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3
Chair’s Letterto Shareholders Dear Shareholders,
As 2020 draws to a close, the concerns that dominated much of the year are beginning to show signs of easing. COVID-19 vaccines are being administered around the world, with several of the vaccine candidates announcing high efficacy rates during their phase 3 trials. Markets took a generally positive view of Joe Biden winning the Electoral College, with Congress’s final confirmation of the Electoral College vote anticipated on January 6, 2021. The U.S. economy has made a significant, although incomplete, turnaround from the depths of a historic recession. In December, Congress passed another $900 billion in aid to individuals and businesses, extending some of the programs enacted earlier in the crisis. The bill’s next step is the President’s review and his approval or disapproval. Ongoing fiscal and monetary stimulus along with widening vaccine distribution have bolstered confidence that a semblance of normalcy can return in 2021.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue into the new year. COVID-19 cases are still alarmingly high in some regions, and the renewed restrictions on social and business activity taken by local and, in some cases, national authorities will undoubtedly hinder the economy’s momentum. The pandemic’s course can still be unpredictable. The timeline of vaccine rollouts depends on many variables, public confidence can shift and real-world efficacy remains to be seen. Additionally, the outcome of the Senate majority – which determines whether the government will be under split control or a Democrat majority – rests with Georgia’s two run-off elections on January 5, 2021. Nevertheless, short-term market fluctuations can provide opportunities to invest in new ideas as well as upgrade existing positioning, within our goal of providing long-term value for our shareholders.
The new year can be an opportune time to assess your portfolio’s resilience and readiness for what may come next. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. 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
Chair of the Board
December 22, 2020
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 Fund Advisors, LLC, the Funds’ investment adviser. Portfolio manager Christopher L. Drahn, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these two national Funds.
During August 2020, the Nuveen Maryland Quality Municipal Income Fund (NMY) was approved for merger into Nuveen Quality Municipal Income Fund (NAD) by the Funds’ Board of Trustees. The merger is pending shareholder approval.
During August 2020, the Nuveen Michigan Quality Municipal Income Fund (NUM) was approved for merger into Nuveen AMT-Free Quality Municipal Income Fund (NEA) by the Funds’ Board of Trustees. The merger is pending shareholder approval.
During May 2019, 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). Shareholders approved the merger of NNC into NEA during October 2019 and the mergers were completed prior to the open of business on November 18, 2019. Shareholders approved the merger of NTX into NAD during January 2020 and the mergers were completed prior to the open of business on February 18, 2020.
What factors affected the U.S. economy and financial markets during the twelve-month reporting period ended October 31, 2020?
The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures. As business and social activities were drastically restricted in March and April 2020 to slow the spread of COVID-19, U.S. gross domestic product (GDP) shrank 31.4% on an annualized basis in the second quarter of 2020 (following a 5% decline in the first quarter), according to the Bureau of Economic Analysis (BEA) “third” estimate. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Government relief programs provided significant aid to individuals and businesses as the economy began reopening in May 2020, which helped the economy bounce back strongly over the summer months. GDP rose 33.1% in the third quarter of 2020, according to the BEA’s “second” estimate. While the third quarter gain was historic, the economy remained below pre-pandemic growth levels. GDP growth was 2.4% in the fourth quarter of 2019 and 2.2% for 2019 overall.
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)
Consumer spending, the largest driver of the economy, was well supported earlier in this reporting period by low unemployment, wage gains and tax cuts. However, the COVID-19 crisis containment measures drove a significant drop in consumer spending and a sharp rise in unemployment starting in March 2020. The Bureau of Labor Statistics said the unemployment rate rose to 6.9% in October 2020 from 3.6% in October 2019. As of October 2020, slightly more than half of the 22 million jobs lost in March and April 2020 have been recovered. The average hourly earnings rate appeared to soar, growing at an annualized rate of 4.5% in October 2020, despite the spike in unemployment. Earnings data was skewed by the concentration of job losses in lower-wage work, which effectively eliminated most of the low-wage data, resulting in an average of mostly higher numbers. The overall trend of inflation remained muted, as decreases in gasoline, apparel and transportation prices offset an increase in food prices. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 1.2% over the twelve-month reporting period ended October 31, 2020 before seasonal adjustment.
Prior to the COVID-19 crisis recession, the U.S. Federal Reserve (the Fed) had reduced its benchmark interest rate to support the economy’s slowing growth. The Fed also stopped shrinking its bond portfolio sooner than scheduled and began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels.
As the health and economic crisis deepened, the Fed enacted an array of emergency measures in March 2020 to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and allowing unlimited bond purchases, known as quantitative easing. There were no policy changes at the Fed’s April, June and July 2020 meetings, where Chairman Powell reiterated a commitment to keep rates near zero until the economy recovers and maintained a cautious outlook for the U.S. economy. Also at the July 2020 meeting, the Fed extended some of its pandemic funding facilities by another three months to December 2020. At the annual Jackson Hole Economic Symposium, held virtually in August 2020, the Fed announced a change in inflation policy to average inflation targeting. Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% rate over time. The Fed provided further clarification of the new inflation policy and left the benchmark interest rate unchanged at its September 2020 meeting. (As expected, there were no policy changes at the Fed’s November 2020 meeting, which occurred after the close of this reporting period.)
In March and April 2020, the U.S. government approved three aid packages. These included $2 trillion allocated across direct payments to Americans, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, as well as more than $100 billion in funding to health agencies and employers offering paid leave. As some of these programs began to expire, additional relief measures were under discussion in Congress, but a final deal had not been reached as of the end of this reporting period. The election outcome, subsequent to the close of the reporting period, did not change expectations for a stimulus bill, but the timing and size remained uncertain.
The COVID-19 crisis rapidly dwarfed all other market concerns starting in late February 2020. Equity and commodity markets sold-off and safe-haven assets rallied in March 2020 as China, other countries and then the United States initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to assess, which amplified market volatility. An ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia, which caused oil prices to plunge in March 2020, exacerbated the market sell-off.
Geopolitical uncertainty remained elevated with the U.S. presidential election, the Brexit transition period winding down and U.S.-China relations deteriorating. While markets remained concerned about the potential for a disputed outcome, the next round of fiscal stimulus was expected to follow the presidential election. In Europe, the EU and U.K. continued to negotiate, but had not yet reached, a final Brexit agreement after the U.K. formally exited at the end of January 2020 and triggered the one-year transition period (which ends on December 31, 2020). Although China and the U.S. signed a “phase one” trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong’s sovereignty and the management of the COVID-19 crisis.
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Despite the severe sell-off in March 2020, municipal bonds managed positive performance over the twelve-month reporting period. For most of the reporting period, a significant decline in interest rates drove municipal bond prices higher, with positive technical and fundamental conditions also supporting credit spread tightening. Prior to the emergence of the novel coronavirus, interest rates had been pressured lower by signs that the economy’s momentum was slowing, a more dovish central bank policy, geopolitical tensions (especially regarding trade) and bouts of equity market volatility. Then, from late February through March 2020, coronavirus risks permeated the markets, sending U.S. Treasury yields to historic lows. Rate volatility increased sharply in that six-week period. As liquidity became stressed, investors began to liquidate any asset possible, including municipal bonds. Municipal bond prices declined rapidly (and yields spiked higher), amid rampant selling across both the high grade and high yield segments that was exacerbated in some cases by exchange-traded fund and closed-end fund selling. Municipal bond prices became severely dislocated from Treasury prices. Credit spreads widened significantly during the March 2020 sell-off, ending the month above their long-term average. Monetary and fiscal interventions from the Fed and U.S. government helped the market recover in April and May, although spreads remain wider than average as of the end of the reporting period. The municipal yield curve steepened over this reporting period, with a pronounced drop in yields at the short end of the curve spearheading the steepening.
Prior to the market turmoil in March 2020, municipal bond gross issuance nationwide had been robust. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 30% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been adequate, the net has not and this was an overall positive technical factor on municipal bond investment performance in recent years. Notably, taxable municipal bond issuance has increased meaningfully since the advent of the Tax Cut and Jobs Act of 2017, which prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. However, municipalities have taken advantage of the low interest rate environment and the strong demand for yield to issue taxable municipal debt, enabling them to save on net interest costs while adding to the scarcity value of tax-exempt issues.
Municipal bond funds saw consistently positive cash flows throughout 2019 and into early 2020, then suffered significant outflows in March 2020, particularly from high yield municipal bond funds. After the market stabilized in April 2020, fund flows subsequently turned positive again, bringing year-to-date flows through October 2020 back into positive territory. Demand has been resilient even though municipal defaults, as expected, have increased somewhat in 2020. Notably, default activity has occurred mainly in sectors with greater COVID-19 risk exposure, such as senior living, corporate-backed and real estate-backed. Additionally, while municipal credit ratings remain under pressure given the uncertain economic outlook, a wave of downgrades has not materialized. With interest rates in the U.S. and globally remaining near all-time lows, the appetite for yield has continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as tax payers have adjusted to the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, there has been increased demand for tax-exempt municipal bonds, especially in states with high income taxes and/or property taxes.
What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2020, and how did these strategies influence performance?
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.
Despite historic volatility in the municipal market during March and April 2020, municipal bond performance was positive over the twelve-month reporting period overall. High grade municipal yields fell, in concert with a steep drop in Treasury yields as the U.S. economy fell into a deep recession amid the virus lockdown. The decline was more dramatic at the short end of the municipal yield
7
Portfolio Manager’s Comments (continued)
curve, which steepened the yield curve over the reporting period. Demand for municipal bonds recovered after the March-April sell-off, with mutual fund inflows resuming a positive trend (although more so for high grade than high yield municipal funds) and the market absorbing significant supply. With demand normalizing, high grade municipal bonds have made a full recovery from the March-April 2020 panic, while high yield credit spreads have narrowed meaningfully but remained wider than where they began the reporting period.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. In the more normal market conditions of the first four months of the reporting period, we continued to reinvest the proceeds of called and maturing bonds. For example, both Funds had held legacy Buckeye Tobacco Settlement bonds, which the state of Ohio refunded in March 2020. We used some of the proceeds to buy the new issue replacement bonds. Opportunities for tax loss swapping began in earnest with the sell-off in March and April 2020. This tactic generally entailed selling depreciated bonds with lower book yields and buying similarly structured bonds at the higher yields now available in the marketplace. This approach was implemented to enhance the Funds’ income earning capability and seek to make the Funds more tax efficient. Both NAD and NEA engaged in these one-for-one bond trades, most of which occurred in May and June 2020. As the market rebounded through the summer, the opportunity dissipated to a greater extent.
The overall sector weightings in the Funds remained relatively stable over the reporting period. Although certain sectors and ratings categories were hit harder than others in the March-April sell-off, the Funds generally sought to maintain allocations to such sectors, and occasionally added incremental and opportunistic exposure. Over the course of this reporting period, the two Funds reduced weightings in pre-refunded bonds and added incrementally to sectors where spreads had widened, such as health care, toll roads and tax-backed. The Funds’ overall credit profiles were also generally unchanged over the reporting period. NAD added slightly to A and BBB rated bonds at the expense of AA rated debt, while NEA did not have significant changes.
As of October 31, 2020, 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 twelve-month reporting period ended October 31, 2020?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns at net asset value (NAV) for the period ended October 31, 2020. Each Fund’s total returns at NAV are compared with the performance of a corresponding market index.
For the twelve months ended October 31, 2020, the total returns on common share NAV for NAD underperformed 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 while NEA outperformed both the national index and the secondary benchmark.
The Funds’ performance fell into negative territory in the first six months of the reporting period, but rebounded and had relatively stronger performance in the second half of the reporting period. The main factors influencing the Funds’ relative performance during this reporting period were yield curve and duration positioning, credit quality allocation and sector allocation. 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.
After the turmoil of the March-April 2020 period, yields fell somewhat more uniformly across the high grade (AAA rated) municipal yield curve over the second half of the reporting period, such that the entire curve was lower in yield when viewed over a full twelvemonth timeframe. Generally, longer duration bonds performed better in this reporting period. NAD and NEA are generally overweighted in longer duration bonds relative to the S&P Municipal Bond Index, which was a positive contributor to relative performance.
8
For the reporting period overall, the high grade (AAA and AA) ratings categories generally performed the best, although credit spreads did generally grind somewhat tighter and helped lower grade performance over the second half of the reporting period. Relative to the S&P Municipal Bond Index, NAD and NEA are overweighted in the A and BBB ratings categories, and their main underweights are those AAA and AA categories. The underweights to the high grade segments relative to the general market were detrimental to relative performance for the full reporting period, but those segments generally did rebound in the second half (last six months) of the reporting period.
On a sector basis, both Funds’ underweight and security selection in the strong performing tax-supported sector (particularly general obligations) was a negative factor for relative performance. NAD’s overweight in the airport sector also detracted from relative performance. Although NEA was overweight in the weaker performing transportation sector (broadly defined), the Fund actually benefited overall from a greater emphasis on and security selection in the better performing toll road segment.
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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. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s 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. All this will make the shares’ total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
Leverage had a negligible impact on the performance of NAD and a positive impact on the performance of NEA over this reporting period.
As of October 31, 2020, the Funds’ percentages of leverage are as shown in the accompanying table.
| | | |
| NAD | NEA |
Effective Leverage* | 37.48% | 37.54% |
Regulatory Leverage* | 35.77% | 35.64% |
* | 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. |
10
THE FUNDS’ REGULATORY LEVERAGE
As of October 31, 2020, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
| | | | |
| Variable Rate | Variable Rate | |
| Preferred* | Remarketed Preferred** | |
| Shares | Shares | |
| Issued at | Issued at | |
| Liquidation | Liquidation | |
| Preference | Preference | Total |
NAD | $1,224,500,000 | $ 632,000,000 | $1,856,500,000 |
NEA | $ 663,500,000 | $1,728,300,000 | $2,391,800,000 |
* | 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, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund 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 5 – Fund Shares for further details. |
Refer to Notes to Financial Statements, Note 5 — Fund Shares for further details on preferred shares and each Fund’s respective transactions.
11
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 2020. 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 2019 | | $ | 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 | | | 0.0535 | | | | 0.0535 | |
May | | | 0.0570 | | | | 0.0565 | |
June | | | 0.0570 | | | | 0.0565 | |
July | | | 0.0570 | | | | 0.0565 | |
August | | | 0.0570 | | | | 0.0565 | |
September | | | 0.0570 | | | | 0.0565 | |
October 2020 | | | 0.0595 | | | | 0.0585 | |
| Total Distributions from Net Investment Income | | $ | 0.6655 | | | $ | 0.6620 | |
| | |
| Yields | | | | | | | | |
Market Yield* | | | 4.94 | % | | | 4.90 | % |
Tax-Equivalent Yield* | | | 8.35 | % | | | 8.28 | % |
* | 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 40.8%. 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,
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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.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-endfunds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
During August 2020, 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.
As of October 31, 2020, 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 | 21,160,000 | 27,855,000 |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of October 31, 2020, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
| | | | | | | |
| | NAD | | | NEA | |
Common share NAV | | $ | 15.75 | | | $ | 15.50 | |
Common share price | | $ | 14.44 | | | $ | 14.33 | |
Premium/(Discount) to NAV | | | (8.32 | )% | | | (7.55 | )% |
12-month average premium/(discount) to NAV | | | (9.21 | )% | | | (8.80 | )% |
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| | |
| Nuveen Quality Municipal Income Fund |
| Performance Overview and Holding Summaries as of October 31, 2020 |
| | | | |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. |
| Average Annual Total Returns as of October 31, 2020 |
|
| Average Annual |
| 1-Year | 5-Year | 10-Year |
NAD at Common Share NAV | 3.27% | 5.21% | 6.25% |
NAD at Common Share Price | 4.89% | 5.86% | 6.00% |
S&P Municipal Bond Index | 3.55% | 3.68% | 4.05% |
NAD Custom Blended Fund Performance Benchmark(1) | 3.45% | 3.86% | 4.13% |
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.
(1)
| The Blended Index consists of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter: 1) 80% of the return of the S&P Municipal Bond Investment Grade Index and 2) 20% of the return the S&P Municipal Bond High Yield Index. |
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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 | 156.4% |
Investment Companies | 0.0% |
Other Assets Less Liabilities | 2.0% |
| 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 | 158.4% |
Floating Rate Obligations | (2.8)% |
AMTP Shares, net of deferred | |
| offering costs | (16.4)% |
MFP Shares, net of deferred | |
| offering costs | (20.3)% |
VRDP Shares, net of deferred | |
| offering costs | (18.9)% |
| Net Assets | 100% |
| | |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
U.S. Guaranteed | 10.6% |
AAA | 1.9% |
AA | 16.1% |
A | 41.4% |
BBB | 19.6% |
BB or Lower | 6.8% |
N/R (not rated) | 3.6% |
N/A (not applicable) | 0.0% |
| Total | 100% |
| | |
| Portfolio Composition | |
| (% of total investments) | |
Transportation | 28.2% |
Health Care | 17.1% |
Tax Obligation/Limited | 13.9% |
U.S. Guaranteed | 10.5% |
Tax Obligation/General | 9.4% |
Utilities | 6.4% |
Other | 14.5% |
| Total | 100% |
| | |
| States and Territories | |
| (% of total municipal bonds) | |
Texas | 14.2% |
Illinois | 10.9% |
California | 8.6% |
Colorado | 7.1% |
Florida | 6.0% |
New York | 5.7% |
Ohio | 4.3% |
Pennsylvania | 3.0% |
South Carolina | 3.0% |
New Jersey | 3.0% |
Missouri | 2.9% |
Washington | 2.4% |
Louisiana | 2.2% |
Arizona | 2.0% |
Virginia | 2.0% |
Michigan | 1.7% |
Oregon | 1.5% |
Other1 | 19.5% |
| Total | 100% |
(1)
| See Portfolio of Investments for details on “other” States and Territories. |
15
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Performance Overview and Holding Summaries as of October 31, 2020 |
| | | | |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. |
| Average Annual Total Returns as of October 31, 2020 |
|
| Average Annual |
| 1-Year | 5-Year | 10-Year |
NEA at Common Share NAV | 3.84% | 5.66% | 5.58% |
NEA at Common Share Price | 5.74% | 6.85% | 5.22% |
S&P Municipal Bond Index | 3.55% | 3.68% | 4.05% |
NEA Custom Blended Fund Performance Benchmark(1) | 3.45% | 3.86% | 4.13% |
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.
(1)
| The Blended Index consists of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter: 1) 80% of the return of the S&P Municipal Bond Investment Grade Index and 2) 20% of the return the S&P Municipal Bond High Yield Index. |
16
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 | 155.5% |
Short-Term Municipal Bonds | 0.1% |
Other Assets Less Liabilities | 2.0% |
| 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 | 157.6% |
Floating Rate Obligations | (2.4)% |
AMTP Shares, net of deferred | |
| offering costs | (3.3)% |
MFP Shares, net of deferred | |
| offering costs | (22.2)% |
VRDP Shares, net of deferred | |
| offering costs | (29.7)% |
| Net Assets | 100% |
| | |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
U.S. Guaranteed | 13.1% |
AAA | 2.5% |
AA | 20.7% |
A | 35.0% |
BBB | 18.0% |
BB or Lower | 7.0% |
N/R (not rated) | 3.7% |
| Total | 100% |
| | |
| Portfolio Composition | |
| (% of total investments) | |
Health Care | 21.1% |
Transportation | 16.0% |
Tax Obligation/Limited | 15.1% |
U.S. Guaranteed | 13.1% |
Tax Obligation/General | 11.6% |
Education and Civic Organizations | 6.0% |
Water and Sewer | 5.4% |
Utilities | 5.3% |
Other | 6.4% |
| Total | 100% |
| | |
| States and Territories | |
| (% of total municipal bonds) | |
Illinois | 12.4% |
Texas | 7.7% |
Colorado | 7.0% |
California | 6.5% |
North Carolina | 5.5% |
New York | 5.4% |
Florida | 4.8% |
Ohio | 4.5% |
New Jersey | 3.8% |
Michigan | 3.6% |
Pennsylvania | 3.1% |
South Carolina | 2.7% |
Missouri | 2.6% |
Georgia | 2.5% |
Indiana | 2.0% |
Washington | 2.0% |
Wisconsin | 2.0% |
Virginia | 1.9% |
Other1 | 20.0% |
| Total | 100% |
(1)
| See Portfolio of Investments for details on “other” States and Territories. |
17
Shareholder Meeting Report
The annual meeting of shareholders was held on August 5, 2020 for NAD and NEA. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.
| | | | | | | |
| NAD | NEA |
| Common and | | Preferred | Common and | | Preferred |
| Preferred | | shares | Preferred | | shares |
| shares voting | | voting | shares voting | | voting |
| together | | together | together | | together |
| as a class | | as a class | as a class | | as a class |
| Approval of the Board Members was reached as follows: | | | | | | |
John K. Nelson | | | | | | |
| For | 155,954,789 | | — | 217,292,732 | | — |
| Withhold | 28,599,906 | | — | 24,570,284 | | — |
| Total | 184,554,695 | | — | 241,863,016 | | — |
Terence J. Toth | | | | | | |
| For | 165,083,302 | | — | 226,426,826 | | — |
| Withhold | 19,471,393 | | — | 15,436,190 | | — |
| Total | 184,554,695 | | — | 241,863,016 | | — |
Robert L. Young | | | | | | |
| For | 165,912,623 | | — | 226,997,090 | | — |
| Withhold | 18,642,072 | | — | 14,865,926 | | — |
| Total | 184,554,695 | | — | 241,863,016 | | — |
William C. Hunter | | | | | | |
| For | — | | 18,565 | — | | 211,918 |
| Withhold | — | | — | — | | 5,000 |
| Total | — | | 18,565 | — | | 216,918 |
Albin F. Moschner | | | | | | |
| For | — | | 18,565 | — | | 216,918 |
| Withhold | — | | — | — | | — |
| Total | — | | 18,565 | — | | 216,918 |
18
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
Nuveen Quality Municipal Income Fund
Nuveen AMT-Free Quality Municipal Income Fund:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income Fund (the Funds), including the portfolios of investments, as of October 31, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2020, the results of their operations and the cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 28, 2020
19
| | |
| Nuveen Quality Municipal Income Fund Portfolio of Investments October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | LONG-TERM INVESTMENTS – 156.4% (100.0% of Total Investments) | | | |
| | MUNICIPAL BONDS – 156.4% (100.0% of Total Investments) | | | |
| | Alabama – 1.4% (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+ | $ 5,998,250 |
| 5,455 | | 5.000%, 10/01/34 – AGM Insured (AMT) | 10/27 at 100.00 | BBB+ | 6,530,453 |
| 5,550 | | 5.000%, 10/01/35 – AGM Insured (AMT) | 10/27 at 100.00 | BBB+ | 6,622,815 |
| 17,500 | | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A3 | 23,997,575 |
| | 5.000%, 9/01/46 | | | |
| 4,165 | | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone | 5/29 at 100.00 | N/R | 4,574,545 |
| | Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A | | | |
| 37,670 | | Total Alabama | | | 47,723,638 |
| | Alaska – 0.7% (0.4% 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 | 1,746,516 |
| 3,400 | | 5.000%, 1/01/25 (AMT) | No Opt. Call | Baa2 | 3,853,594 |
| 1,000 | | 5.000%, 1/01/28 (AMT) | 7/25 at 100.00 | Baa2 | 1,121,950 |
| 1,075 | | 5.000%, 1/01/29 (AMT) | 7/25 at 100.00 | Baa2 | 1,197,443 |
| 300 | | 5.000%, 1/01/31 (AMT) | 7/25 at 100.00 | Baa2 | 331,470 |
| | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | | | |
| | Bonds, Series 2006A: | | | |
| 145 | | 4.625%, 6/01/23 | 11/20 at 100.00 | A1 | 145,036 |
| 14,500 | | 5.000%, 6/01/32 | 11/20 at 100.00 | B3 | 14,503,625 |
| 22,000 | | Total Alaska | | | 22,899,634 |
| | Arizona – 3.2% (2.0% of Total Investments) | | | |
| 980 | | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue | 3/22 at 100.00 | A– | 1,014,153 |
| | Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 | | | |
| 2,500 | | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals | 12/24 at 100.00 | A2 | 2,835,975 |
| | 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– | 2,301,260 |
| | 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 | 1,564,589 |
| 2,500 | | 5.000%, 7/01/32 | 7/22 at 100.00 | A | 2,617,600 |
| 2,335 | | 5.000%, 7/01/36 | 7/22 at 100.00 | A | 2,436,246 |
| 11,795 | | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, | 1/27 at 100.00 | AA– | 13,195,066 |
| | Refunding Series 2016A, 4.000%, 1/01/36 | | | |
| | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien | | | |
| | Series 2019A: | | | |
| 5,500 | | 4.000%, 7/01/44 | 7/29 at 100.00 | A | 6,073,375 |
| 2,000 | | 4.000%, 7/01/49 | 7/29 at 100.00 | A | 2,193,260 |
| 3,165 | | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien | 7/29 at 100.00 | A | 3,717,071 |
| | Series 2019B, 5.000%, 7/01/44 (AMT) | | | |
| 12,935 | | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien | 7/27 at 100.00 | A+ | 14,788,197 |
| | 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 | A+ | 6,947,220 |
| | Series 2018, 5.000%, 7/01/48 (AMT) | | | |
| 7,000 | | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion | No Opt. Call | AA | 10,635,590 |
| | Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured | | | |
20
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Arizona (continued) | | | |
| $ 1,000 | | Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding | 12/25 at 100.00 | AA | $ 1,086,400 |
| | Series 2015, 4.000%, 12/01/38 – AGM Insured | | | |
| | 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+ | 652,850 |
| 24,765 | | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 33,122,445 |
| 1,100 | | Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona | 6/24 at 100.00 | A2 | 1,257,245 |
| | University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured | | | |
| 87,565 | | Total Arizona | | | 106,438,542 |
| | Arkansas – 0.2% (0.1% of Total Investments) | | | |
| 4,000 | | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | B | 4,009,960 |
| | Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A | | | |
| 2,055 | | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, | 12/23 at 100.00 | A1 | 2,249,054 |
| | 4.875%, 12/01/43 | | | |
| 6,055 | | Total Arkansas | | | 6,259,014 |
| | California – 13.4% (8.6% of Total Investments) | | | |
| 1,535 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series | No Opt. Call | A– | 930,379 |
| | 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 | 2,682,718 |
| 7,150 | | 0.000%, 9/01/28 – AGM Insured | No Opt. Call | A2 | 6,340,406 |
| 2,455 | | 0.000%, 9/01/32 – AGM Insured | No Opt. Call | A2 | 1,920,203 |
| 95 | | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | AA | 67,310 |
| 105 | | 0.000%, 9/01/35 – AGM Insured (ETM) | No Opt. Call | AA (4) | 81,332 |
| | 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) | 11,148,800 |
| 3,500 | | 5.250%, 4/01/53 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 3,923,115 |
| 1,055 | | Brisbane School District, San Mateo County, California, General Obligation Bonds, | No Opt. Call | A2 | 760,170 |
| | 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) | 49,817 |
| 1,640 | | 0.000%, 8/01/32 | No Opt. Call | A2 | 1,293,583 |
| | 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 | 3,006,555 |
| 4,505 | | 0.000%, 8/01/33 – FGIC Insured | No Opt. Call | A3 | 3,442,361 |
| 7,000 | | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter | 11/26 at 100.00 | A+ | 8,157,240 |
| | 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+ | 26,705,342 |
| | 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 | A+ | 2,527,912 |
| | Health, Series 2018A, 4.000%, 11/15/42 | | | |
| 710 | | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– | 781,589 |
| | System, Series 2013A, 5.000%, 7/01/37 | | | |
| | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and | | | |
| | Clinics, Tender Option Bond Trust 2016-XG0049: | | | |
| 790 | | 9.284%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 890,133 |
| 825 | | 9.292%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 929,668 |
| 2,140 | | 9.292%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 2,411,502 |
21
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 5,000 | | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | BBB– | $ 5,669,650 |
| | Series 2018A, 5.000%, 12/31/47 (AMT) | | | |
| 3,250 | | California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series | 2/27 at 100.00 | A– | 3,721,055 |
| | 2017A, 5.000%, 2/01/42 | | | |
| 815 | | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/23 at 100.00 | A+ | 916,207 |
| | Series 2013I, 5.000%, 11/01/38 | | | |
| 2,100 | | California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30 | 11/20 at 100.00 | AA– | 2,107,644 |
| 500 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB– | 537,480 |
| | 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– | 6,492,900 |
| 3,070 | | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB– | 3,377,982 |
| 5,480 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB– | 6,197,058 |
| | Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | | | |
| | California Statewide Community Development Authority, Revenue Bonds, Daughters of | | | |
| | Charity Health System, Series 2005A: | | | |
| 1,390 | | 5.750%, 7/01/30 (6) | 11/20 at 100.00 | N/R | 1,279,517 |
| 3,809 | | 5.500%, 7/01/39 (6) | 11/20 at 100.00 | N/R | 3,504,131 |
| 4,890 | | Clovis Unified School District, Fresno County, California, General Obligation Bonds, | No Opt. Call | Baa2 | 4,614,008 |
| | Series 2006B, 0.000%, 8/01/26 – NPFG Insured | | | |
| 1,000 | | Coachella Valley Unified School District, Riverside County, California, General | No Opt. Call | A– | 836,380 |
| | 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) | 3,086,884 |
| | 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+ (4) | 1,350,481 |
| | Project, Subordinate Series 2011A, 7.000%, 12/01/36 (Pre-refunded 12/01/21) | | | |
| 4,000 | | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, | 6/24 at 100.00 | Aa1 | 4,587,040 |
| | 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+ | 2,915,847 |
| | 2002 Series 2012C, 0.000%, 8/01/25 | | | |
| 3,500 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | BBB | 2,599,835 |
| | 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: | | | |
| 1,480 | | 5.750%, 1/15/46 | 1/24 at 100.00 | Baa2 | 1,653,056 |
| 6,480 | | 6.000%, 1/15/49 (Pre-refunded 1/15/24) | 1/24 at 100.00 | Baa2 (4) | 7,657,675 |
| 1,500 | | Gavilan Joint Community College District, Santa Clara and San Benito Counties, | 8/21 at 100.00 | Aa3 (4) | 1,562,475 |
| | 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+ | 11,354,955 |
| | 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+ | 1,411,088 |
| 3,500 | | 0.000%, 6/01/26 – AGM Insured | No Opt. Call | Aa3 | 3,309,600 |
| 3,000 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 3,085,860 |
| | 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 | 6,115,146 |
| | 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– | 1,981,125 |
| | Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured | | | |
22
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 5,000 | | Kern Community College District, California, General Obligation Bonds, Safety, Repair & | No Opt. Call | AA | $ 4,864,700 |
| | 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– | 872,815 |
| | 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 | A+ | 102,804 |
| | 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 | A+ | 2,289,460 |
| 20,015 | | 5.000%, 5/15/46 (AMT) | 5/26 at 100.00 | A+ | 22,724,030 |
| 4,615 | | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/28 at 100.00 | A+ | 5,416,579 |
| | 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– | 3,002,176 |
| | Series 2014B, 5.000%, 7/01/43 | | | |
| 15,000 | | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series | 1/21 at 100.00 | Aa2 | 15,109,950 |
| | 2011A, 5.000%, 7/01/41 | | | |
| 250 | | Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, | 9/21 at 100.00 | A | 260,648 |
| | Subordinate Lien Series 2011A, 7.000%, 9/01/31 | | | |
| 6,215 | | Martinez Unified School District, Contra Costa County, California, General Obligation | 8/24 at 100.00 | AA (4) | 7,511,884 |
| | Bonds, Series 2011, 5.875%, 8/01/31 (Pre-refunded 8/01/24) | | | |
| 5,955 | | Mount San Antonio Community College District, Los Angeles County, California, General | 8/35 at 100.00 | AA | 6,137,699 |
| | Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) | | | |
| 2,700 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | BBB+ | 4,135,239 |
| | 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+ | 3,427,182 |
| | Series 2009C, 6.500%, 11/01/39 | | | |
| 125 | | Natomas Union School District, Sacramento County, California, General Obligation | No Opt. Call | Baa2 | 128,454 |
| | Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured | | | |
| 10,265 | | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue | No Opt. Call | Baa2 | 11,692,143 |
| | Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured | | | |
| 13,145 | | Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage | No Opt. Call | AA+ (4) | 15,842,748 |
| | 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) | 2,561,400 |
| | 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) | 4,741,080 |
| | of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) | | | |
| 4,670 | | Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage | No Opt. Call | AA+ (4) | 5,074,048 |
| | 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– | 1,183,000 |
| | 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 | Aa3 | 6,371,700 |
| | Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured (7) | | | |
| 5,000 | | Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, | No Opt. Call | A1 | 4,793,950 |
| | 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 | 2,975,521 |
| | 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+ | 356,410 |
| | Series 2013A, 5.750%, 6/01/48 | | | |
| 14,900 | | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/26 at 100.00 | A | 16,822,100 |
| | International Airport, Second Series 2016B, 5.000%, 5/01/46 (AMT) | | | |
23
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| | 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 | $ 13,585,136 |
| 12,285 | | 5.000%, 5/01/48 (AMT) | 5/28 at 100.00 | A | 14,225,047 |
| 11,025 | | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/29 at 100.00 | A | 12,978,299 |
| | International Airport, Second Series 2019A, 5.000%, 5/01/49 (AMT) | | | |
| 2,000 | | San Francisco City and County Redevelopment Agency Successor Agency, California, Special | 8/22 at 29.31 | N/R | 568,380 |
| | Tax Bonds, Community Facilities District 6 Mission Bay South Public Improvements, 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– | 2,203,920 |
| | 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 | 16,879,014 |
| 25,840 | | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB | 28,284,464 |
| | San Jose, California, Airport Revenue Bonds, Refunding Series 2017A: | | | |
| 5,000 | | 5.000%, 3/01/41 (AMT) | 3/27 at 100.00 | A– | 5,769,400 |
| 5,000 | | 5.000%, 3/01/47 (AMT) | 3/27 at 100.00 | A– | 5,716,200 |
| 6,660 | | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 38.93 | A3 | 2,366,964 |
| | 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) | 894,502 |
| | 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 | 1,925,344 |
| | Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured | | | |
| 5,000 | | Solano Community College District, Solano and Yolo Counties, California, General | 8/23 at 100.00 | AA (4) | 5,652,100 |
| | Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43 (Pre-refunded 8/01/23) | | | |
| 1,145 | | Southern Kern Unified School District, Kern County, California, General Obligation | No Opt. Call | A2 | 961,834 |
| | 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 | 843,027 |
| | 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) | 1,065,770 |
| 1,000 | | 6.500%, 12/01/24 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ (4) | 1,066,770 |
| 1,000 | | 6.625%, 12/01/25 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ (4) | 1,068,120 |
| 1,325 | | 6.750%, 12/01/26 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ (4) | 1,417,035 |
| 2,410 | | Victor Elementary School District, San Bernardino County, California, General Obligation | No Opt. Call | A+ | 2,267,497 |
| | 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 | A1 (4) | 2,072,140 |
| | 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 | AA | 4,172,588 |
| | Series 2011B, 0.000%, 8/01/36 – AGM Insured (7) | | | |
| 4,000 | | Yuba Community College District, California, General Obligation Bonds, Election 2006 | 8/21 at 100.00 | Aa2 (4) | 4,151,720 |
| | Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) | | | |
| 425,119 | | Total California | | | 448,508,205 |
| | Colorado – 11.1% (7.1% of Total Investments) | | | |
| 3,000 | | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series | 12/25 at 100.00 | A1 | 3,576,270 |
| | 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 | 4,806,295 |
| | General Obligation Bonds, Series 2016C, 4.000%, 12/15/34 | | | |
| 10,000 | | Boulder Valley School District RE2, Boulder County, Colorado, General Obligation Bonds, | 6/29 at 100.00 | AA+ | 11,526,400 |
| | Series 2019A, 4.000%, 12/01/48 | | | |
24
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| $ 4,000 | | Centennial Water and Sanitation District, Douglas County, Colorado, Water and Wastewater | 12/28 at 100.00 | AA+ | $ 4,978,080 |
| | Revenue Bonds, Series 2019, 5.000%, 12/01/43 | | | |
| 1,775 | | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | 12/22 at 103.00 | N/R | 1,864,371 |
| | Improvement Series 2017, 5.000%, 12/01/29, 144A | | | |
| 1,605 | | Cherokee Metropolitan District, Colorado, Water and Wastewater Revenue Bonds, Series | 8/30 at 100.00 | AA | 1,864,561 |
| | 2020, 4.000%, 8/01/45 – BAM Insured | | | |
| 2,945 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 8/23 at 100.00 | BB+ | 3,224,451 |
| | 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+ | 1,764,049 |
| | 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+ | 536,335 |
| | 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+ | 1,121,760 |
| | 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+ | 3,959,748 |
| | 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+ | 1,327,388 |
| | 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 | 587,532 |
| | 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 | 1,329,516 |
| 1,600 | | 4.000%, 3/01/37 | 3/27 at 100.00 | A1 | 1,767,520 |
| 1,930 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health | 5/26 at 100.00 | AA | 2,109,915 |
| | System/Sunbelt Obligated Group, Series 2016A, 4.000%, 11/15/41 | | | |
| 2,300 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 2/21 at 100.00 | BBB+ (4) | 2,326,611 |
| | Initiatives, Series 2011A, 5.000%, 2/01/41 (Pre-refunded 2/01/21) | | | |
| | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | | | |
| | Initiatives, Series 2013A: | | | |
| 3,020 | | 5.250%, 1/01/40 (Pre-refunded 1/01/23) | 1/23 at 100.00 | BBB+ (4) | 3,334,140 |
| 4,890 | | 5.250%, 1/01/45 (Pre-refunded 1/01/23) | 1/23 at 100.00 | BBB+ (4) | 5,398,658 |
| 4,600 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living | 1/24 at 102.00 | N/R | 4,871,354 |
| | Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | | | |
| 10,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 10,771,800 |
| | Series 2019A-2, 4.000%, 8/01/49 | | | |
| 270 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/23 at 100.00 | N/R (4) | 306,815 |
| | Samaritan Society Project, Series 2013, 5.625%, 6/01/43 (Pre-refunded 6/01/23) | | | |
| | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | | | |
| | Samaritan Society Project, Series 2013A: | | | |
| 2,670 | | 5.000%, 6/01/28 (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (4) | 3,231,982 |
| 6,425 | | 5.000%, 6/01/40 (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (4) | 7,777,334 |
| 665 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, | 5/27 at 100.00 | N/R | 756,970 |
| | Refunding & Improvement Series 2017A, 5.250%, 5/15/47 | | | |
| 3,030 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, | 9/30 at 100.00 | Baa1 | 3,282,460 |
| | Series 2020A, 4.000%, 9/01/45 | | | |
| 5,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series | 11/29 at 100.00 | A+ | 6,033,400 |
| | 2019A, 5.000%, 11/01/44 | | | |
| 3,300 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, | 1/30 at 100.00 | AA– | 3,804,075 |
| | Refunding Series 2019A, 4.000%, 1/01/38 | | | |
| 2,620 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, | 1/30 at 100.00 | AA– | 2,996,022 |
| | Refunding Series 2019B, 4.000%, 1/01/40 | | | |
25
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| $ 1,100 | | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, | 12/24 at 100.00 | BBB | $ 1,185,393 |
| | Senior Lien Series 2017, 5.000%, 12/31/56 | | | |
| | Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B: | | | |
| 750 | | 4.250%, 5/15/37 (Pre-refunded 5/15/21) | 5/21 at 100.00 | N/R (4) | 765,735 |
| 1,250 | | 4.250%, 5/15/37 | 5/21 at 100.00 | Aa2 | 1,272,225 |
| | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | | | |
| | Revenue Bonds, Refunding Series 2017C: | | | |
| 1,115 | | 5.000%, 3/01/43 (Pre-refunded 3/01/28) | 3/28 at 100.00 | N/R (4) | 1,470,863 |
| 1,660 | | 5.000%, 3/01/43 | 3/28 at 100.00 | AA | 2,010,575 |
| 2,360 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/28 at 100.00 | AA | 2,661,537 |
| | Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 | | | |
| 3,555 | | Colorado State, Certificates of Participation, Rural Series 2020A, 4.000%, 12/15/38 | 12/30 at 100.00 | AA– | 4,241,257 |
| 3,000 | | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, 8/01/44 – | 8/24 at 100.00 | A1 | 3,417,090 |
| | 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 | A1 | 8,670,637 |
| 2,000 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, | 11/22 at 100.00 | A+ (4) | 2,190,400 |
| | 11/15/32 (Pre-refunded 11/15/22) | | | |
| 1,100 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 11/23 at 100.00 | A | 1,200,760 |
| | 2013A, 5.250%, 11/15/43 (AMT) | | | |
| 4,515 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 11/23 at 100.00 | A | 4,920,582 |
| | 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 | 24,030,065 |
| 30,435 | | 5.000%, 12/01/48 (AMT) | 12/28 at 100.00 | A | 35,483,558 |
| 1,820 | | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement | 8/26 at 100.00 | AA– | 1,898,952 |
| | 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 | B | 2,032,088 |
| | 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 | BBB– | 3,192,080 |
| 2,000 | | 5.000%, 12/01/29 | 12/26 at 100.00 | BBB– | 2,152,760 |
| 2,400 | | 5.000%, 12/01/36 | 12/26 at 100.00 | BBB– | 2,555,472 |
| 1,605 | | 5.000%, 12/01/40 | 12/26 at 100.00 | BBB– | 1,698,395 |
| | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | | | |
| | Series 2010A: | | | |
| 385 | | 0.000%, 9/01/35 | No Opt. Call | A | 276,003 |
| 150 | | 0.000%, 9/01/37 | No Opt. Call | A | 100,416 |
| 75 | | 0.000%, 9/01/38 | No Opt. Call | A | 48,485 |
| 20 | | 0.000%, 9/01/39 | No Opt. Call | A | 12,497 |
| 110 | | 0.000%, 9/01/41 | No Opt. Call | A | 63,683 |
| | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | | | |
| 1,520 | | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | A | 1,489,676 |
| 18,380 | | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | A | 17,620,722 |
| | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | |
| 1,045 | | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A | 907,635 |
| 2,175 | | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | A | 1,836,526 |
| 25,050 | | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | A | 20,544,757 |
| 23,305 | | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 18,507,899 |
| 100 | | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 76,905 |
| 12,500 | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, | 9/26 at 54.77 | A | 6,207,625 |
| | 9/01/38 – NPFG Insured | | | |
26
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | | | |
| $ 385 | | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | A | $ 344,336 |
| 60,000 | | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | A | 42,289,800 |
| 340 | | Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, | 5/21 at 100.00 | Baa2 | 339,619 |
| | Refunding Series 2011A, 5.500%, 5/01/22 (AMT) | | | |
| 1,250 | | Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater | 12/29 at 100.00 | AA | 1,458,875 |
| | Revenue Bonds, Improvement Series 2020A, 4.000%, 12/01/45 – AGM Insured | | | |
| 4,000 | | Ebert Metropolitan District, Denver Colorado, Limited Tax General Obligation Bonds, | 12/28 at 100.00 | A2 | 4,927,240 |
| | Refunding Series 2018A-1, 5.000%, 12/01/43 – BAM Insured | | | |
| 2,000 | | Firestone, Colorado, Water Enterprise Revenue Bonds, Series 2020, 4.000%, 12/01/49 – | 12/30 at 100.00 | AA | 2,340,580 |
| | BAM Insured | | | |
| 520 | | Flying Horse Metropolitan District 2, El Paso County, Colorado, General Obligation | 12/30 at 100.00 | A2 | 602,618 |
| | Limited Tax Bonds, Refunding & Improvement Series 2020A, 4.000%, 12/01/44 – AGM Insured | | | |
| 1,860 | | Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue | 12/25 at 100.00 | Aa2 | 2,052,529 |
| | Bonds, Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40 | | | |
| | Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax | | | |
| | Refunding & Improvement Series 2016: | | | |
| 1,565 | | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa3 | 1,761,188 |
| 2,100 | | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 2,334,003 |
| 6,705 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 7,689,026 |
| | Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | | | |
| 2,395 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/29 at 100.00 | A | 2,832,231 |
| | Revenue Bonds, Series 2019A, 4.000%, 12/01/36 – AGM Insured | | | |
| 5,715 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/20 at 100.00 | A2 (4) | 5,741,232 |
| | 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– | 1,080,310 |
| | 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 | 11/20 at 100.00 | Baa3 | 2,505,425 |
| 3,115 | | 6.000%, 1/15/34 | 11/20 at 100.00 | Baa3 | 3,120,607 |
| 2,615 | | 6.000%, 1/15/41 | 11/20 at 100.00 | Baa3 | 2,619,707 |
| 1,500 | | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 1,547,070 |
| | 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 | 907,463 |
| | 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 | A3 | 1,273,860 |
| 1,000 | | 4.125%, 12/01/37 – BAM Insured | 12/26 at 100.00 | A3 | 1,105,940 |
| 2,000 | | Upper Eagle Regional Water Authority, Eagle County, Colorado, Water Revenue Bonds, | 12/30 at 100.00 | AA | 2,298,760 |
| | Refunding & Improvement Series 2020, 4.000%, 12/01/50 – AGM Insured | | | |
| 2,000 | | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General | 12/26 at 100.00 | A2 | 2,221,060 |
| | Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured | | | |
| 374,180 | | Total Colorado | | | 369,372,544 |
| | Connecticut – 1.3% (0.8% of Total Investments) | | | |
| 850 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean | 1/26 at 102.00 | BB+ | 900,260 |
| | Affiliates, Series 2020A, 5.000%, 1/01/45, 144A | | | |
| 3,430 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart | 7/22 at 100.00 | A2 (4) | 3,700,490 |
| | University, Series 2012H, 5.000%, 7/01/24 (Pre-refunded 7/01/22) – AGM Insured | | | |
27
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Connecticut (continued) | | | |
| | Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, | | | |
| | Tender Option Bond Trust 2016-XG0059: | | | |
| $ 1,295 | | 16.944%, 1/01/32, 144A (IF) (5) | 1/23 at 100.00 | Aa3 | $ 1,768,271 |
| 190 | | 16.787%, 1/01/38, 144A (IF) (5) | 1/23 at 100.00 | Aa3 | 252,852 |
| | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | | | |
| | Series 2018A: | | | |
| 14,775 | | 5.000%, 1/01/34 | 1/28 at 100.00 | A+ | 18,067,018 |
| 6,410 | | 5.000%, 1/01/37 | 1/28 at 100.00 | A+ | 7,753,664 |
| 6,000 | | 5.000%, 1/01/38 | 1/28 at 100.00 | A+ | 7,238,100 |
| 3,565 | | Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, | 4/22 at 100.00 | AA– (4) | 3,754,230 |
| | Series 2013A, 4.000%, 4/01/39 (Pre-refunded 4/01/22) | | | |
| 5,077 | | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate | No Opt. Call | N/R | 329,982 |
| | Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (6) | | | |
| 41,592 | | Total Connecticut | | | 43,764,867 |
| | 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 | 931,904 |
| | Series 2018, 5.000%, 6/01/48 | | | |
| 7,255 | | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, | 6/25 at 100.00 | AA– | 8,270,192 |
| | 5.000%, 6/01/55 | | | |
| 8,055 | | Total Delaware | | | 9,202,096 |
| | District of Columbia – 0.9% (0.6% of Total Investments) | | | |
| 775 | | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage | 11/20 at 100.00 | AA+ | 777,914 |
| | Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (AMT) | | | |
| 2,800 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | Baa1 | 3,069,332 |
| | Bonds, Series 2001, 6.500%, 5/15/33 | | | |
| 21,000 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 11/20 at 20.76 | N/R | 4,349,100 |
| | Bonds, Series 2006A, 0.000%, 6/15/46 | | | |
| 15,000 | | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Series | No Opt. Call | Aa1 | 16,533,600 |
| | 1998, 5.500%, 10/01/23 – AGM Insured (UB) | | | |
| 4,500 | | Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding | 10/23 at 100.00 | A+ | 4,966,650 |
| | Series 2013A, 5.000%, 10/01/30 (AMT) | | | |
| 44,075 | | Total District of Columbia | | | 29,696,596 |
| | Florida – 9.4% (6.0% of Total Investments) | | | |
| 1,480 | | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing | 11/23 at 100.00 | BBB | 1,537,720 |
| | 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 | 472,415 |
| 2,260 | | 5.000%, 9/01/48 | 9/23 at 100.00 | BBB | 2,372,390 |
| 7,500 | | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, | 10/25 at 100.00 | A | 8,449,800 |
| | 10/01/45 (AMT) | | | |
| 4,315 | | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, | 10/21 at 100.00 | A1 (4) | 4,501,020 |
| | 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 | 103,337 |
| | Renaissance Charter School, Inc Projects, Series 2012A, 6.125%, 6/15/43, 144A | | | |
| 175 | | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 9/27 at 100.00 | N/R | 186,491 |
| | Renaissance Charter School, Inc Projects, Series 2020C, 5.000%, 9/15/40, 144A | | | |
| | Florida Development Finance Corporation, Florida, Surface Transportation Facility | | | |
| | Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: | | | |
| 12,000 | | 6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A | 11/20 at 105.00 | N/R | 10,302,720 |
| 19,000 | | 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A | 11/20 at 105.00 | N/R | 16,279,390 |
28
| | | | | | |
| 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) | $ 4,435,517 |
| | Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/32 (Pre-refunded 4/01/22) | | | |
| 1,150 | | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova | 4/21 at 100.00 | Baa1 (4) | 1,178,532 |
| | Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 (Pre-refunded 4/01/21) | | | |
| 2,000 | | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust | 10/21 at 100.00 | Aa3 | 2,084,560 |
| | Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (AMT) | | | |
| | 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+ | 36,587,002 |
| 9,065 | | 5.000%, 10/01/52 (AMT) | 10/27 at 100.00 | A+ | 10,330,383 |
| 3,890 | | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | 10/26 at 100.00 | AA– | 4,477,312 |
| | 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 | 6,711,517 |
| | 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 | A+ | 5,861,600 |
| | 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 | 2,578,838 |
| | 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 | BBB+ | 11,365,900 |
| | Facility Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44 | | | |
| 10,200 | | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, | 2/31 at 100.00 | Baa1 | 10,987,032 |
| | Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, 4.000%, 8/01/50 | | | |
| 5,000 | | Hillsborough County Port District, Florida, Revenue Bonds, Tampa Port Authority Project, | 6/28 at 100.00 | A | 5,714,900 |
| | Series 2018B, 5.000%, 6/01/46 (AMT) | | | |
| 5,075 | | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, | 11/24 at 100.00 | A2 | 5,750,838 |
| | 5.000%, 11/15/35 | | | |
| 1,500 | | Martin County Industrial Development Authority, Florida, Industrial Development Revenue | 11/20 at 100.00 | Baa2 | 1,502,835 |
| | Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (AMT), 144A | | | |
| 9,820 | | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City | 2/24 at 100.00 | A1 | 11,083,932 |
| | 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 | BB+ | 1,571,560 |
| | 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– | 3,108,349 |
| | 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– | 8,892,979 |
| | of Miami, Series 2015A, 5.000%, 4/01/45 | | | |
| 12,545 | | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University | 4/28 at 100.00 | A– | 14,469,528 |
| | 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 | 1,751,715 |
| | 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– (4) | 1,087,690 |
| | Refunding Series 2012A, 5.000%, 10/01/29 (Pre-refunded 10/01/22) (AMT) | | | |
| 1,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, | 10/24 at 100.00 | A– | 1,126,530 |
| | Refunding Series 2014B, 5.000%, 10/01/37 | | | |
| 7,890 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series | 11/20 at 100.00 | A– | 7,913,670 |
| | 2010B, 5.000%, 10/01/41 | | | |
| 5,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, | 10/24 at 100.00 | A– | 5,578,350 |
| | 10/01/35 (AMT) | | | |
| 6,025 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, | 10/25 at 100.00 | A– | 6,767,159 |
| | 10/01/38 (AMT) | | | |
| 2,865 | | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series | 10/22 at 100.00 | A2 | 3,082,912 |
| | 2012B, 5.000%, 10/01/37 | | | |
29
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| $ 3,000 | | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series | 7/22 at 100.00 | A1 (4) | $ 3,236,580 |
| | 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | | | |
| 12,370 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, | 10/22 at 100.00 | A+ (4) | 13,491,959 |
| | 10/01/42 (Pre-refunded 10/01/22) | | | |
| 6,035 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2019B, | 10/29 at 100.00 | A+ | 6,950,509 |
| | 4.000%, 10/01/49 | | | |
| 2,360 | | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | 10/29 at 100.00 | BBB– | 2,752,657 |
| | Improvement Series 2019A-1, 5.000%, 10/01/44 | | | |
| 2,000 | | Palm Beach County Health Facilities Authority, Florida, Retirement Communities Revenue | 11/26 at 100.00 | A– | 2,313,540 |
| | Bonds, ACTS Retirement – Life Communities, Inc Obligated Group, Series 2016, 5.000%, 11/15/32 | | | |
| 115 | | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences | 6/22 at 102.00 | N/R | 125,437 |
| | 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– | 5,389,485 |
| | 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– | 12,088,762 |
| | Electric Cooperatice, 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 | 6,762,613 |
| 6,040 | | 5.000%, 8/15/47 | 8/27 at 100.00 | A1 | 7,025,064 |
| 705 | | Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment | 3/24 at 100.00 | BBB+ | 780,689 |
| | 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– | 1,632,450 |
| | 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+ | 744,352 |
| | Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29 | | | |
| 2,405 | | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, | 5/26 at 100.00 | Aa2 | 2,626,621 |
| | 4.000%, 11/15/46 | | | |
| | Tampa, Florida, Revenue Bonds, H Lee Moffitt Cancer Center and Research Institute, | | | |
| | Series 2020B: | | | |
| 1,000 | | 5.000%, 7/01/40 | 7/30 at 100.00 | A– | 1,223,280 |
| 1,845 | | 4.000%, 7/01/45 | 7/30 at 100.00 | A– | 2,056,252 |
| 14,610 | | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series | 7/22 at 100.00 | A2 (4) | 15,749,434 |
| | 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | | | |
| 85 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 5/22 at 100.00 | N/R | 66,786 |
| | Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7) | | | |
| 120 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, | 11/20 at 100.00 | N/R | 1 |
| | Series 2007-3, 6.650%, 5/01/40 (6) | | | |
| 290 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/20 at 100.00 | N/R | 264,343 |
| | Series 2015-1, 0.000%, 5/01/40 (7) | | | |
| 180 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/20 at 100.00 | N/R | 126,421 |
| | Series 2015-2, 0.000%, 5/01/40 (7) | | | |
| 195 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/20 at 100.00 | N/R | 2 |
| | Series 2015-3, 6.610%, 5/01/40 (6) | | | |
| 750 | | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle | 10/29 at 100.00 | A3 | 852,128 |
| | Aeronautical University, Series 2020A, 4.000%, 10/15/38 | | | |
| 6,510 | | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson | 6/25 at 100.00 | A– | 7,240,682 |
| | University Inc Project, Series 2015, 5.000%, 6/01/45 | | | |
| 288,885 | | Total Florida | | | 313,706,470 |
| | Georgia – 1.7% (1.1% of Total Investments) | | | |
| 1,820 | | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | A+ | 1,992,099 |
| | Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 | | | |
30
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Georgia (continued) | | | |
| $ 5,000 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | AA– | $ 5,922,100 |
| | 5.000%, 11/01/32 | | | |
| 1,280 | | Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System | No Opt. Call | Baa2 | 1,452,186 |
| | Inc, Series 1996, 5.500%, 8/15/26 – NPFG Insured | | | |
| | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | | | |
| | System, Inc Project, Series 2017A: | | | |
| 2,000 | | 5.000%, 4/01/47 | 4/27 at 100.00 | A | 2,315,460 |
| 2,500 | | 4.000%, 4/01/50 | 4/30 at 100.00 | A | 2,770,775 |
| 3,180 | | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series | 7/28 at 100.00 | BBB+ | 3,760,859 |
| | 2019A, 5.000%, 1/01/63 | | | |
| | Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A: | | | |
| 1,460 | | 5.000%, 5/15/43 | 5/29 at 100.00 | A3 | 1,706,536 |
| 5,000 | | 5.000%, 5/15/49 | No Opt. Call | A3 | 6,954,050 |
| 3,265 | | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third | 7/26 at 100.00 | AA– | 3,882,314 |
| | Indenture, Series 2015B, 5.000%, 7/01/41 | | | |
| 10,260 | | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | Baa1 | 11,368,490 |
| | Series 2015A, 5.000%, 7/01/60 | | | |
| 5,000 | | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/26 at 100.00 | AA | 5,875,150 |
| | 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 | 1,257,173 |
| | Series 2012A, 5.250%, 10/01/27 | | | |
| 5,370 | | Rockdale County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc | 7/29 at 100.00 | A1 | 6,009,245 |
| | Project, Series 2019A, 4.000%, 7/01/44 | | | |
| 1,425 | | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South | 10/21 at 100.00 | AA– (4) | 1,487,101 |
| | Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21) | | | |
| 48,780 | | Total Georgia | | | 56,753,538 |
| | 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 | 787,751 |
| 1,220 | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | Baa2 (4) | 1,385,920 |
| | 2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) | | | |
| 1,985 | | Total Guam | | | 2,173,671 |
| | Hawaii – 1.5% (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 | 14,198,340 |
| | 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 | 6,379,920 |
| | 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 | A+ | 12,679,690 |
| 10,000 | | Hawaii State, Airport System Revenue Bonds, Series 2018A, 5.000%, 7/01/43 (AMT) | 7/28 at 100.00 | A+ | 11,620,500 |
| 5,000 | | Hawaii State, General Obligation Bonds, Series 2017FK, 4.000%, 5/01/35 | 5/27 at 100.00 | Aa2 | 5,764,500 |
| 45,205 | | Total Hawaii | | | 50,642,950 |
| | Idaho – 0.7% (0.4% of Total Investments) | | | |
| 5,000 | | Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, | 12/27 at 100.00 | AA– | 5,921,600 |
| | 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– | 13,145,258 |
| | 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+ | 1,952,671 |
| | 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 | 1,236,774 |
| 310 | | 5.000%, 9/01/32 | 9/22 at 100.00 | A3 | 334,077 |
| 19,370 | | Total Idaho | | | 22,590,380 |
31
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois – 17.0% (10.9% 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 | $ 1,107,771 |
| 1,945 | | 5.000%, 12/15/30 (Pre-refunded 12/15/21) – AGM Insured | 12/21 at 100.00 | AA (4) | 2,046,159 |
| 6,000 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 6,893,760 |
| | Series 2016, 6.000%, 4/01/46 | | | |
| 1,470 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues | 12/21 at 100.00 | B1 | 1,481,304 |
| | 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– | 10,902,420 |
| | Series 2016A, 7.000%, 12/01/44 | | | |
| 2,400 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | BB– | 2,804,544 |
| | Series 2016B, 6.500%, 12/01/46 | | | |
| 11,295 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB– | 13,961,524 |
| | 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 | BB– | 9,983,800 |
| 10,130 | | 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | BB– | 9,160,356 |
| 7,140 | | 0.000%, 12/01/25 – FGIC Insured | No Opt. Call | BB– | 6,262,280 |
| 4,325 | | 0.000%, 12/01/29 – FGIC Insured | No Opt. Call | BB– | 3,207,680 |
| 4,235 | | 0.000%, 12/01/31 – FGIC Insured | No Opt. Call | BB– | 2,880,181 |
| | 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 | BB– | 14,653,350 |
| 10,000 | | 0.000%, 12/01/23 – FGIC Insured | No Opt. Call | BB– | 9,290,100 |
| 8,845 | | 5.500%, 12/01/26 – NPFG Insured | No Opt. Call | BB– | 10,044,736 |
| 7,900 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, | 12/21 at 100.00 | A3 (4) | 8,326,600 |
| | 5.250%, 12/01/40 (Pre-refunded 12/01/21) | | | |
| | Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, | | | |
| | Series 1999A: | | | |
| 1,145 | | 5.600%, 12/20/29 (AMT) | 11/20 at 100.00 | A+ | 1,148,092 |
| 1,925 | | 5.650%, 12/20/40 (AMT) | 11/20 at 100.00 | A+ | 1,929,274 |
| | 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 | 6,346,416 |
| 10,285 | | 5.000%, 1/01/53 (AMT) | 1/29 at 100.00 | A | 11,885,346 |
| 2,245 | | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/25 at 100.00 | A | 2,518,531 |
| | 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 | 12,814,537 |
| 3,000 | | 5.000%, 1/01/47 (AMT) | 1/27 at 100.00 | A | 3,385,020 |
| | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | |
| 4,115 | | 0.000%, 1/01/33 – FGIC Insured | No Opt. Call | BBB– | 2,677,919 |
| 29,600 | | 0.000%, 1/01/38 – FGIC Insured | No Opt. Call | BBB– | 15,246,368 |
| 11,675 | | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB– | 12,778,171 |
| | 6.000%, 1/01/38 | | | |
| | Chicago, Illinois, General Obligation Bonds, Series 2019A: | | | |
| 4,000 | | 5.000%, 1/01/40 | 1/29 at 100.00 | BBB– | 4,064,280 |
| 7,445 | | 5.500%, 1/01/49 | 1/29 at 100.00 | BBB– | 7,884,627 |
| 22,750 | | Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, | No Opt. Call | BBB– | 23,842,227 |
| | 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) | 6,627,158 |
| | (Pre-refunded 1/01/22) | | | |
32
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| $ 6,410 | | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, | No Opt. Call | Baa2 | $ 8,094,420 |
| | 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 | 1,850,835 |
| | AMBAC Insured | | | |
| 4,500 | | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/27 at 100.00 | A+ | 5,201,640 |
| | 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 | A2 | 13,342,876 |
| | 5.250%, 11/15/33 | | | |
| 3,000 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, | 11/26 at 100.00 | A2 | 3,526,470 |
| | 5.000%, 11/15/31 | | | |
| | Cook County, Illinois, General Obligation Bonds, Refunding Series 2018: | | | |
| 500 | | 5.000%, 11/15/34 | 11/26 at 100.00 | A2 | 581,975 |
| 4,550 | | 5.000%, 11/15/35 | 11/26 at 100.00 | A2 | 5,280,321 |
| | 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 | 5,620,950 |
| 815 | | 4.500%, 11/01/36 | 11/24 at 100.00 | A | 899,703 |
| 2,785 | | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 3,158,663 |
| 410 | | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools | 12/25 at 100.00 | N/R | 439,930 |
| | Belmont School Project, Series 2015A, 6.000%, 12/01/45, 144A | | | |
| | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding | | | |
| | Series 2015: | | | |
| 1,930 | | 5.000%, 5/01/45 (UB) (5) | 5/25 at 100.00 | N/R | 2,324,106 |
| 12,025 | | 5.000%, 5/01/45 (UB) (5) | 5/25 at 100.00 | Aa3 | 13,407,394 |
| 2,000 | | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, | 3/26 at 100.00 | AA– | 2,186,260 |
| | 4.000%, 3/01/38 | | | |
| 2,500 | | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, | 2/27 at 100.00 | Aa2 | 3,025,700 |
| | 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+ | 5,309,673 |
| | 5.000%, 9/01/32 | | | |
| | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | | | |
| 4,750 | | 5.000%, 9/01/39 | 9/24 at 100.00 | AA+ | 5,299,718 |
| 6,000 | | 5.000%, 9/01/42 | 9/24 at 100.00 | AA+ | 6,647,700 |
| 10,745 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, | 11/25 at 100.00 | A3 | 12,078,777 |
| | 5.000%, 11/15/45 | | | |
| 12,125 | | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, | 11/20 at 100.00 | AA– | 12,154,221 |
| | 5.125%, 5/15/35 | | | |
| | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, | | | |
| | Series 2013A: | | | |
| 415 | | 5.500%, 7/01/28 | 7/23 at 100.00 | A– | 454,475 |
| 390 | | 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 428,743 |
| 4,250 | | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated | 5/25 at 100.00 | A+ | 4,774,068 |
| | 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 | BBB+ | 630,941 |
| 3,745 | | 5.000%, 8/15/44 | 8/25 at 100.00 | BBB+ | 4,128,975 |
| 2,500 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | 2/21 at 100.00 | AA– (4) | 2,536,700 |
| | Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) | | | |
| 3,000 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series | 10/25 at 100.00 | AA– | 3,434,160 |
| | 2015A, 5.000%, 10/01/46 | | | |
| 11,140 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, | 10/21 at 100.00 | AA– | 11,524,441 |
| | 5.000%, 10/01/51 | | | |
33
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| $ 2,000 | | Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc, Series | 11/20 at 100.00 | Aa3 | $ 2,003,720 |
| | 2001, 5.950%, 2/20/36 | | | |
| 1,830 | | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, | 6/24 at 100.00 | BB+ | 2,024,364 |
| | 5.250%, 6/15/32 – AGM Insured | | | |
| 450 | | Illinois State, General Obligation Bonds, December Series 2017A, 5.000%, 12/01/39 | 12/27 at 100.00 | BBB– | 466,443 |
| | Illinois State, General Obligation Bonds, February Series 2014: | | | |
| 5,705 | | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB– | 5,938,106 |
| 5,815 | | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB– | 6,039,110 |
| 2,000 | | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 2,038,800 |
| | Illinois State, General Obligation Bonds, January Series 2016: | | | |
| 3,500 | | 5.000%, 1/01/29 | 1/26 at 100.00 | BBB– | 3,737,300 |
| 8,250 | | 5.000%, 1/01/32 | 1/26 at 100.00 | BBB– | 8,645,752 |
| 4,200 | | Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/27 | 6/26 at 100.00 | BBB– | 4,548,012 |
| 1,025 | | Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/34 | 3/22 at 100.00 | BBB– | 1,041,667 |
| | Illinois State, General Obligation Bonds, May Series 2020: | | | |
| 1,635 | | 5.500%, 5/01/30 | No Opt. Call | BBB– | 1,869,933 |
| 5,305 | | 5.500%, 5/01/39 | 5/30 at 100.00 | BBB– | 5,853,961 |
| 3,000 | | 5.750%, 5/01/45 | 5/30 at 100.00 | BBB– | 3,324,510 |
| 1,500 | | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 | 11/26 at 100.00 | BBB– | 1,554,600 |
| 3,510 | | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB– | 3,840,010 |
| 2,375 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | BBB– | 2,463,018 |
| | Illinois State, General Obligation Bonds, Series 2013: | | | |
| 2,500 | | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB– | 2,602,375 |
| 1,520 | | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 1,566,466 |
| 2,020 | | Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 | 6/21 at 100.00 | BBB | 2,044,280 |
| 1,395 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | A1 | 1,509,641 |
| | 5.000%, 1/01/38 | | | |
| 4,685 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | A1 | 5,421,295 |
| | 5.000%, 1/01/40 | | | |
| 4,435 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, | 1/26 at 100.00 | A1 | 5,175,645 |
| | 5.000%, 1/01/40 | | | |
| 1,875 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | A1 | 2,491,331 |
| | 2015-XF0051, 17.190%, 1/01/38, 144A (IF) | | | |
| 1,815 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | A1 | 2,412,226 |
| | 2015-XF0052, 17.207%, 1/01/38, 144A (IF) | | | |
| 2,000 | | Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation | No Opt. Call | Aa2 | 1,984,540 |
| | Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured | | | |
| 2,500 | | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate | 1/27 at 100.00 | A3 | 2,755,350 |
| | Revenue Source Refunding School Series 2020C, 4.000%, 1/01/40 – AGM Insured | | | |
| 1,510 | | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate | 1/21 at 100.00 | A2 | 1,522,246 |
| | 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 | 8,820,270 |
| | 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 | BB+ | 2,003,948 |
| | Bonds, Refunding Series 2015B, 5.000%, 6/15/52 | | | |
| 1,000 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BB+ | 1,082,910 |
| | Bonds, Series 2015A, 5.500%, 6/15/53 | | | |
| 4,780 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/27 at 100.00 | BB+ | 5,156,425 |
| | Bonds, Series 2017A, 5.000%, 6/15/57 | | | |
34
| | | | | | |
| 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, Refunding Series 1996A: | | | |
| $ 6,015 | | 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | BB+ | $ 5,918,580 |
| 12,250 | | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | BB+ | 11,853,957 |
| 23,575 | | 0.000%, 12/15/23 – NPFG Insured | No Opt. Call | BB+ | 22,302,893 |
| 10,775 | | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BB+ | 9,921,404 |
| | 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) | 152,086 |
| 6,610 | | 0.000%, 12/15/23 | No Opt. Call | BBB | 6,253,324 |
| 5,000 | | 0.000%, 12/15/34 – NPFG Insured | No Opt. Call | BB+ | 3,060,450 |
| 1,100 | | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BB+ | 644,919 |
| 3,805 | | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | BB+ | 1,747,142 |
| 2,195 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | AA+ (4) | 2,647,477 |
| | 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 | 1,592,873 |
| 800 | | 6.000%, 6/01/28 (Pre-refunded 6/01/21) | 6/21 at 100.00 | N/R (4) | 826,632 |
| 3,500 | | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | A2 | 3,798,340 |
| | Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured | | | |
| 2,395 | | Southwestern Illinois Development Authority, Local Government Revenue Bonds, | No Opt. Call | AA | 2,341,592 |
| | 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 | 2,640,983 |
| 3,505 | | 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | A2 | 4,043,053 |
| | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013: | | | |
| 1,580 | | 6.000%, 10/01/32 | 10/23 at 100.00 | Baa1 | 1,753,768 |
| 9,625 | | 6.250%, 10/01/38 | 10/23 at 100.00 | Baa1 | 10,664,885 |
| 2,745 | | 6.000%, 10/01/42 | 10/23 at 100.00 | Baa1 | 3,008,547 |
| 4,930 | | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 4,804,285 |
| | Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured | | | |
| 557,380 | | Total Illinois | | | 566,413,810 |
| | Indiana – 2.0% (1.3% of Total Investments) | | | |
| 6,180 | | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | Baa2 | 6,097,868 |
| | Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured | | | |
| 1,480 | | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, | 6/30 at 100.00 | N/R | 1,480,000 |
| | Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, | | | |
| | 6/01/55, 144A, (WI/DD Settling 11/10/20) | | | |
| 1,555 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University | 2/22 at 100.00 | A– | 1,617,293 |
| | Project, Refunding Series 2012B, 5.000%, 2/01/28 | | | |
| 1,050 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For | 11/20 at 100.00 | B | 1,051,586 |
| | 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 (4) | 3,194,819 |
| | Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/23) | | | |
| 10,000 | | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | 12/29 at 100.00 | AA | 11,355,000 |
| | Group, Fixed Rate Series 2019A, 4.000%, 12/01/49 | | | |
| 7,480 | | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | 6/25 at 100.00 | AA | 8,500,945 |
| | Group, Refunding 2015A, 5.000%, 12/01/40 | | | |
| | Indiana Finance Authority, Provate 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+ | 3,198,583 |
| 1,420 | | 5.000%, 7/01/48 (AMT) | 7/23 at 100.00 | BBB+ | 1,503,482 |
35
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Indiana (continued) | | | |
| $ 1,500 | | Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing | 7/23 at 100.00 | BBB+ | $ 1,598,430 |
| | Project, Series 2013B, 5.000%, 7/01/40 (AMT) | | | |
| 2,500 | | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series | 12/20 at 100.00 | AA– (4) | 2,509,325 |
| | 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) | | | |
| 5,115 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/26 at 100.00 | A+ | 6,055,444 |
| | 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 | A1 | 2,843,995 |
| | Series 2011B, 5.000%, 10/01/41 | | | |
| 4,500 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/22 at 100.00 | Aa3 | 4,689,810 |
| | Series 2012A, 4.000%, 10/01/42 | | | |
| 4,375 | | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series | 7/26 at 100.00 | A+ | 5,133,887 |
| | 2016A, 5.000%, 1/01/42 | | | |
| 3,985 | | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series | 1/24 at 100.00 | N/R | 4,468,500 |
| | 2013, 7.000%, 1/01/44 (AMT) | | | |
| 59,770 | | Total Indiana | | | 65,298,967 |
| | Iowa – 1.3% (0.8% of Total Investments) | | | |
| 1,505 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc Project, | 8/22 at 100.00 | Ba3 | 1,532,406 |
| | 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 | 1,421,428 |
| | Company Project, Series 2013, 5.250%, 12/01/25 | | | |
| 1,710 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 11/20 at 104.00 | B | 1,780,383 |
| | 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 | BB– | 2,098,037 |
| | Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37) | | | |
| | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | |
| 24,420 | | 5.500%, 6/01/42 | 11/20 at 100.00 | B– | 24,754,310 |
| 12,100 | | 5.625%, 6/01/46 | 11/20 at 100.00 | B– | 12,265,649 |
| 43,060 | | Total Iowa | | | 43,852,213 |
| | Kansas – 0.2% (0.1% of Total Investments) | | | |
| 1,240 | | Johnson/Miami County Unified School District 230 Spring Hill, Kansas, General Obligation | 9/21 at 100.00 | Aa3 | 1,287,616 |
| | Bonds, Series 2011A, 5.000%, 9/01/26 | | | |
| 3,965 | | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, | 7/28 at 100.00 | A | 4,653,839 |
| | 5.000%, 7/01/48 | | | |
| 375 | | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak | 11/20 at 100.00 | BBB | 374,985 |
| | Park Mall Project, Series 2010, 5.900%, 4/01/32 | | | |
| 5,580 | | Total Kansas | | | 6,316,440 |
| | Kentucky – 1.3% (0.8% of Total Investments) | | | |
| 5,540 | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist | 8/21 at 100.00 | A2 | 5,754,841 |
| | Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 | | | |
| 2,730 | | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | Baa2 | 2,888,067 |
| | Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | | | |
| | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, | | | |
| | Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: | | | |
| 4,790 | | 0.000%, 7/01/43 (7) | 7/31 at 100.00 | Baa3 | 5,221,292 |
| 3,655 | | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa3 | 3,990,931 |
| | 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 | 9,061,738 |
| 585 | | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 637,059 |
| 9,195 | | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State | 6/21 at 100.00 | A– | 9,392,049 |
| | Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 | | | |
36
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Kentucky (continued) | | | |
| | 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) | $ 504,672 |
| 4,505 | | 6.250%, 3/01/31 (Pre-refunded 3/01/21) | 3/21 at 100.00 | Baa2 (4) | 4,593,028 |
| 1,375 | | 6.500%, 3/01/41 (Pre-refunded 3/01/21) | 3/21 at 100.00 | N/R (4) | 1,402,858 |
| 41,230 | | Total Kentucky | | | 43,446,535 |
| | Louisiana – 3.4% (2.2% of Total Investments) | | | |
| 4,600 | | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 4,751,110 |
| | 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– (4) | 3,191,604 |
| | 5.000%, 2/01/39 (Pre-refunded 2/01/25) | | | |
| 3,130 | | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue | 12/27 at 100.00 | A1 | 3,721,476 |
| | 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+ | 1,683,795 |
| 4,685 | | 4.000%, 4/01/43 | 4/27 at 100.00 | AA+ | 5,218,903 |
| 5,200 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 2/24 at 100.00 | A+ (4) | 5,983,016 |
| | Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, | | | |
| | 5.000%, 2/01/44 (Pre-refunded 2/01/24) | | | |
| | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | | | |
| | Project, Refunding Series 2017: | | | |
| 5,000 | | 5.000%, 5/15/42 | 5/27 at 100.00 | A3 | 5,844,000 |
| 965 | | 5.000%, 5/15/46 | 5/27 at 100.00 | A3 | 1,119,989 |
| 10,000 | | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/30 at 100.00 | A3 | 10,913,100 |
| | Project, Series 2020A, 4.000%, 5/15/49 | | | |
| 7,705 | | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 8,043,635 |
| | (US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A | | | |
| 1,265 | | Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette | 11/25 at 100.00 | Baa2 (4) | 1,538,468 |
| | General Medical Center Project, Series 2016A, 5.000%, 11/01/45 (Pre-refunded 11/01/25) | | | |
| 1,570 | | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children’s | 6/30 at 100.00 | A+ | 1,755,024 |
| | Medical Center Hospital, Series 2020A, 4.000%, 6/01/50 | | | |
| 1,830 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/26 at 100.00 | A3 | 2,000,611 |
| | Refunding Series 2016, 4.000%, 5/15/35 | | | |
| 4,305 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/21 at 100.00 | A3 (4) | 4,453,824 |
| | Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) | | | |
| 330 | | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series | 7/23 at 100.00 | A2 | 354,156 |
| | 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– | 15,557,640 |
| | 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– | 6,955,018 |
| 6,895 | | 5.000%, 1/01/45 (AMT) | 1/25 at 100.00 | A– | 7,644,693 |
| 7,800 | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A– | 8,709,948 |
| | Project, Series 2017B, 5.000%, 1/01/48 (AMT) | | | |
| 1,000 | | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, | 12/22 at 100.00 | A2 | 1,086,550 |
| | 12/01/28 – AGM Insured | | | |
| 5,350 | | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, | 6/24 at 100.00 | BBB+ | 5,981,674 |
| | 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 | BBB+ | 1,359,876 |
| 485 | | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, | No Opt. Call | BBB | 503,905 |
| | Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22) | | | |
37
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Louisiana (continued) | | | |
| $ 5,655 | | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, | 12/25 at 100.00 | A– | $ 6,507,265 |
| | 5.000%, 12/01/40 | | | |
| 103,370 | | Total Louisiana | | | 114,879,280 |
| | Maine – 0.7% (0.5% of Total Investments) | | | |
| 2,775 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | Ba1 | 2,937,226 |
| | 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 | 3,888,989 |
| 2,800 | | 4.000%, 7/01/46 | 7/26 at 100.00 | Ba1 | 2,821,560 |
| 3,245 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth | 7/28 at 100.00 | A+ | 3,862,491 |
| | 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+ | 2,195,520 |
| | 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 | 3,067,290 |
| 2,260 | | 6.750%, 7/01/41 | 7/21 at 100.00 | Ba3 | 2,306,805 |
| | Maine Turnpike Authority, Special Obligation Bonds, Series 2014: | | | |
| 1,290 | | 5.000%, 7/01/33 | 7/24 at 100.00 | A– | 1,465,530 |
| 1,020 | | 5.000%, 7/01/34 | 7/24 at 100.00 | A– | 1,157,221 |
| 22,210 | | Total Maine | | | 23,702,632 |
| | 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– | 5,700,050 |
| 280 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick | 7/30 at 100.00 | Baa1 | 307,549 |
| | Health System Issue; Series 2020, 4.000%, 7/01/45 | | | |
| 2,000 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge | 7/27 at 100.00 | A+ | 2,196,400 |
| | Health Issue, Series 2017, 4.000%, 7/01/42 | | | |
| 450 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy | 7/21 at 100.00 | BBB+ | 464,643 |
| | Medical Cente, Series 2011, 6.000%, 7/01/25 | | | |
| 1,790 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula | 7/24 at 100.00 | A3 | 1,967,550 |
| | 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 | B– | 1,125,384 |
| | King Farm Project, Series 2017A-1, 5.000%, 11/01/28 | | | |
| 10,590 | | Total Maryland | | | 11,761,576 |
| | Massachusetts – 1.1% (0.7% of Total Investments) | | | |
| 650 | | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare | 11/20 at 100.00 | N/R | 455,000 |
| | Project, Series 2007A, 6.750%, 10/15/37 (6) | | | |
| 815 | | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare | 11/20 at 100.00 | N/R | 570,500 |
| | Project, Series 2010, 7.625%, 10/15/37 (6) | | | |
| | Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, | | | |
| | Series 2019A: | | | |
| 275 | | 5.000%, 6/01/39 | 6/29 at 100.00 | BBB | 322,608 |
| 270 | | 4.000%, 6/01/49 | 6/29 at 100.00 | BBB | 288,017 |
| 825 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 910,024 |
| | 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 | AA– | 4,061,540 |
| | 2016BB-1, 5.000%, 10/01/46 | | | |
| | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender | | | |
| | Option Bond Trust 2016-XG0070: | | | |
| 930 | | 17.577%, 10/01/48, 144A (IF) (5) | 10/23 at 100.00 | AA– | 1,260,801 |
| 505 | | 17.680%, 10/01/48, 144A (IF) (5) | 10/23 at 100.00 | AA– | 684,846 |
38
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Massachusetts (continued) | | | |
| $ 3,200 | | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, | 1/25 at 100.00 | Baa2 | $ 3,360,320 |
| | 4.500%, 1/01/45 | | | |
| 1,220 | | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series | 1/23 at 100.00 | BBB | 1,290,601 |
| | 2013A, 5.125%, 1/01/25 | | | |
| 2,300 | | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, | 11/23 at 100.00 | A | 2,501,089 |
| | 5.000%, 11/01/43 | | | |
| 1,500 | | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, | 7/26 at 100.00 | BBB+ | 1,617,780 |
| | 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 | 1,254,531 |
| 1,280 | | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,392,192 |
| 700 | | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series | 7/21 at 100.00 | BBB+ (4) | 722,624 |
| | 2011A, 5.125%, 7/01/41 (Pre-refunded 7/01/21) | | | |
| 5,930 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | Aa2 (4) | 6,631,282 |
| | Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23) | | | |
| 1,100 | | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior | No Opt. Call | A2 | 1,066,901 |
| | 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– | 6,857,919 |
| | Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 | | | |
| 32,845 | | Total Massachusetts | | | 35,248,575 |
| | Michigan – 2.7% (1.7% of Total Investments) | | | |
| 3,535 | | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | A1 (4) | 3,828,405 |
| | Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22) | | | |
| 2,020 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, | 7/21 at 100.00 | A1 (4) | 2,087,630 |
| | 7/01/41 (Pre-refunded 7/01/21) | | | |
| 1,000 | | Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – | 3/28 at 100.00 | A2 | 1,086,450 |
| | AGM Insured | | | |
| 6,910 | | Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan, General Obligation | 5/30 at 100.00 | AA | 8,030,042 |
| | Bonds, School Building & Site Series 2020-I, 4.000%, 5/01/47 | | | |
| 3,665 | | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, | 7/21 at 100.00 | AA– (4) | 3,793,751 |
| | 5.500%, 7/01/41 (Pre-refunded 7/01/21) | | | |
| 5,375 | | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of | 11/30 at 100.00 | Aa3 | 5,959,908 |
| | Wayne, Second Lien Refunding Series 2020, 4.000%, 11/01/55 | | | |
| 5,000 | | Michigan Finance Authority, Hospital Revenue Bonds, McLaren Health Care, Refunding | 8/29 at 100.00 | A1 | 5,608,950 |
| | Series 2019A, 4.000%, 2/15/44 | | | |
| 1,500 | | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series | 11/22 at 100.00 | A | 1,584,285 |
| | 2012, 5.000%, 11/15/42 | | | |
| 405 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A1 | 460,266 |
| | 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 | A1 | 3,085,215 |
| | Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%, 7/01/32 – | | | |
| | AGM Insured | | | |
| 1,000 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A2 | 1,135,690 |
| | Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – | | | |
| | NPFG Insured | | | |
| 1,405 | | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 12/29 at 100.00 | AA– | 1,569,778 |
| | Refunding Series 2019A-MI, 4.000%, 12/01/49 | | | |
| | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding | | | |
| | Series 2015MI: | | | |
| 2,500 | | 5.000%, 12/01/31 (Pre-refunded 6/01/22) | 6/22 at 100.00 | AA– (4) | 2,683,150 |
| 3,670 | | 5.000%, 12/01/32 (Pre-refunded 6/01/22) | 6/22 at 100.00 | AA– (4) | 3,938,864 |
39
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| $ 2,000 | | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, | 10/22 at 100.00 | AAA | $ 2,181,400 |
| | 5.000%, 10/01/31 (Pre-refunded 10/01/22) | | | |
| 4,435 | | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB | 5,040,156 |
| | Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 | | | |
| 5,000 | | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit | 11/26 at 100.00 | Aa2 | 5,552,100 |
| | Group, Refunding & Project Series 2010F-6, 4.000%, 11/15/47 | | | |
| 1,000 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/21 at 100.00 | AA– (4) | 1,048,990 |
| | 2011-I-A, 5.375%, 10/15/41 (Pre-refunded 10/15/21) | | | |
| 10,000 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/25 at 100.00 | AA– | 11,957,500 |
| | 2015-I, 5.000%, 4/15/34 | | | |
| 5,200 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, | 6/22 at 100.00 | AA– (4) | 5,585,268 |
| | Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22) | | | |
| 3,000 | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/22 at 100.00 | A– | 3,216,000 |
| | 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– | 1,533,343 |
| 1,200 | | 5.000%, 12/01/45 | 12/25 at 100.00 | A– | 1,382,388 |
| | 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– | 1,546,803 |
| 3,140 | | 5.000%, 12/01/47 (AMT) | 12/27 at 100.00 | A– | 3,570,808 |
| 1,120 | | Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/36 | 11/25 at 100.00 | A+ | 1,290,318 |
| 79,445 | | Total Michigan | | | 88,757,458 |
| | Minnesota – 1.6% (1.1% of Total Investments) | | | |
| 310 | | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory | 8/26 at 100.00 | BB+ | 319,455 |
| | 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 | 2,251,240 |
| | Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 | | | |
| 500 | | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, | 7/25 at 100.00 | BB+ | 509,570 |
| | 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– | 6,470,831 |
| | 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 | 3,393,805 |
| | School Building Series 2018A, 4.000%, 2/01/42 | | | |
| | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | | | |
| | Refunding Subordinate Lien Series 2019B: | | | |
| 1,235 | | 5.000%, 1/01/37 (AMT) | 7/29 at 100.00 | A | 1,489,052 |
| 3,500 | | 5.000%, 1/01/44 (AMT) | 7/29 at 100.00 | A | 4,134,165 |
| 2,500 | | 5.000%, 1/01/49 (AMT) | 7/29 at 100.00 | A | 2,930,500 |
| 2,295 | | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/27 at 100.00 | A+ | 2,671,816 |
| | Senior Lien Series 2016C, 5.000%, 1/01/46 | | | |
| | 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 | 550,798 |
| 450 | | 5.000%, 1/01/35 (AMT) | 1/27 at 100.00 | A | 522,211 |
| 580 | | 5.000%, 1/01/37 (AMT) | 1/27 at 100.00 | A | 669,117 |
| 750 | | 5.000%, 1/01/41 (AMT) | 1/27 at 100.00 | A | 857,415 |
| | 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 | 1,645,040 |
| 1,700 | | 4.000%, 3/01/47 | 3/27 at 100.00 | Aa2 | 1,895,211 |
40
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Minnesota (continued) | | | |
| $ 2,150 | | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, | 3/27 at 100.00 | Aa3 | $ 2,376,137 |
| | 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 | 1,011,137 |
| | 4.000%, 11/15/48 | | | |
| 1,520 | | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 12/24 at 100.00 | BBB– | 1,612,538 |
| | 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+ | 2,506,468 |
| 2,500 | | 5.750%, 9/01/46 | 9/26 at 100.00 | BB+ | 2,843,475 |
| | 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 | 493,605 |
| 1,000 | | 5.125%, 5/01/48 | 5/23 at 100.00 | N/R | 925,850 |
| 2,245 | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, | 11/27 at 100.00 | A3 | 2,623,036 |
| | Fairview Health Services, Series 2017A, 5.000%, 11/15/47 | | | |
| 750 | | St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, | 11/25 at 100.00 | N/R (4) | 919,642 |
| | HealthEast Inc, Series 2015A, 5.000%, 11/15/29 (Pre-refunded 11/15/25) | | | |
| 2,000 | | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, | 8/24 at 102.00 | N/R | 2,081,820 |
| | Refunding Series 2019, 5.000%, 8/01/54 | | | |
| 3,855 | | West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, | 2/27 at 100.00 | AAA | 4,357,962 |
| | Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/41 | | | |
| 2,000 | | Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series | 1/24 at 100.00 | Aa3 (4) | 2,296,880 |
| | 2014A, 5.000%, 1/01/46 (Pre-refunded 1/01/24) | | | |
| 48,020 | | Total Minnesota | | | 54,358,776 |
| | 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+ | 8,601,375 |
| 15,500 | | 5.000%, 9/01/46 | 9/26 at 100.00 | BBB+ | 17,438,120 |
| 23,000 | | Total Mississippi | | | 26,039,495 |
| | Missouri – 4.5% (2.9% of Total Investments) | | | |
| 1,000 | | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series | 8/26 at 100.00 | Ba1 | 1,111,410 |
| | 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 | 1,892,680 |
| | Sarah Community Project, Refunding Series 2016, 3.625%, 5/01/30 | | | |
| 500 | | Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A, | 11/24 at 100.00 | AA+ | 559,875 |
| | 4.000%, 11/01/33 | | | |
| 1,315 | | Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, | 11/20 at 100.00 | A– | 1,317,761 |
| | Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 | | | |
| | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation | | | |
| | Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B: | | | |
| 3,425 | | 5.000%, 3/01/35 (AMT) | 3/29 at 100.00 | A– | 4,079,380 |
| 6,600 | | 5.000%, 3/01/46 (AMT) | 3/29 at 100.00 | A– | 7,596,204 |
| 7,000 | | 5.000%, 3/01/54 (AMT) | 3/29 at 100.00 | A– | 8,001,980 |
| 2,870 | | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation | 3/30 at 100.00 | A2 | 3,329,487 |
| | Bonds, Kansas City International Airport Terminal Modernization Project, Series 2020A, | | | |
| | 5.000%, 3/01/57 – AGM Insured (AMT) | | | |
| 400 | | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | 4/26 at 100.00 | N/R | 383,332 |
| | Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, | | | |
| | 5.000%, 4/01/46, 144A | | | |
41
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Missouri (continued) | | | |
| | 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 | $ 6,422,920 |
| 5,000 | | 0.000%, 4/15/28 – AMBAC Insured | No Opt. Call | A1 | 4,471,400 |
| 5,000 | | 0.000%, 4/15/29 – AMBAC Insured | No Opt. Call | A1 | 4,338,250 |
| 4,470 | | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, | 1/28 at 100.00 | AA | 5,187,748 |
| | 4.000%, 1/01/42 | | | |
| 1,000 | | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union | 6/27 at 102.00 | A | 1,071,310 |
| | Electric Company Project, Series 1998C, 2.750%, 9/01/33 | | | |
| 1,000 | | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, | 5/26 at 100.00 | A+ | 1,179,750 |
| | Saint Luke’s Health System, Inc, Series 2016, 5.000%, 11/15/34 | | | |
| 4,000 | | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, | 11/30 at 100.00 | A+ | 4,410,720 |
| | Saint Luke’s Health System, Inc, Series 2020, 4.000%, 11/15/50 | | | |
| 3,080 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 3,224,144 |
| | 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+ | 1,398,550 |
| | 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 | 1,132,655 |
| 11,090 | | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 11,996,386 |
| | 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 | A+ | 5,886,200 |
| 10,000 | | 4.000%, 11/15/47 | 11/27 at 100.00 | A+ | 11,005,900 |
| 3,000 | | 5.000%, 11/15/47 | 11/27 at 100.00 | A+ | 3,505,170 |
| | 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+ | 2,199,660 |
| 3,500 | | 5.000%, 6/01/48 | 6/28 at 100.00 | A+ | 4,128,880 |
| | 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+ | 1,361,200 |
| 16,750 | | 4.000%, 5/15/48 | 5/25 at 102.00 | A+ | 18,125,510 |
| 7,925 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/26 at 100.00 | BBB | 8,640,310 |
| | Services Projects, Series 2016A, 5.000%, 2/01/46 | | | |
| 3,370 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/26 at 100.00 | BBB | 3,674,176 |
| | 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 | 406,980 |
| | 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 | 817,525 |
| 3,510 | | 5.000%, 10/01/42 | 4/27 at 100.00 | A1 | 4,157,841 |
| 3,775 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, | 4/21 at 100.00 | Baa1 (4) | 3,848,461 |
| | 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 | 2,340,940 |
| | MoPEP Facilities, Series 2018, 5.000%, 12/01/43 | | | |
| 1,000 | | North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, | 11/20 at 100.00 | N/R | 1,001,230 |
| | 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+ | 2,053,900 |
| | 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) | 624,329 |
| | Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) | | | |
42
| | | | | | |
| 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+ | $ 399,698 |
| | Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | | | |
| 1,000 | | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/25 at 103.00 | BB+ | 1,075,970 |
| | Village Saint Louis Obligated Group, Series 2018A, 5.125%, 9/01/48 | | | |
| 490 | | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport, | 7/22 at 100.00 | A– | 510,683 |
| | Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (AMT) | | | |
| 137,700 | | Total Missouri | | | 148,870,505 |
| | 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 | 3,885,578 |
| | 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 | 2,392,820 |
| | Regional Medical Center, Series 2018B, 5.000%, 7/01/43 | | | |
| 5,405 | | Total Montana | | | 6,278,398 |
| | 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+ | 2,464,450 |
| | 5.000%, 9/01/32 | | | |
| 1,000 | | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, | 11/30 at 100.00 | A1 | 1,115,650 |
| | Children’s Hospital Obligated Group, Refunding Series 2020A, 4.000%, 11/15/50 | | | |
| | 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 | 1,778,880 |
| 1,000 | | 5.000%, 11/01/45 | 11/25 at 100.00 | A | 1,121,250 |
| 5,935 | | Total Nebraska | | | 6,480,230 |
| | Nevada – 0.8% (0.5% of Total Investments) | | | |
| | 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 | 10,512,450 |
| 5,000 | | 5.000%, 6/01/39 | 12/24 at 100.00 | AA | 5,764,100 |
| 2,600 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, | 6/22 at 100.00 | AA | 2,758,132 |
| | 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– | 2,678,352 |
| 2,000 | | 4.000%, 7/01/47 | 7/27 at 100.00 | AA– | 2,208,860 |
| | 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) | 97,959 |
| 130 | | 5.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 134,050 |
| 1,825 | | 5.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | AA (4) | 1,882,469 |
| 23,050 | | Total Nevada | | | 26,036,372 |
| | New Hampshire – 0.5% (0.3% of Total Investments) | | | |
| 3,500 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical | 7/22 at 100.00 | Baa2 | 3,585,785 |
| | Center, Series 2012, 4.000%, 7/01/32 | | | |
| 4,000 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, | 2/28 at 100.00 | A | 4,810,600 |
| | Dartmouth-Hitchcock Obligated Group, Series 2018A, 5.000%, 8/01/35 | | | |
| 5,000 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, | No Opt. Call | A | 7,108,400 |
| | Dartmouth-Hitchcock Obligated Group, Series 2020A, 5.000%, 8/01/59 | | | |
| 12,500 | | Total New Hampshire | | | 15,504,785 |
| | New Jersey – 4.7% (3.0% of Total Investments) | | | |
| 905 | | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue | 2/23 at 100.00 | BBB+ | 970,232 |
| | Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | | | |
43
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New Jersey (continued) | | | |
| $ 5,000 | | New Jersey Economic Development Authority, New Jersey, Transit Transportation Project | 11/29 at 100.00 | BBB+ | $ 5,660,050 |
| | Revenue Bonds, Series 2020A, 5.000%, 11/01/40 | | | |
| | 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+ | 2,194,610 |
| 1,865 | | 5.125%, 1/01/39 – AGM Insured (AMT) | 1/24 at 100.00 | BBB+ | 2,063,175 |
| 1,585 | | 5.125%, 7/01/42 – AGM Insured (AMT) | 1/24 at 100.00 | BBB+ | 1,747,748 |
| 2,000 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 12/26 at 100.00 | BBB+ | 2,327,760 |
| | Refunding Series 2016BBB, 5.500%, 6/15/31 | | | |
| 6,770 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | No Opt. Call | BBB+ | 8,096,852 |
| | 2005N-1, 5.500%, 9/01/27 – NPFG Insured | | | |
| 2,825 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 6/24 at 100.00 | BBB+ | 3,074,278 |
| | 2014UU, 5.000%, 6/15/30 | | | |
| 6,030 | | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit | No Opt. Call | BBB+ | 6,880,773 |
| | Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | | | |
| 1,480 | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 11/20 at 100.00 | BB+ | 1,484,233 |
| | 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 | 9,721,345 |
| | 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) | 2,071,240 |
| | 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 | BB– | 1,358,648 |
| | 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: | | | |
| 2,020 | | 5.000%, 6/15/28 | 6/26 at 100.00 | Baa1 | 2,345,543 |
| 3,340 | | 5.000%, 6/15/29 | 6/26 at 100.00 | Baa1 | 3,847,246 |
| 1,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | BBB+ | 850,730 |
| | 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+ | 16,844,256 |
| 10,000 | | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | BBB+ | 7,070,900 |
| 20,000 | | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | BBB+ | 13,634,400 |
| 25,000 | | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | BBB+ | 14,943,000 |
| 30,000 | | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | BBB+ | 17,156,100 |
| 7,330 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/21 at 100.00 | BBB+ | 7,521,093 |
| | 2011B, 5.500%, 6/15/31 | | | |
| 1,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/22 at 100.00 | BBB+ | 1,044,730 |
| | 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+ | 1,872,740 |
| 2,840 | | 5.000%, 6/15/45 | 6/25 at 100.00 | BBB+ | 3,052,205 |
| 2,800 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB+ | 3,173,212 |
| | 2018A, 5.000%, 12/15/36 | | | |
| 665 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/29 at 100.00 | BBB+ | 694,572 |
| | 2019A, 4.000%, 12/15/39 | | | |
| 2,460 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 | 1/28 at 100.00 | A2 | 2,808,926 |
| 1,315 | | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, | 7/22 at 100.00 | A2 | 1,684,502 |
| | 17.227%, 1/01/43, 144A (IF) (5) | | | |
| 570 | | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, | 5/23 at 100.00 | A+ (4) | 637,135 |
| | 5/01/43 (Pre-refunded 5/01/23) | | | |
44
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New Jersey (continued) | | | |
| $ 3,905 | | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | Baa2 | $ 4,672,489 |
| | Series 2020A, 5.000%, 11/01/45 | | | |
| 3,215 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | A– | 3,891,886 |
| | Bonds, Series 2018A, 5.000%, 6/01/36 | | | |
| 380 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 430,065 |
| | Bonds, Series 2018B, 5.000%, 6/01/46 | | | |
| 182,725 | | Total New Jersey | | | 155,826,674 |
| | New Mexico – 0.5% (0.3% of Total Investments) | | | |
| 3,370 | | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 11/27 at 100.00 | Aa3 | 3,986,440 |
| | Healthcare Services, Series 2017A, 5.000%, 8/01/46 | | | |
| | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | | | |
| | Healthcare Services, Series 2019A: | | | |
| 1,575 | | 5.000%, 8/01/44 | 8/29 at 100.00 | Aa3 | 1,921,453 |
| 4,760 | | 4.000%, 8/01/48 | 8/29 at 100.00 | Aa3 | 5,295,643 |
| 4,585 | | Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, | No Opt. Call | A2 | 5,364,129 |
| | Series 1997, 6.000%, 2/01/27 – AGM Insured | | | |
| 14,290 | | Total New Mexico | | | 16,567,665 |
| | New York – 8.9% (5.7% of Total Investments) | | | |
| 6,600 | | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue | No Opt. Call | Ba1 | 2,424,774 |
| | Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/44 | | | |
| 490 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue | 7/25 at 100.00 | BBB | 554,504 |
| | 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– | 3,336,062 |
| | 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– | 1,794,694 |
| 3,195 | | 5.000%, 5/01/43 | 5/25 at 100.00 | A– | 3,550,731 |
| 600 | | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 688,668 |
| | 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 | Aa2 | 5,404,875 |
| | General Purpose Series 2011C, 5.000%, 3/15/41 | | | |
| | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | | | |
| | General Purpose, Series 2019D: | | | |
| 14,185 | | 5.000%, 2/15/41 | 2/30 at 100.00 | Aa2 | 17,671,957 |
| 5,815 | | 5.000%, 2/15/48 | 2/30 at 100.00 | Aa2 | 7,137,564 |
| | 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 | Aa3 (4) | 136,937 |
| 2,965 | | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 3,002,982 |
| 990 | | 5.750%, 2/15/47 | 2/21 at 100.00 | AA– | 1,004,404 |
| 1,610 | | 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 (4) | 1,635,390 |
| 7,500 | | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, | No Opt. Call | BBB+ | 10,311,375 |
| | 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 | A2 | 1,250,195 |
| 3,000 | | 5.000%, 9/01/39 | 9/24 at 100.00 | A | 3,424,710 |
| 860 | | 5.000%, 9/01/44 | 9/24 at 100.00 | A | 980,022 |
| 5,000 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/28 at 100.00 | A | 6,217,250 |
| | 2018, 5.000%, 9/01/37 | | | |
| 10,000 | | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding | No Opt. Call | AA | 6,551,200 |
| | Series 2012A, 0.000%, 11/15/32 | | | |
45
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York (continued) | | | |
| | 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) | $ 299,145 |
| 465 | | 5.000%, 11/15/41 (Pre-refunded 11/15/21) | 11/21 at 100.00 | BBB+ (4) | 488,078 |
| 5,000 | | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 5/23 at 100.00 | BBB+ | 5,126,550 |
| | 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 | | 0.000%, 10/01/37 (6) | 11/20 at 100.00 | N/R | 385,000 |
| 1,000 | | 0.000%, 10/01/46 (6) | 11/20 at 100.00 | N/R | 770,000 |
| | New York City Municipal Water Finance Authority, New York, Water and Sewer System | | | |
| | Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE: | | | |
| 1,150 | | 5.375%, 6/15/43 | 12/20 at 100.00 | AA+ | 1,156,980 |
| 2,250 | | 5.375%, 6/15/43 (Pre-refunded 12/15/20) | 12/20 at 100.00 | N/R (4) | 2,263,657 |
| 5,900 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/23 at 100.00 | AA+ | 6,533,483 |
| | General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 | | | |
| 5,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/23 at 100.00 | Aa1 | 5,534,500 |
| | 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 | 2,374,700 |
| | 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 | 4,478,235 |
| | 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 | 6,039,100 |
| | Subordinate Fiscal 2018 Series C-3, 5.000%, 5/01/40 | | | |
| | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | | | |
| | Subordinate Fiscal 2020 Subseries B-1: | | | |
| 14,405 | | 4.000%, 11/01/41 | 11/29 at 100.00 | Aa1 | 16,334,838 |
| 5,875 | | 4.000%, 11/01/47 | 11/29 at 100.00 | Aa1 | 6,583,701 |
| 5,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 11/30 at 100.00 | Aa1 | 5,693,650 |
| | Subordinate Fiscal 2021 Subseries C-1, 4.000%, 5/01/44 | | | |
| 2,060 | | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, | 12/26 at 100.00 | AA | 2,403,526 |
| | 5.000%, 12/01/41 | | | |
| 11,000 | | New York City, New York, General Obligation Bonds, Fiscal 2020 Series A-1, | 8/29 at 100.00 | AA | 12,380,280 |
| | 4.000%, 8/01/40 | | | |
| 2,040 | | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 4.000%, 8/01/40 | 8/30 at 100.00 | AA | 2,322,010 |
| 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 | 11/20 at 100.00 | AA | 5,018 |
| 2,000 | | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit | 11/25 at 100.00 | A1 | 2,216,180 |
| | Fee Secured, Refunding Series 2015, 5.000%, 11/15/45 | | | |
| 450 | | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, | 11/20 at 100.00 | Baa1 | 450,225 |
| | 6.500%, 6/01/35 | | | |
| 25,170 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 25,787,672 |
| | 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 | 1,622,650 |
| 4,350 | | 5.750%, 11/15/51 | 11/21 at 100.00 | A | 4,568,326 |
| 13,440 | | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | Aa2 | 15,168,250 |
| | General Purpose, Series 2020A, 4.000%, 3/15/45 | | | |
| 3,500 | | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | Aa2 | 3,950,065 |
| | Series 2020C, 4.000%, 3/15/45 | | | |
46
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York (continued) | | | |
| | New York Transportation Development Corporation, New York, 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 | $ 2,116,660 |
| 10,800 | | 5.000%, 7/01/41 (AMT) | 7/24 at 100.00 | Baa3 | 11,607,948 |
| 29,390 | | 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | Baa3 | 31,479,629 |
| 5,260 | | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/21 at 100.00 | B– | 5,240,065 |
| | Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series | | | |
| | 2016, 5.000%, 8/01/31 (AMT) | | | |
| 4,395 | | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B– | 4,529,882 |
| | Bonds, American Airlines, Inc John F Kennedy International Airport Project, Series 2020, | | | |
| | 5.250%, 8/01/31 (AMT) | | | |
| 3,050 | | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | 1/28 at 100.00 | BB+ | 3,301,289 |
| | Air Lines, Inc – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%, | | | |
| | 1/01/33 (AMT) | | | |
| 1,310 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 12/23 at 100.00 | A+ | 1,445,022 |
| | 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 | A+ | 4,796,928 |
| | Seventy Ninth Series 2013, 5.000%, 12/01/38 | | | |
| 2,000 | | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 7/30 at 100.00 | A+ | 2,211,540 |
| | Twenty-one Series 2020, 4.000%, 7/15/45 (AMT) | | | |
| | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air | | | |
| | Terminal LLC Project, Eigth Series 2010: | | | |
| 5,000 | | 6.500%, 12/01/28 | 11/20 at 100.00 | BBB | 5,064,350 |
| 590 | | 5.500%, 12/01/31 | 12/20 at 100.00 | BBB | 592,413 |
| 1,670 | | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB | 1,676,830 |
| 3,045 | | 6.000%, 12/01/42 | 12/20 at 100.00 | BBB | 3,057,393 |
| 1,170 | | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic | 12/20 at 100.00 | BBB– | 1,174,996 |
| | 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 | B1 | 2,580,417 |
| 2,700 | | 5.000%, 1/01/34 (AMT) | 1/26 at 100.00 | B1 | 2,264,868 |
| 1,250 | | TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 | 6/27 at 100.00 | CCC+ | 1,298,887 |
| 278,180 | | Total New York | | | 296,453,230 |
| | 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 | BBB+ | 12,838,858 |
| | 5.125%, 4/01/43 | | | |
| 3,480 | | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot | 6/25 at 100.00 | BBB– | 3,663,535 |
| | Lanes Project, Series 2015, 5.000%, 6/30/54 (AMT) | | | |
| 10,300 | | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding | No Opt. Call | Baa2 (4) | 10,971,148 |
| | Series 1993B, 6.000%, 1/01/22 – CAPMAC Insured (ETM) (UB) (5) | | | |
| 1,570 | | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 10/24 at 102.00 | N/R | 1,649,332 |
| | Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 | | | |
| 8,275 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant | 11/29 at 100.00 | AA– | 9,309,292 |
| | Health Obligated Group, Series 2019A, 4.000%, 11/01/49 | | | |
| | 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 | 5,349,000 |
| 3,400 | | 5.000%, 10/01/31 | 10/22 at 100.00 | A2 | 3,612,296 |
| 500 | | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding | 1/26 at 100.00 | A | 583,390 |
| | Series 2015A, 5.000%, 1/01/32 | | | |
| 44,775 | | Total North Carolina | | | 47,976,851 |
47
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Dakota – 0.6% (0.4% of Total Investments) | | | |
| $ 675 | | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center | 7/22 at 100.00 | N/R (4) | $ 723,546 |
| | 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+ (4) | 6,454,410 |
| | 2011, 6.250%, 11/01/31 (Pre-refunded 11/01/21) | | | |
| 7,625 | | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/21 at 100.00 | Baa2 | 7,798,545 |
| | Obligated Group, Series 2012, 5.000%, 12/01/32 | | | |
| 5,000 | | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/27 at 100.00 | Baa2 | 5,201,350 |
| | Obligated Group, Series 2017A, 4.000%, 12/01/47 | | | |
| 700 | | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 712,446 |
| | Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | | | |
| 20,100 | | Total North Dakota | | | 20,890,297 |
| | Ohio – 6.7% (4.3% of Total Investments) | | | |
| 6,250 | | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities | 11/26 at 100.00 | Baa2 | 7,244,562 |
| | Revenue 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 | A+ | 6,745,800 |
| | 4.000%, 8/01/36 | | | |
| 1,340 | | Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, | 6/27 at 100.00 | A+ | 1,555,579 |
| | 5.000%, 6/01/45 | | | |
| 24,740 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 3,505,905 |
| | Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, | | | |
| | 0.000%, 6/01/57 | | | |
| 790 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 856,968 |
| | Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 | | | |
| 39,355 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 42,136,218 |
| | Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | | | |
| 24,910 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/22 at 100.00 | N/R (4) | 27,228,623 |
| | Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22) | | | |
| | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Refunding | | | |
| | Series 2017: | | | |
| 3,960 | | 4.000%, 11/15/34 | 11/27 at 100.00 | A3 | 4,402,134 |
| 3,000 | | 4.000%, 11/15/35 | 11/27 at 100.00 | A3 | 3,323,490 |
| 4,795 | | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center | 6/23 at 100.00 | Ba2 | 4,963,784 |
| | Project, Series 2013, 5.000%, 6/15/43 | | | |
| 8,000 | | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc Obligated Group | 8/27 at 100.00 | A+ | 9,486,800 |
| | Project, Series 2017A, 5.000%, 8/15/42 | | | |
| | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien | | | |
| | Series 2013A: | | | |
| 1,000 | | 5.000%, 1/01/38 (Pre-refunded 1/01/23) | 1/23 at 100.00 | Aa3 (4) | 1,102,080 |
| 16,820 | | 5.000%, 1/01/38 (Pre-refunded 1/01/23) (UB) (5) | 1/23 at 100.00 | Aa3 (4) | 18,536,985 |
| | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, | | | |
| | Tender Option Bond Trust 2016-XG0052: | | | |
| 265 | | 17.555%, 1/01/38, 144A (IF) (Pre-refunded 1/01/23) (5) | 1/23 at 100.00 | Aa3 (4) | 372,378 |
| 625 | | 17.685%, 1/01/38, 144A (IF) (Pre-refunded 1/01/23) (5) | 1/23 at 100.00 | Aa3 (4) | 880,200 |
| 975 | | 17.685%, 1/01/38, 144A (IF) (Pre-refunded 1/01/23) (5) | 1/23 at 100.00 | Aa3 (4) | 1,373,112 |
| 1,315 | | 17.685%, 1/01/38, 144A (IF) (Pre-refunded 1/01/23) (5) | 1/23 at 100.00 | Aa3 (4) | 1,851,941 |
| 8,360 | | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc, | 8/25 at 100.00 | Baa1 | 9,315,464 |
| | Refunding Series 2015, 5.000%, 8/15/45 | | | |
| 7,495 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series | 11/21 at 100.00 | Baa3 (4) | 7,936,231 |
| | 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) | | | |
| 2,045 | | Middleburg Heights, Ohio, Hospital Facilities Improvement Revenue Bonds, Southwest | 8/30 at 100.00 | A2 | 2,276,760 |
| | General Health Center Project, Refunding Series 2020A, 4.000%, 8/01/47 | | | |
| 1,000 | | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health | 8/21 at 100.00 | A2 | 1,036,690 |
| | Center Project, Refunding Series 2011, 5.125%, 8/01/31 | | | |
48
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Ohio (continued) | | | |
| $ 2,000 | | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System | 2/23 at 100.00 | Ba2 | $ 2,089,240 |
| | 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 | 3,022,500 |
| | FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 | | | |
| | (Mandatory Put 9/15/21) | | | |
| 1,000 | | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, | 12/20 at 100.00 | A2 | 1,003,080 |
| | Refunding Series 2011A, 5.375%, 12/01/30 | | | |
| 4,350 | | Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series | 6/25 at 100.00 | A2 | 4,881,483 |
| | 2015A, 5.000%, 12/01/44 | | | |
| 8,330 | | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc, Series | 1/30 at 100.00 | A | 10,019,241 |
| | 2020A, 5.000%, 1/15/50 | | | |
| | 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+ | 1,624,365 |
| 10,530 | | 5.000%, 2/15/48 (Pre-refunded 2/15/23) | 2/23 at 100.00 | A+ (4) | 11,652,709 |
| 3,710 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | 2/31 at 100.00 | A+ | 4,491,178 |
| | Convertible Series 2013A-3, 0.000%, 2/15/36 (7) | | | |
| | 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+ | 3,828,094 |
| 16,325 | | 5.000%, 2/15/43 | 2/28 at 100.00 | A+ | 19,606,978 |
| 4,255 | | Ross County, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated | 12/29 at 100.00 | A– | 5,025,070 |
| | Group Project, Refunding & Improvement Series 2019, 5.000%, 12/01/49 | | | |
| 725 | | Warren County, Ohio, Healthcare Facilities Revenue Bonds, Otterbein Homes Obligated | 7/29 at 100.00 | A | 780,571 |
| | Group, Refunding Series 2019A, 4.000%, 7/01/45 | | | |
| 222,140 | | Total Ohio | | | 224,156,213 |
| | Oklahoma – 0.3% (0.2% of Total Investments) | | | |
| 1,555 | | Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise | 8/21 at 100.00 | N/R (4) | 1,655,826 |
| | Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 (Pre-refunded | | | |
| | 8/25/21), 144A | | | |
| 3,000 | | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, | 6/23 at 100.00 | Baa1 | 3,312,360 |
| | 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 | 5,546,560 |
| | 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– | 1,069,060 |
| | Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/37 | | | |
| 10,540 | | Total Oklahoma | | | 11,583,806 |
| | Oregon – 2.3% (1.5% of Total Investments) | | | |
| 2,435 | | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General | 6/27 at 100.00 | AA+ | 3,007,639 |
| | Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/36 | | | |
| 725 | | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc, | 11/25 at 102.00 | N/R | 766,412 |
| | Series 2020A, 5.250%, 11/15/50 | | | |
| 4,875 | | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint | 1/26 at 100.00 | A2 | 5,522,888 |
| | 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+ | 17,596,968 |
| | 5.000%, 6/01/46 | | | |
| 835 | | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services Project, Refunding | 10/30 at 100.00 | BBB+ | 1,015,034 |
| | Series 2020A, 5.000%, 10/01/40 | | | |
| 1,500 | | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, | 7/26 at 100.00 | AA– | 1,769,925 |
| | 5.000%, 7/01/39 | | | |
49
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Oregon (continued) | | | |
| | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B: | | | |
| $ 4,000 | | 5.000%, 7/01/36 (AMT) | 1/27 at 100.00 | A+ | $ 4,628,480 |
| 1,000 | | 5.000%, 7/01/37 (AMT) | 1/27 at 100.00 | A+ | 1,154,140 |
| 7,645 | | 5.000%, 7/01/42 (AMT) | 1/27 at 100.00 | A+ | 8,722,410 |
| 19,000 | | 5.000%, 7/01/47 (AMT) | 1/27 at 100.00 | A+ | 21,522,440 |
| | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, | | | |
| | Series 2019A: | | | |
| 5,855 | | 5.000%, 5/15/44 | 5/29 at 100.00 | A+ | 7,043,389 |
| 3,000 | | 4.000%, 5/15/49 | 5/29 at 100.00 | A+ | 3,305,820 |
| 2,000 | | University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 | 4/28 at 100.00 | AA– | 2,402,100 |
| 68,310 | | Total Oregon | | | 78,457,645 |
| | Pennsylvania – 4.7% (3.0% of Total Investments) | | | |
| 7,500 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 8,746,650 |
| | Health Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 | | | |
| 1,670 | | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B, | 12/30 at 100.00 | A+ | 1,947,571 |
| | 4.000%, 6/01/45 | | | |
| | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65: | | | |
| 1,960 | | 5.375%, 5/01/31 (Pre-refunded 5/01/21) | 5/21 at 100.00 | AA– (4) | 2,010,490 |
| 2,570 | | 5.375%, 5/01/31 (Pre-refunded 5/01/21) | 5/21 at 100.00 | N/R (4) | 2,636,203 |
| 345 | | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | A | 427,079 |
| | Settlement, Series 2018, 5.000%, 6/01/34 | | | |
| | 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 | 4,270,805 |
| 8,385 | | 5.000%, 7/01/42 | 7/27 at 100.00 | A | 10,105,350 |
| | 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 | 4,045,194 |
| 11,000 | | 0.000%, 12/01/38 | No Opt. Call | A | 6,942,100 |
| | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown | | | |
| | Concession, Series 2013A: | | | |
| 2,500 | | 5.125%, 12/01/47 | 12/23 at 100.00 | A | 2,783,000 |
| 2,875 | | 5.125%, 12/01/47 (Pre-refunded 12/01/23) | 12/23 at 100.00 | N/R (4) | 3,292,019 |
| | 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 | A | 2,848,968 |
| 5,210 | | 5.000%, 9/01/43 | 9/28 at 100.00 | A | 6,044,850 |
| | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | | | |
| | Thomas Jefferson University, Series 2019: | | | |
| 500 | | 4.000%, 9/01/44 | 9/29 at 100.00 | A | 537,640 |
| 165 | | 4.000%, 9/01/49 | 9/29 at 100.00 | A | 176,240 |
| 3,430 | | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Ba1 | 3,582,635 |
| | Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | | | |
| 235 | | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 11/24 at 100.00 | N/R | 241,087 |
| | National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (AMT) | | | |
| 9,575 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of | 8/29 at 100.00 | Aa3 | 10,879,019 |
| | Pennsylvania Health System, Series 2019, 4.000%, 8/15/44 | | | |
| | 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) | 943,873 |
| 4,310 | | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | A (4) | 4,327,930 |
| 16,750 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series | 12/27 at 100.00 | A3 | 21,598,790 |
| | 2009E, 6.375%, 12/01/38 | | | |
50
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Pennsylvania (continued) | | | |
| $ 4,305 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, | 6/25 at 100.00 | A+ | $ 4,873,303 |
| | 5.000%, 12/01/45 | | | |
| 2,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series | 12/24 at 100.00 | A3 | 2,257,040 |
| | 2014A-1, 5.000%, 12/01/38 | | | |
| 14,500 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | A2 | 18,375,270 |
| | 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 | 7,096,062 |
| | 5.000%, 12/01/45 | | | |
| 5,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, | 12/25 at 100.00 | A3 | 5,697,050 |
| | 5.000%, 12/01/46 | | | |
| 8,650 | | Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, | 7/27 at 100.00 | A– | 9,857,540 |
| | 7/01/42 (AMT) | | | |
| 10,000 | | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, | 8/25 at 100.00 | AA | 11,779,900 |
| | Series 2016, 5.000%, 8/15/38 – BAM Insured | | | |
| 141,925 | | Total Pennsylvania | | | 158,323,658 |
| | Puerto Rico – 0.6% (0.4% of Total Investments) | | | |
| 800 | | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, | 11/20 at 100.00 | N/R | 800,688 |
| | Refunding Series 2002D, 5.450%, 7/01/31 – AMBAC Insured | | | |
| | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, | | | |
| | Restructured 2018A-1: | | | |
| 3,291 | | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 3,433,566 |
| 2,796 | | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 807,904 |
| 12,202 | | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 12,999,401 |
| | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | | | |
| | Restructured Cofina Project Series 2019A-2: | | | |
| 2,000 | | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 2,057,560 |
| 17 | | 4.536%, 7/01/53 | 7/28 at 100.00 | N/R | 17,649 |
| 237 | | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 249,144 |
| 21,343 | | Total Puerto Rico | | | 20,365,912 |
| | 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+ | 8,037,735 |
| | 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+ | 3,672,020 |
| | Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 | | | |
| 30,175 | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/20 at 15.49 | CCC– | 4,665,357 |
| | Bonds, Series 2007A, 0.000%, 6/01/52 | | | |
| 40,725 | | Total Rhode Island | | | 16,375,112 |
| | South Carolina – 4.7% (3.0% 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 | 8,614,875 |
| 3,180 | | 5.000%, 11/01/46 | 5/26 at 100.00 | A | 3,626,027 |
| | 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– | 18,389,985 |
| 1,250 | | 0.000%, 1/01/31 – AGC Insured | No Opt. Call | A3 | 1,046,612 |
| 4,610 | | Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, | 1/26 at 100.00 | A | 5,218,889 |
| | 5.000%, 1/01/47 | | | |
| | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | | | |
| | Bishop Gadsden Episcopal Retirement Community, Series 2019A: | | | |
| 645 | | 5.000%, 4/01/44 | 4/26 at 103.00 | BBB– | 704,637 |
| 625 | | 5.000%, 4/01/49 | 4/26 at 103.00 | BBB– | 680,519 |
51
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| 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 | $ 1,817,448 |
| | Furman University, Refunding Series 2015, 5.000%, 10/01/45 | | | |
| 13,475 | | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Bon Secours | 6/30 at 100.00 | A+ | 15,210,445 |
| | Mercy Health, Inc, Series 2020A, 4.000%, 12/01/44 | | | |
| 1,000 | | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod | 5/28 at 100.00 | AA– | 1,189,570 |
| | 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) | 915,372 |
| | 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– | 10,449,810 |
| | 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– | 16,687,551 |
| | 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– | 10,077,203 |
| 12,760 | | 5.000%, 12/01/46 | 12/24 at 100.00 | A– | 14,320,038 |
| 5,500 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 12/23 at 100.00 | A– | 6,055,225 |
| | 2013A, 5.125%, 12/01/43 | | | |
| 3,455 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | A– | 3,879,585 |
| | 2014A, 5.500%, 12/01/54 | | | |
| | South Carolina State Ports Authority, Revenue Bonds, Series 2015: | | | |
| 860 | | 5.250%, 7/01/55 (Pre-refunded 7/01/25) (AMT) | 7/25 at 100.00 | A1 (4) | 1,049,303 |
| 4,140 | | 5.250%, 7/01/55 (Pre-refunded 7/01/25) (AMT) | 7/25 at 100.00 | A+ (4) | 5,051,297 |
| | South Carolina State Ports Authority, Revenue Bonds, Series 2018: | | | |
| 14,350 | | 5.000%, 7/01/48 (AMT) | 7/28 at 100.00 | A+ | 16,843,025 |
| 8,000 | | 5.000%, 7/01/55 (AMT) | 7/28 at 100.00 | A+ | 9,335,280 |
| 5,000 | | South Carolina State Ports Authority, Revenue Bonds, Series 2019A, 5.000%, 7/01/54 | 7/29 at 100.00 | A+ | 6,004,900 |
| 143,095 | | Total South Carolina | | | 157,167,596 |
| | South Dakota – 0.8% (0.5% of Total Investments) | | | |
| 11,320 | | South Dakota Board of Regents, Housing and Auxiliary Facilities System Revenue Bonds, | 10/27 at 100.00 | Aa3 | 12,379,326 |
| | 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 | 3,023,686 |
| | 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+ | 1,639,405 |
| | 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+ | 8,227,184 |
| | Series 2015, 5.000%, 11/01/45 | | | |
| 22,650 | | Total South Dakota | | | 25,269,601 |
| | Tennessee – 1.9% (1.2% of Total Investments) | | | |
| 9,460 | | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (4) | 10,433,245 |
| | Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) | | | |
| | 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 | 2,387,520 |
| 7,000 | | 5.000%, 7/01/37 | 7/28 at 100.00 | Baa1 | 8,330,280 |
| 40 | | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue | 7/23 at 100.00 | N/R (4) | 40,651 |
| | 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 | 19,440,860 |
| | Bonds, Covenant Health, Refunding Series 2016A, 5.000%, 1/01/47 | | | |
52
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Tennessee (continued) | | | |
| | 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 | $ 3,103,710 |
| 3,200 | | 5.000%, 11/01/24 | 11/21 at 100.00 | A3 | 3,310,208 |
| 3,400 | | 5.000%, 11/01/25 | 11/21 at 100.00 | A3 | 3,515,124 |
| 535 | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | Aa1 | 611,355 |
| | Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, | | | |
| | 5.000%, 7/01/46 | | | |
| 6,000 | | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate | 7/30 at 100.00 | A2 | 7,242,180 |
| | Series 2019B, 5.000%, 7/01/39 (AMT) | | | |
| 4,000 | | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, | No Opt. Call | BBB+ | 4,902,040 |
| | 5.250%, 9/01/26 | | | |
| 55,635 | | Total Tennessee | | | 63,317,173 |
| | Texas – 22.2% (14.2% of Total Investments) | | | |
| 1,975 | | Allen Independent School District, Collin County, Texas, General Obligation Bonds, | 2/26 at 100.00 | AAA | 2,340,691 |
| | School Building Series 2016, 5.000%, 2/15/39 | | | |
| 8,835 | | Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A, 5.000%, 2/15/43 – | 2/28 at 100.00 | A1 | 10,247,628 |
| | AGM Insured | | | |
| 500 | | Austin Community College District, Texas, General Obligation Bonds, Refunding Limited | No Opt. Call | AA+ | 563,690 |
| | Tax Series 2016, 5.000%, 8/01/23 | | | |
| | Austin, Texas, Airport System Revenue Bonds, Series 2015: | | | |
| 3,000 | | 5.000%, 11/15/39 (AMT) | 11/24 at 100.00 | A | 3,355,680 |
| 3,040 | | 5.000%, 11/15/44 (AMT) | 11/24 at 100.00 | A | 3,380,419 |
| 4,500 | | Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (AMT) | 11/26 at 100.00 | A | 5,134,275 |
| 2,000 | | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, | 11/22 at 100.00 | Aa3 | 2,162,400 |
| | 5.000%, 11/15/40 | | | |
| | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A: | | | |
| 3,000 | | 5.000%, 11/15/38 | 11/25 at 100.00 | Aa3 | 3,567,660 |
| 13,705 | | 5.000%, 11/15/45 (UB) (5) | 11/25 at 100.00 | Aa3 | 16,202,462 |
| 5,000 | | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, | 5/23 at 100.00 | AA– | 5,498,850 |
| | 5.000%, 11/15/43 | | | |
| 1,450 | | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A, | 11/26 at 100.00 | AA– | 1,773,423 |
| | 5.000%, 11/15/41 | | | |
| | Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, | | | |
| | Series 2014: | | | |
| 1,000 | | 5.000%, 7/10/37 – BAM Insured | 7/23 at 100.00 | A1 | 1,109,890 |
| 1,575 | | 5.000%, 7/10/38 – BAM Insured | 7/23 at 100.00 | A1 | 1,746,297 |
| | Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax | | | |
| | Series 2015: | | | |
| 1,060 | | 5.000%, 8/15/34 – AGM Insured | 8/24 at 100.00 | A– | 1,218,597 |
| 1,160 | | 5.000%, 8/15/35 – AGM Insured | 8/24 at 100.00 | A– | 1,332,620 |
| 1,500 | | Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding | 7/24 at 100.00 | AAA | 1,732,710 |
| | Series 2015A, 5.000%, 7/01/28 | | | |
| 2,000 | | Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31 | 9/25 at 100.00 | A2 | 2,384,880 |
| | Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012: | | | |
| 1,000 | | 5.000%, 7/01/28 | 7/22 at 100.00 | A+ | 1,072,410 |
| 1,000 | | 5.000%, 7/01/29 | 7/22 at 100.00 | A+ | 1,072,410 |
| 1,620 | | Cameron County, Texas, Revenue and Tax Bonds, State Highway 550 Project, Series 2012, | 2/22 at 100.00 | Aa3 (4) | 1,718,966 |
| | 5.000%, 2/15/32 (Pre-refunded 2/15/22) – AGM Insured | | | |
| 2,500 | | Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use | 2/21 at 100.00 | Aa3 | 2,533,900 |
| | Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31 | | | |
53
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien | | | |
| | Series 2013A: | | | |
| $ 765 | | 5.000%, 1/01/43 (Pre-refunded 1/01/23) | 1/23 at 100.00 | Baa1 (4) | $ 841,339 |
| 1,100 | | 5.000%, 1/01/43 (Pre-refunded 1/01/23) – AGM Insured | 1/23 at 100.00 | A2 (4) | 1,209,769 |
| 665 | | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien | 1/23 at 100.00 | Baa2 (4) | 730,602 |
| | Series 2013, 5.000%, 1/01/42 (Pre-refunded 1/01/23) | | | |
| | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010: | | | |
| 2,945 | | 0.000%, 1/01/36 | No Opt. Call | Baa1 | 1,873,432 |
| 2,205 | | 0.000%, 1/01/37 | No Opt. Call | Baa1 | 1,349,857 |
| 2,160 | | 0.000%, 1/01/38 | No Opt. Call | Baa1 | 1,273,277 |
| 1,000 | | 0.000%, 1/01/40 | No Opt. Call | Baa1 | 545,630 |
| | 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) | 1,009,290 |
| 3,380 | | 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa1 (4) | 3,412,752 |
| | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: | | | |
| 2,600 | | 5.000%, 1/01/35 | 7/25 at 100.00 | Baa1 | 2,962,804 |
| 3,035 | | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa1 | 3,403,237 |
| 1,000 | | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea | 8/23 at 100.00 | A– | 1,099,670 |
| | Public Schools, Series 2013, 6.000%, 8/15/43 | | | |
| | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift | | | |
| | Education Charter School, Series 2013A: | | | |
| 1,000 | | 4.350%, 12/01/42 | 12/22 at 100.00 | BBB– | 1,015,840 |
| 1,000 | | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 1,014,740 |
| 1,500 | | College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32 | 2/21 at 100.00 | AA+ | 1,519,245 |
| 2,500 | | Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, | 1/21 at 100.00 | AA– (4) | 2,519,475 |
| | 5.000%, 1/01/36 (Pre-refunded 1/01/21) | | | |
| 2,000 | | Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series | 7/23 at 100.00 | AA– (4) | 2,252,000 |
| | 2013, 5.000%, 7/15/43 (Pre-refunded 7/15/23) | | | |
| 1,175 | | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series | 12/24 at 100.00 | Aa2 | 1,374,527 |
| | 2014A, 5.000%, 12/01/36 | | | |
| 1,680 | | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, | 12/25 at 100.00 | Aa2 | 1,998,125 |
| | 5.000%, 12/01/48 | | | |
| 8,100 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series | 11/22 at 100.00 | A | 8,627,310 |
| | 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 | 17,759,042 |
| | 2014B, 4.500%, 11/01/45 (AMT) | | | |
| 10,000 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series | 11/21 at 100.00 | A (4) | 10,459,200 |
| | 2012E, 5.000%, 11/01/42 (Pre-refunded 11/01/21) (AMT) | | | |
| 9,500 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, | 11/21 at 100.00 | A (4) | 9,936,240 |
| | 5.000%, 11/01/42 (Pre-refunded 11/01/21) (AMT) | | | |
| 1,230 | | Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H Wood Jr | 8/23 at 100.00 | BBB– (4) | 1,414,525 |
| | Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28 (Pre-refunded 8/15/23) | | | |
| 200 | | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/24 at 100.00 | BBB– | 213,598 |
| | 2014A, 5.250%, 9/01/44 | | | |
| 1,000 | | El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013, | 8/23 at 100.00 | BBB+ | 1,047,660 |
| | 5.000%, 8/15/33 | | | |
| | El Paso County, Texas, Certificates of Obligation, Series 2001: | | | |
| 185 | | 5.000%, 2/15/21 – AGM Insured (ETM) | No Opt. Call | AA (4) | 187,481 |
| 1,565 | | 5.000%, 2/15/21 – AGM Insured | No Opt. Call | AA | 1,586,221 |
| 500 | | Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement | 3/21 at 102.00 | N/R | 505,850 |
| | District 1, Series 2014, 6.500%, 9/01/36 | | | |
| 7,760 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Frst Tier | 10/23 at 100.00 | BBB | 8,261,762 |
| | Series 2013A, 5.125%, 10/01/43 | | | |
54
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding | | | |
| | First Tier Series 2020C: | | | |
| $ 3,500 | | 4.000%, 10/01/40 | 4/30 at 100.00 | A2 | $ 4,088,945 |
| 2,500 | | 4.000%, 10/01/49 | 4/30 at 100.00 | A2 | 2,850,400 |
| 10,760 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 10/23 at 100.00 | AA (4) | 12,234,766 |
| | Lien Series 2013B, 5.000%, 4/01/53 (Pre-refunded 10/01/23) | | | |
| 5,295 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 4/28 at 100.00 | AA | 6,458,259 |
| | 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 (4) | 6,356,182 |
| | Option Bond Trust 2015-XF0228, 17.898%, 11/01/44, 144A (Pre-refunded 10/01/23) (IF) (5) | | | |
| 4,960 | | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 10/22 at 100.00 | B3 | 5,005,285 |
| | Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT) | | | |
| 1,000 | | Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist | 3/21 at 100.00 | BBB– | 1,014,080 |
| | University Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35 | | | |
| 1,000 | | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue | 12/22 at 100.00 | A+ (4) | 1,097,060 |
| | Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35 | | | |
| | (Pre-refunded 12/01/22) | | | |
| 1,000 | | Harris County Cultural Education Facilities Finance Corporation, Texas, Medical | 11/22 at 100.00 | A (4) | 1,095,200 |
| | Facilities Revenue Bonds, Baylor College of Medicine, Refunding Series 2012A, 5.000%, | | | |
| | 11/15/26 (Pre-refunded 11/15/22) | | | |
| | 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 | 2,038,489 |
| 4,480 | | 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 5,111,501 |
| | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue | | | |
| | Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A: | | | |
| 1,615 | | 5.000%, 6/01/28 | 6/23 at 100.00 | Baa2 | 1,681,861 |
| 3,000 | | 5.000%, 6/01/38 | 6/23 at 100.00 | Baa2 | 3,071,220 |
| 1,390 | | Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, | 11/21 at 100.00 | Aa2 (4) | 1,455,969 |
| | Series 2011A, 5.000%, 11/01/41 (Pre-refunded 11/01/21) | | | |
| 1,165 | | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C, | 8/22 at 100.00 | AA– | 1,252,235 |
| | 5.000%, 8/15/31 | | | |
| 5,150 | | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, | 8/26 at 100.00 | Aa2 | 6,160,378 |
| | 5.000%, 8/15/41 | | | |
| | 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 | 223,870 |
| 1,020 | | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | 425,044 |
| 1,255 | | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | 496,290 |
| 3,305 | | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | 1,238,780 |
| 4,460 | | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | 1,577,636 |
| 6,500 | | 0.000%, 11/15/47 – AGM Insured | 11/31 at 46.45 | A2 | 2,057,900 |
| | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: | | | |
| 105 | | 0.000%, 11/15/24 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 102,246 |
| 495 | | 0.000%, 11/15/24 – NPFG Insured | No Opt. Call | BB+ | 444,421 |
| 50 | | 0.000%, 11/15/29 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 44,677 |
| 4,390 | | 0.000%, 11/15/29 – NPFG Insured | No Opt. Call | BB+ | 3,229,899 |
| 105 | | 0.000%, 11/15/30 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 91,375 |
| 625 | | 0.000%, 11/15/30 – NPFG Insured | No Opt. Call | BB+ | 439,731 |
| 7,570 | | 0.000%, 11/15/31 – NPFG Insured | No Opt. Call | BB+ | 5,086,207 |
| 210 | | 0.000%, 11/15/32 – NPFG Insured | 11/31 at 94.05 | BB+ | 131,288 |
| 260 | | 0.000%, 11/15/33 | 11/31 at 88.44 | BB+ | 152,612 |
| 2,045 | | 0.000%, 11/15/34 – NPFG Insured | 11/31 at 83.17 | BB+ | 1,127,184 |
| 1,130 | | 0.000%, 11/15/36 – NPFG Insured | 11/31 at 73.51 | BB+ | 548,107 |
| 4,370 | | 0.000%, 11/15/38 – NPFG Insured | 11/31 at 64.91 | BB+ | 1,862,232 |
| 2,260 | | 0.000%, 11/15/39 – NPFG Insured | 11/31 at 60.98 | BB+ | 902,667 |
55
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien | | | |
| | Series 2014C: | | | |
| $ 600 | | 5.000%, 11/15/33 | 11/24 at 100.00 | BBB– | $ 624,180 |
| 400 | | 5.000%, 11/15/34 | 11/24 at 100.00 | BBB– | 415,616 |
| | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien | | | |
| | Series 2014A: | | | |
| 1,000 | | 5.000%, 11/15/28 | 11/24 at 100.00 | BBB | 1,076,360 |
| 1,000 | | 5.000%, 11/15/30 | 11/24 at 100.00 | BBB | 1,068,560 |
| 3,440 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, | 11/31 at 53.78 | BBB | 1,271,011 |
| | 0.000%, 11/15/41 – NPFG Insured | | | |
| 1,000 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, | 11/24 at 59.10 | BB | 521,620 |
| | 0.000%, 11/15/33 – NPFG Insured | | | |
| 2,305 | | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior | No Opt. Call | A2 | 2,303,871 |
| | Lien Series 2001A, 0.000%, 11/15/20 – NPFG Insured | | | |
| 7,570 | | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018A, | 7/28 at 100.00 | A | 8,926,165 |
| | 5.000%, 7/01/41 (AMT) | | | |
| 2,000 | | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series Series | 7/22 at 100.00 | A (4) | 2,147,300 |
| | 2012A, 5.000%, 7/01/31 (Pre-refunded 7/01/22) (AMT) | | | |
| 5,000 | | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc | No Opt. Call | B | 5,230,800 |
| | 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 | B | 388,998 |
| | Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) | | | |
| 1,885 | | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc | No Opt. Call | BB– | 1,976,554 |
| | Terminal E Project, Refunding Series 2020A, 5.000%, 7/01/27 (AMT) | | | |
| 1,000 | | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc | No Opt. Call | BB– | 1,048,540 |
| | Terminal Improvements Project, Refunding Series 2020B-2, 5.000%, 7/15/27 (AMT) | | | |
| 4,000 | | Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 5.000%, | 11/21 at 100.00 | AA (4) | 4,197,240 |
| | 11/15/40 (Pre-refunded 11/15/21) | | | |
| 2,000 | | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series | 11/22 at 100.00 | AA (4) | 2,192,560 |
| | 2012D, 5.000%, 11/15/42 (Pre-refunded 11/15/22) | | | |
| 3,000 | | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series | 11/28 at 100.00 | Aa2 | 3,816,810 |
| | 2018D, 5.000%, 11/15/36 | | | |
| 2,000 | | Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2017A, | 3/27 at 100.00 | Aa3 | 2,471,500 |
| | 5.000%, 3/01/31 | | | |
| 1,015 | | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and | 9/24 at 100.00 | A | 1,051,175 |
| | Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34 | | | |
| | 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 | 3,065,270 |
| 4,130 | | 0.000%, 9/01/26 – AMBAC Insured | No Opt. Call | A2 | 3,803,523 |
| 3,130 | | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A | 2,435,610 |
| 12,030 | | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A | 9,008,064 |
| 1,470 | | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A | 1,058,238 |
| | 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+ | 4,633,762 |
| 12,030 | | 0.000%, 12/01/22 – AGM Insured (ETM) | No Opt. Call | AA+ (4) | 11,935,444 |
| 3,255 | | Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, | 8/21 at 24.48 | A+ | 788,882 |
| | Refunding Series 2012A, 0.000%, 8/01/45 | | | |
| 1,360 | | Jacksonville Independent School District, Cherokee County, Texas, General Obligation | 2/24 at 100.00 | Aaa | 1,543,695 |
| | Bonds, School Building Series 2014, 5.000%, 2/15/39 | | | |
| 2,675 | | Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series | 8/24 at 100.00 | AA– | 3,092,675 |
| | 2014, 5.000%, 8/01/34 | | | |
56
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Leander Independent School District, Williamson and Travis Counties, Texas, General | | | |
| | Obligation Bonds, Refunding Series 2015A: | | | |
| $ 8,000 | | 4.000%, 8/15/37 | 8/25 at 100.00 | AAA | $ 9,005,040 |
| 2,275 | | 5.000%, 8/15/40 | 8/25 at 100.00 | AAA | 2,685,729 |
| 2,000 | | Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue | 2/21 at 100.00 | AA | 2,025,200 |
| | Financing System Bonds, Series 2013, 5.000%, 2/15/36 | | | |
| 1,750 | | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds | 11/25 at 100.00 | A– | 1,985,375 |
| | Series 2015, 5.000%, 11/01/35 (AMT) | | | |
| 7,800 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | 11/20 at 100.00 | BBB | 7,821,762 |
| | Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | | | |
| 1,150 | | Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, | 5/22 at 100.00 | A | 1,220,553 |
| | 5.000%, 5/15/36 | | | |
| | Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B: | | | |
| 25 | | 5.000%, 5/15/29 (Pre-refunded 5/15/22) | 5/22 at 100.00 | N/R (4) | 26,764 |
| 1,975 | | 5.000%, 5/15/29 | 5/22 at 100.00 | A | 2,106,180 |
| 6,500 | | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/26 at 100.00 | A | 7,606,430 |
| | Transmission Services Corporation Project, Refunding Series 2016, 5.000%, 5/15/46 | | | |
| 1,350 | | Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, | 2/23 at 100.00 | AAA | 1,495,584 |
| | School Building Series 2013A, 5.000%, 2/15/43 (Pre-refunded 2/15/23) | | | |
| 1,750 | | Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, | 4/21 at 100.00 | BBB | 1,776,075 |
| | Series 2011A, 7.250%, 4/01/36 | | | |
| 9,180 | | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, | No Opt. Call | A | 11,496,481 |
| | Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (AMT) | | | |
| | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | | | |
| 1,000 | | 5.750%, 12/01/33 | 12/25 at 100.00 | B1 | 1,095,960 |
| 3,000 | | 6.125%, 12/01/38 | 12/25 at 100.00 | B1 | 3,292,770 |
| 2,835 | | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, | 10/21 at 105.00 | BB– | 3,004,079 |
| | Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A | | | |
| 4,735 | | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | A2 | 5,070,948 |
| | Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M | | | |
| | University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured | | | |
| 665 | | North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds, | No Opt. Call | N/R (4) | 770,582 |
| | Presbyterian Healthcare System, Series 1996A, 5.750%, 6/01/26 – NPFG Insured (ETM) | | | |
| 885 | | North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, | 8/22 at 100.00 | Aa3 (4) | 959,083 |
| | Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | | | |
| 710 | | North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, | 12/21 at 100.00 | A2 | 745,102 |
| | 12/15/36 – AGM Insured | | | |
| 3,860 | | North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding | 12/22 at 100.00 | A1 | 4,215,931 |
| | Senior Lien Series 2013, 5.000%, 12/15/33 | | | |
| | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible | | | |
| | Capital Appreciation Series 2011C: | | | |
| 4,030 | | 0.000%, 9/01/43 (Pre-refunded 9/01/31) (7) | 9/31 at 100.00 | N/R (4) | 5,479,833 |
| 8,470 | | 0.000%, 9/01/45 (Pre-refunded 9/01/31) (7) | 9/31 at 100.00 | N/R (4) | 12,473,684 |
| 3,000 | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest | 9/21 at 100.00 | N/R (4) | 3,117,750 |
| | Series 2011D, 5.000%, 9/01/31 (Pre-refunded 9/01/21) | | | |
| 2,000 | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, | 9/21 at 100.00 | N/R (4) | 2,086,760 |
| | 5.500%, 9/01/41 (Pre-refunded 9/01/21) | | | |
| 7,000 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital | 1/25 at 100.00 | A+ | 8,410,500 |
| | Appreciation Series 2008I, 6.500%, 1/01/43 | | | |
| 2,500 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | A1 | 1,760,675 |
| | 0.000%, 1/01/36 – AGC Insured | | | |
| 10,260 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ | 11,034,527 |
| | 5.000%, 1/01/40 | | | |
57
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| $ 4,555 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A, | 1/29 at 100.00 | A+ | $ 5,133,485 |
| | 4.000%, 1/01/44 | | | |
| | 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 | 15,463,220 |
| 1,000 | | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 1,155,210 |
| 1,000 | | Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana | 7/25 at 100.00 | AA– | 1,202,650 |
| | Project, Refunding Series 2015, 5.000%, 7/15/26 | | | |
| 1,425 | | Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, | No Opt. Call | AA | 1,074,550 |
| | 0.000%, 10/01/35 | | | |
| 4,000 | | Prosper Independent School District, Collin County, Texas, General Obligation Bonds, | 2/25 at 100.00 | AAA | 4,670,120 |
| | Refunding Series 2015, 5.000%, 2/15/40 | | | |
| 205 | | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series | 2/24 at 100.00 | Ba1 | 213,975 |
| | 2014A, 5.125%, 2/01/39 | | | |
| 4,060 | | San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue | 11/20 at 100.00 | BBB+ | 4,060,568 |
| | Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (AMT) | | | |
| 2,500 | | San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, | 7/22 at 100.00 | A | 2,650,550 |
| | 7/01/27 (AMT) | | | |
| 2,640 | | San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B, | 5/25 at 100.00 | AA | 3,154,932 |
| | 5.000%, 5/15/34 | | | |
| 1,000 | | San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2018A, | 5/28 at 100.00 | AA | 1,240,200 |
| | 5.000%, 5/15/48 | | | |
| 1,925 | | Stephen F Austin State University, Texas, Revenue Bonds, Refunding & Improvement Series | 10/28 at 100.00 | A1 | 2,325,920 |
| | 2016, 5.000%, 10/15/42 | | | |
| 515 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 9/23 at 100.00 | A3 | 560,984 |
| | Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33 | | | |
| 1,250 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 5/26 at 100.00 | AA– | 1,492,775 |
| | Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/32 | | | |
| 2,000 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 8/26 at 100.00 | AA | 2,345,800 |
| | Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | | | |
| 3,105 | | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A– | 3,636,328 |
| | Senior Lien Series 2008D, 6.250%, 12/15/26 | | | |
| 1,000 | | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A– | 1,005,290 |
| | Series 2006A, 5.250%, 12/15/20 | | | |
| | 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+ | 6,421,038 |
| 2,050 | | 5.000%, 12/15/26 | 12/22 at 100.00 | BBB+ | 2,212,278 |
| 1,000 | | 5.000%, 12/15/27 | 12/22 at 100.00 | BBB+ | 1,076,450 |
| 12,745 | | 5.000%, 12/15/29 | 12/22 at 100.00 | BBB+ | 13,642,375 |
| 2,000 | | 5.000%, 12/15/31 | 12/22 at 100.00 | BBB+ | 2,132,120 |
| | Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010: | | | |
| 640 | | 5.000%, 9/01/34 | 11/20 at 100.00 | A+ | 642,118 |
| 1,000 | | 5.000%, 9/01/40 | 11/20 at 100.00 | A+ | 1,003,310 |
| 19,735 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | 12/25 at 100.00 | Baa3 | 21,404,581 |
| | Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, | | | |
| | 12/31/55 (AMT) | | | |
| | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | | | |
| | Bonds, NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility, Series 2013: | | | |
| 1,335 | | 7.000%, 12/31/38 (AMT) | 9/23 at 100.00 | Baa3 | 1,520,739 |
| 4,040 | | 6.750%, 6/30/43 (AMT) | 9/23 at 100.00 | Baa3 | 4,568,472 |
58
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| $ 25,000 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | 6/29 at 100.00 | Baa3 | $ 28,480,000 |
| | Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, 5.000%, | | | |
| | 6/30/58 (AMT) | | | |
| | Texas State, General Obligation Bonds, Texas Transportation Commission, Highway | | | |
| | Improvement Series 2014: | | | |
| 800 | | 5.000%, 4/01/44 (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (4) | 925,144 |
| 1,200 | | 5.000%, 4/01/44 (Pre-refunded 4/01/24) | 4/24 at 100.00 | AAA | 1,392,144 |
| 2,000 | | Texas State, General Obligation Bonds, Transportation Commission Highway Improvement | 4/22 at 100.00 | AAA | 2,134,320 |
| | Series 2012A, 5.000%, 4/01/42 (Pre-refunded 4/01/22) | | | |
| 2,000 | | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, | 4/24 at 100.00 | AAA | 2,320,240 |
| | Refunding Series 2014, 5.000%, 10/01/34 (Pre-refunded 4/01/24) | | | |
| 9,430 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/22 at 100.00 | A3 (4) | 10,228,249 |
| | First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22) | | | |
| | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | | | |
| | First Tier Series 2015B: | | | |
| 8,335 | | 0.000%, 8/15/36 | 8/24 at 59.60 | A3 | 4,485,897 |
| 10,960 | | 5.000%, 8/15/37 | 8/24 at 100.00 | A3 | 12,394,445 |
| | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | | | |
| | Second Tier Series 2015C: | | | |
| 2,100 | | 5.000%, 8/15/33 | 8/24 at 100.00 | Baa1 | 2,379,678 |
| 15,750 | | 5.000%, 8/15/42 | 8/24 at 100.00 | Baa1 | 17,596,687 |
| 10,000 | | Texas Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2016A, | 10/26 at 100.00 | AAA | 12,412,000 |
| | 5.000%, 10/01/30 (UB) (5) | | | |
| 1,875 | | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll | 2/29 at 100.00 | Baa3 | 2,128,331 |
| | Series 2019A, 5.000%, 8/01/57 | | | |
| | 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) | 2,279,630 |
| 7,715 | | 0.000%, 8/15/21 – AMBAC Insured | No Opt. Call | A3 | 7,672,876 |
| 2,020 | | 0.000%, 8/15/23 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 1,997,659 |
| 9,980 | | 0.000%, 8/15/23 – AMBAC Insured | No Opt. Call | A3 | 9,727,306 |
| 3,830 | | 0.000%, 8/15/24 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 3,765,426 |
| 21,170 | | 0.000%, 8/15/24 – AMBAC Insured | No Opt. Call | A3 | 20,391,367 |
| | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master | | | |
| | Trust Series 2017A: | | | |
| 10,000 | | 4.000%, 10/15/42 (UB) (5) | 10/27 at 100.00 | AAA | 11,560,300 |
| 5,000 | | 5.000%, 10/15/42 | 10/27 at 100.00 | AAA | 6,174,200 |
| 16,600 | | 5.000%, 10/15/42 (UB) (5) | 10/27 at 100.00 | AAA | 20,498,344 |
| 5,000 | | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master | 10/28 at 100.00 | AAA | 6,240,750 |
| | Trust Series 2018B, 5.000%, 4/15/49 | | | |
| 2,490 | | Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, | 9/25 at 100.00 | Baa2 | 2,747,093 |
| | Infrastructure Improvement Facilities, Series 2018, 5.000%, 9/01/40 | | | |
| 1,735 | | Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue | 8/24 at 100.00 | AA | 1,948,388 |
| | Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38 | | | |
| 250 | | Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities | 11/20 at 100.00 | CC | 251,008 |
| | Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (AMT) | | | |
| | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, | | | |
| | School Building Series 2015B: | | | |
| 1,000 | | 0.000%, 8/15/45 (Pre-refunded 8/15/25) | 8/25 at 44.15 | Aaa | 427,800 |
| 8,000 | | 0.000%, 8/15/45 | 8/25 at 44.15 | Aaa | 3,298,720 |
| 713,455 | | Total Texas | | | 739,439,774 |
59
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Utah – 1.5% (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 | $ 30,807,258 |
| | 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 | 5,200,290 |
| | 7/01/48 (AMT) | | | |
| 5,795 | | Utah Charter School Finance Authority, Charter School Revenue Bonds, Hawthorn Academy | 4/26 at 100.00 | AA | 6,632,320 |
| | Project, Series 2016, 5.000%, 10/15/46 | | | |
| 2,000 | | Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc, Series 2012, 5.000%, | 5/21 at 100.00 | AA+ (4) | 2,051,580 |
| | 5/15/43 (Pre-refunded 5/15/21) | | | |
| | 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) | 1,792,805 |
| 2,445 | | 5.000%, 6/15/42 (Pre-refunded 6/15/22) | 6/22 at 100.00 | A+ (4) | 2,632,678 |
| 43,460 | | Total Utah | | | 49,116,931 |
| | Virginia – 3.2% (2.0% of Total Investments) | | | |
| 785 | | Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, | 11/20 at 100.00 | BB– | 776,357 |
| | Series 2006, 5.000%, 9/01/26 | | | |
| 560 | | Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue | 7/30 at 100.00 | A+ | 636,910 |
| | Bonds, Virginia Hospital Center, Series 2020, 4.000%, 7/01/45 | | | |
| 515 | | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital | 7/28 at 100.00 | BBB | 520,789 |
| | Appreciation Series 2012B, 0.000%, 7/15/40 (7) | | | |
| 1,000 | | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/28 at 100.00 | Aa2 | 1,115,330 |
| | Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB) (5) | | | |
| 1,000 | | Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing | 11/20 at 100.00 | AA+ | 1,004,560 |
| | Revenue 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 | 14,493,480 |
| | 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 | N/R (4) | 2,619,096 |
| | Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) | | | |
| | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | | | |
| | Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B: | | | |
| 4,750 | | 5.000%, 10/01/47 | 10/29 at 100.00 | Baa2 | 5,641,765 |
| 6,000 | | 4.000%, 10/01/49 | 10/29 at 100.00 | Baa2 | 6,548,220 |
| 1,810 | | 4.000%, 10/01/53 – AGM Insured | 10/29 at 100.00 | A2 | 1,979,217 |
| 5,625 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 4/22 at 100.00 | Baa1 | 5,860,406 |
| | 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 | 1,267,400 |
| | 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 | 6,247,650 |
| | Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, | | | |
| | 10/01/41 – AGC Insured | | | |
| | 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 | AA– | 2,086,280 |
| 3,000 | | 5.000%, 11/01/46 | 11/22 at 100.00 | AA– | 3,167,850 |
| 6,115 | | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 11/20 at 100.00 | B– | 6,140,866 |
| | Bonds, Series 2007B1, 5.000%, 6/01/47 | | | |
| 15,605 | | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform | 6/27 at 100.00 | Baa3 | 17,415,492 |
| | 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT) | | | |
60
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Virginia (continued) | | | |
| $ 8,135 | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes | 1/22 at 100.00 | BBB– | $ 8,386,209 |
| | LLC Project, Series 2019, 5.000%, 7/01/49 (AMT) | | | |
| | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River | | | |
| | Crossing, Opco LLC Project, Series 2012: | | | |
| 4,225 | | 6.000%, 1/01/37 (AMT) | 7/22 at 100.00 | BBB– | 4,498,189 |
| 14,375 | | 5.500%, 1/01/42 (AMT) | 7/22 at 100.00 | BBB– | 15,011,525 |
| 96,900 | | Total Virginia | | | 105,417,591 |
| | Washington – 3.7% (2.4% of Total Investments) | | | |
| 2,000 | | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/24 at 100.00 | AA– | 2,277,560 |
| | Refunding Series 2014A, 5.000%, 7/01/40 | | | |
| 2,375 | | Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids | 1/26 at 100.00 | Aa3 (4) | 2,939,371 |
| | Hydroelectric Project, Refunding Series 2015A, 5.000%, 1/01/41 (Pre-refunded 1/01/26) | | | |
| 14,380 | | King County Public Hospital District 2, Washington, General Obligation Bonds, | 12/29 at 100.00 | Aa3 | 16,172,036 |
| | EvergreenHealth, Limited Tax 2020A, 4.000%, 12/01/45 | | | |
| 2,270 | | Port Everett, Washington, Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 | 6/26 at 100.00 | A2 | 2,629,591 |
| 14,955 | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, 5.000%, | 5/27 at 100.00 | A+ | 17,145,459 |
| | 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+ | 6,982,140 |
| 4,515 | | 5.000%, 5/01/43 (AMT) | 5/27 at 100.00 | A+ | 5,151,841 |
| 1,145 | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2019, 5.000%, | 4/29 at 100.00 | A+ | 1,346,188 |
| | 4/01/44 (AMT) | | | |
| 10,000 | | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue | 6/23 at 100.00 | BBB+ | 10,323,100 |
| | 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) | 5,216,403 |
| | 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) | 1,670,708 |
| | 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– | 4,244,360 |
| | 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 | 1,062,640 |
| | 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 | 13,039,850 |
| | Series 2015A, 5.000%, 10/01/45 (UB) | | | |
| 5,000 | | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/28 at 100.00 | BBB+ | 5,532,700 |
| | Bonds, Series 2018, 5.000%, 7/01/58 | | | |
| 2,525 | | Washington State Higher Education Facilities Authority, Revenue Bonds, Seattle | 5/30 at 100.00 | A | 2,729,348 |
| | University, Series 2020, 4.000%, 5/01/45 | | | |
| 320 | | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement | 1/23 at 100.00 | BBB– | 325,549 |
| | 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+ | 6,358,824 |
| | 0.000%, 6/01/24 – NPFG Insured | | | |
| 18,470 | | Washington, General Obligation Compound Interest Bonds, Series 1999S-3, 0.000%, 1/01/21 | No Opt. Call | AA+ | 18,462,243 |
| 113,720 | | Total Washington | | | 123,609,911 |
61
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | West Virginia – 0.8% (0.5% of Total Investments) | | | |
| $ 7,000 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A | $ 7,575,400 |
| | 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 | 17,694,900 |
| | 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 | 2,348,840 |
| | System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 | | | |
| 24,000 | | Total West Virginia | | | 27,619,140 |
| | 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 (6) | No Opt. Call | N/R | 819 |
| 30 | | 0.000%, 1/01/48, 144A (6) | No Opt. Call | N/R | 703 |
| 29 | | 0.000%, 1/01/49, 144A (6) | No Opt. Call | N/R | 675 |
| 29 | | 0.000%, 1/01/50, 144A (6) | No Opt. Call | N/R | 626 |
| 28 | | 0.000%, 1/01/51, 144A (6) | No Opt. Call | N/R | 603 |
| 36 | | 0.000%, 1/01/52, 144A (6) | No Opt. Call | N/R | 751 |
| 36 | | 0.000%, 1/01/53, 144A (6) | No Opt. Call | N/R | 725 |
| 35 | | 0.000%, 1/01/54, 144A (6) | No Opt. Call | N/R | 680 |
| 34 | | 0.000%, 1/01/55, 144A (6) | No Opt. Call | N/R | 649 |
| 33 | | 0.000%, 1/01/56, 144A (6) | No Opt. Call | N/R | 623 |
| 1,715 | | 5.500%, 7/01/56, 144A (6) | 3/28 at 100.00 | N/R | 1,235,232 |
| 37 | | 0.000%, 1/01/57, 144A (6) | No Opt. Call | N/R | 669 |
| 36 | | 0.000%, 1/01/58, 144A (6) | No Opt. Call | N/R | 635 |
| 35 | | 0.000%, 1/01/59, 144A (6) | No Opt. Call | N/R | 605 |
| 34 | | 0.000%, 1/01/60, 144A (6) | No Opt. Call | N/R | 571 |
| 34 | | 0.000%, 1/01/61, 144A (6) | No Opt. Call | N/R | 545 |
| 33 | | 0.000%, 1/01/62, 144A (6) | No Opt. Call | N/R | 515 |
| 32 | | 0.000%, 1/01/63, 144A (6) | No Opt. Call | N/R | 492 |
| 31 | | 0.000%, 1/01/64, 144A (6) | No Opt. Call | N/R | 471 |
| 31 | | 0.000%, 1/01/65, 144A (6) | No Opt. Call | N/R | 446 |
| 33 | | 0.000%, 1/01/66, 144A (6) | No Opt. Call | N/R | 456 |
| 401 | | 0.000%, 1/01/67, 144A (6) | No Opt. Call | N/R | 5,089 |
| | 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 (6) | No Opt. Call | N/R | 1,483 |
| 59 | | 0.000%, 1/01/47, 144A (6) | No Opt. Call | N/R | 1,403 |
| 58 | | 0.000%, 1/01/48, 144A (6) | No Opt. Call | N/R | 1,368 |
| 58 | | 0.000%, 1/01/49, 144A (6) | No Opt. Call | N/R | 1,326 |
| 57 | | 0.000%, 1/01/50, 144A (6) | No Opt. Call | N/R | 1,252 |
| 62 | | 0.000%, 1/01/51, 144A (6) | No Opt. Call | N/R | 1,344 |
| 1,607 | | 0.000%, 7/01/51, 144A (6) | 3/28 at 100.00 | N/R | 1,011,540 |
| 62 | | 0.000%, 1/01/52, 144A (6) | No Opt. Call | N/R | 1,279 |
| 61 | | 0.000%, 1/01/53, 144A (6) | No Opt. Call | N/R | 1,235 |
| 61 | | 0.000%, 1/01/54, 144A (6) | No Opt. Call | N/R | 1,189 |
| 60 | | 0.000%, 1/01/55, 144A (6) | No Opt. Call | N/R | 1,144 |
| 59 | | 0.000%, 1/01/56, 144A (6) | No Opt. Call | N/R | 1,106 |
| 59 | | 0.000%, 1/01/57, 144A (6) | No Opt. Call | N/R | 1,064 |
| 58 | | 0.000%, 1/01/58, 144A (6) | No Opt. Call | N/R | 1,022 |
| 57 | | 0.000%, 1/01/59, 144A (6) | No Opt. Call | N/R | 993 |
| 57 | | 0.000%, 1/01/60, 144A (6) | No Opt. Call | N/R | 951 |
| 56 | | 0.000%, 1/01/61, 144A (6) | No Opt. Call | N/R | 907 |
| 56 | | 0.000%, 1/01/62, 144A (6) | No Opt. Call | N/R | 875 |
| 55 | | 0.000%, 1/01/63, 144A (6) | No Opt. Call | N/R | 841 |
| 54 | | 0.000%, 1/01/64, 144A (6) | No Opt. Call | N/R | 817 |
| 54 | | 0.000%, 1/01/65, 144A (6) | No Opt. Call | N/R | 781 |
| 53 | | 0.000%, 1/01/66, 144A (6) | No Opt. Call | N/R | 729 |
| 693 | | 0.000%, 1/01/67, 144A (6) | No Opt. Call | N/R | 8,798 |
62
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Wisconsin (continued) | | | |
| $ 10,000 | | Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Renown Regional Medical | 6/30 at 100.00 | A+ | $ 11,103,000 |
| | Center Project, Refunding Series 2020A, 4.000%, 6/01/45 | | | |
| 5,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian | 7/23 at 100.00 | N/R (4) | 5,606,750 |
| | HealthCare, Inc, Series 2013B, 5.000%, 7/01/36 (Pre-refunded 7/01/23) | | | |
| 1,250 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/22 at 100.00 | A– | 1,302,287 |
| | Series 2012B, 5.000%, 2/15/32 | | | |
| 2,750 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen | 10/21 at 100.00 | A1 | 2,832,390 |
| | Lutheran, Series 2011A, 5.250%, 10/15/39 | | | |
| 10,225 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 5/26 at 100.00 | Aa2 | 11,712,328 |
| | Ascension Health Alliance Senior Credit Group, Series 2016A, 4.500%, 11/15/39 | | | |
| 1,870 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Beloit | 7/26 at 100.00 | A | 2,005,257 |
| | Health System, Inc, Series 2016, 4.000%, 7/01/46 | | | |
| 4,220 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 8/27 at 100.00 | Aa3 | 4,681,879 |
| | Children’s Hospital of Wisconsin, Inc, Series 2017, 4.000%, 8/15/42 | | | |
| | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | | | |
| | Marshfield Clinic, Series 2016A: | | | |
| 12,440 | | 5.000%, 2/15/42 | 2/26 at 100.00 | A– | 13,936,283 |
| 6,000 | | 5.000%, 2/15/46 | 2/26 at 100.00 | A– | 6,671,220 |
| 60,046 | | Total Wisconsin | | | 62,147,421 |
| $ 4,979,640 | | Total Municipal Bonds (cost $4,751,654,851) | | | 5,213,060,393 |
|
| Shares | | Description (1), (8) | | | Value |
| | INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments) | | | |
| 8,812 | | BlackRock MuniHoldings Fund Inc | | | $ 132,356 |
| 32,524 | | Invesco Quality Municipal Income Trust | | | 396,143 |
| | Total Investment Companies (cost $530,611) | | | 528,499 |
| | Total Long-Term Investments (cost $4,752,185,462) | | | 5,213,588,892 |
| | Floating Rate Obligations – (2.8)% | | | (92,900,000) |
| | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (16.4)% (9) | | | (545,220,708) |
| | MuniFund Preferred Shares, net of deferred offering costs – (20.3)% (10) | | | (678,366,149) |
| | Variable Rate Demand Preferred Shares, net of deferred offering costs – (18.9)% (11) | | | (630,176,454) |
| | Other Assets Less Liabilities – 2.0% | | | 67,326,567 |
| | Net Assets Applicable to Common Shares – 100% | | | $ 3,334,252,148 |
63
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | |
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(7) | 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. |
(8) | 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. |
(9) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 10.5%. |
(10) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.0%. |
(11) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.1%. |
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 4 – Portfolio Securities and Investments in Derivatives, for more information. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| See accompanying notes to financial statements. |
64
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | LONG-TERM INVESTMENTS – 155.5% (99.9% of Total Investments) | | | |
| | MUNICIPAL BONDS – 155.5% (99.9% of Total Investments) | | | |
| | Alabama – 1.3% (0.8% of Total Investments) | | | |
| | Birmingham Airport Authority, Alabama, Airport Revenue Bonds, Series 2020: | | | |
| $ 875 | | 4.000%, 7/01/35 – BAM Insured | 7/30 at 100.00 | A3 | $ 1,008,254 |
| 1,000 | | 4.000%, 7/01/37 – BAM Insured | 7/30 at 100.00 | A3 | 1,142,610 |
| 975 | | 4.000%, 7/01/40 – BAM Insured | 7/30 at 100.00 | A3 | 1,102,774 |
| 3,550 | | Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2020B, 4.000%, 6/01/45 | 6/30 at 100.00 | A1 | 3,913,165 |
| 4,250 | | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, | 2/26 at 100.00 | BBB+ | 4,728,677 |
| | Revenue Bonds, Infirmary Health System, Inc, Series 2016A, 5.000%, 2/01/41 | | | |
| 23,175 | | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A3 | 31,779,646 |
| | 5.000%, 9/01/46 | | | |
| 4,900 | | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, | 4/25 at 100.00 | N/R | 5,044,697 |
| | 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 | 5,832,132 |
| | Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A | | | |
| 44,035 | | Total Alabama | | | 54,551,955 |
| | Alaska – 0.5% (0.3% of Total Investments) | | | |
| | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | | | |
| | Bonds, Series 2006A: | | | |
| 17,040 | | 5.000%, 6/01/32 | 11/20 at 100.00 | B3 | 17,044,260 |
| 5,070 | | 5.000%, 6/01/46 | 11/20 at 100.00 | B3 | 5,091,497 |
| 22,110 | | Total Alaska | | | 22,135,757 |
| | Arizona – 1.7% (1.1% of Total Investments) | | | |
| 1,460 | | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue | 3/22 at 100.00 | A– | 1,510,881 |
| | Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 | | | |
| 3,815 | | Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for | 8/30 at 100.00 | A+ | 4,357,302 |
| | Economic and Educational Development, Refunding Series 2020A, 4.000%, 8/01/44 | | | |
| 1,025 | | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of | 7/27 at 100.00 | AA– | 1,167,536 |
| | Math & Science Projects, Series 2017A, 5.000%, 7/01/51 | | | |
| 7,115 | | Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series | 7/25 at 100.00 | A2 | 8,285,560 |
| | 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 | 1,562,549 |
| | 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– | 5,744,524 |
| | Refunding Series 2016A, 4.000%, 1/01/36 | | | |
| 6,355 | | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien | 7/29 at 100.00 | A | 7,017,509 |
| | Series 2019A, 4.000%, 7/01/44 | | | |
| | 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 | 9,798,716 |
| 10,000 | | 5.500%, 7/01/40 – FGIC Insured | No Opt. Call | AA | 15,333,800 |
| 3,000 | | Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, | 8/28 at 100.00 | AA | 3,659,250 |
| | 5.000%, 8/01/47 | | | |
| 11,080 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | BBB+ | 14,819,168 |
| | Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | | | |
| 56,845 | | Total Arizona | | | 73,256,795 |
65
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Arkansas – 0.1% (0.1% of Total Investments) | | | |
| $ 5,080 | | Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, | 11/20 at 100.00 | N/R | $ 5,080,356 |
| | 5/01/28 – ACA Insured | | | |
| | California – 10.1% (6.5% of Total Investments) | | | |
| 22,880 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series | No Opt. Call | A– | 16,789,344 |
| | 1999A, 0.000%, 10/01/32 – NPFG Insured | | | |
| 4,225 | | Alameda Unified School District, Alameda County, California, General Obligation Bonds, | No Opt. Call | AA | 3,830,131 |
| | Series 2005B, 0.000%, 8/01/28 – AGM Insured | | | |
| 3,450 | | Antelope Valley Joint Union High School District, Los Angeles and Kern Counties, | No Opt. Call | Aa3 | 3,018,819 |
| | 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) | 5,574,400 |
| 6,500 | | 5.250%, 4/01/53 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 7,285,785 |
| 10,000 | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 4/24 at 100.00 | Aa3 (4) | 11,612,400 |
| | Series 2014F-1, 5.000%, 4/01/54 (Pre-refunded 4/01/24) | | | |
| 8,000 | | Beverly Hills Unified School District, Los Angeles County, California, General | No Opt. Call | AA+ | 6,413,280 |
| | Obligation Bonds, Series 2009, 0.000%, 8/01/33 | | | |
| | Burbank Unified School District, Los Angeles County, California, General Obligation | | | |
| | Bonds, Series 2015A: | | | |
| 2,250 | | 0.000%, 8/01/32 (Pre-refunded 2/01/25) (7) | 2/25 at 100.00 | A+ (4) | 2,371,432 |
| 1,350 | | 0.000%, 8/01/33 (Pre-refunded 2/01/25) (7) | 2/25 at 100.00 | A+ (4) | 1,422,860 |
| 160 | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB– | 185,165 |
| | Los Angeles County Securitization Corporation, Series 2020B-1, 5.000%, 6/01/49 | | | |
| | 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 | 3,179,809 |
| 5,890 | | 0.000%, 10/01/24 – NPFG Insured | No Opt. Call | A2 | 5,689,858 |
| 7,615 | | 0.000%, 10/01/25 – NPFG Insured | No Opt. Call | A2 | 7,264,938 |
| 1,350 | | 0.000%, 10/01/39 – NPFG Insured | No Opt. Call | A2 | 835,002 |
| 3,330 | | California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford | 11/21 at 100.00 | AA– (4) | 3,504,226 |
| | Hospital and Clinics, Series 2008A-2 RMKT, 5.250%, 11/15/40 (Pre-refunded 11/15/21) | | | |
| 1,330 | | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, | 4/30 at 100.00 | BBB+ | 1,460,619 |
| | Series 2020A, 4.000%, 4/01/49 | | | |
| | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard | | | |
| | Children’s Hospital, Series 2012A: | | | |
| 3,000 | | 5.000%, 8/15/51 (UB) (5) | 8/22 at 100.00 | A+ | 3,148,410 |
| 10,000 | | 5.000%, 8/15/51 | 8/22 at 100.00 | A+ | 10,494,700 |
| 530 | | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– | 583,440 |
| | 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 | 1,771,988 |
| | 2012A, 5.000%, 11/15/40 | | | |
| | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and | | | |
| | Clinics, Tender Option Bond Trust 2016-XG0049: | | | |
| 485 | | 9.284%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 546,474 |
| 525 | | 9.292%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 591,607 |
| 1,285 | | 9.292%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 1,448,028 |
| 1,500 | | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, | 7/27 at 100.00 | BBB– | 1,699,620 |
| | Refunding Series 2017A, 5.000%, 7/01/42 | | | |
| 965 | | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series | 10/26 at 100.00 | BBB– | 1,062,050 |
| | 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+ | 3,293,847 |
| | Series 2013I, 5.000%, 11/01/38 | | | |
| 5,000 | | California State, General Obligation Bonds, Refunding Various Purpose Series 2017, | 8/26 at 100.00 | AA– | 5,703,650 |
| | 4.000%, 8/01/36 | | | |
66
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 5 | | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – | 11/20 at 100.00 | AA– | $ 5,017 |
| | AMBAC Insured | | | |
| 7,000 | | California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30 | 11/20 at 100.00 | AA– | 7,025,480 |
| 10,000 | | California State, General Obligation Bonds, Various Purpose Series 2011, | 10/21 at 100.00 | AA– | 10,399,100 |
| | 5.000%, 10/01/41 | | | |
| 9,130 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB– | 10,324,660 |
| | Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | | | |
| | California Statewide Community Development Authority, Revenue Bonds, Daughters of | | | |
| | Charity Health System, Series 2005A: | | | |
| 2,052 | | 5.750%, 7/01/30 (6) | 11/20 at 100.00 | N/R | 1,887,772 |
| 2,634 | | 5.750%, 7/01/35 (6) | 11/20 at 100.00 | N/R | 2,423,327 |
| 3,161 | | 5.500%, 7/01/39 (6) | 11/20 at 100.00 | N/R | 2,907,993 |
| 10,445 | | Castaic Lake Water Agency, California, Certificates of Participation, Water System | No Opt. Call | AA | 9,203,298 |
| | 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) | 4,654,383 |
| | 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+ (4) | 3,764,299 |
| | Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38 (Pre-refunded 8/01/23) | | | |
| 7,775 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | BBB | 5,775,348 |
| | 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 | | 0.000%, 1/15/42 (7) | 1/31 at 100.00 | Baa2 | 1,027,254 |
| 3,350 | | 5.750%, 1/15/46 | 1/24 at 100.00 | Baa2 | 3,741,715 |
| 8,350 | | 6.000%, 1/15/49 (Pre-refunded 1/15/24) | 1/24 at 100.00 | Baa2 (4) | 9,867,529 |
| 30,000 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | AA+ (4) | 29,986,500 |
| | Series 1995A, 0.000%, 1/01/21 (ETM) | | | |
| 10,000 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | B– | 10,312,700 |
| | 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 | 8,383,253 |
| | 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 | 10,461,065 |
| | 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 | 4,010,583 |
| | 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– | 3,962,250 |
| | 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 | 2,984,611 |
| | Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured | | | |
| 1,500 | | Lincoln Unified School District, Placer County, California, Community Facilities | No Opt. Call | N/R | 1,315,260 |
| | District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured | | | |
| 995 | | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, | 11/20 at 100.00 | N/R (4) | 998,602 |
| | 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 | 10,073,300 |
| | 2011A, 5.000%, 7/01/41 | | | |
| 2,490 | | Madera Unified School District, Madera County, California, General Obligation Bonds, | No Opt. Call | Baa2 | 2,295,207 |
| | 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 | 10,652,078 |
| | Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) | | | |
| 5,500 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | BBB+ | 8,567,955 |
| | Series 2009B, 6.500%, 11/01/39 | | | |
| 350 | | Mt Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, | No Opt. Call | N/R (4) | 375,053 |
| | 5.125%, 12/01/23 – AMBAC Insured (ETM) | | | |
67
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 14,100 | | New Haven Unified School District, California, General Obligation Bonds, Refunding | No Opt. Call | Aa3 | $ 10,692,735 |
| | Series 2009, 0.000%, 8/01/34 – AGC Insured | | | |
| 3,515 | | Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presybterian, Series | 12/21 at 100.00 | N/R (4) | 3,728,079 |
| | 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 | 2,202,800 |
| | Obligation Bonds, Election 2002 Series 2005B, 0.000%, 8/01/29 | | | |
| 3,255 | | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue | No Opt. Call | Baa2 | 3,707,543 |
| | 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) | 1,999,222 |
| 1,745 | | 5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured | 8/32 at 100.00 | N/R (4) | 2,466,872 |
| 1,000 | | Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation | No Opt. Call | Aa3 | 877,300 |
| | Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured | | | |
| 2,000 | | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | BBB– | 1,920,080 |
| | 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 | BBB– | 7,202,869 |
| | 8/01/33 – AGC Insured | | | |
| 2,850 | | Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding | No Opt. Call | AA+ (4) | 3,139,332 |
| | Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) | | | |
| 1,800 | | Rialto Unified School District, San Bernardino County, California, General Obligation | No Opt. Call | Aa3 | 1,626,750 |
| | 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) | 1,036,070 |
| | 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+ | 822,434 |
| | Series 2013A, 5.750%, 6/01/44 | | | |
| 2,400 | | San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family | No Opt. Call | AA+ (4) | 2,604,552 |
| | 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 | 2,349,833 |
| | 2011, 7.500%, 12/01/41 | | | |
| 4,000 | | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/23 at 100.00 | A | 4,367,120 |
| | International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 | | | |
| 8,075 | | San Francisco City and County Public Utilities Commission, California, Water Revenue | 11/30 at 100.00 | AA– | 9,485,541 |
| | Bonds, Local Water Series 2020C, 4.000%, 11/01/50 | | | |
| | 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 | 11,650,368 |
| 32,725 | | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB | 35,820,785 |
| 7,210 | | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 6,914,823 |
| | 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+ | 2,704,495 |
| | 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 | 4,445,065 |
| | 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+ | 3,818,888 |
| | 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 | 9,777,285 |
| | 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 | A3 | 1,490,600 |
| 6,570 | | 0.000%, 8/01/47 | 8/25 at 30.90 | A3 | 1,835,067 |
| 1,305 | | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed | 11/20 at 100.00 | BBB | 1,306,814 |
| | 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 | 2,544,499 |
| | Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured | | | |
68
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 3,900 | | West Hills Community College District, California, General Obligation Bonds, School | 8/21 at 100.00 | A2 (4) | $ 4,081,155 |
| | Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 (Pre-refunded | | | |
| | 8/01/21) – AGM Insured | | | |
| 447,982 | | Total California | | | 434,786,450 |
| | Colorado – 10.9% (7.0% of Total Investments) | | | |
| 1,365 | | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series | 12/24 at 102.00 | N/R | 1,391,440 |
| | 2019, 5.000%, 12/01/51 | | | |
| 500 | | Blue Lake Metropolitan District 2 , Lochbuie, Colorado, Limited Tax General Obligation | 12/21 at 103.00 | N/R | 515,355 |
| | Bonds, Series 2016A, 5.750%, 12/01/46 | | | |
| 1,140 | | Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General | 12/30 at 100.00 | A2 | 1,295,872 |
| | Obligation Limited Tax Bonds, Refunding & Improvement Series 2020, 4.000%, 12/01/45 – | | | |
| | AGM Insured | | | |
| 1,060 | | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Improvement | 12/23 at 103.00 | N/R | 1,095,425 |
| | Series 2018, 5.250%, 12/01/48 | | | |
| | 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 | 1,627,652 |
| 3,620 | | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 3,701,378 |
| 1,250 | | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BBB– | 1,352,275 |
| | Refunding Series 2013A, 5.375%, 12/01/33 | | | |
| 115 | | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BB | 119,196 |
| | Refunding Series 2014, 5.000%, 12/01/43 | | | |
| 3,500 | | Cherokee Metropolitan District, Colorado, Water and Wastewater Revenue Bonds, Series | 8/30 at 100.00 | AA | 4,041,800 |
| | 2020, 4.000%, 8/01/50 – BAM Insured | | | |
| 1,700 | | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 7/24 at 100.00 | BB | 1,735,207 |
| | 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 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 2,573,137 |
| 4,615 | | 5.000%, 6/01/35 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 5,922,706 |
| 7,205 | | 5.000%, 6/01/36 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 9,246,609 |
| 8,715 | | 5.000%, 6/01/37 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 11,184,482 |
| 4,105 | | 5.000%, 6/01/42 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 5,268,193 |
| 8,545 | | 5.000%, 6/01/47 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 10,966,311 |
| 5,235 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated | 11/29 at 100.00 | AA | 5,938,846 |
| | Group, Series 2019A, 4.000%, 11/15/43 | | | |
| 2,295 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 2/21 at 100.00 | BBB+ (4) | 2,321,553 |
| | Initiatives, Series 2011A, 5.000%, 2/01/41 (Pre-refunded 2/01/21) | | | |
| 5,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (4) | 5,520,100 |
| | Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) | | | |
| 5,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital | 12/23 at 100.00 | A+ | 5,475,950 |
| | Colorado Project, Series 2013A, 5.000%, 12/01/36 | | | |
| 3,050 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living | 1/24 at 102.00 | N/R | 3,229,920 |
| | Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | | | |
| 24,365 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 26,245,491 |
| | Series 2019A-2, 4.000%, 8/01/49 | | | |
| 3,700 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living | 12/27 at 103.00 | A– | 3,933,507 |
| | Communities & Services, Series 2020A, 4.000%, 12/01/50 | | | |
| 2,375 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/22 at 100.00 | N/R (4) | 2,550,964 |
| | Samaritan Society Project, Refunding Series 2012, 5.000%, 12/01/42 (Pre-refunded 6/01/22) | | | |
| 1,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/23 at 100.00 | N/R (4) | 1,136,350 |
| | Samaritan Society Project, Series 2013, 5.625%, 6/01/43 (Pre-refunded 6/01/23) | | | |
| 750 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, | 5/27 at 100.00 | N/R | 853,725 |
| | Refunding & Improvement Series 2017A, 5.250%, 5/15/37 | | | |
69
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| $ 1,500 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, | 9/25 at 100.00 | Baa1 | $ 1,609,785 |
| | Refunding Series 2015B, 4.000%, 9/01/34 | | | |
| 7,560 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, | 9/30 at 100.00 | Baa1 | 8,109,083 |
| | Series 2020A, 4.000%, 9/01/50 | | | |
| 1,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series | 11/29 at 100.00 | A+ | 1,133,060 |
| | 2019A, 4.000%, 11/01/39 | | | |
| 3,300 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, | 1/30 at 100.00 | AA– | 3,817,110 |
| | Refunding Series 2019A, 4.000%, 1/01/37 | | | |
| 4,880 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, | 1/30 at 100.00 | AA– | 5,580,378 |
| | Refunding Series 2019B, 4.000%, 1/01/40 | | | |
| 4,150 | | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, | 12/24 at 100.00 | BBB | 4,472,164 |
| | Senior Lien Series 2017, 5.000%, 12/31/56 | | | |
| | 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 | 2,011,353 |
| 2,660 | | 5.875%, 12/01/46 | 12/23 at 103.00 | N/R | 2,808,215 |
| | 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+ | 2,349,200 |
| 1,225 | | 5.000%, 12/01/47 | 12/27 at 100.00 | A+ | 1,428,068 |
| 1,500 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/27 at 100.00 | A+ | 1,767,480 |
| | 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 | 2,256,300 |
| | Revenue Bonds, Refunding Series 2017A, 4.000%, 3/01/40 | | | |
| 6,500 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/28 at 100.00 | AA | 7,330,505 |
| | 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– | 5,866,900 |
| 2,505 | | Colorado State, Certificates of Participation, Rural Series 2020A, 4.000%, 12/15/39 | 12/30 at 100.00 | AA– | 2,978,144 |
| | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016: | | | |
| 7,115 | | 5.000%, 8/01/41 | 8/26 at 100.00 | A1 | 8,561,408 |
| 1,000 | | 5.000%, 8/01/46 | 8/26 at 100.00 | A1 | 1,195,950 |
| 1,000 | | Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales | 12/24 at 103.00 | N/R | 942,460 |
| | Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/39 | | | |
| 11,140 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, | 11/22 at 100.00 | A+ (4) | 12,200,528 |
| | 11/15/37 (Pre-refunded 11/15/22) | | | |
| 12,900 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 11/23 at 100.00 | A | 14,058,807 |
| | 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 | 2,978,675 |
| | 2018B, 5.000%, 12/01/48 | | | |
| | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center | | | |
| | Hotel, Refunding Senior Lien Series 2016: | | | |
| 5,120 | | 5.000%, 12/01/32 | 12/26 at 100.00 | BBB– | 5,485,363 |
| 2,935 | | 5.000%, 12/01/35 | 12/26 at 100.00 | BBB– | 3,132,437 |
| 1,800 | | 5.000%, 12/01/40 | 12/26 at 100.00 | BBB– | 1,904,742 |
| 365 | | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado | 12/23 at 103.00 | N/R | 375,494 |
| | 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 | A | 13,856,803 |
| | 9/01/21 – NPFG Insured | | | |
| | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | |
| 6,200 | | 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | A | 6,131,924 |
| 45,540 | | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | A | 38,453,065 |
| 16,635 | | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 13,210,852 |
| 49,250 | | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 37,875,712 |
70
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | | | |
| $ 9,310 | | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | A | $ 8,326,678 |
| 2,900 | | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | A | 2,164,879 |
| 18,500 | | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | A | 13,039,355 |
| 2,200 | | Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater | 12/29 at 100.00 | AA | 2,550,746 |
| | Revenue Bonds, Improvement Series 2020A, 4.000%, 12/01/49 – AGM Insured | | | |
| 2,000 | | Firestone, Colorado, Water Enterprise Revenue Bonds, Series 2020, 4.000%, 12/01/45 – | 12/30 at 100.00 | AA | 2,351,500 |
| | BAM Insured | | | |
| 1,755 | | Flying Horse Metropolitan District 2, El Paso County, Colorado, General Obligation Limited | 12/30 at 100.00 | A2 | 2,017,162 |
| | Tax Bonds, Refunding & Improvement Series 2020A, 4.000%, 12/01/50 – AGM Insured | | | |
| 1,000 | | Little Thompson Water District, Colorado, Water Revenue Bonds, Series 2020, | 12/30 at 100.00 | AA– | 1,150,350 |
| | 4.000%, 12/01/50 | | | |
| 1,000 | | Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General | 12/26 at 100.00 | BBB+ | 1,145,840 |
| | 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+ | 1,128,820 |
| | 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 | 1,129,615 |
| | Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds, | | | |
| | Refunding Series 2017A, 5.750%, 12/01/47 | | | |
| 1,224 | | Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 1,234,943 |
| | Limited Tax 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 | 20,337,789 |
| | Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | | | |
| | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | | | |
| | Revenue Bonds, Series 2019A: | | | |
| 3,040 | | 4.000%, 12/01/37 – AGM Insured | 12/29 at 100.00 | A | 3,583,826 |
| 3,255 | | 4.000%, 12/01/46 – AGM Insured | 12/29 at 100.00 | A | 3,743,380 |
| 2,640 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue | 12/20 at 100.00 | A2 (4) | 2,652,118 |
| | 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 | A2 | 10,484,956 |
| 3,600 | | 5.000%, 12/01/47 | 12/27 at 100.00 | A2 | 4,284,360 |
| | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project | | | |
| | Private Activity Bonds, Series 2010: | | | |
| 15,000 | | 6.500%, 1/15/30 | 11/20 at 100.00 | Baa3 | 15,032,550 |
| 4,150 | | 6.000%, 1/15/41 | 11/20 at 100.00 | Baa3 | 4,157,470 |
| 3,250 | | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General | 12/26 at 100.00 | AA | 3,861,423 |
| | Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, | | | |
| | 12/01/46 – AGM Insured | | | |
| 1,000 | | Triview Metropolitan District, El Paso County, Colorado, Water and Wastewater Enterprise | 12/28 at 100.00 | A3 | 1,042,640 |
| | Revenue Bonds, Green Series 2020, 3.250%, 12/01/45 – BAM Insured | | | |
| 4,000 | | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, | 11/22 at 100.00 | Aa3 | 4,261,840 |
| | 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) | 16,900,765 |
| | (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 | A2 | 2,776,325 |
| | Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured | | | |
| 5,000 | | Weld County School District 6, Greeley, Colorado, General Obligation Bonds, Series 2020, | 12/29 at 100.00 | AA | 6,348,400 |
| | 5.000%, 12/01/44 | | | |
| 2,175 | | Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, | 12/26 at 100.00 | AA | 2,691,323 |
| | 5.000%, 12/15/30 | | | |
| 461,464 | | Total Colorado | | | 471,524,462 |
71
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Connecticut – 0.6% (0.4% of Total Investments) | | | |
| $ 1,650 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield | 7/26 at 100.00 | A– | $ 1,855,640 |
| | University, Series 2016Q-1, 5.000%, 7/01/46 | | | |
| 2,800 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean | 1/26 at 102.00 | BB+ | 2,942,212 |
| | Affiliates, Series 2020A, 5.000%, 1/01/55, 144A | | | |
| 7,165 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac | 7/25 at 100.00 | A– | 7,982,097 |
| | University, Refunding Series 2015L, 5.000%, 7/01/45 | | | |
| | 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 | 593,785 |
| 2,425 | | 5.000%, 7/01/42 | 7/27 at 100.00 | A3 | 2,819,693 |
| 7,075 | | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, | 5/30 at 100.00 | A+ | 8,825,779 |
| | Series 2020A, 5.000%, 5/01/40 | | | |
| 21,615 | | Total Connecticut | | | 25,019,206 |
| | Delaware – 0.4% (0.2% of Total Investments) | | | |
| 3,350 | | Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series | 7/23 at 100.00 | AA– (4) | 3,751,766 |
| | 2013, 5.000%, 7/01/32 (Pre-refunded 7/01/23) | | | |
| 1,000 | | Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, | 12/28 at 100.00 | BBB | 1,164,880 |
| | Series 2018, 5.000%, 6/01/48 | | | |
| 9,070 | | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, | 6/25 at 100.00 | AA– | 10,339,165 |
| | 5.000%, 6/01/55 | | | |
| 13,420 | | Total Delaware | | | 15,255,811 |
| | 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– | 1,157,900 |
| | Properties LLC Issue, Series 2013, 5.000%, 10/01/45 | | | |
| 107,000 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 11/20 at 20.76 | N/R | 22,159,700 |
| | 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– | 4,176,620 |
| 60 | | 5.000%, 4/01/36 (Pre-refunded 4/01/27) | 4/27 at 100.00 | N/R (4) | 77,014 |
| 3,440 | | 5.000%, 4/01/36 | 4/27 at 100.00 | A– | 4,092,224 |
| 15,150 | | District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 5.000%, | 4/21 at 100.00 | A– (4) | 15,448,001 |
| | 4/01/40 (Pre-refunded 4/01/21) – AMBAC Insured | | | |
| 1,195 | | Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue | 7/30 at 100.00 | AA | 1,376,317 |
| | Bonds, Series 2020A, 4.000%, 7/15/45 | | | |
| 131,595 | | Total District of Columbia | | | 48,487,776 |
| | Florida – 7.5% (4.8% of Total Investments) | | | |
| 2,800 | | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter | 9/23 at 100.00 | BBB | 2,939,104 |
| | 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 | A1 (4) | 11,474,210 |
| | 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– | 3,343,730 |
| 2,315 | | Cocoa, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2003, 5.500%, | No Opt. Call | AA | 2,534,994 |
| | 10/01/23 – AMBAC Insured | | | |
| 3,570 | | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges | 11/23 at 100.00 | BB+ | 3,712,586 |
| | University, Refunding Series 2013, 6.125%, 11/01/43 | | | |
| 5,810 | | Collier County, Florida, Tourist Development Tax Revenue Bonds, Series 2018, | 10/28 at 100.00 | Aa3 | 6,363,809 |
| | 4.000%, 10/01/43 | | | |
| | Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University | | | |
| | Project, Series 2013A: | | | |
| 8,555 | | 6.000%, 4/01/42 (Pre-refunded 4/01/23) | 4/23 at 100.00 | Baa1 (4) | 9,714,459 |
| 4,280 | | 5.625%, 4/01/43 (Pre-refunded 4/01/23) | 4/23 at 100.00 | Baa1 (4) | 4,826,000 |
72
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| $ 530 | | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 9/27 at 100.00 | N/R | $ 560,544 |
| | Renaissance Charter School, Inc Projects, Series 2020C, 5.000%, 9/15/50, 144A | | | |
| | Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | | | |
| 1,040 | | 0.000%, 11/01/25 – NPFG Insured | No Opt. Call | Baa2 | 964,933 |
| 1,590 | | 0.000%, 11/01/26 – NPFG Insured | No Opt. Call | Baa2 | 1,434,323 |
| 15,000 | | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/28 at 100.00 | AA– | 17,737,950 |
| | Airport, Series 2018F, 5.000%, 10/01/48 (UB) (5) | | | |
| | 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 | 6,452,725 |
| 12,885 | | 5.000%, 10/01/44 | 10/24 at 100.00 | A | 14,442,539 |
| 11,145 | | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida | 2/31 at 100.00 | Baa1 | 11,872,991 |
| | Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, 4.000%, 8/01/55 | | | |
| 400 | | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series | 10/22 at 100.00 | A+ | 431,984 |
| | 2012, 5.000%, 10/01/30 | | | |
| 1,530 | | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding | 11/21 at 100.00 | A2 | 1,595,010 |
| | 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 | 2,802,700 |
| | 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 | 4,306,938 |
| 19,145 | | 5.000%, 2/01/44 – AGM Insured | 2/24 at 100.00 | A1 | 21,609,153 |
| | 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 | BB+ | 180,418 |
| 2,000 | | 5.125%, 7/01/38 | 7/27 at 100.00 | BB+ | 1,672,840 |
| 5,035 | | 5.125%, 7/01/46 | 7/27 at 100.00 | BB+ | 3,956,402 |
| 1,200 | | Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, | 2/21 at 100.00 | Aa3 (4) | 1,217,052 |
| | 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– | 8,143,632 |
| | of Miami, Series 2015A, 5.000%, 4/01/45 | | | |
| 17,925 | | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University | 4/28 at 100.00 | A– | 20,674,874 |
| | of Miami, Series 2018A, 5.000%, 4/01/53 | | | |
| 10,000 | | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 11/20 at 100.00 | BBB+ | 10,027,700 |
| | 2010A, 5.000%, 7/01/35 | | | |
| 1,210 | | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Doral | 1/28 at 100.00 | BBB– | 1,338,248 |
| | Academy, Seres 2018, 5.000%, 1/15/37 | | | |
| 1,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, | 10/24 at 100.00 | A– | 1,126,530 |
| | Refunding Series 2014B, 5.000%, 10/01/37 | | | |
| 4,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series | 11/20 at 100.00 | A2 | 4,012,280 |
| | 2010B, 5.000%, 10/01/35 – AGM Insured | | | |
| 1,500 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, | 10/26 at 100.00 | A– | 1,725,690 |
| | 5.000%, 10/01/41 | | | |
| 4,715 | | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, | 6/27 at 100.00 | Aa3 | 5,623,958 |
| | 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 | 1,990,711 |
| | 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 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A1 (4) | 5,933,730 |
| 3,000 | | 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A1 (4) | 3,236,580 |
| 7,000 | | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, | 7/28 at 100.00 | AA | 7,913,150 |
| | 4.000%, 7/01/48 | | | |
73
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| $ 5,770 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, | 10/22 at 100.00 | A+ (4) | $ 6,293,339 |
| | 10/01/42 (Pre-refunded 10/01/22) | | | |
| 9,965 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2019B, | 10/29 at 100.00 | A+ | 11,476,690 |
| | 4.000%, 10/01/49 | | | |
| 2,400 | | New Smyrna Beach Utilities Commission, Florida, Utility System Revenue Certificates, | 4/30 at 100.00 | Aa2 | 2,822,832 |
| | Refunding Series 2020, 4.000%, 10/01/49 | | | |
| 750 | | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/22 at 100.00 | A2 (4) | 799,268 |
| | Health, Inc, Series 2012A, 5.000%, 10/01/42 (Pre-refunded 4/01/22) | | | |
| 1,095 | | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | 10/29 at 91.18 | BBB– | 777,614 |
| | Improvement Capital Appreciation Series 2019A-2, 0.000%, 10/01/32 | | | |
| 5,045 | | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | 10/29 at 100.00 | BBB– | 5,846,297 |
| | Improvement Series 2019A-1, 5.000%, 10/01/49 | | | |
| 10,120 | | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist | 8/29 at 100.00 | A1 | 11,259,006 |
| | Health Systems of South Florida Obligated Group, Series 2019, 4.000%, 8/15/49 | | | |
| 5,680 | | Palm Beach County Health Facilities Authority, Florida, Retirement Communities Revenue Bonds, | 11/26 at 100.00 | A– | 6,570,454 |
| | ACTS Retirement – Life Communities, Inc Obligated Group, Series 2016, 5.000%, 11/15/32 | | | |
| 255 | | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences | 6/22 at 102.00 | N/R | 278,144 |
| | of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 | | | |
| 1,385 | | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series | 11/20 at 100.00 | A3 | 1,388,033 |
| | 2007, 5.000%, 5/01/30 – RAAI Insured | | | |
| 6,625 | | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | Aa3 | 7,264,843 |
| | 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 | 5,385,478 |
| 12,325 | | 5.000%, 8/15/47 | 8/27 at 100.00 | A1 | 14,335,084 |
| 2,785 | | Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose | No Opt. Call | Baa2 | 3,150,531 |
| | Bonds, Stadium Project, Series 1995, 5.750%, 10/01/25 – NPFG Insured | | | |
| 3,300 | | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, | 5/22 at 100.00 | Aa2 | 3,481,665 |
| | 5.000%, 11/15/33 | | | |
| 4,000 | | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, | 5/26 at 100.00 | Aa2 | 4,368,600 |
| | 4.000%, 11/15/46 | | | |
| | Tampa, Florida, Revenue Bonds, H Lee Moffitt Cancer Center and Research Institute, | | | |
| | Series 2020B: | | | |
| 345 | | 4.000%, 7/01/39 | 7/30 at 100.00 | A– | 391,813 |
| 5,545 | | 5.000%, 7/01/50 | 7/30 at 100.00 | A– | 6,694,867 |
| 9,720 | | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series | 7/22 at 100.00 | A2 (4) | 10,478,063 |
| | 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 | A2 (4) | 1,566,675 |
| | 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 (4) | 2,399,500 |
| | Aeronautical University, Series 2015B, 5.000%, 10/15/45 (Pre-refunded 4/15/25) | | | |
| 1,000 | | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle | 10/29 at 100.00 | A3 | 1,132,610 |
| | Aeronautical University, Series 2020A, 4.000%, 10/15/39 | | | |
| 7,400 | | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson | 6/25 at 100.00 | A– | 8,230,576 |
| | University Inc Project, Series 2015, 5.000%, 6/01/45 | | | |
| 293,600 | | Total Florida | | | 324,286,459 |
| | Georgia – 3.9% (2.5% of Total Investments) | | | |
| 7,230 | | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 | 1/22 at 100.00 | A+ | 7,522,381 |
| | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: | | | |
| 3,400 | | 5.000%, 11/01/33 (Pre-refunded 5/01/25) | 5/25 at 100.00 | AA– (4) | 4,102,712 |
| 2,040 | | 5.000%, 11/01/35 (Pre-refunded 5/01/25) | 5/25 at 100.00 | AA– (4) | 2,461,627 |
74
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Georgia (continued) | | | |
| $ 3,420 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – | No Opt. Call | AA– | $ 3,605,056 |
| | FGIC Insured | | | |
| 2,000 | | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/27 at 100.00 | A | 2,333,620 |
| | Wellstar Health System, Series 2017A, 5.000%, 4/01/42 | | | |
| 5,725 | | Fayette County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont | 7/26 at 100.00 | A1 | 6,529,019 |
| | 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 | 5,052,287 |
| 13,620 | | 5.000%, 4/01/47 | 4/27 at 100.00 | A | 15,768,283 |
| 5,485 | | 4.000%, 4/01/50 | 4/30 at 100.00 | A | 6,079,080 |
| 29,000 | | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc | 7/29 at 100.00 | A1 | 32,227,700 |
| | Project, Series 2019A, 4.000%, 7/01/49 | | | |
| 12,590 | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/25 at 100.00 | AA– | 14,538,051 |
| | 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– | 8,851,125 |
| | Certificates, Northeast Georgia Health Services Inc, Series 2017B, 5.250%, 2/15/45 | | | |
| 3,565 | | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series | 7/28 at 100.00 | BBB+ | 4,216,183 |
| | 2019A, 5.000%, 1/01/63 | | | |
| 11,000 | | Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/27 at 100.00 | A | 12,111,330 |
| | Wellstar Health System Inc, Series 2017A, 4.000%, 4/01/42 | | | |
| 1,350 | | Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series | No Opt. Call | AA+ | 1,732,752 |
| | 2005, 5.250%, 2/01/27 – BHAC Insured | | | |
| | Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A: | | | |
| 1,860 | | 5.000%, 5/15/43 | 5/29 at 100.00 | A3 | 2,174,080 |
| 8,000 | | 5.000%, 5/15/49 | No Opt. Call | A3 | 11,126,480 |
| 7,905 | | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | Baa1 | 8,759,056 |
| | Series 2015A, 5.000%, 7/01/60 | | | |
| 8,230 | | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/25 at 100.00 | Baa1 | 8,848,896 |
| | Series 2015, 5.000%, 10/01/40 | | | |
| 7,000 | | Rockdale County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc | 7/29 at 100.00 | A1 | 7,833,280 |
| | Project, Series 2019A, 4.000%, 7/01/44 | | | |
| 2,615 | | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South | 10/21 at 100.00 | AA– (4) | 2,728,962 |
| | Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21) | | | |
| 147,865 | | Total Georgia | | | 168,601,960 |
| | 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 | Baa2 (4) | 4,612,160 |
| | 2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) | | | |
| | 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 | 282,436 |
| | 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– | 2,174,904 |
| | Series 2012A, 5.000%, 3/01/47 | | | |
| 2,500 | | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood | 11/20 at 101.00 | Aaa | 2,535,975 |
| | Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | | | |
| 4,610 | | Total Idaho | | | 4,710,879 |
| | Illinois – 19.3% (12.4% 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 | 1,217,050 |
| 285 | | 5.000%, 4/01/37 – AGM Insured | 4/28 at 100.00 | A2 | 342,513 |
| 1,370 | | 5.000%, 4/01/38 – AGM Insured | 4/28 at 100.00 | A2 | 1,627,450 |
75
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| | Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding | | | |
| | Series 2002B: | | | |
| $ 4,595 | | 0.000%, 1/01/32 – FGIC Insured | No Opt. Call | A2 | $ 3,580,332 |
| 4,000 | | 0.000%, 1/01/34 – FGIC Insured | No Opt. Call | A2 | 2,890,440 |
| 11,000 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 12,638,560 |
| | Series 2016, 6.000%, 4/01/46 | | | |
| 2,940 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues | 12/21 at 100.00 | B1 | 2,962,609 |
| | Series 2011A, 5.000%, 12/01/41 | | | |
| 5,000 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB– | 5,419,150 |
| | 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 | BB– | 7,315,755 |
| | 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– | 13,495,428 |
| | Series 2016A, 7.000%, 12/01/44 | | | |
| 1,785 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | BB– | 2,085,880 |
| | Series 2016B, 6.500%, 12/01/46 | | | |
| 23,535 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB– | 29,091,143 |
| | Series 2017A, 7.000%, 12/01/46, 144A | | | |
| | 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 | BB– | 19,568,248 |
| 1,000 | | 5.500%, 12/01/26 – NPFG Insured | No Opt. Call | BB– | 1,135,640 |
| 3,500 | | Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal | 6/21 at 100.00 | A2 | 3,589,985 |
| | Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, | | | |
| | 5.250%, 6/01/26 – AGM Insured | | | |
| 3,225 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien | 12/29 at 100.00 | A+ | 3,451,105 |
| | Series 2020A, 4.000%, 12/01/55 | | | |
| 5,785 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, | 12/21 at 100.00 | A3 (4) | 6,097,390 |
| | 5.250%, 12/01/40 (Pre-refunded 12/01/21) | | | |
| 9,285 | | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 10,506,535 |
| | 5.250%, 12/01/49 | | | |
| | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | |
| 32,170 | | 0.000%, 1/01/21 – FGIC Insured | No Opt. Call | BBB– | 32,051,293 |
| 32,670 | | 0.000%, 1/01/22 – FGIC Insured | No Opt. Call | BBB– | 31,794,444 |
| 22,670 | | 0.000%, 1/01/25 – FGIC Insured | No Opt. Call | BBB– | 20,412,068 |
| 10,565 | | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB– | 11,563,287 |
| | 6.000%, 1/01/38 | | | |
| 4,000 | | Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.000%, 1/01/40 | 1/29 at 100.00 | BBB– | 4,064,280 |
| 5,000 | | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/22 at 100.00 | N/R (4) | 5,276,400 |
| | (Pre-refunded 1/01/22) | | | |
| 5,000 | | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/23 at 100.00 | BBB | 5,221,850 |
| | 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+ | 5,201,640 |
| | 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 | 4,862,519 |
| | Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured | | | |
| | 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 | 2,572,889 |
| 3,615 | | 0.000%, 12/01/20 – NPFG Insured (ETM) | No Opt. Call | N/R (4) | 3,614,060 |
| | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A: | | | |
| 3,500 | | 5.250%, 11/15/22 | 11/20 at 100.00 | A2 | 3,511,165 |
| 12,425 | | 5.250%, 11/15/33 | 11/20 at 100.00 | A2 | 12,455,690 |
| 3,500 | | Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series | 6/28 at 100.00 | Aa2 | 3,944,850 |
| | 2018A, 4.000%, 12/01/43 | | | |
76
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural | | | |
| | History, Series 2002RMKT: | | | |
| $ 2,750 | | 3.900%, 11/01/36 | 11/27 at 102.00 | A | $ 2,965,847 |
| 5,265 | | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 5,971,405 |
| 3,215 | | Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident | 10/30 at 100.00 | BBB+ | 3,407,578 |
| | Group – UIC Surgery Center, LLC – University of Illinois Health Services Facility Project, | | | |
| | Series 2020, 4.000%, 10/01/55 | | | |
| 5,020 | | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, | 6/22 at 100.00 | Aa3 (4) | 5,396,048 |
| | 5.000%, 6/01/42 (Pre-refunded 6/01/22) | | | |
| | 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 | 4,255,405 |
| 55 | | 4.000%, 2/15/41 (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (4) | 66,552 |
| 1,200 | | 4.000%, 2/15/41 (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (4) | 1,452,036 |
| 25,880 | | 4.000%, 2/15/41 | 2/27 at 100.00 | Aa2 | 28,479,646 |
| 1,000 | | 5.000%, 2/15/41 | 2/27 at 100.00 | Aa2 | 1,187,660 |
| 4,200 | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, | 9/22 at 100.00 | AA+ | 4,474,848 |
| | 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+ | 9,762,637 |
| 11,030 | | 5.000%, 9/01/42 | 9/24 at 100.00 | AA+ | 12,220,688 |
| 2,910 | | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, | 5/22 at 100.00 | A1 (4) | 3,099,121 |
| | 5/15/43 (Pre-refunded 5/15/22) | | | |
| 16,165 | | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, | 6/26 at 100.00 | A3 | 18,333,696 |
| | 5.000%, 12/01/40 | | | |
| 1,100 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender | 8/22 at 100.00 | Aa2 | 1,325,060 |
| | Option Bond Trust 2015-XF0076, 17.727%, 8/15/37, 144A (IF) | | | |
| 13,540 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, | 11/25 at 100.00 | A3 | 15,220,720 |
| | 5.000%, 11/15/45 | | | |
| 2,215 | | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series | 7/23 at 100.00 | A– | 2,435,038 |
| | 2013A, 6.000%, 7/01/43 | | | |
| 4,135 | | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | 8/25 at 100.00 | BBB+ | 4,558,962 |
| | Refunding Series 2015C, 5.000%, 8/15/44 | | | |
| 5,410 | | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, | 3/27 at 100.00 | A+ | 6,239,623 |
| | 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 | 8,316,013 |
| | 8/15/41 – AGM Insured | | | |
| | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | | | |
| | Series 2011C: | | | |
| 1,000 | | 5.500%, 8/15/41 (Pre-refunded 2/15/21) | 2/21 at 100.00 | AA– (4) | 1,014,680 |
| 2,500 | | 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) | 2/21 at 100.00 | AA– (4) | 2,536,700 |
| 15,510 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, | 10/21 at 100.00 | AA– | 16,045,250 |
| | 5.000%, 10/01/51 | | | |
| | Illinois State, General Obligation Bonds, April Series 2014: | | | |
| 2,500 | | 5.000%, 4/01/31 | 4/24 at 100.00 | BBB– | 2,601,550 |
| 3,000 | | 5.000%, 4/01/38 | 4/24 at 100.00 | BBB– | 3,063,960 |
| | Illinois State, General Obligation Bonds, December Series 2017A: | | | |
| 5,000 | | 5.000%, 12/01/34 | 12/27 at 100.00 | BBB– | 5,255,650 |
| 1,175 | | 5.000%, 12/01/35 | 12/27 at 100.00 | BBB– | 1,231,541 |
| 5,420 | | 5.000%, 12/01/39 | 12/27 at 100.00 | BBB– | 5,618,047 |
| 1,600 | | Illinois State, General Obligation Bonds, February Series 2014, 5.250%, 2/01/32 | 2/24 at 100.00 | BBB– | 1,669,104 |
| 1,750 | | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 | 1/26 at 100.00 | BBB– | 1,833,948 |
| 3,565 | | Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26 | No Opt. Call | BBB– | 3,886,527 |
77
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| | Illinois State, General Obligation Bonds, May Series 2018A: | | | |
| $ 17,000 | | 6.000%, 5/01/26 | No Opt. Call | BBB– | $ 19,375,580 |
| 4,485 | | 6.000%, 5/01/27 | No Opt. Call | BBB– | 5,173,986 |
| | Illinois State, General Obligation Bonds, May Series 2020: | | | |
| 1,115 | | 5.500%, 5/01/30 | No Opt. Call | BBB– | 1,275,214 |
| 5,305 | | 5.500%, 5/01/39 | 5/30 at 100.00 | BBB– | 5,853,961 |
| 2,515 | | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/23 | No Opt. Call | BBB– | 2,688,862 |
| 9,710 | | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB– | 10,622,934 |
| 10,000 | | Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – | 11/20 at 100.00 | BBB– | 10,030,400 |
| | AGM Insured | | | |
| 2,500 | | Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/25 | 3/22 at 100.00 | BBB– | 2,575,000 |
| 2,035 | | Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 2,097,210 |
| 5,030 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | A1 | 5,443,365 |
| | 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 | A1 | 8,927,200 |
| 6,500 | | 5.000%, 1/01/39 | 1/24 at 100.00 | A1 | 7,244,770 |
| 10,040 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | A1 | 11,617,886 |
| | 5.000%, 1/01/40 | | | |
| 8,890 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, | 1/26 at 100.00 | A1 | 10,374,630 |
| | 5.000%, 1/01/40 | | | |
| 10,000 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2017A, | 1/28 at 100.00 | A1 | 11,972,700 |
| | 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 | 1,481,891 |
| | 2015-XF0051, 17.207%, 1/01/38, 144A (IF) | | | |
| 11,050 | | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, | No Opt. Call | BBB– | 13,080,548 |
| | 11/01/26 – FGIC Insured | | | |
| 1,740 | | Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation | No Opt. Call | A2 | 1,727,942 |
| | Refunding Bonds, Series 2001B, 0.000%, 11/01/21 – AGM Insured | | | |
| 4,020 | | Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, | No Opt. Call | A2 | 4,035,437 |
| | Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB) | | | |
| 3,125 | | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate | 1/27 at 100.00 | A3 | 3,407,219 |
| | Revenue Source Refunding School Series 2020C, 4.000%, 1/01/45 – AGM Insured | | | |
| 5,000 | | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate | 1/21 at 100.00 | A2 | 5,040,550 |
| | 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 | 17,750,117 |
| | 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 | 2,906,712 |
| | 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 | BB+ | 5,108,650 |
| | Bonds, Refunding Series 2012B, 5.000%, 6/15/52 | | | |
| 2,350 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/29 at 100.00 | BB+ | 2,583,191 |
| | Bonds, Refunding Series 2020A, 5.000%, 6/15/50 | | | |
| 8,800 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BB+ | 9,529,608 |
| | Bonds, Series 2015A, 5.500%, 6/15/53 | | | |
| 4,750 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/27 at 100.00 | BB+ | 5,124,062 |
| | Bonds, Series 2017A, 5.000%, 6/15/57 | | | |
| | 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 | BB+ | 13,327,380 |
| 5,355 | | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | BB+ | 2,074,741 |
78
| | | | | | |
| 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, Refunding Series 1996A: | | | |
| $ 16,570 | | 0.000%, 12/15/20 – NPFG Insured (ETM) | No Opt. Call | BB+ (4) | $ 16,561,549 |
| 5,010 | | 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | BB+ | 4,929,690 |
| 23,920 | | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | BB+ | 23,146,666 |
| 13,350 | | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BB+ | 12,292,413 |
| | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | Expansion Project, Refunding Series 1998A: | | | |
| 3,455 | | 5.500%, 12/15/23 – FGIC Insured (ETM) | No Opt. Call | BB+ (4) | 3,738,241 |
| 3,725 | | 5.500%, 12/15/23 – FGIC Insured | No Opt. Call | BB+ | 3,999,160 |
| | 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) | 1,554,289 |
| 5,080 | | 5.700%, 6/15/25 | 6/22 at 101.00 | BB+ | 5,422,900 |
| 8,000 | | 5.750%, 6/15/26 – NPFG Insured | 6/22 at 101.00 | BB+ | 8,529,280 |
| 1,115 | | 5.750%, 6/15/27 | 6/22 at 101.00 | BB+ | 1,186,282 |
| 4,610 | | 5.750%, 6/15/27 (Pre-refunded 6/15/22) | 6/22 at 101.00 | N/R (4) | 5,049,656 |
| 195 | | 0.000%, 6/15/30 (ETM) | No Opt. Call | N/R (4) | 170,680 |
| 3,505 | | 0.000%, 6/15/30 | No Opt. Call | BBB | 2,611,821 |
| 28,000 | | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | BB+ | 17,370,080 |
| 3,280 | | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | BB+ | 1,804,131 |
| 11,715 | | 0.000%, 12/15/38 – NPFG Insured | No Opt. Call | BB+ | 6,035,919 |
| 7,790 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | AA+ (4) | 9,395,831 |
| | Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | | | |
| 17,865 | | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | A2 | 19,387,813 |
| | 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 | A2 | 3,114,660 |
| | 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) | 4,998,840 |
| | 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 | 2,640,982 |
| 7,000 | | 5.000%, 3/01/31 | 3/25 at 100.00 | A3 | 8,180,690 |
| 2,000 | | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | Baa1 | 2,216,080 |
| | 6.250%, 10/01/38 | | | |
| 4,810 | | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 4,687,345 |
| | 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) | 771,194 |
| 2,550 | | 0.000%, 11/01/22 – NPFG Insured | No Opt. Call | Baa2 | 2,500,887 |
| 1,895 | | Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General | 12/20 at 100.00 | A2 (4) | 1,905,252 |
| | Obligation Bonds, Series 2011, 7.250%, 12/01/28 (Pre-refunded 12/01/20) – AGM Insured | | | |
| 827,330 | | Total Illinois | | | 834,141,265 |
| | Indiana – 3.2% (2.0% of Total Investments) | | | |
| 6,000 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University | 10/24 at 100.00 | Baa1 | 6,316,080 |
| | Project, Series 2014, 5.000%, 10/01/44 | | | |
| | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | | | |
| | Series 2012A: | | | |
| 5,000 | | 4.000%, 5/01/35 (Pre-refunded 5/01/23) | 5/23 at 100.00 | A (4) | 5,451,550 |
| 5,420 | | 5.000%, 5/01/42 (Pre-refunded 5/01/23) | 5/23 at 100.00 | A (4) | 6,043,951 |
| 10,000 | | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | 12/29 at 100.00 | AA | 11,355,000 |
| | Group, Fixed Rate Series 2019A, 4.000%, 12/01/49 | | | |
79
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Indiana (continued) | | | |
| | 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 | $ 2,037,019 |
| 3,400 | | 5.000%, 12/01/40 | 6/25 at 100.00 | AA | 3,864,066 |
| 8,630 | | Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana | 3/22 at 100.00 | AA– (4) | 9,169,461 |
| | Obligated Group, Series 2012, 5.000%, 3/01/41 (Pre-refunded 3/01/22) | | | |
| 2,500 | | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series | 12/20 at 100.00 | AA– (4) | 2,509,325 |
| | 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) | | | |
| 11,000 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/26 at 100.00 | A+ | 12,952,280 |
| | First Lien Green Series 2016A, 5.000%, 10/01/46 | | | |
| 4,200 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/30 at 100.00 | Aa3 | 4,920,342 |
| | First Lien Green Series 2020A, 4.000%, 10/01/45 | | | |
| 5,000 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/21 at 100.00 | A1 | 5,170,900 |
| | Series 2011B, 5.000%, 10/01/41 | | | |
| 5,000 | | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/22 at 100.00 | Aa3 | 5,370,400 |
| | 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+ | 15,059,946 |
| | 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+ | 6,040,472 |
| | First Lien Series 2016A, 5.000%, 10/01/46 | | | |
| 1,960 | | Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc | 11/20 at 100.00 | N/R (4) | 1,966,350 |
| | 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+ | 16,545,786 |
| | 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) | 3,093,450 |
| | 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– | 8,960,969 |
| 9,560 | | 0.000%, 2/01/26 – AMBAC Insured | No Opt. Call | AA– | 9,125,785 |
| 1,580 | | Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series | No Opt. Call | A2 | 1,451,151 |
| | 2005Z, 0.000%, 1/15/28 – AGM Insured | | | |
| 125,825 | | Total Indiana | | | 137,404,283 |
| | Iowa – 2.0% (1.3% of Total Investments) | | | |
| 16,130 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | B | 17,174,256 |
| | Company Project, Series 2013, 5.250%, 12/01/25 | | | |
| 2,310 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 11/20 at 104.00 | B | 2,405,080 |
| | 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 | BB– | 2,836,040 |
| | Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37) | | | |
| 3,085 | | Iowa Finance Authority, Senior Housing Revenue Bonds, Northcrest Inc Project, Series | 3/24 at 103.00 | BB+ | 3,192,975 |
| | 2018A, 5.000%, 3/01/48 | | | |
| | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | |
| 13,950 | | 5.375%, 6/01/38 | 11/20 at 100.00 | B– | 14,140,975 |
| 12,830 | | 5.500%, 6/01/42 | 11/20 at 100.00 | B– | 13,005,643 |
| 5,675 | | 5.625%, 6/01/46 | 11/20 at 100.00 | B– | 5,752,691 |
| 16,100 | | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, | 11/20 at 100.00 | B– | 16,320,409 |
| | 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+ | 5,419,946 |
| 5,990 | | 5.000%, 12/01/41 | 12/26 at 100.00 | BBB+ | 6,831,954 |
| 83,460 | | Total Iowa | | | 87,079,969 |
80
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Kansas – 0.4% (0.2% of Total Investments) | | | |
| $ 2,000 | | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail | 11/22 at 100.00 | A2 | $ 2,116,460 |
| | 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 | 3,188,460 |
| | 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 | 4,344,466 |
| | 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 | 6,232,197 |
| | 5.000%, 7/01/43 | | | |
| 13,970 | | Total Kansas | | | 15,881,583 |
| | Kentucky – 1.0% (0.6% of Total Investments) | | | |
| 6,010 | | Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton | No Opt. Call | Baa2 | 5,042,390 |
| | 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 | A2 | 2,073,640 |
| | 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+ | 1,427,426 |
| | Health, Refunding Series 2017A, 5.000%, 6/01/37 | | | |
| 4,625 | | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 5,436,641 |
| | Series 2019A-2, 5.000%, 8/01/49 | | | |
| | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, | | | |
| | Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: | | | |
| 5,000 | | 0.000%, 7/01/43 (7) | 7/31 at 100.00 | Baa3 | 5,450,200 |
| 8,610 | | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa3 | 9,401,345 |
| | 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 | 2,877,860 |
| 430 | | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 468,266 |
| 4,630 | | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State | 6/21 at 100.00 | A– | 4,727,045 |
| | 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 (Pre-refunded 6/01/22) | 6/22 at 100.00 | BBB+ (4) | 3,198,315 |
| 3,000 | | 5.000%, 12/01/35 | 6/22 at 100.00 | N/R | 3,219,780 |
| 41,240 | | Total Kentucky | | | 43,322,908 |
| | Louisiana – 2.7% (1.7% of Total Investments) | | | |
| 7,160 | | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 7,395,206 |
| | Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | | | |
| 5,500 | | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2019A, | 2/29 at 100.00 | AA– | 6,338,475 |
| | 4.000%, 2/01/45 | | | |
| 670 | | Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson | 1/21 at 100.00 | A2 (4) | 676,164 |
| | 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 | A1 | 2,223,374 |
| | Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured | | | |
| | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | | | |
| | Project, Refunding Series 2017: | | | |
| 4,000 | | 5.000%, 5/15/42 | 5/27 at 100.00 | A3 | 4,675,200 |
| 22,625 | | 5.000%, 5/15/46 | 5/27 at 100.00 | A3 | 26,258,801 |
| 2,000 | | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children’s | 6/30 at 100.00 | A+ | 2,235,700 |
| | Medical Center Hospital, Series 2020A, 4.000%, 6/01/50 | | | |
| 1,695 | | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship | 7/26 at 100.00 | A3 | 1,877,670 |
| | Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, | | | |
| | 5.000%, 7/01/46 | | | |
81
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Louisiana (continued) | | | |
| | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | | | |
| | Refunding Series 2016: | | | |
| $ 20 | | 4.000%, 5/15/35 (Pre-refunded 5/15/26) | 5/26 at 100.00 | N/R (4) | $ 23,683 |
| 2,345 | | 4.000%, 5/15/36 | 5/26 at 100.00 | A3 | 2,556,519 |
| 20 | | 5.000%, 5/15/47 (Pre-refunded 5/15/26) | 5/26 at 100.00 | N/R (4) | 24,770 |
| 5,750 | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/21 at 100.00 | A3 (4) | 5,948,777 |
| | 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 | 2,208,011 |
| | 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 | 14,584,788 |
| | 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– | 1,196,614 |
| | 2017C, 5.000%, 5/01/45 | | | |
| 12,000 | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/25 at 100.00 | A– | 13,395,840 |
| | 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– | 5,716,600 |
| | 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 | BBB+ | 7,021,480 |
| | 5.000%, 6/01/44 | | | |
| 4,000 | | Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, | 4/28 at 100.00 | A2 | 4,696,080 |
| | Refunding Series 2018A, 5.000%, 4/01/48 – AGM Insured | | | |
| 1,355 | | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, | 12/25 at 100.00 | A– | 1,559,212 |
| | 5.000%, 12/01/40 | | | |
| 5,000 | | St Tammany Parish Hospital District No 1, Louisiana, Hospital Revenue and Revenue | 7/28 at 100.00 | A+ | 5,849,650 |
| | Refunding Bonds, St Tammany Parish Hospital Project, Series 2018, 5.000%, 7/01/48 | | | |
| 103,870 | | Total Louisiana | | | 116,462,614 |
| | Maine – 0.5% (0.3% of Total Investments) | | | |
| 7,000 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | Ba1 | 7,268,170 |
| | 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 | 6,780,123 |
| | 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+ | 4,094,598 |
| 2,935 | | 5.000%, 7/01/48 | 7/28 at 100.00 | A+ | 3,467,350 |
| 1,050 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General | 7/21 at 100.00 | Ba3 | 1,071,745 |
| | Medical Center, Series 2011, 6.750%, 7/01/41 | | | |
| 20,725 | | Total Maine | | | 22,681,986 |
| | Maryland – 1.2% (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 | BB– | 2,887,578 |
| 1,000 | | 5.000%, 9/01/39 | 9/27 at 100.00 | BB– | 878,450 |
| 1,645 | | 5.000%, 9/01/46 | 9/27 at 100.00 | BB– | 1,432,515 |
| 8,610 | | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, | 1/27 at 100.00 | A+ | 10,180,464 |
| | 5.000%, 7/01/41 | | | |
| 275 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick | 7/30 at 100.00 | Baa1 | 300,251 |
| | Health System Issue; Series 2020, 4.000%, 7/01/50 | | | |
| 1,000 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy | 7/21 at 100.00 | BBB+ | 1,033,430 |
| | Medical Cente, 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– (4) | 3,769,920 |
| | of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22) | | | |
| 4,000 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 1/28 at 100.00 | A– | 4,351,600 |
| | of Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 | | | |
82
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Maryland (continued) | | | |
| $ 17,000 | | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & | 5/28 at 100.00 | AA– | $ 20,363,960 |
| | 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– | 2,272,380 |
| | 5.000%, 12/01/44 | | | |
| 1,150 | | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside | 11/24 at 103.00 | B– | 1,158,096 |
| | King Farm Project, Series 2017A-1, 5.000%, 11/01/37 | | | |
| 2,250 | | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, | 11/24 at 103.00 | B– | 2,159,887 |
| | 5.000%, 11/01/47 | | | |
| 45,690 | | Total Maryland | | | 50,788,531 |
| | Massachusetts – 1.8% (1.1% of Total Investments) | | | |
| 1,250 | | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare | 11/23 at 100.00 | A | 1,368,150 |
| | Obligated Group, Series 2013, 5.250%, 11/15/41 | | | |
| 435 | | Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, Series | 6/29 at 100.00 | BBB | 510,307 |
| | 2019A, 5.000%, 6/01/39 | | | |
| 930 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 1,025,846 |
| | 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 | AA– | 13,194,203 |
| | 2016BB-1, 5.000%, 10/01/46 | | | |
| 3,630 | | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series | 7/28 at 100.00 | A3 | 4,189,492 |
| | 2018J-2, 5.000%, 7/01/53 | | | |
| 1,100 | | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute | 12/26 at 100.00 | A | 1,266,100 |
| | 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 | 2,173,707 |
| 8,800 | | 5.000%, 1/01/45 | 1/25 at 100.00 | Baa2 | 9,489,304 |
| 2,700 | | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, | 11/23 at 100.00 | A | 2,936,061 |
| | 5.000%, 11/01/43 | | | |
| 4,000 | | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System | 1/28 at 100.00 | AA– | 4,571,920 |
| | 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+ | 1,980,438 |
| | 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 | 1,512,011 |
| 1,545 | | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,680,419 |
| 3,000 | | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | No Opt. Call | AA– | 4,634,910 |
| | Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | | | |
| 900 | | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series | 7/21 at 100.00 | BBB+ (4) | 929,088 |
| | 2011A, 5.125%, 7/01/41 (Pre-refunded 7/01/21) | | | |
| 6,840 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | Aa2 (4) | 7,648,898 |
| | Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23) | | | |
| 7,500 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender | 8/22 at 100.00 | Aa2 | 8,754,750 |
| | Option Bond Trust 2016-XF2223, 9.306%, 8/15/24, 144A (IF) | | | |
| 8,050 | | Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking | 7/21 at 100.00 | A– | 8,239,739 |
| | Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 | | | |
| 67,225 | | Total Massachusetts | | | 76,105,343 |
| | Michigan – 5.6% (3.6% of Total Investments) | | | |
| 6,525 | | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General | 5/30 at 100.00 | AA | 7,483,914 |
| | Obligation Bonds, School Building & Site Series 2020I, 4.000%, 5/01/50 | | | |
| 5,335 | | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | A1 (4) | 5,777,805 |
| | Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22) | | | |
83
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| $ 2,830 | | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, | No Opt. Call | A2 | $ 3,555,725 |
| | 5.500%, 7/01/29 – NPFG Insured | | | |
| 10,000 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, | 7/21 at 100.00 | A1 (4) | 10,334,800 |
| | 7/01/41 (Pre-refunded 7/01/21) | | | |
| 3,500 | | Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – | 3/28 at 100.00 | A2 | 3,802,575 |
| | 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 | 7,633,496 |
| 7,955 | | 0.000%, 12/01/22 | No Opt. Call | AAA | 7,891,121 |
| 8,260 | | 0.000%, 12/01/23 | No Opt. Call | AAA | 8,149,812 |
| 8,575 | | 0.000%, 12/01/24 | No Opt. Call | AAA | 8,394,410 |
| 10,000 | | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien | 7/26 at 100.00 | A1 | 12,055,600 |
| | Series 2016C, 5.000%, 7/01/35 | | | |
| 27,960 | | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series | 7/26 at 100.00 | A1 | 32,738,644 |
| | 2016A, 5.000%, 7/01/46 | | | |
| | Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan, General Obligation | | | |
| | Bonds, School Building & Site Series 2020-I: | | | |
| 2,040 | | 4.000%, 5/01/45 | 5/30 at 100.00 | AA | 2,373,295 |
| 7,615 | | 4.000%, 5/01/49 | 5/30 at 100.00 | AA | 8,828,755 |
| 5,375 | | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of | 11/30 at 100.00 | Aa3 | 5,959,907 |
| | Wayne, Second Lien Refunding Series 2020, 4.000%, 11/01/55 | | | |
| 9,000 | | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series | 11/29 at 100.00 | A | 9,877,860 |
| | 2019A, 4.000%, 11/15/50 | | | |
| 405 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A1 | 460,266 |
| | 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 | N/R (4) | 1,401,387 |
| | Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 | | | |
| | (Pre-refunded 7/01/22) | | | |
| | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | | | |
| | Refunding Series 2016MI: | | | |
| 100 | | 5.000%, 12/01/45 (Pre-refunded 6/01/26) | 6/26 at 100.00 | N/R (4) | 124,598 |
| 6,900 | | 5.000%, 12/01/45 | 6/26 at 100.00 | AA– | 7,975,572 |
| 12,520 | | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 12/27 at 100.00 | AA– | 14,159,494 |
| | Refunding Series 2017A-MI, 4.000%, 12/01/36 | | | |
| 5,035 | | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 12/29 at 100.00 | AA– | 5,625,505 |
| | Refunding Series 2019A-MI, 4.000%, 12/01/49 | | | |
| | 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) | 36,757 |
| 9,965 | | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | AA– (4) | 10,476,404 |
| 3,000 | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series | 6/22 at 100.00 | AA– (4) | 3,219,780 |
| | 2015MI, 5.000%, 12/01/31 (Pre-refunded 6/01/22) | | | |
| 4,055 | | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB | 4,608,305 |
| | Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 | | | |
| 10,330 | | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit | 11/26 at 100.00 | Aa2 | 11,470,639 |
| | Group, Refunding & 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+ | 1,366,311 |
| | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I: | | | |
| 2,085 | | 5.000%, 4/15/31 (Pre-refunded 10/15/25) | 10/25 at 100.00 | N/R (4) | 2,550,018 |
| 14,915 | | 5.000%, 4/15/31 | 10/25 at 100.00 | AA– | 18,011,205 |
| 1,615 | | 5.000%, 4/15/38 | 10/25 at 100.00 | AA– | 1,913,937 |
| 2,000 | | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, | 6/22 at 100.00 | AA– (4) | 2,148,180 |
| | Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22) | | | |
84
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| $ 4,790 | | Mona Shores Public Schools, Muskegon County, Michigan, General Obligation Bonds, School | 5/29 at 100.00 | Aa1 | $ 5,856,493 |
| | 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 | 6,032,702 |
| 2,200 | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/25 at 100.00 | A– | 2,534,378 |
| | 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+ | 6,009,400 |
| 215,975 | | Total Michigan | | | 240,839,050 |
| | Minnesota – 2.3% (1.5% of Total Investments) | | | |
| 285 | | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory | 8/26 at 100.00 | BB+ | 293,693 |
| | Academy, Refunding Series 2016A, 4.000%, 8/01/36 | | | |
| 350 | | Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley | 9/26 at 102.00 | N/R | 286,748 |
| | Care Center Project, Refunding Series 2019, 4.000%, 9/01/39 | | | |
| 4,005 | | City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, | 10/24 at 102.00 | N/R | 3,933,471 |
| | Series 2016, 5.000%, 10/01/41 | | | |
| | 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 | 2,167,914 |
| 1,000 | | 5.000%, 8/01/46, 144A | 8/22 at 100.00 | N/R | 1,029,050 |
| | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | | | |
| | Essentia Health Obligated Group, Series 2018A: | | | |
| 3,750 | | 5.000%, 2/15/48 | 2/28 at 100.00 | A– | 4,330,425 |
| 8,250 | | 5.000%, 2/15/53 | 2/28 at 100.00 | A– | 9,490,552 |
| 5,240 | | 5.250%, 2/15/53 | 2/28 at 100.00 | A– | 6,155,585 |
| 5,500 | | 5.000%, 2/15/58 | 2/28 at 100.00 | A– | 6,312,515 |
| 9,840 | | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | AAA | 11,123,825 |
| | 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 | 3,195,388 |
| | 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 | A3 | 2,795,017 |
| 3,395 | | 5.000%, 11/15/49 | 11/28 at 100.00 | A3 | 4,018,933 |
| | 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 | A+ | 4,114,915 |
| 5,000 | | 5.000%, 1/01/46 | 1/27 at 100.00 | A+ | 5,820,950 |
| 2,855 | | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, | 12/26 at 100.00 | Aa3 | 3,395,737 |
| | 12/01/47 | | | |
| 4,000 | | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/29 at 100.00 | A2 | 4,406,320 |
| | 2019, 4.000%, 5/01/49 | | | |
| 4,170 | | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/24 at 102.00 | BBB– | 4,296,810 |
| | 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 | A | 3,456,990 |
| | 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 | A3 | 668,601 |
| 1,470 | | 4.000%, 11/15/43 | 11/27 at 100.00 | A3 | 1,617,367 |
| 850 | | Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC | 9/27 at 100.00 | N/R | 851,402 |
| | Project, Refunding Series 2017, 5.000%, 9/01/42 | | | |
| | St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, | | | |
| | HealthEast Inc, Series 2015A: | | | |
| 3,595 | | 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (4) | 4,408,153 |
| 5,315 | | 5.000%, 11/15/44 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (4) | 6,517,200 |
85
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Minnesota (continued) | | | |
| | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, | | | |
| | Refunding Series 2019: | | | |
| $ 300 | | 5.000%, 8/01/32 | 8/24 at 102.00 | N/R | $ 318,192 |
| 150 | | 5.000%, 8/01/33 | 8/24 at 102.00 | N/R | 158,879 |
| 250 | | 5.000%, 8/01/35 | 8/24 at 102.00 | N/R | 264,528 |
| 600 | | 4.000%, 8/01/39 | 8/24 at 102.00 | N/R | 599,970 |
| 2,000 | | 5.000%, 8/01/49 | 8/24 at 102.00 | N/R | 2,090,140 |
| 86,725 | | Total Minnesota | | | 98,119,270 |
| | 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 | 12,664,124 |
| | of Mississippi Medical Center New Facilities & Refinancing Project, Series 2017A, | | | |
| | 4.000%, 6/01/47 | | | |
| | Missouri – 4.0% (2.6% of Total Investments) | | | |
| 2,585 | | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit | 10/22 at 100.00 | AA– (4) | 2,819,459 |
| | Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 | | | |
| | (Pre-refunded 10/01/22) | | | |
| | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016: | | | |
| 2,470 | | 4.000%, 8/01/33 | 8/26 at 100.00 | Ba1 | 2,548,966 |
| 4,590 | | 5.000%, 8/01/35 | 8/26 at 100.00 | Ba1 | 4,969,409 |
| 640 | | 4.000%, 8/01/38 | 8/26 at 100.00 | Ba1 | 652,538 |
| | 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+ | 3,300,240 |
| 1,000 | | 5.000%, 10/01/47 | 10/27 at 100.00 | BBB+ | 1,141,840 |
| | 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 | 7,478,114 |
| 5,000 | | 0.000%, 4/15/31 – AMBAC Insured | No Opt. Call | A1 | 4,095,350 |
| | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A: | | | |
| 2,475 | | 4.000%, 1/01/38 | 1/28 at 100.00 | AA | 2,896,616 |
| 4,470 | | 4.000%, 1/01/42 | 1/28 at 100.00 | AA | 5,187,748 |
| 2,700 | | Maryland Heights, Missouri, Tax Increment and Special District Revenue Bonds, Westport | 11/29 at 100.00 | N/R | 2,700,189 |
| | Plaza Redevelopment Area, Series 2020, 4.125%, 11/01/38 | | | |
| 1,350 | | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, | 5/26 at 100.00 | A+ | 1,588,302 |
| | Saint Luke’s Health System, Inc, Series 2016, 5.000%, 11/15/35 | | | |
| 5,000 | | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, | 11/30 at 100.00 | A+ | 5,513,400 |
| | Saint Luke’s Health System, Inc, Series 2020, 4.000%, 11/15/50 | | | |
| 1,400 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 6/27 at 100.00 | A1 | 1,653,610 |
| | 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 | 12,545,898 |
| | 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 | 3,908,796 |
| | 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 | 1,664,910 |
| | 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 | 15,409,800 |
| | BJC Health System, Variable Rate Demand Obligation Series 2017D, 4.000%, 1/01/58 | | | |
| | (Mandatory Put 1/01/48) (UB) (5) | | | |
| 17,300 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | 18,713,929 |
| | CoxHealth, Series 2013A, 5.000%, 11/15/48 | | | |
| | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | | | |
| | CoxHealth, Series 2019A: | | | |
| 4,165 | | 4.000%, 11/15/44 | 5/29 at 100.00 | A2 | 4,615,528 |
| 4,220 | | 4.000%, 11/15/49 | 5/29 at 100.00 | A2 | 4,647,697 |
86
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Missouri (continued) | | | |
| | 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 | A+ | $ 2,613,473 |
| 3,000 | | 5.000%, 11/15/47 | 11/27 at 100.00 | A+ | 3,505,170 |
| 10,000 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/30 at 100.00 | A+ | 11,043,200 |
| | Mercy Health, Series 2020, 4.000%, 6/01/53 | | | |
| 3,000 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/24 at 100.00 | A+ | 3,216,750 |
| | 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+ | 10,889,600 |
| | Hospital, Series 2017A, 4.000%, 5/15/42 | | | |
| | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | | | |
| | Services Projects, Series 2014A: | | | |
| 1,540 | | 5.000%, 2/01/35 | 2/24 at 100.00 | BBB | 1,649,263 |
| 2,000 | | 5.000%, 2/01/44 | 2/24 at 100.00 | BBB | 2,124,600 |
| 1,150 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/26 at 100.00 | BBB | 1,253,799 |
| | Services Projects, Series 2016A, 5.000%, 2/01/46 | | | |
| 700 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/26 at 100.00 | BBB | 780,024 |
| | Services Projects, Series 2016B, 5.000%, 2/01/34 | | | |
| 1,700 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/24 at 104.00 | BBB | 1,870,527 |
| | Services Projects, Series 2019A, 5.000%, 2/01/42 | | | |
| | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | | | |
| | Services Projects, Series 2019C: | | | |
| 1,500 | | 5.000%, 2/01/42 | 2/29 at 102.00 | BBB | 1,720,860 |
| 1,000 | | 4.000%, 2/01/48 | 2/29 at 100.00 | BBB | 1,021,820 |
| 500 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis | 4/29 at 100.00 | A1 | 547,510 |
| | 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 | 8,359,025 |
| | Pairie State Power Project, Refunding Series 2016A, 5.000%, 12/01/34 | | | |
| | 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+ | 1,899,986 |
| 2,535 | | 5.000%, 12/01/32 | 12/25 at 100.00 | AA+ | 3,006,966 |
| 220 | | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 234,489 |
| | 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+ | 7,823,547 |
| | Village Saint Louis Obligated Group, Series 2018A, 5.250%, 9/01/53 | | | |
| 720 | | The Industrial Development Authority of the City of Saint Louis, Missouri, Development | 11/26 at 100.00 | N/R | 652,594 |
| | Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 3.875%, 11/15/29 | | | |
| 159,320 | | Total Missouri | | | 172,265,542 |
| | Montana – 0.4% (0.2% of Total Investments) | | | |
| 1,475 | | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran | 5/25 at 102.00 | N/R | 1,464,527 |
| | 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 | 3,879,717 |
| | 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 | 5,623,905 |
| | 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+ | 3,012,434 |
| | 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– | 2,230,132 |
| | Series 2018A, 5.000%, 8/15/48 | | | |
| 14,155 | | Total Montana | | | 16,210,715 |
87
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | 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 | BBB+ | $ 2,807,330 |
| | 5.000%, 9/01/42 | | | |
| 1,200 | | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, | 11/30 at 100.00 | A1 | 1,383,960 |
| | Children’s Hospital Obligated Group, Refunding Series 2020A, 4.000%, 11/15/39 | | | |
| 3,000 | | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, | 5/27 at 100.00 | A1 | 3,462,150 |
| | 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 | 3,924,375 |
| 1,400 | | 5.000%, 11/01/48 | 11/25 at 100.00 | A | 1,566,936 |
| 2,280 | | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, | 11/21 at 100.00 | A (4) | 2,383,512 |
| | Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 | | | |
| | (Pre-refunded 11/01/21) | | | |
| 4,000 | | Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 | 9/22 at 100.00 | AA (4) | 4,347,040 |
| | (Pre-refunded 9/01/22) | | | |
| | 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 | 2,557,339 |
| 2,000 | | 5.000%, 7/01/30 | 7/27 at 100.00 | BBB | 2,366,180 |
| | 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 | 1,134,610 |
| 820 | | 5.000%, 7/01/33 | 7/25 at 100.00 | BBB | 927,510 |
| 2,000 | | 5.000%, 7/01/34 | 7/25 at 100.00 | BBB | 2,258,100 |
| 5,110 | | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series | 10/26 at 100.00 | A | 6,065,775 |
| | 2016A, 5.000%, 4/01/38 | | | |
| 31,080 | | Total Nebraska | | | 35,184,817 |
| | Nevada – 2.5% (1.6% of Total Investments) | | | |
| 6,030 | | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, | 9/27 at 100.00 | BBB+ | 6,812,212 |
| | Series 2017A, 5.000%, 9/01/47 | | | |
| 4,000 | | Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building | 6/28 at 100.00 | A+ | 4,523,320 |
| | Series 2018A, 4.000%, 6/15/37 | | | |
| 7,525 | | Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax | 6/28 at 100.00 | AA+ | 9,021,948 |
| | Additionally Secured by Pledged Revenues, Series 2018A, 5.000%, 5/01/48 | | | |
| 365 | | Director of the State of Nevada Department of Business and Industry, Charter School | 12/25 at 100.00 | BB | 379,155 |
| | 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 | 2,406,973 |
| 1,525 | | 4.000%, 9/01/27 | 9/26 at 100.00 | N/R | 1,589,126 |
| 2,660 | | 4.000%, 9/01/29 | 9/26 at 100.00 | N/R | 2,740,864 |
| 2,920 | | 4.000%, 9/01/30 | 9/26 at 100.00 | N/R | 2,991,306 |
| 10,000 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series | 6/21 at 100.00 | AA | 10,229,200 |
| | 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 | 5,840,250 |
| 10,000 | | 5.000%, 6/01/33 | 12/24 at 100.00 | AA | 11,645,500 |
| 6,620 | | 5.000%, 6/01/39 | 12/24 at 100.00 | AA | 7,631,668 |
| 11,915 | | 5.000%, 6/01/39 (UB) (5) | 12/24 at 100.00 | AA | 13,735,850 |
| | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond | | | |
| | Trust 2015-XF0233: | | | |
| 1,000 | | 17.988%, 12/01/22, 144A (IF) (5) | 12/24 at 100.00 | AA | 1,611,270 |
| 3,995 | | 18.078%, 12/01/22, 144A (IF) (5) | 12/24 at 100.00 | AA | 6,435,506 |
| 1,250 | | 18.089%, 6/01/39, 144A (IF) (5) | 12/24 at 100.00 | AA | 2,014,088 |
| 1,250 | | 18.089%, 6/01/39, 144A (IF) (5) | 12/24 at 100.00 | AA | 2,014,088 |
| 2,500 | | 18.089%, 6/01/39, 144A (IF) (5) | 12/24 at 100.00 | AA | 4,028,175 |
88
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Nevada (continued) | | | |
| $ 4,100 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, | 6/22 at 100.00 | AA | $ 4,349,362 |
| | 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) | 407,304 |
| 530 | | 5.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R (4) | 546,510 |
| 7,615 | | 5.000%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | AA (4) | 7,854,796 |
| 93,495 | | Total Nevada | | | 108,808,471 |
| | New Hampshire – 0.2% (0.1% of Total Investments) | | | |
| 1,500 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord | 10/27 at 100.00 | A2 | 1,738,350 |
| | Hospital, Series 2017, 5.000%, 10/01/47 | | | |
| | 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 | 1,336,316 |
| 2,935 | | 5.000%, 8/01/37 | 2/28 at 100.00 | A | 3,507,325 |
| 1,110 | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, | No Opt. Call | A | 1,578,065 |
| | Dartmouth-Hitchcock Obligated Group, Series 2020A, 5.000%, 8/01/59 | | | |
| 6,660 | | Total New Hampshire | | | 8,160,056 |
| | 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+ | 24,415,396 |
| | 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+ | 6,001,644 |
| 935 | | 5.000%, 6/15/40 (Pre-refunded 6/15/24) | 6/24 at 100.00 | N/R (4) | 1,093,324 |
| 4,065 | | 5.000%, 6/15/40 | 6/24 at 100.00 | BBB+ | 4,374,794 |
| 1,000 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 12/28 at 100.00 | BBB+ | 1,117,600 |
| | 2018EEE, 5.000%, 6/15/43 | | | |
| 6,975 | | New Jersey Economic Development Authority, School Facilities Construction Financing | 3/21 at 100.00 | BBB+ | 7,072,022 |
| | Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 | | | |
| 6,000 | | New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident | 6/27 at 100.00 | A2 | 6,919,200 |
| | Group-Montclair Properties LLC, Montclair State University Student Housing Project, | | | |
| | Refunding Series 2017, 5.000%, 6/01/42 – AGM Insured | | | |
| 10,600 | | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit | No Opt. Call | BBB+ | 12,095,554 |
| | Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | | | |
| 2,020 | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 11/20 at 100.00 | BB+ | 2,025,777 |
| | 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– | 2,985,850 |
| | 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 | 787,356 |
| | 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 | 12,672,983 |
| | 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 | BB– | 764,583 |
| | 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 | 3,541,538 |
| 7,795 | | 5.000%, 6/15/29 | 6/26 at 100.00 | Baa1 | 8,978,827 |
| | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | | | |
| | Appreciation Series 2010A: | | | |
| 5,000 | | 0.000%, 12/15/26 | No Opt. Call | BBB+ | 4,253,650 |
| 16,495 | | 0.000%, 12/15/33 | No Opt. Call | BBB+ | 10,501,212 |
89
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New Jersey (continued) | | | |
| | 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+ | $ 1,655,407 |
| 10,000 | | 0.000%, 12/15/30 – FGIC Insured | No Opt. Call | BBB+ | 7,390,200 |
| 38,000 | | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | BBB+ | 25,905,360 |
| 45,000 | | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | BBB+ | 26,897,400 |
| 10,000 | | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | BBB+ | 5,718,700 |
| 5,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | BBB+ | 5,571,350 |
| | 2010D, 5.000%, 12/15/23 | | | |
| 2,310 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/21 at 100.00 | BBB+ | 2,370,222 |
| | 2011B, 5.500%, 6/15/31 | | | |
| 1,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/22 at 100.00 | BBB+ | 1,044,730 |
| | 2012A, 5.000%, 6/15/42 | | | |
| 7,500 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/23 at 100.00 | BBB+ | 8,058,750 |
| | 2013AA, 5.500%, 6/15/39 | | | |
| 5,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/29 at 100.00 | BBB+ | 5,821,350 |
| | 2019A, 5.000%, 12/15/32 | | | |
| 5,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB+ | 5,147,550 |
| | 2019BB, 4.000%, 6/15/44 | | | |
| 14,000 | | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, | No Opt. Call | A2 | 17,165,820 |
| | 1/01/26 – AGM Insured | | | |
| 1,160 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 | 1/28 at 100.00 | A2 | 1,324,534 |
| 1,315 | | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, | 7/22 at 100.00 | A2 | 1,684,502 |
| | 17.227%, 1/01/43, 144A (IF) (5) | | | |
| 1,500 | | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G, 4.000%, 1/01/33 | 1/28 at 100.00 | A2 | 1,721,415 |
| 3,000 | | Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, | No Opt. Call | Aa2 | 2,873,310 |
| | 9/01/25 – NPFG Insured | | | |
| | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L: | | | |
| 2,000 | | 5.000%, 5/01/38 (Pre-refunded 5/01/23) | 5/23 at 100.00 | A+ (4) | 2,235,560 |
| 910 | | 5.000%, 5/01/43 (Pre-refunded 5/01/23) | 5/23 at 100.00 | A+ (4) | 1,017,180 |
| 3,905 | | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | Baa2 | 4,672,489 |
| | Series 2020A, 5.000%, 11/01/45 | | | |
| | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | | | |
| | Bonds, Series 2018A: | | | |
| 10,355 | | 5.000%, 6/01/46 | 6/28 at 100.00 | BBB+ | 11,946,356 |
| 4,710 | | 5.250%, 6/01/46 | 6/28 at 100.00 | BBB+ | 5,514,044 |
| 2,615 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 2,959,526 |
| | Bonds, Series 2018B, 5.000%, 6/01/46 | | | |
| 281,320 | | Total New Jersey | | | 258,297,065 |
| | New Mexico – 0.1% (0.1% of Total Investments) | | | |
| 4,825 | | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 8/29 at 100.00 | Aa3 | 5,367,957 |
| | Healthcare Services, Series 2019A, 4.000%, 8/01/48 | | | |
| | New York – 8.5% (5.4% of Total Investments) | | | |
| 7,000 | | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue | No Opt. Call | Ba1 | 2,447,480 |
| | 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 | 3,053,730 |
| | 2011A, 5.000%, 10/01/41 | | | |
| 12,830 | | Dormitory Authority of the State of New York, Revenue Bonds, New School University, | 7/25 at 100.00 | A– | 14,070,917 |
| | 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– (4) | 3,454,016 |
| | 2012A, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | | | |
| 4,000 | | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series | 7/23 at 100.00 | AA– (4) | 4,505,880 |
| | 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/23) | | | |
90
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York (continued) | | | |
| $ 1,000 | | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | $ 1,151,330 |
| | Center Obligated Group, Series 2017, 5.000%, 12/01/33, 144A | | | |
| | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | | | |
| | General Purpose Series 2015B Group C: | | | |
| 5 | | 5.000%, 2/15/36 (Pre-refunded 2/15/25) | 2/25 at 100.00 | N/R (4) | 5,992 |
| 14,070 | | 5.000%, 2/15/36 | 2/25 at 100.00 | Aa2 | 16,266,890 |
| 12,500 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/29 at 100.00 | Aa2 | 15,140,125 |
| | General Purpose, Series 2019A Bidding Group 2,3,4, 5.000%, 3/15/45 | | | |
| | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | | | |
| | General Purpose, Series 2019D: | | | |
| 9,000 | | 4.000%, 2/15/47 | 2/30 at 100.00 | Aa2 | 10,084,680 |
| 10,915 | | 5.000%, 2/15/48 | 2/30 at 100.00 | Aa2 | 13,397,508 |
| 15,000 | | 4.000%, 2/15/49 | 2/30 at 100.00 | Aa2 | 16,769,850 |
| 10,000 | | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | Aa2 | 11,257,700 |
| | General Purpose, Series 2020A Bidding Group 1 thru 5, 4.000%, 3/15/48 | | | |
| | 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 | Aa3 (4) | 451,386 |
| 9,670 | | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 9,793,873 |
| 1,295 | | 5.750%, 2/15/47 | 2/21 at 100.00 | AA– | 1,313,842 |
| 2,105 | | 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 (4) | 2,138,196 |
| 10,000 | | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, | No Opt. Call | BBB+ | 13,748,500 |
| | 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 | A2 | 1,131,129 |
| 780 | | 5.000%, 9/01/44 | 9/24 at 100.00 | A | 888,857 |
| 5,000 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/28 at 100.00 | A | 6,217,250 |
| | 2018, 5.000%, 9/01/37 | | | |
| 7,240 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, | 5/21 at 100.00 | A (4) | 7,414,194 |
| | 5.000%, 5/01/38 (Pre-refunded 5/01/21) | | | |
| | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A: | | | |
| 5,010 | | 5.000%, 9/01/42 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R (4) | 5,447,523 |
| 10,090 | | 5.000%, 9/01/42 | 9/22 at 100.00 | A2 | 10,676,229 |
| 3,500 | | Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue | 2/21 at 100.00 | AA | 3,545,990 |
| | Bonds, Unity Hospital of Rochestor 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) | 1,126,470 |
| | of Rochester Project, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/23) | | | |
| | New York City Municipal Water Finance Authority, New York, Water and Sewer System | | | |
| | Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE: | | | |
| 710 | | 5.375%, 6/15/43 | 12/20 at 100.00 | AA+ | 714,310 |
| 1,390 | | 5.375%, 6/15/43 (Pre-refunded 12/15/20) | 12/20 at 100.00 | N/R (4) | 1,398,437 |
| 7,225 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/23 at 100.00 | AA+ | 8,000,748 |
| | 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+ | 6,084,300 |
| | 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 | Aa3 | 3,956,505 |
| | 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 | 5,534,500 |
| | 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 | 6,021,800 |
| | 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 | 12,134,000 |
| | Subordinate Fiscal 2019 Series A-1, 5.000%, 8/01/40 | | | |
91
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York (continued) | | | |
| $ 5,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 11/30 at 100.00 | Aa1 | $ 5,710,200 |
| | Subordinate Fiscal 2021 Subseries C-1, 4.000%, 5/01/43 | | | |
| 2,060 | | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 2,403,526 |
| 10,370 | | New York City, New York, General Obligation Bonds, Fiscal 2020 Series A-1, 4.000%, 8/01/40 | 8/29 at 100.00 | AA | 11,671,228 |
| 3,500 | | New York City, New York, General Obligation Bonds, Fiscal 2020 Series D-1, 4.000%, 3/01/44 | 3/30 at 100.00 | AA | 3,924,515 |
| 1,910 | | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 4.000%, 8/01/41 | 8/30 at 100.00 | AA | 2,165,673 |
| 10 | | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | 11/20 at 100.00 | AA | 10,040 |
| 5 | | New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 | 11/20 at 100.00 | AA | 5,022 |
| 23,920 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 24,506,997 |
| | 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 | 6,705,463 |
| | 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 | 4,950,271 |
| | Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority | | | |
| | Projects, Tender Option Bond Trust 2016-XL0002, 13.518%, 6/15/26, 144A (IF) (5) | | | |
| 10,000 | | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, | 1/26 at 100.00 | A– | 11,492,000 |
| | Series 2016A, 5.250%, 1/01/56 | | | |
| | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | | | |
| | General Purpose, Series 2020A: | | | |
| 2,000 | | 4.000%, 3/15/45 | 9/30 at 100.00 | Aa2 | 2,257,180 |
| 13,595 | | 4.000%, 3/15/49 | 9/30 at 100.00 | Aa2 | 15,273,846 |
| 5,000 | | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | Aa2 | 5,617,450 |
| | Series 2020C, 4.000%, 3/15/49 | | | |
| 2,105 | | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital | 7/22 at 100.00 | N/R (4) | 2,268,432 |
| | 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 | A+ | 4,358,320 |
| | 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, Eigth Series 2010: | | | |
| 8,550 | | 5.500%, 12/01/31 | 12/20 at 100.00 | BBB | 8,584,969 |
| 3,710 | | 6.000%, 12/01/42 | 12/20 at 100.00 | BBB | 3,725,100 |
| 9,950 | | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | No Opt. Call | AA– | 10,692,170 |
| | Refunding Bonds, Tender Option Bond Trust 2016-XL0003, 7.084%, 11/15/21, 144A (IF) (5) | | | |
| 5,000 | | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | 5/25 at 100.00 | AA– | 5,684,400 |
| | 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+ | 8,336,113 |
| 1,105 | | 0.000%, 11/15/32 | No Opt. Call | A+ | 830,651 |
| 5,000 | | TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 | 6/27 at 100.00 | CCC+ | 5,195,550 |
| 335,395 | | Total New York | | | 365,713,253 |
| | North Carolina – 8.6% (5.5% of Total Investments) | | | |
| | Board of Governors of the University of North Carolina, Winston-Salem State University | | | |
| | General Revenue Bonds, Series 2013: | | | |
| 2,950 | | 5.000%, 4/01/33 | 4/22 at 100.00 | BBB+ | 3,057,380 |
| 1,000 | | 5.125%, 4/01/43 | 4/22 at 100.00 | BBB+ | 1,031,770 |
| 1,145 | | Brunswick County, North Carolina, Enterprise System Revenue Bonds, Refunding Series | 4/22 at 100.00 | AA– (4) | 1,221,051 |
| | 2012A, 5.000%, 4/01/25 (Pre-refunded 4/01/22) | | | |
| | Buncombe County, North Carolina, Limited Obligation Bonds, Refunding Series 2014A: | | | |
| 1,085 | | 5.000%, 6/01/33 | 6/24 at 100.00 | AA+ | 1,245,472 |
| 1,600 | | 5.000%, 6/01/34 | 6/24 at 100.00 | AA+ | 1,834,208 |
| 4,645 | | Cape Fear Public Utility Authority, North Carolina, Water and Sewer System Revenue | 8/29 at 100.00 | AA+ | 5,363,303 |
| | Bonds, Refunding Series 2019A, 4.000%, 8/01/44 | | | |
92
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Carolina (continued) | | | |
| $ 2,135 | | Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, | 8/21 at 100.00 | AA+ (4) | $ 2,209,725 |
| | Refunding Series 2011, 5.000%, 8/01/31 (Pre-refunded 8/01/21) | | | |
| | Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A: | | | |
| 1,000 | | 5.000%, 6/01/30 | 6/24 at 100.00 | AA | 1,157,500 |
| 730 | | 5.000%, 6/01/31 | 6/24 at 100.00 | AA | 843,289 |
| 5,000 | | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International | 11/20 at 100.00 | AA– | 5,013,400 |
| | Refunding Series 2010A, 5.000%, 7/01/39 | | | |
| 1,425 | | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, | 7/21 at 100.00 | AA– | 1,456,322 |
| | Refunding Series 2011A, 5.000%, 7/01/41 | | | |
| | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, | | | |
| | Refunding Series 2014A: | | | |
| 2,865 | | 5.000%, 7/01/27 | 7/24 at 100.00 | AA– | 3,287,043 |
| 3,000 | | 5.000%, 7/01/28 | 7/24 at 100.00 | AA– | 3,437,280 |
| | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, | | | |
| | Refunding Series 2017A: | | | |
| 1,365 | | 5.000%, 7/01/42 (UB) (5) | 7/27 at 100.00 | Aa3 | 1,608,366 |
| 5,390 | | 5.000%, 7/01/47 (UB) (5) | 7/27 at 100.00 | Aa3 | 6,302,096 |
| 2,405 | | Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, | 11/20 at 100.00 | AA+ | 2,412,696 |
| | Refunding Series 2008A, 5.000%, 6/01/33 | | | |
| 2,045 | | Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, | 12/24 at 100.00 | AAA | 2,372,589 |
| | 5.000%, 12/01/39 | | | |
| | Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015: | | | |
| 940 | | 5.000%, 7/01/32 | 7/25 at 100.00 | AAA | 1,107,837 |
| 2,325 | | 5.000%, 7/01/40 | 7/25 at 100.00 | AAA | 2,710,880 |
| | Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2018: | | | |
| 2,055 | | 5.000%, 7/01/44 | 7/28 at 100.00 | AAA | 2,546,001 |
| 16,865 | | 5.000%, 7/01/44 (UB) (5) | 7/28 at 100.00 | AAA | 20,894,554 |
| 3,000 | | Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA | 1/21 at 100.00 | AA– | 3,019,500 |
| | Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 | | | |
| 5,250 | | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA | 1/22 at 100.00 | AA– | 5,457,060 |
| | Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43 | | | |
| 4,000 | | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, | 1/29 at 100.00 | AA– | 4,955,080 |
| | Doing Business as Atrium Health, Refunding Series 2018A, 5.000%, 1/15/36 | | | |
| 2,085 | | Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series | 6/22 at 100.00 | Aa3 (4) | 2,241,187 |
| | 2012B, 5.000%, 6/01/28 (Pre-refunded 6/01/22) | | | |
| | Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011: | | | |
| 3,860 | | 5.000%, 2/01/36 (Pre-refunded 2/01/21) | 2/21 at 100.00 | AA (4) | 3,904,660 |
| 1,250 | | 5.000%, 2/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | AA (4) | 1,264,463 |
| 835 | | Durham, North Carolina, General Obligation Bonds, Refunding Series 2015, | No Opt. Call | AAA | 1,055,123 |
| | 5.000%, 10/01/26 | | | |
| 8,600 | | Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, | 6/21 at 100.00 | Aa1 (4) | 8,840,284 |
| | 6/01/41 (Pre-refunded 6/01/21) | | | |
| 5,000 | | East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, | 10/23 at 100.00 | AA– | 5,538,200 |
| | 5.000%, 10/01/41 | | | |
| 2,310 | | East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, | 4/26 at 100.00 | AA– | 2,777,544 |
| | 5.000%, 10/01/29 | | | |
| 1,500 | | Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student | 4/21 at 100.00 | A2 | 1,515,810 |
| | Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured | | | |
| 1,050 | | Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series | 11/20 at 100.00 | AA+ | 1,053,486 |
| | 2009, 5.000%, 4/01/30 | | | |
| 4,750 | | Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017A, | 6/27 at 100.00 | Aa1 | 5,370,730 |
| | 4.000%, 6/01/47 | | | |
| 2,000 | | Greensboro, North Carolina, Limited Obligation Bonds, Coliseum Complex Project, Series | 4/28 at 100.00 | AA+ | 2,456,780 |
| | 2018A, 5.000%, 4/01/42 | | | |
93
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Carolina (continued) | | | |
| $ 500 | | Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, 5.000%, 10/01/31 | 10/25 at 100.00 | AA | $ 590,440 |
| 485 | | Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, | 2/23 at 100.00 | N/R | 495,078 |
| | 7.750%, 2/01/24 | | | |
| | Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2012: | | | |
| 1,065 | | 5.000%, 4/01/29 (Pre-refunded 4/01/22) | 4/22 at 100.00 | A+ (4) | 1,135,737 |
| 1,165 | | 5.000%, 4/01/30 (Pre-refunded 4/01/22) | 4/22 at 100.00 | A+ (4) | 1,242,379 |
| 1,000 | | 5.000%, 4/01/31 (Pre-refunded 4/01/22) | 4/22 at 100.00 | A+ (4) | 1,066,420 |
| 200 | | 5.000%, 4/01/32 (Pre-refunded 4/01/22) | 4/22 at 100.00 | A+ (4) | 213,284 |
| 1,535 | | Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, | 5/22 at 100.00 | Aa2 | 1,640,362 |
| | 5.000%, 5/01/28 | | | |
| 4,295 | | Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series | 5/22 at 100.00 | BBB | 4,429,820 |
| | 2012, 5.000%, 11/01/41 | | | |
| 500 | | New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical | 10/23 at 100.00 | A+ | 556,895 |
| | Center, Refunding Series 2013, 5.000%, 10/01/26 | | | |
| 6,140 | | New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical | 10/27 at 100.00 | A+ | 7,158,073 |
| | Center, Series 2017, 5.000%, 10/01/47 | | | |
| 1,800 | | North Carolina Agricultural & Technical State University, General Revenue Bonds, | 10/25 at 100.00 | A1 | 2,018,502 |
| | Refunding Series 2015A, 5.000%, 10/01/40 | | | |
| | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014: | | | |
| 500 | | 5.000%, 3/01/26 | 3/22 at 100.00 | AA+ | 531,145 |
| 250 | | 5.000%, 3/01/28 | 3/22 at 100.00 | AA+ | 265,365 |
| 500 | | 5.000%, 3/01/29 | 3/22 at 100.00 | AA+ | 530,315 |
| 500 | | 5.000%, 3/01/32 | 3/22 at 100.00 | AA+ | 529,420 |
| 1,230 | | 5.000%, 3/01/45 | 3/22 at 100.00 | AA+ | 1,295,461 |
| 3,900 | | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University | 10/26 at 100.00 | AA+ | 4,760,028 |
| | Project, Refunding Series 2016B, 5.000%, 7/01/42 | | | |
| | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University | | | |
| | Project, Series 2015 A: | | | |
| 1,605 | | 5.000%, 10/01/55 (Pre-refunded 10/01/25) | 10/25 at 100.00 | AA+ (4) | 1,964,568 |
| 9,485 | | 5.000%, 10/01/55 (Pre-refunded 10/01/25) (UB) (5) | 10/25 at 100.00 | AA+ (4) | 11,609,925 |
| | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Johnson & Wales | | | |
| | University, Series 2013A: | | | |
| 1,560 | | 5.000%, 4/01/32 | 4/23 at 100.00 | Baa2 | 1,650,277 |
| 1,000 | | 5.000%, 4/01/33 | 4/23 at 100.00 | Baa2 | 1,055,950 |
| 5,000 | | North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, | 7/26 at 100.00 | Aa3 | 5,586,700 |
| | Wake Forest University, Refunding Series 2016, 4.000%, 1/01/37 | | | |
| 2,500 | | North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, | 1/28 at 100.00 | Aa3 | 3,009,675 |
| | Wake Forest University, Refunding Series 2018, 5.000%, 1/01/48 | | | |
| 4,440 | | North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist | 3/22 at 100.00 | BB | 4,452,121 |
| | University, Series 2012, 5.000%, 3/01/34 | | | |
| | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding | | | |
| | Series 1993B: | | | |
| 100 | | 6.000%, 1/01/22 (ETM) | No Opt. Call | BBB+ (4) | 106,638 |
| 180 | | 6.000%, 1/01/22 – FGIC Insured (ETM) | No Opt. Call | Baa2 (4) | 191,729 |
| 3,500 | | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A, | 7/22 at 100.00 | N/R (4) | 3,772,965 |
| | 5.000%, 1/01/25 (Pre-refunded 7/01/22) | | | |
| 1,385 | | North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, | 1/21 at 100.00 | Aa2 | 1,394,557 |
| | 4.500%, 1/01/28 | | | |
| 15,855 | | North Carolina Medial Care Commission, Health Care Facilities Revenue Bonds, Rex | 1/30 at 100.00 | A2 | 17,519,141 |
| | Healthcare, Series 2020A, 4.000%, 7/01/49 | | | |
| 2,720 | | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 10/24 at 102.00 | N/R | 2,802,606 |
| | Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 | | | |
| 2,680 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalchian | 7/21 at 100.00 | N/R (4) | 2,789,103 |
| | Regional HealthCare System, Series 2011A, 6.500%, 7/01/31 (Pre-refunded 7/01/21) | | | |
94
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Carolina (continued) | | | |
| $ 2,375 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cape Fear | 10/22 at 100.00 | A– | $ 2,536,096 |
| | Valley Health System, Refunding Series 2012A, 5.000%, 10/01/27 | | | |
| 1,680 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland | 1/21 at 100.00 | N/R (4) | 1,694,834 |
| | County Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 (Pre-refunded 1/01/21) | | | |
| 2,690 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Deerfield | 11/26 at 100.00 | A | 3,031,899 |
| | Episcopal Retirement Community, Refunding First Mortgage Series 2016, 5.000%, 11/01/37 | | | |
| 1,250 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke | 6/26 at 100.00 | AA | 1,517,375 |
| | University Health System, Refunding Series 2016D, 5.000%, 6/01/29 | | | |
| 7,000 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke | 6/22 at 100.00 | AA (4) | 7,524,370 |
| | University Health System, Series 2012A, 5.000%, 6/01/42 (Pre-refunded 6/01/22) | | | |
| 8,275 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant | 11/29 at 100.00 | AA– | 9,309,292 |
| | Health Obligated Group, Series 2019A, 4.000%, 11/01/49 | | | |
| 2,000 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Rex | 7/25 at 100.00 | A2 | 2,226,560 |
| | Healthcare, Series 2015A, 5.000%, 7/01/44 | | | |
| 3,000 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake | 12/22 at 100.00 | A | 3,215,280 |
| | Forest Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45 | | | |
| | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, | | | |
| | Refunding Series 2012A: | | | |
| 2,000 | | 5.000%, 10/01/27 | 10/22 at 100.00 | A2 | 2,139,600 |
| 6,800 | | 5.000%, 10/01/31 | 10/22 at 100.00 | A2 | 7,224,592 |
| 1,500 | | 5.000%, 10/01/38 | 10/22 at 100.00 | A2 | 1,582,335 |
| 2,930 | | North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional | 6/22 at 100.00 | BBB+ | 3,057,631 |
| | Medical Center, Refunding Series 2012, 5.000%, 6/01/32 | | | |
| 450 | | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 10/23 at 100.00 | N/R | 468,135 |
| | Bonds, United Methodist Retirement Homes, Refunding Series 2013A, 5.000%, 10/01/33 | | | |
| 500 | | North Carolina Medical Care Commission, Revenue Bonds, First Mortgage Galloway Ridge | 1/27 at 103.00 | N/R | 522,005 |
| | Project, Refunding Series 2019A, 5.000%, 1/01/39 | | | |
| | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding | | | |
| | Series 2015A: | | | |
| 1,545 | | 5.000%, 1/01/28 | 1/26 at 100.00 | A | 1,836,232 |
| 1,500 | | 5.000%, 1/01/32 | 1/26 at 100.00 | A | 1,750,170 |
| 760 | | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding | 7/26 at 100.00 | A | 905,836 |
| | Series 2016A, 5.000%, 1/01/30 | | | |
| 2,020 | | North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 5.000%, | 10/23 at 100.00 | AA (4) | 2,293,710 |
| | 10/01/42 (Pre-refunded 10/01/23) | | | |
| 5,000 | | North Carolina State, Limited Obligation Bonds, Refunding Series 2014C, 5.000%, 5/01/25 | 5/24 at 100.00 | AA+ | 5,809,350 |
| | North Carolina State, Limited Obligation Bonds, Refunding Series 2017B: | | | |
| 2,000 | | 5.000%, 5/01/29 (UB) (5) | 5/27 at 100.00 | AA+ | 2,520,140 |
| 4,000 | | 5.000%, 5/01/30 (UB) (5) | 5/27 at 100.00 | AA+ | 5,011,560 |
| 8,065 | | North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, | 7/21 at 100.00 | AA+ | 8,265,496 |
| | Series 2011, 5.000%, 7/01/41 | | | |
| | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital | | | |
| | Appreciation Series 2017C: | | | |
| 835 | | 0.000%, 7/01/28 | 7/26 at 91.99 | Baa3 | 673,653 |
| 800 | | 0.000%, 7/01/30 | 7/26 at 83.69 | Baa3 | 580,224 |
| 850 | | 0.000%, 7/01/31 | 7/26 at 79.58 | Baa3 | 582,922 |
| 2,400 | | 0.000%, 7/01/33 | 7/26 at 71.99 | Baa3 | 1,475,616 |
| 3,160 | | 0.000%, 7/01/36 | 7/26 at 61.63 | Baa3 | 1,646,771 |
| 3,100 | | 0.000%, 7/01/37 | 7/26 at 58.52 | Baa3 | 1,528,393 |
| 1,900 | | 0.000%, 7/01/40 | 7/26 at 50.36 | Baa3 | 800,071 |
| 400 | | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, | 7/26 at 100.00 | Baa3 | 445,544 |
| | 5.000%, 7/01/47 | | | |
| 1,000 | | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding | 1/29 at 100.00 | BBB | 1,188,630 |
| | Series 2018, 5.000%, 1/01/40 | | | |
| 2,200 | | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding | 1/27 at 100.00 | BBB | 2,579,918 |
| | Senior Lien Series 2017, 5.000%, 1/01/39 – AGM Insured | | | |
95
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Carolina (continued) | | | |
| | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien | | | |
| | Series 2009B: | | | |
| $ 150 | | 0.000%, 1/01/31 – AGC Insured | No Opt. Call | BBB | $ 116,472 |
| 4,375 | | 0.000%, 1/01/33 – AGC Insured | No Opt. Call | BBB | 3,144,575 |
| 2,300 | | 0.000%, 1/01/34 – AGC Insured | No Opt. Call | BBB | 1,590,197 |
| 2,380 | | 0.000%, 1/01/35 – AGC Insured | No Opt. Call | BBB | 1,585,270 |
| 7,575 | | 0.000%, 1/01/37 – AGC Insured | No Opt. Call | BBB | 4,659,458 |
| 1,470 | | 0.000%, 1/01/38 – AGC Insured | No Opt. Call | BBB | 869,476 |
| 3,040 | | Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015, | 6/25 at 100.00 | A2 | 3,519,043 |
| | 5.000%, 6/01/33 | | | |
| | Orange County Public Facilities Company, North Carolina, Limited Obligation Bonds, | | | |
| | Refunding Series 2017: | | | |
| 200 | | 5.000%, 10/01/27 | No Opt. Call | AA+ | 257,294 |
| 150 | | 5.000%, 10/01/28 | 10/27 at 100.00 | AA+ | 191,565 |
| 400 | | 5.000%, 10/01/30 | 10/27 at 100.00 | AA+ | 504,596 |
| | Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A: | | | |
| 550 | | 5.000%, 3/01/30 (Pre-refunded 3/01/22) | 3/22 at 100.00 | AAA | 584,760 |
| 1,600 | | 5.000%, 3/01/31 (Pre-refunded 3/01/22) | 3/22 at 100.00 | AAA | 1,701,120 |
| | Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A: | | | |
| 5,000 | | 5.000%, 3/01/28 (Pre-refunded 3/01/23) | 3/23 at 100.00 | AAA | 5,549,650 |
| 3,785 | | 5.000%, 3/01/43 (Pre-refunded 3/01/23) | 3/23 at 100.00 | AAA | 4,201,085 |
| 5,000 | | Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series | 3/27 at 100.00 | AAA | 5,622,300 |
| | 2016A, 4.000%, 3/01/46 | | | |
| 1,000 | | Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/26 | No Opt. Call | AAA | 1,260,890 |
| 1,000 | | Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33 | 10/23 at 100.00 | AA+ (4) | 1,137,060 |
| | (Pre-refunded 10/01/23) | | | |
| | Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A: | | | |
| 1,195 | | 5.000%, 10/01/25 | 10/24 at 100.00 | AA+ | 1,407,567 |
| 1,305 | | 5.000%, 10/01/26 | 10/24 at 100.00 | AA+ | 1,530,922 |
| 650 | | Rocky Mount, North Carolina, Special Obligation Bonds, Series 2016, 5.000%, 5/01/30 | 5/26 at 100.00 | AA– | 785,480 |
| | Sampson County, North Carolina, Limited Obligation Bonds, Refunding Series 2017: | | | |
| 300 | | 5.000%, 9/01/32 | 9/27 at 100.00 | A | 369,468 |
| 1,250 | | 4.000%, 9/01/35 | 9/27 at 100.00 | A | 1,435,675 |
| 1,265 | | 4.000%, 9/01/36 | 9/27 at 100.00 | A | 1,448,008 |
| 1,000 | | 4.000%, 9/01/37 | 9/27 at 100.00 | A | 1,141,490 |
| 1,100 | | Union County, North Carolina, Enterprise System Revenue Bonds, Series 2019A, | 6/29 at 100.00 | AA | 1,267,772 |
| | 4.000%, 6/01/44 | | | |
| | University of North Carolina, Chapel Hill, Revenue Bonds, Hospital System, Series 2019: | | | |
| 1,360 | | 5.000%, 2/01/45 | No Opt. Call | Aa3 | 1,986,076 |
| 840 | | 5.000%, 2/01/49 | No Opt. Call | Aa3 | 1,262,965 |
| 800 | | University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, | 4/25 at 100.00 | A+ | 903,688 |
| | 5.000%, 4/01/45 | | | |
| 170 | | University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2017A, | 10/27 at 100.00 | A+ | 211,109 |
| | 5.000%, 10/01/31 | | | |
| | University of North Carolina, Charlotte, General Revenue Bonds, Series 2014: | | | |
| 2,070 | | 5.000%, 4/01/32 | 4/24 at 100.00 | A+ | 2,321,712 |
| 1,175 | | 5.000%, 4/01/33 | 4/24 at 100.00 | A+ | 1,314,555 |
| 1,385 | | 5.000%, 4/01/35 | 4/24 at 100.00 | A+ | 1,544,898 |
| 4,735 | | University of North Carolina, Charlotte, General Revenue Bonds, Series 2017, | 10/27 at 100.00 | A+ | 5,686,261 |
| | 5.000%, 10/01/42 | | | |
| 1,415 | | University of North Carolina, Greensboro, General Revenue Bonds, Refunding Series 2017, | 4/28 at 100.00 | A+ | 1,757,133 |
| | 5.000%, 4/01/31 | | | |
| | University of North Carolina, Greensboro, General Revenue Bonds, Series 2014: | | | |
| 1,000 | | 5.000%, 4/01/32 | 4/24 at 100.00 | A+ | 1,122,320 |
| 3,065 | | 5.000%, 4/01/39 | 4/24 at 100.00 | A+ | 3,400,280 |
96
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Carolina (continued) | | | |
| $ 4,765 | | University of North Carolina, Greensboro, General Revenue Bonds, Series 2018, | 4/28 at 100.00 | A+ | $ 5,726,434 |
| | 5.000%, 4/01/43 | | | |
| | University of North Carolina, Wilmington, General Revenue Bonds, Refunding Series 2019B: | | | |
| 1,000 | | 4.000%, 10/01/39 | 10/29 at 100.00 | Aa3 | 1,162,780 |
| 1,500 | | 4.000%, 10/01/44 | 10/29 at 100.00 | Aa3 | 1,718,040 |
| 1,845 | | 4.000%, 10/01/49 | 10/29 at 100.00 | Aa3 | 2,099,186 |
| 1,250 | | Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series | 10/25 at 100.00 | Aa3 | 1,428,575 |
| | 2015A, 5.000%, 10/01/45 | | | |
| 345,435 | | Total North Carolina | | | 372,398,793 |
| | North Dakota – 1.1% (0.7% 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) | 5,403,443 |
| | 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 (Pre-refunded 11/01/21) | 11/21 at 100.00 | A+ (4) | 1,583,445 |
| 3,910 | | 6.250%, 11/01/31 (Pre-refunded 11/01/21) | 11/21 at 100.00 | A+ (4) | 4,137,171 |
| 1,015 | | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/21 at 100.00 | Baa2 | 1,036,010 |
| | Obligated Group, Series 2012, 5.000%, 12/01/35 | | | |
| | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | | | |
| | Obligated Group, Series 2017A: | | | |
| 1,000 | | 5.000%, 12/01/37 | 12/27 at 100.00 | Baa2 | 1,108,500 |
| 8,525 | | 5.000%, 12/01/42 | 12/27 at 100.00 | Baa2 | 9,330,698 |
| 7,070 | | 4.000%, 12/01/47 | 12/27 at 100.00 | Baa2 | 7,354,709 |
| 900 | | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 916,002 |
| | 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 | 529,835 |
| | 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– | 12,117,835 |
| 2,610 | | 5.000%, 6/01/48 | 6/28 at 100.00 | BBB– | 2,837,227 |
| 1,420 | | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC | 9/23 at 100.00 | N/R | 624,800 |
| | Project, Series 2013, 7.750%, 9/01/38 (6) | | | |
| 44,595 | | Total North Dakota | | | 46,979,675 |
| | Ohio – 6.9% (4.5% 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 | 3,524,491 |
| 8,255 | | 5.250%, 11/15/46 | 11/26 at 100.00 | Baa2 | 9,568,618 |
| 320 | | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, | 5/22 at 100.00 | A1 | 333,533 |
| | 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 (Pre-refunded 5/01/22) | 5/22 at 100.00 | A+ (4) | 907,016 |
| 650 | | 5.000%, 5/01/33 (Pre-refunded 5/01/22) | 5/22 at 100.00 | A+ (4) | 695,214 |
| 800 | | 5.000%, 5/01/42 (Pre-refunded 5/01/22) | 5/22 at 100.00 | A+ (4) | 855,648 |
| 11,440 | | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & | 11/24 at 100.00 | A+ | 12,654,585 |
| | 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 | A+ | 9,675,338 |
| | 4.000%, 8/01/38 | | | |
| 2,750 | | Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, | 6/27 at 100.00 | A+ | 3,211,285 |
| | 5.000%, 6/01/42 | | | |
| 25,315 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 3,587,389 |
| | Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, | | | |
| | 0.000%, 6/01/57 | | | |
97
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Ohio (continued) | | | |
| $ 990 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | $ 1,073,922 |
| | Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 | | | |
| 42,115 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 45,091,267 |
| | Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | | | |
| 14,570 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/22 at 100.00 | N/R (4) | 15,926,176 |
| | Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22) | | | |
| 5,000 | | Cleveland Clinic Health System Obligated Group, Ohio, Martin County Health Facilities | 1/29 at 100.00 | AA | 5,660,600 |
| | Authority, Hospital Revenue Bonds, Series 2019B, 4.000%, 1/01/46 | | | |
| | 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 | 7,732,889 |
| 10,480 | | 5.000%, 12/01/51 (Pre-refunded 6/01/23) | 6/23 at 100.00 | N/R (4) | 11,755,416 |
| 5,165 | | Cuyahoga Community College District, Ohio, General Obligation Bonds, Facilities | 6/26 at 100.00 | AA | 5,826,120 |
| | 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 | Ba2 | 6,185,320 |
| | 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 | 1,527,204 |
| | 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 (4) | 6,657,872 |
| | 5.000%, 11/15/41 (Pre-refunded 11/15/21) | | | |
| | 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– | 1,603,920 |
| 1,120 | | 5.000%, 1/01/52 | 1/27 at 100.00 | BBB– | 1,194,424 |
| | 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– | 3,637,247 |
| 6,000 | | 5.000%, 1/01/51 | 1/26 at 100.00 | BBB– | 6,357,360 |
| | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien | | | |
| | Series 2013A: | | | |
| 6,920 | | 5.000%, 1/01/38 (Pre-refunded 1/01/23) | 1/23 at 100.00 | Aa3 (4) | 7,626,394 |
| 14,850 | | 5.000%, 1/01/38 (Pre-refunded 1/01/23) (UB) (5) | 1/23 at 100.00 | Aa3 (4) | 16,365,888 |
| | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, | | | |
| | Tender Option Bond Trust 2016-XG0052: | | | |
| 875 | | 17.685%, 1/01/38, 144A (Pre-refunded 1/01/23) (IF) (5) | 1/23 at 100.00 | Aa3 (4) | 1,232,280 |
| 1,050 | | 17.685%, 1/01/38, 144A (Pre-refunded 1/01/23) (IF) (5) | 1/23 at 100.00 | Aa3 (4) | 1,478,736 |
| 2,305 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series | 11/21 at 100.00 | Baa3 (4) | 2,440,695 |
| | 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 | 5,963,800 |
| | 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 | 8,135,280 |
| | Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured | | | |
| 21,000 | | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding | 11/24 at 100.00 | AA+ (4) | 24,944,640 |
| | & Improvement Series 2014, 5.000%, 11/15/49 (Pre-refunded 11/15/24) | | | |
| 9,365 | | Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series | 6/28 at 100.00 | A2 | 11,078,140 |
| | 2018A, 5.000%, 12/01/48 | | | |
| 19,515 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien | 2/23 at 100.00 | A+ (4) | 21,595,689 |
| | Series 2013A-1, 5.000%, 2/15/48 (Pre-refunded 2/15/23) | | | |
| 7,550 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | 2/31 at 100.00 | A+ | 9,139,728 |
| | Convertible Series 2013A-3, 0.000%, 2/15/36 (7) | | | |
| 9,000 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien | 2/28 at 100.00 | A+ | 9,949,050 |
| | Series 2018A, 4.000%, 2/15/46 | | | |
98
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Ohio (continued) | | | |
| $ 4,255 | | Ross County, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated | 12/29 at 100.00 | A– | $ 5,025,070 |
| | Group Project, Refunding & Improvement Series 2019, 5.000%, 12/01/49 | | | |
| | 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– | 141,175 |
| 130 | | 6.000%, 12/01/42 | 12/22 at 100.00 | BB– | 134,287 |
| 4,190 | | Springboro Community City School District, Warren County, Ohio, General Obligation | No Opt. Call | Aa3 | 5,280,950 |
| | 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 | 3,833,278 |
| | Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, | | | |
| | 6.000%, 3/01/45 | | | |
| 289,085 | | Total Ohio | | | 299,607,934 |
| | Oklahoma – 0.3% (0.2% of Total Investments) | | | |
| 1,165 | | Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2019, | 9/29 at 100.00 | Baa1 | 1,353,928 |
| | 5.000%, 9/01/45 | | | |
| | 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+ | 2,547,679 |
| 2,700 | | 5.500%, 8/15/52 | 8/28 at 100.00 | BB+ | 3,145,878 |
| 4,570 | | 5.500%, 8/15/57 | 8/28 at 100.00 | BB+ | 5,306,821 |
| 1,125 | | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, | 11/25 at 102.00 | BBB– | 1,202,693 |
| | Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/37 | | | |
| 11,765 | | Total Oklahoma | | | 13,556,999 |
| | Oregon – 1.9% (1.2% of Total Investments) | | | |
| | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred | | | |
| | Interest Series 2017A: | | | |
| 760 | | 5.000%, 6/15/38 (7) | 6/27 at 100.00 | Aa1 | 917,738 |
| 2,750 | | 5.000%, 6/15/39 (7) | 6/27 at 100.00 | Aa1 | 3,312,788 |
| 1,185 | | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc, | 11/25 at 102.00 | N/R | 1,257,901 |
| | Series 2020A, 5.375%, 11/15/55 | | | |
| | 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 | 1,595,632 |
| 1,705 | | 5.000%, 6/15/39 | 6/27 at 100.00 | Aa1 | 2,071,780 |
| 2,000 | | Eugene, Oregon, Electric Utility Revenue Bonds, Series 2020A, 4.000%, 8/01/49 | 8/30 at 100.00 | AA– | 2,331,320 |
| 7,420 | | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, | 6/26 at 100.00 | A+ | 8,456,574 |
| | 5.000%, 6/01/46 | | | |
| | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A: | | | |
| 6,275 | | 5.000%, 10/01/35 | 10/26 at 100.00 | BBB+ | 7,269,399 |
| 140 | | 5.000%, 10/01/46 (Pre-refunded 10/01/26) | 10/26 at 100.00 | N/R (4) | 175,906 |
| 2,120 | | 5.000%, 10/01/46 | 10/26 at 100.00 | BBB+ | 2,402,130 |
| 8,890 | | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien | 11/23 at 100.00 | Aa1 (4) | 10,156,558 |
| | Series 2013A, 5.000%, 11/15/38 (Pre-refunded 11/15/23) | | | |
| 30,870 | | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Series | 5/29 at 100.00 | A+ | 34,016,888 |
| | 2019A, 4.000%, 5/15/49 | | | |
| 5,265 | | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, | 5/26 at 100.00 | A+ | 6,048,274 |
| | Refunding Series 2016A, 5.000%, 5/15/46 | | | |
| 70,690 | | Total Oregon | | | 80,012,888 |
| | Pennsylvania – 4.8% (3.1% of Total Investments) | | | |
| 15,000 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 17,493,300 |
| | Health Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 | | | |
| 1,790 | | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B, | 12/30 at 100.00 | A+ | 2,074,216 |
| | 4.000%, 6/01/50 | | | |
99
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Pennsylvania (continued) | | | |
| | Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water | | | |
| | Revenue Bonds, Series 1998: | | | |
| $ 3,125 | | 0.000%, 5/15/22 – AGM Insured | No Opt. Call | A2 | $ 3,093,125 |
| 3,125 | | 0.000%, 5/15/23 – AGM Insured | No Opt. Call | A2 | 3,064,625 |
| 3,135 | | 0.000%, 5/15/24 – AGM Insured | No Opt. Call | A2 | 3,041,640 |
| 3,155 | | 0.000%, 5/15/26 – AGM Insured | No Opt. Call | A2 | 2,966,236 |
| 4,145 | | 0.000%, 11/15/26 – AGM Insured | No Opt. Call | A2 | 3,846,850 |
| 2,800 | | 0.000%, 5/15/28 – AGM Insured | No Opt. Call | A2 | 2,506,476 |
| 3,000 | | 0.000%, 11/15/28 – AGM Insured | No Opt. Call | A2 | 2,648,670 |
| 1,200 | | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany | 11/27 at 100.00 | A+ | 1,412,688 |
| | Medical Center Project, Series 2018A, 5.000%, 11/15/42 | | | |
| 895 | | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | A | 1,107,929 |
| | 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 | 2,258,833 |
| | Health System Project, Series 2012A, 5.000%, 6/01/42 | | | |
| 26,595 | | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System | 7/27 at 100.00 | A | 32,051,496 |
| | Revenue Bonds, Series 2017, 5.000%, 7/01/42 | | | |
| 1,050 | | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue | No Opt. Call | A1 | 1,342,173 |
| | Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured | | | |
| | Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A: | | | |
| 1,315 | | 4.625%, 12/01/44 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A2 (4) | 1,375,714 |
| 2,685 | | 4.625%, 12/01/44 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A2 (4) | 2,808,966 |
| 4,915 | | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement | 6/27 at 100.00 | N/R | 4,821,861 |
| | 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 | 3,589,466 |
| 5,180 | | 0.000%, 12/01/32 | No Opt. Call | A | 4,011,185 |
| | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown | | | |
| | Concession, Series 2013A: | | | |
| 4,310 | | 5.125%, 12/01/47 | 12/23 at 100.00 | A | 4,797,892 |
| 4,960 | | 5.125%, 12/01/47 (Pre-refunded 12/01/23) | 12/23 at 100.00 | N/R (4) | 5,679,448 |
| 5,410 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | 9/28 at 100.00 | A | 6,230,318 |
| | Thomas Jefferson University, Series 2018A, 5.000%, 9/01/48 | | | |
| 1,000 | | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | 9/29 at 100.00 | A | 1,075,280 |
| | Thomas Jefferson University, Series 2019, 4.000%, 9/01/44 | | | |
| 5,000 | | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Ba1 | 5,222,500 |
| | Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | | | |
| 630 | | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | 11/20 at 100.00 | N/R | 157,552 |
| | Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 1.250%, 12/31/23 | | | |
| 192 | | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | No Opt. Call | N/R | 47,999 |
| | 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 | 1,572,670 |
| | Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, | | | |
| | 4.000%, 11/01/32 | | | |
| 5,910 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of | 8/29 at 100.00 | Aa3 | 6,714,883 |
| | Pennsylvania Health System, Series 2019, 4.000%, 8/15/44 | | | |
| | 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) | 1,255,150 |
| 5,725 | | 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | A (4) | 5,748,816 |
100
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Pennsylvania (continued) | | | |
| | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | | | |
| | Bonds, Subordinate Series 2011B: | | | |
| $ 965 | | 5.000%, 12/01/41 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A2 (4) | $ 1,012,362 |
| 1,035 | | 5.000%, 12/01/41 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A2 (4) | 1,088,116 |
| | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | | | |
| | Bonds, Subordinate Series 2013A: | | | |
| 1,105 | | 5.000%, 12/01/36 (Pre-refunded 12/01/22) | 12/22 at 100.00 | N/R (4) | 1,212,251 |
| 2,010 | | 5.000%, 12/01/36 (Pre-refunded 12/01/22) | 12/22 at 100.00 | A2 (4) | 2,205,091 |
| 16,805 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series | 12/27 at 100.00 | A3 | 21,669,711 |
| | 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 | 6,422,400 |
| 6,340 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, 5.000%, 12/01/41 | 6/26 at 100.00 | A1 | 7,436,630 |
| 19,250 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | A2 | 24,394,755 |
| | 6.250%, 6/01/33 – AGM Insured | | | |
| 1,445 | | Philadelphia Authority for Industrial Development Senior Living Facilities, | 7/27 at 100.00 | BB | 1,455,476 |
| | Philadelphia, 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 | 533,957 |
| | Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 | | | |
| 3,410 | | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, | No Opt. Call | A1 (4) | 4,428,397 |
| | 8/01/27 – AMBAC Insured (ETM) | | | |
| 1,125 | | Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 | 12/21 at 100.00 | AA (4) | 1,185,750 |
| | (Pre-refunded 12/01/21) – AGM Insured | | | |
| 1,930 | | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/23 at 100.00 | Baa3 | 1,914,502 |
| | Series 2012B, 4.000%, 1/01/33 | | | |
| 187,327 | | Total Pennsylvania | | | 208,977,355 |
| | Puerto Rico – 0.9% (0.6% of Total Investments) | | | |
| 3,997 | | Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust | No Opt. Call | N/R | 767,454 |
| | Unit, Series 2007 Sr. Bond, 0.000%, 8/01/54 | | | |
| 625 | | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, | 11/20 at 100.00 | D | 629,813 |
| | 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 | 1,032,340 |
| | 7/01/24 – NPFG Insured | | | |
| 1,305 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | Baa2 | 1,339,752 |
| | 5.250%, 7/01/23 – NPFG Insured | | | |
| 1,000 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | C | 1,075,480 |
| | 5.250%, 7/01/31 – AMBAC Insured | | | |
| | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | | | |
| 5,633 | | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 5,877,022 |
| 17,692 | | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 18,848,172 |
| | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | | | |
| | Restructured Cofina Project Series 2019A-2: | | | |
| 1,621 | | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 1,667,652 |
| 5,272 | | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 5,423,728 |
| 38,145 | | Total Puerto Rico | | | 36,661,413 |
| | Rhode Island – 0.7% (0.5% of Total Investments) | | | |
| 1,315 | | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue | 5/26 at 100.00 | BBB+ | 1,454,429 |
| | Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 | | | |
| 174,390 | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/20 at 15.49 | CCC– | 26,962,438 |
| | 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 | 2,593,785 |
| | 5.000%, 10/01/40 | | | |
| 177,940 | | Total Rhode Island | | | 31,010,652 |
101
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | South Carolina – 4.1% (2.7% of Total Investments) | | | |
| $ 3,050 | | Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2019, | 7/29 at 100.00 | A | $ 3,656,554 |
| | 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 | 1,481,759 |
| 6,820 | | 5.000%, 11/01/46 | 5/26 at 100.00 | A | 7,776,573 |
| | 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– | 22,342,999 |
| 15,420 | | 0.000%, 1/01/32 – AMBAC Insured | No Opt. Call | A– | 12,392,283 |
| 1,370 | | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 4/26 at 103.00 | BBB– | 1,488,149 |
| | Bishop Gadsden Episcopal Retirement Community, Series 2019A, 5.000%, 4/01/54 | | | |
| | 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– | 22,756,474 |
| 7,580 | | 5.000%, 11/01/48 | 5/28 at 100.00 | AA– | 8,924,995 |
| 375 | | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto | 8/21 at 100.00 | AA (4) | 392,303 |
| | 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– | 11,610,900 |
| | 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– | 22,643,757 |
| | 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– | 4,359,239 |
| 4,000 | | 5.000%, 12/01/46 | 12/24 at 100.00 | A– | 4,489,040 |
| 6,790 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 12/23 at 100.00 | A– | 7,475,450 |
| | 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– | 2,212,360 |
| 17,240 | | 5.500%, 12/01/54 | 6/24 at 100.00 | A– | 19,358,624 |
| 17,170 | | South Carolina State Ports Authority, Revenue Bonds, Series 2019A, 5.000%, 7/01/54 | 7/29 at 100.00 | A+ | 20,620,827 |
| 4,500 | | Spartanburg Regional Health Services District, Inc, South Carolina, Hospital Revenue | 4/22 at 100.00 | A3 | 4,716,765 |
| | Bonds, Refunding Series 2012A, 5.000%, 4/15/32 | | | |
| 167,575 | | Total South Carolina | | | 178,699,051 |
| | South Dakota – 1.1% (0.7% 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 | 3,054,390 |
| 3,150 | | 5.125%, 11/01/47 | 11/26 at 100.00 | BB | 3,210,984 |
| 8,800 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health | 7/24 at 100.00 | A1 | 9,650,520 |
| | System, Series 2014, 5.000%, 7/01/44 | | | |
| 5,205 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, | 7/27 at 100.00 | A1 | 6,045,035 |
| | Refunding Series 2017, 5.000%, 7/01/46 | | | |
| 11,200 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument | 9/30 at 100.00 | A1 | 12,281,584 |
| | Health, Inc, Series 2020A, 4.000%, 9/01/50 | | | |
| 3,565 | | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, | 11/24 at 100.00 | A+ | 4,003,067 |
| | 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+ | 9,458,113 |
| | Series 2015, 5.000%, 11/01/45 | | | |
| 43,180 | | Total South Dakota | | | 47,703,693 |
| | Tennessee – 1.0% (0.6% of Total Investments) | | | |
| 10,670 | | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (4) | 11,767,730 |
| | Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) | | | |
102
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Tennessee (continued) | | | |
| $ 2,180 | | Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, | 7/28 at 100.00 | Baa1 | $ 2,611,858 |
| | 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 | 2,149,975 |
| | Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 | | | |
| 55 | | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue | 7/23 at 100.00 | N/R (4) | 55,895 |
| | 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 | 5,690,400 |
| 1,000 | | 5.000%, 9/01/47 | 9/26 at 100.00 | BBB | 1,104,360 |
| | 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 | 520,401 |
| 1,755 | | 5.000%, 4/01/36 | 4/27 at 100.00 | BBB | 2,016,758 |
| | 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 | 2,340,366 |
| 1,000 | | 5.000%, 10/01/45 | 10/26 at 100.00 | BBB | 1,043,780 |
| 11,000 | | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, | 7/26 at 100.00 | Aa1 | 12,569,920 |
| | Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 | | | |
| 37,395 | | Total Tennessee | | | 41,871,443 |
| | Texas – 12.0% (7.7% 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 | 20,657,520 |
| | AGM Insured | | | |
| 4,000 | | Austin, Texas, Airport System Revenue Bonds, Series 2019A, 5.000%, 11/15/49 | 11/29 at 100.00 | A | 4,831,320 |
| 14,615 | | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, | 11/25 at 100.00 | Aa3 | 17,278,291 |
| | 11/15/45 (UB) (5) | | | |
| 1,000 | | Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, | No Opt. Call | Baa2 | 802,670 |
| | 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 | Baa1 (4) | 1,462,721 |
| | 2013A, 5.000%, 1/01/43 (Pre-refunded 1/01/23) | | | |
| | 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) | 2,098,554 |
| 1,000 | | 6.000%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa1 (4) | 1,009,290 |
| 6,940 | | 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa1 (4) | 7,007,249 |
| 7,750 | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, | 7/25 at 100.00 | Baa1 | 8,690,307 |
| | 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– | 1,955,492 |
| 1,000 | | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 1,014,740 |
| 2,500 | | Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, | No Opt. Call | Aaa | 2,477,150 |
| | 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 | 6,579,398 |
| | 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– | 170,878 |
| | 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 | 4,462,385 |
| | School Building Series 2017, 5.000%, 8/15/42 | | | |
| | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding | | | |
| | First Tier Series 2020C: | | | |
| 6,545 | | 4.000%, 10/01/39 | 4/30 at 100.00 | A2 | 7,670,936 |
| 2,100 | | 4.000%, 10/01/45 | 4/30 at 100.00 | A2 | 2,408,889 |
| 2,500 | | 4.000%, 10/01/49 | 4/30 at 100.00 | A2 | 2,850,400 |
103
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | | | |
| | Lien Series 2013B: | | | |
| $ 15,000 | | 5.000%, 4/01/53 (Pre-refunded 10/01/23) (UB) (5) | 10/23 at 100.00 | AA (4) | $ 17,055,900 |
| 16,920 | | 5.000%, 4/01/53 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA (4) | 19,239,055 |
| 5,295 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 4/28 at 100.00 | AA | 6,458,259 |
| | Lien Series 2018A Tela Supported, 5.000%, 10/01/48 | | | |
| 6,610 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender | 10/23 at 100.00 | AA (4) | 10,234,924 |
| | Option Bond Trust 2015-XF0228, 17.898%, 11/01/44, 144A (Pre-refunded 10/01/23) (IF) (5) | | | |
| | 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 | 3,060,423 |
| 2,320 | | 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 2,647,027 |
| | 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 | 16,824,262 |
| 2,000 | | 4.000%, 8/15/48 | 2/28 at 100.00 | Aa2 | 2,247,300 |
| 4,040 | | Harris County, Texas, Toll Road Revenue Bonds, Tender Options Bond Trust 2015-XF2184, | No Opt. Call | AAA | 8,070,587 |
| | 14.314%, 8/15/28 – AGM Insured, 144A (IF) (5) | | | |
| | 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 | 524,557 |
| 2,390 | | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | 995,937 |
| 2,660 | | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | 1,051,897 |
| 7,260 | | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | 2,721,193 |
| 10,440 | | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | 3,692,941 |
| 7,165 | | 0.000%, 11/15/49 – AGM Insured | 11/31 at 41.91 | A2 | 2,031,421 |
| 3,000 | | 0.000%, 11/15/52 – AGM Insured | 11/31 at 35.81 | A2 | 721,020 |
| | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: | | | |
| 2,000 | | 5.000%, 7/01/43 | 7/28 at 100.00 | A | 2,369,780 |
| 2,710 | | 5.000%, 7/01/48 | 7/28 at 100.00 | A | 3,187,014 |
| 4,550 | | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B, | 7/22 at 100.00 | A (4) | 4,900,896 |
| | 5.000%, 7/01/31 (Pre-refunded 7/01/22) | | | |
| 990 | | Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, | No Opt. Call | A | 1,132,679 |
| | 7/01/24 – AGM Insured | | | |
| 6,000 | | Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 5.000%, | 11/21 at 100.00 | AA (4) | 6,295,860 |
| | 11/15/40 (Pre-refunded 11/15/21) | | | |
| | 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 | 1,452,034 |
| 10,850 | | 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | A | 9,991,005 |
| 1,715 | | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A | 1,234,611 |
| 2,870 | | Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, | 8/21 at 100.00 | A+ | 2,960,348 |
| | 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 (4) | 2,377,089 |
| | 5.000%, 3/01/41 (Pre-refunded 3/01/21) – 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 | 3,216,972 |
| 4,000 | | 4.000%, 8/15/41 | 8/25 at 100.00 | AAA | 4,408,600 |
| 3,000 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | 11/20 at 100.00 | BBB | 3,008,370 |
| | 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 | 9,523,676 |
| | 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 | 1,950,809 |
| 1,800 | | 6.125%, 12/01/38 | 12/25 at 100.00 | B1 | 1,975,662 |
104
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2017: | | | |
| $ 16,285 | | 5.000%, 1/01/36 | 1/27 at 100.00 | A3 | $ 19,200,504 |
| 10,040 | | 5.000%, 1/01/38 – AGM Insured | 1/27 at 100.00 | A2 | 11,839,068 |
| | 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– | 2,285,346 |
| 1,815 | | 5.000%, 9/15/48 | 9/25 at 100.00 | BBB– | 1,965,572 |
| 850 | | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue | 11/24 at 102.00 | BB+ | 899,122 |
| | 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 | 4,502,098 |
| | 12/15/36 – AGM Insured | | | |
| | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible | | | |
| | Capital Appreciation Series 2011C: | | | |
| 1,880 | | 0.000%, 9/01/43 (Pre-refunded 9/01/31) (7) | 9/31 at 100.00 | N/R (4) | 2,556,349 |
| 7,990 | | 0.000%, 9/01/45 (Pre-refunded 9/01/31) (7) | 9/31 at 100.00 | N/R (4) | 11,766,793 |
| 4,000 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital | 1/25 at 100.00 | A+ | 4,806,000 |
| | 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 | 1,924,315 |
| | 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+ | 11,034,527 |
| 12,205 | | 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 13,891,365 |
| 5,000 | | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2018, | 1/28 at 100.00 | A | 5,891,250 |
| | 5.000%, 1/01/48 | | | |
| | 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 | 7,277,150 |
| 4,000 | | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 4,620,840 |
| 4,000 | | 5.000%, 1/01/35 | 1/25 at 100.00 | A | 4,613,800 |
| 2,250 | | Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint | 6/26 at 100.00 | BBB | 2,312,348 |
| | Edward’s University Project, Series 2016, 4.000%, 6/01/36 | | | |
| 2,410 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue | 11/21 at 100.00 | AA– (4) | 2,526,258 |
| | Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 (Pre-refunded 11/15/21) | | | |
| 3,480 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 9/23 at 100.00 | A3 | 3,782,725 |
| | Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 | | | |
| 4,000 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 8/23 at 100.00 | AA– | 4,359,280 |
| | 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 | 2,932,250 |
| | 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+ | 15,947,607 |
| 7,925 | | 5.000%, 12/15/28 | 12/22 at 100.00 | BBB+ | 8,506,378 |
| 6,550 | | 5.000%, 12/15/30 | 12/22 at 100.00 | BBB+ | 6,997,168 |
| 2,340 | | 5.000%, 12/15/32 | 12/22 at 100.00 | BBB+ | 2,489,198 |
| | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | | | |
| | Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A: | | | |
| 1,805 | | 4.000%, 12/31/37 | 12/30 at 100.00 | BBB– | 2,028,730 |
| 2,500 | | 4.000%, 6/30/38 | 12/30 at 100.00 | BBB– | 2,800,075 |
| 2,500 | | Texas State, General Obligation Bonds, Transportation Commission Highway Improvement | 4/22 at 100.00 | AAA | 2,667,900 |
| | Series 2012A, 5.000%, 4/01/31 (Pre-refunded 4/01/22) | | | |
| 17,760 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/22 at 100.00 | A3 (4) | 19,263,384 |
| | First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22) | | | |
| 7,345 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/24 at 100.00 | A3 | 8,306,314 |
| | First Tier Series 2015B, 5.000%, 8/15/37 | | | |
105
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | | | |
| | Second Tier Series 2015C: | | | |
| $ 3,650 | | 5.000%, 8/15/33 | 8/24 at 100.00 | Baa1 | $ 4,136,107 |
| 6,385 | | 5.000%, 8/15/37 | 8/24 at 100.00 | Baa1 | 7,186,956 |
| 44,120 | | 5.000%, 8/15/42 | 8/24 at 100.00 | Baa1 | 49,293,070 |
| 4,000 | | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A3 | 3,796,720 |
| | 2002A, 0.000%, 8/15/25 – AMBAC Insured | | | |
| 8,000 | | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master | 10/29 at 100.00 | AAA | 9,307,280 |
| | Trust Series 2019A, 4.000%, 10/15/54 | | | |
| 481,105 | | Total Texas | | | 518,704,145 |
| | Utah – 0.5% (0.3% of Total Investments) | | | |
| | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B: | | | |
| 3,560 | | 5.000%, 7/01/42 | 7/27 at 100.00 | A2 | 4,187,450 |
| 1,975 | | 5.000%, 7/01/47 | 7/27 at 100.00 | A2 | 2,305,220 |
| 4,000 | | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, | 7/28 at 100.00 | A2 | 4,740,880 |
| | 5.000%, 7/01/48 | | | |
| | 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 | 1,176,910 |
| 2,320 | | 5.000%, 10/15/43 | 10/27 at 100.00 | AA | 2,697,998 |
| 2,040 | | 5.000%, 10/15/48 | 10/27 at 100.00 | AA | 2,356,669 |
| 3,000 | | Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc, Series 2020A, | 5/30 at 100.00 | AA+ | 3,463,560 |
| | 4.000%, 5/15/43 | | | |
| 17,895 | | Total Utah | | | 20,928,687 |
| | 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+ | 1,080,100 |
| 10,000 | | 5.000%, 10/01/45 | 10/25 at 100.00 | A+ | 11,293,400 |
| 11,000 | | Total Vermont | | | 12,373,500 |
| | Virginia – 2.9% (1.9% of Total Investments) | | | |
| | Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue | | | |
| | Bonds, Virginia Hospital Center, Series 2020: | | | |
| 1,385 | | 4.000%, 7/01/39 | 7/30 at 100.00 | A+ | 1,605,270 |
| 670 | | 4.000%, 7/01/40 | 7/30 at 100.00 | A+ | 774,004 |
| 430 | | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital | 7/28 at 100.00 | BBB | 434,833 |
| | Appreciation Series 2012B, 0.000%, 7/15/40 (7) | | | |
| 4,000 | | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/28 at 100.00 | Aa2 | 4,461,320 |
| | Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB) (5) | | | |
| 1,800 | | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours | 11/22 at 100.00 | N/R (4) | 1,964,322 |
| | Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) | | | |
| | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | | | |
| | Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B: | | | |
| 12,455 | | 4.000%, 10/01/44 | 10/29 at 100.00 | Baa2 | 13,683,063 |
| 5,000 | | 5.000%, 10/01/47 | 10/29 at 100.00 | Baa2 | 5,938,700 |
| 13,710 | | 4.000%, 10/01/49 | 10/29 at 100.00 | Baa2 | 14,962,683 |
| 11,960 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 4/22 at 100.00 | Baa1 | 12,460,526 |
| | 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 | 4,435,900 |
| | 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 | 39,984,960 |
| | Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, | | | |
| | 10/01/41 – AGC Insured | | | |
106
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Virginia (continued) | | | |
| $ 18,000 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | Baa1 | $ 23,205,960 |
| | 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 | AA– | 2,086,280 |
| | Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series | | | |
| | 2013B, 4.000%, 11/01/33 | | | |
| 110,410 | | Total Virginia | | | 125,997,821 |
| | Washington – 3.0% (2.0% of Total Investments) | | | |
| 7,000 | | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle | 11/26 at 100.00 | Aa1 | 8,436,750 |
| | 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 Hydro- | No Opt. Call | Aa3 | 11,537,360 |
| | Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured | | | |
| 4,000 | | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/30 at 100.00 | AA– | 4,790,240 |
| | Refunding Series 2020A, 4.000%, 7/01/39 | | | |
| 8,075 | | King County Public Hospital District 1, Washington, Limited Tax General Obligation | 12/28 at 100.00 | A2 | 9,262,106 |
| | Bonds, Refunding Series 2018, 5.000%, 12/01/43 | | | |
| 4,200 | | King County Public Hospital District 1, Washington, Limited Tax General Obligation | 12/26 at 100.00 | A– | 4,863,978 |
| | Bonds, Valley Medical Center, Refunding Series 2016, 5.000%, 12/01/36 | | | |
| 15,000 | | King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 | 1/22 at 100.00 | AA+ | 15,674,100 |
| 3,000 | | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, | 10/24 at 100.00 | A+ | 3,351,810 |
| | 5.000%, 4/01/40 | | | |
| 1,250 | | Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series | 12/23 at 100.00 | AA (4) | 1,428,600 |
| | 2014, 5.000%, 12/01/44 (Pre-refunded 12/01/23) | | | |
| 12,515 | | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue | 6/23 at 100.00 | BBB+ | 12,975,928 |
| | 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 | 5,987,415 |
| 8,310 | | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer | 1/21 at 100.00 | A2 (4) | 8,381,715 |
| | Research Center, Series 2011A, 5.625%, 1/01/35 (Pre-refunded 1/01/21) | | | |
| 4,415 | | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical | 12/20 at 100.00 | N/R (4) | 4,433,190 |
| | 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– | 4,244,360 |
| 10,000 | | 4.250%, 10/01/40 | 10/22 at 100.00 | AA– | 10,387,800 |
| 3,135 | | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 10/22 at 100.00 | Aa2 | 3,368,965 |
| | 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 | 8,745,527 |
| | Series 2012A, 5.000%, 10/01/42 | | | |
| 2,325 | | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/28 at 100.00 | BBB | 2,359,061 |
| | Bonds, Series 2018, 4.000%, 7/01/58 | | | |
| 2,410 | | Washington State Higher Education Facilities Authority, Revenue Bonds, Seattle | 5/30 at 100.00 | A | 2,589,159 |
| | University, Series 2020, 4.000%, 5/01/50 | | | |
| 500 | | Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, | 1/25 at 102.00 | BB | 511,670 |
| | 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+ | 8,250,480 |
| | 6/01/28 – FGIC Insured | | | |
| 124,850 | | Total Washington | | | 131,580,214 |
107
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | West Virginia – 1.0% (0.7% 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 | $ 3,249,840 |
| 16,845 | | 5.500%, 6/01/44 | 6/23 at 100.00 | A | 18,229,659 |
| 9,000 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/28 at 100.00 | A | 10,616,940 |
| | 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 | 4,110,470 |
| | System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 | | | |
| 1,050 | | West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail | No Opt. Call | N/R | 1,080,104 |
| | and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured | | | |
| 5,750 | | West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, | 6/28 at 100.00 | AA– | 6,601,632 |
| | 4.000%, 6/01/42 | | | |
| 39,145 | | Total West Virginia | | | 43,888,645 |
| | Wisconsin – 3.0% (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 (6) | No Opt. Call | N/R | 1,073 |
| 42 | | 0.000%, 1/01/47, 144A (6) | No Opt. Call | N/R | 1,015 |
| 42 | | 0.000%, 1/01/48, 144A (6) | No Opt. Call | N/R | 990 |
| 42 | | 0.000%, 1/01/49, 144A (6) | No Opt. Call | N/R | 959 |
| 41 | | 0.000%, 1/01/50, 144A (6) | No Opt. Call | N/R | 906 |
| 45 | | 0.000%, 1/01/51, 144A (6) | No Opt. Call | N/R | 972 |
| 1,163 | | 0.000%, 7/01/51, 144A (6) | 3/28 at 100.00 | N/R | 731,962 |
| 45 | | 0.000%, 1/01/52, 144A (6) | No Opt. Call | N/R | 926 |
| 44 | | 0.000%, 1/01/53, 144A (6) | No Opt. Call | N/R | 893 |
| 44 | | 0.000%, 1/01/54, 144A (6) | No Opt. Call | N/R | 860 |
| 43 | | 0.000%, 1/01/55, 144A (6) | No Opt. Call | N/R | 828 |
| 43 | | 0.000%, 1/01/56, 144A (6) | No Opt. Call | N/R | 800 |
| 42 | | 0.000%, 1/01/57, 144A (6) | No Opt. Call | N/R | 770 |
| 42 | | 0.000%, 1/01/58, 144A (6) | No Opt. Call | N/R | 740 |
| 42 | | 0.000%, 1/01/59, 144A (6) | No Opt. Call | N/R | 718 |
| 41 | | 0.000%, 1/01/60, 144A (6) | No Opt. Call | N/R | 688 |
| 41 | | 0.000%, 1/01/61, 144A (6) | No Opt. Call | N/R | 656 |
| 40 | | 0.000%, 1/01/62, 144A (6) | No Opt. Call | N/R | 633 |
| 40 | | 0.000%, 1/01/63, 144A (6) | No Opt. Call | N/R | 609 |
| 39 | | 0.000%, 1/01/64, 144A (6) | No Opt. Call | N/R | 591 |
| 39 | | 0.000%, 1/01/65, 144A (6) | No Opt. Call | N/R | 565 |
| 39 | | 0.000%, 1/01/66, 144A (6) | No Opt. Call | N/R | 528 |
| 501 | | 0.000%, 1/01/67, 144A (6) | No Opt. Call | N/R | 6,366 |
| 2,000 | | Public Finance Authority of Wisconsin, Retirement Communities Revenue Bonds, ACTS | 11/27 at 103.00 | A– | 2,343,960 |
| | Retirement – Life Communities, Inc Obligated Group, Series 2020A, 5.000%, 11/15/41 | | | |
| | 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– | 6,585,600 |
| 2,335 | | 5.000%, 6/15/48, 144A | 6/26 at 100.00 | BBB– | 2,524,042 |
| 4,100 | | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series | 4/23 at 100.00 | AA– | 4,401,678 |
| | 2013A, 5.000%, 4/01/38 | | | |
| 1,015 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health | 10/22 at 100.00 | AA | 1,076,012 |
| | 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– | 20,756,907 |
| | Health System, Inc, Series 2017C, 5.000%, 2/15/47 | | | |
108
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Wisconsin (continued) | | | |
| | 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– | $ 1,046,270 |
| 1,000 | | 5.000%, 2/15/28 | 2/22 at 100.00 | A– | 1,045,540 |
| 4,735 | | 5.000%, 2/15/40 | 2/22 at 100.00 | A– | 4,908,301 |
| 2,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/26 at 100.00 | A– | 2,274,900 |
| | Series 2016B, 5.000%, 2/15/35 | | | |
| 7,625 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, | 6/22 at 100.00 | A3 | 7,926,035 |
| | Inc, Series 2012, 5.000%, 6/01/39 | | | |
| 615 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital | No Opt. Call | A1 | 651,697 |
| | 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) | 2,871,832 |
| | Care, Inc, Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | | | |
| 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen | 10/21 at 100.00 | A1 | 1,029,960 |
| | Lutheran, Series 2011A, 5.250%, 10/15/39 | | | |
| 5,155 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 5/26 at 100.00 | Aa2 | 5,821,284 |
| | Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/34 | | | |
| 2,500 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aurora | 4/23 at 100.00 | Aa3 (4) | 2,787,050 |
| | Health Care, Inc, Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/15/23) | | | |
| | 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 | 1,172,993 |
| 955 | | 5.000%, 6/01/41 | 6/25 at 103.00 | N/R | 995,931 |
| | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | | | |
| | Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A: | | | |
| 1,000 | | 5.000%, 9/01/30 | 9/27 at 100.00 | BBB– | 1,164,270 |
| 1,110 | | 5.000%, 9/01/31 | 9/27 at 100.00 | BBB– | 1,286,201 |
| 1,100 | | 5.000%, 9/01/32 | 9/27 at 100.00 | BBB– | 1,264,285 |
| 1,725 | | 5.000%, 9/01/33 | 9/27 at 100.00 | BBB– | 1,974,556 |
| 1,775 | | 5.000%, 9/01/34 | 9/27 at 100.00 | BBB– | 2,027,299 |
| 1,910 | | 5.000%, 9/01/35 | 9/27 at 100.00 | BBB– | 2,168,499 |
| 2,065 | | 5.000%, 9/01/36 | 9/27 at 100.00 | BBB– | 2,336,837 |
| 8,500 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 2/26 at 100.00 | A– | 9,450,895 |
| | Marshfield Clinic, Series 2016A, 5.000%, 2/15/46 | | | |
| 5,000 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical | 11/26 at 100.00 | AA– | 5,854,800 |
| | College of Wisconsin, Inc, Series 2016, 5.000%, 12/01/41 | | | |
| | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | | | |
| | John’s Communities Inc, Series 2018A: | | | |
| 1,240 | | 5.000%, 9/15/31 | 9/23 at 100.00 | BBB– | 1,293,357 |
| 7,955 | | 5.000%, 9/15/50 | 9/23 at 100.00 | BBB– | 8,120,464 |
| 10,230 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 12/24 at 100.00 | A1 | 11,371,668 |
| | ThedaCare Inc, Series 2015, 5.000%, 12/15/44 | | | |
| 10,770 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 12/29 at 100.00 | A1 | 12,018,674 |
| | ThedaCare Inc, Series 2019, 4.000%, 12/15/49 | | | |
| 121,128 | | Total Wisconsin | | | 131,306,845 |
| | Wyoming – 0.3% (0.2% of Total Investments) | | | |
| 9,625 | | Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding | 9/23 at 100.00 | BB+ | 10,256,207 |
| | 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 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 2,110,020 |
| 1,000 | | 6.000%, 12/01/36 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 1,060,160 |
| 12,625 | | Total Wyoming | | | 13,426,387 |
| $ 6,555,596 | | Total Long-Term Investments (cost $6,081,209,145) | | | 6,713,777,404 |
109
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) October 31, 2020 |
| | | | | | |
| Principal | | | Optional Call | | |
| Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments) | | | |
| | MUNICIPAL BONDS – 0.1% (0.1% of Total Investments) | | | |
| | Minnesota–0.1% (0.1% of Total Investments) | | | |
| $ 5,000 | | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Variable Rate | | | |
| | Demand Obligations, Series 2018A, 0.120%, 11/15/48 (8) | 12/20 at 100.00 | VMIG1 | $ 5,000,000 |
| $ 5,000 | | Total Short-Term Investments (cost $5,000,000) | | | 5,000,000 |
| | Total Investments (cost $6,086,209,145) – 155.6% | | | 6,718,777,404 |
| | Floating Rate Obligations – (2.4)% | | | (102,040,000) |
| | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (3.3)% (9) | | | (143,409,859) |
| | MuniFund Preferred Shares, net of deferred offering costs – (22.2)% (10) | | | (956,185,820) |
| | Variable Rate Demand Preferred Shares, net of deferred offering costs – (29.7)% (11) | | | (1,283,787,288) |
| | Other Assets Less Liabilities – 2.0% | | | 85,030,045 |
| | Net Assets Applicable to Common Shares – 100% | | | $ 4,318,384,482 |
| | |
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(7) | 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. |
(8) | 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 as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
(9) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 2.1%. |
(10) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 14.2%. |
(11) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 19.1%. |
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 4 – Portfolio Securities and Investments in Derivatives, for more information. |
| See accompanying notes to financial statements. |
110
Statement of Assets and Liabilities
October 31, 2020
| | | | | | | |
| | NAD | | | NEA | |
| Assets | | | | | | |
Long-term investments, at value (cost $4,752,185,462 and $6,081,209,145, respectively) | | $ | 5,213,588,892 | | | $ | 6,713,777,404 | |
Short-term investments, at value (cost approximates value) | | | — | | | | 5,000,000 | |
Cash | | | 263,532 | | | | — | |
Receivable for: | | | | | | | | |
| Dividends | | | 533 | | | | — | |
| Interest | | | 65,884,129 | | | | 80,665,360 | |
| Investments sold | | | 17,320,000 | | | | 26,700,000 | |
Other assets | | | 1,274,617 | | | | 2,140,392 | |
| Total assets | | | 5,298,331,703 | | | | 6,828,283,156 | |
| Liabilities | | | | | | | | |
Cash overdraft | | | — | | | | 3,916,633 | |
Floating rate obligations | | | 92,900,000 | | | | 102,040,000 | |
Payable for: | | | | | | | | |
| Dividends | | | 11,924,318 | | | | 15,545,054 | |
| Interest | | | 123,345 | | | | 127,039 | |
| Investments purchased – when-issued/delayed-delivery settlement | | | 1,480,000 | | | | — | |
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering | | | | | | | | |
| costs (liquidation preference $545,500,000 and $143,500,000, respectively) | | | 545,220,708 | | | | 143,409,859 | |
MuniFund Preferred (“MFP”) Shares, net of deferred offering | | | | | | | | |
| costs (liquidation preference $679,000,000 and $958,000,000, respectively) | | | 678,366,149 | | | | 956,185,820 | |
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs | | | | | | | | |
| (liquidation preference $632,000,000 and $1,290,300,000, respectively) | | | 630,176,454 | | | | 1,283,787,288 | |
Accrued expenses: | | | | | | | | |
| Management fees | | | 2,465,298 | | | | 3,160,822 | |
| Trustees fees | | | 856,892 | | | | 1,145,506 | |
| Other | | | 566,391 | | | | 580,653 | |
| Total liabilities | | | 1,964,079,555 | | | | 2,509,898,674 | |
Net assets applicable to common shares | | $ | 3,334,252,148 | | | $ | 4,318,384,482 | |
Common shares outstanding | | | 211,649,043 | | | | 278,590,267 | |
Net asset value (“NAV”) per common share outstanding | | $ | 15.75 | | | $ | 15.50 | |
| Net assets applicable to common shares consist of: | | | | | | | | |
Common shares, $0.01 par value per share | | $ | 2,116,490 | | | $ | 2,785,903 | |
Paid-in-surplus | | | 2,916,640,726 | | | | 3,728,762,545 | |
Total distributable earnings | | | 415,494,932 | | | | 586,836,034 | |
Net assets applicable to common shares | | $ | 3,334,252,148 | | | $ | 4,318,384,482 | |
Authorized shares: | | | | | | | | |
| Common | | Unlimited | | | Unlimited | |
| Preferred | | Unlimited | | | Unlimited | |
See accompanying notes to financial statements.
111
Statement of Operations
Year Ended October 31, 2020
| | | | | | | |
| | NAD | | | NEA | |
| Investment Income | | $ | 207,967,880 | | | $ | 270,784,233 | |
| Expenses | | | | | | | | |
Management fees | | | 28,465,578 | | | | 36,690,983 | |
Interest expense and amortization of offering costs | | | 25,509,900 | | | | 28,881,806 | |
Liquidity fees | | | 4,580,941 | | | | 9,643,938 | |
Remarketing fees | | | 642,533 | | | | 1,617,320 | |
Custodian fees | | | 454,932 | | | | 510,214 | |
Trustees fees | | | 129,092 | | | | 168,525 | |
Professional fees | | | 216,545 | | | | 326,567 | |
Shareholder reporting expenses | | | 224,785 | | | | 284,648 | |
Shareholder servicing agent fees | | | 111,683 | | | | 118,330 | |
Stock exchange listing fees | | | 53,917 | | | | 75,515 | |
Investor relations expenses | | | 275,483 | | | | 359,385 | |
Merger expenses | | | 362,453 | | | | 508,206 | |
Other | | | 175,708 | | | | 240,918 | |
Total expenses | | | 61,203,550 | | | | 79,426,355 | |
Net investment income (loss) | | | 146,764,330 | | | | 191,357,878 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | |
Net realized gain (loss) from Investments | | | (11,900,124 | ) | | | (3,608,635 | ) |
Change in net unrealized appreciation (depreciation) of Investments | | | (32,006,896 | ) | | | (24,512,170 | ) |
Net realized and unrealized gain (loss) | | | (43,907,020 | ) | | | (28,120,805 | ) |
Net increase (decrease) in net assets applicable to common shares from operations | | $ | 102,857,310 | | | $ | 163,237,073 | |
See accompanying notes to financial statements.
112
Statement of Changes in Net Assets
| | | | | | | | | | | | | |
| | | NAD | | | NEA | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | 10/31/20 | | | 10/31/19 | | | 10/31/20 | | | 10/31/19 | |
| Operations | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 146,764,330 | | | $ | 134,446,471 | | | $ | 191,357,878 | | | $ | 173,706,452 | |
| Net realized gain (loss) from investments | | | (11,900,124 | ) | | | 1,593,015 | | | | (3,608,635 | ) | | | 1,849,467 | |
| Change in net unrealized appreciation (depreciation) of investments | | | (32,006,896 | ) | | | 294,095,381 | | | | (24,512,170 | ) | | | 366,724,900 | |
| Net increase (decrease) in net assets applicable to common shares | | | | | | | | | | | | | | | | |
| from operations | | | 102,857,310 | | | | 430,134,867 | | | | 163,237,073 | | | | 542,280,819 | |
| Distributions to Common Shareholders | | | | | | | | | | | | | | | | |
| Dividends | | | (138,980,629 | ) | | | (129,596,923 | ) | | | (183,762,876 | ) | | | (168,666,655 | ) |
| Decrease in net assets applicable to common shares from distributions | | | | | | | | | | | | | | | | |
| to common shareholders | | | (138,980,629 | ) | | | (129,596,923 | ) | | | (183,762,876 | ) | | | (168,666,655 | ) |
| Capital Share Transactions | | | | | | | | | | | | | | | | |
| Common Shares: | | | | | | | | | | | | | | | | |
| Issued in the Merger | | | 159,102,613 | | | | — | | | | 245,521,737 | | | | — | |
| Net increase (decrease) in net assets applicable to common shares from | | | | | | | | | | | | | | | | |
| capital share transactions | | | 159,102,613 | | | | — | | | | 245,521,737 | | | | — | |
| Net increase (decrease) in net assets applicable to common shares | | | 122,979,294 | | | | 300,537,944 | | | | 224,995,934 | | | | 373,614,164 | |
| Net assets applicable to common shares at the beginning of period | | $ | 3,211,272,854 | | | $ | 2,910,734,910 | | | $ | 4,093,388,548 | | | $ | 3,719,774,384 | |
| Net assets applicable to common shares at the end of period | | $ | 3,334,252,148 | | | $ | 3,211,272,854 | | | $ | 4,318,384,482 | | | $ | 4,093,388,548 | |
See accompanying notes to financial statements.
113
Year Ended October 31, 2020
| | | | | | | |
| | NAD | | | NEA | |
| Cash Flows from Operating Activities: | | | | | | |
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | | $ | 102,857,310 | | | $ | 163,237,073 | |
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 | | | (778,631,494 | ) | | | (1,076,825,284 | ) |
Proceeds from sales and maturities of investments | | | 771,424,015 | | | | 1,088,923,464 | |
Proceeds from (Purchase of) short-term investments, net | | | 4,000,000 | | | | 23,200,000 | |
Payment-in-kind distributions | | | (68,412 | ) | | | (13,128 | ) |
Taxes paid | | | (151,388 | ) | | | (19,269 | ) |
Amortization (Accretion) of premiums and discounts, net | | | (3,140,175 | ) | | | (10,338,665 | ) |
Amortization of deferred offering costs | | | 160,904 | | | | 687,459 | |
(Increase) Decrease in: | | | | | | | | |
| Receivable for dividends | | | 27 | | | | — | |
| Receivable for interest | | | 2,792,733 | | | | 4,116,985 | |
| Receivable for investments sold | | | 6,390,257 | | | | 31,248,510 | |
| Other assets | | | 281,904 | | | | (74,476 | ) |
Increase (Decrease) in: | | | | | | | | |
| Payable for interest | | | (1,324,960 | ) | | | (400,114 | ) |
| Payable for investments purchased – regular settlement | | | (6,296,717 | ) | | | (65,795,514 | ) |
| Payable for investments purchased – when-issued/delayed-delivery settlement | | | 1,480,000 | | | | — | |
| Payable for offering costs | | | (109,385 | ) | | | (95,411 | ) |
| Accrued management fees | | | 85,030 | | | | 153,111 | |
| Accrued Trustees fees | | | 6,116 | | | | 30,095 | |
| Accrued other expenses | | | (356,336 | ) | | | (479,439 | ) |
Net realized (gain) loss from: | | | | | | | | |
| Investments | | | 11,900,124 | | | | 3,608,635 | |
| Paydowns | | | (7,908 | ) | | | (346,118 | ) |
Change in net unrealized appreciation (depreciation) of investments | | | 32,006,896 | | | | 24,512,170 | |
Net cash provided by (used in) operating activities | | | 143,298,541 | | | | 185,330,084 | |
| Cash Flow from Financing Activities: | | | | | | | | |
Increase (Decrease) in cash overdraft | | | (2,368,319 | ) | | | (145,127 | ) |
Proceeds from borrowings | | | 9,619,672 | | | | 17,695,323 | |
(Repayments) of borrowings | | | (9,619,672 | ) | | | (17,695,323 | ) |
(Repayments of) floating rate obligations | | | (3,370,000 | ) | | | (11,250,000 | ) |
Cash distributions paid to common shareholders | | | (137,347,942 | ) | | | (181,586,829 | ) |
Net cash provided by (used in) financing activities | | | (143,086,261 | ) | | | (192,981,956 | ) |
| Net Increase (Decrease) in Cash | | | 212,280 | | | | (7,651,872 | ) |
Cash at the beginning of period | | | — | | | | — | |
Cash acquired in connection with the Merger | | | 51,252 | | | | 7,651,872 | |
Cash at the end of period | | $ | 263,532 | | | $ | — | |
| | |
Supplemental Disclosure of Cash Flow Information(1) | | NAD | | | NEA | |
Cash paid for interest (excluding amortization of offering costs) | | $ | 26,433,609 | | | $ | 28,586,427 | |
(1) See Notes to Financial Statements, Note 1 – General Information for more information of the non-cash activities related to the Funds’ Mergers.
See accompanying notes to financial statements.
114
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115
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: | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 15.91 | | | $ | 0.70 | | | $ | (0.19 | ) | | $ | 0.51 | | | $ | (0.67 | ) | | $ | — | | | $ | (0.67 | ) | | $ | — | | | $ | 15.75 | | | $ | 14.44 | |
2019 | | | 14.42 | | | | 0.67 | | | | 1.46 | | | | 2.13 | | | | (0.64 | ) | | | — | | | | (0.64 | ) | | | — | | | | 15.91 | | | | 14.42 | |
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 | |
| | |
| NEA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 10/31:
| | | | | | | | | | | | | | | | | | | | | | | | | |
2020 | | | 15.58 | | | | 0.69 | | | | (0.11 | ) | | | 0.58 | | | | (0.66 | ) | | | — | | | | (0.66 | ) | | | — | | | | 15.50 | | | | 14.33 | |
2019 | | | 14.16 | | | | 0.66 | | | | 1.40 | | | | 2.06 | | | | (0.64 | ) | | | — | | | | (0.64 | ) | | | — | | | | 15.58 | | | | 14.20 | |
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 | |
| | |
(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. |
116
| | | | | | | | | | | | | | | | | |
| | | | | | | 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 | | | Net Investment Income (Loss) | | | Portfolio Turnover Rate(c) | |
| | |
| | |
| | 3.27 | % | | | 4.89 | % | | $ | 3,334,252 | | | | 1.87 | % | | | 4.47 | % | | | 15 | % |
| | 15.03 | | | | 21.78 | | | | 3,211,273 | | | | 2.45 | | | | 4.35 | | | | 8 | |
| | (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 | |
| | |
| | |
| | |
| | 3.84 | | | | 5.74 | | | | 4,318,384 | | | | 1.85 | | | | 4.46 | | | | 16 | |
| | 14.81 | | | | 22.78 | | | | 4,093,389 | | | | 2.40 | | | | 4.41 | | | | 8 | |
| | (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 | |
| | |
(b) | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. |
| • The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund 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 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows: |
| | | | | |
| NAD | | | NEA | |
Year Ended 10/31: | | | Year Ended 10/31: | |
2020 | 0.94% | | 2020 | 0.94% |
2019 | 1.50 | | 2019 | 1.47 |
2018 | 1.39 | | 2018 | 1.35 |
2017 | 1.00 | | 2017 | 1.00 |
2016 | 0.90 | | 2016 | 0.78 |
| | |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
* | Rounds to less than $0.01 per share. |
See accompanying notes to financial statements.
117
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | AMTP Shares at the End of Period | | | MFP Shares at the End of Period | | | VMTP Shares at the End of Period | | | VRDP Shares at the End of Period | | | AMTP, MFP, 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(a) | | | 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: | | | | | | | | | | | | | | | | |
2020 | | $ | 545,500 | | | $ | 279,599 | | | $ | 679,000 | | | $ | 279,599 | | | $ | — | | | $ | — | | | $ | 632,000 | | | $ | 279,599 | | | $ | 2.80 | |
2019 | | | 545,500 | | | | 279,954 | | | | 607,000 | | | | 279,954 | | | | — | | | | — | | | | 632,000 | | | | 279,954 | | | | 2.80 | |
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 | |
| | |
| NEA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 10/31:
| | | | | | | | | | | | | | | | | | | | | |
2020 | | | 143,500 | | | | 280,550 | | | | 958,000 | | | | 280,550 | | | | — | | | | — | | | | 1,290,300 | | | | 280,550 | | | | 2.81 | |
2019 | | | — | | | | — | | | | 958,000 | | | | 282,066 | | | | — | | | | — | | | | 1,290,300 | | | | 282,066 | | | | 2.82 | |
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 | |
| | |
(a) | 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. The asset coverage per $1,000 share for NEA’s Series D MFP Shares were as follows: |
| | |
| Asset |
| Coverage |
| Per |
| $1,000 |
| NEA | Share |
| Series D | |
Year Ended 10/31: | |
2020 | $2,805 |
2019 | 2,800 |
2018 | — |
2017 | — |
2016 | — |
See accompanying notes to financial statements.
118
Notes toFinancial Statements 1. 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 (the “1940 Act”), 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 October 31, 2020, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2020 (the ”current fiscal period”).
Investment Adviser and Sub-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.
Fund Mergers
During August 2020, the Funds’ Board of Trustees (the “Board”) approved a merger for each Fund included in this report. The mergers are intended to create larger funds with lower operating expenses and increased trading volume on the exchange for common shares. The approved mergers are as follows:
| | |
| Target Funds | Acquiring Funds |
Nuveen Maryland Quality Municipal Income Fund (NMY) | NAD |
Nuveen Michigan Quality Municipal Income Fund (NUM) | NEA |
The mergers of NMY into NAD and NUM into NEA are subject to customary conditions, including shareholder approval at annual shareholder meetings.
Effective prior to the opening of business on February 18, 2020, Nuveen Texas Quality Municipal Income Fund (NTX) (a “Target Fund”) was merged into NAD (an “Acquiring Fund”) and effective prior to the opening of business on November 18, 2019, Nuveen North Carolina Quality Municipal Income Fund (NNC) (a “Target Fund”) was merged into NEA (an “Acquiring Fund”) (each a “Merger” and collectively the “Mergers”).
For accounting and performance reporting purposes, the Acquiring Fund is the survivor.
Upon the closing of each Merger, each Target Fund transferred its assets to its respective Acquiring Fund in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Funds of the liabilities of each Target Fund. Each Target Fund was then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of each Target Fund became shareholders of their respective Acquiring Fund. Holders of common shares of each Target Fund received newly issued common shares of their respective Acquiring Fund, the aggregate net asset value (“NAV”) of which was equal to the aggregate NAV of the common shares of each Target Fund held immediately prior to each Merger (including for this purpose fractional Acquiring Fund shares to which shareholders were entitled). Holders of preferred shares of each Target Fund receive on a one-for-one basis newly issued preferred shares of their respective Acquiring Fund, in exchange for preferred shares of each Target Fund held immediately prior to each Merger. Details of each Merger are further described in Note 9 – Fund Mergers.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
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Notes to Financial Statements (continued)
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
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 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.
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment 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. Investment income also reflects dividend income, which is recorded on the ex-dividend date.
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 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017-08 became effective for the Funds and it did not have a material impact on the Funds’ financial statements.
Reference Rate Reform
In March 2020, FASB issued ASU 2020-4, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing
120
contracts, the Funds may elect to apply the optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. 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. U.S. GAAP establishes the three-tier hierarchy which 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 management’s 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).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Prices of fixed-income securities are generally 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. 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.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. 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. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:
| | | | | | | | | | | | | |
| NAD | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments: | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 5,213,060,393 | | | $ | — | | | $ | 5,213,060,393 | |
| Investment Companies | | | 528,499 | | | | — | | | | — | | | | 528,499 | |
Total | | $ | 528,499 | | | $ | 5,213,060,393 | | | $ | — | | | $ | 5,213,588,892 | |
| | |
| NEA | | | | | | | | | | | | | | | | |
Long-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 6,713,777,404 | | | $ | — | | | $ | 6,713,777,404 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | | — | | | | 5,000,000 | | | | — | | | | 5,000,000 | |
Total | | $ | — | | | $ | 6,718,777,404 | | | $ | — | | | $ | 6,718,777,404 | |
* | Refer to the Fund’s Portfolio of Investments for state classifications. |
121
Notes to Financial Statements (continued)
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.
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 | | $ | 92,900,000 | | | $ | 102,040,000 | |
Floating rate obligations: externally-deposited Inverse Floaters | | | 49,340,000 | | | | 102,085,000 | |
Total | | $ | 142,240,000 | | | $ | 204,125,000 | |
122
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 | | $ | 95,984,563 | | | $ | 104,970,328 | |
Average annual interest rate and fees | | | 1.30 | % | | | 1.25 | % |
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
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 | | $ | 66,470,000 | | | $ | 99,025,000 | |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | | | 38,265,000 | | | | 95,430,000 | |
Total | | $ | 104,735,000 | | | $ | 194,455,000 | |
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.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| | | | | | | |
| | NAD | | | NEA | |
Purchases | | $ | 778,631,494 | | | $ | 1,076,825,284 | |
Sales and maturities | | | 771,424,015 | | | | 1,088,923,464 | |
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities 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
123
Notes to Financial Statements (continued)
delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
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.
5. 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 |
| Year | Year | | Year | Year |
| Ended | Ended | | Ended | Ended |
| 10/31/20 | 10/31/19 | | 10/31/20 | 10/31/19 |
Common shares: | | | | | |
| Issued in the Merger | 9,784,676 | — | | 15,869,620 | — |
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The Funds have issued and have 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 and NEA had $545,220,708 and $143,409,859 of AMTP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’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 |
| NEA | 2028* | 1,435 | $143,500,000 |
* AMTP Shares issued in connection with the Merger.
Each 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
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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 Funds may be obligated to redeem a certain amount of the AMTP Shares if the Funds fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s AMTP Shares are as follows:
| | | | | |
| Notice | | Term | Premium |
| Fund | Period | Series | Redemption Date | Expiration Date |
| NAD | 360-day | 2028 | December 1, 2028** | November 30, 2019 |
| 360-day | 2028-1 | December 1, 2028** | November 30, 2019 |
| NEA | 360-day | 2028 | 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 each Fund during the current fiscal period were as follows:
| | | | | | | |
| | NAD | | | NEA*** | |
Average liquidation preference of AMTP Shares outstanding | | | 545,500,000 | | | | 143,500,000 | |
Annualized dividend rate | | | 1.63 | % | | | 1.58 | % |
*** For the period November 18, 2019 (Merger date) through October 31, 2020. |
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.
Costs incurred in connection with each Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and 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 their 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.
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Notes to Financial Statements (continued)
• 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 enables its shareholders to require a liquidity provider with, 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.
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.
Costs incurred in connection with each Fund’s offering of MFP Shares were recorded as a deferred charges, which are amortized over the life of the shares and 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.
As of the end of the reporting period, NAD and NEA had $678,366,149 and $956,185,820 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 | January 3, 2028 | VRM | January 3, 2028** |
| B* | 720 | 72,000,000 | September 1, 2047 | VRM | September 28, 2022
|
| NEA | A
| 1,850 | $185,000,000 | February 3, 2048 | VRM | February 3, 2048** |
| B
| 3,350 | 335,000,000 | March 2, 2028 | VRM | March 2, 2028** |
| C
| 2,380 | 238,000,000 | March 2, 2028 | VRDM | March 2, 2028** |
| D
| 200,000 | 200,000,000 | March 1, 2029 | VRRM | N/A
|
* MFP Shares issued in connection with the Merger.
** Subject to earlier termination by either the Fund or the shareholder.
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 | | $ | 657,557,377 | | | $ | 958,000,000 | |
Annualized dividend rate | | | 1.39 | % | | | 1.42 | % |
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.
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As of the end of the reporting period, NAD and NEA had $630,176,454 and $1,283,787,288 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s VRDP Shares outstanding as of the end of the reporting period, were as follows:
| | | | | | |
| | Shares | Remarketing
| Liquidation | |
| Fund | Series | Outstanding | Fee* | Preference | Maturity |
| NAD | 1 | 2,368 | 0.10% | $236,800,000 | September 11, 2026 |
| 2 | 2,675 | 0.10
| 267,500,000 | September 11, 2026 |
| 3 | 1,277 | 0.10
| 127,700,000 | September 11, 2026 |
| NEA | 1 | 2,190 | 0.10% | $219,000,000 | June 1, 2040 |
| 2 | 1,309 | 0.10
| 130,900,000 | December 1, 2040 |
| 3 | 3,509 | 0.05
| 350,900,000 | March 1, 2040 |
| 4 | 4,895 | 0.10
| 489,500,000 | September 11, 2026 |
| 5 | 1,000 | 0.10
| 100,000,000 | October 1, 2046 |
* Remarketing fees as a percentage of aggregate principal amount of all VRDP Shares outstanding of each series.
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 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 | | | 0.88 | % | | | 0.82 | % |
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:
| | | | |
| Year Ended |
| October 31, 2020 |
| NEA | Series | Shares | Amount |
AMTP Shares issued in connection with the Merger | 2028 | 1,435 | 143,500,000 |
| Year Ended |
| October 31, 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 (continued)
Transactions in MFP Shares for the Funds, where applicable, were as follows:
| | | | |
| Year Ended October 31, 2020 |
| NAD | Series | Shares | Amount |
MFP Shares issued in connection with the Merger | B | 720 | $72,000,000 |
| Year Ended October 31, 2019 |
| NEA | Series | Shares | Amount |
MFP Shares issued | D | 200,000 | $ 200,000,000 |
MFP Shares redeemed | B | (2,000) | (200,000,000) |
Net increase (decrease) | | 198,000 | $ — |
Transactions VMTP Shares for the Funds, where applicable, were as follows: |
| Year Ended October 31, 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) |
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 alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
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 October 31, 2020.
| | | | | | | |
| | NAD | | | NEA | |
Tax cost of investments | | $ | 4,655,574,902 | | | $ | 5,976,302,914 | |
Gross unrealized: | | | | | | | | |
| Appreciation | | $ | 480,978,366 | | | $ | 649,060,419 | |
| Depreciation | | | (15,863,300 | ) | | | (8,627,106 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | 465,115,066 | | | $ | 640,433,313 | |
Permanent differences, primarily due to federal taxes paid, paydowns, nondeductible offering costs, distribution reallocations, nondeductible reorganization expenses, reorganization adjustments and taxable market discount resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2020, the Funds’ tax year end.
128
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2020, the Funds’ tax year end, were as follows:
| | | | | | | |
| | NAD | | | NEA | |
Undistributed net tax-exempt income1 | | $ | 15,583,764 | | | $ | 19,083,074 | |
Undistributed net ordinary income2 | | | 1,391,979 | | | | 1,805,049 | |
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, 2020, and paid on November 2, 2020. |
2
| Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ tax years ended October 31, 2020 and October 31, 2019 was designated for purposes of the dividends paid deduction as follows:
| | | | | | | |
| 2020 | | NAD | | | NEA | |
Distributions from net tax-exempt income3 | | $ | 163,888,867 | | | $ | 210,634,570 | |
Distributions from net ordinary income2 | | | 385 | | | | 246 | |
Distributions from net long-term capital gains | | | — | | | | — | |
| 2019 | | NAD | | | NEA | |
Distributions from net tax-exempt income | | $ | 167,683,147 | | | $ | 210,049,046 | |
Distributions from net ordinary income2 | | | 688,426 | | | | 2,274,731 | |
Distributions from net long-term capital gains | | | — | | | | — | |
2
| Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
3
| The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2020, as Exempt Interest Dividends. |
As of October 31, 2020, the Funds’ 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.
| | | | | | | |
| | NAD4 | | | NEA4 | |
Not subject to expiration: | | | | | | |
| Short-term | | $ | 44,288,986 | | | $ | 41,864,100 | |
| Long-term | | | 9,713,774 | | | | 16,323,771 | |
Total | | $ | 54,002,760 | | | $ | 58,187,871 | |
4
| 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. |
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 | |
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Notes to Financial Statements (continued)
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, but do not include certain Nuveen Funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of October 31, 2020, the complex-level fee for each Fund was 0.1572%. |
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.
During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:
| | | | | | | |
| Cross-Trades | | NAD | | | NEA | |
Purchases | | $ | 100,794,722 | | | $ | 81,956,281 | |
Sales | | | 92,513,515 | | | | 75,063,373 | |
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, $2.405 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 multifactor 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 June 2021 unless extended or renewed.
The credit facility has the following terms: a 0.10% upfront fee, 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% (1.00% prior to June 24, 2020) per annum or (b) the Fed Funds rate plus 1.25% (1.00% prior to June 24, 2020) 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.
130
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 | $9,619,672 | $17,695,323 |
During the Funds’ utilization period(s), during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
| | | |
| NAD | NEA |
Utilization period (days outstanding) | 2 | 2 |
Average daily balance outstanding | $9,619,672 | $17,695,323 |
Average annual interest rate | 2.76% | 2.76% |
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.
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. Fund Mergers
The Mergers as previously described in Note 1 — General Information were structured to qualify as tax-free mergers under the Internal Revenue Code for federal income tax purposes, and the Target Funds’ shareholders recognized no gain or loss for federal income tax purposes as a result. Prior to the closing of the Mergers, the Target Funds distributed all of its net investment income and capital gains, if any. Such a distribution may be taxable to the Target Funds’ shareholders for federal income tax purposes.
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Notes to Financial Statements (continued)
Investments
The cost, fair value and net unrealized appreciation (depreciation) of the investments (including investments in derivatives) of the Target Funds as of the date of the Mergers, were as follows:
| | | | |
| | NTX | |
Cost of investments | | $ | 216,563,663 | |
Fair value of investments | | | 240,050,174 | |
Net unrealized appreciation (depreciation) of investments | | | 23,486,511 | |
| | NNC | |
Cost of investments | | $ | 369,683,124 | |
Fair value of investments | | | 395,877,850 | |
Net unrealized appreciation (depreciation) of investments | | | 26,194,726 | |
For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Common Shares
The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately before and after the Mergers were as follows:
| | | | |
| Target Fund – Prior to Merger | | NTX | |
Common shares outstanding | | | 9,958,610 | |
Net assets applicable to common shares | | $ | 159,102,613 | |
NAV per common share outstanding | | $ | 15.98 | |
| Target Fund – Prior to Merger | | NNC | |
Common shares outstanding | | | 16,233,508 | |
Net assets applicable to common shares | | $ | 245,521,737 | |
NAV per common share outstanding | | $ | 15.12 | |
| Acquiring Fund – Prior to Merger | | NAD | |
Common shares outstanding | | | 201,864,367 | |
Net assets applicable to common shares | | $ | 3,282,394,250 | |
NAV per common share outstanding | | $ | 16.26 | |
| Acquiring Fund – Prior to Merger | | NEA | |
Common shares outstanding | | | 262,720,647 | |
Net assets applicable to common shares | | $ | 4,064,612,193 | |
NAV per common share outstanding | | $ | 15.47 | |
| Acquiring Fund – Post Merger | | NAD | |
Common shares outstanding | | | 211,649,043 | |
Net assets applicable to common shares | | $ | 3,441,496,863 | |
NAV per common share outstanding | | $ | 16.26 | |
| Acquiring Fund – Post Merger | | NEA | |
Common shares outstanding | | | 278,590,267 | |
Net assets applicable to common shares | | $ | 4,310,133,930 | |
NAV per common share outstanding | | $ | 15.47 | |
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Pro Forma Results of Operations (Unaudited)
The beginning of the Target Funds’ current fiscal periods were March 1, 2019 for NTX and June 1, 2019 for NNC. Assuming the Mergers had been completed on November 1, 2019, the beginning of the Acquiring Funds’ current fiscal period, the pro forma results of operations for each Fund’s current fiscal period, are as follows:
| | | | |
| Acquiring Fund – Pro Forma Results from Operations | | NAD | |
Net investment income (loss) | | $ | 147,724,019 | |
Net realized and unrealized gains (losses) | | | (33,292,435 | ) |
Change in net assets resulting from operations | | | 114,431,584 | |
| Acquiring Fund – Pro Forma Results from Operations | | NEA | |
Net investment income (loss) | | $ | 191,712,720 | |
Net realized and unrealized gains (losses) | | | (27,431,797 | ) |
Change in net assets resulting from operations | | | 164,280,923 | |
Because the combined investment portfolios of each Acquiring Fund have been managed as a single integrated portfolio since the Merger was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statement of Operations of their respective Acquiring Fund since the Mergers were consummated.
Cost and Expenses
In connection with the Merger, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as components of “Accrued other expenses” on the Statement of Assets and Liabilities and “Merger expenses” on the Statement of Operations.
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Shareholder Update
(Unaudited)
Current Investment Objectives, Investment Policies and Principal Risks of the Funds
NUVEEN QUALITY MUNICIPAL INCOME FUND (NAD)
Investment Objectives
The Fund’s investment objectives are to provide current income exempt from regular federal income tax and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal securities that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.
Investment Policies
Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes.
The Fund generally invests in municipal securities with long-term maturities in order to maintain an average effective maturity of 15 to 30 years, including the effects of leverage, but the average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Fund’s investment adviser and/or the Fund’s sub-adviser, depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:
| ● | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax. |
| ● | The Fund may invest up to 35% of its Managed Assets in securities that, at the time of investment, are rated below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s sub-adviser. |
| ● | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. |
| ● | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change a policy without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class.
Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB Trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
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The Fund may also invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers (“AMT Bonds”). AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).
Use of Leverage
The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of preferred shares of beneficial interest (“Preferred Shares”), investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (subject to certain investment restrictions). In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.
Temporary Defensive Periods
During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.
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Shareholder Update (Unaudited) (continued)
NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND (NEA)
Investment Objectives
The Fund’s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal securities that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.
Investment Policies
As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments that pay interest exempt from regular federal income tax. Additionally, as a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets in a portfolio of securities the income from which is exempt from the federal alternative minimum tax applicable to individuals.
As a non-fundamental policy, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) in municipal securities and other related investments the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase.
The Fund generally invests in municipal securities with long-term maturities in order to maintain an average effective maturity of 15 to 30 years, including the effects of leverage, but the average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Fund’s investment adviser and/or the Fund’s sub-adviser, depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return.
“Assets” means net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Additionally, as a non-fundamental policy, the Fund:
| ● | May invest up to 35% of its Managed Assets in securities rated, at the time of investment, below the three highest grades (Baa or BBB or lower) by at least one NRSRO which includes below-investment-grade securities, or unrated securities judged to be of comparable quality by the Fund’s sub-adviser. |
| ● | May invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund’s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund. |
| ● | May invest up to 15% of its Managed Assets in inverse floating rate securities. |
| ● | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change a policy without a shareholder vote. However, with respect to the Fund’s fundamental policy of investing at least 80% of its Assets in municipal securities and other related investments that pay interest exempt from both regular federal income tax and the federal alternative minimum tax applicable to individuals such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class.
Portfolio Contents
The Fund generally invests its assets in a portfolio of municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB Trusts, including inverse floating rate securities, and other forms of municipal bonds
136
and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts.
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.
Use of Leverage
The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of Preferred Shares, investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (subject to certain investment restrictions). In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.
Temporary Defensive Periods
During temporary defensive periods or in order to help keep the Fund’s assets fully invested, including during the period within which the net proceeds of an offering of Securities are first being invested, the Fund may deviate from its investment policies and objectives. During such periods, the Fund may invest any percentage of its Managed Assets in short-term investments, including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.
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Shareholder Update (Unaudited) (continued)
PRINCIPAL RISKS OF THE FUNDS
The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time.
| | | |
| Nuveen Quality Municipal | Nuveen AMT-Free Quality |
| Income Fund | Municipal Income Fund |
| Risk | (NAD) | (NEA) |
| Portfolio Level Risks | | |
Alternative Minimum Tax Risk | X | — |
Below Investment Grade Risk | X | X |
Call Risk | X | X |
Credit Risk | X | X |
Credit Spread Risk | X | X |
Deflation Risk | X | X |
Derivatives Risk | X | X |
Distressed Securities Risk | X | X |
Duration Risk | X | X |
Economic Sector Risk | X | X |
Financial Futures and Options Risk | X | X |
Hedging Risk | X | X |
Illiquid Investments Risk | X | X |
Income Risk | X | X |
Inflation Risk | X | X |
Insurance Risk | X | X |
Interest Rate Risk | X | X |
Inverse Floating Rate Securities Risk | X | X |
Municipal Securities Market Liquidity Risk | X | X |
Municipal Securities Market Risk | X | X |
Other Investment Companies Risk | X | X |
Puerto Rico Municipal Securities Market Risk | X | X |
Reinvestment Risk | X | X |
Sector and Industry Risk | X | X |
Sector Focus Risk | X | X |
Special Risks Related to Certain Municipal Obligations | X | X |
Swap Transactions Risk | X | X |
Tax Risk | X | X |
Taxability Risk | X | X |
Tobacco Settlement Bond Risk | X | X |
Valuation Risk | X | X |
Zero Coupon Bonds Risk | X | X |
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| | | |
| Nuveen Quality Municipal | Nuveen AMT-Free Quality |
| Income Fund | Municipal Income Fund |
| Risk | (NAD) | (NEA) |
| Fund Level and Other Risks | | |
Anti-Takeover Provisions | X | X |
Counterparty Risk | X | X |
Cybersecurity Risk | X | X |
Economic and Political Events Risk | X | X |
Global Economic Risk | X | X |
Investment and Market Risk | X | X |
Legislation and Regulatory Risk | X | X |
Leverage Risk | X | X |
Market Discount from Net Asset Value | X | X |
Recent Market Conditions | X | X |
Reverse Repurchase Agreement Risk | X | X |
Portfolio Level Risks:
Alternative Minimum Tax Risk. The Fund may invest in AMT Bonds. Therefore, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.
Below Investment Grade Risk. Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular municipal security. If a below investment grade municipal security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.
Call Risk. The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.
Credit Risk. Issuers of municipal securities in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing non-payment and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.
Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.
Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.
Derivatives Risk. The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty.
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Shareholder Update (Unaudited) (continued)
It is possible that developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability to invest in certain derivatives.
Distressed Securities Risk. The Fund may invest in low-rated securities or securities unrated but judged by the sub-adviser to be of comparable quality. Some or many of these low-rated securities, although not in default, may be “distressed,” meaning that the issuer is experiencing financial difficulties or distress at the time of acquisition. Such securities would present a substantial risk of future default which may cause the Fund to incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities may be subject to restrictions on resale.
Duration Risk. Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.
Economic Sector Risk. The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector. As concentration increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in the sectors noted above, the Fund’s performance may be subject to additional risk and variability.
Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.
If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.
Hedging Risk. The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.
Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable and may include restricted securities, which are securities that may not be resold unless they have been registered under the 1933 Act or that can be sold in a private transaction pursuant to an available exemption from such registration. Illiquid investments involve the risk that the investments will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the investments on its books from time to time.
Income Risk. The Fund’s income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.
Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline.
Insurance Risk. The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments. As a result, such losses reduced the insurers’ capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the
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municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation.
Interest Rate Risk. Interest rate risk is the risk that municipal securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change.
Inverse Floating Rate Securities Risk. The Fund may invest in inverse floating rate securities. In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities.
The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.
The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following:
| ● | If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions; |
| ● | If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and |
| ● | If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund. |
Municipal Securities Market Liquidity Risk. Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund’s ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities’ prices and hurt performance.
Municipal Securities Market Risk. The amount of public information available about the municipal securities in the Fund’s portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the sub-adviser than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell its municipal securities at attractive prices.
Other Investment Companies Risk. The Fund may invest in the securities of other investment companies, including ETFs. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk.
With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.
Puerto Rico Municipal Securities Market Risk. To the extent that the Fund invests a significant portion of its assets in the securities issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations (collectively referred to as “Puerto Rico” or the “Commonwealth”), it will be disproportionally affected by political, social and economic conditions and developments in the Commonwealth. In addition, economic, political or regulatory changes in that territory could adversely affect the value of the Fund’s investment portfolio.
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Shareholder Update (Unaudited) (continued)
Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund’s investments in Puerto Rican municipal securities. Several major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. Puerto Rico recently defaulted on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Fund’s investments in Puerto Rican municipal securities. Additionally, numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic Stability Act (“PROMESA”), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico’s case is the first ever heard under PROMESA and there is no existing case precedent to guide the proceedings. Accordingly, Puerto Rico’s debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Legislation that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund’s investments in Puerto Rican municipal securities.
These challenges and uncertainties have been exacerbated by multiple hurricanes and the resulting natural disasters that have stuck Puerto Rico since 2017. The full extent of the natural disasters’ impact on Puerto Rico’s economy and foreign investment in Puerto Rico is difficult to estimate.
Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.
Sector and Industry Risk. Subject to the concentration limits of the Fund’s investment policies and guidelines, a Fund may invest a significant portion of its net assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its net assets in the sectors noted above, the Fund’s performance may be subject to additional risk and variability.
Sector Focus Risk. At times, the Fund may focus its investments (i.e., overweight its investments relative to the overall municipal securities market) in one or more particular sectors, which may subject the Fund to additional risk and variability. Securities issued in the same sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the NAV of the Fund’s common shares.
Special Risks Related to Certain Municipal Obligations. Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of “non-appropriation” clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund’s original investment. In the event of non-appropriation, the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued.
Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.
Swap Transactions Risk. The Fund may enter into debt-related derivative instruments such as credit default swap contracts and interest rate swaps. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.
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Tax Risk. The value of the Fund’s investments and its NAV may be adversely affected by changes in tax rates, rules and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the tax exempt status of interest income from municipal securities. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax exempt or tax-deferred accounts, for investors who are not sensitive to the federal income tax consequences of their investments.
Taxability Risk. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes, and the sub-adviser will not independently verify that opinion. Subsequent to the Fund’s acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as “exempt-interest dividends” could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. Certain other investments made by the Fund, including derivatives transactions, may result in the receipt of taxable income or gains by the Fund.
Tobacco Settlement Bond Risk. The Fund may invest in tobacco settlement bonds. Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the “MSA”). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.
Valuation Risk. The municipal securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price municipal securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV.
Zero Coupon Bonds Risk. Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.
Fund Level and Other Risks:
Anti-Takeover Provisions. The Fund’s organizational documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the common shareholders of opportunities to sell their common shares at a premium over the then-current market price of the common shares.
Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.
Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.
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Shareholder Update (Unaudited) (continued)
Economic and Political Events Risk. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities.
Global Economic Risk. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies like China’s, may have global negative economic and market repercussions. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which the Fund invests. Recent examples of such events include the outbreak of a novel coronavirus known as COVID-19 that was first detected in China in December 2019 and heightened concerns regarding North Korea’s nuclear weapons and long-range ballistic missile programs. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the investment adviser and sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Legislation and Regulatory Risk. At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.
The SEC recently adopted rules governing the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. The full impact of such rules is uncertain at this time. It is possible that such rules, as interpreted, applied and enforced by the SEC, could limit the implementation of the Fund’s use of derivatives, which could have an adverse impact on the Fund.
Leverage Risk. The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.
The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market.
The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders.
The amount of fees paid to the investment adviser and the sub-advisor for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the sub-advisor to leverage the Fund or increase the Fund’s leverage.
Market Discount from Net Asset Value. Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of
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market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.
Recent Market Conditions. In response to the financial crisis and recent market events, policy and legislative changes by the United States government and the Federal Reserve to assist in the ongoing support of financial markets, both domestically and in other countries, are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Withdrawal of government support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding, could adversely impact the value and liquidity of certain securities. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations, including changes in tax laws and the imposition of trade barriers. The impact of new financial regulation legislation on the markets and the practical implications for market participants may not be fully known for some time. Changes to the Federal Reserve policy may affect the value, volatility and liquidity of dividend and interest paying securities. In addition, the contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.
Interest rates have been unusually low in recent years in the United States and abroad but there is consensus that interest rates will increase during the life of the Fund, which could negatively impact the price of debt securities. Because there is little precedent for this situation, it is difficult to predict the impact of a significant rate increase on various markets.
The current political climate has intensified concerns about a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on the Fund’s performance.
The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.
Reverse Repurchase Agreement Risk. A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.
EFFECTS OF LEVERAGE
The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase agreements, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of October 31, 2020 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Fund on such instruments (based on actual leverage costs incurred during the fiscal year ended October 31, 2020) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as certain derivative instruments.
The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below.
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Shareholder Update (Unaudited) (continued)
| | | |
| Nuveen Quality Municipal | Nuveen AMT-Free Quality |
| Income Fund | Municipal Income Fund |
| (NAD) | (NEA) |
Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage) | 37.48% | 37.54% |
Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage | 1.59% | 2.07% |
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective | | |
Interest Expense Rate on Leverage | 0.60% | 0.78% |
Common Share Total Return for (10.00)% Assumed Portfolio Total Return | -16.95% | -17.25% |
Common Share Total Return for (5.00)% Assumed Portfolio Total Return | -8.95% | -9.25% |
Common Share Total Return for 0.00% Assumed Portfolio Total Return | -0.95% | -1.24% |
Common Share Total Return for 5.00% Assumed Portfolio Total Return | 7.04% | 6.76% |
Common Share Total Return for 10.00% Assumed Portfolio Total Return | 15.04% | 14.77% |
Common Share total return is composed of two elements — the distributions paid by a Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that a Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, a Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of a Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should a Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, a Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.
DIVIDEND REINVESTMENT PLAN
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 NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the “Plan Agent”) begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund’s shares subsequently trade at or above their NAV 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’ NAV 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 Dividend Reinvestment Plan (the “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.
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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 professional or call us at (800) 257-8787.
CHANGES OCCURRING DURING THE PRIOR FISCAL YEAR
The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.
During the most recent fiscal year, there have been no changes to: (i) the Funds’ investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; (iv) a Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders except as follows:
Amended and Restated By-Laws
On October 5, 2020, after a rigorous and deliberative review, and consistent with the interests of the Nuveen Quality Municipal Income Fund and the Nuveen AMT-Free Quality Municipal Income Fund (each a “Fund” and collectively the “Funds”) long-term shareholders, the Board of Trustees of each Fund adopted Amended and Restated By-Laws.
Among other changes, the Amended and Restated By-Laws require compliance with certain amended deadlines and procedural and informational requirements in connection with advance notice of shareholder proposals or nominations, including certain information about the proponent and the proposal, or in the case of a nomination, the nominee. Any shareholder considering making a nomination or other proposal should carefully review and comply with those provisions of the Amended and Restated By-Laws.
The Amended and Restated By-Laws also include provisions (the “Control Share By-Law”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares of a Fund in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share By-Law is primarily intended to protect the interests of the Fund and its long-term shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic traders pursuing short-term agendas adverse to the best interests of the Fund and its long-term shareholders. The Control Share By-Law does not eliminate voting rights for common shares acquired in Control Share Acquisitions, but rather entrusts the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of the voting rights of the person acquiring such shares.
Subject to various conditions and exceptions, the Control Share By-Law defines a “Control Share Acquisition” to include an acquisition of common shares that, but for the Control Share By-Law, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Trustees of a Fund in any of the following ranges:
| (i) | one-tenth or more, but less than one-fifth of all voting power; |
| (ii) | one-fifth or more, but less than one-third of all voting power; |
| (iii) | one-third or more, but less than a majority of all voting power; or |
| (iv) | a majority or more of all voting power. |
The Control Share By-Law generally excludes certain acquisitions of common shares from the definition of a Control Share Acquisition, including acquisitions of common shares that occurred prior to October 5, 2020, though such shares are included in assessing whether any subsequent share acquisition exceeds one of the enumerated thresholds.
Subject to certain conditions and procedural requirements set forth in the Control Share By-Law, including the delivery of a “Control Share Acquisition Statement” to the Funds’ Secretary setting forth certain required information, a shareholder who obtains or proposes to obtain beneficial ownership of common shares in a Control Share Acquisition generally may demand a special meeting of shareholders for the purpose of considering whether the voting rights of such acquiring person with respect to such shares shall be authorized.
This discussion is only a high-level summary of certain aspects of the Amended and Restated By-Laws, and is qualified in its entirety by reference to the Amended and Restated By-Laws. Shareholders should refer to the Amended and Restated By-Laws for more information. A copy of the Amended and Restated By-Laws can be found in the Current Report on Form 8-K filed by the Funds with the Securities and Exchange Commission on October 6, 2020, which is available at www.sec.gov, and may also be obtained by writing to the Secretary of the Funds at 333 West Wacker Drive, Chicago, Illinois 60606.
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Additional Fund Information
(Unaudited)
| | | | | | | |
| Board of Trustees | | | | | | |
Jack B. Evans | William C. Hunter | Albin F. Moschner | John K. Nelson | Judith M. Stockdale | Carole E. Stone |
Mathew Thornton III* | Terence J. Toth | Margaret L. Wolff | Robert L. Young | | |
* Effective November 16, 2020. | | | | | |
|
| Investment Adviser | 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 | 150 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
(Unaudited)
| ■ | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
| ■ | Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change. |
| ■ | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. |
| ■ | Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports. |
| ■ | Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. |
| ■ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
| ■ | NAD and NEA Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter the returns of an 80%/20% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses. |
| ■ | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
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Glossary of Terms Used in this Report (Unaudited) (continued)
| ■ | 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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Annual Investment Management Agreement Approval Process
(Unaudited)
At a meeting held on May 19-21, 2020 (the “May Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of the Funds, which are comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for their respective Fund, the renewal of the management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the investment sub-adviser to such Fund. Although the 1940 Act requires that continuances of the Advisory Agreements (as defined below) be approved by the in-person vote of a majority of the Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held in reliance on an order issued by the Securities and Exchange Commission on March 13, 2020, as extended on March 25, 2020, which provided registered investment companies temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in response to the challenges arising in connection with the COVID-19 pandemic.
Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.” Throughout the year, the Board and its committees meet regularly and, at these meetings, review an extensive array of topics and information that are relevant to its annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance; the Adviser’s strategic plans; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the funds; valuation of securities; fund expenses; overall market and regulatory developments; the management of leverage financing; and the secondary market trading of the closed-end funds and any actions to address discounts.
In addition to the information and materials received during the year, the Board, in response to a request made on its behalf by independent legal counsel, received extensive materials and information prepared specifically for its annual consideration of the renewal of the advisory agreements for the Nuveen funds by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of each sub-adviser to the Nuveen funds and the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular with respect to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and their resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 27-28, 2020 (the “April Meeting”), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Adviser’s evaluation of each sub-adviser to the Nuveen funds. In its review, the Board recognized the volatile market conditions occurring during the first half of 2020 arising, in part, from the public health crisis caused by the novel coronavirus known as COVID-19 and the resulting impact on fund performance. Accordingly, the Board reviewed, among other things, fund performance reflecting the more volatile periods, including for various time periods ended the first quarter of 2020 and for various time periods ended April 17, 2020. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting. In continuing its review of the Nuveen funds in light of the extraordinary market conditions experienced in early 2020, the Board received updated fund performance data reflecting various time periods ended May 8, 2020 for its May Meeting. The Board also continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible.
The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
The Board’s decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided throughout the year and at the April and May Meetings, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Adviser in providing services to the Funds.
With respect to the Adviser, the Board recognized that the Adviser has provided a vast array of services the scope of which has expanded over the years in light of regulatory, market and other developments, such as the development of expanded compliance programs for the Nuveen funds. The Board also noted the extensive resources, tools and capabilities the Adviser and its affiliates devoted to the various operations of the Nuveen funds. These services include, but are not limited to: investment oversight, risk management and securities valuation services (such as analyzing investment performance and risk data; overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams; overseeing trade execution, soft dollar practices and securities lending activities; providing daily valuation services and developing related valuation policies, procedures and methodologies; overseeing risk disclosure; periodic testing of investment and liquidity risks; participating in financial statement and marketing disclosures; participating in product development; and participating in leverage management and liquidity monitoring); product management (such as analyzing a fund’s position in the marketplace, setting dividends, preparing shareholder and intermediary communications and other due diligence support); fund administration (such as preparing fund
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tax returns and other tax compliance services, overseeing the funds’ independent public accountants and other service providers; managing fund budgets and expenses; and helping to fulfill the funds’ regulatory filing requirements); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; and overseeing proxy solicitation and tabulation services); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as devising compliance programs; managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; and evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers); legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; and negotiating agreements with other fund service providers); and providing leverage, capital and distribution management services.
The Board also recognized that the Adviser and its affiliates have undertaken a number of initiatives over the previous year that benefited the complex and/or particular Nuveen funds including, but not limited to:
• Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; reviewing and updating investment policies and benchmarks; and integrating certain investment teams and changing the portfolio managers serving various funds;
• Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds;
• Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates;
• Risk Management and Valuation Services - continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex;
• Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;
• Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;
• Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports;
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
• Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds; and
• with respect specifically to closed-end funds, such initiatives also included:
•• Leverage Management Services – continuing to actively manage leverage including developing new leverage instruments, managing leverage exposure and costs through various providers, and managing and adapting tender option bond structures to comply with regulations and developing further relationships with leverage providers;
•• Capital Management, Market Intelligence and Secondary Market Services – ongoing capital management efforts through shelf offerings, share repurchases as appropriate to address discounts, tender offers and capital return programs as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and
•• Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.
The Board also noted the benefits to shareholders of investing in a Nuveen fund, as each Nuveen fund is a part of a large fund
complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times as occurred in the market in the first half of 2020. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the Sub-Adviser’s assets under management and changes thereto, a summary of the applicable investment team and changes thereto, the investment approach of the team and the performance of the funds sub-advised by the Sub-Adviser over various periods. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance program and trade execution. The Board also considered the structure of investment personnel compensation programs and whether this structure provides appropriate incentives to act in the best interests of the respective Nuveen funds. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2019. Unless otherwise indicated, the performance data referenced below reflects the periods ended December 31, 2019. In general, the year 2019 was a period of strong market performance. However, as noted above, the Board recognized the unprecedented market volatility and decline that occurred in early 2020 and the significant impact it would have on fund performance. As a result, the Board reviewed performance data capturing more recent time periods, including performance data reflecting the first quarter of 2020 as well as performance data for various periods ended April 17, 2020 for its April Meeting and May 8, 2020 for its May Meeting.
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The Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For funds that had changes in portfolio managers, the Board considered performance data of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences in the composition of the Performance Peer Group over time will necessarily contribute to differences in performance results and limit the value of the comparative information. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the funds as low, medium or high.
As noted above, the Board reviewed fund performance over various periods ended December 31, 2019 as well as the first quarter of 2020 and various time periods ended April 17, 2020 and May 8, 2020. In light of the significant market decline in the early part of 2020, the Board noted that a shorter period of underperformance may significantly impact longer term performance. Further, the Board recognized that performance data may differ significantly depending on the ending date selected and accordingly, performance results for periods ended at the year-end of 2019 may vary significantly from performance results for periods ended in the first quarter of 2020, particularly given the extraordinary market conditions at that time as the impact of COVID-19 and other market developments unfolded. The Board considered a fund’s performance in light of the overall financial market conditions. In addition, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.
The secondary market trading of shares of the Nuveen closed-end funds continues to be a priority for the Board given its importance to shareholders, and therefore data reflecting the premiums and discounts at which the shares of the closed-end funds trade is reviewed by the Board during its annual review and by the Board and/or its Closed-end Fund committee during its respective quarterly meetings throughout the year.
In addition to the performance data prepared in connection with the annual review of the advisory agreements of the Nuveen funds, the Board reviewed fund performance throughout the year at its quarterly meetings representing differing time periods and took into account the discussions that occurred at these Board meetings in evaluating a fund’s overall performance. The Board also considered, among other things, the Adviser’s analysis of each Nuveen fund’s performance, with particular focus on funds that were considered performance outliers (both overperformance and underperformance), the factors contributing to the performance and any steps taken to address any performance concerns. Given the volatile market conditions of early 2020, the Board considered the Adviser’s analysis of the impact of such conditions on the Nuveen funds’ performance.
The Board evaluated performance in light of various factors, including general market conditions, issuer-specific information, asset class information, fund cash flows and other factors. Accordingly, depending on the facts and circumstances, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
The Board’s determinations with respect to each Fund are summarized below.
For Nuveen Quality Municipal Income Fund, the Board noted that the Fund outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2019. With the market decline in the first quarter of 2020, the Fund still outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2020. The Board was satisfied with the Fund’s overall performance.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
For Nuveen AMT-Free Quality Municipal Income Fund, the Board noted that the Fund outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2019. With the market decline in the first quarter of 2020, the Fund still outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2020. The Board was satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also considered the total operating expense ratio of each Nuveen fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe as well as changes to the composition of the Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each Nuveen fund with a net expense ratio (excluding investment-related costs of leverage) of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”) and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $56.6 million and fund-level breakpoints reduced fees by $66.8 million in 2019.
With respect to the Sub-Adviser, the Board also considered the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund, the breakpoint schedule and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.
The Independent Board Members noted that each Fund had a net management fee that was in line with the respective peer average and a net expense ratio that was below the respective peer average.
Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
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2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts, passively managed exchange-traded funds (“ETFs”) sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser. With respect to the Sub-Adviser, the Board reviewed, among other things, the fee range and average fee of municipal retail wrap accounts and municipal institutional accounts.
In considering the fee data of other clients, the Board considered, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board recognized the complexity and myriad of services the Adviser had provided to the Nuveen funds compared to the other types of clients as the Adviser is principally responsible for all aspects of operating the funds, including complying with the increased regulatory requirements required when managing the funds as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board considered that Nuveen ETFs are passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In their review, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2019 and 2018. The Board reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax); revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services; and comparative profitability data comparing the margins of Nuveen compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2018 and 2019 calendar years.
In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate expenses of Nuveen and its affiliates between the fund and non-fund businesses. The expenses to be allocated include direct expenses in servicing the Nuveen funds as well as indirect and/or shared costs (such as overhead, legal and compliance) some of which are attributed to the Nuveen funds pursuant to the cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information and a summary of the history of changes to the methodology over the eleven-year period from 2008 to 2019. The Board had also appointed three Independent Board Members, along with the assistance of independent counsel, to serve as the Board’s liaisons to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. Based on the data, the Independent Board Members noted that Nuveen’s net
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
margins were higher in 2019 than the previous year and considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between the years. The Board also noted the reinvestments of some of the profits into the business through, among other things, the investment of seed capital in certain funds and continued investments in enhancements to information technology, internal infrastructure and data management improvements and global investment and innovation projects.
As noted above, the Independent Board Members also considered Nuveen’s margins from its relationship to the Nuveen funds compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) to Nuveen for the calendar years 2019 and 2018. The Independent Board Members noted that Nuveen’s margins from its relationships with the Nuveen funds were on the low range compared to the adjusted margins of the peers. The Independent Board Members, however, recognized that it is difficult to make comparisons of profitability with other investment adviser peers given that comparative data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) which can have a significant impact on the results.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2019 and 2018 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of having an investment adviser and its parent with significant resources, particularly during periods of market stress.
In addition to Nuveen, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2019 as well as its pre-tax and after-tax net revenue margins for 2019 compared to such margins for 2018. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2019 and the pre- and post-tax revenue margins from 2019 and 2018.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods. In this regard, the Board noted that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of a particular fund are
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unchanged or have declined. With respect to the Nuveen closed-end funds, the Board noted that, although such funds may from time to time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. Further, in the calculation of the complex-level component, the Board noted that it had approved the acquisition of several Nuveen funds by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon acquisition, Nuveen agreed to credit approximately $460 million to assets under management to the Nuveen complex in calculating the complex-wide component.
The Independent Board Members also recognized the Adviser’s continued reinvestment in its business through, among other things, investments in its business infrastructure and information technology, portfolio accounting system and other systems and platforms that will, among other things, support growth, simplify and enhance information sharing, and enhance the investment process to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Board considered the compensation that an affiliate of the Adviser received for serving as co-manager in the initial public offerings of new closed-end funds and for serving as an underwriter on shelf offerings of existing closed-end funds. In addition, the Independent Board Members also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds, although the Board recognized that certain sub-advisers may be phasing out the use of soft dollars over time.
The Board, however, noted that the benefits for the Sub-Adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board considered that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Nuveen funds to the extent it enhances the ability of the Sub-Adviser to manage such funds or is acquired through the commissions paid on portfolio transactions of other clients.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
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Board Members &Officers (Unaudited) The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.
| | | | | |
| Name, | Position(s) Held | Year First | Principal | Number |
| Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
| & Address | | Appointed | Including other | in Fund Complex |
| | and Term(1) | Directorships | Overseen by |
| | | During Past 5 Years | Board Member |
|
Independent Board Members:
| |
|
| ■ TERENCE J. TOTH | | | Formerly, a Co-Founding Partner, Promus Capital (investment advisory | |
| 1959 | | | firm) (2008-2017); Director, Quality Control Corporation (manufacturing) | |
| 333 W. Wacker Drive | Chairman and | 2008 | (since 2012); member: Catalyst Schools of Chicago Board (since 2008) | 150 |
| Chicago, IL 6o6o6 | Board Member | Class II | and Mather Foundation Board (philanthropy) (since 2012), and chair of | |
| | | its Investment Committee; formerly, Director, Fulcrum IT Services LLC | |
| | | (information technology services firm to government entities) (2010-2019); | |
| | | formerly, Director, Legal & General Investment Management America, Inc. | |
| | | (asset management) (2008-2013); formerly, CEO and President, Northern | |
| | | Trust Global Investments (financial services) (2004-2007): Executive Vice | |
| | | President, Quantitative Management & Securities Lending (2000-2004); | |
| | | prior thereto, various positions with Northern Trust Company (financial | |
| | | services) (since 1994); formerly, Member, Northern Trust Mutual Funds | |
| | | Board (2005-2007), Northern Trust Global Investments Board (2004-2007), | |
| | | Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. | |
| | | Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | |
|
| ■ JACK B. EVANS | | | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine | |
| 1948 | | | Foundation, (private philanthropic corporation); Director and Chairman, | |
| 333 W. Wacker Drive | Board Member | 1999 | United Fire Group, a publicly held company; Director, Public Member, | 150 |
| Chicago, IL 6o6o6 | | Class III | American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe | |
| | | College and the Iowa College Foundation; formerly, President Pro-Tem of | |
| | | the Board of Regents for the State of Iowa University System; formerly, | |
| | | Director, Alliant Energy and The Gazette Company (media and publishing); | |
| | | formerly, Director, Federal Reserve Bank of Chicago; formerly, President | |
| | | and Chief Operating Officer, SCI Financial Group, Inc., (regional financial | |
| | | services firm). | |
|
| ■ WILLIAM C. HUNTER | | | Dean Emeritus, formerly, Dean, Tippie College of Business, University of | |
| 1948 | | | Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director | |
| 333 W. Wacker Drive | Board Member | 2003 | (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., | 150 |
| Chicago, IL 6o6o6 | | Class I | The International Business Honor Society; formerly, Director (2004-2018) | |
| | | of Xerox Corporation; Dean and Distinguished Professor of Finance, | |
| | | School of Business at the University of Connecticut (2003-2006); | |
| | | previously, Senior Vice President and Director of Research at the Federal | |
| | | Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), | |
| | | Credit Research Center at Georgetown University. | |
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| | | | | |
| Name, | Position(s) Held | Year First | Principal | Number |
| Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
| & Address | | Appointed | Including other | in Fund Complex |
| | and Term(1) | Directorships | Overseen by |
| | | During Past 5 Years | Board Member |
|
Independent Board Members (continued): | |
|
| ��� ALBIN F. MOSCHNER | | | Founder and Chief Executive Officer, Northcroft Partners, LLC, | |
| 1952 | | | (management consulting) (since 2012); formerly, Chairman (2019), and | |
| 333 W. Wacker Drive | Board Member | 2016 | Director (2012-2019), USA Technologies, Inc., (provider of solutions | 150 |
| Chicago, IL 6o6o6 | | Class III | and services to facilitate electronic payment transactions); formerly, | |
| | | Director, Wintrust Financial Corporation (1996-2016); previously, held | |
| | | positions at Leap Wireless International, Inc., (telecommunication | |
| | | services) including Consultant (2011-2012), Chief Operating Officer | |
| | | (2008-2011), and Chief Marketing Officer (2004-2008); formerly, | |
| | | President, Verizon Card Services division of Verizon Communications, | |
| | | Inc. (2000-2003); formerly, President, One Point Services at One Point | |
| | | Communications (telecommunication services) (1999- 2000); formerly, | |
| | | Vice Chairman of the Board, Diba, Incorporated (internet technology | |
| | | provider) (1996-1997); formerly, various executive positions (1991-1996) | |
| | | and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation | |
| | | (consumer electronics). | |
|
| ■ JOHN K. NELSON | | | Member of Board of Directors of Core12 LLC. (private firm which | |
| 1962 | | | develops branding, marketing and communications strategies for | |
| 333 W. Wacker Drive | Board Member | 2013 | clients) (since 2008); served on The President’s Council of Fordham | 150 |
| Chicago, IL 6o6o6 | | Class II | University (2010-2019) and previously a Director of the Curran Center | |
| | | for Catholic American Studies (2009- 2018); formerly, senior external | |
| | | advisor to the Financial Services practice of Deloitte Consulting LLP. | |
| | | (2012-2014); former Chair of the Board of Trustees of Marian University | |
| | | (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive | |
| | | Officer of ABN AMRO Bank N.V., North America, and Global Head of | |
| | | the Financial Markets Division (2007-2008), with various executive | |
| | | leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | |
|
| ■ JUDITH M. STOCKDALE | | | Board Member, Land Trust Alliance (national public charity addressing | |
| 1947 | | | natural land and water conservation in the U.S.) (since 2013); formerly, | |
| 333 W. Wacker Drive | Board Member | 1997 | Board Member, U.S. Endowment for Forestry and Communities (national | 150 |
| Chicago, IL 6o6o6 | | Class I | endowment addressing forest health, sustainable forest production and | |
| | | markets, and economic health of forest-reliant communities in the U.S.) | |
| | | (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy | |
| | | Donnelley Foundation (private foundation endowed to support both natural | |
| | | land conservation and artistic vitality); prior thereto, Executive Director, | |
| | | Great Lakes Protection Fund (1990-1994). | |
|
| ■ CAROLE E. STONE | | | Former Director, Chicago Board Options Exchange, Inc. (2006-2017); | |
| 1947 | | | and C2 Options Exchange, Incorporated (2009-2017); former Director, | |
| 333 W. Wacker Drive | Board Member | 2007 | Cboe, Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May | 150 |
| Chicago, IL 6o6o6 | | Class I | 2020); formerly, Commissioner, New York State Commission on | |
| | | Public Authority Reform (2005-2010). | |
|
| ■ MATTHEW THORNTON III | | | Formerly, Executive Vice President and Chief Operating Officer | |
| 1958 | | | (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation | |
| 333 West Wacker Drive | Board Member | 2020 | (“FedEx”) (provider of transportation, e-commerce and business services | 150 |
| Chicago, IL 60606 | | Class III | through its portfolio of companies); formerly, Senior Vice President, U.S. | |
| | | Operations (2006-2018), Federal Express Corporation, a subsidiary of | |
| | | FedEx; formerly, Member of the Board of Directors (2012-2018), Safe Kids | |
| | | Worldwide® (a non-profit organization dedicated to preventing childhood | |
| | | injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams |
| | | Company (develops, manufactures, distributes and sells paints, coatings and | |
| | | related products); Director (since November 2020), Crown Castle International |
| | | Corp. (owns, operates and leases cell towers and fiber routes supporting small |
| | | cells and fiber solutions). | |
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Board Members & Officers (Unaudited) (continued)
| | | | | |
| Name, | Position(s) Held | Year First | Principal | Number |
| Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
| & Address | | Appointed | Including other | in Fund Complex |
| | and Term(1) | Directorships | Overseen by |
| | | During Past 5 Years | Board Member |
|
Independent Board Members (continued): | |
|
| ■ MARGARET L. WOLFF | | | Formerly, member of the Board of Directors (2013-2017) of Travelers | |
| 1955 | | | Insurance Company of Canada and The Dominion of Canada General | |
| 333 W. Wacker Drive | Board Member | 2016 | Insurance Company (each, a part of Travelers Canada, the Canadian | |
| Chicago, IL 6o6o6 | | Class I | operation of The Travelers Companies, Inc.); formerly, Of Counsel, | 150 |
| | | Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & | |
| | | Acquisitions Group) (2005-2014); Member of the Board of Trustees | |
| | | of New York-Presbyterian Hospital (since 2005); Member (since 2004) | |
| | | and Chair (since 2015) of the Board of Trustees of The John A. Hartford | |
| | | Foundation (philanthropy dedicated to improving the care of older | |
| | | adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of | |
| | | the Board of Trustees of Mt. Holyoke College. | |
|
| ■ ROBERT L. YOUNG | | | Formerly, Chief Operating Officer and Director, J.P.Morgan Investment | |
| 1963 | | | Management Inc. (financial services) (2010-2016); formerly, President | |
| 333 W. Wacker Drive | Board Member | 2017 | and Principal Executive Officer (2013-2016), and Senior Vice President | 150 |
| Chicago, IL 6o6o6 | | Class II | and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, | |
| | | Director and various officer positions for J.P.Morgan Investment | |
| | | Management Inc. (formerly, JPMorgan Funds Management, Inc. and | |
| | | formerly, One Group Administrative Services) and JPMorgan Distribution | |
| | | Services, Inc. (financial services) (formerly, One Group Dealer Services, | |
| | | Inc.) (1999-2017). | |
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| | | | |
| Name, | Position(s) Held | Year First | Principal |
| Year of Birth | with the Funds | Elected or | Occupation(s) |
| & Address | | Appointed(2) | During Past 5 Years |
|
Officers of the Funds:
| |
|
| ■ DAVID J. LAMB | | | Managing Director of Nuveen Fund Advisors, LLC (since 2020); Managing Director (since 2017), |
| 1963 | Chief | | formerly, Senior Vice President of Nuveen (since 2006), Vice President prior to 2006. |
| 333 W. Wacker Drive | Administrative | 2015 | |
| Chicago, IL 6o6o6 | Officer | | |
|
| ■ MARK J. CZARNIECKI | | | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund |
| 1979 | Vice President | | Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and |
| 901 Marquette Avenue | and Assistant | 2013 | Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management |
| Minneapolis, MN 55402 | Secretary | | (since 2018). |
|
| ■ DIANA R. GONZALEZ | | | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice |
| 1978 | Vice President | | President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel |
| 333 W. Wacker Drive | and Assistant | 2017 | of Jackson National Asset Management (2012-2017). |
| Chicago, IL 6o6o6 | Secretary | | |
|
| ■ NATHANIEL T. JONES | | | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice |
| 1979 | | | President (2011-2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; |
| 333 W. Wacker Drive | Vice President | | Chartered Financial Analyst. |
| Chicago, IL 6o6o6 | and Treasurer | 2016 | |
|
| ■ TINA M. LAZAR | | | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen |
| 1961 | | | Securities, LLC. |
| 333 W. Wacker Drive | Vice President | 2002 | |
| Chicago, IL 6o6o6 | | | |
|
| ■ BRIAN J. LOCKHART | | | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), |
| 1974 | | | formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), |
| 333 W. Wacker Drive | Vice President | 2019 | formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified |
| Chicago, IL 6o6o6 | | | Financial Risk Manager. |
|
| ■ JACQUES M. LONGERSTAEY | | | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing |
| 1963 | | | Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model |
| 8500 Andrew | Vice President | 2019 | Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). |
| Carnegie Blvd. | | | |
| Charlotte, NC 28262 | | | |
|
| ■ KEVIN J. MCCARTHY | | | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen |
| 1966 | Vice President | | Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and |
| 333 W. Wacker Drive | and Assistant | 2007 | Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary |
| Chicago, IL 6o6o6 | Secretary | | (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and |
| | | Managing Director (2008-2016); Senior Managing Director (since 2017), and Secretary (since 2016) |
| | | of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President |
| | | (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior |
| | | Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, |
| | | formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and |
| | | Managing Director and Assistant Secretary (2011- 2016); Senior Managing Director (since 2017) |
| | | and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President |
| | | (2016- 2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, |
| | | of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa |
| | | Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior |
| | | Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. |
|
| ■ JON SCOTT MEISSNER | | | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); |
| 1973 | | | Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers |
| 8500 Andrew | Vice President | 2019 | Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since |
| Carnegie Blvd. | | | 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate |
| Charlotte, NC 28262 | | | Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. |
163
Board Members & Officers (Unaudited) (continued)
| | | | |
| Name, | Position(s) Held | Year First | Principal |
| Year of Birth | with the Funds | Elected or | Occupation(s) |
| & Address | | Appointed(2) | During Past 5 Years |
|
Officers of the Funds (continued):
| |
|
| ■ DEANN D. MORGAN | | | President, Nuveen Fund Advisors, LLC (since November 2020); Executive Vice President, Global |
| 1969 | | | Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC |
| 730 Third Avenue | Vice President | 2020 | since March 2020); Managing Member MDR Collaboratory LLC (since 2018); Managing Director, |
| New York, NY 10017 | | | (Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone |
| | | Group (2013-2017) |
|
| ■ CHRISTOPHER M. ROHRBACHER | | | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing |
| 1971 | Vice President | | Director (since 2017), formerly, Senior Vice President (2016-2017), General Counsel (since 2020), |
| 333 W. Wacker Drive | and Assistant | 2008 | formerly, Co-General Counsel (2019-2020) and Assistant Secretary (since 2016) of Nuveen |
| Chicago, IL 6o6o6 | Secretary | | Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of |
| | | Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017), formerly, Senior |
| | | Vice President (2012-2017) and Associate General Counsel (since 2016), formerly, Assistant General |
| | | Counsel (2008-2016) of Nuveen. |
|
| ■ WILLIAM A. SIFFERMANN | | | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President |
| 1975 | | | (2011-2016) of Nuveen. |
| 333 W. Wacker Drive | Vice President | 2017 | |
| Chicago, IL 6o6o6 | | | |
|
| ■ E. SCOTT WICKERHAM | | | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, |
| 1973 | Vice President | | Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisers, LLC; Principal |
| 8500 Andrew | and Controller | 2019 | Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, |
| Carnegie Blvd. | | | the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the |
| Charlotte, NC 28262 | | | CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various |
| | | positions with TIAA since 2006. |
|
| ■ MARK L. WINGET | | | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund |
| 1968 | Vice President | | Advisors, LLC (since 2009); Vice President, Associate General Counsel and Assistant Secretary of |
| 333 W. Wacker Drive | and Secretary | 2008 | Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General |
| Chicago, IL 60606 | | | Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. |
|
■ GIFFORD R. ZIMMERMAN | | | Formerly: Managing Director (2002-2020) and Assistant Secretary of Nuveen Securities, LLC; |
| 1956 | Vice President | | Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011- |
| 333 W. Wacker Drive | and Chief | 1988 | 2020) of Nuveen Fund Advisors, LLC; Managing Director (2004-2020) and Assistant Secretary |
| Chicago, IL 60606 | Compliance Officer | | (1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate |
| | | General Counsel of Nuveen Asset Management, LLC (2011-2020); Vice President (2017-2020) |
| | | Managing Director (2003-2017) and Assistant Secretary (2003-2020) of Symphony Asset |
| | | Management LLC; Vice President and Assistant Secretary of NWQ Investment Management |
| | | Company, LLC, Santa Barbara Asset Management, LLC (2006-2020) and of Winslow Capital |
| | | Management, LLC (2010-2020); Chartered Financial Analyst. |
(1) | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex. |
(2) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex. |
164
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165
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166
Notes
167
Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professional, 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
EAN-B-1020D 1434971-INV-Y-12/21
