| | | Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 | | | |
| 5,000 | | Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA | No Opt. Call | AA+ (4) | 5,106,100 |
| | | Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, | | | |
| | | Series 1988, 8.450%, 9/01/19 (AMT) (ETM) | | | |
| 500 | | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, | 7/25 at 100.00 | BB+ | 498,700 |
| | | Series 2016A, 4.000%, 7/01/37 | | | |
| 5,625 | | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | 2/28 at 100.00 | A– | 6,332,231 |
| | | Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/53 | | | |
| 3,010 | | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | AAA | 3,213,807 |
| | | School Building Series 2018A, 4.000%, 2/01/42 | | | |
| 3,000 | | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/20 at 100.00 | AA– | 3,062,190 |
| | | Senior Lien Series 2010A, 5.000%, 1/01/35 | | | |
| 2,295 | | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/27 at 100.00 | AA– | 2,654,810 |
| | | Senior Lien Series 2016C, 5.000%, 1/01/46 | | | |
37
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Minnesota (continued) | | | |
| | | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | | | |
| | | Subordinate Lien Series 2016D: | | | |
| $ 470 | | 5.000%, 1/01/32 (AMT) | 1/27 at 100.00 | A+ | $ 549,444 |
| 450 | | 5.000%, 1/01/35 (AMT) | 1/27 at 100.00 | A+ | 520,610 |
| 580 | | 5.000%, 1/01/37 (AMT) | 1/27 at 100.00 | A+ | 667,110 |
| 750 | | 5.000%, 1/01/41 (AMT) | 1/27 at 100.00 | A+ | 854,678 |
| | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, | | | |
| | | Refunding Series 2017: | | | |
| 1,460 | | 4.000%, 3/01/41 | 3/27 at 100.00 | Aa2 | 1,560,682 |
| 1,700 | | 4.000%, 3/01/47 | 3/27 at 100.00 | Aa2 | 1,811,163 |
| 2,150 | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, | 3/27 at 100.00 | Aa3 | 2,285,299 |
| | | Refunding Series 2017, 4.000%, 3/01/48 | | | |
| 910 | | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, | 5/28 at 100.00 | AA | 974,983 |
| | | 4.000%, 11/15/48 | | | |
| 2,000 | | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health | 7/19 at 100.00 | N/R (4) | 2,013,260 |
| | | Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) | | | |
| 1,520 | | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 12/24 at 100.00 | BBB– | 1,554,823 |
| | | Bonds, Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50 | | | |
| | | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | | | |
| | | Bonds, Hmong College Prep Academy Project, Series 2016A: | | | |
| 2,205 | | 5.500%, 9/01/36 | 9/26 at 100.00 | BB+ | 2,392,800 |
| 2,500 | | 5.750%, 9/01/46 | 9/26 at 100.00 | BB+ | 2,709,350 |
| | | 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 | 510,885 |
| 1,000 | | 5.125%, 5/01/48 | 5/23 at 100.00 | N/R | 1,007,360 |
| 2,000 | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, | 11/27 at 100.00 | A2 | 2,292,040 |
| | | Fairview Health Services, Series 2017A, 5.000%, 11/15/47 | | | |
| 400 | | Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax | 3/20 at 102.00 | N/R | 412,540 |
| | | Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 | | | |
| 750 | | St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, | 11/25 at 100.00 | N/R (4) | 894,810 |
| | | HealthEast Inc., Series 2015A, 5.000%, 11/15/29 (Pre-refunded 11/15/25) | | | |
| 3,855 | | West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, | 2/27 at 100.00 | AAA | 4,135,336 |
| | | Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/41 | | | |
| 2,000 | | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, | 1/24 at 100.00 | Aa3 | 2,232,820 |
| | | 5.000%, 1/01/46 | | | |
| 48,940 | | Total Minnesota | | | 52,698,551 |
| | | Mississippi – 0.8% (0.5% of Total Investments) | | | |
| | | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial | | | |
| | | Healthcare, Series 2016A: | | | |
| 7,500 | | 5.000%, 9/01/36 | 9/26 at 100.00 | BBB+ | 8,380,275 |
| 15,500 | | 5.000%, 9/01/46 | 9/26 at 100.00 | BBB+ | 17,078,520 |
| 23,000 | | Total Mississippi | | | 25,458,795 |
| | | Missouri – 3.8% (2.4% of Total Investments) | | | |
| 1,000 | | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series | 8/26 at 100.00 | Baa2 | 1,112,070 |
| | | 2016, 5.000%, 8/01/28 | | | |
| 2,000 | | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The | 5/25 at 100.00 | N/R | 1,928,600 |
| | | Sarah Community Project, Refunding Series 2016, 3.625%, 5/01/30 | | | |
| 500 | | Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding | 11/24 at 100.00 | AA+ | 538,320 |
| | | Series 2014A, 4.000%, 11/01/33 | | | |
| 2,000 | | Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, | 10/19 at 100.00 | A– | 2,023,760 |
| | | Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 | | | |
38
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Missouri (continued) | | | |
| $ 400 | | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | 4/26 at 100.00 | N/R | $ 403,240 |
| | | Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, | | | |
| | | 5.000%, 4/01/46, 144A | | | |
| | | 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 | 5,680,500 |
| 5,000 | | 0.000%, 4/15/28 – AMBAC Insured | No Opt. Call | A1 | 3,923,050 |
| 5,000 | | 0.000%, 4/15/29 – AMBAC Insured | No Opt. Call | A1 | 3,791,200 |
| 4,470 | | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, | 1/28 at 100.00 | AA | 4,745,039 |
| | | 4.000%, 1/01/42 | | | |
| 940 | | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson | No Opt. Call | A3 | 958,086 |
| | | Landing Project, Series 2005A, 6.000%, 6/01/20 | | | |
| 1,000 | | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, | 5/26 at 100.00 | A+ | 1,145,600 |
| | | Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/34 | | | |
| 3,080 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 3,317,807 |
| | | Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | | | |
| 1,260 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 10/23 at 100.00 | A+ | 1,407,722 |
| | | Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 | | | |
| | | 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 | 1,130,805 |
| 11,090 | | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 11,981,081 |
| | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | | | |
| | | Mercy Health, Series 2017C: | | | |
| 5,000 | | 5.000%, 11/15/42 | 11/27 at 100.00 | AA– | 5,783,600 |
| 10,000 | | 4.000%, 11/15/47 | 11/27 at 100.00 | AA– | 10,506,000 |
| 2,250 | | 5.000%, 11/15/47 | 11/27 at 100.00 | AA– | 2,594,993 |
| | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | | | |
| | | SSM Health Care, Series 2018A: | | | |
| 2,000 | | 4.000%, 6/01/48 | 6/28 at 100.00 | A+ | 2,105,500 |
| 3,500 | | 5.000%, 6/01/48 | 6/28 at 100.00 | A+ | 4,013,170 |
| | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy | | | |
| | | Hospital, Series 2017A: | | | |
| 1,250 | | 4.000%, 5/15/42 | 5/25 at 102.00 | A+ | 1,289,163 |
| 16,750 | | 4.000%, 5/15/48 | 5/25 at 102.00 | A+ | 17,282,817 |
| 11,295 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/26 at 100.00 | BBB | 12,157,034 |
| | | Services Projects, Series 2016B, 5.000%, 2/01/46 | | | |
| 400 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville | 6/22 at 100.00 | Baa2 | 404,856 |
| | | University of St Louis Project, Series 2015, 3.500%, 6/15/30 | | | |
| | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis | | | |
| | | University, Series 2017A: | | | |
| 725 | | 4.000%, 10/01/36 | 4/27 at 100.00 | A1 | 779,150 |
| 3,510 | | 5.000%, 10/01/42 | 4/27 at 100.00 | A1 | 4,040,747 |
| 3,775 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, | 4/21 at 100.00 | Baa1 (4) | 4,012,221 |
| | | Series 2011, 5.000%, 4/01/26 (Pre-refunded 4/01/21) | | | |
| 2,000 | | Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, | 6/27 at 100.00 | A2 | 2,304,920 |
| | | MoPEP Facilities, Series 2018, 5.000%, 12/01/43 | | | |
| 1,000 | | North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, | 6/19 at 100.00 | N/R | 1,000,430 |
| | | Series 2006, 5.000%, 1/01/37 | | | |
| 2,000 | | Saint Charles County Public Water Supply District 2, Missouri, Certificates of | 12/21 at 100.00 | AA+ | 2,052,380 |
| | | Participation, Series 2015, 4.125%, 12/01/38 | | | |
| 575 | | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/22 at 100.00 | N/R (4) | 635,582 |
| | | Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) | | | |
39
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Missouri (continued) | | | |
| $ 375 | | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | $ 407,494 |
| | | Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | | | |
| 1,000 | | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/27 at 100.00 | BB+ | 1,057,130 |
| | | Village Saint Louis Obligated Group, Series 2017, 5.000%, 9/01/48 | | | |
| 490 | | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport, | 7/22 at 100.00 | A– | 516,083 |
| | | Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (AMT) | | | |
| 113,680 | | Total Missouri | | | 117,030,150 |
| | | Montana – 0.2% (0.1% of Total Investments) | | | |
| 3,315 | | Montana Facilities Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman | 6/28 at 100.00 | A | 3,823,687 |
| | | Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 | | | |
| 2,090 | | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell | 7/28 at 100.00 | BBB | 2,334,133 |
| | | Regional Medical Center, Series 2018B, 5.000%, 7/01/43 | | | |
| 5,405 | | Total Montana | | | 6,157,820 |
| | | Nebraska – 0.2% (0.1% of Total Investments) | | | |
| 2,300 | | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, | 9/22 at 100.00 | BBB+ | 2,489,474 |
| | | 5.000%, 9/01/32 | | | |
| | | 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– | 1,710,439 |
| 1,000 | | 5.000%, 11/01/45 | 11/25 at 100.00 | A– | 1,090,410 |
| 4,935 | | Total Nebraska | | | 5,290,323 |
| | | Nevada – 2.9% (1.8% of Total Investments) | | | |
| 39,625 | | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, | 1/20 at 100.00 | A+ | 40,609,681 |
| | | 5.750%, 7/01/42 | | | |
| | | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran | | | |
| | | International Airport, Series 2010A: | | | |
| 5,210 | | 5.250%, 7/01/39 – AGM Insured | 1/20 at 100.00 | Aa3 | 5,316,805 |
| 9,725 | | 5.250%, 7/01/42 | 1/20 at 100.00 | A+ | 9,918,430 |
| 5,800 | | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, | 6/19 at 100.00 | BBB+ (4) | 5,843,210 |
| | | 8.000%, 6/15/30 (Pre-refunded 6/15/19) | | | |
| | | 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+ | 10,348,470 |
| 5,000 | | 5.000%, 6/01/39 | 12/24 at 100.00 | AA+ | 5,712,250 |
| 2,600 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, | 6/22 at 100.00 | AA+ | 2,809,768 |
| | | 5.000%, 6/01/42 | | | |
| | | Nevada System of Higher Education, Community College Revenue Bonds, Series 2017: | | | |
| 2,400 | | 4.000%, 7/01/41 | 7/27 at 100.00 | AA– | 2,520,792 |
| 2,000 | | 4.000%, 7/01/47 | 7/27 at 100.00 | AA– | 2,101,000 |
| 1,145 | | North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System | 6/19 at 100.00 | BB | 1,146,901 |
| | | Series 2006, 5.000%, 10/01/25 – NPFG Insured | | | |
| | | Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors | | | |
| | | Authority, Refunding Series 2011: | | | |
| 95 | | 5.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 101,736 |
| 130 | | 5.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 139,217 |
| 1,825 | | 5.000%, 7/01/32 | 7/21 at 100.00 | Aa2 | 1,945,742 |
| 84,555 | | Total Nevada | | | 88,514,002 |
| | | New Hampshire – 0.5% (0.3% of Total Investments) | | | |
| 5,000 | | New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated | 10/19 at 100.00 | Baa1 (4) | 5,092,650 |
| | | Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) | | | |
40
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New Hampshire (continued) | | | |
| $ 3,500 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical | 7/22 at 100.00 | Baa1 | $ 3,613,260 |
| | | Center, Series 2012, 4.000%, 7/01/32 | | | |
| 1,110 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth | 6/19 at 100.00 | AA+ (4) | 1,119,957 |
| | | College, Tender Option Bond Trust 2016-XL0025, 10.052%, 6/01/39 , 144A (Pre-refunded | | | |
| | | 6/01/19) (IF), (6) | | | |
| 4,000 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, | 2/28 at 100.00 | A | 4,701,600 |
| | | Dartmouth-Hitchcock Obligated Group, Series 2018A, 5.000%, 8/01/35 | | | |
| 13,610 | | Total New Hampshire | | | 14,527,467 |
| | | New Jersey – 4.4% (2.8% of Total Investments) | | | |
| 905 | | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue | 2/23 at 100.00 | BBB+ | 988,857 |
| | | Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | | | |
| | | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge | | | |
| | | Replacement Project, Series 2013: | | | |
| 1,965 | | 5.000%, 1/01/31 – AGM Insured (AMT) | 1/24 at 100.00 | BBB | 2,179,932 |
| 1,865 | | 5.125%, 1/01/39 – AGM Insured (AMT) | 1/24 at 100.00 | AA | 2,059,296 |
| 1,585 | | 5.125%, 7/01/42 – AGM Insured (AMT) | 1/24 at 100.00 | BBB | 1,742,834 |
| 2,000 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 12/26 at 100.00 | A– | 2,298,680 |
| | | Refunding Series 2016BBB, 5.500%, 6/15/31 | | | |
| 6,770 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, | No Opt. Call | BBB+ | 8,212,416 |
| | | Series 2005N-1, 5.500%, 9/01/27 – NPFG Insured | | | |
| 2,825 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 6/24 at 100.00 | BBB+ | 3,056,622 |
| | | Series 2014UU, 5.000%, 6/15/30 | | | |
| 555 | | New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident | 6/20 at 100.00 | N/R (4) | 579,875 |
| | | Group-Montclair Properties LLC, Montclair State University Student Housing Project, | | | |
| | | Series 2010A, 5.750%, 6/01/31 (Pre-refunded 6/01/20) | | | |
| 6,030 | | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit | No Opt. Call | BBB+ | 6,903,385 |
| | | Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | | | |
| 900 | | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and | 6/19 at 100.00 | N/R (4) | 904,275 |
| | | Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) | | | |
| 1,480 | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 6/19 at 100.00 | BB+ | 1,484,351 |
| | | Peters University Hospital, Series 2007, 5.750%, 7/01/37 | | | |
| 8,415 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas | 7/26 at 100.00 | A1 | 9,656,802 |
| | | Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | | | |
| 2,000 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas | 7/21 at 100.00 | N/R (4) | 2,168,260 |
| | | Health Care System, Refunding Series 2011A, 5.625%, 7/01/32 (Pre-refunded 7/01/21) | | | |
| 1,235 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | 7/25 at 100.00 | AA | 1,367,553 |
| | | Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | | | |
| 665 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender | 6/19 at 100.00 | BBB+ | 674,004 |
| | | Option Bond Trust 2016-XG0001, 13.620%, 6/01/30 , 144A (IF), (6) | | | |
| | | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue | | | |
| | | Notes, Series 2016A-1: | | | |
| 2,020 | | 5.000%, 6/15/28 | 6/26 at 100.00 | Baa1 | 2,328,858 |
| 3,340 | | 5.000%, 6/15/29 | 6/26 at 100.00 | Baa1 | 3,830,880 |
| 1,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | BBB+ | 789,730 |
| | | Appreciation Series 2010A, 0.000%, 12/15/26 | | | |
| | | 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+ | 15,339,456 |
| 10,000 | | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | A– | 6,217,100 |
| 20,000 | | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | A– | 11,965,800 |
| 25,000 | | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | BBB+ | 13,269,250 |
| 30,000 | | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | BBB+ | 15,175,800 |
41
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New Jersey (continued) | | | |
| $ 7,330 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, | 6/21 at 100.00 | BBB+ | $ 7,749,862 |
| | | Series 2011B, 5.500%, 6/15/31 | | | |
| 1,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, | 6/22 at 100.00 | A– | 1,046,360 |
| | | Series 2012A, 5.000%, 6/15/42 | | | |
| | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, | | | |
| | | Series 2015AA: | | | |
| 1,690 | | 5.250%, 6/15/33 | 6/25 at 100.00 | BBB+ | 1,868,025 |
| 2,840 | | 5.000%, 6/15/45 | 6/25 at 100.00 | BBB+ | 3,039,595 |
| 2,460 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 | 1/28 at 100.00 | A2 | 2,688,263 |
| | | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: | | | |
| 835 | | 11.030%, 1/01/43 , 144A (Pre-refunded 7/01/22) (IF), (6) | 7/22 at 100.00 | N/R (4) | 1,160,717 |
| 480 | | 11.030%, 1/01/43 , 144A (IF), (6) | 7/22 at 100.00 | A2 | 667,239 |
| 570 | | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, | 5/23 at 100.00 | A+ | 630,705 |
| | | 5.000%, 5/01/43 | | | |
| 3,215 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | A– | 3,675,613 |
| | | Bonds, Series 2018A, 5.000%, 6/01/36 | | | |
| 380 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB | 396,902 |
| | | Bonds, Series 2018B, 5.000%, 6/01/46 | | | |
| 172,475 | | Total New Jersey | | | 136,117,297 |
| | | New Mexico – 0.4% (0.3% of Total Investments) | | | |
| 1,295 | | Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., | 5/19 at 100.00 | A3 | 1,298,458 |
| | | Series 2004A, 5.125%, 6/01/19 | | | |
| 2,000 | | Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New | 6/20 at 100.00 | Baa2 | 2,079,420 |
| | | Mexico San Juan Project, Refunding Series 2010D, 5.900%, 6/01/40 | | | |
| 3,370 | | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 11/27 at 100.00 | Aa3 | 3,881,566 |
| | | Healthcare Services, Series 2017A, 5.000%, 8/01/46 | | | |
| 5,100 | | Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, | No Opt. Call | A2 | 5,894,835 |
| | | Series 1997, 6.000%, 2/01/27 – AGM Insured | | | |
| 11,765 | | Total New Mexico | | | 13,154,279 |
| | | New York – 7.4% (4.7% of Total Investments) | | | |
| | | 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) | 4,750,840 |
| 3,065 | | 6.250%, 7/15/40 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 3,167,402 |
| 6,600 | | 0.000%, 7/15/44 | No Opt. Call | BBB– | 2,434,014 |
| 490 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue | 7/25 at 100.00 | BBB+ | 564,162 |
| | | Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 | | | |
| 3,125 | | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns | 7/23 at 100.00 | A– | 3,416,844 |
| | | University, Series 2013A, 5.000%, 7/01/44 | | | |
| | | 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– | 1,765,310 |
| 3,195 | | 5.000%, 5/01/43 | 5/25 at 100.00 | A– | 3,543,638 |
| 600 | | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 684,864 |
| | | Center Obligated Group, Series 2017, 5.000%, 12/01/34, 144A | | | |
| 5,325 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/21 at 100.00 | AA+ | 5,622,082 |
| | | General Purpose Series 2011C, 5.000%, 3/15/41 | | | |
42
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New York (continued) | | | |
| | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 | | | |
| | | Series 2011A: | | | |
| $ 135 | | 5.250%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa2 (4) | $ 143,837 |
| 2,965 | | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 3,137,800 |
| 990 | | 5.750%, 2/15/47 | 2/21 at 100.00 | AA– | 1,057,162 |
| 1,610 | | 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa2 (4) | 1,729,510 |
| 7,500 | | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, | No Opt. Call | A | 9,630,600 |
| | | Series 2005, 5.250%, 10/01/35 | | | |
| | | Long Island Power Authority, New York, Electric System General Revenue Bonds, | | | |
| | | Series 2014A: | | | |
| 1,155 | | 4.000%, 9/01/39 – AGM Insured | 9/24 at 100.00 | A– | 1,210,556 |
| 3,000 | | 5.000%, 9/01/39 | 9/24 at 100.00 | A– | 3,363,150 |
| 860 | | 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 954,024 |
| 5,000 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/28 at 100.00 | A– | 5,985,450 |
| | | 2018, 5.000%, 9/01/37 | | | |
| 10,000 | | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding | No Opt. Call | AA | 6,570,600 |
| | | Series 2012A, 0.000%, 11/15/32 | | | |
| 1,000 | | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, | 11/19 at 100.00 | AA (4) | 1,018,830 |
| | | 5.000%, 11/15/34 (Pre-refunded 11/15/19) | | | |
| | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, | | | |
| | | Series 2011A: | | | |
| 285 | | 5.000%, 11/15/41 (Pre-refunded 11/15/21) | 11/21 at 100.00 | N/R (4) | 309,952 |
| 465 | | 5.000%, 11/15/41 (Pre-refunded 11/15/21) | 11/21 at 100.00 | A (4) | 505,711 |
| 5,000 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 5/23 at 100.00 | A | 5,467,100 |
| | | 2013A, 5.000%, 11/15/38 | | | |
| | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, | | | |
| | | Bronx Parking Development Company, LLC Project, Series 2007: | | | |
| 500 | | 3.163%, 10/01/37, (7) | 6/19 at 101.00 | N/R | 327,500 |
| 1,000 | | 3.231%, 10/01/46, (7) | 6/19 at 101.00 | N/R | 655,000 |
| 4,755 | | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium | 6/19 at 100.00 | A3 | 4,778,823 |
| | | Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured | | | |
| 3,400 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System | 12/20 at 100.00 | AA+ | 3,589,448 |
| | | Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 | | | |
| 5,900 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/23 at 100.00 | AA+ | 6,533,837 |
| | | General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 | | | |
| 500 | | New York City Municipal Water Finance Authority, New York, Water and Sewerage System | 6/19 at 100.00 | AA+ | 508,280 |
| | | Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 11.130%, 6/15/39 , 144A (IF) | | | |
| 5,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/23 at 100.00 | Aa1 | 5,550,950 |
| | | Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | | | |
| 2,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/26 at 100.00 | Aa1 | 2,309,800 |
| | | Subordinate Fiscal 2017 Series A-1, 5.000%, 5/01/40 | | | |
| 3,760 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 2/27 at 100.00 | Aa1 | 4,367,954 |
| | | Subordinate Fiscal 2017 Series E-1, 5.000%, 2/01/43 | | | |
| 5,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/28 at 100.00 | Aa1 | 5,940,700 |
| | | Subordinate Fiscal 2018 Series C-3, 5.000%, 5/01/40 | | | |
| 2,060 | | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, | 12/26 at 100.00 | AA | 2,395,100 |
| | | 5.000%, 12/01/41 | | | |
| 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 | 6/19 at 100.00 | AA | 5,014 |
| 2,000 | | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit | 11/25 at 100.00 | Aa3 | 2,289,580 |
| | | Fee Secured, Refunding Series 2015, 5.000%, 11/15/45 | | | |
| 540 | | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, | 6/19 at 100.00 | Baa1 | 540,184 |
| | | 6.500%, 6/01/35 | | | |
43
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New York (continued) | | | |
| $ 25,170 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | $ 27,107,335 |
| | | Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | | | |
| | | 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 | 1,667,952 |
| 4,350 | | 5.750%, 11/15/51 | 11/21 at 100.00 | A | 4,769,209 |
| 5,260 | | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/21 at 100.00 | BB– | 5,515,320 |
| | | Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding | | | |
| | | Series 2016, 5.000%, 8/01/31 (AMT) | | | |
| 3,050 | | New York Transportation Development Corporation, New York, Special Facility Revenue | 1/28 at 100.00 | Baa3 | 3,548,461 |
| | | Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, | | | |
| | | Series 2018, 5.000%, 1/01/34 (AMT) | | | |
| | | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia | | | |
| | | Airport Terminal B Redevelopment Project, Series 2016A: | | | |
| 2,000 | | 4.000%, 7/01/35 – AGM Insured (AMT) | 7/24 at 100.00 | BBB | 2,102,980 |
| 10,800 | | 5.000%, 7/01/41 (AMT) | 7/24 at 100.00 | BBB | 11,749,536 |
| 10,000 | | 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | Baa3 | 10,852,800 |
| 19,560 | | 5.250%, 1/01/50 (AMT) | 7/24 at 100.00 | Baa3 | 21,369,104 |
| 500 | | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital | 7/19 at 100.00 | N/R (4) | 502,890 |
| | | Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19) | | | |
| 1,310 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 12/23 at 100.00 | AA– | 1,440,633 |
| | | Seventy Eighth Series 2013, 5.000%, 12/01/43 (AMT) | | | |
| 4,320 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 12/23 at 100.00 | AA– | 4,868,208 |
| | | Seventy Ninth Series 2013, 5.000%, 12/01/38 | | | |
| | | 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 | 6/19 at 100.00 | BBB+ | 5,235,050 |
| 590 | | 5.500%, 12/01/31 | 12/20 at 100.00 | BBB+ | 622,692 |
| 1,670 | | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB+ | 1,768,463 |
| 3,045 | | 6.000%, 12/01/42 | 12/20 at 100.00 | BBB+ | 3,223,072 |
| 1,170 | | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic | 12/20 at 100.00 | BBB– | 1,230,044 |
| | | Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 | | | |
| | | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel | | | |
| | | Center Project, Refunding Series 2016A: | | | |
| 2,835 | | 5.000%, 1/01/29 (AMT) | 1/26 at 100.00 | Baa3 | 3,025,512 |
| 2,700 | | 5.000%, 1/01/34 (AMT) | 1/26 at 100.00 | Baa3 | 2,834,487 |
| 9,000 | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 | 6/27 at 100.00 | B+ | 8,833,680 |
| 218,960 | | Total New York | | | 229,093,036 |
| | | North Carolina – 1.4% (0.9% of Total Investments) | | | |
| 12,250 | | Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, | 4/23 at 100.00 | A– | 13,374,183 |
| | | 5.125%, 4/01/43 | | | |
| | | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot | | | |
| | | Lanes Project, Series 2015: | | | |
| 3,555 | | 5.000%, 12/31/37 (AMT) | 6/25 at 100.00 | BBB– | 3,887,499 |
| 3,480 | | 5.000%, 6/30/54 (AMT) | 6/25 at 100.00 | BBB– | 3,758,400 |
| 10,300 | | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding | No Opt. Call | Baa2 (4) | 11,459,883 |
| | | Series 1993B, 6.000%, 1/01/22 – CAPMAC Insured (ETM) (UB), (6) | | | |
| 1,570 | | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 10/24 at 102.00 | N/R | 1,698,222 |
| | | Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 | | | |
| | | 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 | 5,489,750 |
| 3,400 | | 5.000%, 10/01/31 | 10/22 at 100.00 | A2 | 3,709,502 |
44
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | North Carolina (continued) | | | |
| $ 500 | | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding | 1/26 at 100.00 | A | $ 582,720 |
| | | Series 2015A, 5.000%, 1/01/32 | | | |
| 40,055 | | Total North Carolina | | | 43,960,159 |
| | | North Dakota – 0.3% (0.2% of Total Investments) | | | |
| 675 | | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center | 7/22 at 100.00 | N/R (4) | 741,562 |
| | | Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) | | | |
| 6,100 | | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series | 11/21 at 100.00 | A+ | 6,780,882 |
| | | 2011, 6.250%, 11/01/31 | | | |
| 1,875 | | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/21 at 100.00 | Baa1 | 1,988,081 |
| | | Obligated Group, Series 2012, 5.000%, 12/01/32 | | | |
| 700 | | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 728,630 |
| | | Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | | | |
| 9,350 | | Total North Dakota | | | 10,239,155 |
| | | Ohio – 8.1% (5.1% of Total Investments) | | | |
| 6,250 | | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue | 11/26 at 100.00 | Baa2 | 7,079,500 |
| | | Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 | | | |
| 6,000 | | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, | 2/28 at 100.00 | A2 | 6,393,240 |
| | | 4.000%, 8/01/36 | | | |
| 1,340 | | Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, | 6/27 at 100.00 | A+ | 1,535,694 |
| | | 5.000%, 6/01/45 | | | |
| | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | | | |
| | | Revenue Bonds, Senior Lien, Series 2007A-2: | | | |
| 5,000 | | 5.125%, 6/01/24 | 5/19 at 100.00 | Caa3 | 4,700,150 |
| 4,930 | | 5.375%, 6/01/24 | 5/19 at 100.00 | Caa3 | 4,676,647 |
| 22,830 | | 5.875%, 6/01/30 | 5/19 at 100.00 | Caa3 | 21,859,725 |
| 11,785 | | 5.750%, 6/01/34 | 5/19 at 100.00 | Caa3 | 11,187,736 |
| 12,645 | | 6.000%, 6/01/42 | 5/19 at 100.00 | B– | 12,461,647 |
| 18,640 | | 5.875%, 6/01/47 | 5/19 at 100.00 | B– | 17,708,373 |
| 10,480 | | 6.500%, 6/01/47 | 5/19 at 100.00 | B– | 10,455,058 |
| 24,910 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/22 at 100.00 | Caa1 | 24,590,156 |
| | | Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | | | |
| | | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Refunding | | | |
| | | Series 2017: | | | |
| 3,940 | | 4.000%, 11/15/34 | 11/27 at 100.00 | A | 4,163,871 |
| 3,000 | | 4.000%, 11/15/35 | 11/27 at 100.00 | A | 3,158,670 |
| | | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | | | |
| 7,125 | | 5.250%, 11/01/29 (Pre-refunded 11/01/20) | 11/20 at 100.00 | A (4) | 7,497,352 |
| 1,665 | | 5.500%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R (4) | 1,758,140 |
| 3,335 | | 5.500%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | A (4) | 3,521,560 |
| 1,000 | | 5.750%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | A (4) | 1,059,620 |
| 4,795 | | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center | 6/23 at 100.00 | Baa3 | 4,959,037 |
| | | Project, Series 2013, 5.000%, 6/15/43 | | | |
| 760 | | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement | 7/20 at 100.00 | BBB | 782,618 |
| | | Services, Improvement Series 2010A, 5.625%, 7/01/26 | | | |
| 5,000 | | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated | 8/27 at 100.00 | A+ | 5,700,850 |
| | | Group Project, Series 2017A, 5.000%, 8/15/42 | | | |
| 1,000 | | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien | 1/23 at 100.00 | Aa3 | 1,095,850 |
| | | Series 2013A, 5.000%, 1/01/38 | | | |
| 16,820 | | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, | 1/23 at 100.00 | Aa3 | 18,432,197 |
| | | Senior Lien Series 2013A, 5.000%, 1/01/38 (UB), (6) | | | |
45
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Ohio (continued) | | | |
| | | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, | | | |
| | | Tender Option Bond Trust 2016-XG0052: | | | |
| $ 265 | | 11.532%, 1/01/38, 144A (IF), (6) | 1/23 at 100.00 | Aa3 | $ 365,827 |
| 625 | | 11.599%, 1/01/38, 144A (IF), (6) | 1/23 at 100.00 | Aa3 | 864,625 |
| 975 | | 11.599%, 1/01/38, 144A (IF), (6) | 1/23 at 100.00 | Aa3 | 1,348,815 |
| 1,315 | | 11.599%, 1/01/38, 144A (IF), (6) | 1/23 at 100.00 | Aa3 | 1,819,171 |
| 8,360 | | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., | 8/25 at 100.00 | Baa1 | 9,161,306 |
| | | Refunding Series 2015, 5.000%, 8/15/45 | | | |
| 7,495 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, | 11/21 at 100.00 | BBB (4) | 8,301,462 |
| | | Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) | | | |
| 1,000 | | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health | 8/21 at 100.00 | A2 | 1,064,080 |
| | | Center Project, Refunding Series 2011, 5.125%, 8/01/31 | | | |
| 2,385 | | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, | 6/19 at 100.00 | BBB+ | 2,413,191 |
| | | 5.000%, 5/01/30 | | | |
| 2,000 | | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System | 2/23 at 100.00 | Ba2 | 2,112,840 |
| | | Obligated Group Project, Series 2013, 5.000%, 2/15/33 | | | |
| 3,000 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 3,000,000 |
| | | FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 | | | |
| | | (Mandatory Put 9/15/21), (7) | | | |
| 1,000 | | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, | 12/20 at 100.00 | A2 | 1,052,980 |
| | | Refunding Series 2011A, 5.375%, 12/01/30 | | | |
| 4,350 | | Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, | 6/25 at 100.00 | A2 | 4,827,282 |
| | | Series 2015A, 5.000%, 12/01/44 | | | |
| | | 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+ | 1,667,010 |
| 10,530 | | 5.000%, 2/15/48 | 2/23 at 100.00 | Aa3 | 11,447,163 |
| 3,710 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | 2/31 at 100.00 | A+ | 3,919,318 |
| | | Convertible Series 2013A-3, 5.800%, 2/15/36, (5) | | | |
| | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | | | |
| | | Series 2018A: | | | |
| 3,375 | | 4.000%, 2/15/38 | 2/28 at 100.00 | A+ | 3,582,022 |
| 16,325 | | 5.000%, 2/15/43 | 2/28 at 100.00 | A+ | 19,138,940 |
| 241,460 | | Total Ohio | | | 250,863,723 |
| | | Oklahoma – 0.4% (0.2% of Total Investments) | | | |
| 1,925 | | Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise | 8/21 at 100.00 | N/R | 2,165,356 |
| | | Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A | | | |
| 3,000 | | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, | 6/23 at 100.00 | Baa1 | 3,347,340 |
| | | 5.625%, 6/01/43 (AMT) | | | |
| 4,985 | | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, | 6/24 at 100.00 | Baa1 | 5,421,187 |
| | | 5.000%, 6/01/45 – BAM Insured (AMT) | | | |
| 1,000 | | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, | 11/25 at 102.00 | BBB– | 1,126,790 |
| | | Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 | | | |
| 10,910 | | Total Oklahoma | | | 12,060,673 |
| | | Oregon – 2.1% (1.3% of Total Investments) | | | |
| 2,435 | | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General | 6/27 at 100.00 | AA+ | 2,901,327 |
| | | Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/36 | | | |
| 4,875 | | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint | 1/26 at 100.00 | A2 | 5,417,344 |
| | | Charles Health System, Inc., Series 2016A, 5.000%, 1/01/48 | | | |
| 15,440 | | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, | 6/26 at 100.00 | A+ | 17,413,849 |
| �� | | 5.000%, 6/01/46 | | | |
46
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Oregon (continued) | | | |
| $ 1,500 | | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, | 7/26 at 100.00 | AA– | $ 1,726,425 |
| | | 5.000%, 7/01/39 | | | |
| | | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B: | | | |
| 4,000 | | 5.000%, 7/01/36 (AMT) | 1/27 at 100.00 | AA– | 4,620,120 |
| 1,000 | | 5.000%, 7/01/37 (AMT) | 1/27 at 100.00 | AA– | 1,149,990 |
| 7,645 | | 5.000%, 7/01/42 (AMT) | 1/27 at 100.00 | AA– | 8,735,559 |
| 19,000 | | 5.000%, 7/01/47 (AMT) | 1/27 at 100.00 | AA– | 21,654,680 |
| 2,000 | | University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 | 4/28 at 100.00 | Aa2 | 2,348,420 |
| 57,895 | | Total Oregon | | | 65,967,714 |
| | | Pennsylvania – 5.0% (3.2% of Total Investments) | | | |
| 1,100 | | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental | 11/19 at 100.00 | B | 1,114,311 |
| | | Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, | | | |
| | | 6.750%, 11/01/24 | | | |
| 7,500 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 8,554,875 |
| | | Health Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 | | | |
| 2,000 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University | 8/19 at 100.00 | A+ | 2,020,400 |
| | | of Pittsburgh Medical Center, Series 2009A, 5.375%, 8/15/29 | | | |
| | | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65: | | | |
| 1,960 | | 5.375%, 5/01/31 | 5/21 at 100.00 | AA– | 2,093,123 |
| 2,570 | | 5.375%, 5/01/31 (Pre-refunded 5/01/21) | 5/21 at 100.00 | N/R (4) | 2,759,949 |
| | | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | | | |
| | | Settlement, Series 2018: | | | |
| 345 | | 5.000%, 6/01/34 | 6/28 at 100.00 | A | 405,630 |
| 550 | | 5.000%, 6/01/35 | 6/28 at 100.00 | A | 644,287 |
| | | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System | | | |
| | | Revenue Bonds, Series 2017: | | | |
| 3,500 | | 5.000%, 7/01/37 | 7/27 at 100.00 | A | 4,111,275 |
| 8,385 | | 5.000%, 7/01/42 | 7/27 at 100.00 | A | 9,762,907 |
| | | 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 | 3,278,016 |
| 11,000 | | 0.000%, 12/01/38 | No Opt. Call | A | 5,344,350 |
| 5,375 | | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown | 12/23 at 100.00 | A | 5,985,654 |
| | | Concession, Series 2013A, 5.125%, 12/01/47 | | | |
| | | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | | | |
| | | Thomas Jefferson University, Series 2018A: | | | |
| 2,400 | | 5.000%, 9/01/35 | 9/28 at 100.00 | A2 | 2,803,944 |
| 5,210 | | 5.000%, 9/01/43 | 9/28 at 100.00 | A2 | 5,961,126 |
| 1,665 | | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage | 8/20 at 100.00 | N/R (4) | 1,741,207 |
| | | Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 | | | |
| | | (Pre-refunded 8/01/20) | | | |
| 3,430 | | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Ba1 | 3,748,510 |
| | | Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | | | |
| 2,000 | | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS | 11/26 at 100.00 | A– | 2,244,840 |
| | | Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 | | | |
| 235 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 11/24 at 100.00 | N/R | 247,150 |
| | | National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (AMT) | | | |
| 400 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University | 7/20 at 100.00 | N/R (4) | 419,728 |
| | | Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) | | | |
| | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | | | |
| | | Bonds, Subordinate Series 2010A1&2: | | | |
| 940 | | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 996,973 |
| 4,310 | | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | A2 (4) | 4,571,229 |
47
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Pennsylvania (continued) | | | |
| $ 16,750 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series | 12/27 at 100.00 | A | $ 21,243,857 |
| | | 2009E, 6.375%, 12/01/38 | | | |
| 4,305 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, | 6/25 at 100.00 | A+ | 4,828,832 |
| | | 12/01/45 | | | |
| 2,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series | 12/24 at 100.00 | A3 | 2,210,500 |
| | | 2014A-1, 5.000%, 12/01/38 | | | |
| 14,500 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | A2 | 18,157,480 |
| | | 6.250%, 6/01/33 – AGM Insured | | | |
| 6,250 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, | 12/25 at 100.00 | A3 | 6,940,562 |
| | | 5.000%, 12/01/45 | | | |
| 5,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, | 12/25 at 100.00 | A3 | 5,548,700 |
| | | 5.000%, 12/01/46 | | | |
| 1,595 | | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health | 5/20 at 100.00 | N/R (4) | 1,649,820 |
| | | System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 | | | |
| | | (Pre-refunded 5/15/20) | | | |
| 8,650 | | Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, | 7/27 at 100.00 | A | 9,874,321 |
| | | 7/01/42 (AMT) | | | |
| 1,425 | | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, | 8/20 at 100.00 | A– (4) | 1,509,745 |
| | | 8/01/41 (Pre-refunded 8/01/20) | | | |
| 2,350 | | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical | No Opt. Call | A– (4) | 2,462,659 |
| | | Community Hospital Project, Refunding & Improvement Series 2011, 5.500%, 8/01/20 (ETM) | | | |
| 10,000 | | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, | 8/25 at 100.00 | AA | 11,333,100 |
| | | Series 2016, 5.000%, 8/15/38 – BAM Insured | | | |
| 143,100 | | Total Pennsylvania | | | 154,569,060 |
| | | Puerto Rico – 0.3% (0.2% of Total Investments) | | | |
| 4,300 | | Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, | 6/19 at 100.00 | A2 | 4,470,624 |
| | | 4.500%, 12/01/23 | | | |
| 800 | | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, | 6/19 at 100.00 | Ca | 800,928 |
| | | Refunding Series 2002D, 5.450%, 7/01/31 – AMBAC Insured | | | |
| | | Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, | | | |
| | | Series 2007A Sr. Bond: | | | |
| 1,091 | | 0.000%, 8/01/42 (8) | No Opt. Call | N/R | 898,503 |
| 3,312 | | 0.000%, 8/01/42 (8) | No Opt. Call | N/R | 2,906,606 |
| 9,503 | | Total Puerto Rico | | | 9,076,661 |
| | | Rhode Island – 0.5% (0.3% of Total Investments) | | | |
| 7,230 | | Rhode Island Health and Educational Building Corporation, Higher Education Facility | 9/23 at 100.00 | AA+ | 8,020,022 |
| | | Revenue Bonds, Brown University, Series 2013, 5.000%, 9/01/43 | | | |
| 3,320 | | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue | 5/26 at 100.00 | BBB+ | 3,683,573 |
| | | Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 | | | |
| 30,175 | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 5/19 at 14.18 | CCC+ | 3,103,499 |
| | | Bonds, Series 2007A, 0.000%, 6/01/52 | | | |
| 40,725 | | Total Rhode Island | | | 14,807,094 |
| | | South Carolina – 4.2% (2.6% of Total Investments) | | | |
| | | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, | | | |
| | | Lexington Medical Center, Series 2016: | | | |
| 7,500 | | 5.000%, 11/01/41 | 5/26 at 100.00 | A | 8,252,400 |
| 3,180 | | 5.000%, 11/01/46 | 5/26 at 100.00 | A | 3,498,731 |
| | | 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– | 15,837,336 |
| 1,250 | | 0.000%, 1/01/31 – AGC Insured | No Opt. Call | A3 | 894,013 |
| 4,610 | | Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, | 1/26 at 100.00 | A | 5,198,006 |
| | | 5.000%, 1/01/47 | | | |
48
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | South Carolina (continued) | | | |
| $ 1,640 | | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 10/25 at 100.00 | A1 | $ 1,881,260 |
| | | Furman University, Refunding Series 2015, 5.000%, 10/01/45 | | | |
| 1,000 | | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod | 5/28 at 100.00 | AA– | 1,155,710 |
| | | Health Projects, Refunding & Improvement Series 2018, 5.000%, 11/01/43 | | | |
| 875 | | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto | 8/21 at 100.00 | AA (4) | 969,036 |
| | | Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured | | | |
| 9,000 | | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding | 12/26 at 100.00 | A+ | 10,096,380 |
| | | Series 2016B, 5.000%, 12/01/56 | | | |
| 14,765 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | 16,339,097 |
| | | Improvement Series 2015A, 5.000%, 12/01/50 | | | |
| | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | | | |
| | | Series 2014C: | | | |
| 8,900 | | 5.000%, 12/01/39 | 12/24 at 100.00 | A– | 9,835,212 |
| 12,760 | | 5.000%, 12/01/46 | 12/24 at 100.00 | A– | 14,054,757 |
| 5,500 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 12/23 at 100.00 | A– | 6,003,470 |
| | | 2013A, 5.125%, 12/01/43 | | | |
| 3,455 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | A+ | 3,838,436 |
| | | 2014A, 5.500%, 12/01/54 | | | |
| 5,000 | | South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.250%, 7/01/55 (AMT) | 7/25 at 100.00 | A+ | 5,583,450 |
| | | South Carolina State Ports Authority, Revenue Bonds, Series 2018: | | | |
| 14,350 | | 5.000%, 7/01/48 (AMT) | 7/28 at 100.00 | A+ | 16,481,405 |
| 8,000 | | 5.000%, 7/01/55 (AMT) | 7/28 at 100.00 | A+ | 9,066,640 |
| 123,350 | | Total South Carolina | | | 128,985,339 |
| | | South Dakota – 0.8% (0.5% 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 | 1,309,711 |
| 11,320 | | South Dakota Board of Regents, Housing and Auxiliary Facilities System Revenue Bonds, | 10/27 at 100.00 | Aa3 | 11,969,202 |
| | | Series 2017, 4.000%, 4/01/42 | | | |
| 2,685 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional | 9/27 at 100.00 | A1 | 2,840,676 |
| | | Health, Refunding Series 2017, 4.000%, 9/01/36 | | | |
| 1,460 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, | 11/24 at 100.00 | A+ | 1,607,373 |
| | | Series 2014B, 5.000%, 11/01/44 | | | |
| 7,185 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, | 11/25 at 100.00 | A+ | 7,926,995 |
| | | Series 2015, 5.000%, 11/01/45 | | | |
| 23,950 | | Total South Dakota | | | 25,653,957 |
| | | Tennessee – 2.2% (1.4% of Total Investments) | | | |
| 9,460 | | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ | 10,172,054 |
| | | Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | | | |
| | | Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, | | | |
| | | Ballad Health, Series 2018A: | | | |
| 2,000 | | 5.000%, 7/01/36 | 7/28 at 100.00 | Baa1 | 2,324,820 |
| 7,000 | | 5.000%, 7/01/37 | 7/28 at 100.00 | Baa1 | 8,071,560 |
| 3,125 | | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, | 7/20 at 100.00 | Baa1 (4) | 3,281,000 |
| | | Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38 (Pre-refunded 7/01/20) | | | |
| 75 | | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue | 7/23 at 100.00 | N/R (4) | 75,342 |
| | | Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 | | | |
| | | (Pre-refunded 7/01/23) – NPFG Insured | | | |
| 17,000 | | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue | 1/27 at 100.00 | A | 19,222,410 |
| | | Bonds, Covenant Health, Refunding Series 2016A, 5.000%, 1/01/47 | | | |
| | | 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 | A3 | 3,216,060 |
| 3,200 | | 5.000%, 11/01/24 | 11/21 at 100.00 | A3 | 3,429,664 |
| 3,400 | | 5.000%, 11/01/25 | 11/21 at 100.00 | A3 | 3,642,284 |
49
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Tennessee (continued) | | | |
| $ 535 | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | Aa1 | $ 597,847 |
| | | Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, | | | |
| | | 5.000%, 7/01/46 | | | |
| 10,000 | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 10/19 at 100.00 | AA+ (4) | 10,143,300 |
| | | Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, | | | |
| | | 10/01/39 (Pre-refunded 10/01/19) | | | |
| 4,000 | | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, | No Opt. Call | BBB+ | 4,687,480 |
| | | 5.250%, 9/01/26 | | | |
| 62,795 | | Total Tennessee | | | 68,863,821 |
| | | Texas – 16.2% (10.2% of Total Investments) | | | |
| 8,835 | | Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A, 5.000%, 2/15/43 – | 2/28 at 100.00 | A1 | 10,290,478 |
| | | AGM Insured | | | |
| 3,040 | | Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (AMT) | 11/24 at 100.00 | A | 3,373,184 |
| 4,500 | | Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (AMT) | 11/26 at 100.00 | A | 5,096,475 |
| 13,705 | | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, | 11/25 at 100.00 | Aa3 | 15,565,865 |
| | | 11/15/45 (UB), (6) | | | |
| 5,000 | | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, | 5/23 at 100.00 | AA– | 5,539,500 |
| | | 5.000%, 11/15/43 | | | |
| 1,000 | | Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series | 7/23 at 100.00 | A2 | 1,105,880 |
| | | 2014, 5.000%, 7/10/37 – BAM Insured | | | |
| | | Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012: | | | |
| 1,000 | | 5.000%, 7/01/28 | 7/22 at 100.00 | A+ | 1,089,780 |
| 1,000 | | 5.000%, 7/01/29 | 7/22 at 100.00 | A+ | 1,089,460 |
| 5,500 | | Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 4/20 at 100.00 | Baa1 | 5,688,375 |
| | | The Roman Catholic Diocese of Austin, Series 2005B Remarketed, 6.125%, 4/01/45 | | | |
| | | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien | | | |
| | | Series 2013A: | | | |
| 765 | | 5.000%, 1/01/43 | 1/23 at 100.00 | A– | 823,630 |
| 1,100 | | 5.000%, 1/01/43 – AGM Insured | 1/23 at 100.00 | A2 | 1,190,299 |
| 1,250 | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, | 1/20 at 100.00 | Baa1 (4) | 1,283,925 |
| | | 5.750%, 1/01/25 (Pre-refunded 1/01/20) | | | |
| | | 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 | Baa1 (4) | 1,069,370 |
| 3,380 | | 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa1 (4) | 3,628,261 |
| | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: | | | |
| 2,600 | | 5.000%, 1/01/35 | 7/25 at 100.00 | A– | 2,933,034 |
| 3,035 | | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa1 | 3,368,516 |
| 1,000 | | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea | 8/23 at 100.00 | BBB+ | 1,121,070 |
| | | Public Schools, Series 2013, 6.000%, 8/15/43 | | | |
| 2,500 | | Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, | 1/21 at 100.00 | AA– (4) | 2,641,075 |
| | | 5.000%, 1/01/36 (Pre-refunded 1/01/21) | | | |
| 8,100 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series | 11/22 at 100.00 | A+ | 8,729,694 |
| | | 2013C, 5.125%, 11/01/43 (AMT) | | | |
| 16,980 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series | 11/22 at 100.00 | A+ | 17,884,864 |
| | | 2014B, 4.500%, 11/01/45 (AMT) | | | |
| 3,500 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series | 11/20 at 100.00 | A+ | 3,637,690 |
| | | 2010A, 5.000%, 11/01/42 | | | |
| 10,000 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series | 11/21 at 100.00 | A+ | 10,582,200 |
| | | 2012E, 5.000%, 11/01/42 (AMT) | | | |
| 9,000 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, | 11/21 at 100.00 | A+ | 9,523,980 |
| | | 5.000%, 11/01/42 (AMT) | | | |
50
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| $ 200 | | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/24 at 100.00 | BBB– | $ 216,284 |
| | | 2014A, 5.250%, 9/01/44 | | | |
| 6,090 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier | 10/23 at 100.00 | BBB | 6,668,428 |
| | | Series 2013A, 5.125%, 10/01/43 | | | |
| 9,120 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 10/23 at 100.00 | AA+ | 9,857,261 |
| | | Lien Series 2013B, 5.000%, 4/01/53 | | | |
| 5,295 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 4/28 at 100.00 | AA | 6,209,764 |
| | | Lien Series 2018A Tela Supported, 5.000%, 10/01/48 | | | |
| 4,105 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender | 10/23 at 100.00 | AA | 5,432,844 |
| | | Option Bond Trust 2015-XF0228, 11.720%, 4/01/53 , 144A (IF), (6) | | | |
| 2,960 | | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 10/22 at 100.00 | B3 | 2,976,961 |
| | | Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT) | | | |
| | | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | | | |
| | | Houston Methodist Hospital System, Series 2015: | | | |
| 1,895 | | 4.000%, 12/01/45 | 6/25 at 100.00 | AA | 1,962,348 |
| 3,480 | | 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 3,900,836 |
| 1,615 | | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue | 6/23 at 100.00 | Baa2 | 1,715,356 |
| | | Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, | | | |
| | | 5.000%, 6/01/28 | | | |
| | | 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 | 207,891 |
| 1,020 | | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | 396,658 |
| 1,255 | | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | 464,664 |
| 3,305 | | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | 1,166,268 |
| 4,460 | | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | 1,491,825 |
| 6,500 | | 0.000%, 11/15/47 – AGM Insured | 11/31 at 46.45 | A2 | 1,958,190 |
| | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: | | | |
| 150 | | 0.000%, 11/15/24 – NPFG Insured | No Opt. Call | BB+ | 126,954 |
| 4,440 | | 0.000%, 11/15/29 – NPFG Insured | No Opt. Call | BB+ | 3,117,635 |
| 730 | | 0.000%, 11/15/30 – NPFG Insured | No Opt. Call | BB+ | 489,553 |
| 7,570 | | 0.000%, 11/15/31 – NPFG Insured | No Opt. Call | BB+ | 4,857,593 |
| 600 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien | 11/24 at 100.00 | BBB+ | 670,158 |
| | | Series 2014C, 5.000%, 11/15/33 | | | |
| 1,000 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien | 11/24 at 100.00 | A– | 1,134,930 |
| | | Series 2014A, 5.000%, 11/15/30 | | | |
| 2,305 | | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior | No Opt. Call | A2 | 2,239,261 |
| | | Lien Series 2001A, 0.000%, 11/15/20 – NPFG Insured | | | |
| 7,570 | | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series | 7/28 at 100.00 | A | 8,793,690 |
| | | 2018A, 5.000%, 7/01/41 (AMT) | | | |
| 5,000 | | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | No Opt. Call | BB | 5,830,550 |
| | | Technical Operations Center Project, Series 2018, 5.000%, 7/15/28 (AMT) | | | |
| 380 | | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/24 at 100.00 | Ba3 | 419,744 |
| | | Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) | | | |
| 4,000 | | Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, | 11/21 at 100.00 | AA | 4,286,160 |
| | | 5.000%, 11/15/40 | | | |
| | | 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 | 2,834,975 |
| 4,130 | | 0.000%, 9/01/26 – AMBAC Insured | No Opt. Call | A2 | 3,499,184 |
| 3,130 | | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A | 2,254,758 |
| 12,030 | | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A | 8,272,670 |
51
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| | | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien | | | |
| | | Series 1998A: | | | |
| $ 4,680 | | 0.000%, 12/01/22 – AGM Insured | No Opt. Call | AA+ | $ 4,380,152 |
| 12,030 | | 0.000%, 12/01/22 – AGM Insured (ETM) | No Opt. Call | AA+ (4) | 11,238,426 |
| | | 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 | 8,575,920 |
| 2,275 | | 5.000%, 8/15/40 | 8/25 at 100.00 | AAA | 2,587,790 |
| 4,800 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | 11/20 at 100.00 | BBB+ | 4,992,960 |
| | | Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | | | |
| 6,500 | | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/26 at 100.00 | A | 7,433,010 |
| | | Transmission Services Corporation Project, Refunding Series 2016, 5.000%, 5/15/46 | | | |
| 9,180 | | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, | No Opt. Call | A | 11,247,887 |
| | | Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (AMT) | | | |
| 2,000 | | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, | 12/25 at 100.00 | B1 | 2,158,360 |
| | | 6.125%, 12/01/38 | | | |
| 2,835 | | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, | 10/21 at 105.00 | BB– | 2,958,719 |
| | | Senior Lien Series 2018, 4.625%, 10/01/31, 144A (AMT) | | | |
| 1,735 | | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | A2 | 1,875,188 |
| | | Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M | | | |
| | | University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured | | | |
| | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible | | | |
| | | Capital Appreciation Series 2011C: | | | |
| 4,030 | | 7.000%, 9/01/43 (Pre-refunded 9/01/31), (5) | 9/31 at 100.00 | N/R (4) | 4,747,098 |
| 8,470 | | 6.750%, 9/01/45 (Pre-refunded 9/01/31), (5) | 9/31 at 100.00 | N/R (4) | 10,884,035 |
| 205 | | North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, | 6/19 at 100.00 | A+ | 205,705 |
| | | 6.250%, 1/01/39 | | | |
| 7,000 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital | 1/25 at 100.00 | A+ | 8,596,910 |
| | | Appreciation Series 2008I, 6.500%, 1/01/43 | | | |
| 10,260 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ | 11,202,586 |
| | | 5.000%, 1/01/40 | | | |
| | | 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 | 15,196,654 |
| 1,000 | | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 1,135,380 |
| 1,300 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 9/19 at 100.00 | A2 | 1,314,014 |
| | | Revenue Bonds, Hendrick Medical Center, Series 2009B, 5.250%, 9/01/26 – AGC Insured | | | |
| | | 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) | 372,313 |
| 4,445 | | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 4,661,783 |
| 2,000 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 8/26 at 100.00 | AA | 2,281,900 |
| | | Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | | | |
| 605 | | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A2 | 701,606 |
| | | Senior Lien Series 2008D, 6.250%, 12/15/26 | | | |
| | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, | | | |
| | | Series 2012: | | | |
| 5,910 | | 5.000%, 12/15/23 | 12/22 at 100.00 | BBB | 6,502,005 |
| 2,050 | | 5.000%, 12/15/26 | 12/22 at 100.00 | BBB | 2,247,682 |
| 1,000 | | 5.000%, 12/15/27 | 12/22 at 100.00 | BBB | 1,094,330 |
| 12,745 | | 5.000%, 12/15/29 | 12/22 at 100.00 | BBB | 13,872,168 |
| 2,000 | | 5.000%, 12/15/31 | 12/22 at 100.00 | BBB | 2,165,840 |
| 1,620 | | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE | 12/19 at 100.00 | BBB– | 1,671,872 |
| | | Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, | | | |
| | | 6.875%, 12/31/39 | | | |
52
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| $ 19,735 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | 12/25 at 100.00 | Baa3 | $ 21,509,374 |
| | | Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, | | | |
| | | 12/31/50 (AMT) | | | |
| | | 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 (AMT) | 9/23 at 100.00 | Baa3 | 1,565,675 |
| 4,040 | | 6.750%, 6/30/43 (AMT) | 9/23 at 100.00 | Baa3 | 4,679,209 |
| | | 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 | 1,057,660 |
| 1,000 | | 7.000%, 6/30/40 | 6/20 at 100.00 | Baa3 | 1,057,070 |
| 3,335 | | Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond | 8/19 at 100.00 | AAA | 3,412,439 |
| | | Trust 2015-XF0075, 9.146%, 8/01/39, 144A (IF) | | | |
| 9,430 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First | 8/22 at 100.00 | A– | 10,109,149 |
| | | Tier Refunding Series 2012A, 5.000%, 8/15/41 | | | |
| | | 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– | 4,115,823 |
| 10,960 | | 5.000%, 8/15/37 | 8/24 at 100.00 | A– | 12,271,145 |
| | | 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 | 2,346,288 |
| 15,750 | | 5.000%, 8/15/42 | 8/24 at 100.00 | BBB | 17,334,607 |
| | | 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) | 2,195,771 |
| 7,715 | | 0.000%, 8/15/21 – AMBAC Insured | No Opt. Call | A– | 7,382,561 |
| 2,020 | | 0.000%, 8/15/23 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 1,864,319 |
| 9,980 | | 0.000%, 8/15/23 – AMBAC Insured | No Opt. Call | A– | 9,097,968 |
| 3,830 | | 0.000%, 8/15/24 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 3,440,336 |
| 21,170 | | 0.000%, 8/15/24 – AMBAC Insured | No Opt. Call | A– | 18,829,021 |
| 16,600 | | Texas Water Development Board, Series 2017A, 5.000%, 10/15/42 (UB), (6) | 10/27 at 100.00 | AAA | 19,699,552 |
| | | Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, | | | |
| | | Westminster Manor, Series 2010: | | | |
| 115 | | 7.000%, 11/01/30 | 11/20 at 100.00 | BBB+ | 119,783 |
| 905 | | 7.000%, 11/01/30 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R (4) | 974,911 |
| 485 | | Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities | 6/19 at 100.00 | CC | 486,562 |
| | | Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (AMT) | | | |
| 490,395 | | Total Texas | | | 500,561,514 |
| | | Utah – 1.6% (1.0% of Total Investments) | | | |
| 27,055 | | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, 5.000%, | 7/27 at 100.00 | A2 | 30,884,906 |
| | | 7/01/47 (AMT) | | | |
| 4,500 | | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, | 7/28 at 100.00 | A2 | 5,199,390 |
| | | 7/01/48 (AMT) | | | |
| 2,000 | | Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, | 5/21 at 100.00 | AA+ | 2,112,380 |
| | | 5.000%, 5/15/43 | | | |
| 5,795 | | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Hawthorn | 4/26 at 100.00 | AA | 6,452,443 |
| | | Academy Project, Series 2016, 5.000%, 10/15/46 | | | |
| | | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012: | | | |
| 1,665 | | 5.000%, 6/15/42 (Pre-refunded 6/15/22) | 6/22 at 100.00 | N/R (4) | 1,832,283 |
| 2,445 | | 5.000%, 6/15/42 | 6/22 at 100.00 | A+ | 2,630,844 |
| 43,460 | | Total Utah | | | 49,112,246 |
53
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Virginia – 3.1% (2.0% of Total Investments) | | | |
| $ 1,000 | | Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, | 6/19 at 100.00 | B+ | $ 999,940 |
| | | Series 2006, 5.000%, 9/01/26 | | | |
| 515 | | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital | 7/28 at 100.00 | BBB | 480,258 |
| | | Appreciation Series 2012B, 4.875%, 7/15/40, (5) | | | |
| 1,000 | | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/28 at 100.00 | Aa2 | 1,069,510 |
| | | Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB), (6) | | | |
| 1,000 | | Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue | 6/19 at 100.00 | AA+ | 1,003,740 |
| | | Bonds, FHA-Insured Mortgage – Cedar Ridge Project, Series 2007, 4.850%, 10/01/48 (AMT) | | | |
| 12,000 | | Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads | 1/28 at 100.00 | AA | 14,114,400 |
| | | Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.000%, 7/01/52 | | | |
| 2,400 | | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours | 11/22 at 100.00 | A (4) | 2,660,904 |
| | | Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) | | | |
| 5,625 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 4/22 at 100.00 | BBB+ | 5,967,506 |
| | | Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, | | | |
| | | 5.000%, 10/01/53 | | | |
| 2,000 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | No Opt. Call | A3 | 1,082,740 |
| | | Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, | | | |
| | | 10/01/36 – AGC Insured | | | |
| 5,000 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/26 at 100.00 | A3 | 6,362,600 |
| | | Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, | | | |
| | | 10/01/41 – AGC Insured | | | |
| 5,000 | | Metropolitan Washington DC Airports Authority, Virginia, Airport System Revenue Bonds, | 10/20 at 100.00 | AA– | 5,190,900 |
| | | Series 2010A, 5.000%, 10/01/39 | | | |
| 4,500 | | Metropolitan Washington DC Airports Authority, Virginia, Airport System Revenue Bonds, | 10/23 at 100.00 | AA– | 5,016,285 |
| | | Refunding Series 2013A, 5.000%, 10/01/30 (AMT) | | | |
| | | Prince William County Industrial Development Authority, Virginia, Health Care Facilities | | | |
| | | Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B: | | | |
| 2,000 | | 4.000%, 11/01/33 | 11/22 at 100.00 | A+ | 2,078,800 |
| 3,000 | | 5.000%, 11/01/46 | 11/22 at 100.00 | A+ | 3,215,640 |
| 6,115 | | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 5/19 at 100.00 | B– | 5,943,964 |
| | | Bonds, Series 2007B1, 5.000%, 6/01/47 | | | |
| | | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform | | | |
| | | 66 P3 Project, Senior Lien Series 2017: | | | |
| 8,100 | | 5.000%, 12/31/49 (AMT) | 6/27 at 100.00 | Baa3 | 8,889,345 |
| 7,355 | | 5.000%, 12/31/52 (AMT) | 6/27 at 100.00 | BBB | 8,049,974 |
| 4,535 | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes | 1/22 at 100.00 | BBB | 4,784,425 |
| | | LLC Project, Series 2012, 5.000%, 1/01/40 (AMT) | | | |
| | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River | | | |
| | | Crossing, Opco LLC Project, Series 2012: | | | |
| 3,670 | | 6.000%, 1/01/37 (AMT) | 7/22 at 100.00 | BBB | 4,051,203 |
| 14,930 | | 5.500%, 1/01/42 (AMT) | 7/22 at 100.00 | BBB | 16,132,462 |
| 89,745 | | Total Virginia | | | 97,094,596 |
| | | Washington – 4.7% (2.9% of Total Investments) | | | |
| 8,000 | | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island | No Opt. Call | Aa3 | 7,987,920 |
| | | Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 – NPFG Insured | | | |
| 2,000 | | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/24 at 100.00 | AA– | 2,257,220 |
| | | Refunding Series 2014A, 5.000%, 7/01/40 | | | |
54
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Washington (continued) | | | |
| $ 3,750 | | FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of | No Opt. Call | AA | $ 3,761,813 |
| | | Information Services Project, Series 2009, 5.500%, 6/01/39 (UB), (6) | | | |
| 2,375 | | Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids | 1/26 at 100.00 | Aa3 | 2,705,838 |
| | | Hydroelectric Project, Refunding Series 2015A, 5.000%, 1/01/41 | | | |
| 2,270 | | Port Everett, Washington, Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 | 6/26 at 100.00 | A1 | 2,593,293 |
| 14,955 | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, 5.000%, | 5/27 at 100.00 | A+ | 17,150,095 |
| | | 5/01/42 (AMT) | | | |
| | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2018A: | | | |
| 6,000 | | 5.000%, 5/01/36 (AMT) | 5/27 at 100.00 | A+ | 6,947,160 |
| 4,515 | | 5.000%, 5/01/43 (AMT) | 5/27 at 100.00 | A+ | 5,140,057 |
| 10,000 | | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue | 6/23 at 100.00 | A+ | 10,901,300 |
| | | Bonds, Series 2013A, 5.000%, 5/01/43 | | | |
| 5,195 | | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical | 12/20 at 100.00 | N/R (4) | 5,505,713 |
| | | Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) | | | |
| 1,590 | | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical | 12/21 at 100.00 | N/R (4) | 1,723,592 |
| | | Center, Series 2012, 5.000%, 12/01/42 (Pre-refunded 12/01/21) | | | |
| 4,000 | | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & | 10/22 at 100.00 | AA– | 4,371,000 |
| | | Services, Refunding Series 2012A, 5.000%, 10/01/32 | | | |
| 1,000 | | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 10/22 at 100.00 | Aa2 | 1,086,560 |
| | | Series 2012A, 5.000%, 10/01/42 | | | |
| 11,500 | | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 4/25 at 100.00 | Aa2 | 12,885,635 |
| | | Series 2015A, 5.000%, 10/01/45 (UB) | | | |
| | | Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington | | | |
| | | Health Services Association, Series 2009: | | | |
| 845 | | 6.250%, 7/01/24 | 7/19 at 100.00 | Baa1 | 850,442 |
| 1,155 | | 6.250%, 7/01/24 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 1,163,605 |
| 4,000 | | Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer | 7/19 at 100.00 | A+ (4) | 4,028,160 |
| | | Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) | | | |
| 320 | | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement | 1/23 at 100.00 | BBB– | 328,701 |
| | | Community, Refunding Series 2012, 5.000%, 1/01/48 | | | |
| 6,480 | | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, | No Opt. Call | AA+ | 5,861,678 |
| | | 0.000%, 6/01/24 – NPFG Insured | | | |
| 11,050 | | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | 10,927,897 |
| | | Washington, General Obligation Compound Interest Bonds, Series 1999S-3: | | | |
| 17,650 | | 0.000%, 1/01/20 | No Opt. Call | AA+ | 17,454,967 |
| 18,470 | | 0.000%, 1/01/21 | No Opt. Call | AA+ | 17,940,465 |
| 137,120 | | Total Washington | | | 143,573,111 |
| | | West Virginia – 1.0% (0.6% of Total Investments) | | | |
| 1,965 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area | 9/19 at 100.00 | Baa1 | 1,985,574 |
| | | Medical Center, Series 2009A, 5.625%, 9/01/32 | | | |
| 1,000 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, | 5/19 at 100.00 | N/R | 755,280 |
| | | Inc., Series 2008, 6.500%, 10/01/38, (7) | | | |
| 7,000 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A | 7,768,250 |
| | | Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 | | | |
| 15,000 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/28 at 100.00 | A | 16,882,350 |
| | | Health System Obligated Group, Series 2018A, 5.000%, 6/01/52 | | | |
| 2,000 | | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health | 6/27 at 100.00 | A | 2,245,620 |
| | | System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 | | | |
| 26,965 | | Total West Virginia | | | 29,637,074 |
55
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Wisconsin – 1.9% (1.2% of Total Investments) | | | |
| | | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, | | | |
| | | Lombard Public Facilities Corporation, First Tier Series 2018A-1: | | | |
| $ 34 | | 0.000%, 1/01/47, 144A | No Opt. Call | N/R | $ 1,085 |
| 30 | | 0.000%, 1/01/48, 144A | No Opt. Call | N/R | 941 |
| 29 | | 0.000%, 1/01/49, 144A | No Opt. Call | N/R | 919 |
| 29 | | 0.000%, 1/01/50, 144A | No Opt. Call | N/R | 883 |
| 28 | | 0.000%, 1/01/51, 144A | No Opt. Call | N/R | 862 |
| 36 | | 0.000%, 1/01/52, 144A | No Opt. Call | N/R | 1,113 |
| 36 | | 0.000%, 1/01/53, 144A | No Opt. Call | N/R | 1,091 |
| 35 | | 0.000%, 1/01/54, 144A | No Opt. Call | N/R | 1,048 |
| 34 | | 0.000%, 1/01/55, 144A | No Opt. Call | N/R | 1,020 |
| 33 | | 0.000%, 1/01/56, 144A | No Opt. Call | N/R | 993 |
| 1,619 | | 5.500%, 7/01/56, 144A | 3/28 at 100.00 | N/R | 1,545,090 |
| 37 | | 0.000%, 1/01/57, 144A | No Opt. Call | N/R | 1,094 |
| 36 | | 0.000%, 1/01/58, 144A | No Opt. Call | N/R | 1,059 |
| 35 | | 0.000%, 1/01/59, 144A | No Opt. Call | N/R | 1,025 |
| 34 | | 0.000%, 1/01/60, 144A | No Opt. Call | N/R | 999 |
| 34 | | 0.000%, 1/01/61, 144A | No Opt. Call | N/R | 980 |
| 33 | | 0.000%, 1/01/62, 144A | No Opt. Call | N/R | 947 |
| 32 | | 0.000%, 1/01/63, 144A | No Opt. Call | N/R | 922 |
| 31 | | 0.000%, 1/01/64, 144A | No Opt. Call | N/R | 896 |
| 31 | | 0.000%, 1/01/65, 144A | No Opt. Call | N/R | 878 |
| 33 | | 0.000%, 1/01/66, 144A | No Opt. Call | N/R | 942 |
| 401 | | 0.000%, 1/01/67, 144A | No Opt. Call | N/R | 11,291 |
| | | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, | | | |
| | | Lombard Public Facilities Corporation, Second Tier Series 2018B: | | | |
| 59 | | 0.000%, 1/01/46, 144A | No Opt. Call | N/R | 1,900 |
| 59 | | 0.000%, 1/01/47, 144A | No Opt. Call | N/R | 1,858 |
| 58 | | 0.000%, 1/01/48, 144A | No Opt. Call | N/R | 1,831 |
| 58 | | 0.000%, 1/01/49, 144A | No Opt. Call | N/R | 1,804 |
| 57 | | 0.000%, 1/01/50, 144A | No Opt. Call | N/R | 1,766 |
| 62 | | 0.000%, 1/01/51, 144A | No Opt. Call | N/R | 1,921 |
| 1,625 | | 3.750%, 7/01/51, 144A | 3/28 at 100.00 | N/R | 1,471,576 |
| 62 | | 0.000%, 1/01/52, 144A | No Opt. Call | N/R | 1,896 |
| 61 | | 0.000%, 1/01/53, 144A | No Opt. Call | N/R | 1,858 |
| 61 | | 0.000%, 1/01/54, 144A | No Opt. Call | N/R | 1,834 |
| 60 | | 0.000%, 1/01/55, 144A | No Opt. Call | N/R | 1,798 |
| 59 | | 0.000%, 1/01/56, 144A | No Opt. Call | N/R | 1,762 |
| 59 | | 0.000%, 1/01/57, 144A | No Opt. Call | N/R | 1,740 |
| 58 | | 0.000%, 1/01/58, 144A | No Opt. Call | N/R | 1,706 |
| 57 | | 0.000%, 1/01/59, 144A | No Opt. Call | N/R | 1,684 |
| 57 | | 0.000%, 1/01/60, 144A | No Opt. Call | N/R | 1,663 |
| 56 | | 0.000%, 1/01/61, 144A | No Opt. Call | N/R | 1,629 |
| 56 | | 0.000%, 1/01/62, 144A | No Opt. Call | N/R | 1,609 |
| 55 | | 0.000%, 1/01/63, 144A | No Opt. Call | N/R | 1,577 |
| 54 | | 0.000%, 1/01/64, 144A | No Opt. Call | N/R | 1,557 |
| 54 | | 0.000%, 1/01/65, 144A | No Opt. Call | N/R | 1,537 |
| 53 | | 0.000%, 1/01/66, 144A | No Opt. Call | N/R | 1,506 |
| 693 | | 0.000%, 1/01/67, 144A | No Opt. Call | N/R | 19,522 |
| 880 | | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum | 11/24 at 100.00 | N/R | 959,165 |
| | | Company Project, Refunding Series 2014, 5.250%, 4/01/30 (AMT) | | | |
| 5,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian | 7/23 at 100.00 | N/R (4) | 5,656,150 |
| | | HealthCare, Inc., Series 2013B, 5.000%, 7/01/36 (Pre-refunded 7/01/23) | | | |
| 10,225 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health | 5/26 at 100.00 | Aa2 | 11,298,829 |
| | | Alliance Senior Credit Group, Series 2016A, 4.500%, 11/15/39 | | | |
56
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Wisconsin (continued) | | | |
| $ 1,035 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health | 4/20 at 100.00 | A– | $ 1,053,992 |
| | | System, Inc., Series 2010B, 5.125%, 4/01/36 | | | |
| 1,685 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health | 7/26 at 100.00 | A– | 1,732,045 |
| | | System, Inc., Series 2016, 4.000%, 7/01/46 | | | |
| 4,330 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital | 2/20 at 100.00 | N/R (4) | 4,460,593 |
| | | of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 (Pre-refunded 2/15/20) | | | |
| 4,220 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children’s | 8/27 at 100.00 | Aa3 | 4,444,799 |
| | | Hospital of Wisconsin, Inc., Series 2017, 4.000%, 8/15/42 | | | |
| 1,250 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/22 at 100.00 | A– | 1,319,713 |
| | | Series 2012B, 5.000%, 2/15/32 | | | |
| | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | | | |
| | | Series 2016A: | | | |
| 12,440 | | 5.000%, 2/15/42 | 2/26 at 100.00 | A– | 13,720,698 |
| 6,000 | | 5.000%, 2/15/46 | 2/26 at 100.00 | A– | 6,611,340 |
| 2,750 | | Wisconsin Health and Educational Facilities Authority, Revenues Bonds, Gundersen | 10/21 at 100.00 | A1 | 2,923,580 |
| | | Lutheran, Series 2011A, 5.250%, 10/15/39 | | | |
| 56,028 | | Total Wisconsin | | | 57,284,516 |
| $ 4,808,557 | | Total Municipal Bonds (cost $4,538,517,806) | | | 4,894,893,528 |
| |
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) | | | | |
| $ 713 | | Las Vegas Monorail Company, Senior Interest Bonds, (7), (9), (10) | 5.500% | 7/15/19 | N/R | $ 474,170 |
| 204 | | Las Vegas Monorail Company, Senior Interest Bonds, (7), (9), (10) | 5.500% | 7/15/55 | N/R | 101,708 |
| $ 917 | | Total Corporate Bonds (cost $33,500) | | | | 575,878 |
| |
Shares | | Description (1), (11) | | | | Value |
| | | INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments) | | | | |
| 8,812 | | BlackRock MuniHoldings Fund Inc. | | | | $ 140,287 |
| 32,524 | | Invesco Quality Municipal Income Trust | | | | 389,963 |
| | | Total Investment Companies (cost $530,611) | | | | 530,250 |
| | | Total Long-Term Investments (cost $4,539,081,917) | | | | 4,895,999,656 |
57
| | |
NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| |
| |
| |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.3% (0.2% of Total Investments) | | | |
| | | MUNICIPAL BONDS – 0.3% (0.2% of Total Investments) | | | |
| | | Texas – 0.3% (0.2% of Total Investments) | | | |
| $ 10,330 | | Lower Neches Valley Authority, Texas, Industrial Development Corporation Exempt Facilities | 5/19 at 100.00 | A-1+ | $ 10,330,000 |
| | | Revenue Bonds, Exxon Mobil Project, Variable Rate Demand Obligations, Series 2001B-4, | | | |
| | | 2.280%, 3/01/33 (AMT), (12) | | | |
| $ 10,330 | | Total Short-Term Investments (cost $10,330,000) | | | 10,330,000 |
| | | Total Investments (cost $4,549,411,917) – 158.6% | | | 4,906,329,656 |
| | | Floating Rate Obligations – (2.8)% | | | (86,275,000) |
| | | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (17.6)% (13) | | | (545,047,940) |
| | | MuniFund Preferred Shares, net of deferred offering costs – (19.6)% (14) | | | (606,645,400) |
| | | Variable Rate Demand Preferred Shares, net of deferred offering costs – (20.4)% (15) | | | (629,708,003) |
| | | Other Assets Less Liabilities – 1.8% | | | 53,964,544 |
| | | Net Assets Applicable to Common Shares – 100% | | | $ 3,092,617,857 |
58
| | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (5) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (6) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (7) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (8) | Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments. |
| (9) | The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds. |
| (10) | 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. |
| (11) | 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. |
| (12) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| (13) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.1%. |
| (14) | MuniFund Preferred Shares, net of deferring offering costs as a percentage of Total Investments is 12.4%. |
| (15) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.8%. |
| 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. |
| AMT | Alternative Minimum Tax |
| ETM | Escrowed to maturity |
| IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
| PIK | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
| 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 | Purchased on a when-issued or delayed delivery basis. |
| | See accompanying notes to financial statements. |
59
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | LONG-TERM INVESTMENTS – 157.6% (99.9% of Total Investments) | | | |
| | | MUNICIPAL BONDS – 157.6% (99.9% of Total Investments) | | | |
| | | Alabama – 1.1% (0.7% of Total Investments) | | | |
| $ 4,250 | | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, | 2/26 at 100.00 | BBB+ | $ 4,693,658 |
| | | Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 5.000%, 2/01/41 | | | |
| 20,675 | | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A3 | 26,588,257 |
| | | 5.000%, 9/01/46 | | | |
| 4,900 | | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, | 4/25 at 100.00 | N/R | 5,128,340 |
| | | Spring Hill College Project, Series 2015, 5.875%, 4/15/45 | | | |
| 5,310 | | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone | 5/29 at 100.00 | N/R | 5,697,258 |
| | | Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A (WI/DD, | | | |
| | | Settling 5/06/19) | | | |
| 35,135 | | Total Alabama | | | 42,107,513 |
| | | Alaska – 0.7% (0.4% of Total Investments) | | | |
| | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | | | |
| | | Bonds, Series 2006A: | | | |
| 17,040 | | 5.000%, 6/01/32 | 5/19 at 100.00 | B3 | 17,039,319 |
| 10,070 | | 5.000%, 6/01/46 | 5/19 at 100.00 | B3 | 9,856,113 |
| 27,110 | | Total Alaska | | | 26,895,432 |
| | | Arizona – 2.0% (1.3% of Total Investments) | | | |
| 1,460 | | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue | 3/22 at 100.00 | A– | 1,534,781 |
| | | Bonds, Tucson Electric Power Company, Series 2012A, 4.500%, 3/01/30 | | | |
| 1,025 | | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of | 7/27 at 100.00 | AA– | 1,139,810 |
| | | Math & Science Projects, Series 2017A, 5.000%, 7/01/51 | | | |
| | | Arizona State, Certificates of Participation, Series 2010A: | | | |
| 2,800 | | 5.250%, 10/01/28 – AGM Insured | 10/19 at 100.00 | Aa3 | 2,842,420 |
| 3,500 | | 5.000%, 10/01/29 – AGM Insured | 10/19 at 100.00 | Aa3 | 3,549,420 |
| 7,500 | | Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured | 1/20 at 100.00 | Aa3 | 7,666,575 |
| 7,115 | | Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series | 7/25 at 100.00 | A2 | 8,082,142 |
| | | 2015B, 5.000%, 7/01/43 – AGM Insured | | | |
| 1,315 | | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, | 9/28 at 100.00 | A2 | 1,503,321 |
| | | HonorHealth, Series 2019A, 5.000%, 9/01/42 | | | |
| 5,135 | | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, | 1/27 at 100.00 | AA– | 5,502,358 |
| | | Refunding Series 2016A, 4.000%, 1/01/36 | | | |
| 7,780 | | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien | 7/20 at 100.00 | A+ (4) | 8,083,654 |
| | | Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) | | | |
| | | 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 | 9,115,614 |
| 10,000 | | 5.500%, 7/01/40 – FGIC Insured | No Opt. Call | AA | 13,913,400 |
| 3,000 | | Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, | 8/28 at 100.00 | AA | 3,547,620 |
| | | 5.000%, 8/01/47 | | | |
| 11,080 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | BBB+ | 13,972,102 |
| | | Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | | | |
| 68,255 | | Total Arizona | | | 80,453,217 |
| | | Arkansas – 0.1% (0.1% of Total Investments) | | | |
| 5,080 | | Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, | 6/19 at 100.00 | N/R | 4,987,392 |
| | | 5/01/28 – ACA Insured | | | |
60
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California – 12.7% (8.0% of Total Investments) | | | |
| $ 22,880 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series | No Opt. Call | A– | $ 14,863,763 |
| | | 1999A, 0.000%, 10/01/32 – NPFG Insured | | | |
| 4,225 | | Alameda Unified School District, Alameda County, California, General Obligation Bonds, | No Opt. Call | AA | 3,419,377 |
| | | Series 2005B, 0.000%, 8/01/28 – AGM Insured | | | |
| 15,870 | | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement | No Opt. Call | A2 | 15,502,609 |
| | | Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured | | | |
| 3,450 | | Antelope Valley Joint Union High School District, Los Angeles and Kern Counties, | No Opt. Call | A1 | 2,603,301 |
| | | California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured | | | |
| | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | | | |
| | | Series 2013S-4: | | | |
| 5,000 | | 5.000%, 4/01/38 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 5,679,050 |
| 6,500 | | 5.250%, 4/01/53 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 7,444,450 |
| 10,000 | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 4/24 at 100.00 | Aa3 | 10,975,400 |
| | | Series 2014F-1, 5.000%, 4/01/54 | | | |
| 8,000 | | Beverly Hills Unified School District, Los Angeles County, California, General | No Opt. Call | AA+ | 5,377,280 |
| | | Obligation Bonds, Series 2009, 0.000%, 8/01/33 | | | |
| | | Burbank Unified School District, Los Angeles County, California, General Obligation | | | |
| | | Bonds, Series 2015A: | | | |
| 2,250 | | 5.000%, 8/01/32 | 2/25 at 100.00 | AA– | 2,093,490 |
| 1,350 | | 5.000%, 8/01/33 | 2/25 at 100.00 | AA– | 1,251,612 |
| 7,845 | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 5/19 at 100.00 | B2 | 7,850,413 |
| | | Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 | | | |
| | | 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 | 2,989,880 |
| 5,890 | | 0.000%, 10/01/24 – NPFG Insured | No Opt. Call | A2 | 5,267,839 |
| 7,615 | | 0.000%, 10/01/25 – NPFG Insured | No Opt. Call | A2 | 6,625,202 |
| 1,350 | | 0.000%, 10/01/39 – NPFG Insured | No Opt. Call | A2 | 665,051 |
| 3,330 | | California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford | 11/21 at 100.00 | AA– (4) | 3,645,717 |
| | | Hospital and Clinics, Series 2008A-2 RMKT, 5.250%, 11/15/40 (Pre-refunded 11/15/21) | | | |
| 10,000 | | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard | 8/22 at 100.00 | A+ | 10,749,300 |
| | | Children’s Hospital, Series 2012A, 5.000%, 8/15/51 | | | |
| 3,000 | | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard | 8/22 at 100.00 | A+ | 3,224,790 |
| | | Children’s Hospital, Series 2012A, 5.000%, 8/15/51 (UB), (6) | | | |
| 2,550 | | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & | 10/19 at 100.00 | AA– | 2,590,162 |
| | | Services, Series 2009B, 5.500%, 10/01/39 | | | |
| 530 | | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– | 588,348 |
| | | System, Series 2013A, 5.000%, 7/01/37 | | | |
| 1,710 | | California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series | 11/21 at 100.00 | Aa3 | 1,833,240 |
| | | 2012A, 5.000%, 11/15/40 | | | |
| | | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and | | | |
| | | Clinics, Tender Option Bond Trust 2016-XG0049: | | | |
| 485 | | 7.158%, 8/15/51, 144A (IF), (6) | 8/22 at 100.00 | AA– | 563,337 |
| 525 | | 7.162%, 8/15/51, 144A (IF), (6) | 8/22 at 100.00 | AA– | 609,877 |
| 1,285 | | 7.162%, 8/15/51, 144A (IF), (6) | 8/22 at 100.00 | AA– | 1,492,746 |
| 1,500 | | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, | 7/27 at 100.00 | BBB– | 1,688,040 |
| | | Refunding Series 2017A, 5.000%, 7/01/42 | | | |
| 2,330 | | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series | 7/20 at 100.00 | Baa2 (4) | 2,443,215 |
| | | 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) | | | |
| 965 | | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series | 10/26 at 100.00 | BBB– | 1,063,662 |
| | | 2017, 5.000%, 10/15/47 | | | |
| 2,930 | | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/23 at 100.00 | A+ | 3,250,571 |
| | | Series 2013I, 5.000%, 11/01/38 | | | |
61
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California (continued) | | | |
| | | California State, Economic Recovery Revenue Bonds, Refunding Series 2009A: | | | |
| $ 1,460 | | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | $ 1,469,183 |
| 2,540 | | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (4) | 2,555,977 |
| 5,000 | | California State, General Obligation Bonds, Refunding Various Purpose Series 2017, | 8/26 at 100.00 | AA– | 5,433,000 |
| | | 4.000%, 8/01/36 | | | |
| 5 | | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – | 6/19 at 100.00 | AA– | 5,013 |
| | | AMBAC Insured | | | |
| 20,000 | | California State, General Obligation Bonds, Various Purpose Series 2009, | 11/19 at 100.00 | AA– | 20,444,200 |
| | | 6.000%, 11/01/39 | | | |
| | | California State, General Obligation Bonds, Various Purpose Series 2010: | | | |
| 7,000 | | 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | 7,209,790 |
| 4,250 | | 5.250%, 11/01/40 | 11/20 at 100.00 | AA– | 4,452,895 |
| 10,000 | | California State, General Obligation Bonds, Various Purpose Series 2011, | 10/21 at 100.00 | AA– | 10,750,900 |
| | | 5.000%, 10/01/41 | | | |
| 9,130 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB– | 10,381,906 |
| | | Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | | | |
| 10,000 | | California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, | 8/20 at 100.00 | A+ (4) | 10,574,800 |
| | | Series 2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20) | | | |
| 3,000 | | California Statewide Community Development Authority, Health Facility Revenue Bonds, | 6/19 at 100.00 | A3 | 3,011,100 |
| | | Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35 | | | |
| | | California Statewide Community Development Authority, Revenue Bonds, Daughters of | | | |
| | | Charity Health System, Series 2005A: | | | |
| 3,895 | | 5.750%, 7/01/30 | 6/19 at 100.00 | CC | 3,812,893 |
| 5,000 | | 5.750%, 7/01/35 | 6/19 at 100.00 | CC | 4,906,250 |
| 6,000 | | 5.500%, 7/01/39 | 6/19 at 100.00 | CC | 5,897,880 |
| 10,445 | | Castaic Lake Water Agency, California, Certificates of Participation, Water System | No Opt. Call | AA | 8,173,839 |
| | | Improvement Project, Series 1999a, 0.000%, 8/01/29 – AMBAC Insured | | | |
| 4,775 | | Clovis Unified School District, Fresno County, California, General Obligation Bonds, | No Opt. Call | Baa2 (4) | 4,253,474 |
| | | Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) | | | |
| 3,330 | | Contra Costa Community College District, Contra Costa County, California, General | 8/23 at 100.00 | AA+ | 3,744,951 |
| | | Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38 | | | |
| 7,775 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | BBB– | 4,827,031 |
| | | Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured | | | |
| | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | | | |
| | | Refunding Series 2013A: | | | |
| 910 | | 6.850%, 1/15/42, (5) | 1/31 at 100.00 | Baa3 | 889,125 |
| 3,350 | | 5.750%, 1/15/46 | 1/24 at 100.00 | Baa3 | 3,855,816 |
| 8,350 | | 6.000%, 1/15/49 | 1/24 at 100.00 | Baa3 | 9,776,013 |
| 30,000 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | AA+ (4) | 29,248,800 |
| | | Series 1995A, 0.000%, 1/01/21 (ETM) | | | |
| 3,120 | | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series | 9/19 at 100.00 | A | 3,155,568 |
| | | 2005, 5.000%, 9/01/27 – AMBAC Insured | | | |
| 10,000 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | B3 | 10,180,400 |
| | | Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 | | | |
| 8,150 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 8,000,040 |
| | | Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 | | | |
| 10,170 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 9,982,872 |
| | | Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 | | | |
| 3,850 | | Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, | 7/21 at 100.00 | Aaa | 4,244,933 |
| | | 6.125%, 7/15/40 (Pre-refunded 7/15/21) | | | |
| 5,000 | | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | AA– | 3,434,900 |
| | | Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured | | | |
| 3,040 | | Kern Community College District, California, General Obligation Bonds, Safety, Repair & | No Opt. Call | AA | 2,797,560 |
| | | Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured | | | |
62
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California (continued) | | | |
| $ 1,500 | | Lincoln Unified School District, Placer County, California, Community Facilities | No Opt. Call | N/R | $ 1,166,490 |
| | | District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured | | | |
| 195 | | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, | 6/19 at 100.00 | N/R (4) | 195,489 |
| | | Second Series 1993, 4.750%, 10/15/20 (ETM) | | | |
| 995 | | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, | 6/19 at 100.00 | N/R (4) | 998,244 |
| | | Series 1994, 5.375%, 2/15/34 (ETM) | | | |
| 10,000 | | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series | 1/21 at 100.00 | Aa2 | 10,533,600 |
| | | 2011A, 5.000%, 7/01/41 | | | |
| 2,490 | | Madera Unified School District, Madera County, California, General Obligation Bonds, | No Opt. Call | Baa2 | 2,043,643 |
| | | Election 2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured | | | |
| 10,335 | | Mount San Antonio Community College District, Los Angeles County, California, General | 8/35 at 100.00 | AA | 9,391,828 |
| | | Obligation Bonds, Election of 2008, Series 2013A, 6.250%, 8/01/43, (5) | | | |
| 5,500 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | BBB+ | 8,115,965 |
| | | Series 2009B, 6.500%, 11/01/39 | | | |
| 555 | | Mt Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, | No Opt. Call | N/R (4) | 601,592 |
| | | 5.125%, 12/01/23 – AMBAC Insured (ETM) | | | |
| 14,100 | | New Haven Unified School District, California, General Obligation Bonds, Refunding | No Opt. Call | Aa3 | 8,687,715 |
| | | Series 2009, 0.000%, 8/01/34 – AGC Insured | | | |
| 3,515 | | Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series | 12/21 at 100.00 | N/R (4) | 3,908,469 |
| | | 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21) | | | |
| 2,500 | | Norwalk La Mirada Unified School District, Los Angeles County, California, General | No Opt. Call | Aa3 | 1,928,875 |
| | | Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/29 | | | |
| 4,460 | | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue | No Opt. Call | Baa2 | 5,047,382 |
| | | Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured | | | |
| | | Orange County Water District, California, Revenue Certificates of Participation, | | | |
| | | Series 2003B: | | | |
| 1,490 | | 5.000%, 8/15/34 – NPFG Insured (ETM) | No Opt. Call | Aa1 (4) | 1,928,075 |
| 1,745 | | 5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured | 8/32 at 100.00 | AAA (4) | 2,317,046 |
| 1,000 | | Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation | No Opt. Call | AA | 775,470 |
| | | Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured | | | |
| 5,000 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series | 11/20 at 100.00 | Ba1 (4) | 5,330,350 |
| | | 2010, 6.000%, 11/01/30 (Pre-refunded 11/01/20) | | | |
| 2,000 | | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | BB+ | 1,765,760 |
| | | Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured | | | |
| 9,320 | | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, | No Opt. Call | BB+ | 5,947,465 |
| | | 8/01/33 – AGC Insured | | | |
| 4,060 | | Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding | No Opt. Call | AA+ (4) | 4,576,107 |
| | | Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) | | | |
| 1,800 | | Rialto Unified School District, San Bernardino County, California, General Obligation | No Opt. Call | A1 | 1,443,528 |
| | | Bonds, Series 2011A, 0.000%, 8/01/28 | | | |
| 1,000 | | Rim of the World Unified School District, San Bernardino County, California, General | 8/21 at 100.00 | A2 (4) | 1,079,810 |
| | | Obligation Bonds, Series 2011C, 5.000%, 8/01/38 (Pre-refunded 8/01/21) – AGM Insured | | | |
| 760 | | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | BBB | 836,426 |
| | | Series 2013A, 5.750%, 6/01/44 | | | |
| 3,635 | | San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family | No Opt. Call | AA+ (4) | 4,052,298 |
| | | Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) | | | |
| 2,250 | | San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series | 12/21 at 100.00 | BB | 2,498,377 |
| | | 2011, 7.500%, 12/01/41 | | | |
| 1,830 | | San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, | 8/19 at 100.00 | N/R (4) | 1,903,017 |
| | | Tender Option Bond Trust 2015-XF0098, 13.375%, 8/01/39, 144A (Pre-refunded 8/01/19) (IF) | | | |
| 4,000 | | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/23 at 100.00 | A+ | 4,401,840 |
| | | International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 | | | |
63
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California (continued) | | | |
| | | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | | | |
| | | Revenue Bonds, Refunding Senior Lien Series 2014A: | | | |
| $ 10,595 | | 5.000%, 1/15/44 | 1/25 at 100.00 | BBB | $ 11,819,358 |
| 32,725 | | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB | 36,207,267 |
| 7,210 | | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 6,586,191 |
| | | Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured | | | |
| 2,965 | | San Juan Unified School District, Sacramento County, California, General Obligation | No Opt. Call | A+ | 2,404,022 |
| | | Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured | | | |
| 4,455 | | San Mateo County Community College District, California, General Obligation Bonds, | No Opt. Call | AAA | 4,290,967 |
| | | Series 2006A, 0.000%, 9/01/21 – NPFG Insured | | | |
| 4,005 | | San Mateo Union High School District, San Mateo County, California, General Obligation | No Opt. Call | AA+ | 3,437,852 |
| | | Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured | | | |
| 15,750 | | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 | No Opt. Call | AA | 7,345,170 |
| | | Election Series 2012G, 0.000%, 8/01/39 – AGM Insured | | | |
| | | San Ysidro School District, San Diego County, California, General Obligation Bonds, | | | |
| | | Refunding Series 2015: | | | |
| 5,000 | | 0.000%, 8/01/46 | 8/25 at 32.80 | A1 | 1,336,800 |
| 6,570 | | 0.000%, 8/01/47 | 8/25 at 30.90 | A1 | 1,652,027 |
| 1,840 | | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed | 5/19 at 100.00 | BB+ | 1,851,077 |
| | | Bonds, Series 2005A-1, 4.750%, 6/01/23 | | | |
| 2,630 | | Union Elementary School District, Santa Clara County, California, General Obligation | No Opt. Call | Baa2 | 2,324,526 |
| | | Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured | | | |
| 3,900 | | West Hills Community College District, California, General Obligation Bonds, School | 8/21 at 100.00 | A2 (4) | 4,339,335 |
| | | Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 (Pre-refunded | | | |
| | | 8/01/21) – AGM Insured | | | |
| 529,845 | | Total California | | | 498,892,284 |
| | | Colorado – 10.2% (6.5% of Total Investments) | | | |
| 500 | | Blue Lake Metropolitan District No 2 , Lochbuie, Colorado, Limited Tax General | 12/21 at 103.00 | N/R | 509,275 |
| | | Obligation Bonds, Series 2016A, 5.750%, 12/01/46 | | | |
| | | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | | | |
| | | Improvement Series 2017: | | | |
| 1,575 | | 5.000%, 12/01/37, 144A | 12/22 at 103.00 | N/R | 1,644,899 |
| 3,620 | | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 3,730,301 |
| 1,060 | | Centerra Metropolitan District No 1, In the City of Loveland, Larimer County, Colorado, | 12/23 at 103.00 | N/R | 1,099,517 |
| | | Special Revenue Improvement Bonds, Series 2018, 5.250%, 12/01/48 | | | |
| 1,250 | | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BBB– | 1,405,588 |
| | | Refunding Series 2013A, 5.375%, 12/01/33 | | | |
| 115 | | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BB | 121,591 |
| | | Refunding Series 2014, 5.000%, 12/01/43 | | | |
| 1,700 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 7/24 at 100.00 | BB | 1,767,745 |
| | | Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A | | | |
| | | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The | | | |
| | | Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: | | | |
| 2,005 | | 5.000%, 6/01/34 | 6/27 at 100.00 | BBB | 2,280,788 |
| 4,615 | | 5.000%, 6/01/35 | 6/27 at 100.00 | BBB | 5,232,395 |
| 7,205 | | 5.000%, 6/01/36 | 6/27 at 100.00 | BBB | 8,144,532 |
| 8,715 | | 5.000%, 6/01/37 | 6/27 at 100.00 | BBB | 9,819,190 |
| 4,105 | | 5.000%, 6/01/42 | 6/27 at 100.00 | BBB | 4,572,108 |
| 8,545 | | 5.000%, 6/01/47 | 6/27 at 100.00 | BBB | 9,485,890 |
| 6,350 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 6/19 at 100.00 | BBB+ | 6,360,350 |
| | | Initiatives, Series 2006A, 4.500%, 9/01/38 | | | |
| 2,295 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 2/21 at 100.00 | BBB+ | 2,375,509 |
| | | Initiatives, Series 2011A, 5.000%, 2/01/41 | | | |
64
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado (continued) | | | |
| $ 5,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ | $ 5,376,350 |
| | | Initiatives, Series 2013A, 5.250%, 1/01/45 | | | |
| 5,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital | 12/23 at 100.00 | A+ | 5,506,050 |
| | | Colorado Project, Series 2013A, 5.000%, 12/01/36 | | | |
| 750 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living | 6/19 at 100.00 | N/R | 751,103 |
| | | Communities Project, Series 2012, 5.125%, 1/01/37 | | | |
| 3,050 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living | 1/24 at 102.00 | N/R | 3,265,605 |
| | | Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | | | |
| 2,375 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/22 at 100.00 | BBB | 2,504,889 |
| | | Samaritan Society Project, Refunding Series 2012, 5.000%, 12/01/42 | | | |
| 1,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/23 at 100.00 | BBB | 1,102,600 |
| | | Samaritan Society Project, Series 2013, 5.625%, 6/01/43 | | | |
| 750 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, | 5/27 at 100.00 | BB+ | 834,570 |
| | | Refunding & Improvement Series 2017A, 5.250%, 5/15/37 | | | |
| 1,500 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, | 9/25 at 100.00 | A3 | 1,577,475 |
| | | Refunding Series 2015B, 4.000%, 9/01/34 | | | |
| 25,750 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of | 1/20 at 100.00 | AA– | 26,223,542 |
| | | Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | | | |
| 4,145 | | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, | 12/24 at 100.00 | BBB | 4,490,527 |
| | | Senior Lien Series 2017, 5.000%, 12/31/51 | | | |
| | | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax | | | |
| | | General Obligation Bonds, Refunding & Improvement Series 2018: | | | |
| 1,895 | | 5.625%, 12/01/32 | 12/23 at 103.00 | N/R | 2,040,138 |
| 2,660 | | 5.875%, 12/01/46 | 12/23 at 103.00 | N/R | 2,873,704 |
| | | Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise | | | |
| | | Revenue Bonds, Series 2017B: | | | |
| 2,000 | | 5.000%, 12/01/42 | 12/27 at 100.00 | A+ | 2,311,500 |
| 1,225 | | 5.000%, 12/01/47 | 12/27 at 100.00 | A+ | 1,410,600 |
| 1,500 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/27 at 100.00 | A+ | 1,725,465 |
| | | Revenue Bonds, Refunding Series 2016B, 5.000%, 3/01/41 | | | |
| 2,000 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 9/27 at 100.00 | AA | 2,133,940 |
| | | Revenue Bonds, Refunding Series 2017A, 4.000%, 3/01/40 | | | |
| 4,000 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/28 at 100.00 | AA | 4,267,960 |
| | | Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 | | | |
| 5,000 | | Colorado State, Certificates of Participation, Rural Series 2018A, 4.000%, 12/15/35 | 12/28 at 100.00 | AA– | 5,450,800 |
| | | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016: | | | |
| 7,115 | | 5.000%, 8/01/41 | 8/26 at 100.00 | A2 | 8,108,396 |
| 1,000 | | 5.000%, 8/01/46 | 8/26 at 100.00 | A2 | 1,139,430 |
| 11,140 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, | 11/22 at 100.00 | A+ | 12,133,131 |
| | | 5.000%, 11/15/37 | | | |
| 12,900 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 11/23 at 100.00 | A | 14,258,499 |
| | | 2013B, 5.000%, 11/15/43 | | | |
| 2,500 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 12/28 at 100.00 | A | 2,959,600 |
| | | 2018B, 5.000%, 12/01/48 | | | |
| | | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center | | | |
| | | Hotel, Refunding Senior Lien Series 2016: | | | |
| 5,300 | | 5.000%, 12/01/33 | 12/26 at 100.00 | BBB– | 6,039,562 |
| 2,400 | | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa2 | 2,718,504 |
| 1,800 | | 5.000%, 12/01/40 | 12/26 at 100.00 | BBB– | 2,016,522 |
| 365 | | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado | 12/23 at 103.00 | N/R | 377,662 |
| | | Urban Redevelopment Area, Series 2018A, 5.250%, 12/01/39, 144A | | | |
| 13,920 | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, | No Opt. Call | BBB+ | 13,244,323 |
| | | 9/01/21 – NPFG Insured | | | |
65
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado (continued) | | | |
| | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | |
| $ 6,200 | | 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | BBB+ | $ 5,761,350 |
| 45,540 | | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | BBB+ | 32,260,991 |
| 16,635 | | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | BBB+ | 10,755,858 |
| 49,251 | | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | BBB+ | 30,501,017 |
| | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | | | |
| 9,310 | | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | BBB+ | 7,190,485 |
| 2,900 | | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | BBB+ | 1,720,512 |
| 18,500 | | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | BBB+ | 10,236,975 |
| | | 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 | A | 2,499,108 |
| 13,300 | | 0.000%, 9/01/31 – NPFG Insured | 9/20 at 53.77 | BBB+ | 6,885,011 |
| 6,250 | | 0.000%, 9/01/32 – NPFG Insured | 9/20 at 50.83 | BBB+ | 3,055,688 |
| 10,000 | | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | A | 4,008,100 |
| 1,000 | | Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General | 12/26 at 100.00 | BBB+ | 1,124,330 |
| | | Obligation Bonds, Series 2016, 5.000%, 12/01/36 | | | |
| 1,000 | | Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series | 12/26 at 100.00 | AA+ | 1,089,740 |
| | | 2017, 4.000%, 12/01/36 | | | |
| 1,085 | | North Range Metropolitan District No 2 , In the City of Commerce City, Adams County, | 12/22 at 103.00 | N/R | 1,119,058 |
| | | Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds, | | | |
| | | Refunding Series 2017A, 5.750%, 12/01/47 | | | |
| 1,245 | | Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 1,230,135 |
| | | Limited Tax and Revenue Bonds, Series 2016, 4.375%, 12/01/31 | | | |
| 17,735 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 19,528,718 |
| | | Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | | | |
| 2,640 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/20 at 100.00 | A2 (4) | 2,825,671 |
| | | Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured | | | |
| | | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and | | | |
| | | Special Revenue Bonds, Refunding & Improvement Series 2017: | | | |
| 8,765 | | 5.000%, 12/01/42 | 12/27 at 100.00 | AA | 10,130,149 |
| 3,600 | | 5.000%, 12/01/47 | 12/27 at 100.00 | A2 | 4,145,436 |
| 630 | | Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, | 6/20 at 100.00 | AA– | 652,800 |
| | | 5.375%, 6/01/31 | | | |
| | | 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 | BBB+ | 15,658,350 |
| 4,150 | | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | 4,307,783 |
| 3,250 | | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General | 12/26 at 100.00 | AA | 3,636,132 |
| | | Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 12/01/46 – | | | |
| | | AGM Insured | | | |
| 4,000 | | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, | 11/22 at 100.00 | AA– | 4,353,760 |
| | | 5.000%, 11/15/42 | | | |
| 14,500 | | University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 | 6/24 at 100.00 | Aa1 (4) | 16,857,700 |
| | | (Pre-refunded 6/01/24) | | | |
| 2,500 | | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General | 12/26 at 100.00 | Baa1 | 2,653,775 |
| | | Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured | | | |
| 2,175 | | Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, | 12/26 at 100.00 | AA | 2,584,792 |
| | | 5.000%, 12/15/30 | | | |
| 446,656 | | Total Colorado | | | 402,165,549 |
| | | Connecticut – 0.3% (0.2% of Total Investments) | | | |
| 1,650 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield | 7/26 at 100.00 | A– | 1,853,940 |
| | | University, Series 2016Q-1, 5.000%, 7/01/46 | | | |
| 7,165 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac | 7/25 at 100.00 | A– | 7,980,950 |
| | | University, Refunding Series 2015L, 5.000%, 7/01/45 | | | |
66
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Connecticut (continued) | | | |
| | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart | | | |
| | | University, Series 2017I-1: | | | |
| $ 500 | | 5.000%, 7/01/34 | 7/27 at 100.00 | A3 | $ 580,230 |
| 2,425 | | 5.000%, 7/01/42 | 7/27 at 100.00 | A3 | 2,758,826 |
| 11,740 | | Total Connecticut | | | 13,173,946 |
| | | Delaware – 0.4% (0.3% of Total Investments) | | | |
| 1,000 | | Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services | 10/20 at 100.00 | Aa2 | 1,041,320 |
| | | Inc., Series 2010A, 5.000%, 10/01/40 | | | |
| 3,350 | | Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series | 7/23 at 100.00 | BBB | 3,616,995 |
| | | 2013, 5.000%, 7/01/32 | | | |
| 1,000 | | Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, | 12/28 at 100.00 | BBB | 1,120,130 |
| | | Series 2018, 5.000%, 6/01/48 | | | |
| 9,070 | | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, | 6/25 at 100.00 | A1 | 10,130,102 |
| | | 5.000%, 6/01/55 | | | |
| 14,420 | | Total Delaware | | | 15,908,547 |
| | | District of Columbia – 1.1% (0.7% of Total Investments) | | | |
| 1,250 | | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard | 10/22 at 100.00 | BB+ | 1,267,950 |
| | | Properties LLC Issue, Series 2013, 5.000%, 10/01/45 | | | |
| 107,001 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 6/19 at 18.94 | N/R | 16,515,450 |
| | | Bonds, Series 2006A, 0.000%, 6/15/46 | | | |
| | | District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017: | | | |
| 3,500 | | 5.000%, 4/01/35 | 4/27 at 100.00 | A– | 4,106,200 |
| 3,500 | | 5.000%, 4/01/36 | 4/27 at 100.00 | A– | 4,094,335 |
| 15,150 | | District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 5.000%, | 4/21 at 100.00 | A– (4) | 16,116,873 |
| | | 4/01/40 (Pre-refunded 4/01/21) – AMBAC Insured | | | |
| 130,401 | | Total District of Columbia | | | 42,100,808 |
| | | Florida – 7.1% (4.5% of Total Investments) | | | |
| 2,800 | | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter | 9/23 at 100.00 | BBB | 2,926,364 |
| | | Academy, Inc. Project, Series 2016, 5.000%, 9/01/46 | | | |
| 11,000 | | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, | 10/21 at 100.00 | AA (4) | 11,895,620 |
| | | 10/01/41 (Pre-refunded 10/01/21) – AGM Insured | | | |
| 2,830 | | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25 at 100.00 | AA– | 3,189,693 |
| 3,010 | | Cocoa, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2003, 5.500%, | No Opt. Call | AA | 3,315,997 |
| | | 10/01/23 – AMBAC Insured | | | |
| 3,570 | | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges | 11/23 at 100.00 | BBB– | 3,908,615 |
| | | University, Refunding Series 2013, 6.125%, 11/01/43 | | | |
| | | Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University | | | |
| | | Project, Series 2013A: | | | |
| 8,555 | | 6.000%, 4/01/42 | 4/23 at 100.00 | Baa1 | 9,606,495 |
| 4,280 | | 5.625%, 4/01/43 | 4/23 at 100.00 | Baa1 | 4,704,961 |
| | | Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | | | |
| 1,040 | | 0.000%, 11/01/25 – NPFG Insured | No Opt. Call | Baa2 | 868,358 |
| 1,590 | | 0.000%, 11/01/26 – NPFG Insured | No Opt. Call | Baa2 | 1,286,564 |
| 1,500 | | Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, | 6/19 at 100.00 | AAA | 1,504,020 |
| | | Series 2009A, 5.000%, 1/15/29 | | | |
| 15,000 | | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/28 at 100.00 | AA– | 17,759,550 |
| | | Airport, Series 2018F, 5.000%, 10/01/48 (UB) | | | |
| | | 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+ | 6,462,580 |
| 12,885 | | 5.000%, 10/01/44 | 10/24 at 100.00 | A+ | 14,497,558 |
67
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Florida (continued) | | | |
| $ 400 | | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series | 10/22 at 100.00 | A2 | $ 437,560 |
| | | 2012, 5.000%, 10/01/30 | | | |
| 1,530 | | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding | 11/21 at 100.00 | A2 | 1,641,843 |
| | | Series 2011, 5.000%, 11/15/24 | | | |
| 2,500 | | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, | 11/24 at 100.00 | A2 | 2,753,800 |
| | | 5.000%, 11/15/45 | | | |
| | | 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 | 4,290,251 |
| 19,145 | | 5.000%, 2/01/44 – AGM Insured | 2/24 at 100.00 | A1 | 21,398,366 |
| | | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami | | | |
| | | Jewish Health System Inc. Project, Series 2017: | | | |
| 205 | | 5.000%, 7/01/32 | 7/27 at 100.00 | BBB | 227,265 |
| 2,000 | | 5.125%, 7/01/38 | 7/27 at 100.00 | BBB | 2,201,140 |
| 5,035 | | 5.125%, 7/01/46 | 7/27 at 100.00 | BBB | 5,501,241 |
| 1,200 | | Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, | 2/21 at 100.00 | A+ (4) | 1,291,668 |
| | | 6.000%, 2/01/30 (Pre-refunded 2/01/21) – AGM Insured | | | |
| 7,390 | | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University | 4/25 at 100.00 | A– | 8,178,439 |
| | | of Miami, Series 2015A, 5.000%, 4/01/45 | | | |
| 17,000 | | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University | 4/28 at 100.00 | A– | 19,457,350 |
| | | of Miami, Series 2018A, 5.000%, 4/01/53 | | | |
| 10,000 | | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 7/20 at 100.00 | A | 10,350,900 |
| | | 2010A, 5.000%, 7/01/35 | | | |
| 1,210 | | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Doral | 1/28 at 100.00 | BBB– | 1,307,357 |
| | | Academy, Series 2018, 5.000%, 1/15/37 | | | |
| 1,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, | 10/24 at 100.00 | A | 1,130,020 |
| | | Refunding Series 2014B, 5.000%, 10/01/37 | | | |
| 5,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series | 10/19 at 100.00 | A2 (4) | 5,080,850 |
| | | 2009A, 5.500%, 10/01/41 (Pre-refunded 10/01/19) | | | |
| 7,500 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series | 10/20 at 100.00 | A2 (4) | 7,894,125 |
| | | 2010A-1, 5.375%, 10/01/41 (Pre-refunded 10/01/20) | | | |
| | | 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 | 3,136,410 |
| 2,500 | | 5.000%, 10/01/27 | 10/20 at 100.00 | A | 2,611,525 |
| 4,000 | | 5.000%, 10/01/35 – AGM Insured | 10/20 at 100.00 | AA | 4,179,000 |
| 1,500 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, | 10/26 at 100.00 | A | 1,727,490 |
| | | 10/01/41 | | | |
| 4,715 | | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, | 6/27 at 100.00 | Aa3 | 5,425,928 |
| | | Series 2017, 5.000%, 6/01/38 | | | |
| 1,850 | | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series | 10/22 at 100.00 | A2 | 2,016,278 |
| | | 2012B, 5.000%, 10/01/37 | | | |
| | | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding | | | |
| | | Series 2012: | | | |
| 5,500 | | 5.000%, 7/01/31 | 7/22 at 100.00 | A1 | 6,000,885 |
| 3,000 | | 5.000%, 7/01/42 | 7/22 at 100.00 | AA | 3,244,800 |
| 5,770 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, | 10/22 at 100.00 | AA– | 6,284,165 |
| | | 5.000%, 10/01/42 | | | |
| 1,665 | | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 10/19 at 100.00 | A2 | 1,689,359 |
| | | Health, Inc., Series 2009, 5.125%, 10/01/26 | | | |
| 750 | | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/22 at 100.00 | A+ | 793,658 |
| | | Health, Inc., Series 2012A, 5.000%, 10/01/42 | | | |
68
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Florida (continued) | | | |
| $ 255 | | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences | 6/22 at 102.00 | N/R | $ 285,911 |
| | | of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 | | | |
| 4,000 | | Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, | 10/19 at 100.00 | AAA | 4,059,920 |
| | | Series 2009, 5.250%, 10/01/33 | | | |
| 1,385 | | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series | 6/19 at 100.00 | A3 | 1,386,745 |
| | | 2007, 5.000%, 5/01/30 – RAAI Insured | | | |
| 880 | | Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series | No Opt. Call | Aa2 (4) | 896,227 |
| | | 1992, 6.000%, 10/01/19 – NPFG Insured (ETM) | | | |
| 6,625 | | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | Aa3 | 7,047,344 |
| | | 4.000%, 5/01/33 | | | |
| | | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health | | | |
| | | Systems of South Florida Obligated Group, Series 2017: | | | |
| 4,595 | | 5.000%, 8/15/42 | 8/27 at 100.00 | A1 | 5,275,290 |
| 12,325 | | 5.000%, 8/15/47 | 8/27 at 100.00 | A1 | 14,091,049 |
| 1,200 | | Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 | 10/19 at 100.00 | AA (4) | 1,217,196 |
| | | (Pre-refunded 10/01/19) – AGC Insured | | | |
| | | Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose | | | |
| | | Bonds, Stadium Project, Series 1995: | | | |
| 415 | | 5.750%, 10/01/20 – NPFG Insured | No Opt. Call | N/R | 430,118 |
| 2,785 | | 5.750%, 10/01/25 – NPFG Insured | No Opt. Call | N/R | 3,171,697 |
| 3,300 | | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, | 5/22 at 100.00 | Aa2 | 3,577,761 |
| | | 5.000%, 11/15/33 | | | |
| 4,000 | | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, | 5/26 at 100.00 | Aa2 | 4,197,560 |
| | | 4.000%, 11/15/46 | | | |
| 9,720 | | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series | 7/22 at 100.00 | A2 (4) | 10,710,079 |
| | | 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | | | |
| 1,500 | | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle | 10/21 at 100.00 | A– (4) | 1,620,300 |
| | | Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded | | | |
| | | 10/15/21) – AGM Insured | | | |
| 2,000 | | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle | 4/25 at 100.00 | A3 | 2,216,860 |
| | | Aeronautical University, Series 2015B, 5.000%, 10/15/45 | | | |
| 7,400 | | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson | 6/25 at 100.00 | A– | 8,251,148 |
| | | University Inc. Project, Series 2015, 5.000%, 6/01/45 | | | |
| 255,350 | | Total Florida | | | 280,613,253 |
| | | Georgia – 3.3% (2.1% of Total Investments) | | | |
| 6,950 | | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – | 1/20 at 100.00 | Aa3 | 7,084,343 |
| | | AGM Insured | | | |
| 7,230 | | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 | 1/22 at 100.00 | AA– | 7,716,073 |
| | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B: | | | |
| 1,060 | | 5.375%, 11/01/39 – AGM Insured | 11/19 at 100.00 | AA– | 1,078,624 |
| 1,990 | | 5.375%, 11/01/39 (Pre-refunded 11/01/19) – AGM Insured | 11/19 at 100.00 | AA (4) | 2,027,452 |
| | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: | | | |
| 3,400 | | 5.000%, 11/01/33 | 5/25 at 100.00 | AA– | 3,936,452 |
| 2,040 | | 5.000%, 11/01/35 | 5/25 at 100.00 | AA– | 2,351,549 |
| 5,000 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – | No Opt. Call | AA– | 5,481,300 |
| | | FGIC Insured | | | |
| 1,535 | | Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series | 8/20 at 100.00 | AA | 1,570,366 |
| | | 2007, 4.000%, 8/01/26 | | | |
69
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Georgia (continued) | | | |
| $ 2,000 | | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/27 at 100.00 | A | $ 2,278,920 |
| | | Wellstar Health System, Series 2017A, 5.000%, 4/01/42 | | | |
| 2,000 | | DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, | 9/20 at 100.00 | N/R (4) | 2,108,540 |
| | | DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (Pre-refunded 9/01/20) | | | |
| 5,725 | | Fayette County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont | 7/26 at 100.00 | AA– | 6,456,197 |
| | | Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 | | | |
| | | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | | | |
| | | System, Inc. Project, Series 2017A: | | | |
| 4,330 | | 5.000%, 4/01/42 | 4/27 at 100.00 | A | 4,933,862 |
| 13,620 | | 5.000%, 4/01/47 | 4/27 at 100.00 | A | 15,468,915 |
| | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | | | |
| | | Certificates, Northeast Georgia Health Services Inc., Series 2010B: | | | |
| 2,360 | | 5.250%, 2/15/45 | 2/20 at 100.00 | AA– | 2,412,911 |
| 7,640 | | 5.250%, 2/15/45 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 7,855,601 |
| 12,590 | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/25 at 100.00 | AA– | 14,529,615 |
| | | Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 | | | |
| 7,500 | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/27 at 100.00 | AA– | 8,810,250 |
| | | Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.250%, 2/15/45 | | | |
| 7,905 | | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series | 7/25 at 100.00 | Baa3 | 8,193,453 |
| | | 2015A, 5.000%, 7/01/60 | | | |
| 11,000 | | Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/27 at 100.00 | A | 11,333,850 |
| | | Wellstar Health System Inc., Series 2017A, 4.000%, 4/01/42 | | | |
| 1,350 | | Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, | No Opt. Call | AA+ | 1,679,778 |
| | | 2/01/27 – BHAC Insured | | | |
| 1,860 | | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, | 5/29 at 100.00 | A3 | 2,120,177 |
| | | 5.000%, 5/15/43 | | | |
| 8,230 | | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/25 at 100.00 | Baa1 | 8,955,228 |
| | | Series 2015, 5.000%, 10/01/40 | | | |
| 2,615 | | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South | 10/21 at 100.00 | AA– | 2,772,397 |
| | | Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 | | | |
| 119,930 | | Total Georgia | | | 131,155,853 |
| | | Guam – 0.1% (0.1% of Total Investments) | | | |
| 4,060 | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | BBB– | 4,404,897 |
| | | 2013, 5.500%, 7/01/43 | | | |
| | | Hawaii – 0.0% (0.0% of Total Investments) | | | |
| 275 | | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | BB | 291,074 |
| | | University, Series 2013A, 6.875%, 7/01/43 | | | |
| | | Idaho – 0.1% (0.1% of Total Investments) | | | |
| 2,110 | | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, | 3/22 at 100.00 | A– | 2,216,555 |
| | | Series 2012A, 5.000%, 3/01/47 | | | |
| 2,615 | | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood | 5/19 at 101.00 | A1 | 2,649,230 |
| | | Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | | | |
| 4,725 | | Total Idaho | | | 4,865,785 |
| | | Illinois – 22.5% (14.2% of Total Investments) | | | |
| | | Board of Regents of Illinois State University, Auxiliary Facilities System Revenue | | | |
| | | Bonds, Series 2018A: | | | |
| 1,000 | | 5.000%, 4/01/34 – AGM Insured | 4/28 at 100.00 | A2 | 1,147,970 |
| 285 | | 5.000%, 4/01/37 – AGM Insured | 4/28 at 100.00 | A2 | 323,791 |
| 1,370 | | 5.000%, 4/01/38 – AGM Insured | 4/28 at 100.00 | A2 | 1,553,333 |
70
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| | | Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2002B: | | | |
| $ 4,595 | | 0.000%, 1/01/32 – FGIC Insured | No Opt. Call | A2 | $ 2,958,629 |
| 4,000 | | 0.000%, 1/01/34 – FGIC Insured | No Opt. Call | A2 | 2,331,000 |
| 11,000 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A | 12,746,140 |
| | | Series 2016, 6.000%, 4/01/46 | | | |
| 2,940 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues | 12/21 at 100.00 | B2 | 2,998,359 |
| | | Series 2011A, 5.000%, 12/01/41 | | | |
| 5,000 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | B+ | 5,381,050 |
| | | Refunding Series 2017G, 5.000%, 12/01/34 | | | |
| 6,920 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/28 at 100.00 | B+ | 7,263,578 |
| | | Refunding Series 2018D, 5.000%, 12/01/46 | | | |
| 11,450 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB– | 13,405,316 |
| | | Series 2016A, 7.000%, 12/01/44 | | | |
| 1,785 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | B+ | 2,053,500 |
| | | Series 2016B, 6.500%, 12/01/46 | | | |
| 23,535 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | B+ | 28,531,480 |
| | | Series 2017A, 7.000%, 12/01/46, 144A | | | |
| 10,510 | | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | No Opt. Call | B+ | 10,339,318 |
| | | Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured | | | |
| | | 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+ | 18,700,752 |
| 1,000 | | 5.500%, 12/01/26 – NPFG Insured | No Opt. Call | B+ | 1,122,840 |
| 3,500 | | Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal | 6/21 at 100.00 | A2 | 3,713,080 |
| | | Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, | | | |
| | | 5.250%, 6/01/26 – AGM Insured | | | |
| 5,785 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, | 12/21 at 100.00 | A3 | 6,091,084 |
| | | 5.250%, 12/01/40 | | | |
| 9,285 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 10,262,803 |
| | | 5.250%, 12/01/49 | | | |
| 13,100 | | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third | 1/20 at 100.00 | A2 | 13,400,121 |
| | | Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured | | | |
| | | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | |
| 32,170 | | 0.000%, 1/01/21 – FGIC Insured | No Opt. Call | BBB– | 30,833,980 |
| 32,670 | | 0.000%, 1/01/22 – FGIC Insured | No Opt. Call | BBB– | 30,402,049 |
| 22,670 | | 0.000%, 1/01/25 – FGIC Insured | No Opt. Call | BBB– | 18,897,712 |
| 10,565 | | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB– | 12,054,242 |
| | | 6.000%, 1/01/38 | | | |
| | | Chicago, Illinois, General Obligation Bonds, Series 2019A: | | | |
| 4,000 | | 5.000%, 1/01/44 | 1/29 at 100.00 | BBB– | 4,248,560 |
| 3,630 | | 5.500%, 1/01/49 | 1/29 at 100.00 | BBB– | 4,010,569 |
| 5,540 | | Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC | 6/19 at 100.00 | AA | 5,553,296 |
| | | Insured | | | |
| 5,000 | | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/22 at 100.00 | N/R (4) | 5,433,300 |
| | | (Pre-refunded 1/01/22) | | | |
| 5,000 | | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/23 at 100.00 | BBB | 5,212,300 |
| | | City Colleges, Series 2013, 5.250%, 12/01/43 | | | |
| 4,500 | | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/27 at 100.00 | A+ | 5,005,260 |
| | | City Colleges, Series 2017, 5.000%, 12/01/47 | | | |
| 4,865 | | Cook County Community Consolidated School District 15, Palatine, Illinois, General | No Opt. Call | Aa2 | 4,708,201 |
| | | Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured | | | |
71
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| | | Cook County Community High School District 219, Niles Township, Illinois, General | | | |
| | | Obligation Capital Appreciation Bonds, Series 2001: | | | |
| $ 2,575 | | 0.000%, 12/01/20 – NPFG Insured | No Opt. Call | Baa2 | $ 2,466,438 |
| 3,615 | | 0.000%, 12/01/20 – NPFG Insured (ETM) | No Opt. Call | N/R (4) | 3,515,696 |
| | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A: | | | |
| 3,500 | | 5.250%, 11/15/22 | 11/20 at 100.00 | A2 | 3,667,930 |
| 12,425 | | 5.250%, 11/15/33 | 11/20 at 100.00 | AA– | 12,925,230 |
| 15,285 | | DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000, | No Opt. Call | AAA | 15,147,894 |
| | | 0.000%, 11/01/19 | | | |
| | | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural | | | |
| | | History, Series 2002RMKT: | | | |
| 2,750 | | 3.900%, 11/01/36 | 11/27 at 102.00 | A | 2,865,775 |
| 5,265 | | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 5,791,816 |
| 5,020 | | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, | 6/22 at 100.00 | Aa3 | 5,337,164 |
| | | 5.000%, 6/01/42 | | | |
| | | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, | | | |
| | | Series 2016C: | | | |
| 3,500 | | 5.000%, 2/15/32 | 2/27 at 100.00 | Aa2 | 4,114,600 |
| 55 | | 4.000%, 2/15/41 (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (4) | 62,894 |
| 27,080 | | 4.000%, 2/15/41 | 2/27 at 100.00 | Aa2 | 28,726,735 |
| 1,000 | | 5.000%, 2/15/41 | 2/27 at 100.00 | Aa2 | 1,141,350 |
| 4,200 | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, | 9/22 at 100.00 | AA+ | 4,528,902 |
| | | 5.000%, 9/01/38 | | | |
| | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | | | |
| 8,750 | | 5.000%, 9/01/39 | 9/24 at 100.00 | AA+ | 9,714,862 |
| 11,030 | | 5.000%, 9/01/42 | 9/24 at 100.00 | AA+ | 12,200,173 |
| 1,500 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, | 11/19 at 100.00 | N/R (4) | 1,528,785 |
| | | 11/01/39 (Pre-refunded 11/01/19) | | | |
| 2,910 | | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, | 5/22 at 100.00 | Baa2 | 3,064,055 |
| | | 5.000%, 5/15/43 | | | |
| 16,165 | | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, | 6/26 at 100.00 | A3 | 17,780,530 |
| | | 5.000%, 12/01/40 | | | |
| 1,100 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender | 8/22 at 100.00 | AA+ | 1,441,209 |
| | | Option Bond Trust 2015-XF0076, 11.217%, 8/15/43, 144A (IF) | | | |
| | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding | | | |
| | | Series 2010A: | | | |
| 565 | | 6.000%, 5/15/39 | 5/20 at 100.00 | A | 580,052 |
| 3,460 | | 6.000%, 5/15/39 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (4) | 3,612,482 |
| 13,540 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, | 11/25 at 100.00 | A | 14,802,470 |
| | | 5.000%, 11/15/45 | | | |
| | | 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) | 86,467 |
| 8,400 | | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 8,544,984 |
| 2,215 | | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series | 7/23 at 100.00 | A– | 2,482,550 |
| | | 2013A, 6.000%, 7/01/43 | | | |
| 4,135 | | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | 8/25 at 100.00 | Baa1 | 4,533,862 |
| | | Refunding Series 2015C, 5.000%, 8/15/44 | | | |
| 5,000 | | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, | 3/27 at 100.00 | A+ | 5,591,500 |
| | | Inc., Series 2017A, 5.000%, 3/01/47 | | | |
| 8,040 | | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, | 8/21 at 100.00 | A2 | 8,693,652 |
| | | 8/15/41 – AGM Insured | | | |
| 1,000 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | 2/21 at 100.00 | AA– (4) | 1,066,550 |
| | | Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) | | | |
72
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| $ 2,500 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | 2/21 at 100.00 | AA– (4) | $ 2,666,375 |
| | | Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB), (6) | | | |
| 15,510 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, | 10/21 at 100.00 | AA– | 16,391,123 |
| | | 5.000%, 10/01/51 | | | |
| | | Illinois State, General Obligation Bonds, February Series 2014: | | | |
| 1,600 | | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB– | 1,699,744 |
| 5,450 | | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 5,660,152 |
| 1,750 | | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 | 1/26 at 100.00 | BBB– | 1,871,800 |
| 5,420 | | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 | 5/24 at 100.00 | BBB– | 5,637,125 |
| 5,000 | | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/34 | 11/26 at 100.00 | BBB– | 5,344,100 |
| 15,000 | | Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 | 11/27 at 100.00 | BBB– | 16,456,050 |
| 3,500 | | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/25 | No Opt. Call | BBB– | 3,835,650 |
| | | Illinois State, General Obligation Bonds, October Series 2016: | | | |
| 3,510 | | 5.000%, 2/01/28 | 2/27 at 100.00 | BBB– | 3,865,247 |
| 6,100 | | 5.000%, 2/01/29 | 2/27 at 100.00 | BBB– | 6,675,718 |
| 10,000 | | Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – | 1/20 at 100.00 | BBB | 10,191,300 |
| | | AGM Insured | | | |
| 2,515 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24 | 8/22 at 100.00 | BBB– | 2,661,574 |
| | | Illinois State, General Obligation Bonds, Series 2012A: | | | |
| 2,500 | | 5.000%, 3/01/25 | 3/22 at 100.00 | BBB– | 2,617,700 |
| 4,500 | | 5.000%, 3/01/27 | 3/22 at 100.00 | BBB– | 4,700,475 |
| 2,035 | | Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 2,152,765 |
| 5,030 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | AA– | 5,478,777 |
| | | 5.000%, 1/01/38 | | | |
| | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B: | | | |
| 8,000 | | 5.000%, 1/01/38 | 1/24 at 100.00 | AA– | 8,905,360 |
| 6,500 | | 5.000%, 1/01/39 | 1/24 at 100.00 | AA– | 7,231,055 |
| 10,040 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | AA– | 11,344,899 |
| | | 5.000%, 1/01/40 | | | |
| 8,890 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, | 1/26 at 100.00 | AA– | 10,078,860 |
| | | 5.000%, 1/01/40 | | | |
| 10,000 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2017A, | 1/28 at 100.00 | AA– | 11,655,500 |
| | | 5.000%, 1/01/42 | | | |
| 1,115 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | A1 | 1,513,222 |
| | | 2015-XF0051, 11.222%, 1/01/38, 144A (IF) | | | |
| 11,050 | | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, | No Opt. Call | BBB– | 12,820,210 |
| | | 11/01/26 – FGIC Insured | | | |
| | | 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 | 3,195,988 |
| 1,740 | | 0.000%, 11/01/21 – AGM Insured | No Opt. Call | A2 | 1,641,881 |
| 4,020 | | Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, | No Opt. Call | A2 | 4,237,683 |
| | | Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB) | | | |
| 5,000 | | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate | 1/21 at 100.00 | A2 | 5,235,600 |
| | | Revenue Source Series 2011A, 5.250%, 1/01/39 – AGM Insured | | | |
| 17,945 | | McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, | No Opt. Call | Baa2 | 16,822,720 |
| | | General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured | | | |
| 2,910 | | McHenry County Community High School District 154, Marengo, Illinois, Capital | No Opt. Call | Aa2 | 2,808,936 |
| | | Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured | | | |
| 5,000 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 6/22 at 100.00 | BBB– | 5,158,000 |
| | | Bonds, Refunding Series 2012B, 5.000%, 6/15/52 (UB), (6) | | | |
73
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| $ 5,000 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BBB– | $ 5,446,850 |
| | | Bonds, Series 2015A, 5.500%, 6/15/53 | | | |
| 2,030 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/27 at 100.00 | BBB– | 2,175,145 |
| | | Bonds, Series 2017A, 5.000%, 6/15/57 | | | |
| | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | | | |
| | | Refunding Bonds, Series 2010A: | | | |
| 3,790 | | 5.500%, 6/15/50 (Pre-refunded 6/15/20) | 6/20 at 100.00 | BBB– (4) | 3,951,113 |
| 11,795 | | 5.500%, 6/15/50 | 6/20 at 100.00 | Ba1 | 11,994,689 |
| | | 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– | 11,214,720 |
| 5,355 | | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | BBB– | 1,742,089 |
| | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | | Expansion Project, Refunding Series 1996A: | | | |
| 16,570 | | 0.000%, 12/15/20 – NPFG Insured | No Opt. Call | BBB– | 15,925,593 |
| 5,010 | | 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | Baa2 | 4,687,206 |
| 23,920 | | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | BBB– | 21,716,490 |
| 13,350 | | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BBB– | 11,356,845 |
| | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | | Expansion Project, Refunding Series 1998A: | | | |
| 4,340 | | 5.500%, 12/15/23 – FGIC Insured (Pre-refunded 6/15/22) | No Opt. Call | BBB– (4) | 4,681,775 |
| 4,435 | | 5.500%, 12/15/23 – FGIC Insured | No Opt. Call | BBB– | 4,696,177 |
| | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | | Expansion Project, Refunding Series 2010B-2: | | | |
| 2,330 | | 5.000%, 6/15/50 | 6/20 at 100.00 | BBB | 2,356,818 |
| 8,000 | | 5.250%, 6/15/50 | 6/20 at 100.00 | BBB | 8,113,760 |
| | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | | Expansion Project, Series 2002A: | | | |
| 1,420 | | 5.700%, 6/15/25 (Pre-refunded 6/15/22) | 6/22 at 101.00 | N/R (4) | 1,606,233 |
| 5,080 | | 5.700%, 6/15/25 | 6/22 at 101.00 | BBB– | 5,596,788 |
| 8,000 | | 5.750%, 6/15/26 – NPFG Insured | 6/22 at 101.00 | BBB– | 8,816,160 |
| 1,115 | | 5.750%, 6/15/27 | 6/22 at 101.00 | BBB– | 1,225,842 |
| 4,610 | | 5.750%, 6/15/27 (Pre-refunded 6/15/22) | 6/22 at 101.00 | N/R (4) | 5,221,563 |
| 195 | | 0.000%, 6/15/30 (ETM) | No Opt. Call | N/R (4) | 150,885 |
| 3,505 | | 0.000%, 6/15/30 | No Opt. Call | BBB | 2,375,794 |
| 28,000 | | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | BBB– | 15,379,560 |
| 3,280 | | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | BBB– | 1,614,974 |
| 11,715 | | 0.000%, 12/15/38 – NPFG Insured | No Opt. Call | BBB– | 5,352,935 |
| 9,760 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | AA+ (4) | 11,709,658 |
| | | Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | | | |
| | | Midlothian, Illinois, General Obligation Bonds, Series 2010A: | | | |
| 2,685 | | 5.000%, 2/01/30 – AGM Insured | 2/20 at 100.00 | AA | 2,700,868 |
| 2,080 | | 5.250%, 2/01/34 – AGM Insured | 2/20 at 100.00 | AA | 2,094,539 |
| 17,865 | | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | A2 | 20,050,604 |
| | | Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured | | | |
| 2,300 | | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA | 3,048,466 |
| | | Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured | | | |
| 4,125 | | Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial | 11/23 at 100.00 | N/R (4) | 5,164,624 |
| | | Group, Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) | | | |
| | | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | | | |
| 2,250 | | 5.000%, 3/01/29 | 3/25 at 100.00 | A3 | 2,557,305 |
| 7,000 | | 5.000%, 3/01/31 | 3/25 at 100.00 | A3 | 7,911,820 |
| 2,685 | | Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility | 5/20 at 100.00 | AA | 2,770,464 |
| | | Series 2010A, 5.250%, 5/01/31 – AGM Insured | | | |
74
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| $ 2,000 | | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | Baa1 | $ 2,279,720 |
| | | 6.250%, 10/01/38 | | | |
| 4,810 | | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 4,342,757 |
| | | Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured | | | |
| | | Will County Community Unit School District 201U, Crete-Monee, Illinois, General | | | |
| | | Obligation Bonds, Capital Appreciation Series 2004: | | | |
| 780 | | 0.000%, 11/01/22 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 728,567 |
| 2,550 | | 0.000%, 11/01/22 – NPFG Insured | No Opt. Call | Baa2 | 2,343,705 |
| 1,895 | | Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, | 12/20 at 100.00 | A2 (4) | 2,058,292 |
| | | General Obligation Bonds, Series 2011, 7.250%, 12/01/28 (Pre-refunded 12/01/20) – AGM Insured | | | |
| 897,425 | | Total Illinois | | | 884,417,202 |
| | | Indiana – 3.7% (2.3% of Total Investments) | | | |
| 6,000 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University | 10/24 at 100.00 | A3 | 6,588,300 |
| | | Project, Series 2014, 5.000%, 10/01/44 | | | |
| 7,910 | | Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health | 11/19 at 100.00 | Aa3 (4) | 8,051,984 |
| | | Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19) | | | |
| | | 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 | 5,190,750 |
| 5,420 | | 5.000%, 5/01/42 | 5/23 at 100.00 | A | 5,869,697 |
| | | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | | | |
| | | Group, Refunding 2015A: | | | |
| 1,875 | | 4.000%, 12/01/40 | 6/25 at 100.00 | AA | 1,973,194 |
| 3,400 | | 5.000%, 12/01/40 | 6/25 at 100.00 | AA | 3,799,092 |
| 8,630 | | Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana | 3/22 at 100.00 | AA– | 9,186,376 |
| | | Obligated Group, Series 2012, 5.000%, 3/01/41 | | | |
| 6,290 | | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series | 12/19 at 100.00 | AA– (4) | 6,421,713 |
| | | 2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19) | | | |
| 2,500 | | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series | 12/20 at 100.00 | AA– (4) | 2,626,075 |
| | | 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) | | | |
| 10,000 | | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009A, | 12/19 at 100.00 | AA– (4) | 10,209,400 |
| | | 5.250%, 12/01/38 (Pre-refunded 12/01/19) (UB), (6) | | | |
| 11,000 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/26 at 100.00 | A | 12,563,760 |
| | | First Lien Green Series 2016A, 5.000%, 10/01/46 | | | |
| 5,000 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/21 at 100.00 | A2 | 5,331,350 |
| | | Series 2011B, 5.000%, 10/01/41 | | | |
| 5,000 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/22 at 100.00 | A1 | 5,466,650 |
| | | Series 2012A, 5.000%, 10/01/37 | | | |
| 13,215 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/24 at 100.00 | A | 14,878,504 |
| | | Series 2014A, 5.000%, 10/01/44 | | | |
| 5,130 | | Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, | 10/26 at 100.00 | A+ | 5,859,281 |
| | | First Lien Series 2016A, 5.000%, 10/01/46 | | | |
| 4,320 | | Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. | 6/19 at 100.00 | N/R (4) | 4,331,318 |
| | | Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM) | | | |
| 14,100 | | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series | 7/26 at 100.00 | A+ | 16,128,567 |
| | | 2016A, 5.000%, 1/01/42 | | | |
| 3,000 | | Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, | 7/21 at 100.00 | A+ (4) | 3,219,360 |
| | | 1/01/31 (Pre-refunded 7/01/21) | | | |
| | | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | | | |
| 9,255 | | 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | AA | 8,114,414 |
| 9,560 | | 0.000%, 2/01/26 – AMBAC Insured | No Opt. Call | AA– | 8,147,319 |
75
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Indiana (continued) | | | |
| $ 1,580 | | Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series | No Opt. Call | A2 | $ 1,286,610 |
| | | 2005Z, 0.000%, 1/15/28 – AGM Insured | | | |
| 138,185 | | Total Indiana | | | 145,243,714 |
| | | Iowa – 2.3% (1.4% of Total Investments) | | | |
| 4,000 | | Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, | 6/20 at 100.00 | A2 (4) | 4,156,720 |
| | | 6/15/36 (Pre-refunded 6/15/20) | | | |
| 16,130 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | B– | 17,392,495 |
| | | Company Project, Series 2013, 5.250%, 12/01/25 | | | |
| 2,310 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 6/19 at 105.00 | B– | 2,427,995 |
| | | Company Project, Series 2016, 5.875%, 12/01/26, 144A | | | |
| 2,690 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 105.00 | B+ | 2,884,675 |
| | | Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/22) | | | |
| 3,085 | | Iowa Finance Authority, Senior Housing Revenue Bonds, Northcrest Inc. Project, Series | 3/24 at 103.00 | BB+ | 3,229,193 |
| | | 2018A, 5.000%, 3/01/48 | | | |
| | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | |
| 13,950 | | 5.375%, 6/01/38 | 6/19 at 100.00 | B2 | 13,811,895 |
| 12,830 | | 5.500%, 6/01/42 | 6/19 at 100.00 | B2 | 12,701,700 |
| 5,675 | | 5.625%, 6/01/46 | 6/19 at 100.00 | B | 5,615,980 |
| 16,100 | | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, | 6/19 at 100.00 | BB– | 16,011,611 |
| | | 5.600%, 6/01/34 | | | |
| | | Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note | | | |
| | | Series 2016: | | | |
| 4,700 | | 5.000%, 12/01/36 | 12/26 at 100.00 | BBB+ | 5,224,050 |
| 5,990 | | 5.000%, 12/01/41 | 12/26 at 100.00 | BBB+ | 6,583,669 |
| 87,460 | | Total Iowa | | | 90,039,983 |
| | | Kansas – 0.4% (0.3% of Total Investments) | | | |
| 2,000 | | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail | 11/22 at 100.00 | A2 | 2,152,920 |
| | | Health Care Inc., Series 2013J, 5.000%, 11/15/38 | | | |
| 3,000 | | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health | 5/22 at 100.00 | AA | 3,257,130 |
| | | System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 | | | |
| 3,700 | | Kansas Municipal Energy Agency, Power Project Revenue Bonds, Dogwood Project, Series | 4/26 at 100.00 | AA | 4,156,950 |
| | | 2018A, 5.000%, 4/01/38 – BAM Insured | | | |
| 5,270 | | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, | 7/28 at 100.00 | A | 6,050,329 |
| | | 5.000%, 7/01/43 | | | |
| 1,820 | | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park | 6/19 at 100.00 | Ba3 | 1,822,966 |
| | | Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured | | | |
| 15,790 | | Total Kansas | | | 17,440,295 |
| | | Kentucky – 1.0% (0.7% of Total Investments) | | | |
| 6,010 | | Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton | No Opt. Call | Baa2 | 4,555,640 |
| | | Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured | | | |
| 2,000 | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist | 8/21 at 100.00 | Baa1 | 2,108,040 |
| | | Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42 | | | |
| 1,300 | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | 6/27 at 100.00 | BB+ | 1,423,032 |
| | | Health, Refunding Series 2017A, 5.000%, 6/01/37 | | | |
| 4,525 | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | 6/20 at 100.00 | Baa3 (4) | 4,758,490 |
| | | Medical Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20) | | | |
| | | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, | | | |
| | | Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: | | | |
| 5,000 | | 6.750%, 7/01/43, (5) | 7/31 at 100.00 | Baa3 | 5,052,400 |
| 8,610 | | 6.875%, 7/01/46, (5) | 7/31 at 100.00 | Baa3 | 8,716,936 |
76
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Kentucky (continued) | | | |
| | | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, | | | |
| | | Downtown Crossing Project, Series 2013A: | | | |
| $ 2,655 | | 5.750%, 7/01/49 | 7/23 at 100.00 | Baa3 | $ 2,897,348 |
| 430 | | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 471,641 |
| 4,630 | | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State | 6/21 at 100.00 | A– | 4,860,065 |
| | | Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31 | | | |
| | | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health | | | |
| | | Initiatives, Series 2012A: | | | |
| 2,980 | | 5.000%, 12/01/35 | 6/22 at 100.00 | BBB+ | 3,175,220 |
| 3,000 | | 5.000%, 12/01/35 | 6/22 at 100.00 | N/R | 3,302,520 |
| 41,140 | | Total Kentucky | | | 41,321,332 |
| | | Louisiana – 3.0% (1.9% of Total Investments) | | | |
| 7,715 | | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 8,239,929 |
| | | Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | | | |
| 4,000 | | Board of Commissioners of the Port of New Orleans, Louisiana, Port Facility Revenue | 4/28 at 100.00 | A2 | 4,614,880 |
| | | Bonds, Refunding Series 2018A, 5.000%, 4/01/48 – AGM Insured | | | |
| 670 | | Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson | 1/21 at 100.00 | A2 (4) | 717,047 |
| | | Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured | | | |
| 1,870 | | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue | 12/27 at 100.00 | A2 | 2,189,097 |
| | | Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured | | | |
| 5,000 | | Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun | 10/20 at 100.00 | AA (4) | 5,271,450 |
| | | Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded | | | |
| | | 10/01/20) – AGM Insured | | | |
| 1,695 | | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship | 7/26 at 100.00 | A3 | 1,886,060 |
| | | Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, | | | |
| | | 5.000%, 7/01/46 | | | |
| | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | | | |
| | | Refunding Series 2016: | | | |
| 20 | | 4.000%, 5/15/35 (Pre-refunded 5/15/26) | 5/26 at 100.00 | N/R (4) | 22,796 |
| 2,345 | | 4.000%, 5/15/36 | 5/26 at 100.00 | A3 | 2,458,357 |
| 20 | | 5.000%, 5/15/47 (Pre-refunded 5/15/26) | 5/26 at 100.00 | N/R (4) | 24,109 |
| | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | | | |
| | | Refunding Series 2017: | | | |
| 4,000 | | 5.000%, 5/15/42 | 5/27 at 100.00 | A3 | 4,510,120 |
| 22,625 | | 5.000%, 5/15/46 | 5/27 at 100.00 | A3 | 25,451,767 |
| 5,750 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/21 at 100.00 | A3 (4) | 6,333,510 |
| | | Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) | | | |
| 1,975 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/25 at 100.00 | A3 | 2,159,643 |
| | | Series 2015, 5.000%, 5/15/47 | | | |
| 13,590 | | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series | 7/23 at 100.00 | A2 | 14,991,537 |
| | | 2013A, 5.000%, 7/01/36 | | | |
| 1,015 | | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series | 11/27 at 100.00 | AA– | 1,190,859 |
| | | 2017C, 5.000%, 5/01/45 | | | |
| 5,000 | | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, | 5/20 at 100.00 | AA– (4) | 5,168,000 |
| | | 5/01/45 (Pre-refunded 5/01/20) | | | |
| 12,000 | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/25 at 100.00 | A– | 13,347,240 |
| | | Project, Series 2015A, 5.000%, 1/01/45 | | | |
| 5,000 | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A– | 5,692,350 |
| | | Project, Series 2017A, 5.000%, 1/01/48 | | | |
| 6,280 | | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, | 6/24 at 100.00 | A– | 6,755,270 |
| | | 5.000%, 6/01/44 | | | |
| 1,355 | | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, | 12/25 at 100.00 | A– | 1,506,354 |
| | | 5.000%, 12/01/40 | | | |
77
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Louisiana (continued) | | | |
| $ 5,000 | | St Tammany Parish Hospital District No 1, Louisiana, Hospital Revenue and Revenue | 7/28 at 100.00 | A+ | $ 5,704,100 |
| | | Refunding Bonds, St Tammany Parish Hospital Project, Series 2018, 5.000%, 7/01/48 | | | |
| 106,925 | | Total Louisiana | | | 118,234,475 |
| | | Maine – 0.6% (0.4% of Total Investments) | | | |
| 7,000 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | Ba1 | 7,423,150 |
| | | Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 | | | |
| 6,300 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/26 at 100.00 | Ba1 | 6,860,007 |
| | | Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/41 | | | |
| | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth | | | |
| | | Issue, Series 2018A: | | | |
| 3,440 | | 5.000%, 7/01/43 | 7/28 at 100.00 | A+ | 3,958,236 |
| 2,935 | | 5.000%, 7/01/48 | 7/28 at 100.00 | A+ | 3,363,363 |
| 1,050 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General | 7/21 at 100.00 | Ba3 | 1,134,567 |
| | | Medical Center, Series 2011, 6.750%, 7/01/41 | | | |
| 20,725 | | Total Maine | | | 22,739,323 |
| | | Maryland – 1.3% (0.8% of Total Investments) | | | |
| | | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: | | | |
| 3,260 | | 5.000%, 9/01/35 | 9/27 at 100.00 | BBB– | 3,691,591 |
| 1,000 | | 5.000%, 9/01/39 | 9/27 at 100.00 | BBB– | 1,120,580 |
| 1,645 | | 5.000%, 9/01/46 | 9/27 at 100.00 | BBB– | 1,815,636 |
| 8,610 | | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, | 1/27 at 100.00 | A+ | 9,913,554 |
| | | 5.000%, 7/01/41 | | | |
| 1,000 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy | 7/21 at 100.00 | BBB | 1,082,400 |
| | | Medical Center, Series 2011, 6.250%, 7/01/31 | | | |
| 3,500 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 7/22 at 100.00 | A– | 3,760,750 |
| | | of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 | | | |
| 4,000 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 1/28 at 100.00 | A– | 4,205,280 |
| | | of Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 | | | |
| 17,000 | | Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools | 5/28 at 100.00 | AA– | 19,856,340 |
| | | Construction & Revitalization Program, Series 2018A, 5.000%, 5/01/42 | | | |
| 2,000 | | Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, | 6/25 at 100.00 | AA– | 2,251,380 |
| | | 5.000%, 12/01/44 | | | |
| 1,150 | | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside | 11/24 at 103.00 | BB | 1,233,007 |
| | | King Farm Project, Series 2017A-1, 5.000%, 11/01/37 | | | |
| 2,100 | | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, | 11/24 at 103.00 | BB | 2,222,094 |
| | | 5.000%, 11/01/42 | | | |
| 45,265 | | Total Maryland | | | 51,152,612 |
| | | Massachusetts – 2.7% (1.7% of Total Investments) | | | |
| 5,500 | | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, | 1/20 at 100.00 | AA | 5,616,985 |
| | | Commonwealth Contract Assistance Secured, Series 2010B, 5.000%, 1/01/35 | | | |
| 14,375 | | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, | 1/20 at 100.00 | A2 | 14,667,244 |
| | | Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 | | | |
| 1,250 | | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare | 11/23 at 100.00 | A+ | 1,374,675 |
| | | Obligated Group, Series 2013, 5.250%, 11/15/41 | | | |
| 930 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 1,016,016 |
| | | Green Bonds, Series 2015D, 5.000%, 7/01/44 | | | |
| 11,370 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series | 10/26 at 100.00 | A+ | 13,068,223 |
| | | 2016BB-1, 5.000%, 10/01/46 | | | |
| 3,630 | | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series | 7/28 at 100.00 | Baa1 | 4,091,917 |
| | | 2018J-2, 5.000%, 7/01/53 | | | |
78
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Massachusetts (continued) | | | |
| $ 1,100 | | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute | 12/26 at 100.00 | A1 | $ 1,254,506 |
| | | Issue, Series 2016N, 5.000%, 12/01/46 | | | |
| | | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: | | | |
| 2,070 | | 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | 2,170,954 |
| 8,800 | | 5.000%, 1/01/45 | 1/25 at 100.00 | Baa2 | 9,608,896 |
| 2,700 | | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, | 11/23 at 100.00 | A2 | 2,991,330 |
| | | 5.000%, 11/01/43 | | | |
| 4,000 | | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System | 1/28 at 100.00 | AA– | 4,332,320 |
| | | Issue, Series 2017S-1, 4.000%, 7/01/35 | | | |
| 1,725 | | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, | 1/29 at 100.00 | BBB+ | 1,974,021 |
| | | 5.000%, 7/01/44 | | | |
| | | 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 | 1,519,256 |
| 1,545 | | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,695,112 |
| 3,000 | | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | No Opt. Call | AA– | 4,192,410 |
| | | Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | | | |
| 4,500 | | Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners | 7/19 at 100.00 | AA– (4) | 4,525,110 |
| | | HealthCare System, Series 2010J-1, 5.000%, 7/01/39 (Pre-refunded 7/01/19) | | | |
| 3,335 | | Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners | 7/19 at 100.00 | Aa3 | 3,390,828 |
| | | HealthCare System, Tender Option Trust 2015-XF0047, 9.073%, 7/01/34, 144A (IF) | | | |
| 1,800 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts | 7/20 at 100.00 | N/R (4) | 1,875,870 |
| | | Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 (Pre-refunded 7/01/20) | | | |
| 900 | | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series | 7/21 at 100.00 | A3 | 955,674 |
| | | 2011A, 5.125%, 7/01/41 | | | |
| 6,840 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | Aa2 | 7,519,280 |
| | | Series 2013A, 5.000%, 5/15/43 | | | |
| 7,500 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender | 8/22 at 100.00 | Aa2 | 9,113,325 |
| | | Option Bond Trust 2016-XF2223, 7.136%, 8/15/24, 144A (IF) | | | |
| 8,050 | | Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking | 7/21 at 100.00 | A+ | 8,505,147 |
| | | Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 | | | |
| 500 | | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding | 11/20 at 100.00 | A3 (4) | 526,080 |
| | | Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured | | | |
| 96,800 | | Total Massachusetts | | | 105,985,179 |
| | | Michigan – 5.6% (3.5% of Total Investments) | | | |
| 5,335 | | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | A2 | 5,778,392 |
| | | Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | | | |
| 2,830 | | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, | No Opt. Call | A3 | 3,445,949 |
| | | 5.500%, 7/01/29 – NPFG Insured | | | |
| 10,000 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, | 7/21 at 100.00 | A2 | 10,633,900 |
| | | 5.250%, 7/01/41 | | | |
| 3,500 | | Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – | 3/28 at 100.00 | A2 | 3,690,540 |
| | | AGM Insured | | | |
| | | 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 | 7,304,806 |
| 7,955 | | 0.000%, 12/01/22 | No Opt. Call | AAA | 7,445,323 |
| 8,260 | | 0.000%, 12/01/23 | No Opt. Call | AAA | 7,574,915 |
| 8,575 | | 0.000%, 12/01/24 | No Opt. Call | AAA | 7,691,861 |
| 10,000 | | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien | 7/26 at 100.00 | A2 | 11,624,500 |
| | | Series 2016C, 5.000%, 7/01/35 | | | |
79
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Michigan (continued) | | | |
| $ 27,960 | | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series | 7/26 at 100.00 | A2 | $ 31,996,026 |
| | | 2016A, 5.000%, 7/01/46 | | | |
| | | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, | | | |
| | | Bronson Methodist Hospital, Remarketed Series 2006: | | | |
| 895 | | 5.250%, 5/15/36 – AGM Insured | 5/20 at 100.00 | A2 | 920,561 |
| 1,105 | | 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured | 5/20 at 100.00 | A2 (4) | 1,145,222 |
| 8,815 | | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series | 11/29 at 100.00 | A | 9,252,048 |
| | | 2019A, 4.000%, 11/15/50 (WI/DD, Settling 5/02/19) | | | |
| 405 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A2 | 451,875 |
| | | Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, | | | |
| | | 5.000%, 7/01/37 – AGM Insured | | | |
| 1,300 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/22 at 100.00 | A+ | 1,390,974 |
| | | Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 | | | |
| 7,000 | | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 6/26 at 100.00 | AA– | 7,954,450 |
| | | Refunding Series 2016MI, 5.000%, 12/01/45 | | | |
| 12,520 | | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 12/27 at 100.00 | AA– | 13,516,341 |
| | | Refunding Series 2017A-MI, 4.000%, 12/01/36 | | | |
| | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding | | | |
| | | Series 2011MI: | | | |
| 35 | | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 37,941 |
| 9,965 | | 5.000%, 12/01/39 | 12/21 at 100.00 | AA– | 10,656,272 |
| 3,000 | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series | 6/22 at 100.00 | AA– | 3,243,900 |
| | | 2015MI, 5.000%, 12/01/31 | | | |
| 10,330 | | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit | 11/26 at 100.00 | AA+ | 10,869,123 |
| | | Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 | | | |
| 1,315 | | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | BBB | 1,380,290 |
| | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding | | | |
| | | Series 2015-I: | | | |
| 17,000 | | 5.000%, 4/15/31 | 10/25 at 100.00 | AA– | 19,893,910 |
| 1,615 | | 5.000%, 4/15/38 | 10/25 at 100.00 | AA– | 1,863,645 |
| 11,345 | | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health | 11/19 at 100.00 | N/R (4) | 11,594,590 |
| | | System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) | | | |
| 2,000 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, | 6/22 at 100.00 | AA– | 2,125,740 |
| | | Series 2009C, 5.000%, 12/01/48 | | | |
| 4,575 | | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue | 5/19 at 100.00 | B2 | 4,540,733 |
| | | Bonds, Series 2008A, 6.875%, 6/01/42 | | | |
| 4,790 | | Mona Shores Public Schools, Muskegon County, Michigan, General Obligation Bonds, School | 5/29 at 100.00 | Aa1 | 5,598,217 |
| | | Building & Site Series 2019I, 5.000%, 5/01/48 | | | |
| 5,780 | | Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 | 3/22 at 100.00 | A1 | 6,133,158 |
| 2,500 | | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont | 8/19 at 100.00 | N/R (4) | 2,528,850 |
| | | Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29 (Pre-refunded 8/01/19) | | | |
| 2,200 | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/25 at 100.00 | A | 2,494,888 |
| | | County Airport, Series 2015D, 5.000%, 12/01/45 | | | |
| 5,000 | | Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/43 | 11/28 at 100.00 | A+ | 5,809,650 |
| 205,565 | | Total Michigan | | | 220,588,590 |
| | | Minnesota – 2.3% (1.4% of Total Investments) | | | |
| 285 | | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory | 8/26 at 100.00 | BB+ | 284,632 |
| | | Academy, Refunding Series 2016A, 4.000%, 8/01/36 | | | |
| 4,005 | | City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, | 10/24 at 102.00 | N/R | 4,152,905 |
| | | Series 2016, 5.000%, 10/01/41 | | | |
80
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Minnesota (continued) | | | |
| | | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, | | | |
| | | Walker Highview Hills LLC Project, Refunding Series 2016A: | | | |
| $ 2,130 | | 3.500%, 8/01/25, 144A | 8/22 at 100.00 | N/R | $ 2,142,950 |
| 1,000 | | 5.000%, 8/01/46, 144A | 8/22 at 100.00 | N/R | 1,025,820 |
| | | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | | | |
| | | Essentia Health Obligated Group, Series 2018A: | | | |
| 3,000 | | 5.000%, 2/15/48 | 2/28 at 100.00 | A– | 3,406,170 |
| 11,000 | | 5.000%, 2/15/53 | 2/28 at 100.00 | A– | 12,383,030 |
| 5,240 | | 5.250%, 2/15/53 | 2/28 at 100.00 | A– | 6,015,101 |
| 9,840 | | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | AAA | 10,527,324 |
| | | School Building Series 2018A, 4.000%, 2/01/41 | | | |
| 2,800 | | Itasca County Independent School District 318, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | AAA | 3,040,240 |
| | | Series 2018A, 4.000%, 2/01/37 | | | |
| | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, | | | |
| | | Series 2018A: | | | |
| 2,530 | | 4.000%, 11/15/48 | 11/28 at 100.00 | A2 | 2,659,435 |
| 3,395 | | 5.000%, 11/15/49 | 11/28 at 100.00 | A2 | 3,913,518 |
| | | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | | | |
| | | Senior Lien Series 2016C: | | | |
| 3,500 | | 5.000%, 1/01/41 | 1/27 at 100.00 | AA– | 4,066,650 |
| 5,000 | | 5.000%, 1/01/46 | 1/27 at 100.00 | AA– | 5,783,900 |
| 2,855 | | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, | 12/26 at 100.00 | Aa3 | 3,301,294 |
| | | 12/01/47 | | | |
| 4,000 | | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/29 at 100.00 | A2 | 4,252,800 |
| | | 2019, 4.000%, 5/01/49 | | | |
| 4,170 | | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/24 at 102.00 | BBB– | 4,182,927 |
| | | Bonds, Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 | | | |
| 3,000 | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A2 | 3,441,720 |
| | | Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/30 | | | |
| | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, | | | |
| | | Fairview Health Services, Series 2017A: | | | |
| 595 | | 4.000%, 11/15/35 | 11/27 at 100.00 | A2 | 641,166 |
| 1,470 | | 4.000%, 11/15/43 | 11/27 at 100.00 | A2 | 1,557,024 |
| 850 | | Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC | 9/27 at 100.00 | N/R | 922,845 |
| | | Project, Refunding Series 2017, 5.000%, 9/01/42 | | | |
| | | St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, | | | |
| | | HealthEast Inc., Series 2015A: | | | |
| 550 | | 5.250%, 11/15/35 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R (4) | 579,909 |
| 3,595 | | 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (4) | 4,289,123 |
| 5,315 | | 5.000%, 11/15/44 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (4) | 6,341,220 |
| 80,125 | | Total Minnesota | | | 88,911,703 |
| | | Mississippi – 0.3% (0.2% of Total Investments) | | | |
| 11,465 | | Medical Center Educational Building Corporation, Mississippi, Revenue Bonds, University | 6/27 at 100.00 | Aa2 | 12,114,951 |
| | | of Mississippi Medical Center New Facilities & Refinancing Project, Series 2017A, | | | |
| | | 4.000%, 6/01/47 | | | |
| | | Missouri – 3.7% (2.3% of Total Investments) | | | |
| 2,585 | | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit | 10/22 at 100.00 | Aa2 | 2,836,391 |
| | | Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 | | | |
| | | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding | | | |
| | | Series 2016: | | | |
| 2,470 | | 4.000%, 8/01/33 | 8/26 at 100.00 | Baa2 | 2,523,278 |
| 4,590 | | 5.000%, 8/01/35 | 8/26 at 100.00 | Baa2 | 4,950,407 |
| 640 | | 4.000%, 8/01/38 | 8/26 at 100.00 | Baa2 | 644,806 |
81
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Missouri (continued) | | | |
| | | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, | | | |
| | | Hannibal Regional Healthcare System, Series 2017: | | | |
| $ 2,860 | | 5.000%, 10/01/42 | 10/27 at 100.00 | BBB+ | $ 3,229,884 |
| 1,000 | | 5.000%, 10/01/47 | 10/27 at 100.00 | BBB+ | 1,126,900 |
| | | 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 | 6,613,725 |
| 5,000 | | 0.000%, 4/15/31 – AMBAC Insured | No Opt. Call | A1 | 3,482,300 |
| | | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A: | | | |
| 2,475 | | 4.000%, 1/01/38 | 1/28 at 100.00 | AA | 2,672,604 |
| 4,470 | | 4.000%, 1/01/42 | 1/28 at 100.00 | AA | 4,745,039 |
| 315 | | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson | No Opt. Call | A3 | 321,061 |
| | | Landing Project, Series 2005A, 6.000%, 6/01/20 | | | |
| 1,350 | | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, | 5/26 at 100.00 | A+ | 1,540,850 |
| | | Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/35 | | | |
| 1,400 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 6/27 at 100.00 | A1 | 1,596,476 |
| | | Bonds, Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/42 | | | |
| 11,985 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 12,910,362 |
| | | Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | | | |
| 3,665 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 1/25 at 100.00 | AA | 3,834,763 |
| | | BJC Health System, Series 2015A, 4.000%, 1/01/45 | | | |
| 1,500 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 7/26 at 100.00 | AA | 1,580,460 |
| | | BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory | | | |
| | | Put 1/01/46) | | | |
| 14,000 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 1/28 at 100.00 | AA | 14,625,940 |
| | | BJC Health System, Variable Rate Demand Obligation Series 2018D, 4.000%, 1/01/58 (Mandatory | | | |
| | | Put 1/01/48) (UB), (6) | | | |
| 17,300 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | 18,690,055 |
| | | CoxHealth, Series 2013A, 5.000%, 11/15/48 | | | |
| | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | | | |
| | | CoxHealth, Series 2019A: | | | |
| 3,780 | | 4.000%, 11/15/44 | 5/29 at 100.00 | A2 | 4,007,707 |
| 4,220 | | 4.000%, 11/15/49 | 5/29 at 100.00 | A2 | 4,450,412 |
| | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | | | |
| | | Mercy Health, Series 2017C: | | | |
| 2,220 | | 5.000%, 11/15/42 | 11/27 at 100.00 | AA– | 2,567,918 |
| 2,250 | | 5.000%, 11/15/47 | 11/27 at 100.00 | AA– | 2,594,993 |
| 3,000 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/24 at 100.00 | A+ | 3,137,400 |
| | | SSM Health Care, Series 2014A, 4.000%, 6/01/33 | | | |
| 10,000 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy | 5/25 at 102.00 | A+ | 10,313,300 |
| | | Hospital, Series 2017A, 4.000%, 5/15/42 | | | |
| 4,155 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/24 at 100.00 | BBB | 4,443,814 |
| | | Services Projects, Series 2014A, 5.000%, 2/01/35 | | | |
| | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | | | |
| | | Services Projects, Series 2016A: | | | |
| 1,900 | | 5.000%, 2/01/36 | 2/26 at 100.00 | BBB | 2,069,442 |
| 2,550 | | 5.000%, 2/01/46 | 2/26 at 100.00 | BBB | 2,744,616 |
| 335 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis | 4/29 at 100.00 | A1 | 355,659 |
| | | University, Series 2019A, 4.000%, 10/01/48 | | | |
| 7,085 | | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, | 6/26 at 100.00 | A2 | 8,185,796 |
| | | Prairie State Power Project, Refunding Series 2016A, 5.000%, 12/01/34 | | | |
82
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Missouri (continued) | | | |
| | | Saint Charles County Public Water Supply District 2, Missouri, Certificates of | | | |
| | | Participation, Refunding Series 2016C: | | | |
| $ 1,675 | | 4.000%, 12/01/31 | 12/25 at 100.00 | AA+ | $ 1,810,424 |
| 2,535 | | 5.000%, 12/01/32 | 12/25 at 100.00 | AA+ | 2,967,826 |
| 220 | | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 239,063 |
| | | Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | | | |
| 7,250 | | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/25 at 103.00 | BB+ | 7,861,537 |
| | | Village Saint Louis Obligated Group, Series 2018A, 5.250%, 9/01/53 | | | |
| 138,930 | | Total Missouri | | | 145,675,208 |
| | | Montana – 0.4% (0.3% of Total Investments) | | | |
| 1,475 | | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran | 5/25 at 102.00 | N/R | 1,541,803 |
| | | Corporation, Series 2017A, 5.250%, 5/15/47 | | | |
| 3,310 | | Montana Facilities Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman | 6/28 at 100.00 | A | 3,817,919 |
| | | Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 | | | |
| 4,965 | | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell | 7/28 at 100.00 | BBB | 5,522,420 |
| | | Regional Medical Center, Series 2018B, 5.000%, 7/01/48 | | | |
| 2,580 | | Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits Health System | 2/27 at 100.00 | A+ | 2,895,070 |
| | | Obligated Group, Refunding Series 2016, 5.000%, 2/15/41 | | | |
| 1,825 | | Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, | 8/28 at 100.00 | AA– | 2,137,422 |
| | | Series 2018A, 5.000%, 8/15/48 | | | |
| 14,155 | | Total Montana | | | 15,914,634 |
| | | Nebraska – 0.8% (0.5% of Total Investments) | | | |
| 2,620 | | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, | 9/22 at 100.00 | A | 2,838,456 |
| | | 5.000%, 9/01/42 | | | |
| 3,000 | | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, | 5/27 at 100.00 | A1 | 3,401,670 |
| | | Children’s Hospital Obligated Group, Series 2017, 5.000%, 11/15/47 | | | |
| | | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska | | | |
| | | Methodist Health System, Refunding Series 2015: | | | |
| 3,500 | | 5.000%, 11/01/45 | 11/25 at 100.00 | A– | 3,816,435 |
| 1,400 | | 5.000%, 11/01/48 | 11/25 at 100.00 | A– | 1,523,172 |
| 2,280 | | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, | 11/21 at 100.00 | A– | 2,396,348 |
| | | Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 | | | |
| 4,000 | | Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 | 9/22 at 100.00 | AA | 4,374,480 |
| | | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional | | | |
| | | Health Services Project, Refunding Series 2017A: | | | |
| 2,150 | | 5.000%, 7/01/29 | 7/27 at 100.00 | BBB | 2,484,626 |
| 2,000 | | 5.000%, 7/01/30 | 7/27 at 100.00 | BBB | 2,295,240 |
| | | Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional | | | |
| | | Health Services Project, Series 2018: | | | |
| 1,000 | | 5.000%, 7/01/32 | 7/25 at 100.00 | BBB | 1,104,000 |
| 820 | | 5.000%, 7/01/33 | 7/25 at 100.00 | BBB | 902,705 |
| 2,000 | | 5.000%, 7/01/34 | 7/25 at 100.00 | BBB | 2,196,540 |
| 5,110 | | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series | 10/26 at 100.00 | A | 5,906,751 |
| | | 2016A, 5.000%, 4/01/38 | | | |
| 29,880 | | Total Nebraska | | | 33,240,423 |
| | | Nevada – 5.2% (3.3% of Total Investments) | | | |
| 6,030 | | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, | 9/27 at 100.00 | BBB+ | 6,659,411 |
| | | Series 2017A, 5.000%, 9/01/47 | | | |
| 2,000 | | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, | 7/19 at 100.00 | Aa3 | 2,010,700 |
| | | 7/01/26 – AGM Insured | | | |
83
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Nevada (continued) | | | |
| $ 27,000 | | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, | 1/20 at 100.00 | A+ | $ 27,670,950 |
| | | 5.750%, 7/01/42 | | | |
| | | Clark County, Nevada, General Obligation Bonds, Limited Tax Bond Bank Additionally | | | |
| | | Secured by Pledged Revenues, Refunding Series 2009: | | | |
| 3,520 | | 5.000%, 6/01/27 | 6/19 at 100.00 | AA+ | 3,529,258 |
| 3,695 | | 5.000%, 6/01/28 | 6/19 at 100.00 | AA+ | 3,704,681 |
| 3,880 | | 5.000%, 6/01/29 | 6/19 at 100.00 | AA+ | 3,889,972 |
| 7,525 | | Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax | 6/28 at 100.00 | AA+ | 8,817,193 |
| | | Additionally Secured by Pledged Revenues, Series 2018A, 5.000%, 5/01/48 | | | |
| | | Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B: | | | |
| 4,915 | | 5.000%, 7/01/25 | 1/20 at 100.00 | AA+ | 5,023,179 |
| 4,160 | | 5.000%, 7/01/26 | 1/20 at 100.00 | AA+ | 4,251,270 |
| | | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran | | | |
| | | International Airport, Series 2010A: | | | |
| 12,265 | | 5.250%, 7/01/39 – AGM Insured | 1/20 at 100.00 | Aa3 | 12,516,432 |
| 35,860 | | 5.250%, 7/01/42 | 1/20 at 100.00 | A+ | 36,573,255 |
| 365 | | Director of the State of Nevada Department of Business and Industry, Charter School | 12/25 at 100.00 | BB | 384,725 |
| | | Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A | | | |
| | | 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 | 2,373,692 |
| 1,525 | | 4.000%, 9/01/27 | 9/26 at 100.00 | N/R | 1,552,115 |
| 2,660 | | 4.000%, 9/01/29 | 9/26 at 100.00 | N/R | 2,678,381 |
| 2,920 | | 4.000%, 9/01/30 | 9/26 at 100.00 | N/R | 2,929,081 |
| 10,000 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series | 6/21 at 100.00 | AA+ | 10,592,600 |
| | | 2011C, 5.000%, 6/01/38 | | | |
| | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding | | | |
| | | Series 2015: | | | |
| 5,000 | | 5.000%, 6/01/32 | 12/24 at 100.00 | AA+ | 5,749,150 |
| 10,000 | | 5.000%, 6/01/33 | 12/24 at 100.00 | AA+ | 11,485,200 |
| 6,620 | | 5.000%, 6/01/39 | 12/24 at 100.00 | AA+ | 7,563,019 |
| 11,915 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series | 12/24 at 100.00 | AA+ | 13,612,292 |
| | | 2015, 5.000%, 6/01/39 (UB), (6) | | | |
| | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond | | | |
| | | Trust 2015-XF0233: | | | |
| 3,995 | | 11.544%, 6/01/39, 144A (IF), (6) | 12/24 at 100.00 | Aa1 | 6,269,913 |
| 1,000 | | 11.754%, 6/01/39, 144A (IF), (6) | 12/24 at 100.00 | Aa1 | 1,569,790 |
| 1,250 | | 11.651%, 6/01/39, 144A (IF), (6) | 12/24 at 100.00 | Aa1 | 1,962,237 |
| 1,250 | | 11.651%, 6/01/39, 144A (IF), (6) | 12/24 at 100.00 | Aa1 | 1,962,238 |
| 2,500 | | 11.651%, 6/01/39, 144A (IF), (6) | 12/24 at 100.00 | Aa1 | 3,924,475 |
| 4,100 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, | 6/22 at 100.00 | AA+ | 4,430,788 |
| | | 5.000%, 6/01/42 | | | |
| | | Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors | | | |
| | | Authority, Refunding Series 2011: | | | |
| 395 | | 5.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 423,006 |
| 530 | | 5.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 567,577 |
| 7,615 | | 5.000%, 7/01/32 | 7/21 at 100.00 | Aa2 | 8,118,808 |
| 186,790 | | Total Nevada | | | 202,795,388 |
| | | New Hampshire – 0.4% (0.2% of Total Investments) | | | |
| 8,000 | | New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated | 10/19 at 100.00 | Baa1 (4) | 8,148,240 |
| | | Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) | | | |
| 1,500 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord | 10/27 at 100.00 | A2 | 1,704,540 |
| | | Hospital, Series 2017, 5.000%, 10/01/47 | | | |
84
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New Hampshire (continued) | | | |
| | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, | | | |
| | | Dartmouth-Hitchcock Obligated Group, Series 2018A: | | | |
| $ 1,115 | | 5.000%, 8/01/36 | 2/28 at 100.00 | A | $ 1,306,278 |
| 2,935 | | 5.000%, 8/01/37 | 2/28 at 100.00 | A | 3,426,965 |
| 13,550 | | Total New Hampshire | | | 14,586,023 |
| | | New Jersey – 6.0% (3.8% of Total Investments) | | | |
| 20,890 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 12/26 at 100.00 | BBB+ | 24,149,049 |
| | | Refunding Series 2016BBB, 5.500%, 6/15/30 | | | |
| | | New Jersey Economic Development Authority, School Facilities Construction Bonds, | | | |
| | | Series 2014UU: | | | |
| 5,515 | | 5.000%, 6/15/30 | 6/24 at 100.00 | BBB+ | 5,967,175 |
| 5,000 | | 5.000%, 6/15/40 | 6/24 at 100.00 | BBB+ | 5,319,650 |
| 1,005 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 6/27 at 100.00 | BBB+ | 1,090,063 |
| | | 2017DDD, 5.000%, 6/15/42 | | | |
| 6,975 | | New Jersey Economic Development Authority, School Facilities Construction Financing | 3/21 at 100.00 | BBB+ | 7,289,921 |
| | | Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 | | | |
| 10,600 | | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit | No Opt. Call | BBB+ | 12,135,304 |
| | | Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | | | |
| 6,000 | | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, | 6/27 at 100.00 | A2 | 6,791,460 |
| | | Refunding Series 2017, 5.000%, 6/01/42 – AGM Insured | | | |
| 2,020 | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 6/19 at 100.00 | BB+ | 2,025,939 |
| | | Peters University Hospital, Series 2007, 5.750%, 7/01/37 | | | |
| 2,500 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack | 7/27 at 100.00 | AA– | 2,922,600 |
| | | Meridian Health Obligated Group, Refunding Series 2017A, 5.000%, 7/01/37 | | | |
| 720 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood | 7/23 at 100.00 | A1 | 807,408 |
| | | Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 | | | |
| 10,970 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas | 7/26 at 100.00 | A1 | 12,588,843 |
| | | Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | | | |
| 695 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | 7/25 at 100.00 | AA | 769,594 |
| | | Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | | | |
| | | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue | | | |
| | | Notes, Series 2016A-1: | | | |
| 3,050 | | 5.000%, 6/15/28 | 6/26 at 100.00 | Baa1 | 3,516,345 |
| 7,795 | | 5.000%, 6/15/29 | 6/26 at 100.00 | Baa1 | 8,940,631 |
| | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | | | |
| | | Appreciation Series 2010A: | | | |
| 5,000 | | 0.000%, 12/15/26 | No Opt. Call | BBB+ | 3,948,650 |
| 16,495 | | 0.000%, 12/15/33 | No Opt. Call | BBB+ | 9,589,368 |
| | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | | | |
| | | Series 2006C: | | | |
| 1,815 | | 0.000%, 12/15/26 – BHAC Insured | No Opt. Call | AA+ | 1,498,319 |
| 10,000 | | 0.000%, 12/15/30 – FGIC Insured | No Opt. Call | A– | 6,766,000 |
| 38,000 | | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | A– | 22,735,020 |
| 45,000 | | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | BBB+ | 23,884,650 |
| 10,000 | | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | BBB+ | 5,058,600 |
| 5,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | BBB+ | 5,606,900 |
| | | 2010D, 5.000%, 12/15/23 | | | |
| 2,310 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/21 at 100.00 | BBB+ | 2,442,317 |
| | | 2011B, 5.500%, 6/15/31 | | | |
| 1,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/22 at 100.00 | A– | 1,046,360 |
| | | 2012A, 5.000%, 6/15/42 | | | |
85
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New Jersey (continued) | | | |
| | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, | | | |
| | | Series 2013AA: | | | |
| $ 5,500 | | 5.000%, 6/15/29 | 6/23 at 100.00 | BBB+ | $ 5,955,180 |
| 7,500 | | 5.500%, 6/15/39 | 6/23 at 100.00 | BBB+ | 8,061,825 |
| 14,000 | | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – | No Opt. Call | A2 | 16,931,880 |
| | | AGM Insured | | | |
| 1,160 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 | 1/28 at 100.00 | A2 | 1,267,637 |
| | | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: | | | |
| 810 | | 11.030%, 1/01/43, 144A (Pre-refunded 7/01/22) (IF), (6) | 7/22 at 100.00 | N/R (4) | 1,125,965 |
| 505 | | 11.030%, 1/01/43, 144A (IF), (6) | 7/22 at 100.00 | A | 701,990 |
| 1,500 | | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G, 4.000%, 1/01/33 | 1/28 at 100.00 | A2 | 1,644,570 |
| 3,000 | | Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, | No Opt. Call | Aa2 | 2,623,470 |
| | | 9/01/25 – NPFG Insured | | | |
| | | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L: | | | |
| 2,000 | | 5.000%, 5/01/38 | 5/23 at 100.00 | A+ | 2,215,440 |
| 910 | | 5.000%, 5/01/43 | 5/23 at 100.00 | A+ | 1,006,915 |
| 15,235 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB+ | 17,066,704 |
| | | Bonds, Series 2018A, 5.250%, 6/01/46 | | | |
| 2,615 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB | 2,731,315 |
| | | Bonds, Series 2018B, 5.000%, 6/01/46 | | | |
| 273,090 | | Total New Jersey | | | 238,223,057 |
| | | New York – 6.7% (4.2% of Total Investments) | | | |
| 7,000 | | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue | No Opt. Call | BBB– | 2,476,040 |
| | | Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 | | | |
| 3,000 | | Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series | 4/21 at 100.00 | AAA | 3,175,020 |
| | | 2011A, 5.000%, 10/01/41 | | | |
| 7,435 | | Dormitory Authority of the State of New York, Revenue Bonds, New School University, | 7/20 at 100.00 | A2 (4) | 7,774,036 |
| | | Series 2010, 5.500%, 7/01/43 (Pre-refunded 7/01/20) – AGM Insured | | | |
| 12,830 | | Dormitory Authority of the State of New York, Revenue Bonds, New School University, | 7/25 at 100.00 | A– | 14,281,714 |
| | | Series 2015A, 5.000%, 7/01/50 | | | |
| 3,200 | | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series | 7/22 at 100.00 | AA– | 3,492,864 |
| | | 2012A, 5.000%, 7/01/42 | | | |
| 4,000 | | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series | 7/23 at 100.00 | AA– | 4,460,320 |
| | | 2013A, 5.000%, 7/01/43 | | | |
| 1,000 | | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 1,146,180 |
| | | Center Obligated Group, Series 2017, 5.000%, 12/01/33, 144A | | | |
| 14,075 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 2/25 at 100.00 | AA+ | 16,117,986 |
| | | General Purpose Series 2015B Group C, 5.000%, 2/15/36 | | | |
| | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 | | | |
| | | Series 2011A: | | | |
| 445 | | 5.250%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa2 (4) | 474,130 |
| 9,670 | | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 10,233,568 |
| 1,295 | | 5.750%, 2/15/47 | 2/21 at 100.00 | AA– | 1,382,853 |
| 2,105 | | 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa2 (4) | 2,261,254 |
| 10,000 | | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, | No Opt. Call | A | 12,840,800 |
| | | Series 2005, 5.250%, 10/01/35 | | | |
| | | 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– | 1,095,265 |
| 780 | | 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 865,277 |
| 5,000 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/28 at 100.00 | A– | 5,985,450 |
| | | 2018, 5.000%, 9/01/37 | | | |
86
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New York (continued) | | | |
| $ 7,240 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, | 5/21 at 100.00 | A– (4) | $ 7,733,768 |
| | | 5.000%, 5/01/38 (Pre-refunded 5/01/21) | | | |
| 15,100 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, | 9/22 at 100.00 | A– | 16,328,385 |
| | | 5.000%, 9/01/42 | | | |
| 3,500 | | Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue | 2/21 at 100.00 | AA | 3,756,025 |
| | | Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/30 | | | |
| 1,000 | | Monroe County Industrial Development Corporation, New York, Revenue Bonds, University | 7/23 at 100.00 | AA– (4) | 1,139,440 |
| | | of Rochester Project, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/23) | | | |
| 2,100 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System | 12/20 at 100.00 | AA+ | 2,217,012 |
| | | Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 | | | |
| 7,225 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/23 at 100.00 | AA+ | 8,001,182 |
| | | General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 | | | |
| 5,000 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/27 at 100.00 | AA+ | 5,917,800 |
| | | General Resolution Revenue Bonds, Fiscal 2017 Series EE, 5.000%, 6/15/37 | | | |
| 3,500 | | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/27 at 100.00 | AA | 3,820,635 |
| | | Fiscal 2018, Series 2017S-1, 4.000%, 7/15/36 | | | |
| 5,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/23 at 100.00 | Aa1 | 5,550,950 |
| | | Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | | | |
| 5,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/28 at 100.00 | Aa1 | 5,931,550 |
| | | Subordinate Fiscal 2018 Series C-3, 5.000%, 5/01/41 | | | |
| 10,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 8/28 at 100.00 | Aa1 | 11,922,500 |
| | | Subordinate Fiscal 2019 Series A-1, 5.000%, 8/01/40 | | | |
| 2,060 | | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, | 12/26 at 100.00 | AA | 2,395,100 |
| | | 5.000%, 12/01/41 | | | |
| 10 | | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | 6/19 at 100.00 | AA | 10,032 |
| 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 | 6/19 at 100.00 | AA | 5,020 |
| 23,920 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 25,761,122 |
| | | Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | | | |
| 6,385 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade | 11/21 at 100.00 | A | 7,000,322 |
| | | Center Project, Series 2011, 5.750%, 11/15/51 | | | |
| 4,045 | | New York State Environmental Facilities Corporation, State Clean Water and Drinking | 6/22 at 100.00 | AAA | 5,287,381 |
| | | Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority | | | |
| | | Projects, Tender Option Bond Trust, 9.228%, 6/15/26, 144A (IF), (6) | | | |
| 10,000 | | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, | 1/26 at 100.00 | A– | 11,420,200 |
| | | Series 2016A, 5.250%, 1/01/56 | | | |
| 2,105 | | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital | 7/22 at 100.00 | N/R (4) | 2,322,152 |
| | | Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | | | |
| 3,925 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 12/23 at 100.00 | AA– | 4,423,083 |
| | | Seventy Ninth Series 2013, 5.000%, 12/01/38 | | | |
| | | 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+ | 9,023,755 |
| 3,710 | | 6.000%, 12/01/42 | 12/20 at 100.00 | BBB+ | 3,926,961 |
| 9,950 | | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | No Opt. Call | AA– | 11,169,074 |
| | | Refunding Bonds, Tender Option Bond Trust 2016-XL0003, 5.145%, 11/15/21, 144A (IF), (6) | | | |
| 5,000 | | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | 5/25 at 100.00 | AA– | 5,677,200 |
| | | Refunding Series 2015A, 5.000%, 11/15/50 | | | |
| | | 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+ | 7,419,984 |
| 1,105 | | 0.000%, 11/15/32 | No Opt. Call | A+ | 734,814 |
87
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New York (continued) | | | |
| $ 5,000 | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 | 6/27 at 100.00 | B+ | $ 4,907,600 |
| 244,040 | | Total New York | | | 261,865,804 |
| | | North Carolina – 1.0% (0.6% of Total Investments) | | | |
| 3,555 | | Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond | 7/20 at 100.00 | AAA | 3,936,665 |
| | | Trust 2016-XL0012, 9.278%, 7/01/38, 144A (IF), (6) | | | |
| 1,000 | | Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA | 1/21 at 100.00 | AA– | 1,053,130 |
| | | Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 | | | |
| 3,440 | | New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical | 10/27 at 100.00 | A+ | 3,919,983 |
| | | Center, Series 2017, 5.000%, 10/01/47 | | | |
| 9,485 | | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University | 10/25 at 100.00 | AA+ | 10,790,041 |
| | | Project, Refunding Series 2015B, 5.000%, 10/01/55 (UB), (6) | | | |
| 2,720 | | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 10/24 at 102.00 | N/R | 2,894,733 |
| | | Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 | | | |
| 3,560 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke | 6/19 at 100.00 | N/R (4) | 3,569,505 |
| | | University Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) | | | |
| 5,000 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke | 6/22 at 100.00 | AA | 5,415,850 |
| | | University Health System, Series 2012A, 5.000%, 6/01/42 | | | |
| 1,455 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant | 6/22 at 100.00 | A+ | 1,562,946 |
| | | Health, Refunding Series 2012A, 5.000%, 6/01/36 | | | |
| | | 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 | 3,600,399 |
| 1,500 | | 5.000%, 10/01/38 | 10/22 at 100.00 | A2 | 1,622,145 |
| 35,015 | | Total North Carolina | | | 38,365,397 |
| | | North Dakota – 0.9% (0.6% of Total Investments) | | | |
| 5,080 | | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center | 7/22 at 100.00 | N/R (4) | 5,503,164 |
| | | Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22) | | | |
| | | 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+ | 1,661,025 |
| 3,910 | | 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | 4,346,434 |
| 1,015 | | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/21 at 100.00 | Baa1 | 1,072,632 |
| | | Obligated Group, Series 2012, 5.000%, 12/01/35 | | | |
| 4,635 | | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/27 at 100.00 | Baa1 | 5,233,101 |
| | | Obligated Group, Series 2017A, 5.000%, 12/01/42 | | | |
| 900 | | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 936,810 |
| | | Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | | | |
| 500 | | Grand Forks, North Dakota, Senior Housing and Nursing Facilities Revenue Bonds, Valley | No Opt. Call | N/R | 537,965 |
| | | Homes Obligated Group, Series 2016A, 5.125%, 12/01/24 | | | |
| | | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, | | | |
| | | Series 2017C: | | | |
| 11,065 | | 5.000%, 6/01/43 | 6/28 at 100.00 | BBB– | 12,158,554 |
| 2,610 | | 5.000%, 6/01/48 | 6/28 at 100.00 | BBB– | 2,852,312 |
| 1,420 | | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC | 9/23 at 100.00 | N/R | 568,000 |
| | | Project, Series 2013, 7.750%, 9/01/38, (7) | | | |
| 32,635 | | Total North Dakota | | | 34,869,997 |
| | | Ohio – 9.1% (5.8% of Total Investments) | | | |
| | | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities | | | |
| | | Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016: | | | |
| 3,020 | | 5.250%, 11/15/41 | 11/26 at 100.00 | Baa2 | 3,425,375 |
| 8,255 | | 5.250%, 11/15/46 | 11/26 at 100.00 | Baa2 | 9,350,604 |
88
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Ohio (continued) | | | |
| $ 320 | | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, | 5/22 at 100.00 | A1 | $ 340,810 |
| | | Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 | | | |
| | | Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, | | | |
| | | Refunding and Improvement Series 2012A: | | | |
| 860 | | 4.000%, 5/01/33 | 5/22 at 100.00 | A2 | 887,554 |
| 650 | | 5.000%, 5/01/33 | 5/22 at 100.00 | A2 | 699,140 |
| 800 | | 5.000%, 5/01/42 | 5/22 at 100.00 | A2 | 850,928 |
| 10,990 | | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & | 11/24 at 100.00 | A2 | 12,011,850 |
| | | Improvement Series 2015A, 5.000%, 11/01/43 | | | |
| 8,655 | | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, | 2/28 at 100.00 | A2 | 9,152,662 |
| | | 4.000%, 8/01/38 | | | |
| 2,750 | | Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, | 6/27 at 100.00 | A+ | 3,152,903 |
| | | 5.000%, 6/01/42 | | | |
| | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | | | |
| | | Revenue Bonds, Senior Lien, Series 2007A-2: | | | |
| 8,365 | | 5.125%, 6/01/24 | 5/19 at 100.00 | Caa3 | 7,863,351 |
| 4,370 | | 5.375%, 6/01/24 | 5/19 at 100.00 | Caa3 | 4,145,426 |
| 22,350 | | 5.875%, 6/01/30 | 5/19 at 100.00 | Caa3 | 21,400,125 |
| 37,190 | | 5.750%, 6/01/34 | 5/19 at 100.00 | Caa3 | 35,305,211 |
| 14,555 | | 6.000%, 6/01/42 | 5/19 at 100.00 | B– | 14,343,952 |
| 33,485 | | 5.875%, 6/01/47 | 5/19 at 100.00 | B– | 31,811,420 |
| 1,500 | | 6.500%, 6/01/47 | 5/19 at 100.00 | B– | 1,496,430 |
| 14,570 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/22 at 100.00 | Caa1 | 14,382,921 |
| | | Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | | | |
| 6,000 | | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, | 11/20 at 100.00 | A (4) | 6,313,560 |
| | | 11/01/29 (Pre-refunded 11/01/20) | | | |
| | | Cleveland Heights-University Heights City School District, Ohio, General Obligation | | | |
| | | Bonds, School Improvement Series 2014: | | | |
| 7,060 | | 5.000%, 12/01/51 | 6/23 at 100.00 | A1 | 7,679,162 |
| 10,480 | | 5.000%, 12/01/51 (Pre-refunded 6/01/23) | 6/23 at 100.00 | N/R (4) | 11,833,282 |
| 5,165 | | Cuyahoga Community College District, Ohio, General Obligation Bonds, Facilities | 6/26 at 100.00 | AA | 5,539,617 |
| | | Construction & Improvement Series 2018, 4.000%, 12/01/38 | | | |
| 5,975 | | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center | 6/23 at 100.00 | Baa3 | 6,179,405 |
| | | Project, Series 2013, 5.000%, 6/15/43 | | | |
| 1,465 | | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, | 5/22 at 100.00 | Aa2 | 1,566,539 |
| | | Improvement Series 2012A, 5.000%, 11/01/42 | | | |
| 6,345 | | Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, | 11/21 at 100.00 | Aa2 | 6,756,854 |
| | | 5.000%, 11/15/41 | | | |
| | | Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities Project, | | | |
| | | Series 2017A: | | | |
| 1,500 | | 5.000%, 1/01/47 | 1/27 at 100.00 | BBB– | 1,577,850 |
| 1,120 | | 5.000%, 1/01/52 | 1/27 at 100.00 | BBB– | 1,174,387 |
| | | Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & | | | |
| | | Improvement Series 2016: | | | |
| 3,425 | | 5.000%, 1/01/46 | 1/26 at 100.00 | BBB– | 3,584,674 |
| 6,000 | | 5.000%, 1/01/51 | 1/26 at 100.00 | BBB– | 6,261,960 |
| 6,920 | | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien | 1/23 at 100.00 | Aa3 | 7,583,282 |
| | | Series 2013A, 5.000%, 1/01/38 | | | |
| 14,850 | | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, | 1/23 at 100.00 | Aa3 | 16,273,373 |
| | | Senior Lien Series 2013A, 5.000%, 1/01/38 (UB), (6) | | | |
| | | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, | | | |
| | | Tender Option Bond Trust 2016-XG0052: | | | |
| 875 | | 11.599%, 1/01/38, 144A (IF), (6) | 1/23 at 100.00 | Aa3 | 1,210,475 |
| 1,050 | | 11.599%, 1/01/38, 144A (IF), (6) | 1/23 at 100.00 | Aa3 | 1,452,570 |
89
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Ohio (continued) | | | |
| $ 2,305 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series | 11/21 at 100.00 | BBB (4) | $ 2,553,018 |
| | | 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) | | | |
| 5,000 | | Miami County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network | 8/28 at 100.00 | A2 | 5,734,200 |
| | | Obligated Group Project, Refunding Improvement Series 2019, 5.000%, 8/01/45 | | | |
| 6,000 | | Middletown City School District, Butler County, Ohio, General Obligation Bonds, | No Opt. Call | A2 | 7,558,800 |
| | | Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured | | | |
| 4,105 | | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, | 6/19 at 100.00 | BBB+ | 4,153,521 |
| | | 5.000%, 5/01/30 | | | |
| 21,000 | | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding | 11/24 at 100.00 | AA+ | 23,716,350 |
| | | & Improvement Series 2014, 5.000%, 11/15/49 | | | |
| 9,365 | | Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series | 6/28 at 100.00 | A2 | 10,828,843 |
| | | 2018A, 5.000%, 12/01/48 | | | |
| 19,515 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien | 2/23 at 100.00 | Aa3 | 21,214,756 |
| | | Series 2013A-1, 5.000%, 2/15/48 | | | |
| 7,550 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | 2/31 at 100.00 | A+ | 7,975,971 |
| | | Convertible Series 2013A-3, 5.800%, 2/15/36, (5) | | | |
| 9,000 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | 2/28 at 100.00 | A+ | 9,462,420 |
| | | Series 2018A, 4.000%, 2/15/46 | | | |
| | | 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– | 145,660 |
| 130 | | 6.000%, 12/01/42 | 12/22 at 100.00 | BB– | 138,395 |
| 4,190 | | Springboro Community City School District, Warren County, Ohio, General Obligation | No Opt. Call | Aa3 | 5,113,769 |
| | | Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured | | | |
| 3,670 | | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education | 3/25 at 100.00 | N/R | 3,843,885 |
| | | Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, | | | |
| | | 6.000%, 3/01/45 | | | |
| 342,880 | | Total Ohio | | | 358,047,240 |
| | | Oklahoma – 0.3% (0.2% of Total Investments) | | | |
| | | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | | | |
| | | Project, Series 2018B: | | | |
| 2,205 | | 5.250%, 8/15/48 | 8/28 at 100.00 | BB+ | 2,503,910 |
| 4,080 | | 5.500%, 8/15/52 | 8/28 at 100.00 | BB+ | 4,698,569 |
| 3,190 | | 5.500%, 8/15/57 | 8/28 at 100.00 | BB+ | 3,661,322 |
| 1,125 | | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, | 11/25 at 102.00 | BBB– | 1,267,639 |
| | | Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 | | | |
| 10,600 | | Total Oklahoma | | | 12,131,440 |
| | | Oregon – 1.0% (0.7% of Total Investments) | | | |
| | | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred | | | |
| | | Interest Series 2017A: | | | |
| 760 | | 5.000%, 6/15/38, (5) | 6/27 at 100.00 | Aa1 | 837,003 |
| 2,750 | | 5.000%, 6/15/39, (5) | 6/27 at 100.00 | Aa1 | 3,025,632 |
| | | Columbia County School District 502 Saint Helens, Oregon, General Obligation Bonds, | | | |
| | | Series 2017: | | | |
| 1,310 | | 5.000%, 6/15/38 | 6/27 at 100.00 | Aa1 | 1,543,468 |
| 1,705 | | 5.000%, 6/15/39 | 6/27 at 100.00 | Aa1 | 2,005,592 |
| 7,420 | | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, | 6/26 at 100.00 | A+ | 8,368,573 |
| | | 5.000%, 6/01/46 | | | |
| | | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding | | | |
| | | Series 2016A: | | | |
| 6,240 | | 5.000%, 10/01/35 | 10/26 at 100.00 | BBB+ | 6,954,667 |
| 2,260 | | 5.000%, 10/01/46 | 10/26 at 100.00 | BBB+ | 2,481,435 |
90
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Oregon (continued) | | | |
| $ 8,890 | | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien | 11/23 at 100.00 | Aa1 | $ 9,980,270 |
| | | Series 2013A, 5.000%, 11/15/38 | | | |
| 5,265 | | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, | 5/26 at 100.00 | A+ | 5,923,915 |
| | | Refunding Series 2016A, 5.000%, 5/15/46 | | | |
| 36,600 | | Total Oregon | | | 41,120,555 |
| | | Pennsylvania – 6.3% (4.0% of Total Investments) | | | |
| 15,000 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 17,109,750 |
| | | Health Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 | | | |
| | | 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+ | 1,262,575 |
| 3,000 | | 5.625%, 8/15/39 | 8/19 at 100.00 | A+ | 3,028,890 |
| | | 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 | 2,918,687 |
| 3,125 | | 0.000%, 5/15/23 – AGM Insured | No Opt. Call | A2 | 2,847,969 |
| 3,135 | | 0.000%, 5/15/24 – AGM Insured | No Opt. Call | A2 | 2,783,911 |
| 3,155 | | 0.000%, 5/15/26 – AGM Insured | No Opt. Call | A2 | 2,655,406 |
| 4,145 | | 0.000%, 11/15/26 – AGM Insured | No Opt. Call | A2 | 3,443,086 |
| 2,800 | | 0.000%, 5/15/28 – AGM Insured | No Opt. Call | A2 | 2,218,384 |
| 3,000 | | 0.000%, 11/15/28 – AGM Insured | No Opt. Call | A2 | 2,341,590 |
| 1,200 | | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany | 11/27 at 100.00 | A | 1,375,368 |
| | | Medical Center Project, Series 2018A, 5.000%, 11/15/42 | | | |
| | | Chester County Health and Education Facilities Authority, Pennsylvania, Health System | | | |
| | | Revenue Bonds, Jefferson Health System, Series 2010A: | | | |
| 1,835 | | 5.000%, 5/15/40 | 5/20 at 100.00 | AA | 1,882,160 |
| 5,165 | | 5.000%, 5/15/40 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (4) | 5,342,521 |
| 895 | | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | A | 1,052,287 |
| | | Settlement, Series 2018, 5.000%, 6/01/34 | | | |
| 2,150 | | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle | 6/22 at 100.00 | A+ | 2,288,438 |
| | | Health System Project, Series 2012A, 5.000%, 6/01/42 | | | |
| 190 | | Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery | 6/19 at 100.00 | Ba1 | 190,519 |
| | | Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19 | | | |
| 26,595 | | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System | 7/27 at 100.00 | A | 30,965,356 |
| | | Revenue Bonds, Series 2017, 5.000%, 7/01/42 | | | |
| 3,500 | | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series | 1/20 at 100.00 | AA (4) | 3,580,080 |
| | | 2010E, 5.000%, 1/01/40 (Pre-refunded 1/01/20) – AGM Insured | | | |
| 1,050 | | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue | No Opt. Call | A1 | 1,305,003 |
| | | Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured | | | |
| 4,000 | | Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, | 12/21 at 100.00 | A2 | 4,140,960 |
| | | 4.625%, 12/01/44 – AGM Insured | | | |
| 4,915 | | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement | 6/27 at 100.00 | N/R | 4,980,025 |
| | | Community, Series 2017A, 5.000%, 12/01/47 | | | |
| | | 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 | 2,952,275 |
| 5,180 | | 0.000%, 12/01/32 | No Opt. Call | A | 3,268,891 |
| 9,270 | | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown | 12/23 at 100.00 | A | 10,323,165 |
| | | Concession, Series 2013A, 5.125%, 12/01/47 | | | |
| 5,410 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | 9/28 at 100.00 | A2 | 6,182,710 |
| | | Thomas Jefferson University, Series 2018A, 5.000%, 9/01/48 | | | |
| 5,000 | | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Ba1 | 5,464,300 |
| | | Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | | | |
91
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Pennsylvania (continued) | | | |
| $ 4,710 | | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS | 11/26 at 100.00 | A– | $ 5,286,598 |
| | | Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 | | | |
| 630 | | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | 6/19 at 100.00 | N/R | 189,062 |
| | | Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 1.500%, 12/31/23 | | | |
| 133 | | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | No Opt. Call | N/R | 39,988 |
| | | Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23 | | | |
| | | (cash 5.000%, PIK 5.000%) | | | |
| 1,700 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing | 11/22 at 100.00 | Ba1 | 1,596,640 |
| | | Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, | | | |
| | | 4.000%, 11/01/32 | | | |
| | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | | | |
| | | Bonds, Subordinate Series 2010A1&2: | | | |
| 1,250 | | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 1,325,763 |
| 5,725 | | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | A2 (4) | 6,071,992 |
| | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | | | |
| | | Bonds, Subordinate Series 2011B: | | | |
| 965 | | 5.000%, 12/01/41 | 12/21 at 100.00 | A2 | 1,019,214 |
| 1,035 | | 5.000%, 12/01/41 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 1,123,327 |
| 3,115 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | 12/22 at 100.00 | A2 | 3,343,174 |
| | | Bonds, Subordinate Series 2013A, 5.000%, 12/01/36 | | | |
| 16,805 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series | 12/27 at 100.00 | A | 21,313,613 |
| | | 2009E, 6.375%, 12/01/38 | | | |
| 5,575 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | 6,289,882 |
| 6,340 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, | 6/26 at 100.00 | A1 | 7,217,139 |
| | | 5.000%, 12/01/41 | | | |
| 19,250 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | A2 | 24,105,620 |
| | | 6.250%, 6/01/33 – AGM Insured | | | |
| 1,445 | | Philadelphia Authority for Industrial Development Senior Living Facilities, | 7/27 at 100.00 | BB | 1,508,883 |
| | | Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A, | | | |
| | | 5.000%, 7/01/37 | | | |
| 505 | | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital | 7/22 at 100.00 | Ba1 | 543,289 |
| | | Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 | | | |
| 26,765 | | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health | 5/20 at 100.00 | N/R (4) | 27,684,913 |
| | | System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 | | | |
| | | (Pre-refunded 5/15/20) | | | |
| 1,425 | | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, | 8/20 at 100.00 | A– (4) | 1,509,745 |
| | | 8/01/41 (Pre-refunded 8/01/20) | | | |
| 3,410 | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, | No Opt. Call | A1 (4) | 4,216,363 |
| | | 8/01/27 – AMBAC Insured (ETM) | | | |
| 3,415 | | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax | 8/20 at 100.00 | A1 | 3,536,096 |
| | | Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured | | | |
| 1,125 | | Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 | 12/21 at 100.00 | AA (4) | 1,229,580 |
| | | (Pre-refunded 12/01/21) – AGM Insured | | | |
| 1,930 | | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/23 at 100.00 | BB+ | 1,972,692 |
| | | Series 2012B, 4.000%, 1/01/33 | | | |
| 229,823 | | Total Pennsylvania | | | 247,027,879 |
| | | Puerto Rico – 0.4% (0.2% of Total Investments) | | | |
| 625 | | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, | 6/19 at 100.00 | D | 631,931 |
| | | 5.000%, 7/01/25 – NPFG Insured | | | |
| 1,000 | | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, | No Opt. Call | D | 1,067,440 |
| | | 7/01/24 – NATIONAL PUB Insured | | | |
92
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Puerto Rico (continued) | | | |
| $ 1,305 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | Baa2 | $ 1,382,739 |
| | | 5.250%, 7/01/23 – NPFG Insured | | | |
| 1,000 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | C | 1,096,650 |
| | | 5.250%, 7/01/31 – AMBAC Insured | | | |
| 4,300 | | Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, | 6/19 at 100.00 | A2 | 4,470,624 |
| | | 4.500%, 12/01/23 | | | |
| 35,439 | | Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, | No Opt. Call | N/R | 6,847,244 |
| | | Series 2007A Sr. Bond, 0.000%, 8/01/54, (8) | | | |
| 43,669 | | Total Puerto Rico | | | 15,496,628 |
| | | Rhode Island – 0.6% (0.4% of Total Investments) | | | |
| 1,315 | | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue | 5/26 at 100.00 | BBB+ | 1,459,006 |
| | | Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 | | | |
| 174,391 | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 5/19 at 14.18 | CCC+ | 17,936,011 |
| | | Bonds, Series 2007A, 0.000%, 6/01/52 | | | |
| 2,235 | | Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Revenue Bonds, Series 2016A, | 4/26 at 100.00 | A | 2,535,161 |
| | | 5.000%, 10/01/40 | | | |
| 177,941 | | Total Rhode Island | | | 21,930,178 |
| | | South Carolina – 3.7% (2.4% of Total Investments) | | | |
| 3,050 | | Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2019, | 7/29 at 100.00 | A+ | 3,643,286 |
| | | 5.000%, 7/01/43 | | | |
| | | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, | | | |
| | | Lexington Medical Center, Series 2016: | | | |
| 1,290 | | 5.000%, 11/01/41 | 5/26 at 100.00 | A | 1,419,413 |
| 6,820 | | 5.000%, 11/01/46 | 5/26 at 100.00 | A | 7,503,569 |
| | | 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– | 18,970,660 |
| 15,420 | | 0.000%, 1/01/32 – AMBAC Insured | No Opt. Call | A– | 10,383,982 |
| | | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod | | | |
| | | Health Projects, Refunding & Improvement Series 2018: | | | |
| 19,130 | | 5.000%, 11/01/43 | 5/28 at 100.00 | AA– | 22,108,732 |
| 6,000 | | 5.000%, 11/01/48 | 5/28 at 100.00 | AA– | 6,920,820 |
| 375 | | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto | 8/21 at 100.00 | AA (4) | 415,301 |
| | | Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured | | | |
| 10,000 | | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding | 12/26 at 100.00 | A+ | 11,218,200 |
| | | Series 2016B, 5.000%, 12/01/56 | | | |
| 20,035 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | 22,170,931 |
| | | Improvement Series 2015A, 5.000%, 12/01/50 | | | |
| | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | | | |
| | | Series 2014C: | | | |
| 3,850 | | 5.000%, 12/01/39 | 12/24 at 100.00 | A– | 4,254,558 |
| 4,000 | | 5.000%, 12/01/46 | 12/24 at 100.00 | A– | 4,405,880 |
| 6,790 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 12/23 at 100.00 | A– | 7,411,557 |
| | | 2013A, 5.125%, 12/01/43 | | | |
| | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, | | | |
| | | Series 2014A: | | | |
| 2,000 | | 5.000%, 12/01/49 | 6/24 at 100.00 | A– | 2,182,680 |
| 17,240 | | 5.500%, 12/01/54 | 6/24 at 100.00 | A+ | 19,153,295 |
| 4,500 | | Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Refunding | 4/22 at 100.00 | A3 | 4,792,905 |
| | | Revenue Bonds, Series 2012A, 5.000%, 4/15/32 | | | |
| 147,455 | | Total South Carolina | | | 146,955,769 |
93
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | South Dakota – 0.9% (0.6% of Total Investments) | | | |
| | | Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, | | | |
| | | Series 2017: | | | |
| $ 3,000 | | 5.000%, 11/01/42 | 11/26 at 100.00 | BB | $ 3,075,360 |
| 3,150 | | 5.125%, 11/01/47 | 11/26 at 100.00 | BB | 3,241,791 |
| 8,800 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health | 7/24 at 100.00 | A1 | 9,602,384 |
| | | System, Series 2014, 5.000%, 7/01/44 | | | |
| 4,930 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, | 7/27 at 100.00 | A1 | 5,564,984 |
| | | Refunding Series 2017, 5.000%, 7/01/46 | | | |
| 3,565 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, | 11/24 at 100.00 | A+ | 3,924,851 |
| | | Series 2014B, 5.000%, 11/01/44 | | | |
| 8,260 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, | 11/25 at 100.00 | A+ | 9,113,010 |
| | | Series 2015, 5.000%, 11/01/45 | | | |
| 31,705 | | Total South Dakota | | | 34,522,380 |
| | | Tennessee – 1.1% (0.7% of Total Investments) | | | |
| 10,670 | | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ | 11,473,131 |
| | | Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | | | |
| 2,180 | | Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, | 7/28 at 100.00 | A | 2,538,785 |
| | | Ballad Health, Series 2018A, 5.000%, 7/01/35 | | | |
| 2,065 | | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, | 8/22 at 100.00 | Baa1 | 2,180,970 |
| | | Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 | | | |
| 95 | | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue | 7/23 at 100.00 | N/R (4) | 95,433 |
| | | Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 | | | |
| | | (Pre-refunded 7/01/23) – NPFG Insured | | | |
| | | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, | | | |
| | | University Health System, Inc., Series 2016: | | | |
| 5,000 | | 5.000%, 9/01/36 | 9/26 at 100.00 | BBB | 5,583,350 |
| 1,000 | | 5.000%, 9/01/47 | 9/26 at 100.00 | BBB | 1,102,900 |
| | | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, | | | |
| | | University Health System, Inc., Series 2017: | | | |
| 445 | | 5.000%, 4/01/31 | 4/27 at 100.00 | BBB | 500,403 |
| 1,745 | | 5.000%, 4/01/36 | 4/27 at 100.00 | BBB | 1,933,320 |
| | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | | | |
| | | Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A: | | | |
| 2,225 | | 5.000%, 10/01/41 | 10/26 at 100.00 | BBB | 2,477,093 |
| 1,000 | | 5.000%, 10/01/45 | 10/26 at 100.00 | BBB | 1,110,450 |
| 11,000 | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | Aa1 | 12,292,170 |
| | | Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, | | | |
| | | 5.000%, 7/01/46 | | | |
| 2,120 | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | No Opt. Call | N/R | 2,154,174 |
| | | Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series | | | |
| | | 1996, 6.000%, 12/01/19 – AMBAC Insured | | | |
| 39,545 | | Total Tennessee | | | 43,442,179 |
| | | Texas – 12.6% (8.0% of Total Investments) | | | |
| 18,000 | | Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A, 5.000%, 2/15/48 – | 2/28 at 100.00 | A1 | 20,854,980 |
| | | AGM Insured | | | |
| 14,615 | | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, | 11/25 at 100.00 | Aa3 | 16,599,425 |
| | | 11/15/45 (UB), (6) | | | |
| 3,035 | | Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series | 8/19 at 100.00 | A– | 3,066,261 |
| | | 2010, 5.500%, 8/15/49 – AGM Insured | | | |
| 2,500 | | Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 4/20 at 100.00 | Baa1 | 2,585,625 |
| | | The Roman Catholic Diocese of Austin, Series 2005B Remarketed, 6.125%, 4/01/45 | | | |
94
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| $ 1,000 | | Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, | No Opt. Call | Baa2 | $ 671,840 |
| | | Refunding Series 2002, 0.000%, 8/15/32 – FGIC Insured | | | |
| 1,330 | | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series | 1/23 at 100.00 | A– | 1,431,931 |
| | | 2013A, 5.000%, 1/01/43 | | | |
| | | 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 | Baa1 (4) | 2,215,803 |
| 1,000 | | 6.000%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa1 (4) | 1,069,370 |
| 6,940 | | 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa1 (4) | 7,449,743 |
| 7,750 | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, | 7/25 at 100.00 | Baa1 | 8,601,647 |
| | | 5.000%, 1/01/45 | | | |
| | | 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– | 1,938,899 |
| 1,000 | | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 1,006,880 |
| 2,500 | | Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, | No Opt. Call | Aaa | 2,329,900 |
| | | Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23 | | | |
| 6,340 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding & | 11/21 at 100.00 | A+ | 6,745,570 |
| | | Improvement Series 2012C, 5.000%, 11/01/45 | | | |
| 160 | | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/24 at 100.00 | BBB– | 173,027 |
| | | 2014A, 5.250%, 9/01/44 | | | |
| 3,700 | | El Paso Independent School District, El Paso County, Texas, General Obligation Bonds, | 8/26 at 100.00 | Aaa | 4,251,226 |
| | | School Building Series 2017, 5.000%, 8/15/42 | | | |
| 1,500 | | El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, | 8/20 at 100.00 | A | 1,561,410 |
| | | 5.250%, 8/15/33 | | | |
| 16,920 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 10/23 at 100.00 | AA | 18,287,813 |
| | | Lien Series 2013B, 5.000%, 4/01/53 | | | |
| 5,295 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 4/28 at 100.00 | AA | 6,209,764 |
| | | Lien Series 2018A Tela Supported, 5.000%, 10/01/48 | | | |
| 15,000 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series | 10/23 at 100.00 | AA | 16,212,600 |
| | | 2013B, 5.000%, 11/01/44 (UB), (6) | | | |
| 6,610 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender | 10/23 at 100.00 | AA | 8,748,137 |
| | | Option Bond Trust 2015-XF0228, 11.720%, 4/01/53, 144A (IF), (6) | | | |
| | | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | | | |
| | | Houston Methodist Hospital System, Series 2015: | | | |
| 2,845 | | 4.000%, 12/01/45 | 6/25 at 100.00 | AA | 2,946,111 |
| 2,320 | | 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 2,600,558 |
| | | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2018A: | | | |
| 13,890 | | 5.000%, 8/15/43 | 2/28 at 100.00 | Aa2 | 16,362,003 |
| 2,000 | | 4.000%, 8/15/48 | 2/28 at 100.00 | Aa2 | 2,128,760 |
| 4,040 | | Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender | No Opt. Call | AAA | 7,413,885 |
| | | Options Bond Trust 2015-XF2184, 9.960%, 8/15/28 – AGM Insured, 144A (IF), (6) | | | |
| | | 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 | 487,118 |
| 2,390 | | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | 929,423 |
| 2,660 | | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | 984,865 |
| 7,260 | | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | 2,561,909 |
| 10,440 | | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | 3,492,076 |
| 7,165 | | 0.000%, 11/15/49 – AGM Insured | 11/31 at 41.91 | A2 | 1,942,646 |
| 3,000 | | 0.000%, 11/15/52 – AGM Insured | 11/31 at 35.81 | A2 | 692,730 |
| 3,885 | | Houston Independent School District Public Facility Corporation, Harris County, Texas, Lease | No Opt. Call | AA | 3,860,175 |
| | | Revenue Bonds, Cesar E Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured | | | |
95
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| | | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: | | | |
| $ 2,000 | | 5.000%, 7/01/43 | 7/28 at 100.00 | A1 | $ 2,362,520 |
| 2,710 | | 5.000%, 7/01/48 | 7/28 at 100.00 | A1 | 3,188,098 |
| 4,550 | | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B, | 7/22 at 100.00 | A | 4,961,457 |
| | | 5.000%, 7/01/31 | | | |
| 990 | | Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, | No Opt. Call | A | 1,132,778 |
| | | 7/01/24 – AGM Insured | | | |
| 6,000 | | Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, | 11/21 at 100.00 | AA | 6,429,240 |
| | | 5.000%, 11/15/40 | | | |
| | | 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 | 1,369,689 |
| 10,850 | | 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | A | 9,405,322 |
| 1,715 | | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A | 1,122,056 |
| 2,870 | | Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, | 8/21 at 100.00 | A+ | 3,048,026 |
| | | Refunding Series 2012A, 5.000%, 8/01/46 | | | |
| 2,340 | | Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, | 3/21 at 100.00 | Aa3 | 2,465,728 |
| | | 5.000%, 3/01/41 – AGM Insured | | | |
| | | 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 | 3,099,660 |
| 4,000 | | 4.000%, 8/15/41 | 8/25 at 100.00 | AAA | 4,235,960 |
| 3,000 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | 11/20 at 100.00 | BBB+ | 3,120,600 |
| | | Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | | | |
| 8,305 | | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/25 at 100.00 | A | 9,365,050 |
| | | Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 | | | |
| | | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | | | |
| 1,780 | | 5.750%, 12/01/33 | 12/25 at 100.00 | B1 | 1,914,586 |
| 1,800 | | 6.125%, 12/01/38 | 12/25 at 100.00 | B1 | 1,942,524 |
| | | Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding | | | |
| | | Series 2017: | | | |
| 16,285 | | 5.000%, 1/01/36 | 1/27 at 100.00 | A3 | 18,404,656 |
| 10,040 | | 5.000%, 1/01/38 – AGM Insured | 1/27 at 100.00 | A2 | 11,369,597 |
| | | Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien | | | |
| | | Series 2018: | | | |
| 2,100 | | 5.000%, 9/15/43 | 9/25 at 100.00 | BBB– | 2,289,609 |
| 1,815 | | 5.000%, 9/15/48 | 9/25 at 100.00 | BBB– | 1,974,992 |
| 850 | | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | 11/24 at 102.00 | BB+ | 911,634 |
| | | Revenue Bonds, Methodist Retirement Communities Crestview Project, Series 2016, | | | |
| | | 5.000%, 11/15/31 | | | |
| 4,290 | | North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, | 12/21 at 100.00 | A2 | 4,611,578 |
| | | 12/15/36 – AGM Insured | | | |
| | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible | | | |
| | | Capital Appreciation Series 2011C: | | | |
| 1,880 | | 7.000%, 9/01/43 (Pre-refunded 9/01/31), (5) | 9/31 at 100.00 | N/R (4) | 2,214,527 |
| 7,990 | | 6.750%, 9/01/45 (Pre-refunded 9/01/31), (5) | 9/31 at 100.00 | N/R (4) | 10,267,230 |
| 4,000 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital | 1/25 at 100.00 | A+ | 4,912,520 |
| | | Appreciation Series 2008I, 6.500%, 1/01/43 | | | |
| 2,125 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | A1 | 1,750,214 |
| | | 0.000%, 1/01/28 – AGC Insured | | | |
| | | 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+ | 11,202,586 |
| 12,205 | | 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 13,648,485 |
| 5,000 | | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2018, | 1/28 at 100.00 | A | 5,763,450 |
| | | 5.000%, 1/01/48 | | | |
96
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| | | 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 | $ 7,151,701 |
| 4,000 | | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 4,541,520 |
| 4,000 | | 5.000%, 1/01/35 | 1/25 at 100.00 | A | 4,532,240 |
| 2,250 | | Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint | 6/26 at 100.00 | Baa2 | 2,311,628 |
| | | Edward’s University Project, Series 2016, 4.000%, 6/01/36 | | | |
| 3,170 | | Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist | 10/20 at 100.00 | AA– (4) | 3,320,036 |
| | | University, Series 2010, 5.000%, 10/01/41 (Pre-refunded 10/01/20) | | | |
| 2,410 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 11/21 at 100.00 | AA– | 2,575,663 |
| | | Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 | | | |
| 3,480 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 9/23 at 100.00 | A | 3,861,791 |
| | | Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 | | | |
| | | 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) | 450,971 |
| 5,350 | | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 5,610,920 |
| 4,000 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 8/23 at 100.00 | AA– | 4,371,480 |
| | | Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43 | | | |
| 2,500 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 8/26 at 100.00 | AA | 2,852,375 |
| | | Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | | | |
| | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, | | | |
| | | Series 2012: | | | |
| 14,815 | | 5.000%, 12/15/27 | 12/22 at 100.00 | BBB | 16,212,499 |
| 7,925 | | 5.000%, 12/15/28 | 12/22 at 100.00 | A3 | 8,651,643 |
| 6,550 | | 5.000%, 12/15/30 | 12/22 at 100.00 | BBB | 7,108,191 |
| 2,340 | | 5.000%, 12/15/32 | 12/22 at 100.00 | BBB | 2,528,487 |
| 2,500 | | Texas State, General Obligation Bonds, Transportation Commission Highway Improvement | 4/22 at 100.00 | AAA | 2,717,800 |
| | | Series 2012A, 5.000%, 4/01/31 | | | |
| 17,760 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First | 8/22 at 100.00 | A– | 19,039,075 |
| | | Tier Refunding Series 2012A, 5.000%, 8/15/41 | | | |
| 7,345 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First | 8/24 at 100.00 | A– | 8,223,682 |
| | | Tier Refunding Series 2015B, 5.000%, 8/15/37 | | | |
| | | 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 | 4,078,072 |
| 1,600 | | 5.000%, 8/15/37 | 8/24 at 100.00 | BBB | 1,773,040 |
| 48,905 | | 5.000%, 8/15/42 | 8/24 at 100.00 | BBB | 53,825,332 |
| 4,000 | | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A– | 3,462,600 |
| | | 2002A, 0.000%, 8/15/25 – AMBAC Insured | | | |
| 473,525 | | Total Texas | | | 496,099,228 |
| | | Utah – 0.9% (0.6% of Total Investments) | | | |
| 5,760 | | Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series | 3/20 at 100.00 | AA (4) | 5,924,218 |
| | | 2010A, 5.000%, 3/01/33 (Pre-refunded 3/01/20) – AGC Insured | | | |
| 12,335 | | Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, | 8/19 at 100.00 | AA+ (4) | 12,456,006 |
| | | 8/15/41 (Pre-refunded 8/15/19) | | | |
| | | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B: | | | |
| 3,560 | | 5.000%, 7/01/42 | 7/27 at 100.00 | A+ | 4,147,827 |
| 1,975 | | 5.000%, 7/01/47 | 7/27 at 100.00 | A2 | 2,293,330 |
| 4,000 | | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, | 7/28 at 100.00 | A2 | 4,709,200 |
| | | 5.000%, 7/01/48 | | | |
97
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Utah (continued) | | | |
| | | Utah Charter School Finance Authority, Charter School Revenue Bonds, Utah Charter | | | |
| | | Academies Project, Series 2018: | | | |
| $ 1,000 | | 5.000%, 10/15/38 | 10/27 at 100.00 | AA | $ 1,141,400 |
| 2,320 | | 5.000%, 10/15/43 | 10/27 at 100.00 | AA | 2,628,769 |
| 2,040 | | 5.000%, 10/15/48 | 10/27 at 100.00 | AA | 2,302,446 |
| 32,990 | | Total Utah | | | 35,603,196 |
| | | Vermont – 0.3% (0.2% of Total Investments) | | | |
| | | 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+ | 1,052,800 |
| 10,000 | | 5.000%, 10/01/45 | 10/25 at 100.00 | A+ | 11,442,600 |
| 11,000 | | Total Vermont | | | 12,495,400 |
| | | Virginia – 2.3% (1.4% of Total Investments) | | | |
| 430 | | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital | 7/28 at 100.00 | BBB | 400,992 |
| | | Appreciation Series 2012B, 4.875%, 7/15/40, (5) | | | |
| 4,000 | | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/28 at 100.00 | AA+ | 4,278,040 |
| | | Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB), (6) | | | |
| 1,800 | | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours | 11/22 at 100.00 | A (4) | 1,995,678 |
| | | Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) | | | |
| 11,960 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 4/22 at 100.00 | BBB+ | 12,688,245 |
| | | Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, | | | |
| | | 5.000%, 10/01/53 | | | |
| 7,000 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | No Opt. Call | A3 | 3,789,590 |
| | | Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, | | | |
| | | 10/01/36 – AGC Insured | | | |
| 32,000 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/26 at 100.00 | A3 | 40,720,640 |
| | | Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, | | | |
| | | 10/01/41 – AGC Insured | | | |
| 18,000 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | BBB+ | 23,409,360 |
| | | Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 | | | |
| 2,000 | | Prince William County Industrial Development Authority, Virginia, Health Care Facilities | 11/22 at 100.00 | A+ | 2,078,800 |
| | | Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, | | | |
| | | 4.000%, 11/01/33 | | | |
| | | Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion | | | |
| | | Health System Obligated Group, Series 2005B: | | | |
| 5 | | 5.000%, 7/01/38 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A1 (4) | 5,192 |
| 245 | | 5.000%, 7/01/38 | 7/20 at 100.00 | A1 | 252,164 |
| 77,440 | | Total Virginia | | | 89,618,701 |
| | | Washington – 3.5% (2.2% of Total Investments) | | | |
| 7,000 | | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle | 11/26 at 100.00 | Aa1 | 8,154,230 |
| | | Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 | | | |
| 12,235 | | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island | No Opt. Call | Aa3 | 10,502,646 |
| | | Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured | | | |
| 4,200 | | King County Public Hospital District 1, Washington, Limited Tax General Obligation | 12/26 at 100.00 | A– | 4,822,902 |
| | | Bonds, Refunding Series 2016, 5.000%, 12/01/36 | | | |
| 6,575 | | King County Public Hospital District 1, Washington, Limited Tax General Obligation | 12/28 at 100.00 | A2 | 7,520,156 |
| | | Bonds, Refunding Series 2018, 5.000%, 12/01/43 | | | |
| 15,000 | | King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 | 1/22 at 100.00 | AA+ | 15,976,500 |
| 3,000 | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, | 10/24 at 100.00 | AA– | 3,363,840 |
| | | 5.000%, 4/01/40 | | | |
98
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Washington (continued) | | | |
| $ 1,250 | | Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series | 12/23 at 100.00 | AA | $ 1,364,025 |
| | | 2014, 5.000%, 12/01/44 | | | |
| 12,515 | | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue | 6/23 at 100.00 | A+ | 13,698,669 |
| | | Bonds, Series 2013A, 5.000%, 12/01/38 | | | |
| 5,250 | | Tacoma, Washington, Sewer Revenue Bonds, Series 2018, 4.000%, 12/01/48 | 12/28 at 100.00 | Aa2 | 5,639,498 |
| 8,310 | | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer | 1/21 at 100.00 | A2 | 8,705,888 |
| | | Research Center, Series 2011A, 5.625%, 1/01/35 | | | |
| 4,415 | | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical | 12/20 at 100.00 | N/R (4) | 4,679,061 |
| | | Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) | | | |
| | | 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– | 4,371,000 |
| 10,000 | | 4.250%, 10/01/40 | 10/22 at 100.00 | AA– | 10,295,600 |
| 3,135 | | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 10/22 at 100.00 | Aa2 | 3,439,879 |
| | | Refunding Series 2012B, 5.000%, 10/01/30 | | | |
| 8,230 | | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 10/22 at 100.00 | Aa2 | 8,942,389 |
| | | Series 2012A, 5.000%, 10/01/42 | | | |
| 7,000 | | Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer | 7/19 at 100.00 | A+ (4) | 7,049,280 |
| | | Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) | | | |
| 500 | | Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, | 1/25 at 102.00 | BB+ | 534,060 |
| | | Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A, 5.000%, | | | |
| | | 1/01/46, 144A | | | |
| 9,000 | | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, | No Opt. Call | AA+ | 7,307,730 |
| | | 6/01/28 – FGIC Insured | | | |
| 10,855 | | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | 10,735,052 |
| 132,470 | | Total Washington | | | 137,102,405 |
| | | West Virginia – 1.0% (0.6% 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 | 3,323,400 |
| 16,845 | | 5.500%, 6/01/44 | 6/23 at 100.00 | A | 18,693,739 |
| 9,000 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/28 at 100.00 | A | 10,129,410 |
| | | Health System Obligated Group, Series 2018A, 5.000%, 6/01/52 | | | |
| 3,500 | | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health | 6/27 at 100.00 | A | 3,929,835 |
| | | System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 | | | |
| 3,000 | | West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail | No Opt. Call | N/R | 3,194,850 |
| | | and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured | | | |
| 35,345 | | Total West Virginia | | | 39,271,234 |
99
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Wisconsin – 3.2% (2.0% of Total Investments) | | | |
| | | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, | | | |
| | | Lombard Public Facilities Corporation, Second Tier Series 2018B: | | | |
| $ 43 | | 0.000%, 1/01/46, 144A | No Opt. Call | N/R | $ 1,374 |
| 42 | | 0.000%, 1/01/47, 144A | No Opt. Call | N/R | 1,345 |
| 42 | | 0.000%, 1/01/48, 144A | No Opt. Call | N/R | 1,325 |
| 42 | | 0.000%, 1/01/49, 144A | No Opt. Call | N/R | 1,306 |
| 41 | | 0.000%, 1/01/50, 144A | No Opt. Call | N/R | 1,278 |
| 45 | | 0.000%, 1/01/51, 144A | No Opt. Call | N/R | 1,390 |
| 1,176 | | 3.750%, 7/01/51, 144A | 3/28 at 100.00 | N/R | 1,064,849 |
| 45 | | 0.000%, 1/01/52, 144A | No Opt. Call | N/R | 1,372 |
| 44 | | 0.000%, 1/01/53, 144A | No Opt. Call | N/R | 1,345 |
| 44 | | 0.000%, 1/01/54, 144A | No Opt. Call | N/R | 1,327 |
| 43 | | 0.000%, 1/01/55, 144A | No Opt. Call | N/R | 1,301 |
| 43 | | 0.000%, 1/01/56, 144A | No Opt. Call | N/R | 1,275 |
| 42 | | 0.000%, 1/01/57, 144A | No Opt. Call | N/R | 1,259 |
| 42 | | 0.000%, 1/01/58, 144A | No Opt. Call | N/R | 1,234 |
| 42 | | 0.000%, 1/01/59, 144A | No Opt. Call | N/R | 1,218 |
| 41 | | 0.000%, 1/01/60, 144A | No Opt. Call | N/R | 1,203 |
| 41 | | 0.000%, 1/01/61, 144A | No Opt. Call | N/R | 1,179 |
| 40 | | 0.000%, 1/01/62, 144A | No Opt. Call | N/R | 1,164 |
| 40 | | 0.000%, 1/01/63, 144A | No Opt. Call | N/R | 1,141 |
| 39 | | 0.000%, 1/01/64, 144A | No Opt. Call | N/R | 1,126 |
| 39 | | 0.000%, 1/01/65, 144A | No Opt. Call | N/R | 1,112 |
| 38 | | 0.000%, 1/01/66, 144A | No Opt. Call | N/R | 1,090 |
| 501 | | 0.000%, 1/01/67, 144A | No Opt. Call | N/R | 14,126 |
| | | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman | | | |
| | | Charter School, Series 2018A: | | | |
| 6,000 | | 5.000%, 6/15/38, 144A | 6/26 at 100.00 | BBB– | 6,433,560 |
| 2,335 | | 5.000%, 6/15/48, 144A | 6/26 at 100.00 | BBB– | 2,488,760 |
| 4,100 | | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series | 4/23 at 100.00 | AA– | 4,450,919 |
| | | 2013A, 5.000%, 4/01/38 | | | |
| 5,140 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health | 5/26 at 100.00 | Aa2 | 5,513,472 |
| | | Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/34 | | | |
| 1,240 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health | 4/20 at 100.00 | Aa3 (4) | 1,286,512 |
| | | Care, Inc., Series 2010A, 5.625%, 4/15/39 (Pre-refunded 4/01/20) | | | |
| 6,775 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health | 7/21 at 100.00 | Aa3 (4) | 7,271,472 |
| | | Care, Inc., Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) | | | |
| 2,500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health | 4/23 at 100.00 | Aa3 (4) | 2,830,075 |
| | | Care, Inc., Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/01/23) | | | |
| | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters | | | |
| | | of Christian Charity Sponsored Ministry, Series 2017A: | | | |
| 1,000 | | 5.000%, 9/01/30 | 9/27 at 100.00 | BBB– | 1,139,640 |
| 1,110 | | 5.000%, 9/01/31 | 9/27 at 100.00 | BBB– | 1,253,323 |
| 1,100 | | 5.000%, 9/01/32 | 9/27 at 100.00 | BBB– | 1,236,213 |
| 1,725 | | 5.000%, 9/01/33 | 9/27 at 100.00 | BBB– | 1,930,120 |
| 1,775 | | 5.000%, 9/01/34 | 9/27 at 100.00 | BBB– | 1,976,090 |
| 1,910 | | 5.000%, 9/01/35 | 9/27 at 100.00 | BBB– | 2,117,541 |
| 2,065 | | 5.000%, 9/01/36 | 9/27 at 100.00 | BBB– | 2,280,607 |
| 1,015 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health | 10/22 at 100.00 | AA– | 1,086,649 |
| | | Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42 | | | |
| 18,410 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic | 2/27 at 100.00 | A– | 20,430,866 |
| | | Health System, Inc., Series 2017C, 5.000%, 2/15/47 | | | |
| | | 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– | 1,066,840 |
| 1,000 | | 5.000%, 2/15/28 | 2/22 at 100.00 | A– | 1,065,450 |
| 4,735 | | 5.000%, 2/15/40 | 2/22 at 100.00 | A– | 4,931,929 |
100
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Wisconsin (continued) | | | |
| $ 8,500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/26 at 100.00 | A– | $ 9,366,065 |
| | | Series 2016A, 5.000%, 2/15/46 | | | |
| 2,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/26 at 100.00 | A– | 2,256,620 |
| | | Series 2016B, 5.000%, 2/15/35 | | | |
| 5,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of | 11/26 at 100.00 | AA– | 5,703,050 |
| | | Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 | | | |
| 7,625 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, | 6/22 at 100.00 | A3 | 8,076,629 |
| | | Inc., Series 2012, 5.000%, 6/01/39 | | | |
| 1,165 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital | No Opt. Call | A1 | 1,235,086 |
| | | Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured | | | |
| 2,650 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health | 8/22 at 100.00 | N/R (4) | 2,930,078 |
| | | Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | | | |
| | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s | | | |
| | | Communities Inc., Series 2018A: | | | |
| 2,500 | | 5.000%, 9/15/45 | 9/23 at 100.00 | BBB– | 2,592,100 |
| 5,455 | | 5.000%, 9/15/50 | 9/23 at 100.00 | BBB– | 5,644,889 |
| 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenues Bonds, Gundersen | 10/21 at 100.00 | A1 | 1,063,120 |
| | | Lutheran, Series 2011A, 5.250%, 10/15/39 | | | |
| | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | | | |
| | | Benevolent Corporation Cedar Community, Series 2017: | | | |
| 1,110 | | 5.000%, 6/01/37 | 6/25 at 103.00 | N/R | 1,168,719 |
| 955 | | 5.000%, 6/01/41 | 6/25 at 103.00 | N/R | 998,204 |
| 10,230 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 12/24 at 100.00 | A1 | 11,231,517 |
| | | ThedaCare Inc., Series 2015, 5.000%, 12/15/44 | | | |
| 115,680 | | Total Wisconsin | | | 124,161,454 |
| | | Wyoming – 0.4% (0.3% of Total Investments) | | | |
| 4,080 | | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power | 7/19 at 100.00 | A | 4,111,783 |
| | | Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 | | | |
| 9,625 | | Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding | 9/23 at 100.00 | BB+ | 10,071,408 |
| | | Series 2013A, 5.000%, 9/01/37 | | | |
| | | 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 | A– | 2,140,820 |
| 1,000 | | 6.000%, 12/01/36 | 12/21 at 100.00 | A– | 1,080,310 |
| 16,705 | | Total Wyoming | | | 17,404,321 |
| $ 6,323,310 | | Total Municipal Bonds (cost $5,722,724,831) | | | 6,204,171,027 |
| |
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) | | | | |
| $ 1,047 | | Las Vegas Monorail Company, Senior Interest Bonds, (7), (9), (10) | 5.500% | 7/15/19 | N/R | $ 696,111 |
| 300 | | Las Vegas Monorail Company, Senior Interest Bonds, (7), (9), (10) | 5.500% | 7/15/55 | N/R | 149,312 |
| $ 1,347 | | Total Corporate Bonds (cost $49,188) | | | | 845,423 |
| | | Total Long-Term Investments (cost $5,722,774,019) | | | | $ 6,205,016,450 |
101
| | |
NEA | Nuveen AMT-Free Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2019 (Unaudited) |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% (0.1% of Total Investments) | | | |
| | | MUNICIPAL BONDS – 0.2% (0.1% of Total Investments) | | | |
| | | Alaska – 0.0% (0.0% of Total Investments) | | | |
| $ 800 | | Valdez, Alaska, Marine Terminal Revenue Bonds, Exxon Pipeline Company Project, Variable Rate | 5/19 at 100.00 | A-1+ | $ 800,000 |
| | | Demand Obligations, Series 1993C, 2.250%, 12/01/33, (11) | | | |
| | | Minnesota – 0.2% (0.1% of Total Investments) | | | |
| 6,275 | | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligations, | 5/19 at 100.00 | A-1+ | 6,275,000 |
| | | Mayo Clinic Series 2008A, 2.200%, 11/15/38, (11) | | | |
| $ 7,075 | | Total Short-Term Investments (cost $7,075,000) | | | 7,075,000 |
| | | Total Investments (cost $5,729,849,019)–157.8% | | | 6,212,091,450 |
| | | Floating Rate Obligations – (2.4)% | | | (94,660,000) |
| | | MuniFund Preferred Shares, net of deferred offering costs – (24.3)% (12) | | | (955,771,702) |
| | | Variable Rate Demand Preferred Shares, net of deferred offering costs – (32.6)% (13) | | | (1,283,080,774) |
| | | Other Assets Less Liabilities – 1.5% | | | 59,136,497 |
| | | Net Assets Applicable to Common Shares – 100% | | | $ 3,937,715,471 |
| | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (5) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (6) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (7) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (8) | Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments. |
| (9) | The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds. |
| (10) | 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. |
| (11) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| (12) | MuniFund Preferred Shares, net of deferring offering costs as a percentage of Total Investments is 15.4%. |
| (13) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.7%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ETM | Escrowed to maturity |
| IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
| PIK | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
| 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 | Purchased on a when-issued or delayed delivery basis. |
| | See accompanying notes to financial statements. |
102
Statement of Assets and Liabilities
April 30, 2019 (Unaudited)
| | | | | | | |
| | | NAD | | | NEA | |
Assets | | | | | | |
| Long-term investments, at value (cost $4,539,081,917 and $5,722,774,019, respectively) | | $ | 4,895,999,656 | | | $ | 6,205,016,450 | |
| Short-term investments, at value (cost approximates value) | | | 10,330,000 | | | | 7,075,000 | |
| Cash | | | 1,439,461 | | | | 71,174 | |
| Receivable for: | | | | | | | | |
| Dividends and interest | | | 65,254,349 | | | | 79,895,718 | |
| Investments sold | | | 5,450,000 | | | | 10,750,000 | |
| Other assets | | | 1,211,997 | | | | 1,936,805 | |
| Total assets | | | 4,979,685,463 | | | | 6,304,745,147 | |
Liabilities | | | | | | | | |
| Floating rate obligations | | | 86,275,000 | | | | 94,660,000 | |
| Payable for: | | | | | | | | |
| Dividends | | | 10,289,250 | | | | 13,387,907 | |
| Interest | | | 1,206,289 | | | | — | |
| Investments purchased | | | 4,175,171 | | | | 14,477,953 | |
| Offering costs | | | 109,456 | | | | 1,056,500 | |
| Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering | | | | | | | | |
| costs (liquidation preference $545,500,000 and $—, respectively) | | | 545,047,940 | | | | — | |
| MuniFund Preferred (“MFP”) Shares, net of deferred offering | | | | | | | | |
| costs (liquidation preference $607,000,000 and $958,000,000, respectively) | | | 606,645,400 | | | | 955,771,702 | |
| Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs | | | | | | | | |
| (liquidation preference $632,000,000 and $1,290,300,000, respectively) | | | 629,708,003 | | | | 1,283,080,774 | |
| Accrued expenses: | | | | | | | | |
| Management fees | | | 2,254,836 | | | | 2,842,870 | |
| Trustees fees | | | 813,526 | | | | 1,067,290 | |
| Other | | | 542,735 | | | | 684,680 | |
| Total liabilities | | | 1,887,067,606 | | | | 2,367,029,676 | |
| Net assets applicable to common shares | | $ | 3,092,617,857 | | | $ | 3,937,715,471 | |
| Common shares outstanding | | | 201,864,367 | | | | 262,720,647 | |
| Net asset value (“NAV”) per common share outstanding | | $ | 15.32 | | | $ | 14.99 | |
| | |
Net assets applicable to common shares consist of: | | | | | | | | |
| Common shares, $0.01 par value per share | | $ | 2,018,644 | | | $ | 2,627,206 | |
| Paid-in-surplus | | | 2,778,291,060 | | | | 3,509,296,932 | |
| Total distributable earnings | | | 312,308,153 | | | | 425,791,333 | |
| Net assets applicable to common shares | | $ | 3,092,617,857 | | | $ | 3,937,715,471 | |
| Authorized shares: | | | | | | | | |
| Common | | Unlimited | | | Unlimited | |
| Preferred | | Unlimited | | | Unlimited | |
See accompanying notes to financial statements.
103
| |
| Statement of Operations |
| |
| Six Months Ended April 30, 2019 (Unaudited) |
| |
| |
| |
| |
| | | NAD | | | NEA | |
Investment Income | | $ | 105,125,959 | | | $ | 133,981,179 | |
Expenses | | | | | | | | |
| Management fees | | | 13,415,111 | | | | 16,934,634 | |
| Interest expense and amortization of offering costs | | | 20,929,968 | | | | 24,147,050 | |
| Liquidity fees | | | 2,740,161 | | | | 5,304,293 | |
| Remarketing fees | | | 317,756 | | | | 652,429 | |
| Custodian fees | | | 248,555 | | | | 297,185 | |
| Trustees fees | | | 74,149 | | | | 93,943 | |
| Professional fees | | | 117,882 | | | | 183,080 | |
| Shareholder reporting expenses | | | 115,647 | | | | 146,385 | |
| Shareholder servicing agent fees | | | 55,097 | | | | 61,860 | |
| Stock exchange listing fees | | | 28,038 | | | | 36,491 | |
| Investor relations expenses | | | 59,068 | | | | 76,375 | |
| Other | | | 90,392 | | | | 118,768 | |
| Total expenses | | | 38,191,824 | | | | 48,052,493 | |
| Net investment income (loss) | | | 66,934,135 | | | | 85,928,686 | |
Realized and Unrealized Gain (Loss) | | | | | | | | |
| Net realized gain (loss) from Investments | | | (1,342,032 | ) | | | (1,735,899 | ) |
| Change in net unrealized appreciation (depreciation) of Investments | | | 181,089,305 | | | | 218,081,628 | |
| Net realized and unrealized gain (loss) | | | 179,747,273 | | | | 216,345,729 | |
| Net increase (decrease) in net assets applicable to common shares from operations | | $ | 246,681,408 | | | $ | 302,274,415 | |
See accompanying notes to financial statements.
104
Statement of Changes in Net Assets
(Unaudited)
| | | | | | | | | | | | | |
| | | NAD | | | NEA | |
| | | Six Months Ended 4/30/19 | | | Year Ended 10/31/18 | | | Six Months Ended 4/30/19 | | | Year Ended 10/31/18 | |
Operations | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 66,934,135 | | | $ | 138,877,139 | | | $ | 85,928,686 | | | $ | 179,555,130 | |
| Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
| Investments | | | (1,342,032 | ) | | | (6,103,105 | ) | | | (1,735,899 | ) | | | 8,500,454 | |
| Swaps | | | — | | | | — | | | | — | | | | 1,220,000 | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
| Investments | | | 181,089,305 | | | | (192,714,707 | ) | | | 218,081,628 | | | | (251,685,230 | ) |
| Swaps | | | — | | | | — | | | | — | | | | 1,158,822 | |
| Net increase (decrease) in net assets applicable to common shares | | | | | | | | | | | | | | | | |
| from operations | | | 246,681,408 | | | | (59,940,673 | ) | | | 302,274,415 | | | | (61,250,824 | ) |
Distributions to Common Shareholders | | | | | | | | | | | | | | | | |
| Dividends | | | (64,798,461 | ) | | | (139,137,258 | ) | | | (84,333,328 | ) | | | (178,160,720 | ) |
| Decrease in net assets applicable to common shares from distributions | | | | | | | | | | | | | | | | |
| to common shareholders | | | (64,798,461 | ) | | | (139,137,258 | ) | | | (84,333,328 | ) | | | (178,160,720 | ) |
Capital Share Transactions | | | | | | | | | | | | | | | | |
| Cost of shares repurchased and retired | | | — | | | | (221,079 | ) | | | — | | | | (675,211 | ) |
| Net increase (decrease) in net assets applicable to common shares from | | | | | | | | | | | | | | | | |
| capital share transactions | | | — | | | | (221,079 | ) | | | — | | | | (675,211 | ) |
| Net increase (decrease) in net assets applicable to common shares | | | 181,882,947 | | | | (199,299,010 | ) | | | 217,941,087 | | | | (240,086,755 | ) |
| Net assets applicable to common shares at the beginning of period | | | 2,910,734,910 | | | | 3,110,033,920 | | | | 3,719,774,384 | | | | 3,959,861,139 | |
| Net assets applicable to common shares at the end of period | | $ | 3,092,617,857 | | | $ | 2,910,734,910 | | | $ | 3,937,715,471 | | | $ | 3,719,774,384 | |
See accompanying notes to financial statements.
105
| |
| Statement of Cash Flows |
| |
| Six Months Ended April 30, 2019 (Unaudited) |
| |
| |
| |
| |
| | | NAD | | | NEA | |
Cash Flows from Operating Activities: | | | | | | |
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | | $ | 246,681,408 | | | $ | 302,274,415 | |
| 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 | | | (209,838,510 | ) | | | (288,486,021 | ) |
| Proceeds from sales and maturities of investments | | | 229,719,089 | | | | 320,286,377 | |
| Proceeds from (Purchases of) short-term investments, net | | | (10,330,000 | ) | | | (7,075,000 | ) |
| Payment-in-kind distributions | | | (19,636 | ) | | | (5,587 | ) |
| Taxes paid | | | (23,605 | ) | | | (62,872 | ) |
| Amortization (Accretion) of premiums and discounts, net | | | (2,934,968 | ) | | | (7,994,610 | ) |
| Amortization of deferred offering costs | | | 204,945 | | | | 409,359 | |
| (Increase) Decrease in: | | | | | | | | |
| Receivable for dividends and interest | | | (617,735 | ) | | | (18,652 | ) |
| Receivable for investments sold | | | 11,680,870 | | | | 7,198,152 | |
| Other assets | | | 128,737 | | | | 117,118 | |
| Increase (Decrease) in: | | | | | | | | |
| Payable for interest | | | (139,694 | ) | | | (178,520 | ) |
| Payable for investments purchased | | | (21,450,933 | ) | | | (17,593,489 | ) |
| Payable for offering costs | | | 109,456 | | | | 1,056,500 | |
| Accrued management fees | | | (12,824 | ) | | | (26,552 | ) |
| Accrued Trustees fees | | | (40,081 | ) | | | (53,093 | ) |
| Accrued other expenses | | | (15,259 | ) | | | (31,320 | ) |
| Net realized (gain) loss from investments | | | 1,342,032 | | | | 1,735,899 | |
| Change in net unrealized appreciation (depreciation) of investments | | | (181,089,305 | ) | | | (218,081,628 | ) |
| Net cash provided by (used in) operating activities | | | 63,353,987 | | | | 93,470,476 | |
Cash Flows from Financing Activities: | | | | | | | | |
| Proceeds from AMTP Shares issued, at liquidation preference | | | 545,500,000 | | | | — | |
| (Payments for) VMTP Shares redeemed, at liquidation preference | | | (545,500,000 | ) | | | — | |
| (Payments for) deferred offering cost | | | (470,000 | ) | | | (1,540,000 | ) |
| (Repayments of) floating rate obligations | | | (1,500,000 | ) | | | (9,750,000 | ) |
| Cash distributions paid to common shareholders | | | (64,759,664 | ) | | | (84,305,166 | ) |
| Net cash provided by (used in) financing activities | | | (66,729,664 | ) | | | (95,595,166 | ) |
Net Increase (Decrease) in Cash | | | (3,375,677 | ) | | | (2,124,690 | ) |
| Cash at the beginning of period | | | 4,815,138 | | | | 2,195,864 | |
| Cash at the end of period | | $ | 1,439,461 | | | $ | 71,174 | |
| | |
Supplemental Disclosure of Cash Flow Information | | NAD | | | NEA | |
| Cash paid for interest (excluding amortization of offering costs) | | $ | 20,867,005 | | | $ | 23,918,309 | |
See accompanying notes to financial statements.
106
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107
Financial Highlights (Unaudited)
| |
| 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 | | | Discount per Share Repurchased and Retired | | | Ending NAV | | | Ending Share Price | |
NAD | |
Year Ended 10/31: | |
| 2019(e) | | $ | 14.42 | | | $ | 0.33 | | | $ | 0.89 | | | $ | 1.22 | | | $ | (0.32 | ) | | $ | — | | | $ | (0.32 | ) | | $ | — | | | $ | 15.32 | | | $ | 13.57 | |
| 2018 | | | 15.41 | | | | 0.69 | | | | (0.99 | ) | | | (0.30 | ) | | | (0.69 | ) | | | — | | | | (0.69 | ) | | | — | * | | | 14.42 | | | | 12.41 | |
| 2017 | | | 15.75 | | | | 0.73 | | | | (0.29 | ) | | | 0.44 | | | | (0.78 | ) | | | — | | | | (0.78 | ) | | | — | | | | 15.41 | | | | 13.86 | |
| 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 | |
| | |
| NEA | |
Year Ended 10/31: | |
| 2019(e) | | | 14.16 | | | | 0.33 | | | | 0.82 | | | | 1.15 | | | | (0.32 | ) | | | — | | | | (0.32 | ) | | | — | | | | 14.99 | | | | 13.32 | |
| 2018 | | | 15.07 | | | | 0.68 | | | | (0.91 | ) | | | (0.23 | ) | | | (0.68 | ) | | | — | | | | (0.68 | ) | | | — | * | | | 14.16 | | | | 12.13 | |
| 2017 | | | 15.36 | | | | 0.71 | | | | (0.26 | ) | | | 0.45 | | | | (0.74 | ) | | | — | | | | (0.74 | ) | | | — | | | | 15.07 | | | | 13.57 | |
| 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 | |
| | |
| (a) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
108
| | | | | | | | | | | | | | | | | |
| | | | | | | 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) | |
| | |
| | |
| | 8.55 | % | | | 12.05 | % | | $ | 3,092,618 | | | | 2.57 | %** | | | 4.51 | %** | | | 4 | % |
| | (2.03 | ) | | | (5.69 | ) | | | 2,910,735 | | | | 2.34 | | | | 4.57 | | | | 20 | |
| | 3.01 | | | | 3.26 | | | | 3,110,034 | | | | 1.95 | | | | 4.84 | | | | 18 | |
| | 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 | |
| | |
| | |
| | |
| | 8.21 | | | | 12.58 | | | | 3,937,715 | | | | 2.54 | ** | | | 4.54 | ** | | | 5 | |
| | (1.62 | ) | | | (5.84 | ) | | | 3,719,774 | | | | 2.29 | | | | 4.63 | | | | 11 | |
| | 3.16 | | | | 4.21 | | | | 3,959,861 | | | | 1.94 | | | | 4.80 | | | | 15 | |
| | 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 | |
| | |
| (b) | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. |
| (c) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| | | | | |
NAD | | | NEA | |
| Year Ended 10/31: | | Year Ended 10/31: |
| 2019(e) | 1.62%** | | 2019(e) | 1.59%** |
| 2018 | 1.39 | | 2018 | 1.35 |
| 2017 | 1.00 | | 2017 | 1.00 |
| 2016 | 0.90 | | 2016 | 0.78 |
| 2015 | 0.47 | | 2015 | 0.50 |
| 2014 | 0.75 | | 2014 | 0.61 |
| | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| (e) | For the six months ended April 30, 2019. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
109
Financial Highlights (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | AMTP Shares at the End of Period | | | MFP Shares at the End of Period | | | MTP Shares at the End of Period(a) | | | VMTP Shares at the End of Period | | | VRDP Shares at the End of Period | | | AMTP, MFP, MTP, VMTP and/or VRDP Shares at the End of Period | |
| | | Aggregate Amount Outstanding (000) | | | Asset Coverage Per $100,000 Share | | | Aggregate Amount Outstanding (000) | | | Asset Coverage Per $100,000 Share(c) | | | 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 | |
NAD | |
Year Ended 10/31: | |
| 2019(b) | | $ | 545,500 | | | $ | 273,304 | | | $ | 607,000 | | | $ | 273,304 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 632,000 | | | $ | 273,304 | | | $ | 2.73 | |
| 2018 | | | — | | | | — | | | | 607,000 | | | | 263,112 | | | | — | | | | — | | | | 545,500 | | | | 263,112 | | | | 632,000 | | | | 263,112 | | | | 2.63 | |
| 2017 | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 952,500 | | | | 296,279 | | | | 632,000 | | | | 296,279 | | | | 2.96 | |
| 2016 | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 952,500 | | | | 300,642 | | | | 632,000 | | | | 300,642 | | | | 3.01 | |
| 2015 | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 265,000 | | | | 328,908 | | | | — | | | | — | | | | — | |
| 2014 | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 265,000 | | | | 331,869 | | | | — | | | | — | | | | — | |
| | |
NEA | |
Year Ended 10/31: | |
| 2019(b) | | | — | | | | — | | | | 958,000 | | | | 275,142 | | | | — | | | | — | | | | — | | | | — | | | | 1,290,300 | | | | 275,142 | | | | 2.75 | |
| 2018 | | | — | | | | — | | | | 958,000 | | | | 265,448 | | | | — | | | | — | | | | — | | | | — | | | | 1,290,300 | | | | 265,448 | | | | 2.65 | |
| 2017 | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 773,000 | | | | 291,919 | | | | 1,290,300 | | | | 291,919 | | | | 2.92 | |
| 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 | |
| | |
| (a) | The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows: |
| | | | |
| | | 2014 | |
NAD | | | |
Series 2015 (NAD PRC) | | | |
| Ending Market Value per Share | | $ | — | |
| Average Market Value per Share | | 10.04 | ^ |
| | | | | |
NEA | | | | |
Series 2015 (NEA PRCCL) | | | | |
| Ending Market Value per Share | | $ | — | |
| Average Market Value per Share | | 10.05 | ^ |
| | |
| (b) | For the six months ended April 30, 2019. |
| (c) | NEA’s Series D MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share. |
| ^ | For the period November 1, 2013 through December 20, 2013. |
See accompanying notes to financial statements.
110
Notes to
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
| · | Nuveen Quality Municipal Income Fund (NAD) |
| · | Nuveen AMT-Free Quality Municipal Income Fund (NEA) |
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NAD and NEA were organized as Massachusetts business trusts on January 15, 1999 and July 29, 2002, respectively.
The end of the reporting period for the Funds is April 30, 2019, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2019 (the ”current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of NEA the alternative minimum tax (“AMT”) applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| | | | | | | |
| | | NAD | | | NEA | |
| Outstanding when-issued/delayed delivery purchase commitments | | $ | 4,165,000 | | | $ | 14,477,953 | |
Investment Income
Investment income is comprised of dividend and interest income. Dividend income is recorded on the ex-dividend date. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes is recorded on an accrual basis. Interest income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
111
Notes to Financial Statements (Unaudited) (continued)
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (“the Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
112
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Investments in investment companies are valued at their respective net asset value (“NAV”) on valuation date and are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | |
NAD | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments: | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 4,894,893,528 | | | $ | — | | | $ | 4,894,893,528 | |
| Corporate Bonds** | | | — | | | | — | | | | 575,878 | *** | | | 575,878 | |
| Investment Companies | | | 530,250 | | | | — | | | | — | | | | 530,250 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | | — | | | | 10,330,000 | | | | — | | | | 10,330,000 | |
| Total | | $ | 530,250 | | | $ | 4,905,223,528 | | | $ | 575,878 | | | $ | 4,906,329,656 | |
| | |
NEA | | | | | | | | | | | | | | | | |
| Long-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 6,204,171,027 | | | $ | — | | | $ | 6,204,171,027 | |
| Corporate Bonds** | | | — | | | | — | | | | 845,423 | *** | | | 845,423 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | | — | | | | 7,075,000 | | | | — | | | | 7,075,000 | |
| Total | | $ | — | | | $ | 6,211,246,027 | | | $ | 845,423 | | | $ | 6,212,091,450 | |
| | |
| * | 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. |
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
113
Notes to Financial Statements (Unaudited) (continued)
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:
| | | | | | | |
Floating Rate Obligations Outstanding | | NAD | | | NEA | |
| Floating rate obligations: self-deposited Inverse Floaters | | $ | 86,275,000 | | | $ | 94,660,000 | |
| Floating rate obligations: externally-deposited Inverse Floaters | | | 61,720,000 | | | | 121,350,000 | |
| Total | | $ | 147,995,000 | | | $ | 216,010,000 | |
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
| | | | | | | |
Self-Deposited Inverse Floaters | | NAD | | | NEA | |
| Average floating rate obligations outstanding | | $ | 87,211,464 | | | $ | 96,143,425 | |
| Average annual interest rate and fees | | | 2.21 | % | | | 2.19 | % |
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.
114
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, NAD and NEA had outstanding borrowings under such liquidity facilities in the amount of $3,369,936 and $188,464, respectively, which is 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”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| | | | | | | |
Floating Rate Obligations — Recourse Trusts | | NAD | | | NEA | |
| Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | | $ | 59,845,000 | | | $ | 84,145,000 | |
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | | | 42,480,000 | | | | 102,540,000 | |
| Total | | $ | 102,325,000 | | | $ | 186,685,000 | |
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
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Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:
| | | | | | | | | | | | | |
| | | NAD | | | NEA | |
| | | Six Months | | | Year | | | Six Months | | | Year | |
| | | Ended | | | Ended | | | Ended | | | Ended | |
| | | 4/30/19 | | | 10/31/18 | | | 4/30/19 | | | 10/31/18 | |
| Common shares: | | | | | | | | | | | | |
| Repurchased and retired | | | — | | | | (17,900 | ) | | | — | | | | (55,700 | ) |
| Weighted average common share: | | | | | | | | | | | | | | | | |
| Price per share repurchased and retired | | | — | | | $ | 12.33 | | | | — | | | $ | 12.10 | |
| Discount per share repurchased and retired | | | — | | | | 14.96 | % | | | — | | | | 14.89 | % |
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
NAD has issued and has outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publically available.
As of the end of the reporting period, NAD had $545,047,940 of AMTP Shares at liquidation preference, net of deferred offering costs. Further details of NAD's AMTP Shares outstanding as of the end of the reporting period, were as follows:
| | | | |
| | | Shares | Liquidation |
Fund | Series | Outstanding | Preference |
NAD | 2028 | 3,370 | $337,000,000 |
| | 2028-1 | 2,085 | $208,500,000 |
The Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months 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.
AMTP 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 which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Fund may be obligated to redeem a certain amount of the AMTP 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 the Fund’s AMTP Shares are as follows:
| | | | | | | |
| | Liquidation | | Notice | | Term | Premium |
Fund | Preference | | Period | Series | Redemption Date | Expiration Date |
NAD | $337,000,000 | | 360-day | 2028 | December 1, 2028* | November 30, 2019 |
| | $208,500,000 | | 360-day | 2028-1 | December 1, 2028* | November 30, 2019 |
| |
| * Subject to early termination by either the Fund or the holder. |
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| | NAD* |
| Average liquidation preference of AMTP Shares outstanding | 545,500,000 |
| Annualized dividend rate | 2.53% |
| |
| * For the period December 13, 2018 (first issuance of shares) through April 30, 2019. |
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AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of AMTP 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 AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
NAD incurred offering costs of $470,000 in connection with its offering of AMTP Shares, which were recorded as deferred charges and are amortized over the life of the shares. These offering costs are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
MuniFund Preferred Shares
The Funds have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 ($1,000 for NEA’s Series D) liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.
The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.
| · | Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations. |
| · | Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially. |
| · | Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, Shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement Operations. |
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
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Notes to Financial Statements (Unaudited) (continued)
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
NEA incurred offering costs of $1,540,000 in connection with its offering of MFP Shares, which were recorded as a deferred charges and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
In conjunction with NEA’s redemption of MFP shares, deferred costs of $122,524 were expensed during the current fiscal period, as the redemption was deemed an extinguishment of debt.
As of the end of the reporting period, NAD and NEA had $606,645,400 and $955,771,702 of MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:
| | | | | | | |
| | | Shares | Liquidation | Term | | Mode |
Fund | Series | Outstanding | Preference | Redemption Date | Mode | Termination Date |
NAD | A | 6,070 | $607,000,000 | 1/03/28 | VRM | 1/03/28* |
NEA | A | 1,850 | $185,000,000 | 2/03/48 | VRM | 2/03/48* |
| | B | 3,350 | 335,000,000 | 3/02/28 | VRM | 3/02/28* |
| | C | 2,380 | 238,000,000 | 3/02/28 | VRM | 3/02/28* |
| | D | 200,000 | 200,000,000 | 3/01/29 | VRRM | N/A |
| |
| * Subject to earlier termination by either the Fund or the holder. |
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Funds during the current fiscal period were as follows:
| | | |
| | NAD | NEA |
| Average liquidation preference of MFP Shares outstanding | $607,000,000 | $958,000,000 |
| Annualized dividend rate | 2.42% | 2.48% |
Variable Rate MuniFund Term Preferred Shares
The following Fund had issued and had 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.
On December 13, 2018, NAD redeemed all of its outstanding Series 2019 and Series 2019-1 VMTP Shares. The Fund’s VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of AMTP Shares (as described above in Adjustable Rate MuniFund Term Preferred Shares).
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
| | |
| | NAD* |
| Average liquidation preference of VMTP Shares outstanding | $545,500,000 |
| Annualized dividend rate | 2.64% |
| |
| * For the period November 1, 2018 through December 12, 2018. |
VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with each Fund’s initial offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP“) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
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Variable Rate Demand Preferred Shares
The Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, NAD and NEA had $629,708,003 and $1,283,080,774 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:
| | | | | |
| | | Shares | Liquidation | |
Fund | Series | Outstanding | Preference | Maturity |
NAD | 1 | 2,368 | $236,800,000 | September 11, 2026 |
| | 2 | 2,675 | 267,500,000 | September 11, 2026 |
| | 3 | 1,277 | 127,700,000 | September 11, 2026 |
NEA | 1 | 2,190 | $219,000,000 | June 1, 2040 |
| | 2 | 1,309 | 130,900,000 | December 1, 2040 |
| | 3 | 3,509 | 350,900,000 | March 1, 2040 |
| | 4 | 4,895 | 489,500,000 | September 11, 2026 |
| | 5 | 1,000 | 100,000,000 | October 1, 2046 |
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
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:
| | | |
| | NAD | NEA |
| Average liquidation preference of VRDP Shares outstanding | $632,000,000 | $1,290,300,000 |
| Annualized dividend rate | 1.78% | 1.71% |
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
| | | | | | | | | | |
| | | Six Months Ended April 30, 2019 | |
NAD | | Series | | | Shares | | | Amount | |
| AMTP Shares issued | | | 2028 | | | | 3,370 | | | $ | 337,000,000 | |
| | | | 2028-1 | | | | 2,085 | | | | 208,500,000 | |
| Net increase (decrease) | | | | | | | 5,455 | | | $ | 545,500,000 | |
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Notes to Financial Statements (Unaudited) (continued)
Transactions in MFP Shares for the Funds, where applicable, were as follows:
| | | | | | | | | | |
| | | Year Ended October 31, 2018 | |
NAD | | Series | | | Shares | | | Amount | |
| MFP Shares issued | | | | A | | | 6,070 | | | $ | 607,000,000 | |
| | | Six Months Ended April 30, 2019 | |
NEA | | Series | | | Shares | | | Amount | |
| MFP Share issued | | | | D | | | 200,000 | | | $ | 200,000,000 | |
| MFP Share redeemed | | | | B | | | (2,000 | ) | | | (200,000,000 | ) |
| Net increase (decrease) | | | | | | | 198,000 | | | $ | — | |
| | | Year Ended October 31, 2018 | |
NEA | | Series | | | Shares | | | Amount | |
| MFP Shares issued | | | | A | | | 1,850 | | | $ | 185,000,000 | |
| | | | | B | | | 5,350 | | | | 535,000,000 | |
| | | | | C | | | 2,380 | | | | 238,000,000 | |
| Net increase (decrease) | | | | | | | 9,580 | | | $ | 958,000,000 | |
Transactions VMTP Shares for the Funds, where applicable, were as follows:
| | | | | | | | | | |
| | | Six Months Ended April 30, 2019 | |
NAD | | Series | | | Shares | | | Amount | |
| VMTP Shares redeemed | | | 2019 | | | | (3,370 | ) | | $ | (337,000,000 | ) |
| | | | 2019-1 | | | | (2,085 | ) | | | (208,500,000 | ) |
| Net increase (decrease) | | | | | | | (5,455 | ) | | $ | (545,500,000 | ) |
| | | Year Ended October 31, 2018 | |
NAD | | Series | | | Shares | | | Amount | |
| VMTP Shares redeemed | | | 2018 | | | | (4,070 | ) | | $ | (407,000,000 | ) |
| | | Year Ended October 31, 2018 | |
NEA | | Series | | | Shares | | | Amount | |
| VMTP Shares redeemed | | | 2019 | | | | (2,380 | ) | | $ | (238,000,000 | ) |
| | | | 2018 | | | | (5,350 | ) | | | (535,000,000 | ) |
| Net increase (decrease) | | | | | | | (7,730 | ) | | $ | (773,000,000 | ) |
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| | | | | | | |
| | | NAD | | | NEA | |
| Purchases | | $ | 209,838,510 | | | $ | 288,486,021 | |
| Sales and maturities | | | 229,719,089 | | | | 320,286,377 | |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NEA the AMT applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
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For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of April 30, 2019.
| | | | | | | |
| | | NAD | | | NEA | |
| Tax cost of investments | | $ | 4,457,912,261 | | | $ | 5,626,256,345 | |
| Gross unrealized: | | | | | | | | |
| Appreciation | | $ | 369,169,130 | | | $ | 497,746,466 | |
| Depreciation | | | (7,026,153 | ) | | | (6,572,147 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 362,142,977 | | | $ | 491,174,319 | |
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, expiration of capital loss carryforwards and taxable market discount resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2018, the Funds’ last tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2018, the Funds’ last tax year end, were as follows:
| | | | | | | |
| | | NAD | | | NEA | |
Undistributed net tax-exempt income1 | | $ | 348,904 | | | $ | 1,712,028 | |
Undistributed net ordinary income2 | | | 562,276 | | | | 1,519,642 | |
| 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 1, 2018, and paid on November 1, 2018. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2018 was designated for purposes of the dividends paid deduction as follows:
| | | | | | | |
| | | NAD | | | NEA | |
| Distributions from net tax-exempt income | | $ | 173,386,092 | | | $ | 217,103,284 | |
Distributions from net ordinary income2 | | | 951,380 | | | | 1,182,494 | |
| Distributions from net long-term capital gains | | | — | | | | — | |
| | |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of October 31, 2018, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| | | | | | | |
| | | NAD3 | | | NEA3 | |
| Not subject to expiration: | | | | | | |
| Short-term | | $ | 26,606,543 | | | $ | 21,964,832 | |
| Long-term | | | 13,193,467 | | | | 32,217,521 | |
| Total | | $ | 39,800,010 | | | $ | 54,182,353 | |
| | |
3 | A portion of NAD’s and NEA’s capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations. |
As of October 31, 2018, the Funds’ last tax year end, the Funds’ capital loss carryforwards expired as follows:
| | | | | | | |
| | | NAD | | | NEA | |
| Expired capital loss carryforwards | | $ | 76,136 | | | $ | 3,341,464 | |
During the Funds’ last tax year ended October 31, 2018, NEA utilized $9,964,617 of its capital loss carryforward.
Notes to Financial Statements (Unaudited) (continued)
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| | | | |
Averaged Daily Managed Assets* | | Fund-Level Fee Rate | |
| For the first $125 million | | | 0.4500 | % |
| For the next $125 million | | | 0.4375 | |
| For the next $250 million | | | 0.4250 | |
| For the next $500 million | | | 0.4125 | |
| For the next $1 billion | | | 0.4000 | |
| For the next $3 billion | | | 0.3750 | |
| For managed assets over $5 billion | | | 0.3625 | |
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:
| | | | |
Complex-Level Eligible Asset Breakpoint Level* | | Effective Complex-Level Fee Rate at Breakpoint Level | |
| $55 billion | | | 0.2000 | % |
| $56 billion | | | 0.1996 | |
| $57 billion | | | 0.1989 | |
| $60 billion | | | 0.1961 | |
| $63 billion | | | 0.1931 | |
| $66 billion | | | 0.1900 | |
| $71 billion | | | 0.1851 | |
| $76 billion | | | 0.1806 | |
| $80 billion | | | 0.1773 | |
| $91 billion | | | 0.1691 | |
| $125 billion | | | 0.1599 | |
| $200 billion | | | 0.1505 | |
| $250 billion | | | 0.1469 | |
| $300 billion | | | 0.1445 | |
| | |
| * | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2019, the complex-level fee for each Fund was 0.1580%. |
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
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During the current fiscal period, the Funds engaged in inter-fund trades pursuant to these procedures as follows:
| | | | | | |
Inter-Fund Trades | | NAD | | | NEA | |
| Purchases | | $ | 2,126,800 | | | $ | 10,351,658 | |
| Sales | | | 9,443,930 | | | | 4,381,871 | |
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the Funds utilized this facility. The Funds’ maximum outstanding balance during the utilization period was as follows:
| | | | | | | |
| | | NAD | | | NEA | |
| Maximum outstanding balance | | $ | 11,764,511 | | | $ | 16,918,764 | |
During the Funds’ utilization periods, during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
| | | | | | | |
| | | NAD | | | NEA | |
| Average daily balance outstanding | | $ | 11,764,511 | | | $ | 16,918,764 | |
| Average annual interest rate | | | 3.50 | % | | | 3.50 | % |
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
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Notes to Financial Statements (Unaudited) (continued)
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. During the current reporting period, management early implemented this guidance. This implementation did not have a material impact on the Funds’ financial statements.
10. Subsequent Events
Fund Merger
During May 2019, the Board approved a merger for each Fund included in this report (the “Mergers”). The Mergers are intended to create larger funds with lower operating expenses and increased trading volume on the exchange for common shares. The proposed Mergers are as follows:
| | | |
| | Target Funds | Acquiring Funds |
| | Nuveen Texas Quality Municipal Income Fund (NTX) | NAD |
| | Nuveen North Carolina Quality Municipal Income Fund (NNC) | NEA |
The Mergers are subject to customary conditions, including shareholder approval at annual shareholder meetings.
Upon the closing of the Mergers, the Target Funds will transfer 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 will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds will become shareholders of the Acquiring Funds. Holders of common shares of the Target Funds will receive newly issued common shares of the Acquiring Funds, the aggregate NAV of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the Mergers (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Holders of preferred shares of the Target Funds will 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 each Merger.
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Additional Fund
Information
| | | | | | | |
Board of Trustees | | | | | | |
| Margo Cook* | Jack B. Evans | William C. Hunter | Albin F. Moschner | John K. Nelson | Judith M. Stockdale |
| Carole E. Stone | Terence J. Toth | Margaret L. Wolff | Robert L. Young | | |
| |
| * Interested Board Member. |
| |
| |
Fund Manager | Custodian | Legal Counsel | | Independent Registered | Transfer Agent and |
| Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler LLP | Public Accounting Firm | Shareholder Services |
| 333 West Wacker Drive | & Trust Company | Chicago, IL 60603 | | KPMG LLP | Computershare Trust |
| Chicago, IL 60606 | One Lincoln Street | | | 200 East Randolph Street | Company, N.A. |
| | Boston, MA 02111 | | | Chicago, IL 60601 | 250 Royall Street |
| | | | | | | Canton, MA 02021 |
| | | | | | | (800) 257-8787 |
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 as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| | | |
| | NAD | NEA |
| Common shares repurchased | — | — |
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
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Glossary of Terms Used in this Report
| · | Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction. |
| · | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumula- tive performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
| · | Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change. |
| · | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. |
| · | 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 under- lying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. |
| · | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
126
| · | 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 perform- ance 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. |
| · | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receiv- ables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
| · | Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value. |
| · | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940. |
| · | S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| · | Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. |
| · | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
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Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
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Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | |
ESA-B-0419D 863543-INV-B-06/20
