UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09297
Nuveen Quality Municipal Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
3
Chair’s Letter
to Shareholders
Dear Shareholders,
Markets have had a turbulent start to 2022. Global economic activity has been deteriorating from post-pandemic peaks, and crisis-era monetary and fiscal support programs are being phased out. Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak.
We are now almost four months into the Eastern European conflict and are witnessing the scale of the humanitarian crisis and the economic impact caused by this event. Market uncertainty has remained elevated, as the situations in Russia/Ukraine and China have increased inflation and recession risks. The U.S. Federal Reserve (Fed) and other central banks now face an even more difficult task of slowing inflation without pulling the economy into recession. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago, then made increasingly more aggressive moves of 0.50% in May and 0.75% in June 2022. Additional rate hikes of these larger magnitudes are expected this year, as inflation has lingered at a 40-year high and consumer sentiment indicators are slumping. Forecasting was made difficult given the wide range of potential outcomes with regard to the Russia-Ukraine war, the resilience of China’s economy, the reopening of supply chains, the impact of inflation on economic growth, and the Fed’s response to inflation. Accordingly, markets are struggling with pricing these risks.
In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.
On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
June 22, 2022
4
Important Notices
For Shareholders of
Nuveen Quality Municipal Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
Portfolio Manager Commentaries in Semiannual Reports
The Funds include portfolio manager commentary in their annual shareholder reports. For the Fund's most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s October 31, 2021 annual shareholder report.
For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.
For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.
5
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. 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 negative impact on the performance of NAD and NEA over this reporting period.
As of April 30, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.
| | NAD | NEA |
| Effective Leverage* | 40.71% | 41.21% |
| Regulatory Leverage* | 38.97% | 39.19% |
| * | | 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 and reverse repurchase agreements 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. |
6
THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2022, 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 | $1,406,500,000 | $ 632,000,000 | $2,038,500,000 |
| NEA | $ 836,500,000 | $1,728,300,000 | $2,564,800,000 |
| * | | 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.
7
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2022. 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 2021 | $0.0595 | $0.0585 |
| December | 0.0595 | 0.0585 |
| January | 0.0595 | 0.0585 |
| February | 0.0595 | 0.0585 |
| March | 0.0595 | 0.0585 |
| April 2022 | 0.0595 | 0.0525 |
| Total Distributions from Net Investment Income | $0.3570 | $0.3450 |
| |
| Yields | | |
| Market Yield* | 5.58% | 5.06% |
| Taxable-Equivalent Yield* | 9.42% | 8.52% |
| * | | 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, 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.
8
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 2021, 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.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of April 30, 2022, (and since the inception of the Funds' repurchase programs), each Fund has cumulatively repurchased and retired its 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 | 23,340,000 | 29,900,000 |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of April 30, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
| | NAD | NEA |
| Common share NAV | $13.68 | $13.31 |
| Common share price | $12.80 | $12.46 |
| Premium/(Discount) to NAV | (6.43)% | (6.39)% |
| Average premium/(discount) to NAV | (5.44)% | (5.73)% |
9
| NAD | Nuveen Quality Municipal Income Fund |
| | Performance Overview and Holding Summaries as of April 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2022*
| | Cumulative | Average Annual |
| | 6-Month | 1-Year | 5-Year | 10-Year |
| NAD at Common Share NAV | (13.07)% | (12.41)% | 2.52% | 3.87% |
| NAD at Common Share Price | (16.05)% | (12.42)% | 3.35% | 4.04% |
| S&P Municipal Bond Index | (7.28)% | (6.97)% | 1.86% | 2.59% |
| NAD Blended Benchmark | (7.44)% | (6.92)% | 2.14% | 2.75% |
| * | | For purposes of Fund performance, relative results are measured against the NAD Blended Benchmark. The NAD Blended Benchmark consists of the returns of the S&P Municipal Index through 9/11/16 and thereafter: 1) 80% of the return of the S&P Municipal Bond Investment Grade Index and 2) 20% of the return of the S&P Municipal High Yield Index. |
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.
10
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 | 164.7% |
| Investment Companies | 0.0% |
| Variable Rate Senior Loan Interests | 0.0% |
| Short-Term Municipal Bonds | 0.2% |
| Other Assets Less Liabilities | 2.3% |
| 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 | 167.2% |
| Floating Rate Obligations | (3.3)% |
| AMTP Shares, net of deferred | |
| offering costs | (22.8)% |
| MFP Shares, net of deferred | |
| offering costs | (21.3)% |
| VRDP Shares, net of deferred | |
| offering costs | (19.8)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 13.6% |
| AAA | 2.0% |
| AA | 16.5% |
| A | 36.9% |
| BBB | 15.7% |
| BB or Lower | 5.8% |
| N/R (not rated) | 9.5% |
| N/A (not applicable) | 0.0% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Transportation | 25.8% |
| Health Care | 17.7% |
| Tax Obligation/Limited | 14.1% |
| U.S. Guaranteed | 13.4% |
| Utilities | 9.6% |
| Tax Obligation/General | 8.8% |
| Other | 10.6% |
| Total | 100% |
| States and Territories1 | |
| (% of total municipal bonds) | |
| Texas | 11.6% |
| Illinois | 8.7% |
| California | 7.6% |
| Maryland | 7.0% |
| Colorado | 6.7% |
| New York | 5.9% |
| Florida | 5.6% |
| Ohio | 3.8% |
| Pennsylvania | 3.4% |
| Missouri | 3.1% |
| New Jersey | 2.9% |
| South Carolina | 2.8% |
| Washington | 2.3% |
| Louisiana | 2.0% |
| Michigan | 2.0% |
| Arizona | 1.9% |
| Oregon | 1.8% |
| Virginia | 1.5% |
| Other | 19.4% |
| Total | 100% |
1 See Portfolio of Investments for the states comprising “Other” and not listed in the States and Territories above.
11
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Performance Overview and Holding Summaries as of April 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2022*
| | Cumulative | Average Annual |
| | 6-Month | 1-Year | 5-Year | 10-Year |
| NEA at Common Share NAV | (13.29)% | (12.81)% | 2.45% | 3.64% |
| NEA at Common Share Price | (15.88)% | (13.23)% | 3.25% | 3.71% |
| S&P Municipal Bond Index | (7.28)% | (6.97)% | 1.86% | 2.59% |
| NEA Blended Benchmark | (7.44)% | (6.92)% | 2.14% | 2.75% |
| * | | For purposes of Fund performance, relative results are measured against the NEA Blended Benchmark. The NEA Blended Benchmark consists of the returns of the S&P Municipal Bond Index through 9/11/16 and thereafter: 1) 80% of the return of the S&P Municipal Bond Investment Grade Index and 2) 20% of the return of the S&P Municipal Bond High Yield Index. |
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.
12
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 164.7% |
| Short-Term Municipal Bonds | 0.4% |
| Other Assets Less Liabilities | 2.5% |
| 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 | 167.6% |
| Floating Rate Obligations | (3.4)% |
| AMTP Shares, net of deferred | |
| offering costs | (7.9)% |
| MFP Shares, net of deferred | |
| offering costs | (27.3)% |
| VRDP Shares, net of deferred | |
| offering costs | (29.0)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 14.7% |
| AAA | 3.0% |
| AA | 22.9% |
| A | 32.2% |
| BBB | 13.0% |
| BB or Lower | 5.0% |
| N/R (not rated) | 9.2% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Health Care | 21.4% |
| Tax Obligation/Limited | 15.9% |
| U.S. Guaranteed | 14.9% |
| Transportation | 14.1% |
| Tax Obligation/General | 10.9% |
| Utilities | 10.4% |
| Education and Civic Organizations | 6.7% |
| Other | 5.7% |
| Total | 100% |
| States and Territories1 | |
| (% of total municipal bonds) | |
| Illinois | 9.4% |
| Michigan | 9.4% |
| Colorado | 7.9% |
| Texas | 7.0% |
| New York | 5.7% |
| California | 5.1% |
| Florida | 4.5% |
| North Carolina | 4.3% |
| Ohio | 4.2% |
| New Jersey | 3.8% |
| Pennsylvania | 3.6% |
| Missouri | 3.2% |
| South Carolina | 2.5% |
| Georgia | 2.3% |
| Wisconsin | 2.3% |
| District of Columbia | 2.2% |
| Washington | 1.8% |
| Minnesota | 1.8% |
| Other | 19.0% |
| Total | 100% |
1 See Portfolio of Investments for the states comprising “Other” and not listed in the States and Territories above.
13
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | LONG-TERM INVESTMENTS – 164.7% (99.9% of Total Investments) | | | |
| | MUNICIPAL BONDS – 164.7% (99.9% of Total Investments) | | | |
| | Alabama – 1.6% (1.0% 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 | AA | $ 5,409,000 |
| 5,455 | 5.000%, 10/01/34 – AGM Insured (AMT) | 10/27 at 100.00 | AA | 5,895,437 |
| 5,550 | 5.000%, 10/01/35 – AGM Insured (AMT) | 10/27 at 100.00 | AA | 5,990,170 |
| 5,920 | Autauga County Board of Education, Alabama, Special Tax Warrants, Series 2021, | 10/31 at 100.00 | N/R | 5,758,562 |
| | 4.000%, 4/01/51 | | | |
| 4,535 | Gardendale, Alabama, General Obligation Warrants, Series 2021B, 4.000%, 5/01/51 | 5/31 at 100.00 | AA– | 4,456,272 |
| 17,500 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A2 | 19,026,350 |
| | 5.000%, 9/01/46 | | | |
| 4,165 | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone | 5/29 at 100.00 | N/R | 4,116,811 |
| | Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A | | | |
| 48,125 | Total Alabama | | | 50,652,602 |
| | Alaska – 0.2% (0.1% 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 | 1,626,784 |
| 3,400 | 5.000%, 1/01/25 (AMT) | No Opt. Call | Baa2 | 3,535,830 |
| 1,000 | 5.000%, 1/01/28 (AMT) | 7/25 at 100.00 | Baa2 | 1,035,670 |
| 1,075 | 5.000%, 1/01/29 (AMT) | 7/25 at 100.00 | Baa2 | 1,110,700 |
| 300 | 5.000%, 1/01/31 (AMT) | 7/25 at 100.00 | Baa2 | 309,084 |
| 395 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 100.00 | BBB+ | 366,651 |
| | Bonds, Senior Series 2021A Class 1, 4.000%, 6/01/50 | | | |
| 7,750 | Total Alaska | | | 7,984,719 |
| | Arizona – 3.2% (1.9% of Total Investments) | | | |
| 2,500 | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals | 12/24 at 100.00 | A+ | 2,594,800 |
| | 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– | 2,115,080 |
| | 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 | A1 | 1,496,869 |
| 2,500 | 5.000%, 7/01/32 | 7/22 at 100.00 | A1 | 2,511,225 |
| 2,335 | 5.000%, 7/01/36 | 7/22 at 100.00 | A1 | 2,345,040 |
| 8,895 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, | 3/31 at 100.00 | A+ | 8,621,123 |
| | HonorHealth, Series 2021A, 4.000%, 9/01/51 | | | |
| 11,795 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, | 1/27 at 100.00 | AA– | 11,926,042 |
| | 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 | A1 | 5,502,090 |
| 2,000 | 4.000%, 7/01/49 | 7/29 at 100.00 | A1 | 1,968,180 |
| 3,165 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien | 7/29 at 100.00 | A1 | 3,350,627 |
| | Series 2019B, 5.000%, 7/01/49 (AMT) | | | |
| 12,935 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien | 7/27 at 100.00 | Aa3 | 13,580,845 |
| | 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 | Aa3 | 6,345,300 |
| | Series 2018, 5.000%, 7/01/48 (AMT) | | | |
14
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Arizona (continued) | | | |
| $ 7,000 | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion | No Opt. Call | AA | $ 8,630,090 |
| | Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured | | | |
| 1,000 | Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding | 12/25 at 100.00 | AA | 1,019,910 |
| | 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 | A3 | 558,910 |
| 24,765 | 5.000%, 12/01/37 | No Opt. Call | A3 | 27,129,067 |
| 1,100 | Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona | 6/24 at 100.00 | AA | 1,146,398 |
| | University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured | | | |
| 95,480 | Total Arizona | | | 100,841,596 |
| | 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 | Ba3 | 3,710,280 |
| | 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 | 2,109,478 |
| | 4.875%, 12/01/43 | | | |
| 6,055 | Total Arkansas | | | 5,819,758 |
| | California – 12.5% (7.6% of Total Investments) | | | |
| 1,535 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series | No Opt. Call | A | 827,365 |
| | 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 – AGM Insured | No Opt. Call | AA | 2,499,422 |
| 7,150 | 0.000%, 9/01/28 – AGM Insured | No Opt. Call | AA | 5,847,056 |
| 2,455 | 0.000%, 9/01/32 – AGM Insured | No Opt. Call | AA | 1,709,588 |
| 95 | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | AA | 58,113 |
| 105 | 0.000%, 9/01/35 – AGM Insured (ETM) | No Opt. Call | AA (4) | 66,804 |
| | 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) | 10,278,600 |
| 3,500 | 5.250%, 4/01/53 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 3,604,720 |
| 1,055 | Brisbane School District, San Mateo County, California, General Obligation Bonds, | No Opt. Call | AA | 637,916 |
| | Election 2003 Series 2005, 0.000%, 7/01/35 – AGM Insured | | | |
| | Byron Unified School District, Contra Costa County, California, General Obligation | | | |
| | Bonds, Series 2007B: | | | |
| 60 | 0.000%, 8/01/32 (ETM) | No Opt. Call | A2 (4) | 43,420 |
| 235 | 0.000%, 8/01/32 – SYNCORA GTY Insured (ETM) | No Opt. Call | N/R (4) | 171,785 |
| 1,405 | 0.000%, 8/01/32 – SYNCORA GTY Insured | No Opt. Call | A+ | 955,217 |
| | Calexico Unified School District, Imperial County, California, General Obligation Bonds, | | | |
| | Series 2005B: | | | |
| 3,685 | 0.000%, 8/01/31 – FGIC Insured | No Opt. Call | A | 2,648,925 |
| 4,505 | 0.000%, 8/01/33 – FGIC Insured | No Opt. Call | A | 2,976,093 |
| | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter | | | |
| | Health, Refunding Series 2016B: | | | |
| 2,855 | 5.000%, 11/15/46 (Pre-refunded 11/15/26) | 11/26 at 100.00 | N/R (4) | 3,155,403 |
| 4,145 | 5.000%, 11/15/46 | 11/26 at 100.00 | A1 | 4,428,477 |
| 22,520 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter | 11/27 at 100.00 | A1 | 24,217,332 |
| | 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 | A1 | 2,249,224 |
| | 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– (4) | 733,238 |
| | System, Series 2013A, 5.000%, 7/01/37 (Pre-refunded 7/01/23) | | | |
15
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and | | | |
| | Clinics, Tender Option Bond Trust 2016-XG0049: | | | |
| $ 790 | 8.899%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (5) | 8/22 at 100.00 | AA (4) | $ 806,282 |
| 825 | 8.906%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (5) | 8/22 at 100.00 | AA (4) | 842,020 |
| 2,140 | 8.906%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (5) | 8/22 at 100.00 | AA (4) | 2,184,148 |
| 2,220 | California Municipal Finance Authority, Revenue Bonds, Community Health System, Series | 2/32 at 100.00 | N/R | 2,123,696 |
| | 2021A, 4.000%, 2/01/51 | | | |
| 5,000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | BBB– | 5,198,050 |
| | Series 2018A, 5.000%, 12/31/47 (AMT) | | | |
| 3,250 | California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series | 2/27 at 100.00 | A– | 3,554,558 |
| | 2017A, 5.000%, 2/01/42 | | | |
| 815 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/23 at 100.00 | Aa3 | 843,346 |
| | Series 2013I, 5.000%, 11/01/38 | | | |
| 500 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB | 516,345 |
| | 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 | 6,191,280 |
| 3,070 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 3,182,546 |
| 5,480 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB | 5,804,142 |
| | 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: | | | |
| 226 | 5.750%, 7/01/30 (6), (7) | 1/22 at 100.00 | N/R | 202,687 |
| 617 | 5.500%, 7/01/39 (6), (7) | 1/22 at 100.00 | N/R | 555,086 |
| 4,890 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, | No Opt. Call | AA+ | 4,315,767 |
| | Series 2006B, 0.000%, 8/01/26 – NPFG Insured | | | |
| 1,000 | Coachella Valley Unified School District, Riverside County, California, General | No Opt. Call | A1 | 748,890 |
| | Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured | | | |
| 4,000 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, | 6/24 at 100.00 | AAA | 4,186,880 |
| | 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+ | 2,745,120 |
| | 2002 Series 2012C, 0.000%, 8/01/25 | | | |
| 3,500 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | AA | 2,234,925 |
| | 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 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A– (4) | 1,566,018 |
| 6,480 | 6.000%, 1/15/49 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A– (4) | 6,880,140 |
| 9,930 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | 6/25 at 100.00 | Aa3 (4) | 10,678,325 |
| | Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 (Pre-refunded 6/01/25) | | | |
| | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | | | |
| | Asset-Backed Revenue Bonds, Series 2005A: | | | |
| 1,455 | 0.000%, 6/01/24 – AMBAC Insured (ETM) | No Opt. Call | Aa3 (4) | 1,384,854 |
| 3,500 | 0.000%, 6/01/26 – AGM Insured (ETM) | No Opt. Call | AA (4) | 3,159,520 |
| 59,280 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 6,409,354 |
| | Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 | | | |
| 550 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R (4) | 551,562 |
| | Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 (Pre-refunded 6/01/22) | | | |
| 1,090 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R (4) | 1,093,270 |
| | Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 (Pre-refunded 6/01/22) | | | |
| 1,260 | Huntington Beach Union High School District, Orange County, California, Certificates of | No Opt. Call | AA | 759,755 |
| | Participation, Capital Project, Series 2007, 0.000%, 9/01/35 – AGM Insured | | | |
16
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 5,240 | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | AA | $ 3,972,182 |
| | Obligation Bonds, Series 2005, 0.000%, 8/01/30 – AGM Insured | | | |
| 2,500 | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | Aa2 | 1,739,450 |
| | Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured | | | |
| 5,000 | Kern Community College District, California, General Obligation Bonds, Safety, Repair & | No Opt. Call | AA | 4,666,950 |
| | 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 | A1 | 749,150 |
| | Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured | | | |
| 2,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/32 at 100.00 | N/R | 2,182,440 |
| | Airport, Refunding & Subordinate Series 2022C, 5.000%, 5/15/45 (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 | Aa3 | 2,093,960 |
| 20,015 | 5.000%, 5/15/46 (AMT) | 5/26 at 100.00 | Aa3 | 20,843,221 |
| 4,615 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/28 at 100.00 | Aa3 | 4,900,022 |
| | 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 | Aa2 | 2,761,446 |
| | Series 2014B, 5.000%, 7/01/43 | | | |
| 250 | Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, | 5/22 at 100.00 | A | 250,775 |
| | 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) | 6,697,408 |
| | 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 | Aa1 | 5,821,846 |
| | Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (8) | | | |
| 2,700 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | A | 3,367,197 |
| | Series 2009A, 7.000%, 11/01/34 | | | |
| 2,200 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | A | 2,734,952 |
| | Series 2009C, 6.500%, 11/01/39 | | | |
| 8,150 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue | No Opt. Call | Baa2 | 8,637,533 |
| | Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured | | | |
| 4,930 | Patterson Joint Unified School District, Stanislaus County, California, General | No Opt. Call | AA | 2,171,221 |
| | Obligation Bonds, 2008 Election Series 2009B, 0.000%, 8/01/42 – AGM Insured | | | |
| 13,145 | Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage | No Opt. Call | AA+ (4) | 14,091,703 |
| | Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (ETM) | | | |
| 6,000 | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates | No Opt. Call | A1 (4) | 4,028,700 |
| | of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) | | | |
| 1,970 | Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage | No Opt. Call | AA+ (4) | 2,026,756 |
| | 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 | Aa2 | 922,100 |
| | 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 | AA | 5,704,300 |
| | Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured (8) | | | |
| 5,000 | Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, | No Opt. Call | A1 | 4,552,100 |
| | 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 | 2,391,678 |
| | Project Area, Series 2011B, 0.000%, 10/01/38 | | | |
| 625 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/31 at 100.00 | A | 596,913 |
| | RCTC 91 Express Lanes, Refunding Series 2021B-1, 4.000%, 6/01/46 | | | |
| 330 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | A (4) | 342,755 |
| | Series 2013A, 5.750%, 6/01/48 (Pre-refunded 6/01/23) | | | |
| 10,000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, | 7/31 at 100.00 | N/R | 10,726,100 |
| | Subordinate Series 2021B, 5.000%, 7/01/51 (AMT) | | | |
17
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 2,000 | San Francisco Airport Commission, California, Revenue Bonds, San Francisco International | 5/32 at 100.00 | N/R | $ 2,153,160 |
| | Airport, Second Series 2022A, 5.000%, 5/01/52 (AMT) | | | |
| 14,900 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/26 at 100.00 | A1 | 15,472,011 |
| | International Airport, Second Series 2016B, 5.000%, 5/01/46 (AMT) | | | |
| | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | | | |
| | International Airport, Second Series 2018D: | | | |
| 11,615 | 5.000%, 5/01/43 (AMT) | 5/28 at 100.00 | A1 | 12,301,214 |
| 12,285 | 5.000%, 5/01/48 (AMT) | 5/28 at 100.00 | A1 | 12,928,734 |
| 11,025 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/29 at 100.00 | A1 | 11,679,885 |
| | 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 | 582,580 |
| | 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+ | 2,089,680 |
| | 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 (Pre-refunded 1/15/25) | 1/25 at 100.00 | A– (4) | 16,372,310 |
| 25,840 | 5.000%, 1/15/50 (Pre-refunded 1/15/25) | 1/25 at 100.00 | A– (4) | 27,560,944 |
| | San Jose, California, Airport Revenue Bonds, Refunding Series 2017A: | | | |
| 5,000 | 5.000%, 3/01/41 (AMT) | 3/27 at 100.00 | A2 | 5,238,700 |
| 5,000 | 5.000%, 3/01/47 (AMT) | 3/27 at 100.00 | A2 | 5,201,500 |
| 14,985 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 | No Opt. Call | AA | 6,757,336 |
| | Election Series 2012G, 0.000%, 8/01/40 – AGM Insured | | | |
| 6,660 | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 38.93 | AA | 2,304,360 |
| | Refunding Series 2015, 0.000%, 8/01/43 | | | |
| 2,460 | Santee School District, San Diego County, California, General Obligation Bonds, Capital | No Opt. Call | AA | 1,625,125 |
| | 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) | 5,176,750 |
| | 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 | AA | 846,270 |
| | 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 | AA | 698,232 |
| | Bonds, Series 2010B, 0.000%, 11/01/35 – AGM Insured | | | |
| 2,410 | Victor Elementary School District, San Bernardino County, California, General Obligation | No Opt. Call | Aa3 | 2,121,668 |
| | Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured | | | |
| 3,750 | Wiseburn School District, Los Angeles County, California, General Obligation Bonds, | 8/31 at 100.00 | AA | 3,784,350 |
| | Series 2011B, 0.000%, 8/01/36 – AGM Insured (8) | | | |
| 472,358 | Total California | | | 399,694,931 |
| | Colorado – 11.1% (6.7% of Total Investments) | | | |
| 4,350 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series | 12/26 at 103.00 | N/R | 3,497,705 |
| | 2021, 4.375%, 12/01/52 | | | |
| 3,000 | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series | 12/25 at 100.00 | AA | 3,231,240 |
| | 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 | AA+ | 4,401,226 |
| | 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+ | 10,255,400 |
| | Series 2019A, 4.000%, 12/01/48 | | | |
| 4,000 | Centennial Water and Sanitation District, Douglas County, Colorado, Water and Wastewater | 12/28 at 100.00 | AAA | 4,495,680 |
| | 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 | 1,808,974 |
| | Improvement Series 2017, 5.000%, 12/01/29, 144A | | | |
18
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| $ 1,605 | Cherokee Metropolitan District, Colorado, Water and Wastewater Revenue Bonds, Series | 8/30 at 100.00 | AA | $ 1,659,313 |
| | 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+ | 3,062,240 |
| | 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+ | 1,563,068 |
| | 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+ | 508,080 |
| | 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+ | 1,040,840 |
| | 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+ | 3,370,189 |
| | 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+ | 1,261,650 |
| | 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 | A+ | 550,237 |
| | 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 | AA– | 1,231,776 |
| 1,600 | 4.000%, 3/01/37 | 3/27 at 100.00 | AA– | 1,637,984 |
| 2,460 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated | 11/29 at 100.00 | AA | 2,412,743 |
| | Group, Series 2019A, 4.000%, 11/15/43 | | | |
| 17,705 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated | 11/31 at 100.00 | AA | 17,102,676 |
| | Group, Series 2021A, 4.000%, 11/15/50 | | | |
| 1,930 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health | 5/26 at 100.00 | AA | 1,905,740 |
| | System/Sunbelt Obligated Group, Series 2016A, 4.000%, 11/15/41 | | | |
| | 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) | 3,085,081 |
| 4,890 | 5.250%, 1/01/45 (Pre-refunded 1/01/23) | 1/23 at 100.00 | BBB+ (4) | 4,995,380 |
| 4,600 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living | 1/24 at 102.00 | N/R | 4,693,656 |
| | Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | | | |
| 5,250 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 5,016,165 |
| | Series 2019A-1, 4.000%, 8/01/44 | | | |
| 10,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 9,478,600 |
| | Series 2019A-2, 4.000%, 8/01/49 (UB) | | | |
| 270 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/23 at 100.00 | N/R (4) | 280,020 |
| | 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) | 2,867,126 |
| 6,425 | 5.000%, 6/01/40 (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (4) | 6,899,358 |
| 665 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, | 5/27 at 100.00 | BB+ | 698,217 |
| | Refunding & Improvement Series 2017A, 5.250%, 5/15/47 | | | |
| 3,830 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, | 9/30 at 100.00 | Baa1 | 3,595,604 |
| | Series 2020A, 4.000%, 9/01/45 | | | |
| 5,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series | 11/29 at 100.00 | AA– | 5,421,000 |
| | 2019A, 5.000%, 11/01/44 | | | |
| 3,300 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, | 1/30 at 100.00 | AA– | 3,302,937 |
| | Refunding Series 2019A, 4.000%, 1/01/38 | | | |
| 4,620 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, | 1/30 at 100.00 | AA– | 4,583,271 |
| | Refunding Series 2019B, 4.000%, 1/01/40 | | | |
19
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| 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 | $ 1,137,367 |
| | Senior Lien Series 2017, 5.000%, 12/31/56 | | | |
| | 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) | 1,255,356 |
| 1,660 | 5.000%, 3/01/43 | 3/28 at 100.00 | AA | 1,806,080 |
| 2,360 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/28 at 100.00 | AA | 2,400,993 |
| | Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 | | | |
| 1,275 | Colorado State, Certificates of Participation, Lease Purchase Agreement Department of | 6/30 at 100.00 | Aa2 | 1,301,201 |
| | Transportation Second Amended & Restated Headquarters Facilities, Refunding Series 2020, | | | |
| | 4.000%, 6/15/41 | | | |
| 2,750 | Colorado State, Certificates of Participation, Rural Series 2020A, 4.000%, 12/15/39 | 12/30 at 100.00 | Aa2 | 2,838,990 |
| 3,000 | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, 8/01/44 | 8/24 at 100.00 | AA (4) | 3,167,010 |
| | (Pre-refunded 8/01/24) – 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 | AA (4) | 7,961,588 |
| | (Pre-refunded 8/01/26) | | | |
| 2,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, | 11/22 at 100.00 | AA– (4) | 2,036,140 |
| | 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+ | 1,133,055 |
| | 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+ | 4,640,743 |
| | 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+ | 21,637,882 |
| 30,435 | 5.000%, 12/01/48 (AMT) | 12/28 at 100.00 | A+ | 31,967,402 |
| 1,820 | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement | 8/26 at 100.00 | AA– | 1,844,406 |
| | 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 | 2,049,190 |
| | Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (AMT) | | | |
| | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center | | | |
| | Hotel, Refunding Senior Lien Series 2016: | | | |
| 2,955 | 5.000%, 12/01/28 | 12/26 at 100.00 | Baa2 | 3,120,716 |
| 2,000 | 5.000%, 12/01/29 | 12/26 at 100.00 | Baa2 | 2,106,600 |
| 2,400 | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa2 | 2,501,112 |
| 1,605 | 5.000%, 12/01/40 | 12/26 at 100.00 | Baa2 | 1,665,813 |
| | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | | | |
| | Series 2010A: | | | |
| 385 | 0.000%, 9/01/35 | No Opt. Call | A | 237,060 |
| 150 | 0.000%, 9/01/37 | No Opt. Call | A | 84,608 |
| 75 | 0.000%, 9/01/38 | No Opt. Call | A | 40,397 |
| 20 | 0.000%, 9/01/39 | No Opt. Call | A | 10,276 |
| 110 | 0.000%, 9/01/41 | No Opt. Call | A | 51,317 |
| | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | | | |
| 1,520 | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | A | 1,473,959 |
| 18,380 | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | A | 16,764,949 |
| | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | |
| 1,045 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A | 829,406 |
| 2,175 | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | A | 1,661,178 |
| 25,050 | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | A | 18,365,658 |
| 23,305 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 16,411,148 |
| 100 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 67,553 |
| 12,500 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, | 9/26 at 54.77 | A | 5,934,875 |
| | 9/01/38 – NPFG Insured | | | |
20
| | | | | |
| 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 | $ 317,009 |
| 60,000 | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | A | 36,387,600 |
| 180 | Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, | 4/22 at 100.00 | Baa2 | 180,000 |
| | 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 | 1,289,338 |
| | 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 | AA | 4,432,560 |
| | Refunding Series 2018A-1, 5.000%, 12/01/43 – BAM Insured | | | |
| 2,450 | Firestone, Colorado, Water Enterprise Revenue Bones, Series 2020, 4.000%, 12/01/49 – | 12/30 at 100.00 | AA | 2,513,088 |
| | BAM Insured | | | |
| 695 | Flying Horse Metropolitan District 2, El Paso County, Colorado, General Obligation Limited | 12/30 at 100.00 | AA | 700,358 |
| | Tax Bonds, Refunding & Improvement Series 2020A, 4.000%, 12/01/44 – AGM Insured | | | |
| 1,860 | Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, | 12/25 at 100.00 | Aa2 | 1,892,643 |
| | Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40 | | | |
| 1,500 | North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, | 12/31 at 100.00 | AA | 1,528,335 |
| | Limited Tax General Obligation Bonds, Refunding & Improvement Senior Series 2021A, | | | |
| | 4.000%, 12/01/51 – AGM Insured | | | |
| 4,000 | Northern Colorado Water Conservancy District Building Corporation, Certificates of | 7/31 at 100.00 | AA+ | 4,119,680 |
| | Participation, Refunding Series 2021, 4.000%, 7/01/51 | | | |
| | 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 | 1,653,063 |
| 2,100 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 2,198,490 |
| 6,705 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 7,039,445 |
| | 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 | AA | 2,506,032 |
| | Revenue Bonds, Series 2019A, 4.000%, 12/01/36 – AGM Insured | | | |
| 500 | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax | 3/26 at 103.00 | N/R | 464,340 |
| | General Obligation Bonds, Series 2021A, 5.000%, 12/01/51, 144A | | | |
| 700 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado | No Opt. Call | AA– | 890,932 |
| | Springs Utilities, Series 2008, 6.500%, 11/15/38 | | | |
| 750 | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General | 12/26 at 100.00 | AA | 808,605 |
| | 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 | AA | 1,144,196 |
| 1,000 | 4.125%, 12/01/37 – BAM Insured | 12/26 at 100.00 | AA | 1,039,380 |
| 500 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 508,145 |
| | General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/41 | | | |
| 2,000 | Upper Eagle Regional Water Authority, Eagle County, Colorado, Water Revenue Bonds, | 12/30 at 100.00 | AA | 2,042,840 |
| | 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 | AA | 2,063,880 |
| | Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured | | | |
| 394,435 | Total Colorado | | | 354,137,163 |
| | Connecticut – 1.2% (0.8% of Total Investments) | | | |
| 850 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean | 1/26 at 102.00 | BB+ | 870,978 |
| | 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 | AA (4) | 3,450,752 |
| | University, Series 2012H, 5.000%, 7/01/24 (Pre-refunded 7/01/22) – AGM Insured | | | |
21
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| 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 | 16.740%, 1/01/32, 144A (IF) (5) | 1/23 at 100.00 | Aa3 | $ 1,394,093 |
| 190 | 16.588%, 1/01/38, 144A (IF) (5) | 1/23 at 100.00 | Aa3 | 202,903 |
| | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | | | |
| | Series 2018A: | | | |
| 14,775 | 5.000%, 1/01/34 | 1/28 at 100.00 | AA– | 16,253,977 |
| 6,410 | 5.000%, 1/01/37 | 1/28 at 100.00 | AA– | 7,012,925 |
| 6,000 | 5.000%, 1/01/38 | 1/28 at 100.00 | AA– | 6,556,320 |
| 3,730 | University of Connecticut, General Obligation Bonds, Series 2020A, 5.000%, 2/15/41 | 2/30 at 100.00 | N/R | 4,107,066 |
| 36,680 | Total Connecticut | | | 39,849,014 |
| | 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 | 857,896 |
| | 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– | 7,651,558 |
| | 5.000%, 6/01/55 | | | |
| 8,055 | Total Delaware | | | 8,509,454 |
| | District of Columbia – 1.7% (1.0% of Total Investments) | | | |
| 625 | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage | 5/22 at 100.00 | AA+ | 626,606 |
| | Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (AMT) | | | |
| 1,805 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 1,886,478 |
| | Bonds, Series 2001, 6.500%, 5/15/33 | | | |
| 34,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 5/22 at 22.78 | N/R | 7,134,900 |
| | Bonds, Series 2006A, 0.000%, 6/15/46 | | | |
| 10,265 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Series | No Opt. Call | AAA | 10,584,241 |
| | 1998, 5.500%, 10/01/23 – AGM Insured (UB) | | | |
| | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | | | |
| | Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B: | | | |
| 2,000 | 4.000%, 10/01/44 | 10/29 at 100.00 | A– | 2,012,320 |
| 4,750 | 5.000%, 10/01/47 | 10/29 at 100.00 | A– | 5,121,117 |
| 6,000 | 4.000%, 10/01/49 | 10/29 at 100.00 | A– | 5,982,600 |
| 1,810 | 4.000%, 10/01/53 – AGM Insured | 10/29 at 100.00 | AA | 1,784,389 |
| 2,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | No Opt. Call | AA | 1,125,400 |
| | 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 | AA (4) | 5,808,950 |
| | Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, | | | |
| | 10/01/41 (Pre-refunded 10/01/26) – AGC Insured | | | |
| 4,500 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding | 10/23 at 100.00 | Aa3 | 4,627,350 |
| | Series 2013A, 5.000%, 10/01/30 (AMT) | | | |
| 1,000 | Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue | 7/27 at 100.00 | AA | 1,093,960 |
| | Bonds, Refunding Crossover Series 2017A-2, 5.000%, 7/01/33 | | | |
| | Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue | | | |
| | Bonds, Series 2017B: | | | |
| 1,500 | 5.000%, 7/01/29 | 7/27 at 100.00 | AA | 1,658,310 |
| 3,000 | 5.000%, 7/01/42 | 7/27 at 100.00 | AA | 3,260,940 |
| 1,000 | Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue | 7/27 at 100.00 | AA– | 1,087,470 |
| | Bonds, Series 2018, 5.000%, 7/01/38 | | | |
| 79,255 | Total District of Columbia | | | 53,795,031 |
| | Florida – 9.2% (5.6% of Total Investments) | | | |
| 1,480 | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing | 11/23 at 100.00 | BBB | 1,506,847 |
| | Project, Series 2013A, 5.000%, 11/15/37 | | | |
22
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| | 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 | $ 455,022 |
| 2,260 | 5.000%, 9/01/48 | 9/23 at 100.00 | BBB | 2,283,323 |
| 7,500 | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, | 10/25 at 100.00 | A1 | 7,743,225 |
| | 10/01/45 (AMT) | | | |
| 100 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 6/22 at 100.00 | N/R | 100,572 |
| | 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 | 178,703 |
| | Renaissance Charter School, Inc. Projects, Series 2020C, 5.000%, 9/15/40, 144A | | | |
| 14,000 | Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue | 1/24 at 107.00 | N/R | 14,340,760 |
| | Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49 (AMT), 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 | 5/22 at 103.00 | N/R | 11,839,440 |
| 15,985 | 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A | 5/22 at 103.00 | N/R | 15,612,869 |
| 2,870 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 5/22 at 102.50 | N/R | 2,845,117 |
| | Expansion Project, Series 2021A-1, 6.750%, 12/01/56 (AMT) (Mandatory Put 8/15/23), 144A | | | |
| | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | | | |
| | Priority Subordinated Series 2017A: | | | |
| 31,985 | 5.000%, 10/01/47 (AMT) | 10/27 at 100.00 | A1 | 33,525,078 |
| 9,065 | 5.000%, 10/01/52 (AMT) | 10/27 at 100.00 | A1 | 9,479,270 |
| 3,890 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | 10/26 at 100.00 | Aa3 | 4,088,585 |
| | Series 2016A, 5.000%, 10/01/40 (AMT) | | | |
| 6,020 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/24 at 100.00 | A1 (4) | 6,319,856 |
| | Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (Pre-refunded 10/01/24) (AMT) | | | |
| 5,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/28 at 100.00 | Aa3 | 5,298,150 |
| | 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 | A1 (4) | 2,428,820 |
| | Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (Pre-refunded 10/01/24) | | | |
| 10,305 | Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer | 10/24 at 100.00 | A3 | 10,688,964 |
| | 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 | A | 9,773,028 |
| | 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 | 5,314,000 |
| | 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 (4) | 5,397,060 |
| | 5.000%, 11/15/35 (Pre-refunded 11/15/24) | | | |
| 9,820 | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City | 2/24 at 100.00 | AA | 10,164,486 |
| | 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+ | 1,778,120 |
| | 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– | 2,973,393 |
| | 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– | 8,394,495 |
| | 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– | 13,355,282 |
| | of Miami, Series 2018A, 5.000%, 4/01/53 | | | |
| 2,560 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus | 8/31 at 100.00 | A+ | 2,498,176 |
| | Children’s Hospital Project, Refunding Series 2021A, 4.000%, 8/01/51 | | | |
| 1,500 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus | 8/27 at 100.00 | A+ | 1,632,645 |
| | Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/42 | | | |
23
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| $ 1,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, | 10/22 at 100.00 | A2 (4) | $ 1,014,060 |
| | 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 | A2 | 1,041,500 |
| | Refunding Series 2014B, 5.000%, 10/01/37 | | | |
| 5,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, | 10/24 at 100.00 | A2 | 5,144,600 |
| | 10/01/35 (AMT) | | | |
| 6,025 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, | 10/25 at 100.00 | A | 6,256,842 |
| | 10/01/38 (AMT) | | | |
| 2,865 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series | 10/22 at 100.00 | A+ (4) | 2,906,457 |
| | 2012B, 5.000%, 10/01/37 (Pre-refunded 10/01/22) | | | |
| 3,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series | 7/22 at 100.00 | AA (4) | 3,017,910 |
| | 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 | AA– (4) | 12,548,994 |
| | 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 | AA– | 6,017,498 |
| | 4.000%, 10/01/49 | | | |
| 3,375 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021, | 4/31 at 100.00 | AA– | 3,370,646 |
| | 4.000%, 10/01/48 | | | |
| 2,360 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | 10/29 at 100.00 | BBB+ | 2,514,462 |
| | Improvement Series 2019A-1, 5.000%, 10/01/44 | | | |
| 2,000 | Palm Beach County Health Facilities Authority, Florida, Retirement Communities Revenue Bonds, | 11/26 at 100.00 | A– | 2,157,780 |
| | 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 | 117,820 |
| | 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– | 4,859,798 |
| | Series 2014B, 5.000%, 9/01/43 | | | |
| 10,095 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole | 5/28 at 100.00 | A– | 11,008,799 |
| | 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, Refunding Series 2017: | | | |
| 5,770 | 5.000%, 8/15/42 | 8/27 at 100.00 | AA– | 6,186,882 |
| 6,040 | 5.000%, 8/15/47 | 8/27 at 100.00 | AA– | 6,434,412 |
| 705 | Southeast Overtown/Park West Community Redevelopement Agency, Florida, Tax Increment | 3/24 at 100.00 | BBB+ | 729,273 |
| | 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– | 1,554,870 |
| | 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+ | 708,127 |
| | 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 | 2,408,391 |
| | 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 | A2 | 1,092,780 |
| 1,845 | 4.000%, 7/01/45 | 7/30 at 100.00 | A2 | 1,808,598 |
| 14,610 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series | 7/22 at 100.00 | A2 (4) | 14,697,222 |
| | 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | | | |
| 120 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, | 5/22 at 100.00 | N/R | 1 |
| | Series 2007-3, 6.650%, 5/01/40 (7) | | | |
| 180 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 5/22 at 100.00 | N/R | 140,836 |
| | Series 2015-2, 6.610%, 5/01/40 (8) | | | |
| 195 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 5/22 at 100.00 | N/R | 2 |
| | Series 2015-3, 6.610%, 5/01/40 (7) | | | |
| 750 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle | 10/29 at 100.00 | A+ | 762,780 |
| | Aeronautical University, Series 2020A, 4.000%, 10/15/38 | | | |
24
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| $ 6,510 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson | 6/25 at 100.00 | A– | $ 6,824,758 |
| | University Inc. Project, Series 2015, 5.000%, 6/01/45 | | | |
| 287,280 | Total Florida | | | 295,341,384 |
| | Georgia – 2.3% (1.4% of Total Investments) | | | |
| 1,820 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | A1 | 1,935,006 |
| | Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 | | | |
| 5,000 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | Aa2 | 5,349,500 |
| | 5.000%, 11/01/32 | | | |
| 12,960 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/32 at 100.00 | N/R | 12,456,115 |
| | Wellstar Health System, Inc. Project, Series 2022A, 4.000%, 4/01/52 | | | |
| 8,875 | Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp | 7/31 at 100.00 | A1 | 8,724,125 |
| | County Hospital Project, Series 2021, 4.000%, 7/01/46 | | | |
| 1,040 | Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System | No Opt. Call | Baa2 | 1,094,392 |
| | Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured | | | |
| 2,000 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | 4/27 at 100.00 | A | 2,139,700 |
| | System, Inc Project, Series 2017A, 5.000%, 4/01/47 | | | |
| 3,180 | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series | 7/28 at 100.00 | A | 3,384,061 |
| | 2019A, 5.000%, 1/01/63 | | | |
| 3,500 | Georgia Ports Authority, Revenue Bonds, Series 2021, 4.000%, 7/01/46 | 7/31 at 100.00 | AA | 3,445,785 |
| | 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 | 1,535,409 |
| 5,000 | 5.000%, 5/15/49 | No Opt. Call | A3 | 5,522,800 |
| 3,265 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third | 7/26 at 100.00 | AA+ | 3,511,377 |
| | 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 | A | 10,756,994 |
| | 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 | 5,345,300 |
| | Refunding Series 2016A, 5.000%, 10/01/46 | | | |
| 3,290 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/31 at 100.00 | Baa1 | 3,194,195 |
| | Series 2021, 4.000%, 10/01/50 | | | |
| 5,370 | Rockdale County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | AA– | 5,274,414 |
| | Project, Series 2019A, 4.000%, 7/01/44 | | | |
| 72,020 | Total Georgia | | | 73,669,173 |
| | Guam – 0.8% (0.5% of Total Investments) | | | |
| 2,000 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, | 11/25 at 100.00 | BB | 2,105,140 |
| | 5.000%, 11/15/34 | | | |
| | Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2013C: | | | |
| 60 | 6.375%, 10/01/43 (AMT) | 10/23 at 100.00 | Baa2 | 62,508 |
| 65 | 6.375%, 10/01/43 (Pre-refunded 10/01/23) (AMT) | 10/23 at 100.00 | Baa2 (4) | 68,594 |
| | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed | | | |
| | Bonds, Series 2007A: | | | |
| 1,870 | 5.250%, 6/01/32 | 5/22 at 100.00 | N/R | 1,849,991 |
| 2,915 | 5.625%, 6/01/47 | 5/22 at 100.00 | N/R | 2,821,866 |
| 1,300 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/24 at 100.00 | A– | 1,347,346 |
| | Refunding Series 2014A, 5.000%, 7/01/35 | | | |
| 3,250 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/23 at 100.00 | A– (4) | 3,370,347 |
| | Series 2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) | | | |
| | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | | | |
| | Series 2016: | | | |
| 245 | 5.000%, 7/01/27 | 7/26 at 100.00 | A– | 263,931 |
| 1,240 | 5.000%, 1/01/46 | 7/26 at 100.00 | A– | 1,311,312 |
25
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Guam (continued) | | | |
| $ 1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/30 at 100.00 | A– | $ 1,081,590 |
| | Series 2020A, 5.000%, 1/01/50 | | | |
| | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | | | |
| 1,000 | 5.000%, 12/01/23 | No Opt. Call | BB | 1,036,720 |
| 2,000 | 5.000%, 12/01/33 | 12/26 at 100.00 | BB | 2,132,080 |
| 2,260 | 5.000%, 12/01/34 | 12/26 at 100.00 | BB | 2,407,239 |
| 1,175 | 5.000%, 12/01/46 | 12/26 at 100.00 | BB | 1,237,158 |
| | Guam Port Authority, Port Revenue Bonds, Private Activity Series 2018B: | | | |
| 510 | 5.000%, 7/01/32 (AMT) | 7/28 at 100.00 | A | 547,378 |
| 355 | 5.000%, 7/01/33 (AMT) | 7/28 at 100.00 | A | 379,811 |
| 1,250 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured | 10/22 at 100.00 | AA | 1,267,575 |
| | Guam Power Authority, Revenue Bonds, Series 2014A: | | | |
| 600 | 5.000%, 10/01/39 | 10/24 at 100.00 | AA | 627,546 |
| 575 | 5.000%, 10/01/44 | 10/24 at 100.00 | AA | 599,587 |
| 23,670 | Total Guam | | | 24,517,719 |
| | Hawaii – 1.5% (0.9% of Total Investments) | | | |
| 13,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | AA– | 13,411,580 |
| | Health Obligated Group, Series 2013A, 5.500%, 7/01/43 | | | |
| 6,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric | 3/27 at 100.00 | A– | 6,057,240 |
| | 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+ | 11,543,055 |
| 10,000 | Hawaii State, Airport System Revenue Bonds, Series 2018A, 5.000%, 7/01/43 (AMT) | 7/28 at 100.00 | A+ | 10,560,000 |
| 5,000 | Hawaii State, General Obligation Bonds, Series 2017FK, 4.000%, 5/01/35 | 5/27 at 100.00 | AA+ | 5,228,900 |
| 45,205 | Total Hawaii | | | 46,800,775 |
| | Idaho – 0.8% (0.5% of Total Investments) | | | |
| 5,000 | Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Helath Group, | 12/27 at 100.00 | AA– | 5,370,800 |
| | Series 2017A, 5.000%, 12/01/47 | | | |
| 11,205 | Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Helath Group, | 6/27 at 100.00 | AA– | 11,978,929 |
| | 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+ | 1,814,308 |
| | Refunding Series 2016, 5.000%, 9/01/29 | | | |
| 5,585 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, | 3/32 at 100.00 | A | 5,457,606 |
| | Series 2021A, 4.000%, 3/01/46 | | | |
| | 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 | 1,167,162 |
| 310 | 5.000%, 9/01/32 | 9/22 at 100.00 | A3 | 313,302 |
| 24,955 | Total Idaho | | | 26,102,107 |
| | Illinois – 14.3% (8.7% of Total Investments) | | | |
| 6,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 6,531,240 |
| | Series 2016, 6.000%, 4/01/46 | | | |
| 9,250 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB | 10,195,257 |
| | 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 | 2,654,304 |
| | 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 | 12,919,221 |
| | Series 2017A, 7.000%, 12/01/46, 144A | | | |
26
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | | | |
| | Tax Revenues, Series 1998B-1: | | | |
| $ 10,130 | 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | Baa2 | $ 9,303,595 |
| 7,140 | 0.000%, 12/01/25 – FGIC Insured | No Opt. Call | Baa2 | 6,314,545 |
| 4,325 | 0.000%, 12/01/29 – FGIC Insured | No Opt. Call | Baa2 | 3,231,813 |
| 4,235 | 0.000%, 12/01/31 – FGIC Insured | No Opt. Call | Baa2 | 2,873,024 |
| | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | | | |
| | Tax Revenues, Series 1999A: | | | |
| 10,000 | 0.000%, 12/01/23 – FGIC Insured | No Opt. Call | Baa2 | 9,529,500 |
| 8,845 | 5.500%, 12/01/26 – NPFG Insured | No Opt. Call | Baa2 | 9,461,054 |
| | 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 | 5,688,546 |
| 10,285 | 5.000%, 1/01/53 (AMT) | 1/29 at 100.00 | A | 10,691,463 |
| 2,245 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/25 at 100.00 | A | 2,300,923 |
| | 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 | 11,781,000 |
| 3,000 | 5.000%, 1/01/47 (AMT) | 1/27 at 100.00 | A | 3,123,570 |
| | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | |
| 4,115 | 0.000%, 1/01/33 – FGIC Insured | No Opt. Call | BBB+ | 2,679,359 |
| 29,600 | 0.000%, 1/01/38 – FGIC Insured | No Opt. Call | BBB+ | 15,073,800 |
| 11,675 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB+ | 12,784,592 |
| | 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+ | 4,220,640 |
| 7,445 | 5.500%, 1/01/49 (UB) | 1/29 at 100.00 | BBB+ | 8,003,971 |
| 7,990 | Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, | No Opt. Call | BBB+ | 8,169,375 |
| | Series 1999, 5.500%, 1/01/23 – FGIC Insured | | | |
| 6,335 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, | No Opt. Call | A | 7,049,145 |
| | 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 | 1,666,770 |
| | AMBAC Insured | | | |
| 4,500 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/27 at 100.00 | AA | 4,792,095 |
| | City Colleges, Series 2017, 5.000%, 12/01/47 | | | |
| 3,000 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, | 11/26 at 100.00 | A+ | 3,252,420 |
| | 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 | A+ | 541,410 |
| 4,550 | 5.000%, 11/15/35 | 11/26 at 100.00 | A+ | 4,922,827 |
| | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural | | | |
| | History, Series 2002.RMKT: | | | |
| 5,000 | 4.450%, 11/01/36 | 11/25 at 102.00 | A2 | 5,311,700 |
| 815 | 4.500%, 11/01/36 | 11/24 at 100.00 | A | 848,505 |
| 2,785 | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 2,918,457 |
| 410 | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools | 12/25 at 100.00 | N/R | 432,452 |
| | 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) | 5/25 at 100.00 | N/R | 2,060,372 |
| 12,025 | 5.000%, 5/01/45 (Pre-refunded 5/01/25) (UB) | 5/25 at 100.00 | AA (4) | 12,927,115 |
| 2,000 | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, | 3/26 at 100.00 | AA– | 2,043,800 |
| | 4.000%, 3/01/38 | | | |
27
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| $ 2,500 | Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, | 2/27 at 100.00 | AA+ | $ 2,696,325 |
| | Series 2016C, 5.000%, 2/15/33 | | | |
| 2,500 | Illinois Finance Authority, Revenue Bonds, Bradley University, Refunding Series 2021A, | 8/31 at 100.00 | BBB+ | 2,288,400 |
| | 4.000%, 8/01/46 | | | |
| 4,985 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, | 9/22 at 100.00 | AA+ (4) | 5,042,078 |
| | 9/01/32 (Pre-refunded 9/01/22) | | | |
| | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | | | |
| 4,750 | 5.000%, 9/01/39 (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (4) | 5,028,872 |
| 6,000 | 5.000%, 9/01/42 (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (4) | 6,352,260 |
| 10,745 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, | 11/25 at 100.00 | A | 11,279,134 |
| | 5.000%, 11/15/45 | | | |
| | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: | | | |
| 415 | 5.500%, 7/01/28 | 7/23 at 100.00 | A– | 429,832 |
| 390 | 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 405,928 |
| 4,250 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated | 5/25 at 100.00 | AA– | 4,479,415 |
| | 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 | A3 | 591,489 |
| 3,745 | 5.000%, 8/15/44 | 8/25 at 100.00 | A3 | 3,921,015 |
| 3,500 | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Fixed Period Series | 8/31 at 100.00 | AA– | 2,779,525 |
| | 2021A, 3.000%, 8/15/48 | | | |
| | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A: | | | |
| 330 | 5.000%, 10/01/46 | 10/25 at 100.00 | AA+ | 349,958 |
| 2,670 | 5.000%, 10/01/46 (Pre-refunded 10/01/25) (UB) | 10/25 at 100.00 | N/R (4) | 2,885,389 |
| 2,000 | Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series | 5/22 at 100.00 | Aa3 | 2,003,220 |
| | 2001, 5.950%, 2/20/36 | | | |
| 1,830 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, | 6/24 at 100.00 | AA | 1,893,757 |
| | 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 | 468,090 |
| | Illinois State, General Obligation Bonds, February Series 2014: | | | |
| 5,705 | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB | 5,855,897 |
| 5,815 | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB | 5,968,342 |
| 2,000 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB | 2,033,580 |
| | Illinois State, General Obligation Bonds, January Series 2016: | | | |
| 3,500 | 5.000%, 1/01/29 | 1/26 at 100.00 | BBB | 3,675,315 |
| 8,250 | 5.000%, 1/01/32 | 1/26 at 100.00 | BBB | 8,583,795 |
| 4,200 | Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/27 | 6/26 at 100.00 | BBB | 4,471,446 |
| 1,025 | Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/34 | 5/22 at 100.00 | BBB | 1,027,460 |
| | Illinois State, General Obligation Bonds, May Series 2020: | | | |
| 1,635 | 5.500%, 5/01/30 | No Opt. Call | BBB | 1,824,415 |
| 5,305 | 5.500%, 5/01/39 | 5/30 at 100.00 | BBB | 5,775,235 |
| 3,000 | 5.750%, 5/01/45 | 5/30 at 100.00 | BBB | 3,291,810 |
| 1,500 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 | 11/26 at 100.00 | BBB | 1,552,845 |
| 3,510 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB | 3,771,460 |
| 2,375 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | BBB | 2,396,423 |
| | Illinois State, General Obligation Bonds, Series 2013: | | | |
| 2,500 | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB | 2,567,075 |
| 1,520 | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB | 1,563,715 |
| 1,395 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | AA– | 1,414,725 |
| | 5.000%, 1/01/38 | | | |
| 4,685 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | AA– | 4,945,673 |
| | 5.000%, 1/01/40 | | | |
28
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| $ 4,435 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, | 1/26 at 100.00 | AA– | $ 4,718,485 |
| | 5.000%, 1/01/40 | | | |
| | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A: | | | |
| 7,770 | 4.000%, 1/01/46 | 1/32 at 100.00 | N/R | 7,732,704 |
| 10,000 | 5.000%, 1/01/46 | 1/32 at 100.00 | N/R | 11,140,800 |
| | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | | | |
| | 2015-XF0052: | | | |
| 1,875 | 16.410%, 1/01/38, 144A (IF) | 1/23 at 100.00 | AA– | 1,981,106 |
| 1,815 | 16.425%, 1/01/38, 144A (IF) | 1/23 at 100.00 | AA– | 1,917,820 |
| 625 | Macon and DeWitt Counties Community Unit School District 2 Maroa-Forsyth, Illinois, | 12/30 at 100.00 | N/R | 646,844 |
| | General Obligation Bonds, Series 2021, 4.000%, 12/01/41 – AGM Insured | | | |
| 2,500 | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate | 1/27 at 100.00 | AA | 2,563,250 |
| | Revenue Source Refunding School Series 2020C, 4.000%, 1/01/40 – AGM Insured | | | |
| 9,000 | McHenry County Community Unit School District 200, Woodstock, Illinois, General | No Opt. Call | Aa2 | 8,853,120 |
| | Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured | | | |
| 1,890 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BBB+ | 1,941,616 |
| | 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 | BBB+ | 1,043,930 |
| | 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 | BBB+ | 4,935,111 |
| | Bonds, Series 2017A, 5.000%, 6/15/57 | | | |
| | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | Expansion Project, Refunding Series 1996A: | | | |
| 12,250 | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | Baa2 | 12,054,000 |
| 23,575 | 0.000%, 12/15/23 – NPFG Insured | No Opt. Call | Baa2 | 22,377,626 |
| 10,775 | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | Baa2 | 9,841,885 |
| | 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) | 148,926 |
| 6,610 | 0.000%, 12/15/23 | No Opt. Call | BBB+ | 6,274,278 |
| 5,000 | 0.000%, 12/15/34 – NPFG Insured | No Opt. Call | BBB+ | 2,887,550 |
| 1,100 | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BBB+ | 603,603 |
| 3,805 | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | BBB+ | 1,538,285 |
| 1,890 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | AAA (4) | 2,074,256 |
| | Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | | | |
| 2,130 | Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021, | 4/31 at 100.00 | AA | 2,104,440 |
| | 4.000%, 10/01/40 – BAM Insured | | | |
| 1,240 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA+ | 1,259,108 |
| | Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured | | | |
| 2,395 | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville | No Opt. Call | AA | 2,363,817 |
| | Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured | | | |
| | Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015: | | | |
| 2,250 | 5.000%, 3/01/29 | 3/25 at 100.00 | A | 2,381,895 |
| 3,505 | 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | AA | 3,670,541 |
| | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013: | | | |
| 1,580 | 6.000%, 10/01/32 | 10/23 at 100.00 | A– | 1,649,710 |
| 9,625 | 6.250%, 10/01/38 | 10/23 at 100.00 | A– | 10,102,111 |
| 2,845 | 6.000%, 10/01/42 | 10/23 at 100.00 | A– | 2,973,964 |
| 4,930 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 4,852,846 |
| | Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured | | | |
| 466,915 | Total Illinois | | | 456,545,385 |
| | Indiana – 1.7% (1.0% of Total Investments) | | | |
| 6,180 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | AA+ | 6,094,283 |
| | Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured | | | |
29
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Indiana (continued) | | | |
| $ 1,480 | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, | 6/30 at 100.00 | N/R | $ 1,388,033 |
| | Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, | | | |
| | 6/01/55, 144A | | | |
| 2,865 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | 5/23 at 100.00 | A (4) | 2,947,884 |
| | 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 | 9,615,800 |
| | 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 | 7,984,077 |
| | 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 (Pre-refunded 7/01/23) (AMT) | 7/23 at 100.00 | A– (4) | 3,098,938 |
| 1,420 | 5.000%, 7/01/48 (Pre-refunded 7/01/23) (AMT) | 7/23 at 100.00 | A– (4) | 1,459,533 |
| 1,500 | Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing | 7/23 at 100.00 | A– (4) | 1,541,760 |
| | Project, Series 2013B, 5.000%, 7/01/40 (Pre-refunded 7/01/23) (AMT) | | | |
| 5,115 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/26 at 100.00 | AA | 5,564,608 |
| | First Lien Green Series 2016A, 5.000%, 10/01/41 | | | |
| 1,650 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/31 at 100.00 | AA– | 1,737,879 |
| | Refunding First Lien Series 2021-1, 4.000%, 10/01/38 | | | |
| 4,500 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/22 at 100.00 | AA | 4,516,380 |
| | 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+ | 4,649,488 |
| | 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 | 4,182,178 |
| | 2013, 7.000%, 1/01/44 (AMT) | | | |
| 53,565 | Total Indiana | | | 54,780,841 |
| | Iowa – 0.5% (0.3% of Total Investments) | | | |
| 2,550 | Iowa Finance Authority Senior Living Facilities Revenue Bonds, Sunrise Retirement | 9/28 at 102.00 | N/R | 2,205,265 |
| | Community Project, Refunding Series 2021, 5.000%, 9/01/41 | | | |
| 1,505 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. | 8/22 at 100.00 | BBB– | 1,511,652 |
| | Project, Series 2012, 4.750%, 8/01/42 | | | |
| 7,035 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/29 at 103.00 | N/R | 7,138,485 |
| | Company Project, Refunding Series 2022, 5.000%, 12/01/50 (WI/DD, Settling 7/17/22) | | | |
| 1,335 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | BB– | 1,409,093 |
| | Company Project, Series 2013, 5.250%, 12/01/25 | | | |
| 1,990 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 105.00 | BB– | 2,118,435 |
| | Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37) | | | |
| 5,290 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Class 2 | 6/31 at 25.58 | N/R | 609,408 |
| | Capital Appreciation Senior Lien Series 2021B-2, 0.000%, 6/01/65 | | | |
| 790 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Senior Class 1 | 6/31 at 100.00 | BBB+ | 727,337 |
| | Series 2021A-2, 4.000%, 6/01/49 | | | |
| 20,495 | Total Iowa | | | 15,719,675 |
| | Kansas – 0.1% (0.1% of Total Investments) | | | |
| 3,965 | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, | 7/28 at 100.00 | A | 4,326,806 |
| | 5.000%, 7/01/48 | | | |
| | Kentucky – 0.7% (0.4% of Total Investments) | | | |
| 2,730 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | BBB+ | 2,874,363 |
| | Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | | | |
| | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | | | |
| | Crossing Project, Convertible Capital Appreciation First Tier Series 2013C: | | | |
| 4,790 | 0.000%, 7/01/43 (8) | 7/31 at 100.00 | Baa2 | 5,248,738 |
| 3,655 | 0.000%, 7/01/46 (8) | 7/31 at 100.00 | Baa2 | 4,016,041 |
30
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Kentucky (continued) | | | |
| | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | | | |
| | Crossing Project, First Tier Series 2013A: | | | |
| $ 8,360 | 5.750%, 7/01/49 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | $ 8,703,178 |
| 585 | 6.000%, 7/01/53 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | 610,547 |
| 20,120 | Total Kentucky | | | 21,452,867 |
| | Louisiana – 3.4% (2.0% of Total Investments) | | | |
| 4,405 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 4,467,110 |
| | 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) | 2,846,327 |
| | 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 | AA | 3,455,457 |
| | 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+ | 1,560,945 |
| 4,685 | 4.000%, 4/01/43 | 4/27 at 100.00 | AA+ | 4,855,862 |
| 5,200 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 2/24 at 100.00 | A+ (4) | 5,439,460 |
| | 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 | A | 5,403,400 |
| 1,090 | 5.000%, 5/15/46 | 5/27 at 100.00 | A | 1,176,895 |
| 11,700 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/30 at 100.00 | A | 11,255,400 |
| | Project, Series 2020A, 4.000%, 5/15/49 | | | |
| 7,445 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 7,600,005 |
| | (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 | N/R (4) | 1,374,170 |
| | General Medical Center Project, Series 2016A, 5.000%, 11/01/45 (Pre-refunded 11/01/25) | | | |
| 3,570 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children’s | 6/30 at 100.00 | A+ | 3,495,637 |
| | 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 | A | 1,834,209 |
| | Refunding Series 2016, 4.000%, 5/15/35 | | | |
| 330 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series | 7/23 at 100.00 | A2 | 340,339 |
| | 2013A, 5.000%, 7/01/36 | | | |
| 14,000 | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2015A, 4.000%, | 5/25 at 100.00 | Aa2 (4) | 14,565,600 |
| | 5/01/41 (Pre-refunded 5/01/25) | | | |
| | 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 | A2 | 6,417,062 |
| 6,895 | 5.000%, 1/01/45 (AMT) | 1/25 at 100.00 | A2 | 7,071,788 |
| 7,800 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A2 | 8,088,678 |
| | 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 | AA | 1,015,450 |
| | 12/01/28 – AGM Insured | | | |
| 5,350 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, | 6/24 at 100.00 | A (4) | 5,638,846 |
| | 6/01/44 (Pre-refunded 6/01/24) | | | |
| 1,200 | New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 | 12/24 at 100.00 | A– (4) | 1,278,792 |
| | (Pre-refunded 12/01/24) | | | |
| 485 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, | No Opt. Call | BBB | 485,761 |
| | Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22) | | | |
| 5,655 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, | 12/25 at 100.00 | A– | 6,058,993 |
| | 5.000%, 12/01/40 | | | |
31
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Louisiana (continued) | | | |
| $ 1,650 | Tangipahoa Water District, Tangipahoa, Louisiana, Water Revenue Bonds, Series 2021, | 12/31 at 100.00 | N/R | $ 1,661,336 |
| | 4.000%, 12/01/51 – BAM Insured | | | |
| 104,085 | Total Louisiana | | | 107,387,522 |
| | Maine – 0.6% (0.3% of Total Investments) | | | |
| 2,775 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | BBB (4) | 2,865,187 |
| | Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 (Pre-refunded 7/01/23) | | | |
| | 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 | BBB | 3,762,471 |
| 2,800 | 4.000%, 7/01/46 | 7/26 at 100.00 | BBB | 2,690,128 |
| 3,245 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth | 7/28 at 100.00 | A+ | 3,564,276 |
| | 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+ | 2,054,280 |
| | Series 2013, 5.000%, 7/01/43 | | | |
| 1,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2021A, | 7/31 at 100.00 | AA | 988,980 |
| | 4.000%, 7/01/50 – AGM Insured | | | |
| | Maine Turnpike Authority, Special Obligation Bonds, Series 2014: | | | |
| 1,290 | 5.000%, 7/01/33 | 7/24 at 100.00 | A+ | 1,352,436 |
| 1,020 | 5.000%, 7/01/34 | 7/24 at 100.00 | A+ | 1,068,705 |
| 17,950 | Total Maine | | | 18,346,463 |
| | Maryland – 11.5% (7.0% of Total Investments) | | | |
| 1,855 | Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview | 5/22 at 100.00 | AA+ | 1,857,671 |
| | Gardens Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory Put 1/01/27) | | | |
| 1,000 | Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General | 10/29 at 100.00 | AAA | 1,128,940 |
| | Improvement, Series 2019, 5.000%, 10/01/44 | | | |
| 1,200 | Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of | 7/23 at 100.00 | AA | 1,232,568 |
| | Dorchester & Farmington Village Projects, Series 2013, 5.000%, 7/01/32 | | | |
| | Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016: | | | |
| 1,000 | 3.625%, 1/01/37 | 1/26 at 100.00 | A | 1,010,370 |
| 2,220 | 5.000%, 1/01/37 | 1/26 at 100.00 | A | 2,355,265 |
| 2,500 | Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2020, | 1/27 at 103.00 | A | 2,558,625 |
| | 4.000%, 1/01/50 | | | |
| 635 | Baltimore County, Maryland, Revenue Bonds, Riderwood Village Inc Facility, Series 2020, | 1/27 at 103.00 | A | 651,173 |
| | 4.000%, 1/01/50 | | | |
| 9,215 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, | 9/27 at 100.00 | CCC | 8,760,608 |
| | 5.000%, 9/01/42 | | | |
| 2,480 | Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, | 1/24 at 100.00 | Aa2 (4) | 2,585,797 |
| | 5.000%, 7/01/38 (Pre-refunded 1/01/24) | | | |
| 1,000 | Baltimore, Maryland, Revenue Bonds, Storm Water Projects, Series 2019A, 5.000%, 7/01/49 | 7/29 at 100.00 | Aa2 | 1,091,100 |
| 2,000 | Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2019A, 5.000%, 7/01/49 | 7/29 at 100.00 | AA | 2,182,200 |
| 5,000 | Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2014C, | 1/25 at 100.00 | AA– | 5,218,100 |
| | 5.000%, 7/01/44 | | | |
| | Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A: | | | |
| 2,000 | 5.000%, 7/01/46 | 1/27 at 100.00 | AA– | 2,136,640 |
| 2,000 | 5.000%, 7/01/46 | 1/27 at 100.00 | AA– | 2,136,640 |
| | Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A: | | | |
| 175 | 5.000%, 7/01/24 – FGIC Insured | No Opt. Call | Aa2 | 175,742 |
| 1,620 | 5.000%, 7/01/24 – FGIC Insured (ETM) | No Opt. Call | Aa2 (4) | 1,672,747 |
| 2,340 | Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, | 8/21 at 100.00 | AA (4) | 2,511,124 |
| | 7/01/28 – FGIC Insured (ETM) | | | |
| 2,500 | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, | 1/25 at 100.00 | Aa3 | 2,609,050 |
| | 5.000%, 7/01/44 | | | |
32
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Maryland (continued) | | | |
| $ 6,000 | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 5.000%, | 1/27 at 100.00 | AA– | $ 6,449,400 |
| | 7/01/41 (UB) | | | |
| 1,450 | Baltimore, Maryland, Special Obligation Bonds, Center/West Development Project, Series | 6/26 at 100.00 | N/R | 1,467,313 |
| | 2017A, 5.500%, 6/01/43 | | | |
| | Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, | | | |
| | Series 2015: | | | |
| 525 | 5.000%, 6/15/30 | 6/24 at 100.00 | BBB+ | 544,698 |
| 425 | 5.000%, 6/15/33 | 6/24 at 100.00 | BBB+ | 439,918 |
| | Baltimore, Maryland, Special Obligation Bonds, East Baltimore Research Park Project, | | | |
| | Series 2017A: | | | |
| 1,270 | 4.500%, 9/01/33 | 9/27 at 100.00 | N/R | 1,283,716 |
| 240 | 5.000%, 9/01/38 | 9/27 at 100.00 | N/R | 247,102 |
| | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2016: | | | |
| 1,895 | 5.000%, 6/01/36 | 6/26 at 100.00 | N/R | 1,939,078 |
| 250 | 5.125%, 6/01/43 | 6/26 at 100.00 | N/R | 253,983 |
| 2,000 | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series | 6/29 at 100.00 | N/R | 1,702,240 |
| | 2019A, 3.625%, 6/01/46, 144A | | | |
| 350 | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series | 6/23 at 100.00 | N/R | 301,375 |
| | 2019B, 3.875%, 6/01/46, 144A | | | |
| | Brunswick, Frederick County, Maryland, Special Obligation Bonds, Brunswick Crossing | | | |
| | Special Taxing District, Refunding Series 2019: | | | |
| 450 | 4.000%, 7/01/29 | 1/29 at 100.00 | N/R | 452,070 |
| 739 | 5.000%, 7/01/36 | 1/29 at 100.00 | N/R | 767,341 |
| | Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s | | | |
| | University Inc., Series 2017A: | | | |
| 3,000 | 5.000%, 9/01/37, 144A | 9/27 at 100.00 | BB+ | 3,070,170 |
| 1,750 | 5.000%, 9/01/45, 144A | 9/27 at 100.00 | BB+ | 1,766,152 |
| 414 | Frederick County, Maryland, Special Obligation Bonds, Lake Linganore Village Community | 5/22 at 100.00 | AA | 414,977 |
| | Development Series 2001A, 5.700%, 7/01/29 – RAAI Insured | | | |
| | Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development | | | |
| | Authority, Refunding Series 2020A: | | | |
| 1,020 | 4.000%, 7/01/38 | 7/30 at 100.00 | A– | 1,046,000 |
| 500 | 4.000%, 7/01/39 | 7/30 at 100.00 | A– | 510,105 |
| 370 | Frederick County, Maryland, Tax Increment and Special Tax B Limited Obligation Bonds, | 7/29 at 100.00 | N/R | 333,755 |
| | Oakdale-Lake Linganore Project, Series 2019, 3.750%, 7/01/39 | | | |
| 120 | Frederick County, Maryland, Tax Increment and Special Tax Limited Obligation Bonds, | 7/30 at 102.00 | N/R | 122,578 |
| | Jefferson Technology Park Project, Refunding Series 2020B, 4.625%, 7/01/43, 144A | | | |
| 3,000 | Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Obligated | 1/24 at 104.00 | BBB | 3,181,590 |
| | Group Project, Refunding Series 2018A, 5.000%, 1/01/36 | | | |
| | Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Commons | | | |
| | Apartments, Series 2014A: | | | |
| 1,500 | 4.000%, 6/01/34 | 6/24 at 100.00 | A+ | 1,528,185 |
| 1,550 | 5.000%, 6/01/44 | 6/24 at 100.00 | A+ | 1,602,669 |
| 1,860 | Howard County Housing Commission, Maryland, Revenue Bonds, Gateway Village Apartments, | 6/26 at 100.00 | A+ | 1,880,088 |
| | Series 2016, 4.000%, 6/01/46 | | | |
| | Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills | | | |
| | Project, Series 2013: | | | |
| 2,000 | 4.625%, 10/01/28 | 10/23 at 100.00 | A+ | 2,040,100 |
| 3,000 | 5.000%, 10/01/28 | 10/23 at 100.00 | A+ | 3,077,640 |
| 1,000 | Howard County Housing Commission, Maryland, Revenue Bonds, Woodfield Oxford Square | 12/27 at 100.00 | A+ | 1,060,700 |
| | Apartments, Series 2017, 5.000%, 12/01/42 | | | |
| 1,290 | Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding | 4/27 at 100.00 | N/R | 1,142,140 |
| | Series 2016, 5.000%, 4/01/46 | | | |
33
| | |
| NAD | Nuveen Quality Municipal Income Fund |
| | Portfolio of Investments (continued) |
| | April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Maryland (continued) | | | |
| $ 1,710 | Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, | 4/27 at 100.00 | N/R | $ 1,608,511 |
| | Refunding Series 2017, 5.000%, 4/01/36 | | | |
| 1,420 | Howard County, Maryland, Special Obligation Bonds, Annapolis Junction Town Center | 2/24 at 100.00 | N/R | 1,432,695 |
| | Project, Series 2014, 6.100%, 2/15/44 | | | |
| | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, | | | |
| | Series 2017A: | | | |
| 1,500 | 4.125%, 2/15/34, 144A | 2/26 at 100.00 | N/R | 1,456,920 |
| 1,550 | 4.375%, 2/15/39, 144A | 2/26 at 100.00 | N/R | 1,507,654 |
| 850 | 4.500%, 2/15/47, 144A | 2/26 at 100.00 | N/R | 807,322 |
| | Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016: | | | |
| 2,125 | 5.000%, 7/01/31 | 7/25 at 100.00 | N/R | 2,124,936 |
| 1,640 | 5.000%, 7/01/34 | 7/25 at 100.00 | N/R | 1,610,103 |
| 1,220 | Maryland Community Development Administration Department of Housing and Community | 7/29 at 100.00 | AA+ | 965,044 |
| | Development, Housing Revenue Bonds, Series 2000A, 2.800%, 7/01/45 | | | |
| 1,195 | Maryland Community Development Administration Department of Housing and Community | 1/24 at 100.00 | AA+ | 1,204,464 |
| | Development, Housing Revenue Bonds, Series 2014D, 3.900%, 7/01/40 | | | |
| 680 | Maryland Community Development Administration Department of Housing and Community | 1/27 at 100.00 | AA+ | 663,496 |
| | Development, Housing Revenue Bonds, Series 2017C, 3.550%, 7/01/42 | | | |
| 700 | Maryland Community Development Administration Department of Housing and Community | 1/30 at 100.00 | AA+ | 499,156 |
| | Development, Housing Revenue Bonds, Series 2020E, 2.350%, 7/01/45 | | | |
| 1,445 | Maryland Community Development Administration Department of Housing and Community | 3/29 at 100.00 | Aa1 | 1,279,042 |
| | Development, Residential Revenue Bonds, Series 2019C, 3.000%, 3/01/42 | | | |
| 2,000 | Maryland Community Development Administration Department of Housing and Community | 9/29 at 100.00 | Aa1 | 1,546,560 |
| | Development, Residential Revenue Bonds, Series 2020D, 2.100%, 9/01/40 | | | |
| 2,570 | Maryland Community Development Administration Department of Housing and Community | 3/30 at 100.00 | Aa1 | 1,802,983 |
| | Development, Residential Revenue Bonds, Series 2021A, 2.000%, 9/01/43 | | | |
| 2,000 | Maryland Community Development Administration Department of Housing and Community | 7/29 at 100.00 | AA+ | 1,771,380 |
| | Development, Residential Revenue Bonds, Taxable Series 2019D, 3.350%, 7/01/49 | | | |
| 1,000 | Maryland Community Development Administration, Department of Housing and Community | 12/24 at 100.00 | Aaa | 1,008,360 |
| | Development, Multifamily Development Revenue Bonds, Marlborough Apartments, | | | |
| | Series 2014I, 3.450%, 12/15/31 | | | |
| 1,150 | Maryland Community Development Administration, Local Government Infrastructure Bonds, | 6/30 at 100.00 | Aa2 | 1,171,194 |
| | Senior Obligation Series 2020A-1, 4.000%, 6/01/40 | | | |
| 720 | Maryland Community Development Administration, Local Government Infrastructure Bonds, | 6/29 at 100.00 | Aa3 | 708,574 |
| | Subordinate Obligation Series 2019B-2, 4.000%, 6/01/49 | | | |
| 600 | Maryland Economic Development Corporation Economic Development Revenue Bonds, | 6/29 at 100.00 | Baa3 | 638,652 |
| | Terminal Project, Series 2019A, 5.000%, 6/01/49 (AMT) | | | |
| | Maryland Economic Development Corporation Economic Development Revenue Bonds, | | | |
| | Transportation Facilities Project, Refunding Series 2017A: | | | |
| 1,000 | 5.000%, 6/01/31 | 6/28 at 100.00 | Baa3 | 1,095,880 |
| 1,125 | 5.000%, 6/01/32 | 6/28 at 100.00 | Baa3 | 1,230,367 |
| 3,360 | 5.000%, 6/01/35 | 6/28 at 100.00 | Baa3 | 3,659,040 |
| 1,500 | Maryland Economic Development Corporation, Air Cargo Obligated Group Revenue Bonds, | 7/29 at 100.00 | BBB | 1,518,300 |
| | AFCO Airport Real Estate Group, Series 2019, 4.000%, 7/01/44 (AMT) | | | |
| | Maryland Economic Development Corporation, Parking Facilities Revenue Bonds Baltimore | | | |
| | City Project, Subordinate Parking Facilities Revenue Bonds, Series 2018C: | | | |
| 1,250 | 4.000%, 6/01/48 | 6/28 at 100.00 | BB– | 961,838 |
| 1,080 | 4.000%, 6/01/58 | 6/28 at 100.00 | BB– | 786,110 |
| 3,725 | Maryland Economic Development Corporation, Parking Facilities Revenue Bonds, Baltimore | 6/28 at 100.00 | BB | 3,540,165 |
| | City Project, Senior Parking Facilities Revenue Bonds, Series 2018A, 5.000%, 6/01/58 | | | |
| 5,810 | Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine | 5/22 at 100.00 | BB– | 5,822,782 |
| | Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 | | | |
| 2,000 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 5/22 at 100.00 | N/R | 1,200,000 |
| | Conference Center, Series 2006A, 2.500%, 12/01/31 (7) | | | |
34
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Maryland (continued) | | | |
| | Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson | | | |
| | University Project, Refunding Series 2017: | | | |
| $ 1,100 | 5.000%, 7/01/36 | 7/27 at 100.00 | BB+ | $ 1,117,413 |
| 470 | 5.000%, 7/01/37 | 5/22 at 100.00 | BB+ | 470,212 |
| | Maryland Economic Development Corporation, Special Obligation Bonds, Metro Centre Owings | | | |
| | Mills Project, Series 2017: | | | |
| 585 | 4.375%, 7/01/36 | 1/27 at 100.00 | N/R | 584,234 |
| 355 | 4.500%, 7/01/44 | 1/27 at 100.00 | N/R | 350,648 |
| | Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury | | | |
| | University Project, Refunding Series 2013: | | | |
| 500 | 5.000%, 6/01/27 | 6/23 at 100.00 | Baa3 | 509,125 |
| 500 | 5.000%, 6/01/34 | 6/23 at 100.00 | Baa3 | 506,260 |
| 1,510 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard | 7/22 at 100.00 | BBB– | 1,513,216 |
| | Pratt University Village, Series 2012, 5.000%, 7/01/33 | | | |
| 495 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of | 7/25 at 100.00 | BB+ | 506,430 |
| | Maryland – Baltimore Project, Refunding Senior Lien Series 2015, 5.000%, 7/01/39 | | | |
| 1,110 | Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of | 5/22 at 100.00 | AA | 1,110,511 |
| | Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35 – AGM Insured | | | |
| | Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of | | | |
| | Maryland, College Park Project, Refunding Series 2016: | | | |
| 875 | 5.000%, 6/01/30 – AGM Insured | 6/26 at 100.00 | AA | 949,034 |
| 240 | 5.000%, 6/01/31 – AGM Insured | 6/26 at 100.00 | AA | 260,417 |
| 2,405 | 5.000%, 6/01/35 – AGM Insured | 6/26 at 100.00 | AA | 2,599,973 |
| 780 | 5.000%, 6/01/43 – AGM Insured | 6/26 at 100.00 | AA | 837,408 |
| 865 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Stevenson | 6/31 at 100.00 | BBB– | 838,669 |
| | University, Series 2021A, 4.000%, 6/01/41 | | | |
| | Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue | | | |
| | Bonds, Meritus Medical Center, Series 2015: | | | |
| 990 | 4.000%, 7/01/32 | 7/25 at 100.00 | A– | 1,019,621 |
| 2,470 | 4.250%, 7/01/35 | 7/25 at 100.00 | A– | 2,564,700 |
| 1,740 | 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 1,833,751 |
| | Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue | | | |
| | Bonds, Johns Hopkins Hospital, Series 2001: | | | |
| 1,300 | 5.000%, 7/01/27 – AMBAC Insured | 5/22 at 100.00 | N/R | 1,309,828 |
| 1,000 | 5.000%, 7/01/34 – AMBAC Insured | 5/22 at 100.00 | N/R | 1,007,550 |
| 330 | Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue | 5/22 at 100.00 | N/R | 332,495 |
| | Bonds, Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors | | | |
| | Community Hospital, Series 2017B: | | | |
| 250 | 5.000%, 7/01/34 | 7/27 at 100.00 | Baa3 | 262,725 |
| 4,820 | 5.000%, 7/01/38 | 7/27 at 100.00 | Baa3 | 5,048,082 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy | | | |
| | Medical Center, Series 2016A: | | | |
| 90 | 5.000%, 7/01/36 | 7/26 at 100.00 | BBB+ | 95,700 |
| 1,450 | 5.000%, 7/01/38 | 7/26 at 100.00 | BBB+ | 1,539,494 |
| 600 | 4.000%, 7/01/42 | 7/26 at 100.00 | BBB+ | 601,296 |
| 1,540 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/32 at 100.00 | Baa3 | 1,656,316 |
| | Healthcare Inc., Series 2021, 5.000%, 1/01/36 | | | |
| 4,020 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/27 at 100.00 | Baa3 | 4,332,073 |
| | Healthcare, Series 2016A, 5.500%, 1/01/46 | | | |
| 1,355 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel | 7/22 at 100.00 | A (4) | 1,362,981 |
| | Health System Issue, Series 2012, 5.000%, 7/01/24 (Pre-refunded 7/01/22) | | | |
| 2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert | 7/23 at 100.00 | A3 (4) | 2,066,160 |
| | Health System Issue, Refunding Series 2013, 5.000%, 7/01/38 (Pre-refunded 7/01/23) | | | |
35
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Maryland (continued) | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll | | | |
| | Hospital Center, Series 2012A: | | | |
| $ 1,000 | 4.000%, 7/01/30 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A1 (4) | $ 1,004,370 |
| 1,775 | 5.000%, 7/01/37 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A1 (4) | 1,785,597 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown | | | |
| | Community Issue, Series 2016A: | | | |
| 2,125 | 5.000%, 1/01/36 | 7/26 at 100.00 | A– | 2,284,226 |
| 4,090 | 5.000%, 1/01/45 | 7/26 at 100.00 | A– | 4,352,701 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick | | | |
| | Health System Issue; Series 2020: | | | |
| 1,000 | 3.250%, 7/01/39 | 7/30 at 100.00 | A– | 898,640 |
| 100 | 4.000%, 7/01/40 | 7/30 at 100.00 | A– | 99,571 |
| 280 | 4.000%, 7/01/45 | 7/30 at 100.00 | A– | 274,884 |
| 1,240 | 4.000%, 7/01/50 | 7/30 at 100.00 | A– | 1,202,044 |
| 4,335 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick | 7/22 at 100.00 | A– (4) | 4,354,638 |
| | Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32 (Pre-refunded 7/01/22) | | | |
| 700 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher | 7/22 at 100.00 | BBB+ | 702,800 |
| | College, Series 2012A, 5.000%, 7/01/34 | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher | | | |
| | College, Series 2017A: | | | |
| 1,100 | 5.000%, 7/01/37 | 7/27 at 100.00 | BBB+ | 1,172,908 |
| 1,200 | 5.000%, 7/01/44 | 7/27 at 100.00 | BBB+ | 1,268,400 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street | | | |
| | Academy, Series 2017A: | | | |
| 265 | 5.125%, 7/01/37, 144A | 7/27 at 100.00 | N/R | 267,311 |
| 500 | 5.250%, 7/01/47, 144A | 7/27 at 100.00 | N/R | 499,265 |
| 2,405 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix | 8/21 at 100.00 | N/R (4) | 2,564,572 |
| | Health, Series 1997, 5.000%, 7/01/27 – AMBAC Insured (ETM) | | | |
| 2,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns | 5/25 at 100.00 | Aa2 | 2,479,900 |
| | Hopkins Health System Issue, Series 2015A, 4.000%, 5/15/40 | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns | | | |
| | Hopkins University, Series 2012A: | | | |
| 1,145 | 5.000%, 7/01/30 (Pre-refunded 7/01/22) | 7/22 at 100.00 | AA (4) | 1,151,927 |
| 1,050 | 5.000%, 7/01/37 (Pre-refunded 7/01/22) | 7/22 at 100.00 | AA (4) | 1,056,353 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns | | | |
| | Hopkins University, Series 2013B: | | | |
| 500 | 5.000%, 7/01/38 | 7/23 at 100.00 | AA+ | 515,025 |
| 4,375 | 4.250%, 7/01/41 | 7/23 at 100.00 | AA+ | 4,409,125 |
| 2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge | 7/26 at 100.00 | A+ | 2,115,120 |
| | Health Issue, Series 2016, 5.000%, 7/01/47 | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge | | | |
| | Health Issue, Series 2017: | | | |
| 1,000 | 5.000%, 7/01/33 | 7/27 at 100.00 | A+ | 1,085,980 |
| 2,500 | 4.000%, 7/01/42 | 7/27 at 100.00 | A+ | 2,507,750 |
| 1,000 | 5.000%, 7/01/44 | 7/27 at 100.00 | A+ | 1,071,220 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge | | | |
| | Health System, Series 2015: | | | |
| 1,500 | 4.000%, 7/01/35 (Pre-refunded 7/01/25) | 7/25 at 100.00 | A+ (4) | 1,568,130 |
| 1,125 | 5.000%, 7/01/40 (Pre-refunded 7/01/25) | 7/25 at 100.00 | A+ (4) | 1,210,072 |
| 2,975 | 4.125%, 7/01/47 | 7/25 at 100.00 | A+ | 2,930,970 |
| 1,250 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola | 10/22 at 100.00 | A (4) | 1,268,087 |
| | University Maryland, Series 2012A, 5.000%, 10/01/39 (Pre-refunded 10/01/22) | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola | | | |
| | University Maryland, Series 2014: | | | |
| 1,000 | 4.000%, 10/01/45 | 10/24 at 100.00 | A | 1,027,460 |
| 1,250 | 5.000%, 10/01/45 | 10/24 at 100.00 | A | 1,307,312 |
36
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Maryland (continued) | | | |
| $ 1,210 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola | 10/29 at 100.00 | A | $ 1,332,742 |
| | University Maryland, Series 2019A, 5.000%, 10/01/49 | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland | | | |
| | Institute College of Art, Series 2012: | | | |
| 1,500 | 5.000%, 6/01/34 | 6/22 at 100.00 | Baa1 | 1,502,910 |
| 3,000 | 5.000%, 6/01/47 | 6/22 at 100.00 | Baa1 | 3,005,070 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland | | | |
| | Institute College of Art, Series 2016: | | | |
| 175 | 5.000%, 6/01/36 | 6/26 at 100.00 | Baa1 | 185,547 |
| 2,500 | 4.000%, 6/01/42 | 6/26 at 100.00 | Baa1 | 2,524,125 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland | | | |
| | Institute College of Art, Series 2017: | | | |
| 525 | 5.000%, 6/01/35 | 6/26 at 100.00 | Baa1 | 557,172 |
| 1,000 | 5.000%, 6/01/42 | 6/26 at 100.00 | Baa1 | 1,052,940 |
| 2,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar | 2/25 at 100.00 | A | 2,650,725 |
| | Health Issue, Series 2015, 5.000%, 8/15/38 | | | |
| 6,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar | 5/27 at 100.00 | A | 6,609,960 |
| | Health Issue, Series 2017A, 5.000%, 5/15/42 | | | |
| 2,850 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy | 7/22 at 100.00 | BBB+ | 2,862,255 |
| | Medical Center, Series 2011, 5.000%, 7/01/31 | | | |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula | | | |
| | Regional Medical Center Issue, Refunding Series 2015: | | | |
| 2,790 | 5.000%, 7/01/39 (Pre-refunded 7/01/24) | 7/24 at 100.00 | A (4) | 2,937,061 |
| 5,500 | 5.000%, 7/01/45 (Pre-refunded 7/01/24) | 7/24 at 100.00 | A (4) | 5,789,905 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity | | | |
| | Health Credit Group, Series 2017MD: | | | |
| 1,000 | 5.000%, 12/01/46 (UB) (5) | 6/27 at 100.00 | AA– | 1,076,300 |
| 3,260 | 5.000%, 12/01/46 (UB) (5) | 6/27 at 100.00 | AA– | 3,508,738 |
| | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | | | |
| | of Maryland Medical System Issue, Series 2013A: | | | |
| 4,665 | 4.000%, 7/01/43 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A (4) | 4,685,759 |
| 11,500 | 5.000%, 7/01/43 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A (4) | 11,569,575 |
| 1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 7/25 at 100.00 | A | 1,061,210 |
| | of Maryland Medical System Issue, Series 2015, 5.000%, 7/01/35 | | | |
| 5,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 7/27 at 100.00 | A | 6,008,530 |
| | of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/39 | | | |
| 2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 1/28 at 100.00 | A | 1,949,880 |
| | of Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 | | | |
| 2,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 4/30 at 100.00 | A | 2,448,075 |
| | of Pittsburgh Medical Center, Series 2020B, 4.000%, 4/15/50 | | | |
| 12,250 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western | 7/24 at 100.00 | N/R (4) | 12,972,995 |
| | Maryland Health, Series 2014, 5.250%, 7/01/34 (Pre-refunded 7/01/24) | | | |
| 2,000 | Maryland Stadium Authority, Lease Revenue Bonds, Built To Learn, Series 2022A, | 6/32 at 100.00 | N/R | 1,977,840 |
| | 4.000%, 6/01/47 | | | |
| | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & | | | |
| | Revitalization Program, Series 2016: | | | |
| 4,395 | 5.000%, 5/01/33 | 5/26 at 100.00 | AA | 4,769,102 |
| 3,650 | 5.000%, 5/01/35 (Pre-refunded 5/01/26) | 5/26 at 100.00 | AA (4) | 3,997,589 |
| 5,100 | 5.000%, 5/01/46 (Pre-refunded 5/01/26) (UB) (5) | 5/26 at 100.00 | AA (4) | 5,585,673 |
| | Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction & | | | |
| | Revitalization Program, Series 2018A: | | | |
| 2,000 | 5.000%, 5/01/35 | 5/28 at 100.00 | AA | 2,220,660 |
| 2,000 | 5.000%, 5/01/36 (UB) (5) | 5/28 at 100.00 | AA | 2,218,860 |
| 6,250 | 5.000%, 5/01/42 (5) | 5/28 at 100.00 | AA | 6,862,062 |
37
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Maryland (continued) | | | |
| $ 3,000 | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, | 7/30 at 100.00 | Aa2 | $ 3,060,630 |
| | Series 2020, 4.000%, 7/01/39 | | | |
| 1,250 | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, | 7/31 at 100.00 | Aa2 | 1,395,675 |
| | Series 2021A, 5.000%, 7/01/46 | | | |
| 1,500 | Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing | 7/24 at 100.00 | Aaa | 1,506,570 |
| | Development Bonds, Series 2014A, 3.875%, 7/01/39 | | | |
| | Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015: | | | |
| 6,000 | 4.000%, 12/01/44 | 6/25 at 100.00 | AA– | 5,918,100 |
| 2,000 | 5.000%, 12/01/44 (5) | 6/25 at 100.00 | AA– | 2,110,540 |
| 625 | Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees | 7/22 at 100.00 | A+ (4) | 628,731 |
| | and Auxiliary Facilities, Refunding Series 2012, 5.000%, 7/01/29 (Pre-refunded 7/01/22) | | | |
| 320 | Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, | 1/26 at 100.00 | N/R | 329,021 |
| | Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A | | | |
| 4,500 | Prince George’s County, Maryland, Certificates of Participation, University of Maryland | 10/28 at 100.00 | AA+ | 5,005,845 |
| | Capital Region Medical Center, Series 2018, 5.000%, 10/01/43 (UB) (5) | | | |
| | Prince George’s County, Maryland, General Obligation Consolidated Public Improvement | | | |
| | Bonds, Series 2014A: | | | |
| 3,000 | 4.000%, 9/01/30 | 9/24 at 100.00 | AAA | 3,084,420 |
| 3,000 | 4.000%, 9/01/31 | 9/24 at 100.00 | AAA | 3,071,250 |
| 1,050 | Prince George’s County, Maryland, Revenue Bonds, Collington Episcopal Life Care | 4/27 at 100.00 | N/R | 1,015,455 |
| | Community Inc., Series 2017, 5.250%, 4/01/37 | | | |
| 5,147 | Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, | 5/22 at 100.00 | N/R | 5,181,485 |
| | Series 2005, 5.200%, 7/01/34 | | | |
| | Prince George’s County, Maryland, Special Obligation Bonds, Westphalia Town Center | | | |
| | Project, Series 2018: | | | |
| 1,300 | 5.125%, 7/01/39, 144A | 7/28 at 100.00 | N/R | 1,320,826 |
| 2,200 | 5.250%, 7/01/48, 144A | 7/28 at 100.00 | N/R | 2,233,704 |
| 2,099 | Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, | 5/22 at 100.00 | N/R | 2,103,534 |
| | Series 2005, 5.250%, 7/01/35 | | | |
| 1,340 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside | 11/24 at 103.00 | B– | 1,356,670 |
| | King Farm Project, Refunding Series 2017, 5.000%, 11/01/35 | | | |
| 795 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside | 11/24 at 103.00 | B– | 811,441 |
| | King Farm Project, Refunding Series 2017A-2, 5.000%, 11/01/31 | | | |
| | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside | | | |
| | King Farm Project, Series 2017A-1: | | | |
| 1,070 | 5.000%, 11/01/28 | 11/24 at 103.00 | B– | 1,106,829 |
| 1,000 | 5.000%, 11/01/37 | 11/24 at 103.00 | B– | 1,009,550 |
| | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: | | | |
| 500 | 5.000%, 11/01/42 | 11/24 at 103.00 | B– | 500,710 |
| 1,000 | 5.000%, 11/01/47 | 11/24 at 103.00 | B– | 988,630 |
| | Washington County County Commissioners, Maryland, Revenue Bonds, Diakon Lutheran Social | | | |
| | Ministries Project, Series 2019B: | | | |
| 1,000 | 5.000%, 1/01/29 | No Opt. Call | BBB+ | 1,109,070 |
| 500 | 5.000%, 1/01/32 | 1/29 at 100.00 | BBB+ | 546,680 |
| 2,000 | Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, | 6/26 at 100.00 | AAA | 2,176,620 |
| | Maryland, General Obligation Bonds, Consolidated Public Improvement, Second | | | |
| | Series 2016, 5.000%, 6/01/35 | | | |
| 2,500 | Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, | No Opt. Call | AAA | 2,696,025 |
| | General Obligation Bonds, Consolidated Public Improvement, Series 2017, 5.000%, 6/15/25 | | | |
| 2,500 | Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, | 6/28 at 100.00 | AAA | 2,580,275 |
| | Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2018, | | | |
| | 4.000%, 6/01/39 | | | |
| 358,479 | Total Maryland | | | 366,515,197 |
38
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Massachusetts – 1.0% (0.6% of Total Investments) | | | |
| $ 5,000 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series | 7/31 at 100.00 | AA | $ 4,904,400 |
| | 2021A-1, 4.000%, 7/01/51 | | | |
| 650 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare | 5/22 at 100.00 | N/R | 273,000 |
| | Project, Series 2007A, 0.000%, 10/15/37 (7) | | | |
| 815 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare | 5/22 at 100.00 | N/R | 326,000 |
| | Project, Series 2010, 0.000%, 10/15/37 (7) | | | |
| | Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, Series 2019A: | | | |
| 275 | 5.000%, 6/01/39 | 6/29 at 100.00 | BBB | 300,652 |
| 270 | 4.000%, 6/01/49 | 6/29 at 100.00 | BBB | 267,462 |
| 825 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 860,351 |
| | 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– | 3,786,545 |
| | 2016BB-1, 5.000%, 10/01/46 | | | |
| | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender | | | |
| | Option Bond Trust 2016-XG0070: | | | |
| 930 | 16.847%, 10/01/48, 144A (IF) (5) | 10/23 at 100.00 | AA– | 1,050,547 |
| 505 | 16.944%, 10/01/48, 144A (IF) (5) | 10/23 at 100.00 | AA– | 570,539 |
| 3,200 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, | 1/25 at 100.00 | BBB+ | 3,255,808 |
| | 4.500%, 1/01/45 | | | |
| 1,220 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series | 1/23 at 100.00 | BBB | 1,246,108 |
| | 2013A, 5.125%, 1/01/25 | | | |
| 2,300 | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, | 11/23 at 100.00 | A | 2,367,896 |
| | 5.000%, 11/01/43 | | | |
| 1,500 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, | 7/26 at 100.00 | A– | 1,526,190 |
| | 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 | 1,200,166 |
| 1,280 | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,335,539 |
| 5,930 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | AAA (4) | 6,111,221 |
| | 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 | A+ | 1,055,802 |
| | Series 1997A, 0.000%, 1/01/24 – NPFG Insured | | | |
| 30,445 | Total Massachusetts | | | 30,438,226 |
| | Michigan – 3.3% (2.0% of Total Investments) | | | |
| 3,535 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | AA– (4) | 3,557,836 |
| | Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22) | | | |
| 1,000 | Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – | 3/28 at 100.00 | AA | 1,027,550 |
| | AGM Insured | | | |
| 6,910 | Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan, General Obligation | 5/30 at 100.00 | AA | 6,727,922 |
| | Bonds, School Building & Site Series 2020-I, 4.000%, 5/01/47 | | | |
| 2,000 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2021A, | 7/31 at 100.00 | AA– | 2,234,480 |
| | 5.000%, 7/01/51 | | | |
| | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of | | | |
| | Wayne, Second Lien Refunding Series 2020: | | | |
| 11,000 | 4.000%, 11/01/50 | 11/30 at 100.00 | AA | 10,697,390 |
| 5,375 | 4.000%, 11/01/55 | 11/30 at 100.00 | AA | 5,248,688 |
| 10,005 | 4.000%, 11/01/55 | 11/30 at 100.00 | Aa3 | 9,681,638 |
| 5,000 | Michigan Finance Authority, Hospital Revenue Bonds, McLaren Health Care, Refunding | 8/29 at 100.00 | AA– | 4,898,950 |
| | Series 2019A, 4.000%, 2/15/47 | | | |
| 1,500 | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series | 11/22 at 100.00 | A | 1,520,205 |
| | 2012, 5.000%, 11/15/42 | | | |
39
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| $ 405 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | AA | $ 423,124 |
| | 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 | AA | 2,814,977 |
| | 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 | A+ | 1,044,960 |
| | Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – | | | |
| | NPFG Insured | | | |
| 1,105 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 12/29 at 100.00 | AA– | 1,080,138 |
| | 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) | 2,507,475 |
| 3,670 | 5.000%, 12/01/32 (Pre-refunded 6/01/22) | 6/22 at 100.00 | AA– (4) | 3,680,973 |
| 2,000 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, | 10/22 at 100.00 | AAA | 2,028,940 |
| | 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 | 4,737,600 |
| | 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 | AA+ | 4,866,600 |
| | Group, Refunding & Project Series 2010F-6, 4.000%, 11/15/47 | | | |
| 10,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/25 at 100.00 | Aa2 | 10,726,000 |
| | 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) | 5,215,340 |
| | Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22) | | | |
| 8,390 | Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2021A, | 11/31 at 100.00 | AA+ | 8,630,457 |
| | 4.000%, 11/15/46 | | | |
| 3,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/22 at 100.00 | A1 | 3,038,190 |
| | 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 | A1 | 1,399,770 |
| 1,200 | 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | 1,265,640 |
| | 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 | A1 | 1,426,383 |
| 3,140 | 5.000%, 12/01/47 (AMT) | 12/27 at 100.00 | A1 | 3,295,367 |
| 1,120 | Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/36 | 11/25 at 100.00 | Aa3 | 1,204,997 |
| 103,855 | Total Michigan | | | 104,981,590 |
| | Minnesota – 1.9% (1.1% of Total Investments) | | | |
| 310 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory | 8/26 at 100.00 | BB+ | 283,740 |
| | 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 | 2,073,220 |
| | Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 | | | |
| 150 | Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin | 1/30 at 100.00 | AA | 137,964 |
| | Cities Transmission Project, Refunding Series 2021, 3.000%, 1/01/38 – AGM Insured | | | |
| 500 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, | 7/25 at 100.00 | BB+ | 457,740 |
| | 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– | 6,066,000 |
| | Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/53 | | | |
| 235 | Independence, Minnesota, Charter School Lease Revenue Bonds, Paladin Career & Technical | 6/29 at 102.00 | N/R | 193,748 |
| | High School Project, Series 2021A, 4.000%, 6/01/41 | | | |
40
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Minnesota (continued) | | | |
| $ 3,010 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | AAA | $ 3,110,805 |
| | 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+ | 1,319,029 |
| 3,500 | 5.000%, 1/01/44 (AMT) | 7/29 at 100.00 | A+ | 3,684,030 |
| 4,000 | 5.000%, 1/01/49 (AMT) | 7/29 at 100.00 | A+ | 4,183,960 |
| 2,295 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/27 at 100.00 | AA– | 2,447,732 |
| | 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+ | 497,053 |
| 450 | 5.000%, 1/01/35 (AMT) | 1/27 at 100.00 | A+ | 474,417 |
| 580 | 5.000%, 1/01/37 (AMT) | 1/27 at 100.00 | A+ | 610,433 |
| 750 | 5.000%, 1/01/41 (AMT) | 1/27 at 100.00 | A+ | 786,308 |
| | 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 | 1,488,587 |
| 1,700 | 4.000%, 3/01/47 | 3/27 at 100.00 | Aa2 | 1,709,520 |
| 2,150 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, | 3/27 at 100.00 | Aa3 | 2,136,950 |
| | Refunding Series 2017, 4.000%, 3/01/48 | | | |
| 270 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | 8/31 at 100.00 | AA+ | 250,719 |
| | Series 2021A, 3.000%, 8/01/36 | | | |
| 770 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | 8/31 at 100.00 | AA+ | 723,199 |
| | Series 2021B, 3.000%, 8/01/36 | | | |
| 910 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, | 5/28 at 100.00 | AA | 910,091 |
| | 4.000%, 11/15/48 | | | |
| 1,520 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 12/24 at 100.00 | BBB– | 1,549,519 |
| | Bonds, Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50 | | | |
| 4,280 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/30 at 100.00 | BB+ | 4,252,180 |
| | Bonds, Hmong College Prep Academy Project, Refunding Series 2020A, 5.000%, 9/01/55 | | | |
| | 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+ | 2,304,776 |
| 5,000 | 5.750%, 9/01/46 | 9/26 at 100.00 | BB+ | 5,232,900 |
| | 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 | 501,195 |
| 1,000 | 5.125%, 5/01/48 | 5/23 at 100.00 | N/R | 989,370 |
| 2,245 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, | 11/27 at 100.00 | A+ | 2,392,115 |
| | 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) | 812,760 |
| | 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 | 2,008,940 |
| | 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 | 4,046,439 |
| | 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, | 1/24 at 100.00 | Aa3 (4) | 2,088,660 |
| | Series 2014A, 5.000%, 1/01/46 (Pre-refunded 1/01/24) | | | |
| 57,725 | Total Minnesota | | | 59,724,099 |
41
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Mississippi – 0.7% (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+ | $ 7,886,700 |
| 15,500 | 5.000%, 9/01/46 | 9/26 at 100.00 | BBB+ | 16,114,885 |
| 23,000 | Total Mississippi | | | 24,001,585 |
| | Missouri – 5.1% (3.1% of Total Investments) | | | |
| 1,000 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series | 8/26 at 100.00 | BBB– | 1,064,720 |
| | 2016, 5.000%, 8/01/28 | | | |
| 2,010 | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The | 5/25 at 100.00 | N/R | 1,778,408 |
| | 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+ | 512,260 |
| | 4.000%, 11/01/33 | | | |
| | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation | | | |
| | Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B: | | | |
| 3,000 | 5.000%, 3/01/36 (AMT) | 3/29 at 100.00 | N/R | 3,210,900 |
| 2,200 | 5.000%, 3/01/46 (AMT) | 3/29 at 100.00 | A2 | 2,319,240 |
| 22,000 | 5.000%, 3/01/54 (AMT) | 3/29 at 100.00 | A2 | 22,967,340 |
| 4,000 | Kansas City Industrial Development Authority, Missouri, Airport Special Obligation | 3/30 at 100.00 | AA | 4,233,200 |
| | 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 | 365,120 |
| | Parkway Center Community Improvement District, Senior Refunding & Improvement | | | |
| | Series 2016, 5.000%, 4/01/46, 144A | | | |
| | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, | | | |
| | Improvement Series 2004B-1: | | | |
| 7,000 | 0.000%, 4/15/27 – AMBAC Insured | No Opt. Call | AA– | 6,113,730 |
| 5,000 | 0.000%, 4/15/28 – AMBAC Insured | No Opt. Call | AA– | 4,216,800 |
| 5,000 | 0.000%, 4/15/29 – AMBAC Insured | No Opt. Call | AA– | 4,068,850 |
| 4,470 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, | 1/28 at 100.00 | AA | 4,599,451 |
| | 4.000%, 1/01/42 | | | |
| 1,000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union | 6/27 at 102.00 | A | 917,610 |
| | 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+ | 1,078,060 |
| | 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+ | 3,889,840 |
| | 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 | 3,181,086 |
| | 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+ | 1,306,834 |
| | 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 | 1,079,819 |
| 11,090 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 11,435,897 |
| | 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+ | 5,413,500 |
| 10,000 | 4.000%, 11/15/47 | 11/27 at 100.00 | A+ | 9,856,900 |
| 3,000 | 5.000%, 11/15/47 | 11/27 at 100.00 | A+ | 3,227,670 |
| 8,750 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/30 at 100.00 | A+ | 8,521,538 |
| | Mercy Health, Series 2020, 4.000%, 6/01/53 | | | |
42
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Missouri (continued) | | | |
| | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | | | |
| | Mosaic Health System, Series 2019A: | | | |
| $ 1,800 | 4.000%, 2/15/44 | 2/29 at 100.00 | AA– | $ 1,755,630 |
| 10,995 | 4.000%, 2/15/54 | 2/29 at 100.00 | AA– | 10,298,797 |
| | 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 | AA– | 1,953,120 |
| 3,500 | 5.000%, 6/01/48 | 6/28 at 100.00 | AA– | 3,765,685 |
| | 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+ | 1,234,375 |
| 16,690 | 4.000%, 5/15/48 | 5/25 at 102.00 | A+ | 16,325,323 |
| 7,925 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/26 at 100.00 | BBB | 8,125,423 |
| | 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 | 3,455,227 |
| | Services Projects, Series 2016B, 5.000%, 2/01/46 | | | |
| 400 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville | 6/22 at 100.00 | BBB+ | 401,064 |
| | 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 | AA– | 744,169 |
| 3,510 | 5.000%, 10/01/42 | 4/27 at 100.00 | AA– | 3,814,563 |
| 2,000 | Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, | 6/27 at 100.00 | A2 | 2,161,340 |
| | MoPEP Facilities, Series 2018, 5.000%, 12/01/43 | | | |
| 1,000 | North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, | 5/22 at 100.00 | N/R | 1,000,160 |
| | Series 2006, 5.000%, 1/01/37 | | | |
| 575 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/22 at 100.00 | N/R (4) | 581,676 |
| | Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) | | | |
| 375 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 382,661 |
| | 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+ | 1,012,580 |
| | 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 | A2 | 491,441 |
| | Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (AMT) | | | |
| 163,410 | Total Missouri | | | 162,862,007 |
| | Montana – 0.2% (0.1% of Total Investments) | | | |
| 2,090 | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell | 7/28 at 100.00 | BBB | 2,227,041 |
| | Regional Medical Center, Series 2018B, 5.000%, 7/01/43 | | | |
| 3,315 | Montana Facility Finance Authority, Montana, Health Facilities Reveue Bonds, Bozeman | 6/28 at 100.00 | A | 3,561,006 |
| | Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 | | | |
| 5,405 | Total Montana | | | 5,788,047 |
| | Nebraska – 0.3% (0.2% of Total Investments) | | | |
| 2,300 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, | 9/22 at 100.00 | A2 | 2,322,655 |
| | 5.000%, 9/01/32 | | | |
| 2,045 | District Energy Corporation, Nebraska, Facility Revenue Bonds, NSP System Series 2021, | 7/31 at 100.00 | AA+ | 2,096,554 |
| | 4.000%, 7/01/45 | | | |
| | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, | | | |
| | Children’s Hospital Obligated Group, Refunding Series 2020A: | | | |
| 1,450 | 4.000%, 11/15/39 | 11/30 at 100.00 | AA– | 1,455,177 |
| 1,000 | 4.000%, 11/15/50 | 11/30 at 100.00 | AA– | 983,960 |
43
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Nebraska (continued) | | | |
| | 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 | $ 1,680,715 |
| 1,000 | 5.000%, 11/01/45 | 11/25 at 100.00 | A | 1,048,260 |
| 9,430 | Total Nebraska | | | 9,587,321 |
| | Nevada – 0.7% (0.4% 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 | Aa1 | 9,512,190 |
| 5,000 | 5.000%, 6/01/39 | 12/24 at 100.00 | Aa1 | 5,265,400 |
| 2,600 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, | 6/22 at 100.00 | Aa1 | 2,607,670 |
| | 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– | 2,438,640 |
| 2,000 | 4.000%, 7/01/47 | 7/27 at 100.00 | AA– | 1,993,380 |
| 21,000 | Total Nevada | | | 21,817,280 |
| | New Hampshire – 0.7% (0.4% of Total Investments) | | | |
| 10,000 | National Finance Authority, New Hampshire, Hospital Facilities Revenue Bonds, Saint | 5/31 at 100.00 | AA | 9,876,600 |
| | Elizabeth Medical Center, Inc., Series 2021A, 4.000%, 5/01/51 | | | |
| 3,500 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical | 7/22 at 100.00 | BBB+ | 3,500,420 |
| | 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 | 4,443,480 |
| | 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 | 5,780,750 |
| | Dartmouth-Hitchcock Obligated Group, Series 2020A, 5.000%, 8/01/59 | | | |
| 22,500 | Total New Hampshire | | | 23,601,250 |
| | New Jersey – 4.7% (2.9% of Total Investments) | | | |
| 905 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue | 2/23 at 100.00 | BBB+ | 924,910 |
| | Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | | | |
| 5,000 | New Jersey Economic Development Authority, New Jersey, Transit Transportation Project | 11/29 at 100.00 | Baa1 | 5,301,600 |
| | 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 | AA | 2,027,801 |
| 1,865 | 5.125%, 1/01/39 – AGM Insured (AMT) | 1/24 at 100.00 | AA | 1,920,409 |
| 1,585 | 5.125%, 7/01/42 – AGM Insured (AMT) | 1/24 at 100.00 | AA | 1,630,268 |
| 6,030 | New Jersey Economic Development Authority, Revenue Bonds, New Jersey Transit Corporation | No Opt. Call | Baa1 | 6,437,688 |
| | Projects Sublease, Refunding Series 2017B, 5.000%, 11/01/25 | | | |
| 2,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 12/26 at 100.00 | Baa1 (4) | 2,258,820 |
| | Refunding Series 2016BBB, 5.500%, 6/15/31 (Pre-refunded 12/15/26) | | | |
| 6,770 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | No Opt. Call | Baa1 | 7,558,096 |
| | 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 | Baa1 (4) | 2,977,296 |
| | 2014UU, 5.000%, 6/15/30 (Pre-refunded 6/15/24) | | | |
| 2,595 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social | 12/30 at 100.00 | Baa1 | 2,451,548 |
| | Series 2021QQQ, 4.000%, 6/15/46 | | | |
| 1,480 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 5/22 at 100.00 | BB+ | 1,482,916 |
| | 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 | AA– | 8,959,787 |
| | Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | | | |
| 1,235 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | 7/25 at 100.00 | AA | 1,287,932 |
| | Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | | | |
44
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New Jersey (continued) | | | |
| | 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 | A+ | $ 2,177,439 |
| 3,340 | 5.000%, 6/15/29 | 6/26 at 100.00 | A+ | 3,586,525 |
| 1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | Baa1 | 847,540 |
| | 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 | Baa1 | 16,614,259 |
| 10,000 | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | AA | 6,640,200 |
| 20,000 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | AA | 12,683,600 |
| 25,000 | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | Baa1 | 14,070,000 |
| 30,000 | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | Baa1 | 16,053,300 |
| 2,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | Baa1 | 1,287,220 |
| | 2009A, 0.000%, 12/15/32 | | | |
| 1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/22 at 100.00 | Baa1 (4) | 1,004,370 |
| | 2012A, 5.000%, 6/15/42 (Pre-refunded 6/15/22) | | | |
| | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, | | | |
| | Series 2015AA: | | | |
| 1,690 | 5.250%, 6/15/33 | 6/25 at 100.00 | Baa1 | 1,790,420 |
| 2,840 | 5.000%, 6/15/45 | 6/25 at 100.00 | Baa1 | 2,944,626 |
| 2,800 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | Baa1 | 2,990,064 |
| | 2018A, 5.000%, 12/15/36 | | | |
| 665 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/29 at 100.00 | Baa1 | 646,905 |
| | 2019A, 4.000%, 12/15/39 | | | |
| 8,375 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/30 at 100.00 | Baa1 | 7,956,585 |
| | 2020AA, 4.000%, 6/15/45 | | | |
| 2,460 | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 | 1/28 at 100.00 | A+ | 2,541,746 |
| | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: | | | |
| 489 | 17.437%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) (5) | 7/22 at 100.00 | A+ | 500,722 |
| 826 | 17.437%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) (5) | 7/22 at 100.00 | N/R | 846,075 |
| 570 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, | 5/23 at 100.00 | Aa3 (4) | 586,775 |
| | 5/01/43 (Pre-refunded 5/01/23) | | | |
| 3,905 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | BBB+ | 4,203,420 |
| | Series 2020A, 5.000%, 11/01/45 | | | |
| | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | | | |
| | Bonds, Series 2018A: | | | |
| 3,215 | 5.000%, 6/01/36 | 6/28 at 100.00 | A– | 3,426,965 |
| 1,405 | 5.000%, 6/01/46 | 6/28 at 100.00 | BBB+ | 1,476,725 |
| 380 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 396,766 |
| | Bonds, Series 2018B, 5.000%, 6/01/46 | | | |
| 187,770 | Total New Jersey | | | 150,491,318 |
| | New Mexico – 0.4% (0.3% of Total Investments) | | | |
| 3,370 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 11/27 at 100.00 | AA | 3,690,015 |
| | 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 | AA | 1,762,016 |
| 4,760 | 4.000%, 8/01/48 | 8/29 at 100.00 | AA | 4,760,428 |
| 3,455 | Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, | No Opt. Call | AA | 3,744,702 |
| | Series 1997, 6.000%, 2/01/27 – AGM Insured | | | |
| 13,160 | Total New Mexico | | | 13,957,161 |
45
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York – 9.7% (5.9% of Total Investments) | | | |
| $ 6,600 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue | No Opt. Call | Ba1 | $ 2,373,624 |
| | 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 | 501,853 |
| | 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– | 3,189,063 |
| | 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– | 1,686,703 |
| 3,195 | 5.000%, 5/01/43 | 5/25 at 100.00 | A– | 3,372,099 |
| 600 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 652,914 |
| | Center Obligated Group, Series 2017, 5.000%, 12/01/34, 144A | | | |
| | 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 | AA+ | 15,578,393 |
| 20,000 | 4.000%, 2/15/47 | 2/30 at 100.00 | AA+ | 19,872,200 |
| 420 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | AA+ | 417,312 |
| | General Purpose, Series 2020A. Bidding Group 1 thru 5, 4.000%, 3/15/47 | | | |
| 5,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/31 at 100.00 | N/R | 5,468,550 |
| | General Purpose, Series 2021A, 5.000%, 3/15/49 | | | |
| 7,500 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, | No Opt. Call | A2 | 8,521,425 |
| | 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 | AA | 1,179,948 |
| 3,000 | 5.000%, 9/01/39 | 9/24 at 100.00 | A | 3,160,770 |
| 860 | 5.000%, 9/01/44 | 9/24 at 100.00 | A | 902,699 |
| 5,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/28 at 100.00 | A | 5,562,850 |
| | 2018, 5.000%, 9/01/37 | | | |
| 10,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding | No Opt. Call | AA | 6,873,300 |
| | Series 2012A, 0.000%, 11/15/32 | | | |
| 5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 5/23 at 100.00 | A3 | 5,103,100 |
| | 2013A, 5.000%, 11/15/38 | | | |
| | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, | | | |
| | Bronx Parking Development Company, LLC Project, Series 2007: | | | |
| 500 | 0.000%, 10/01/37 (7) | 5/22 at 100.00 | N/R | 400,000 |
| 1,000 | 0.000%, 10/01/46 (7) | 5/22 at 100.00 | N/R | 800,000 |
| 5,900 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/23 at 100.00 | AA+ | 6,045,789 |
| | 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 | 6/31 at 100.00 | AA+ | 4,912,850 |
| | General Resolution Revenue Bonds, Fiscal 2022 Series AA-1, 4.000%, 6/15/51 | | | |
| 5,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/23 at 100.00 | AAA | 5,122,700 |
| | 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 | AAA | 2,144,760 |
| | 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 | AAA | 4,036,322 |
| | 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 | AAA | 5,409,900 |
| | 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 | AAA | 14,475,440 |
| 5,875 | 4.000%, 11/01/47 | 11/29 at 100.00 | AAA | 5,772,775 |
46
| | | | | |
| 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 | AAA | $ 4,947,300 |
| | Subordinate Fiscal 2021 Subseries C-1, 4.000%, 5/01/44 | | | |
| 3,925 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 8/31 at 100.00 | AAA | 3,857,254 |
| | Subordinate Fiscal 2022 Subseries B-1, 4.000%, 8/01/48 | | | |
| 5,260 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 2/32 at 100.00 | N/R | 5,804,463 |
| | Subordinate Fiscal 2022 Subseries C-1, 5.000%, 2/01/51 | | | |
| 2,060 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, | 12/26 at 100.00 | AA | 2,210,957 |
| | 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 | Aa2 | 11,025,520 |
| | 4.000%, 8/01/42 | | | |
| 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 | 2,046,548 |
| 2,000 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1, | 3/31 at 100.00 | AA | 2,209,160 |
| | 5.000%, 3/01/43 | | | |
| 4,000 | New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1, | 8/31 at 100.00 | AA | 4,400,240 |
| | 5.000%, 8/01/47 | | | |
| 5 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 | 5/22 at 100.00 | AA | 5,013 |
| 2,000 | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit | 11/25 at 100.00 | A2 | 2,103,500 |
| | Fee Secured, Refunding Series 2015, 5.000%, 11/15/45 | | | |
| 350 | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, | 5/22 at 100.00 | A– | 349,993 |
| | 6.500%, 6/01/35 | | | |
| 1,460 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, | No Opt. Call | BBB | 1,508,516 |
| | Series 2016A-1, 5.625%, 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 | 25,437,557 |
| | Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | | | |
| 3,665 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series | 3/31 at 100.00 | N/R | 3,641,544 |
| | 2021A-1, 4.000%, 3/15/47 | | | |
| 6,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | N/R | 6,565,260 |
| | General Purpose, Series 2020C, 5.000%, 3/15/47 | | | |
| 19,000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Empire | 9/31 at 100.00 | N/R | 18,878,400 |
| | Series 2021A, 4.000%, 3/15/47 | | | |
| | 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 | AA | 1,998,040 |
| 10,800 | 5.000%, 7/01/41 (AMT) | 7/24 at 100.00 | BBB | 11,135,232 |
| 32,390 | 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 33,397,005 |
| | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, | | | |
| | American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016: | | | |
| 175 | 5.000%, 8/01/26 (AMT) | 5/22 at 100.00 | B | 173,996 |
| 5,940 | 5.000%, 8/01/31 (AMT) | 5/22 at 100.00 | B | 5,874,601 |
| 4,130 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B | 4,367,227 |
| | Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, | | | |
| | 5.250%, 8/01/31 (AMT) | | | |
| 2,700 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, | 12/32 at 100.00 | N/R | 2,840,211 |
| | Terminal 4 John F Kennedy International Airport Project, Series 2022, 5.000%, 12/01/37 (AMT) | | | |
| 3,050 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | 1/28 at 100.00 | Baa3 | 3,197,345 |
| | 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 | Aa3 | 1,351,933 |
| | 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 | Aa3 | 4,472,496 |
| | 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 | Aa3 | 1,931,500 |
| | Twenty-One Series 2020, 4.000%, 7/15/45 (AMT) | | | |
47
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York (continued) | | | |
| | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel | | | |
| | Center Project, Refunding Series 2016A: | | | |
| $ 2,835 | 5.000%, 1/01/29 (AMT) | 1/26 at 100.00 | Caa1 | $ 2,493,297 |
| 2,700 | 5.000%, 1/01/34 (AMT) | 1/26 at 100.00 | Caa1 | 2,153,034 |
| 2,855 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & | 5/31 at 100.00 | AA– | 3,110,237 |
| | Tunnels, Series 2021A, 5.000%, 11/15/56 | | | |
| | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: | | | |
| 1,250 | 5.000%, 6/01/45 | 6/27 at 100.00 | CCC+ | 1,266,150 |
| 2,850 | 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 2,874,026 |
| 310,490 | Total New York | | | 311,164,894 |
| | North Carolina – 1.4% (0.9% of Total Investments) | | | |
| 12,250 | Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, | 4/23 at 100.00 | A | 12,574,625 |
| | 5.125%, 4/01/43 | | | |
| 5,730 | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot | 6/25 at 100.00 | BBB– | 5,804,662 |
| | Lanes Project, Series 2015, 5.000%, 6/30/54 (AMT) | | | |
| 1,570 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 10/24 at 102.00 | N/R | 1,607,335 |
| | Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 | | | |
| | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant | | | |
| | Health Obligated Group, Series 2019A: | | | |
| 8,275 | 4.000%, 11/01/49 | 11/29 at 100.00 | AA– | 8,142,765 |
| 9,245 | 4.000%, 11/01/52 | 11/29 at 100.00 | AA– | 9,053,074 |
| | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, | | | |
| | Refunding Series 2012A: | | | |
| 5,000 | 5.000%, 10/01/27 (Pre-refunded 10/01/22) | 10/22 at 100.00 | A+ (4) | 5,072,350 |
| 3,400 | 5.000%, 10/01/31 (Pre-refunded 10/01/22) | 10/22 at 100.00 | A+ (4) | 3,449,198 |
| 500 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding | 1/26 at 100.00 | A | 536,655 |
| | Series 2015A, 5.000%, 1/01/32 | | | |
| 45,970 | Total North Carolina | | | 46,240,664 |
| | North Dakota – 0.3% (0.2% of Total Investments) | | | |
| 675 | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center | 7/22 at 100.00 | N/R (4) | 678,868 |
| | Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) | | | |
| 5,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/27 at 100.00 | Baa2 | 4,782,900 |
| | 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 | 674,695 |
| | Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | | | |
| 2,000 | University of North Dakota, Certificates of Participation, Housing Infrastructure | 6/30 at 100.00 | AA | 1,978,180 |
| | Project, Series 2021A, 4.000%, 6/01/46 – AGM Insured | | | |
| 8,375 | Total North Dakota | | | 8,114,643 |
| | Ohio – 6.3% (3.8% of Total Investments) | | | |
| 6,250 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue | 11/26 at 100.00 | BBB+ | 6,623,875 |
| | 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 | AA– | 6,018,960 |
| | 4.000%, 8/01/36 | | | |
| 1,340 | Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, | 6/27 at 100.00 | A+ | 1,446,771 |
| | 5.000%, 6/01/45 | | | |
| 24,740 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 3,284,482 |
| | 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+ | 740,072 |
| | Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 | | | |
48
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Ohio (continued) | | | |
| $ 41,060 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | $ 39,994,083 |
| | 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) | 25,008,395 |
| | 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 | A | 4,003,520 |
| 3,000 | 4.000%, 11/15/35 | 11/27 at 100.00 | A | 3,030,390 |
| | Cleveland-Cuyahoga County Port Authority, Ohio, Cultural Facility Revenue Bonds, The | | | |
| | Cleveland Museum of Natural History Project, Series 2021: | | | |
| 205 | 4.000%, 7/01/40 | 7/31 at 100.00 | A3 | 210,808 |
| 300 | 4.000%, 7/01/41 | 7/31 at 100.00 | A3 | 308,007 |
| 2,000 | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, | 6/29 at 100.00 | N/R | 2,035,640 |
| | Bridge Park D Block Project, Series 2019A-1, 5.000%, 12/01/51 | | | |
| 4,795 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center | 6/23 at 100.00 | Ba2 | 4,831,202 |
| | Project, Series 2013, 5.000%, 6/15/43 | | | |
| 8,000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated | 8/27 at 100.00 | AA– | 8,670,400 |
| | Group 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) (UB) (5) | 1/23 at 100.00 | AA+ (4) | 1,020,920 |
| 16,820 | 5.000%, 1/01/38 (Pre-refunded 1/01/23) (UB) (5) | 1/23 at 100.00 | AA+ (4) | 17,171,874 |
| | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, | | | |
| | Tender Option Bond Trust 2016-XG0052: | | | |
| 265 | 16.724%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) | 1/23 at 100.00 | AA+ (4) | 287,006 |
| 625 | 16.845%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) | 1/23 at 100.00 | AA+ (4) | 677,300 |
| 975 | 16.845%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) | 1/23 at 100.00 | AA+ (4) | 1,056,588 |
| 1,315 | 16.845%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) | 1/23 at 100.00 | AA+ (4) | 1,425,039 |
| 8,360 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., | 8/25 at 100.00 | A– (4) | 8,987,334 |
| | Refunding Series 2015, 5.000%, 8/15/45 (Pre-refunded 8/15/25) | | | |
| 2,045 | Middleburg Heights, Ohio, Hospital Facilities Improvement Revenue Bonds, Southwest | 8/30 at 100.00 | A2 | 1,972,116 |
| | General Health Center Project, Refunding Series 2020A, 4.000%, 8/01/47 | | | |
| 2,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System | 2/23 at 100.00 | BB+ | 2,007,640 |
| | 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 | 2,709,990 |
| | FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29 | | | |
| | (Mandatory Put 9/15/21) | | | |
| 4,350 | Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series | 6/25 at 100.00 | A+ | 4,540,878 |
| | 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 | 8,822,636 |
| | 2020A, 5.000%, 1/15/50 | | | |
| 3,710 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission | 2/31 at 100.00 | Aa3 | 4,173,713 |
| | Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3, 0.000%, 2/15/36 (8) | | | |
| | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission | | | |
| | Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1: | | | |
| 1,500 | 5.250%, 2/15/39 (Pre-refunded 2/15/23) | 2/23 at 100.00 | Aa3 (4) | 1,536,195 |
| 10,530 | 5.000%, 2/15/48 (Pre-refunded 2/15/23) | 2/23 at 100.00 | Aa3 (4) | 10,763,766 |
| | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission, | | | |
| | Infrastructure Projects, Junior Lien Series 2018A: | | | |
| 3,375 | 4.000%, 2/15/38 | 2/28 at 100.00 | Aa3 | 3,528,056 |
| 16,325 | 5.000%, 2/15/43 | 2/28 at 100.00 | Aa3 | 17,940,849 |
| 4,255 | Ross County, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated | 12/29 at 100.00 | A– | 4,571,700 |
| | 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 | 731,134 |
| | Group, Refunding Series 2019A, 4.000%, 7/01/45 | | | |
| 216,855 | Total Ohio | | | 200,131,339 |
49
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Oklahoma – 0.3% (0.2% of Total Investments) | | | |
| $ 3,000 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, | 6/23 at 100.00 | AA (4) | $ 3,106,410 |
| | 5.625%, 6/01/43 (Pre-refunded 6/01/23) (AMT) | | | |
| 4,985 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, | 6/24 at 100.00 | AA (4) | 5,217,899 |
| | 5.000%, 6/01/45 (Pre-refunded 6/01/24) – BAM Insured (AMT) | | | |
| 1,000 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, | 11/25 at 102.00 | BBB– | 1,058,860 |
| | Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/37 | | | |
| 8,985 | Total Oklahoma | | | 9,383,169 |
| | Oregon – 2.9% (1.8% of Total Investments) | | | |
| 2,435 | Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General | 6/27 at 100.00 | AA+ | 2,679,377 |
| | 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 | 736,803 |
| | Series 2020A, 5.250%, 11/15/50 | | | |
| 4,875 | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint | 1/26 at 100.00 | A+ | 5,172,716 |
| | 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+ | 16,557,856 |
| | 5.000%, 6/01/46 | | | |
| 3,085 | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services Project, Refunding | 10/30 at 100.00 | BBB+ | 3,311,778 |
| | Series 2020A, 5.000%, 10/01/40 | | | |
| 18,075 | Oregon Health and Science University, Revenue Bonds, Green Series 2021A, 4.000%, 7/01/51 | 1/32 at 100.00 | N/R | 17,729,406 |
| 1,500 | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, | 7/26 at 100.00 | AA– | 1,627,470 |
| | 5.000%, 7/01/39 | | | |
| | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B: | | | |
| 4,000 | 5.000%, 7/01/36 (AMT) | 1/27 at 100.00 | A+ | 4,230,160 |
| 1,000 | 5.000%, 7/01/37 (AMT) | 1/27 at 100.00 | A+ | 1,056,850 |
| 7,645 | 5.000%, 7/01/42 (AMT) | 1/27 at 100.00 | A+ | 8,022,434 |
| 19,000 | 5.000%, 7/01/47 (AMT) | 1/27 at 100.00 | A+ | 19,782,610 |
| | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, | | | |
| | Series 2019A: | | | |
| 5,855 | 5.000%, 5/15/44 | 5/29 at 100.00 | AA– | 6,458,533 |
| 3,000 | 4.000%, 5/15/49 | 5/29 at 100.00 | AA– | 2,923,740 |
| 2,000 | University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 | 4/28 at 100.00 | Aa2 | 2,199,460 |
| 88,635 | Total Oregon | | | 92,489,193 |
| | Pennsylvania – 5.7% (3.4% of Total Investments) | | | |
| 7,500 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 8,049,900 |
| | Health Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 | | | |
| | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B: | | | |
| 1,670 | 4.000%, 6/01/45 | 12/30 at 100.00 | Aa3 | 1,664,255 |
| 2,000 | 4.000%, 6/01/50 | 12/30 at 100.00 | Aa3 | 1,984,660 |
| 2,000 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 2,001,820 |
| | Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35 | | | |
| | (Mandatory Put 7/01/22) | | | |
| 345 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | A1 | 372,931 |
| | 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 | A1 | 3,828,860 |
| 8,385 | 5.000%, 7/01/42 | 7/27 at 100.00 | A1 | 9,164,470 |
| 8,000 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Penn State Health, | 11/29 at 100.00 | A+ | 8,507,520 |
| | Series 2021, 5.000%, 11/01/46 | | | |
| | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown | | | |
| | Concession, Capital Appreciation Series 2013B: | | | |
| 5,400 | 0.000%, 12/01/33 | No Opt. Call | A | 3,445,740 |
| 11,000 | 0.000%, 12/01/38 | No Opt. Call | A | 5,580,520 |
50
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Pennsylvania (continued) | | | |
| | 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 | $ 2,595,425 |
| 2,875 | 5.125%, 12/01/47 (Pre-refunded 12/01/23) | 12/23 at 100.00 | N/R (4) | 3,001,098 |
| | 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 | 2,651,112 |
| 5,210 | 5.000%, 9/01/43 | 9/28 at 100.00 | A | 5,694,582 |
| | 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 | 493,210 |
| 165 | 4.000%, 9/01/49 | 9/29 at 100.00 | A | 160,250 |
| 3,430 | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Ba1 (4) | 3,659,398 |
| | Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | | | |
| | (Pre-refunded 1/15/25) | | | |
| 1,900 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS | 11/27 at 103.00 | A– | 1,910,906 |
| | Retirement-Life Communities, Inc. Obligated Group, Series 2020, 4.000%, 11/15/43 | | | |
| 5,005 | Neshaminy School District, Bucks County, Pennsylvania, General Obligation Bonds, Series | 5/30 at 100.00 | N/R | 5,085,330 |
| | 2022, 4.000%, 11/01/43 | | | |
| 235 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 11/24 at 100.00 | N/R | 238,382 |
| | 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 | AA | 9,403,895 |
| | Pennsylvania Health System, Series 2019, 4.000%, 8/15/44 (UB) | | | |
| 16,750 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series | 12/27 at 100.00 | A | 19,452,612 |
| | 2009E, 6.375%, 12/01/38 | | | |
| 4,305 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, | 6/25 at 100.00 | A+ | 4,529,979 |
| | 5.000%, 12/01/45 | | | |
| 6,500 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2021B, 5.000%, 12/01/46 | 6/31 at 100.00 | A+ | 7,193,160 |
| 2,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series | 12/24 at 100.00 | A | 2,089,420 |
| | 2014A-1, 5.000%, 12/01/38 | | | |
| 14,500 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | AA | 16,435,315 |
| | 6.250%, 6/01/33 – AGM Insured | | | |
| 6,250 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, | 12/25 at 100.00 | A | 6,594,063 |
| | 5.000%, 12/01/45 | | | |
| 5,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, | 12/25 at 100.00 | A3 | 5,270,050 |
| | 5.000%, 12/01/46 | | | |
| 9,240 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, | 12/30 at 100.00 | A | 8,705,281 |
| | 4.000%, 12/01/50 | | | |
| 8,360 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2021A, | 9/31 at 100.00 | A+ | 8,391,099 |
| | 4.000%, 9/01/46 | | | |
| 8,650 | Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, | 7/27 at 100.00 | A2 | 9,040,288 |
| | 7/01/42 (AMT) | | | |
| 2,150 | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue | 9/30 at 100.00 | AA | 2,147,807 |
| | Bonds, First Lien Series 2020B, 4.000%, 9/01/50 – AGM Insured | | | |
| 1,000 | Upper Darby School District, Delaware County, Pennsylvania, General Obligation Bonds, | 10/29 at 100.00 | AA | 1,009,470 |
| | Series 2021A, 4.000%, 4/01/46 – BAM Insured | | | |
| 10,000 | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, | 8/25 at 100.00 | AA | 10,678,200 |
| | Series 2016, 5.000%, 8/15/38 – BAM Insured | | | |
| 178,300 | Total Pennsylvania | | | 181,031,008 |
| | Puerto Rico – 1.7% (1.0% of Total Investments) | | | |
| 3,270 | Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Refunding | 5/22 at 100.00 | Ba1 | 3,347,009 |
| | Series 2002, 5.500%, 5/15/39 | | | |
51
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Puerto Rico (continued) | | | |
| $ 500 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, | 7/22 at 100.00 | CCC | $ 503,570 |
| | 6.000%, 7/01/47 | | | |
| 1,100 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | N/R | 1,134,969 |
| | 5.500%, 7/01/29 – AMBAC Insured | | | |
| 465 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, | No Opt. Call | Aaa | 476,397 |
| | 5.125%, 6/01/24 – AMBAC Insured | | | |
| | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | | | |
| 47 | 0.000%, 7/01/24 | No Opt. Call | N/R | 44,197 |
| 90 | 0.000%, 7/01/27 | No Opt. Call | N/R | 76,982 |
| 88 | 0.000%, 7/01/29 | 7/28 at 98.64 | N/R | 70,431 |
| 114 | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 84,743 |
| 128 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 88,512 |
| 1,093 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 1,120,904 |
| 3,291 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 3,317,196 |
| 12,927 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 3,645,802 |
| 3,495 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 736,501 |
| 5,099 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 5,171,151 |
| 24,836 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 25,517,997 |
| | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | | | |
| | Restructured Cofina Project Series 2019A-2: | | | |
| 3,875 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 3,840,629 |
| 20 | 4.536%, 7/01/53 | 7/28 at 100.00 | N/R | 20,054 |
| 2,484 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 2,523,570 |
| | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding | | | |
| | Series 2007CC: | | | |
| 765 | 5.500%, 7/01/28 – NPFG Insured | No Opt. Call | Baa2 | 800,810 |
| 2,300 | 5.500%, 7/01/30 – AGM Insured | No Opt. Call | AA | 2,446,648 |
| 65,987 | Total Puerto Rico | | | 54,968,072 |
| | 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+ | 7,449,937 |
| | 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+ | 3,505,754 |
| | Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 | | | |
| 30,175 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 5/22 at 16.93 | CCC– | 4,699,454 |
| | Bonds, Series 2007A, 0.000%, 6/01/52 | | | |
| 40,725 | Total Rhode Island | | | 15,655,145 |
| | South Carolina – 4.5% (2.8% 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 | A1 | 8,051,625 |
| 3,180 | 5.000%, 11/01/46 | 5/26 at 100.00 | A1 | 3,412,649 |
| | 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– | 16,622,518 |
| 1,250 | 0.000%, 1/01/31 – AGC Insured | No Opt. Call | AA | 932,725 |
| 4,610 | Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, | 1/26 at 100.00 | A | 4,897,480 |
| | 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– | 676,482 |
| 625 | 5.000%, 4/01/49 | 4/26 at 103.00 | BBB– | 651,931 |
| 1,640 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 10/25 at 100.00 | AA– | 1,722,902 |
| | 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 | AA– | 13,349,952 |
| | Mercy Health, Inc, Series 2020A, 4.000%, 12/01/44 | | | |
52
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | South Carolina (continued) | | | |
| $ 1,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod | 5/28 at 100.00 | AA | $ 1,075,130 |
| | Health Projects, Refunding & Improvement Series 2018, 5.000%, 11/01/43 | | | |
| 14,765 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | N/R | 15,363,573 |
| | Improvement Series 2015A, 5.000%, 12/01/50 | | | |
| 12,760 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/24 at 100.00 | N/R | 13,365,079 |
| | Series 2014C, 5.000%, 12/01/46 | | | |
| 9,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/26 at 100.00 | A | 9,499,860 |
| | Series 2016B, 5.000%, 12/01/56 | | | |
| 2,500 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 6/32 at 100.00 | N/R | 2,384,325 |
| | Series 2022A, 4.000%, 12/01/55 | | | |
| | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | | | |
| | Series 2022B: | | | |
| 8,855 | 4.000%, 12/01/39 | 6/32 at 100.00 | N/R | 8,883,867 |
| 5,335 | 4.000%, 12/01/43 | 6/32 at 100.00 | N/R | 5,247,293 |
| 3,455 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | N/R | 3,610,544 |
| | 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) | 920,699 |
| 4,140 | 5.250%, 7/01/55 (Pre-refunded 7/01/25) (AMT) | 7/25 at 100.00 | A+ (4) | 4,432,201 |
| | South Carolina State Ports Authority, Revenue Bonds, Series 2018: | | | |
| 15,350 | 5.000%, 7/01/48 (AMT) | 7/28 at 100.00 | A+ | 16,233,392 |
| 8,000 | 5.000%, 7/01/55 (AMT) | 7/28 at 100.00 | A+ | 8,445,920 |
| 5,000 | South Carolina State Ports Authority, Revenue Bonds, Series 2019A, 5.000%, 7/01/54 | 7/29 at 100.00 | A+ | 5,504,400 |
| 145,510 | Total South Carolina | | | 145,284,547 |
| | South Dakota – 1.1% (0.7% of Total Investments) | | | |
| 11,320 | South Dakota Board of Regents, Housing and Auxiliary Facilities System Revenue Bonds, | 10/27 at 100.00 | Aa3 | 11,467,047 |
| | Series 2017, 4.000%, 4/01/42 | | | |
| 11,600 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument | 9/30 at 100.00 | AA– | 11,262,556 |
| | Health, Inc., Series 2020A, 4.000%, 9/01/50 | | | |
| 2,685 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional | 9/27 at 100.00 | AA– | 2,709,460 |
| | 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 | AA– | 1,518,152 |
| | 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 | AA– | 7,628,889 |
| | Series 2015, 5.000%, 11/01/45 | | | |
| 34,250 | Total South Dakota | | | 34,586,104 |
| | Tennessee – 1.5% (0.9% of Total Investments) | | | |
| 9,460 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (4) | 9,660,646 |
| | 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 | A | 2,165,420 |
| 7,000 | 5.000%, 7/01/37 | 7/28 at 100.00 | A | 7,572,670 |
| 17,000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue | 1/27 at 100.00 | A+ | 17,850,000 |
| | Bonds, Covenant Health, Refunding Series 2016A, 5.000%, 1/01/47 | | | |
| 535 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | A3 | 567,924 |
| | 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 | 6,461,520 |
| | Series 2019B, 5.000%, 7/01/39 (AMT) | | | |
| 4,000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, | No Opt. Call | A2 | 4,260,560 |
| | 5.250%, 9/01/26 | | | |
| 45,995 | Total Tennessee | | | 48,538,740 |
53
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas – 19.1% (11.5% of Total Investments) | | | |
| $ 1,975 | Allen Independent School District, Collin County, Texas, General Obligation Bonds, | 2/26 at 100.00 | AAA | $ 2,121,604 |
| | 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 | AA+ | 9,714,436 |
| | AGM Insured | | | |
| 500 | Austin Community College District, Texas, General Obligation Bonds, Refunding Limited | No Opt. Call | AA+ | 517,925 |
| | 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 | A1 | 3,085,380 |
| 3,040 | 5.000%, 11/15/44 (AMT) | 11/24 at 100.00 | A1 | 3,116,699 |
| 4,500 | Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (AMT) | 11/26 at 100.00 | A1 | 4,694,040 |
| 2,000 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, | 11/22 at 100.00 | AA | 2,029,280 |
| | 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 | AA | 3,222,450 |
| 13,705 | 5.000%, 11/15/45 (UB) (5) | 11/25 at 100.00 | AA | 14,635,432 |
| 5,000 | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, | 5/23 at 100.00 | AA | 5,109,700 |
| | 5.000%, 11/15/43 | | | |
| 1,450 | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016, | 11/26 at 100.00 | AA | 1,579,064 |
| | 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 | AA | 1,028,570 |
| 1,575 | 5.000%, 7/10/38 – BAM Insured | 7/23 at 100.00 | AA | 1,619,431 |
| | Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax | | | |
| | Series 2015: | | | |
| 1,060 | 5.000%, 8/15/34 (Pre-refunded 8/15/24) – AGM Insured | 8/24 at 100.00 | AA (4) | 1,121,215 |
| 1,160 | 5.000%, 8/15/35 (Pre-refunded 8/15/24) – AGM Insured | 8/24 at 100.00 | AA (4) | 1,226,990 |
| 1,500 | Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding | 7/24 at 100.00 | AAA | 1,581,660 |
| | 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 | 2,141,900 |
| | Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012: | | | |
| 1,000 | 5.000%, 7/01/28 | 7/22 at 100.00 | AA– | 1,005,740 |
| 1,000 | 5.000%, 7/01/29 | 7/22 at 100.00 | AA– | 1,005,740 |
| | 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 | A– (4) | 781,256 |
| 1,100 | 5.000%, 1/01/43 (Pre-refunded 1/01/23) – AGM Insured | 1/23 at 100.00 | AA (4) | 1,123,375 |
| 665 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien | 1/23 at 100.00 | BBB+ (4) | 678,998 |
| | 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 | A– | 1,625,699 |
| 2,205 | 0.000%, 1/01/37 | No Opt. Call | A– | 1,156,434 |
| 2,160 | 0.000%, 1/01/38 | No Opt. Call | A– | 1,074,989 |
| 1,000 | 0.000%, 1/01/40 | No Opt. Call | A– | 449,970 |
| | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: | | | |
| 2,600 | 5.000%, 1/01/35 (Pre-refunded 7/01/25) | 7/25 at 100.00 | A– (4) | 2,800,720 |
| 3,035 | 5.000%, 1/01/45 (Pre-refunded 7/01/25) | 7/25 at 100.00 | A– (4) | 3,269,302 |
| 1,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea | 8/23 at 100.00 | A– | 1,031,480 |
| | 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– | 986,320 |
| 1,000 | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 975,840 |
| 2,000 | Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series | 7/23 at 100.00 | AA– (4) | 2,068,360 |
| | 2013, 5.000%, 7/15/43 (Pre-refunded 7/15/23) | | | |
54
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| $ 5,770 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding & Improvement | 12/30 at 100.00 | AA+ | $ 5,933,349 |
| | Senior Lien Series 2021B, 4.000%, 12/01/51 | | | |
| 1,175 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series | 12/24 at 100.00 | AA+ (4) | 1,249,119 |
| | 2014A, 5.000%, 12/01/36 (Pre-refunded 12/01/24) | | | |
| 1,680 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, | 12/25 at 100.00 | AA+ (4) | 1,822,044 |
| | 5.000%, 12/01/48 (Pre-refunded 12/01/25) | | | |
| 8,100 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series | 11/22 at 100.00 | A1 (4) | 8,236,728 |
| | 2013C, 5.125%, 11/01/43 (Pre-refunded 11/01/22) (AMT) | | | |
| 16,980 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series | 11/22 at 100.00 | A+ (4) | 17,214,494 |
| | 2014B, 4.500%, 11/01/45 (Pre-refunded 11/01/22) (AMT) | | | |
| 1,230 | Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H. Wood | 8/23 at 100.00 | N/R (4) | 1,286,469 |
| | Jr. 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– | 209,470 |
| | 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 | A– | 1,026,960 |
| | 5.000%, 8/15/33 | | | |
| 7,760 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier | 10/23 at 100.00 | A+ | 7,967,968 |
| | Series 2013A, 5.125%, 10/01/43 | | | |
| | 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 | A+ | 3,548,965 |
| 8,500 | 4.000%, 10/01/45 | 4/30 at 100.00 | A+ | 8,419,505 |
| 2,500 | 4.000%, 10/01/49 | 4/30 at 100.00 | A+ | 2,464,125 |
| 10,760 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 10/23 at 100.00 | AA (4) | 11,164,576 |
| | 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+ | 5,689,954 |
| | 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) | 4,722,556 |
| | Option Bond Trust 2015-XF0228, 17.242%, 11/01/44 (Pre-refunded 10/01/23), 144A (IF) (5) | | | |
| 4,960 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 10/22 at 100.00 | BB | 4,959,256 |
| | Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT) | | | |
| 1,000 | Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue | 12/22 at 100.00 | A+ (4) | 1,019,110 |
| | 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) | 1,018,070 |
| | 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 | 1,848,876 |
| 4,480 | 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 4,761,434 |
| | 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 | 1,622,994 |
| 3,000 | 5.000%, 6/01/38 | 6/23 at 100.00 | Baa2 | 2,925,450 |
| 1,165 | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C, | 8/22 at 100.00 | AA | 1,175,101 |
| | 5.000%, 8/15/31 | | | |
| 5,150 | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, | 8/26 at 100.00 | Aa1 | 5,587,441 |
| | 5.000%, 8/15/41 | | | |
55
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation | | | |
| | Refunding Senior Lien Series 2014A: | | | |
| $ 510 | 0.000%, 11/15/41 – AGM Insured | 11/31 at 62.66 | AA | $ 212,925 |
| 1,020 | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | AA | 399,656 |
| 1,255 | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | AA | 467,211 |
| 3,305 | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | AA | 1,169,474 |
| 4,460 | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | AA | 1,493,253 |
| 6,500 | 0.000%, 11/15/47 – AGM Insured | 11/31 at 46.45 | AA | 1,953,380 |
| | 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) | 98,170 |
| 495 | 0.000%, 11/15/24 – NPFG Insured | No Opt. Call | Baa2 | 450,920 |
| 50 | 0.000%, 11/15/29 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 39,753 |
| 4,390 | 0.000%, 11/15/29 – NPFG Insured | No Opt. Call | Baa2 | 3,197,983 |
| 105 | 0.000%, 11/15/30 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 80,617 |
| 625 | 0.000%, 11/15/30 – NPFG Insured | No Opt. Call | Baa2 | 433,525 |
| 7,570 | 0.000%, 11/15/31 – NPFG Insured | No Opt. Call | Baa2 | 4,989,236 |
| 210 | 0.000%, 11/15/32 – NPFG Insured | 11/31 at 94.05 | Baa2 | 128,841 |
| 260 | 0.000%, 11/15/33 | 11/31 at 88.44 | Baa2 | 149,635 |
| 2,045 | 0.000%, 11/15/34 – NPFG Insured | 11/31 at 83.17 | Baa2 | 1,104,689 |
| 1,130 | 0.000%, 11/15/36 – NPFG Insured | 11/31 at 73.51 | Baa2 | 537,824 |
| 4,370 | 0.000%, 11/15/38 – NPFG Insured | 11/31 at 64.91 | Baa2 | 1,830,855 |
| 2,260 | 0.000%, 11/15/39 – NPFG Insured | 11/31 at 60.98 | Baa2 | 888,270 |
| | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien | | | |
| | Series 2014C: | | | |
| 600 | 5.000%, 11/15/33 | 11/24 at 100.00 | Baa1 | 626,112 |
| 400 | 5.000%, 11/15/34 | 11/24 at 100.00 | Baa1 | 417,204 |
| | 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 | A3 | 1,048,540 |
| 1,000 | 5.000%, 11/15/30 | 11/24 at 100.00 | A3 | 1,045,860 |
| 3,440 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, | 11/31 at 53.78 | A3 | 1,209,917 |
| | 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 | Baa2 | 529,880 |
| | 0.000%, 11/15/33 – NPFG Insured | | | |
| 1,000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee | 12/31 at 100.00 | N/R | 960,840 |
| | Revenue Bonds, Senior Lien Series 2022A, 4.000%, 12/01/39 | | | |
| 7,570 | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018A, | 7/28 at 100.00 | A1 | 8,020,036 |
| | 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) | 2,011,780 |
| | 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 | 5,305,150 |
| | Technical Operations Center Project, Series 2018, 5.000%, 7/15/28 (AMT) | | | |
| 380 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/24 at 100.00 | Ba3 | 390,629 |
| | 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 | B– | 1,998,194 |
| | 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 | B– | 1,060,310 |
| | Terminal Improvements Project, Refunding Series 2020B-2, 5.000%, 7/15/27 (AMT) | | | |
| 2,000 | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series | 11/22 at 100.00 | AA (4) | 2,036,680 |
| | 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 | 3,353,100 |
| | 2018D, 5.000%, 11/15/36 | | | |
| 2,000 | Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2017A, | 3/27 at 100.00 | AA | 2,191,960 |
| | 5.000%, 3/01/31 | | | |
| 1,015 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and | 9/24 at 100.00 | A | 1,060,726 |
| | Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34 | | | |
56
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and | | | |
| | Entertainment Project, Series 2001B: | | | |
| $ 3,250 | 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | AA | $ 2,938,292 |
| 4,130 | 0.000%, 9/01/26 – AMBAC Insured | No Opt. Call | AA | 3,607,596 |
| 3,130 | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A | 2,313,571 |
| 12,030 | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A | 8,502,443 |
| 1,470 | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A | 994,999 |
| | 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+ | 4,634,183 |
| 12,030 | 0.000%, 12/01/22 – AGM Insured (ETM) | No Opt. Call | AA+ (4) | 11,910,181 |
| 1,360 | Jacksonville Independent School District, Cherokee County, Texas, General Obligation | 2/24 at 100.00 | Aaa | 1,424,002 |
| | Bonds, School Building Series 2014, 5.000%, 2/15/39 (Pre-refunded 2/15/24) | | | |
| 2,675 | Laredo Community College District, Webb County, Texas, General Obligation Bonds, | 8/24 at 100.00 | AA– (4) | 2,823,917 |
| | Series 2014, 5.000%, 8/01/34 (Pre-refunded 8/01/24) | | | |
| | Leander Independent School District, Williamson and Travis Counties, Texas, General | | | |
| | Obligation Bonds, Refunding Series 2015A: | | | |
| 8,000 | 4.000%, 8/15/37 | 8/25 at 100.00 | AAA | 8,242,720 |
| 2,275 | 5.000%, 8/15/40 | 8/25 at 100.00 | AAA | 2,425,605 |
| 1,750 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds | 11/25 at 100.00 | A1 | 1,821,925 |
| | Series 2015, 5.000%, 11/01/35 (AMT) | | | |
| 6,500 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/26 at 100.00 | A+ | 6,933,420 |
| | 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 | 1,383,710 |
| | School Building Series 2013A, 5.000%, 2/15/43 (Pre-refunded 2/15/23) | | | |
| 9,180 | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, | No Opt. Call | A | 10,184,292 |
| | 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 | 1,021,350 |
| 3,000 | 6.125%, 12/01/38 | 12/25 at 100.00 | B1 | 3,081,930 |
| 2,835 | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, | 5/22 at 105.00 | BB– | 2,932,552 |
| | 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 | AA | 4,879,938 |
| | Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M | | | |
| | University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured | | | |
| 565 | North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds, | 7/21 at 100.00 | N/R (4) | 601,770 |
| | 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 | AA (4) | 894,098 |
| | Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | | | |
| 3,860 | North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding | 12/22 at 100.00 | AA– | 3,922,300 |
| | 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) (8) | 9/31 at 100.00 | N/R (4) | 4,974,189 |
| 8,470 | 6.750%, 9/01/45 (Pre-refunded 9/01/31) | 9/31 at 100.00 | N/R (4) | 11,121,703 |
| 7,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital | 1/25 at 100.00 | A+ (4) | 7,726,740 |
| | Appreciation Series 2008I, 6.500%, 1/01/43 (Pre-refunded 1/01/25) | | | |
| 2,500 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | AA | 1,489,475 |
| | 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+ | 10,424,160 |
| | 5.000%, 1/01/40 | | | |
| 4,555 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A, | 1/29 at 100.00 | A+ | 4,455,838 |
| | 4.000%, 1/01/44 | | | |
57
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A: | | | |
| $ 13,355 | 5.000%, 1/01/33 | 1/25 at 100.00 | A | $ 14,010,063 |
| 1,000 | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 1,048,270 |
| 1,000 | Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana | 7/25 at 100.00 | AA– | 1,077,740 |
| | 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 | Aaa | 909,891 |
| | 0.000%, 10/01/35 | | | |
| 4,000 | Prosper Independent School District, Collin County, Texas, General Obligation Bonds, | 2/25 at 100.00 | AAA | 4,211,440 |
| | 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 | 209,984 |
| | 2014A, 5.125%, 2/01/39 | | | |
| 2,500 | San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, | 7/22 at 100.00 | A1 | 2,512,825 |
| | 7/01/27 (AMT) | | | |
| 2,640 | San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B, | 5/25 at 100.00 | AA | 2,804,525 |
| | 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 | 1,095,290 |
| | 5.000%, 5/15/48 | | | |
| 1,925 | Stephen F. Austin State University, Texas, Revenue Bonds, Refunding & Improvement Series | 10/28 at 100.00 | AA– | 2,105,276 |
| | 2016, 5.000%, 10/15/42 | | | |
| 515 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 9/23 at 100.00 | A (4) | 534,931 |
| | Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33 | | | |
| | (Pre-refunded 9/01/23) | | | |
| 2,700 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 4/32 at 100.00 | N/R | 2,673,162 |
| | Revenue Bonds, Methodist Hospital of Dallas, Series 2022, 4.000%, 10/01/42 | | | |
| 1,250 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 5/26 at 100.00 | AA– | 1,355,013 |
| | 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 | 2,163,160 |
| | Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | | | |
| 2,415 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A2 | 2,586,996 |
| | Senior Lien Series 2008D, 6.250%, 12/15/26 | | | |
| 530 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE | 12/29 at 100.00 | Baa2 | 531,707 |
| | Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien | | | |
| | Series 2019A, 4.000%, 12/31/39 | | | |
| 19,735 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | 12/25 at 100.00 | Baa3 | 20,529,334 |
| | Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, | | | |
| | 12/31/55 (AMT) | | | |
| | Texas Private Activity Bond Surface Transporation 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 | 1,413,538 |
| 4,040 | 6.750%, 6/30/43 (AMT) | 9/23 at 100.00 | Baa3 | 4,262,927 |
| 29,000 | Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue | 6/29 at 100.00 | Baa3 | 29,966,860 |
| | 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) | 838,736 |
| 1,200 | 5.000%, 4/01/44 (Pre-refunded 4/01/24) | 4/24 at 100.00 | AAA | 1,260,408 |
| 2,000 | Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, | 4/24 at 100.00 | AAA | 2,100,680 |
| | 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 | A (4) | 9,526,940 |
| | First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22) | | | |
58
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | 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 | A | $ 4,584,083 |
| 10,960 | 5.000%, 8/15/37 | 8/24 at 100.00 | A | 11,465,146 |
| | 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 | A– | 2,170,203 |
| 15,750 | 5.000%, 8/15/42 | 8/24 at 100.00 | A– | 16,210,215 |
| 10,000 | Texas Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2016A, | 10/26 at 100.00 | AAA | 11,001,000 |
| | 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 | 1,958,812 |
| | Series 2019A, 5.000%, 8/01/57 | | | |
| | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A: | | | |
| 2,020 | 0.000%, 8/15/23 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 1,964,470 |
| 9,980 | 0.000%, 8/15/23 – AMBAC Insured | No Opt. Call | A | 9,648,864 |
| 3,830 | 0.000%, 8/15/24 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 3,622,491 |
| 21,170 | 0.000%, 8/15/24 – AMBAC Insured | No Opt. Call | A | 19,806,229 |
| | 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 | 10,334,800 |
| 5,000 | 5.000%, 10/15/42 (5) | 10/27 at 100.00 | AAA | 5,493,150 |
| 16,600 | 5.000%, 10/15/42 (5) | 10/27 at 100.00 | AAA | 18,237,258 |
| 5,000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master | 10/28 at 100.00 | AAA | 5,469,650 |
| | 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 | 2,582,180 |
| | 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+ (4) | 1,835,491 |
| | Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38 (Pre-refunded 8/01/24) | | | |
| 1,150 | Waco Education Finance Corporation, Texas, Revenue Bonds, Baylor University, Series | 3/31 at 100.00 | A+ | 1,146,573 |
| | 2021, 4.000%, 3/01/40 | | | |
| 205 | Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities | 5/22 at 100.00 | CC | 205,525 |
| | Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (AMT) | | | |
| | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, | | | |
| | Capital Appreciation Series 2015: | | | |
| 780 | 0.000%, 8/15/50 (Pre-refunded 8/15/25) | 8/25 at 35.55 | Aaa | 255,154 |
| 6,220 | 0.000%, 8/15/50 | 8/25 at 35.55 | Aaa | 1,956,563 |
| | 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 | 406,250 |
| 8,000 | 0.000%, 8/15/45 | 8/25 at 44.15 | Aaa | 3,140,320 |
| 634,255 | Total Texas | | | 608,238,170 |
| | Utah – 1.7% (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 | A | 28,405,856 |
| | 7/01/47 (AMT) | | | |
| 4,500 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, | 7/28 at 100.00 | A | 4,736,340 |
| | 7/01/48 (AMT) | | | |
| 9,850 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2021A, 5.000%, | 7/31 at 100.00 | N/R | 10,557,427 |
| | 7/01/51 (AMT) | | | |
| 5,795 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Hawthorn Academy | 4/26 at 100.00 | AA | 6,034,913 |
| | Project, Series 2016, 5.000%, 10/15/46 | | | |
| | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012: | | | |
| 1,665 | 5.000%, 6/15/42 (Pre-refunded 6/15/22) | 6/22 at 100.00 | N/R (4) | 1,672,376 |
| 2,445 | 5.000%, 6/15/42 (Pre-refunded 6/15/22) | 6/22 at 100.00 | AA (4) | 2,455,831 |
| 51,310 | Total Utah | | | 53,862,743 |
59
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Virgin Islands – 0.3% (0.2% of Total Investments) | | | |
| $ 3,825 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | No Opt. Call | N/R | $ 3,991,808 |
| | Series 2022A, 5.000%, 10/01/30 | | | |
| 120 | Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement | 5/22 at 100.00 | A1 | 120,161 |
| | Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 | | | |
| 1,800 | Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note | 9/25 at 100.00 | A | 1,907,676 |
| | Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A | | | |
| 2,000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 5/22 at 100.00 | Baa2 | 2,028,500 |
| | Series 2006, 5.000%, 10/01/27 – FGIC Insured | | | |
| 2,240 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital | 10/24 at 100.00 | AA | 2,322,992 |
| | Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A | | | |
| 730 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding | 5/22 at 100.00 | CCC | 710,918 |
| | Series 2007A, 5.000%, 7/01/24 | | | |
| 10,715 | Total Virgin Islands | | | 11,082,055 |
| | Virginia – 2.5% (1.5% of Total Investments) | | | |
| 670 | Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, | 5/22 at 100.00 | BB– | 646,463 |
| | Series 2006, 5.000%, 9/01/26 | | | |
| 560 | Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue | 7/30 at 100.00 | AA– | 557,222 |
| | 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+ | 520,413 |
| | Appreciation Series 2012B, 0.000%, 7/15/40 (8) | | | |
| 1,000 | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/28 at 100.00 | AA+ | 1,000,100 |
| | Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB) (5) | | | |
| 1,000 | Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue | 5/22 at 100.00 | AA+ | 1,003,590 |
| | 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+ (4) | 13,412,640 |
| | Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.000%, 7/01/52 | | | |
| | (Pre-refunded 1/01/28) | | | |
| 2,400 | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours | 11/22 at 100.00 | N/R (4) | 2,438,448 |
| | Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) | | | |
| 3,180 | Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra | 1/32 at 100.00 | A– | 3,034,674 |
| | Health Obligated Group, Refunding Series 2021, 4.000%, 1/01/55 | | | |
| | 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 (Pre-refunded 11/01/22) | 11/22 at 100.00 | AA– (4) | 2,023,720 |
| 3,000 | 5.000%, 11/01/46 (Pre-refunded 11/01/22) | 11/22 at 100.00 | AA– (4) | 3,050,280 |
| 6,115 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 5/22 at 100.00 | B– | 6,122,827 |
| | 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 | BBB | 16,029,768 |
| | 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT) | | | |
| | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC | | | |
| | Project, Refunding Senior Lien Series 2022: | | | |
| 5,500 | 5.000%, 12/31/47 (AMT) | 12/32 at 100.00 | N/R | 5,879,225 |
| 2,355 | 4.000%, 1/01/48 (AMT) | 1/32 at 100.00 | N/R | 2,204,751 |
| 4,260 | 5.000%, 12/31/57 (AMT) | 12/32 at 100.00 | N/R | 4,520,073 |
| | Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing, | | | |
| | OPCO LLC Project, Senior Lien Series 2012: | | | |
| 4,225 | 6.000%, 1/01/37 (Pre-refunded 7/01/22) (AMT) | 7/22 at 100.00 | BBB (4) | 4,254,491 |
| 14,375 | 5.500%, 1/01/42 (AMT) | 7/22 at 100.00 | BBB | 14,464,125 |
| 78,760 | Total Virginia | | | 81,162,810 |
60
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Washington – 3.8% (2.3% of Total Investments) | | | |
| $ 2,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/24 at 100.00 | Aa2 | $ 2,093,360 |
| | 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 | AA (4) | 2,579,939 |
| | 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 | 14,929,460 |
| | 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 | 2,380,186 |
| 14,955 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, 5.000%, | 5/27 at 100.00 | AA– | 15,977,623 |
| | 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 | AA– | 6,447,300 |
| 4,515 | 5.000%, 5/01/43 (AMT) | 5/27 at 100.00 | AA– | 4,817,324 |
| 1,145 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2019, 5.000%, | 4/29 at 100.00 | AA– | 1,231,894 |
| | 4/01/44 (AMT) | | | |
| 12,550 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2021C, | 8/31 at 100.00 | AA– | 13,449,584 |
| | 5.000%, 8/01/46 (AMT) | | | |
| 15,000 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement | 7/31 at 100.00 | AA | 15,272,850 |
| | Series 2021A, 4.000%, 7/01/51 | | | |
| 10,000 | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue | 6/23 at 100.00 | A1 (4) | 10,315,700 |
| | Bonds, Series 2013A, 5.000%, 5/01/43 (Pre-refunded 6/01/23) | | | |
| 4,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & | 10/22 at 100.00 | AA– | 4,047,080 |
| | 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 (4) | 1,014,270 |
| | Series 2012A, 5.000%, 10/01/42 (Pre-refunded 10/01/22) | | | |
| 11,500 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 4/25 at 100.00 | Aa2 | 12,017,500 |
| | Series 2015A, 5.000%, 10/01/45 (UB) | | | |
| 6,200 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/31 at 100.00 | Baa1 | 4,252,766 |
| | Bonds, Refunding Series2021B. Exchange Purchase, 3.000%, 7/01/58 | | | |
| 2,525 | Washington State Higher Education Facilities Authority, Revenue Bonds, Seattle | 5/30 at 100.00 | A | 2,501,416 |
| | University, Series 2020, 4.000%, 5/01/45 | | | |
| 320 | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement | 1/23 at 100.00 | BBB– | 321,197 |
| | 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 | Aaa | 6,141,096 |
| | 0.000%, 6/01/24 – NPFG Insured | | | |
| 117,215 | Total Washington | | | 119,790,545 |
| | West Virginia – 1.0% (0.6% of Total Investments) | | | |
| 7,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A (4) | 7,227,640 |
| | Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 | | | |
| | (Pre-refunded 6/01/23) | | | |
| 15,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/28 at 100.00 | A | 15,959,700 |
| | 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 | 2,162,300 |
| | System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 | | | |
| 7,000 | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2021, | 6/31 at 100.00 | AA– | 7,019,460 |
| | 4.000%, 6/01/51 | | | |
| 31,000 | Total West Virginia | | | 32,369,100 |
61
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Wisconsin – 2.0% (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 (7) | No Opt. Call | N/R | $ 772 |
| 30 | 0.000%, 1/01/48, 144A (7) | No Opt. Call | N/R | 651 |
| 29 | 0.000%, 1/01/49, 144A (7) | No Opt. Call | N/R | 614 |
| 28 | 0.000%, 1/01/50, 144A (7) | No Opt. Call | N/R | 560 |
| 28 | 0.000%, 1/01/51, 144A (7) | No Opt. Call | N/R | 530 |
| 36 | 0.000%, 1/01/52, 144A (7) | No Opt. Call | N/R | 650 |
| 36 | 0.000%, 1/01/53, 144A (7) | No Opt. Call | N/R | 617 |
| 35 | 0.000%, 1/01/54, 144A (7) | No Opt. Call | N/R | 570 |
| 34 | 0.000%, 1/01/55, 144A (7) | No Opt. Call | N/R | 536 |
| 33 | 0.000%, 1/01/56, 144A (7) | No Opt. Call | N/R | 506 |
| 1,811 | 5.500%, 7/01/56, 144A (7) | 3/28 at 100.00 | N/R | 1,103,661 |
| 37 | 0.000%, 1/01/57, 144A (7) | No Opt. Call | N/R | 535 |
| 36 | 0.000%, 1/01/58, 144A (7) | No Opt. Call | N/R | 500 |
| 35 | 0.000%, 1/01/59, 144A (7) | No Opt. Call | N/R | 469 |
| 34 | 0.000%, 1/01/60, 144A (7) | No Opt. Call | N/R | 437 |
| 34 | 0.000%, 1/01/61, 144A (7) | No Opt. Call | N/R | 411 |
| 33 | 0.000%, 1/01/62, 144A (7) | No Opt. Call | N/R | 383 |
| 32 | 0.000%, 1/01/63, 144A (7) | No Opt. Call | N/R | 360 |
| 31 | 0.000%, 1/01/64, 144A (7) | No Opt. Call | N/R | 340 |
| 31 | 0.000%, 1/01/65, 144A (7) | No Opt. Call | N/R | 318 |
| 33 | 0.000%, 1/01/66, 144A (7) | No Opt. Call | N/R | 321 |
| 401 | 0.000%, 1/01/67, 144A (7) | No Opt. Call | N/R | 3,534 |
| | 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 (7) | No Opt. Call | N/R | 1,424 |
| 59 | 0.000%, 1/01/47, 144A (7) | No Opt. Call | N/R | 1,323 |
| 58 | 0.000%, 1/01/48, 144A (7) | No Opt. Call | N/R | 1,266 |
| 58 | 0.000%, 1/01/49, 144A (7) | No Opt. Call | N/R | 1,206 |
| 57 | 0.000%, 1/01/50, 144A (7) | No Opt. Call | N/R | 1,120 |
| 62 | 0.000%, 1/01/51, 144A (7) | No Opt. Call | N/R | 1,181 |
| 1,607 | 1.000%, 7/01/51, 144A (7) | 3/28 at 100.00 | N/R | 829,734 |
| 62 | 0.000%, 1/01/52, 144A (7) | No Opt. Call | N/R | 1,108 |
| 61 | 0.000%, 1/01/53, 144A (7) | No Opt. Call | N/R | 1,052 |
| 61 | 0.000%, 1/01/54, 144A (7) | No Opt. Call | N/R | 997 |
| 60 | 0.000%, 1/01/55, 144A (7) | No Opt. Call | N/R | 944 |
| 59 | 0.000%, 1/01/56, 144A (7) | No Opt. Call | N/R | 898 |
| 59 | 0.000%, 1/01/57, 144A (7) | No Opt. Call | N/R | 851 |
| 58 | 0.000%, 1/01/58, 144A (7) | No Opt. Call | N/R | 805 |
| 57 | 0.000%, 1/01/59, 144A (7) | No Opt. Call | N/R | 771 |
| 57 | 0.000%, 1/01/60, 144A (7) | No Opt. Call | N/R | 727 |
| 56 | 0.000%, 1/01/61, 144A (7) | No Opt. Call | N/R | 684 |
| 56 | 0.000%, 1/01/62, 144A (7) | No Opt. Call | N/R | 651 |
| 55 | 0.000%, 1/01/63, 144A (7) | No Opt. Call | N/R | 616 |
| 54 | 0.000%, 1/01/64, 144A (7) | No Opt. Call | N/R | 590 |
| 54 | 0.000%, 1/01/65, 144A (7) | No Opt. Call | N/R | 556 |
| 53 | 0.000%, 1/01/66, 144A (7) | No Opt. Call | N/R | 513 |
| 693 | 0.000%, 1/01/67, 144A (7) | No Opt. Call | N/R | 6,110 |
| 10,000 | Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Renown Regional Medical | 6/30 at 100.00 | A+ | 9,876,600 |
| | 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) | 5,165,400 |
| | HealthCare, Inc., Series 2013B, 5.000%, 7/01/36 (Pre-refunded 7/01/23) | | | |
| 4,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus, Inc. | 8/31 at 100.00 | AA– | 3,830,880 |
| | Obligated Group, Inc. Project, Series 2021, 4.000%, 8/15/46 | | | |
| | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. | | | |
| | Project, Series 2021: | | | |
| 1,690 | 4.000%, 10/01/41 | 10/28 at 102.00 | N/R | 1,496,934 |
| 2,000 | 4.000%, 10/01/61 | 10/28 at 102.00 | N/R | 1,563,640 |
62
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Wisconsin (continued) | | | |
| $ 2,500 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 7/27 at 100.00 | A+ | $ 2,449,050 |
| | Agnesian HealthCare, Inc., Series 2017, 4.000%, 7/01/47 | | | |
| 10,225 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 5/26 at 100.00 | AA+ | 10,663,755 |
| | 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 | 1,838,210 |
| | 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 | AA | 4,251,397 |
| | 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– | 13,239,394 |
| 6,000 | 5.000%, 2/15/46 | 2/26 at 100.00 | A– | 6,374,520 |
| 1,525 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood | 1/27 at 103.00 | N/R | 1,203,820 |
| | Lutheran Senior Ministries, Series 2021, 4.000%, 1/01/57 | | | |
| 67,856 | Total Wisconsin | | | 63,926,002 |
| $ 5,465,785 | Total Municipal Bonds (cost $5,217,896,232) | | | 5,258,059,009 |
| |
| Shares | Description (1) | | | Value |
| | INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments) | | | |
| 8,812 | BlackRock MuniHoldings Fund Inc | | | $ 113,410 |
| 32,524 | Invesco Quality Municipal Income Trust | | | 336,949 |
| | Total Investment Companies (cost $530,611) | | | 450,359 |
| Principal | | | Reference | | | | |
| Amount (000) | Description (1) | Coupon (9) | Rate (9) | Spread (9) | Maturity (10) | Ratings (3) | Value |
| | VARIABLE RATE SENIOR LOAN INTERESTS – 0.0% (0.0% of Total Investments) (9) | | | | |
| | National – 0.0% (0.0% of Total Investments) | | | | | | |
| $ 151 | Lombard Starwood Westin Hotel Conference Center and Hotel | 7.5000% | N/A | N/A | 12/31/23 | N/R | $ 151,012 |
| | Project Revenue Bonds, Term Loan, 7.500%, 12/31/23 | | | | | | |
| | (cash 7.500%, PIK 7.500%) (11) | | | | | | |
| $ 151 | Total Variable Rate Senior Loan Interests (cost $151,012) | | | | | | 151,012 |
| | Total Long-Term Investments (cost $5,218,577,855) | | | | | | 5,258,660,380 |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | SHORT-TERM INVESTMENTS – 0.2% (0.1% of Total Investments) | | | |
| | MUNICIPAL BONDS – 0.2% (0.1% of Total Investments) | | | |
| | National – 0.2% (0.1% of Total Investments) | | | |
| $ 7,100 | Invesco Municipal Opportunity Trust Variable Rate Munifund Term Preferred Shares | No Opt. Call | AA | $ 7,100,000 |
| | Series 2015/6VMO, 0.590%, 12/01/24 (AMT) (12) | | | |
| $ 7,100 | Total Short-Term Investments (cost $7,100,000) | | | 7,100,000 |
| | Total Investments (cost $5,225,677,855) – 164.9% | | | 5,265,760,380 |
| | Floating Rate Obligations – (3.3)% | | | (104,235,000) |
| | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (22.8)% (13) | | | (727,192,480) |
| | MuniFund Preferred Shares, net of deferred offering costs – (21.3)% (14) | | | (678,446,231) |
| | Variable Rate Demand Preferred Shares, net of deferred offering costs – (19.8)% (15) | | | (630,641,499) |
| | Other Assets Less Liabilities – 2.3% | | | 67,270,633 |
| | Net Assets Applicable to Common Shares – 100% | | | $ 3,192,515,803 |
63
| | |
| NAD | Nuveen Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
(2)
| Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3)
| The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings
below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these
national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(6)
| Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment
classified as Level 3. |
| (7) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(8)
| 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. |
(9)
| Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate ("LIBOR"), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
| (10) | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
| (11) | Senior loan received as part of the bondholder funding agreement during March 2022 for Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1, 0.000%, 7/01/56, 144A. |
| (12) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
| (13) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 13.8%. |
| (14) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.9%. |
| (15) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.0%. |
| 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 regis tration, 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. |
| 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 April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | LONG-TERM INVESTMENTS – 164.7% (99.8% of Total Investments) | | | |
| | MUNICIPAL BONDS – 164.7% (99.8% of Total Investments) | | | |
| | Alabama – 1.2% (0.7% of Total Investments) | | | |
| $ 2,150 | Autauga County Board of Education, Alabama, Special Tax Warrants, Series 2021, | 10/31 at 100.00 | N/R | $ 2,116,933 |
| | 4.000%, 4/01/46 | | | |
| | Birmingham Airport Authority, Alabama, Airport Revenue Bonds, Series 2020: | | | |
| 875 | 4.000%, 7/01/35 – BAM Insured | 7/30 at 100.00 | AA | 894,600 |
| 1,000 | 4.000%, 7/01/37 – BAM Insured | 7/30 at 100.00 | AA | 1,017,330 |
| 975 | 4.000%, 7/01/40 – BAM Insured | 7/30 at 100.00 | AA | 982,859 |
| 1,430 | Gardendale, Alabama, General Obligation Warrants, Series 2021B, 4.000%, 5/01/46 | 5/31 at 100.00 | AA– | 1,407,992 |
| 4,250 | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, | 2/26 at 100.00 | A– | 4,502,238 |
| | 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 | A2 | 25,196,323 |
| | 5.000%, 9/01/46 | | | |
| 4,900 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, | 4/25 at 100.00 | N/R | 5,021,667 |
| | 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 | 5,248,563 |
| | Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A | | | |
| 44,065 | Total Alabama | | | 46,388,505 |
| | Alaska – 0.0% (0.0% of Total Investments) | | | |
| 495 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 100.00 | BBB+ | 459,474 |
| | Bonds, Senior Series 2021A Class 1, 4.000%, 6/01/50 | | | |
| | Arizona – 1.6% (1.0% of Total Investments) | | | |
| 3,815 | Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for | 8/30 at 100.00 | Aa3 | 3,843,345 |
| | 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– | 1,078,033 |
| | 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 | AA | 7,583,807 |
| | 2015B, 5.000%, 7/01/43 – AGM Insured | | | |
| 1,315 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, | 9/28 at 100.00 | A+ | 1,432,101 |
| | 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– | 5,192,050 |
| | 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 | A1 | 6,357,415 |
| | 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 | 8,021,683 |
| 10,000 | 5.500%, 7/01/40 – FGIC Insured | No Opt. Call | AA | 12,389,900 |
| 3,035 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical | 4/31 at 100.00 | A | 2,947,744 |
| | Center, Series 2021A, 4.000%, 4/01/46 | | | |
| 3,000 | Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, | 8/28 at 100.00 | AA | 3,299,610 |
| | 5.000%, 8/01/47 | | | |
| 11,080 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | A3 | 12,137,697 |
| | Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | | | |
| 58,420 | Total Arizona | | | 64,283,385 |
| | Arkansas – 0.1% (0.1% of Total Investments) | | | |
| 5,080 | Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, | 5/22 at 100.00 | N/R | 5,087,823 |
| | 5/01/28 – ACA Insured | | | |
65
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California – 8.4% (5.1% of Total Investments) | | | |
| $ 22,880 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series | No Opt. Call | A | $ 15,513,098 |
| | 1999A, 0.000%, 10/01/32 – NPFG Insured | | | |
| 4,225 | Alameda Unified School District, Alameda County, California, General Obligation Bonds, | No Opt. Call | AA | 3,492,976 |
| | 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 | 2,695,933 |
| | 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) | 5,139,300 |
| 6,500 | 5.250%, 4/01/53 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 6,694,480 |
| 10,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 4/24 at 100.00 | AA (4) | 10,499,600 |
| | 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+ | 5,438,960 |
| | Obligation Bonds, Series 2009, 0.000%, 8/01/33 | | | |
| | Burbank Unified School District, Los Angeles County, California, General Obligation | | | |
| | Bonds, Election 2013, Series 2015A: | | | |
| 2,250 | 0.000%, 8/01/32 (Pre-refunded 2/01/25) (5) | 2/25 at 100.00 | Aa2 (4) | 2,261,857 |
| 1,350 | 0.000%, 8/01/33 (Pre-refunded 2/01/25) (5) | 2/25 at 100.00 | Aa2 (4) | 1,357,115 |
| 160 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB– | 166,682 |
| | 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 | 3,143,907 |
| 5,890 | 0.000%, 10/01/24 – NPFG Insured | No Opt. Call | A2 | 5,515,043 |
| 7,615 | 0.000%, 10/01/25 – NPFG Insured | No Opt. Call | A2 | 6,912,745 |
| 1,350 | 0.000%, 10/01/39 – NPFG Insured | No Opt. Call | A2 | 677,403 |
| 1,330 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, | 4/30 at 100.00 | BBB+ | 1,257,089 |
| | 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 (6) | 8/22 at 100.00 | AA– | 3,030,930 |
| 10,000 | 5.000%, 8/15/51 (6) | 8/22 at 100.00 | AA– | 10,103,100 |
| 530 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– (4) | 547,347 |
| | System, Series 2013A, 5.000%, 7/01/37 (Pre-refunded 7/01/23) | | | |
| | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and | | | |
| | Clinics, Tender Option Bond Trust 2016-XG0049: | | | |
| 485 | 8.899%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (6) | 8/22 at 100.00 | AA (4) | 494,996 |
| 525 | 8.906%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (6) | 8/22 at 100.00 | AA (4) | 535,831 |
| 1,285 | 8.906%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (6) | 8/22 at 100.00 | AA (4) | 1,311,510 |
| 2,230 | California Municipal Finance Authority, Revenue Bonds, Community Health System, Series | 2/32 at 100.00 | N/R | 2,133,263 |
| | 2021A, 4.000%, 2/01/51 | | | |
| 1,500 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, | 7/27 at 100.00 | Baa2 | 1,594,980 |
| | 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– | 1,031,093 |
| | 2017, 5.000%, 10/15/47 | | | |
| 2,930 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/23 at 100.00 | Aa3 | 3,031,905 |
| | Series 2013I, 5.000%, 11/01/38 | | | |
| 5,000 | California State, General Obligation Bonds, Refunding Various Purpose Series 2017, | 8/26 at 100.00 | Aa2 | 5,116,050 |
| | 4.000%, 8/01/36 | | | |
| 5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – | 5/22 at 100.00 | Aa2 | 5,012 |
| | AMBAC Insured | | | |
| 9,130 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB | 9,670,039 |
| | Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | | | |
66
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| | California Statewide Community Development Authority, Revenue Bonds, Daughters of | | | |
| | Charity Health System, Series 2005A: | | | |
| $ 333 | 5.750%, 7/01/30 (7), (8) | 1/22 at 100.00 | N/R | $ 299,040 |
| 427 | 5.750%, 7/01/35 (7), (8) | 1/22 at 100.00 | N/R | 383,877 |
| 512 | 5.500%, 7/01/39 (7), (8) | 1/22 at 100.00 | N/R | 460,653 |
| 10,445 | Castaic Lake Water Agency, California, Certificates of Participation, Water System | No Opt. Call | AA+ | 8,208,725 |
| | 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 | AA+ (4) | 4,395,387 |
| | 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) | 3,449,813 |
| | 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 | AA | 4,964,726 |
| | 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 (5) | 1/31 at 100.00 | A– | 1,008,426 |
| 3,350 | 5.750%, 1/15/46 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A–- (4) | 3,544,702 |
| 8,350 | 6.000%, 1/15/49 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A– (4) | 8,865,612 |
| 118,565 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 12,819,248 |
| | Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 | | | |
| 7,125 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset- | 6/22 at 100.00 | B– (4) | 7,146,874 |
| | Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 (Pre-refunded 6/01/22) | | | |
| 1,490 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R (4) | 1,494,232 |
| | Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 (Pre-refunded 6/01/22) | | | |
| 1,865 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R (4) | 1,870,595 |
| | Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 (Pre-refunded 6/01/22) | | | |
| 5,000 | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | Aa2 | 3,478,900 |
| | Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured | | | |
| 3,040 | Kern Community College District, California, General Obligation Bonds, Safety, Repair & | No Opt. Call | AA | 2,928,675 |
| | Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured | | | |
| 1,500 | Lincoln Unified School District, Placer County, California, Special Tax Bonds, Community | No Opt. Call | N/R | 1,284,315 |
| | Facilities District 1, Series 2005, 0.000%, 9/01/26 – AMBAC Insured | | | |
| 995 | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, | 5/22 at 100.00 | N/R (4) | 998,184 |
| | Series 1994, 5.375%, 2/15/34 (ETM) | | | |
| 2,490 | Madera Unified School District, Madera County, California, General Obligation Bonds, | No Opt. Call | AA– | 2,115,056 |
| | 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 | Aa1 | 10,103,909 |
| | Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5) | | | |
| 5,500 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | A | 6,837,380 |
| | Series 2009B, 6.500%, 11/01/39 | | | |
| 240 | Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, | 10/21 at 100.00 | N/R (4) | 247,692 |
| | 5.125%, 12/01/23 – AMBAC Insured (ETM) | | | |
| 14,100 | New Haven Unified School District, California, General Obligation Bonds, Refunding | No Opt. Call | AA | 8,955,051 |
| | Series 2009, 0.000%, 8/01/34 – AGC Insured | | | |
| 2,500 | Norwalk La Mirada Unified School District, Los Angeles County, California, General | No Opt. Call | AA | 1,970,350 |
| | Obligation Bonds, Election 2002 Series 2005B, 0.000%, 8/01/29 | | | |
| 2,585 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue | No Opt. Call | Baa2 | 2,739,635 |
| | 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) | 5/21 at 100.00 | Aa1 (4) | 1,729,562 |
| 1,745 | 5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured | 8/32 at 100.00 | N/R (4) | 2,075,224 |
| 1,000 | Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation | No Opt. Call | AA | 785,900 |
| | Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured | | | |
67
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | California (continued) | | | |
| $ 2,000 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | A2 | $ 1,859,380 |
| | 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 | AA | 5,949,981 |
| | 8/01/33 – AGC Insured | | | |
| 1,505 | Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue | No Opt. Call | AA+ (4) | 1,566,103 |
| | Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) | | | |
| 1,800 | Rialto Unified School District, San Bernardino County, California, General Obligation | No Opt. Call | AA | 1,475,388 |
| | Bonds, Series 2011A, 0.000%, 8/01/28 | | | |
| 625 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/31 at 100.00 | A | 596,913 |
| | RCTC 91 Express Lanes, Refunding Series 2021B-1, 4.000%, 6/01/46 | | | |
| 760 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | A (4) | 789,374 |
| | Series 2013A, 5.750%, 6/01/44 (Pre-refunded 6/01/23) | | | |
| 1,010 | San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family | No Opt. Call | Aaa (4) | 1,038,593 |
| | Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) | | | |
| | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, | | | |
| | Subordinate Series 2021A: | | | |
| 5,700 | 4.000%, 7/01/51 | 7/31 at 100.00 | N/R | 5,638,782 |
| 10,000 | 4.000%, 7/01/56 | 7/31 at 100.00 | N/R | 9,870,700 |
| 4,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/23 at 100.00 | A1 | 4,079,520 |
| | International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 | | | |
| 6,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/32 at 100.00 | N/R | 5,876,520 |
| | International Airport, Governmental Purpose, Second Series 2022B, 4.000%, 5/01/52 | | | |
| 8,075 | San Francisco City and County Public Utilities Commission, California, Water Revenue | 11/30 at 100.00 | Aa2 | 7,958,962 |
| | 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 (Pre-refunded 1/15/25) | 1/25 at 100.00 | A– (4) | 11,300,627 |
| 32,725 | 5.000%, 1/15/50 (Pre-refunded 1/15/25) | 1/25 at 100.00 | A– (4) | 34,904,485 |
| 7,210 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 7,049,361 |
| | 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 | Aa2 | 2,455,821 |
| | Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured | | | |
| 4,005 | San Mateo Union High School District, San Mateo County, California, General Obligation | No Opt. Call | Aaa | 3,558,603 |
| | Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured | | | |
| 15,750 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 | No Opt. Call | AA | 7,485,975 |
| | 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 | AA | 1,453,100 |
| 6,570 | 0.000%, 8/01/47 | 8/25 at 30.90 | AA | 1,797,946 |
| 2,630 | Union Elementary School District, Santa Clara County, California, General Obligation | No Opt. Call | AA+ | 2,388,697 |
| | Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured | | | |
| 480,857 | Total California | | | 333,628,818 |
| | Colorado – 12.8% (7.8% of Total Investments) | | | |
| 1,365 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series | 12/24 at 102.00 | N/R | 1,360,755 |
| | 2019, 5.000%, 12/01/51 | | | |
| 6,600 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series | 12/26 at 103.00 | N/R | 5,306,862 |
| | 2021, 4.375%, 12/01/52 | | | |
| 500 | Brighton Crossing Metropolitan District 6, Brighton, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 466,900 |
| | Obligation Bonds, Series 2020A-3, 5.000%, 12/01/50 | | | |
68
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| $ 1,140 | Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General | 12/30 at 100.00 | AA | $ 1,175,671 |
| | 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 | 1,063,254 |
| | 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 | 1,584,655 |
| 3,620 | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 3,599,656 |
| 1,250 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BBB | 1,282,763 |
| | Refunding Series 2013A, 5.375%, 12/01/33 | | | |
| 115 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BB+ | 115,675 |
| | 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 | 3,572,415 |
| | 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 | 1,727,387 |
| | 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) | 2,233,209 |
| 4,615 | 5.000%, 6/01/35 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 5,140,279 |
| 7,205 | 5.000%, 6/01/36 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 8,025,073 |
| 8,715 | 5.000%, 6/01/37 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 9,706,941 |
| 4,105 | 5.000%, 6/01/42 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 4,572,231 |
| 8,545 | 5.000%, 6/01/47 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (4) | 9,517,592 |
| 10,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated | 11/29 at 100.00 | AA | 9,807,900 |
| | Group, Series 2019A, 4.000%, 11/15/43 | | | |
| | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated | | | |
| | Group, Series 2021A: | | | |
| 17,905 | 4.000%, 11/15/46 | 11/31 at 100.00 | AA | 17,517,178 |
| 3,600 | 4.000%, 11/15/50 | 11/31 at 100.00 | AA | 3,477,528 |
| 5,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (4) | 5,107,750 |
| | 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+ | 5,185,950 |
| | 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 | 3,112,098 |
| | Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | | | |
| 11,050 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 10,557,833 |
| | Series 2019A-1, 4.000%, 8/01/44 | | | |
| 26,025 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 24,668,056 |
| | Series 2019A-2, 4.000%, 8/01/49 (UB) | | | |
| 4,600 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living | 12/27 at 103.00 | A– | 4,228,044 |
| | 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) | 2,382,101 |
| | 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) | 1,037,110 |
| | 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 | BB+ | 794,445 |
| | Refunding & Improvement Series 2017A, 5.250%, 5/15/37 | | | |
| 1,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, | 9/25 at 100.00 | Baa1 | 1,500,690 |
| | Refunding Series 2015B, 4.000%, 9/01/34 | | | |
| 10,035 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, | 9/30 at 100.00 | Baa1 | 9,287,392 |
| | Series 2020A, 4.000%, 9/01/50 | | | |
69
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| $ 5,275 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series | 11/29 at 100.00 | AA– | $ 5,164,330 |
| | 2019A, 4.000%, 11/01/39 | | | |
| 3,300 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, | 1/30 at 100.00 | AA– | 3,314,817 |
| | Refunding Series 2019A, 4.000%, 1/01/37 | | | |
| 10,880 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, SCL Health System, | 1/30 at 100.00 | AA– | 10,793,504 |
| | 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 | 4,290,975 |
| | 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 | 1,949,803 |
| 2,660 | 5.875%, 12/01/46 | 12/23 at 103.00 | N/R | 2,715,328 |
| | 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+ | 2,209,180 |
| 1,225 | 5.000%, 12/01/47 | 12/27 at 100.00 | A+ | 1,345,271 |
| 1,500 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/27 at 100.00 | Aa3 (4) | 1,663,965 |
| | Revenue Bonds, Refunding Series 2016B, 5.000%, 3/01/41 (Pre-refunded 3/01/27) | | | |
| 2,000 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 9/27 at 100.00 | AA | 2,048,800 |
| | 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 | 6,612,905 |
| | Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 | | | |
| 8,000 | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series | 3/30 at 100.00 | Aa2 | 8,041,120 |
| | 2020R, 4.000%, 3/15/45 | | | |
| 5,000 | Colorado State, Certificates of Participation, Rural Series 2018A, 4.000%, 12/15/35 | 12/28 at 100.00 | Aa2 | 5,165,350 |
| 2,505 | Colorado State, Certificates of Participation, Rural Series 2020A, 4.000%, 12/15/39 | 12/30 at 100.00 | Aa2 | 2,586,062 |
| | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016: | | | |
| 7,115 | 5.000%, 8/01/41 (Pre-refunded 8/01/26) | 8/26 at 100.00 | AA (4) | 7,813,337 |
| 1,000 | 5.000%, 8/01/46 (Pre-refunded 8/01/26) | 8/26 at 100.00 | AA (4) | 1,098,150 |
| 1,250 | Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales | 12/24 at 103.00 | N/R | 1,186,050 |
| | 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 | AA– (4) | 11,341,300 |
| | 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+ | 13,259,265 |
| | 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+ | 2,674,900 |
| | 2018B, 5.000%, 12/01/48 | | | |
| 16,260 | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A, | 8/31 at 100.00 | AA– | 16,368,129 |
| | 4.000%, 8/01/51 | | | |
| | 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 | Baa2 | 5,364,224 |
| 2,935 | 5.000%, 12/01/35 | 12/26 at 100.00 | Baa2 | 3,062,086 |
| 1,800 | 5.000%, 12/01/40 | 12/26 at 100.00 | Baa2 | 1,868,202 |
| 355 | Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado | 12/23 at 103.00 | N/R | 369,463 |
| | Urban Redevelopement Area, Series 2018A, 5.250%, 12/01/39, 144A | | | |
| | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | |
| 6,200 | 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | A | 6,169,124 |
| 45,540 | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | A | 34,781,630 |
| 16,635 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 11,714,201 |
| 49,250 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 33,269,852 |
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 | $ 7,665,854 |
| 2,900 | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | A | 1,878,504 |
| 18,500 | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | A | 11,219,510 |
| 2,200 | Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater | 12/29 at 100.00 | AA | 2,250,908 |
| | Revenue Bonds, Improvement Series 2020A, 4.000%, 12/01/49 – AGM Insured | | | |
| 1,200 | El Paso County School District 3, Widefield, Colorado, Certificates of Participation, | 12/31 at 100.00 | AA | 1,223,784 |
| | Recreation Facility Project, Series 2021, 4.000%, 12/01/46 – AGM Insured | | | |
| 2,000 | Firestone, Colorado, Water Enterprise Revenue Bones, Series 2020, 4.000%, 12/01/45 – | 12/30 at 100.00 | AA | 2,070,060 |
| | BAM Insured | | | |
| 1,755 | Flying Horse Metropolitan District 2, El Paso County, Colorado, General Obligation Limited | 12/30 at 100.00 | AA | 1,723,884 |
| | Tax Bonds, Refunding & Improvement Series 2020A, 4.000%, 12/01/50 – AGM Insured | | | |
| 3,000 | Foothills Park and Recreation District, Jefferson County, Colorado, Lease Revenue Bonds, | 12/31 at 100.00 | AA– | 3,132,540 |
| | Certificates of Participation, Series 2021, 4.000%, 12/01/41 | | | |
| 3,000 | Grand County School District 2 East Grand, Colorado, General Obligation Bonds, Series | 12/31 at 100.00 | N/R | 3,083,820 |
| | 2022, 4.000%, 12/01/46 | | | |
| 2,875 | Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021, 4.000%, 12/01/51 – | 12/31 at 100.00 | AA | 2,940,953 |
| | AGM Insured | | | |
| 5,000 | Leyden Rock Metropolitan District, Arvada, Jefferson County, Colorado, General | 12/31 at 100.00 | AA | 5,155,400 |
| | Obligation Limited Tax Bonds, Convertible to Unlimited Tax, Refunding & Improvement | | | |
| | Series 2021, 4.000%, 12/01/51 – AGM Insured | | | |
| 2,125 | Little Thompson Water District, Colorado, Water Revenue Bonds, Series 2020, | 12/30 at 100.00 | AA– | 2,162,698 |
| | 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+ | 1,060,600 |
| | 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+ | 1,042,760 |
| | 2017, 4.000%, 12/01/36 | | | |
| 1,230 | Morgan County Quality Water District, Morgan and Washington Counties, Colorado, Water | 12/30 at 100.00 | AA | 1,256,347 |
| | Revenue Bonds, Series 2020, 4.000%, 12/01/50 – AGM Insured | | | |
| 1,000 | North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, | 12/31 at 100.00 | AA | 1,023,870 |
| | Limited Tax General Obligation Bonds, Refunding & Improvement Senior Series 2021A, | | | |
| | 4.000%, 12/01/46 – AGM Insured | | | |
| 1,085 | North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General Obligation | 12/22 at 103.00 | N/R | 1,107,329 |
| | Bonds, Refunding Special Revenue & Improvement Series 2017A, 5.750%, 12/01/47 | | | |
| | Northern Colorado Water Conservancy District Building Corporation, Certificates of | | | |
| | Participation, Refunding Series 2021: | | | |
| 5,000 | 4.000%, 7/01/46 | 7/31 at 100.00 | AA+ | 5,173,900 |
| 2,750 | 4.000%, 7/01/51 | 7/31 at 100.00 | AA+ | 2,832,280 |
| 1,220 | Overlook Metropolitan District, Parker, Douglas County, Colorado, General Obligation | 12/31 at 100.00 | AA | 1,257,918 |
| | Limited Tax Bonds, Convertible to Unlimited Tax Refunding Series 2021A, 4.000%, 12/01/51 – | | | |
| | BAM Insured | | | |
| 17,735 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 18,619,622 |
| | 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 | AA | 3,179,323 |
| 3,255 | 4.000%, 12/01/46 – AGM Insured | 12/29 at 100.00 | AA | 3,351,185 |
| 2,500 | Parker Water and Sanitation District, Douglas County, Colorado, Water and Sewer | 11/32 at 100.00 | N/R | 2,582,300 |
| | Enterprise Revenue Bonds, Refunding & Improvement Series 2022, 4.000%, 11/01/52 | | | |
| 600 | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, | 12/30 at 100.00 | N/R | 561,948 |
| | Series 2021A, 4.750%, 12/01/45, 144A | | | |
71
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Colorado (continued) | | | |
| | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and | | | |
| | Special Revenue Bonds, Refunding & Improvement Series 2017: | | | |
| $ 8,765 | 5.000%, 12/01/42 | 12/27 at 100.00 | AA | $ 9,360,056 |
| 3,600 | 5.000%, 12/01/47 | 12/27 at 100.00 | AA | 3,822,012 |
| 3,250 | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General | 12/26 at 100.00 | AA | 3,473,892 |
| | Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 12/01/46 – | | | |
| | AGM Insured | | | |
| | Thompson Crossing Metropolitan District 6, Larimer County, Colorado, General Obligation | | | |
| | Limited Tax Bonds, Refunding & Improvement Convertible to Unlimited Tax Series 2020: | | | |
| 835 | 3.000%, 12/01/30, 144A | No Opt. Call | Ba2 | 749,705 |
| 1,300 | 5.000%, 12/01/44, 144A | 12/30 at 100.00 | Ba2 | 1,284,998 |
| 995 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 976,821 |
| | General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 | | | |
| 1,000 | Triview Metropolitan District, El Paso County, Colorado, Water and Wastewater Enterprise | 12/28 at 100.00 | AA | 907,790 |
| | 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 | AA | 4,064,800 |
| | 5.000%, 11/15/42 | | | |
| 5,000 | University of Colorado, Enterprise System Revenue Bonds, Refunding Series 2021C-4, | 6/31 at 100.00 | Aa1 | 5,032,850 |
| | 4.000%, 6/01/51 | | | |
| 14,500 | University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 | 6/24 at 100.00 | Aa1 (4) | 15,282,855 |
| | (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 | AA | 2,579,850 |
| | 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 | N/R | 5,607,250 |
| | 5.000%, 12/01/40 | | | |
| 2,175 | Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, | 12/26 at 100.00 | AA | 2,381,277 |
| | 5.000%, 12/15/30 | | | |
| 500 | Westerly Metropolitan District 4, Weld County, Colorado, General Obligation Limited Tax | 3/26 at 103.00 | N/R | 462,360 |
| | Bonds, Series 2021A-1, 5.000%, 12/01/50 | | | |
| 545,095 | Total Colorado | | | 510,900,529 |
| | Connecticut – 0.6% (0.3% of Total Investments) | | | |
| 1,650 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield | 7/26 at 100.00 | A– | 1,727,962 |
| | 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+ | 2,848,104 |
| | 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– | 7,478,612 |
| | 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 | A | 539,510 |
| 2,425 | 5.000%, 7/01/42 | 7/27 at 100.00 | A | 2,593,853 |
| 7,075 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, | 5/30 at 100.00 | AA– | 7,875,607 |
| | Series 2020A, 5.000%, 5/01/40 | | | |
| 21,615 | Total Connecticut | | | 23,063,648 |
| | 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) | 3,458,875 |
| | 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 | 1,072,370 |
| | 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– | 9,565,766 |
| | 5.000%, 6/01/55 | | | |
| 13,420 | Total Delaware | | | 14,097,011 |
72
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | District of Columbia – 3.6% (2.2% of Total Investments) | | | |
| $ 1,250 | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard | 10/22 at 100.00 | BB– | $ 1,259,150 |
| | Properties LLC Issue, Series 2013, 5.000%, 10/01/45 | | | |
| 107,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 5/22 at 22.78 | N/R | 22,453,950 |
| | 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– | 3,730,825 |
| 60 | 5.000%, 4/01/36 (Pre-refunded 4/01/27) | 4/27 at 100.00 | N/R (4) | 66,567 |
| 3,440 | 5.000%, 4/01/36 | 4/27 at 100.00 | A– | 3,664,322 |
| | 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 | A– | 12,531,723 |
| 5,000 | 5.000%, 10/01/47 | 10/29 at 100.00 | A– | 5,390,650 |
| 13,710 | 4.000%, 10/01/49 | 10/29 at 100.00 | A– | 13,670,241 |
| 17,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/31 at 100.00 | N/R | 16,763,360 |
| | Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series | | | |
| | 2022A, 4.000%, 10/01/52 – AGM Insured | | | |
| 7,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | No Opt. Call | AA | 3,938,900 |
| | 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 | AA (4) | 37,177,280 |
| | Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, | | | |
| | 10/01/41 (Pre-refunded 10/01/26) – AGC Insured | | | |
| 18,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | A– | 21,333,960 |
| | Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 | | | |
| 1,195 | Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue | 7/30 at 100.00 | AA | 1,215,626 |
| | Bonds, Series 2020A, 4.000%, 7/15/45 | | | |
| 221,610 | Total District of Columbia | | | 143,196,554 |
| | Florida – 7.5% (4.5% of Total Investments) | | | |
| 2,800 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter | 9/23 at 100.00 | BBB | 2,829,848 |
| | Academy, Inc. Project, Series 2016, 5.000%, 9/01/46 | | | |
| 2,830 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25 at 100.00 | AA– | 3,014,997 |
| 1,585 | Cocoa, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2003, 5.500%, | No Opt. Call | AA | 1,629,111 |
| | 10/01/23 – AMBAC Insured | | | |
| 3,570 | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges | 11/23 at 100.00 | N/R (4) | 3,768,278 |
| | University, Refunding Series 2013, 6.125%, 11/01/43 (Pre-refunded 11/01/23) | | | |
| 5,810 | Collier County, Florida, Tourist Development Tax Revenue Bonds, Series 2018, | 10/28 at 100.00 | AA+ | 5,946,651 |
| | 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 | A– (4) | 8,859,130 |
| 4,280 | 5.625%, 4/01/43 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A– (4) | 4,418,544 |
| 530 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 9/27 at 100.00 | N/R | 535,427 |
| | 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 | 919,984 |
| 1,590 | 0.000%, 11/01/26 – NPFG Insured | No Opt. Call | Baa2 | 1,352,120 |
| 1,690 | Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, | 10/28 at 100.00 | Aa3 | 1,730,002 |
| | 4.000%, 10/01/44 | | | |
| 15,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/28 at 100.00 | Aa3 | 16,158,600 |
| | Airport, Series 2018F, 5.000%, 10/01/48 (UB) (6) | | | |
| | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | | | |
| | Airport, Subordinate Lien Series 2015B: | | | |
| 5,730 | 5.000%, 10/01/40 (Pre-refunded 10/01/24) | 10/24 at 100.00 | A1 (4) | 6,077,353 |
| 12,885 | 5.000%, 10/01/44 (Pre-refunded 10/01/24) | 10/24 at 100.00 | A1 (4) | 13,666,089 |
73
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| $ 13,145 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida | 2/31 at 100.00 | A | $ 12,449,761 |
| | 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 | Aa3 | 404,496 |
| | 2012, 5.000%, 10/01/30 | | | |
| 2,500 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, | 11/24 at 100.00 | A2 | 2,586,075 |
| | 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 | AA | 3,947,617 |
| 19,145 | 5.000%, 2/01/44 – AGM Insured | 2/24 at 100.00 | AA | 19,816,607 |
| | 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+ | 193,295 |
| 5,035 | 5.125%, 7/01/46 | 7/27 at 100.00 | BB+ | 4,476,417 |
| 7,390 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University | 4/25 at 100.00 | A– | 7,687,152 |
| | 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– | 19,082,776 |
| | of Miami, Series 2018A, 5.000%, 4/01/53 | | | |
| 10,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 5/22 at 100.00 | AA | 10,048,500 |
| | 2010A, 5.000%, 7/01/35 | | | |
| 3,000 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus | 8/31 at 100.00 | A+ | 2,962,500 |
| | Children’s Hospital Project, Refunding Series 2021A, 4.000%, 8/01/46 | | | |
| 1,210 | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Doral | 1/28 at 100.00 | BBB– | 1,239,379 |
| | 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 | A2 | 1,041,500 |
| | Refunding Series 2014B, 5.000%, 10/01/37 | | | |
| 1,500 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, | 10/26 at 100.00 | A | 1,603,575 |
| | 5.000%, 10/01/41 | | | |
| 4,715 | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, | 6/27 at 100.00 | Aa3 | 5,202,059 |
| | Series 2017, 5.000%, 6/01/38 | | | |
| 1,850 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series | 10/22 at 100.00 | A+ (4) | 1,876,769 |
| | 2012B, 5.000%, 10/01/37 (Pre-refunded 10/01/22) | | | |
| | 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 | AA (4) | 5,532,835 |
| 3,000 | 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | AA (4) | 3,017,910 |
| 7,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, | 7/28 at 100.00 | AA | 7,107,590 |
| | 4.000%, 7/01/48 | | | |
| 5,770 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, | 10/22 at 100.00 | AA– (4) | 5,853,492 |
| | 5.000%, 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 | AA– | 9,936,101 |
| | 4.000%, 10/01/49 | | | |
| 2,400 | New Smyrna Beach Utilities Commission, Florida, Utility System Revenue Certificates, | 4/30 at 100.00 | Aa2 | 2,416,560 |
| | Refunding Series 2020, 4.000%, 10/01/49 | | | |
| 19,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/32 at 100.00 | N/R | 18,255,200 |
| | Health Obligated Group, Inc., Series 2022, 4.000%, 10/01/52 | | | |
| 1,095 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | 10/29 at 91.18 | BBB+ | 709,549 |
| | 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+ | 5,342,201 |
| | 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 | AA– | 9,958,485 |
| | 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 | 11/26 at 100.00 | A– | 6,128,095 |
| | Bonds, ACTS Retirement – Life Communities, Inc Obligated Group, Series 2016, 5.000%, 11/15/32 | | | |
74
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Florida (continued) | | | |
| $ 255 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences | 6/22 at 102.00 | N/R | $ 261,253 |
| | of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 | | | |
| 6,625 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | AA | 6,690,985 |
| | 4.000%, 5/01/33 | | | |
| | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health | | | |
| | Systems of South Florida Obligated Group, Refunding Series 2017: | | | |
| 4,595 | 5.000%, 8/15/42 | 8/27 at 100.00 | AA– | 4,926,989 |
| 12,325 | 5.000%, 8/15/47 | 8/27 at 100.00 | AA– | 13,129,822 |
| 2,030 | Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose | No Opt. Call | Baa2 | 2,144,086 |
| | Bonds, Stadium Project, Series 1995, 5.750%, 10/01/25 – NPFG Insured | | | |
| 4,000 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, | 5/26 at 100.00 | Aa2 | 4,005,640 |
| | 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 | A2 | 347,132 |
| 5,545 | 5.000%, 7/01/50 | 7/30 at 100.00 | A2 | 5,969,248 |
| 9,720 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series | 7/22 at 100.00 | A2 (4) | 9,778,028 |
| | 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | | | |
| 2,000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle | 4/25 at 100.00 | A+ (4) | 2,139,360 |
| | 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 | A+ | 1,015,440 |
| | 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– | 7,757,790 |
| | University Inc. Project, Series 2015, 5.000%, 6/01/45 | | | |
| 291,140 | Total Florida | | | 297,948,403 |
| | Georgia – 3.8% (2.3% of Total Investments) | | | |
| | 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 | Aa2 (4) | 3,649,968 |
| 2,040 | 5.000%, 11/01/35 (Pre-refunded 5/01/25) | 5/25 at 100.00 | Aa2 (4) | 2,189,981 |
| 1,755 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – | No Opt. Call | Aa2 | 1,789,082 |
| | FGIC Insured | | | |
| 10,550 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/32 at 100.00 | N/R | 10,139,816 |
| | Wellstar Health System, Inc. Project, Series 2022A, 4.000%, 4/01/52 | | | |
| 2,000 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/27 at 100.00 | A | 2,152,820 |
| | 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 | AA– | 6,052,241 |
| | Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 | | | |
| | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | | | |
| | System, Inc Project, Series 2017A: | | | |
| 4,330 | 5.000%, 4/01/42 | 4/27 at 100.00 | A | 4,660,855 |
| 13,670 | 5.000%, 4/01/47 | 4/27 at 100.00 | A | 14,624,849 |
| 29,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | AA– | 28,167,990 |
| | 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 (4) | 13,626,787 |
| | Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 | | | |
| | (Pre-refunded 2/15/25) | | | |
| 7,500 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/27 at 100.00 | AA | 8,161,050 |
| | Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.250%, 2/15/45 | | | |
| 2,000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/31 at 100.00 | A | 1,952,100 |
| | Certificates, Northeast Georgia Health Services Inc., Series 2021A, 4.000%, 2/15/51 | | | |
| 3,565 | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series | 7/28 at 100.00 | A | 3,793,766 |
| | 2019A, 5.000%, 1/01/63 | | | |
| 2,935 | Georgia Ports Authority, Revenue Bonds, Series 2021, 4.000%, 7/01/51 | 7/31 at 100.00 | AA | 2,883,784 |
75
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Georgia (continued) | | | |
| $ 11,000 | Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/27 at 100.00 | A | $ 10,996,700 |
| | 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+ | 1,513,647 |
| | 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 | 1,956,069 |
| 8,000 | 5.000%, 5/15/49 | No Opt. Call | A3 | 8,836,480 |
| 7,905 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | A | 8,287,918 |
| | Series 2015A, 5.000%, 7/01/60 | | | |
| | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds, | | | |
| | Series 2021A: | | | |
| 1,000 | 5.000%, 1/01/56 | 1/30 at 100.00 | A | 1,074,240 |
| 1,675 | 5.000%, 1/01/62 – AGM Insured | 1/30 at 100.00 | AA | 1,809,720 |
| 8,230 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/25 at 100.00 | Baa1 | 8,663,145 |
| | Series 2015, 5.000%, 10/01/40 | | | |
| 5,000 | Rockdale County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | AA– | 4,911,000 |
| | Project, Series 2019A, 4.000%, 7/01/44 | | | |
| 675 | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation | 10/29 at 100.00 | Aa2 | 695,264 |
| | Certificates, Refunding Series 2019A, 4.000%, 10/01/38 | | | |
| 147,755 | Total Georgia | | | 152,589,272 |
| | 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 | A– (4) | 4,210,342 |
| | 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 | 282,315 |
| | University, Series 2013A, 6.875%, 7/01/43 | | | |
| | Idaho – 0.2% (0.1% of Total Investments) | | | |
| 5,485 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, | 3/32 at 100.00 | A | 5,308,712 |
| | Series 2021A, 4.000%, 3/01/51 | | | |
| 2,375 | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, | 5/22 at 101.00 | Aaa | 2,408,369 |
| | Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | | | |
| 7,860 | Total Idaho | | | 7,717,081 |
| | Illinois – 15.5% (9.4% 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 | AA | 1,110,700 |
| 285 | 5.000%, 4/01/37 – AGM Insured | 4/28 at 100.00 | AA | 314,831 |
| 1,370 | 5.000%, 4/01/38 – AGM Insured | 4/28 at 100.00 | AA | 1,511,466 |
| | 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 | 3,156,489 |
| 4,000 | 0.000%, 1/01/34 – FGIC Insured | No Opt. Call | A2 | 2,509,000 |
| 11,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 11,973,940 |
| | Series 2016, 6.000%, 4/01/46 | | | |
| 5,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 5,250,650 |
| | 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 | 7,172,096 |
| | 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 | 12,620,075 |
| | 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 | 1,974,139 |
| | Series 2016B, 6.500%, 12/01/46 | | | |
76
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| $ 23,535 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | $ 26,919,333 |
| | Series 2017A, 7.000%, 12/01/46, 144A | | | |
| | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | | | |
| | Series 2021A: | | | |
| 1,500 | 5.000%, 12/01/38 | 12/30 at 100.00 | BB | 1,571,820 |
| 1,750 | 5.000%, 12/01/40 | 12/30 at 100.00 | BB | 1,827,648 |
| 1,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | No Opt. Call | Baa2 | 1,069,650 |
| | Tax Revenues, Series 1999A, 5.500%, 12/01/26 – NPFG Insured | | | |
| 4,000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien | 12/29 at 100.00 | A+ | 3,949,000 |
| | Series 2020A, 4.000%, 12/01/50 | | | |
| 9,285 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 9,733,651 |
| | 5.250%, 12/01/49 | | | |
| 22,670 | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 | No Opt. Call | BBB+ | 20,765,493 |
| | – FGIC Insured | | | |
| 10,565 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB+ | 11,569,098 |
| | 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+ | 4,220,640 |
| 5,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/23 at 100.00 | A+ | 5,110,300 |
| | City Colleges, Series 2013, 5.250%, 12/01/43 | | | |
| 4,500 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/27 at 100.00 | AA | 4,792,095 |
| | City Colleges, Series 2017, 5.000%, 12/01/47 | | | |
| 3,500 | Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series | 6/28 at 100.00 | AA+ | 3,563,175 |
| | 2018A, 4.000%, 12/01/43 | | | |
| | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural | | | |
| | History, Series 2002.RMKT: | | | |
| 2,750 | 3.900%, 11/01/36 | 11/27 at 102.00 | A | 2,851,805 |
| 5,265 | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 5,517,299 |
| 3,215 | Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident | 10/30 at 100.00 | BBB+ | 3,059,715 |
| | Group – UIC Surgery Center, LLC – University of Illinois Health Services Facility Project, | | | |
| | Series 2020, 4.000%, 10/01/50 | | | |
| 5,020 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, | 6/22 at 100.00 | AA (4) | 5,035,010 |
| | 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 | AA+ | 3,784,550 |
| 55 | 4.000%, 2/15/41 (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (4) | 58,131 |
| 1,200 | 4.000%, 2/15/41 (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (4) | 1,268,304 |
| 25,880 | 4.000%, 2/15/41 (UB) | 2/27 at 100.00 | AA+ | 25,952,464 |
| 1,000 | 5.000%, 2/15/41 | 2/27 at 100.00 | AA+ | 1,070,740 |
| 2,500 | Illinois Finance Authority, Revenue Bonds, Bradley University, Refunding Series 2021A, | 8/31 at 100.00 | BBB+ | 2,244,125 |
| | 4.000%, 8/01/51 | | | |
| 4,200 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, | 9/22 at 100.00 | AA+ (4) | 4,248,090 |
| | 9/01/38 (Pre-refunded 9/01/22) | | | |
| | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | | | |
| 8,750 | 5.000%, 9/01/39 (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (4) | 9,263,712 |
| 11,030 | 5.000%, 9/01/42 (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (4) | 11,677,571 |
| – | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, | 5/22 at 100.00 | A1 (4) | – |
| | 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 | 17,150,742 |
| | 5.000%, 12/01/40 | | | |
| 1,100 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender | 8/22 at 100.00 | AA+ | 1,144,627 |
| | Option Bond Trust 2015-XF0076, 16.500%, 8/15/37, 144A (IF) | | | |
| 13,540 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, | 11/25 at 100.00 | A | 14,213,073 |
| | 5.000%, 11/15/45 | | | |
77
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| $ 2,215 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series | 7/23 at 100.00 | A– | $ 2,305,461 |
| | 2013A, 6.000%, 7/01/43 | | | |
| 4,135 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | 8/25 at 100.00 | A3 | 4,329,345 |
| | Refunding Series 2015C, 5.000%, 8/15/44 | | | |
| 5,410 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, | 3/27 at 100.00 | AA– | 5,827,977 |
| | Inc., Series 2017A, 5.000%, 3/01/47 | | | |
| | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Fixed Period Series 2021A: | | | |
| 12,645 | 4.000%, 8/15/40 | 8/31 at 100.00 | AA– | 12,429,782 |
| 10,815 | 4.000%, 8/15/41 | 8/31 at 100.00 | AA– | 10,609,082 |
| | Illinois State, General Obligation Bonds, April Series 2014: | | | |
| 2,500 | 5.000%, 4/01/31 | 4/24 at 100.00 | BBB | 2,566,275 |
| 3,000 | 5.000%, 4/01/38 | 4/24 at 100.00 | BBB | 3,091,920 |
| | Illinois State, General Obligation Bonds, December Series 2017A: | | | |
| 5,000 | 5.000%, 12/01/34 | 12/27 at 100.00 | BBB | 5,237,350 |
| 1,175 | 5.000%, 12/01/35 | 12/27 at 100.00 | BBB | 1,229,732 |
| 5,420 | 5.000%, 12/01/39 | 12/27 at 100.00 | BBB | 5,637,884 |
| 1,600 | Illinois State, General Obligation Bonds, February Series 2014, 5.250%, 2/01/32 | 2/24 at 100.00 | BBB | 1,644,256 |
| 1,750 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 | 1/26 at 100.00 | BBB | 1,820,805 |
| 3,565 | Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26 | No Opt. Call | BBB | 3,806,992 |
| | Illinois State, General Obligation Bonds, May Series 2018A: | | | |
| 17,000 | 6.000%, 5/01/26 | No Opt. Call | BBB | 18,771,400 |
| 4,485 | 6.000%, 5/01/27 | No Opt. Call | BBB | 5,033,964 |
| | Illinois State, General Obligation Bonds, May Series 2020: | | | |
| 1,115 | 5.500%, 5/01/30 | No Opt. Call | BBB | 1,244,173 |
| 5,305 | 5.500%, 5/01/39 | 5/30 at 100.00 | BBB | 5,775,235 |
| 2,515 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/23 | No Opt. Call | BBB | 2,598,750 |
| 9,710 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB | 10,433,298 |
| 2,500 | Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/25 | 5/22 at 100.00 | BBB | 2,506,950 |
| 2,035 | Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 | 7/23 at 100.00 | BBB | 2,093,527 |
| 5,030 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | AA– | 5,101,124 |
| | 5.000%, 1/01/38 | | | |
| | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B: | | | |
| 8,000 | 5.000%, 1/01/38 | 1/24 at 100.00 | AA– | 8,250,000 |
| 6,500 | 5.000%, 1/01/39 | 1/24 at 100.00 | AA– | 6,699,875 |
| 10,040 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | AA– | 10,598,626 |
| | 5.000%, 1/01/40 | | | |
| 8,890 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, | 1/26 at 100.00 | AA– | 9,458,249 |
| | 5.000%, 1/01/40 | | | |
| 10,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2017A, | 1/28 at 100.00 | AA– | 10,853,700 |
| | 5.000%, 1/01/42 | | | |
| 4,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A, | 1/31 at 100.00 | AA– | 4,418,680 |
| | 5.000%, 1/01/45 | | | |
| | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A: | | | |
| 10,500 | 4.000%, 1/01/46 | 1/32 at 100.00 | N/R | 10,449,600 |
| 10,455 | 5.000%, 1/01/46 | 1/32 at 100.00 | N/R | 11,647,706 |
| 1,115 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | AA– | 1,178,165 |
| | 2015-XF0052, 16.425%, 1/01/38, 144A (IF) | | | |
| 11,050 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, | No Opt. Call | BBB | 12,279,644 |
| | 11/01/26 – FGIC Insured | | | |
| 1,500 | Macon and DeWitt Counties Community Unit School District 2 Maroa-Forsyth, Illinois, | 12/30 at 100.00 | N/R | 1,537,995 |
| | General Obligation Bonds, Series 2021, 4.000%, 12/01/44 – AGM Insured | | | |
| 3,125 | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate | 1/27 at 100.00 | AA | 3,173,031 |
| | Revenue Source Refunding School Series 2020C, 4.000%, 1/01/45 – AGM Insured | | | |
78
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Illinois (continued) | | | |
| $ 5,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 6/22 at 100.00 | BBB+ | $ 5,020,050 |
| | 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 | BBB+ | 2,440,945 |
| | 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 | BBB+ | 9,186,584 |
| | 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 | BBB+ | 4,904,137 |
| | 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 | AA | 11,344,410 |
| 5,355 | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | AA | 1,745,998 |
| | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | Expansion Project, Refunding Series 1996A: | | | |
| 23,920 | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | Baa2 | 23,537,280 |
| 13,350 | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | Baa2 | 12,193,890 |
| | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | | | |
| | Expansion Project, Refunding Series 1998A: | | | |
| 410 | 5.500%, 12/15/23 – NPFG Insured (ETM) | No Opt. Call | N/R (4) | 411,980 |
| 2,025 | 5.500%, 12/15/23 (Pre-refunded 6/15/23) – FGIC Insured (ETM) | No Opt. Call | Baa2 (4) | 2,075,321 |
| 2,170 | 5.500%, 12/15/23 – NPFG Insured | No Opt. Call | BBB+ | 2,250,702 |
| | 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) | 1,441,371 |
| 5,080 | 5.700%, 6/15/25 | 6/22 at 101.00 | BBB+ | 5,156,454 |
| 8,000 | 5.750%, 6/15/26 – NPFG Insured | 6/22 at 101.00 | BBB+ | 8,120,880 |
| 1,115 | 5.750%, 6/15/27 | 6/22 at 101.00 | BBB+ | 1,131,848 |
| 4,610 | 5.750%, 6/15/27 (Pre-refunded 6/15/22) | 6/22 at 101.00 | N/R (4) | 4,679,657 |
| 195 | 0.000%, 6/15/30 (ETM) | No Opt. Call | N/R (4) | 151,917 |
| 3,505 | 0.000%, 6/15/30 | No Opt. Call | BBB+ | 2,526,930 |
| 28,000 | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | AA | 15,927,520 |
| 3,280 | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | BBB+ | 1,663,780 |
| 11,715 | 0.000%, 12/15/38 – NPFG Insured | No Opt. Call | BBB+ | 5,479,340 |
| 6,700 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | AAA (4) | 7,353,183 |
| | Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | | | |
| 6,335 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA+ | 6,432,622 |
| | Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured | | | |
| 2,300 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA+ | 2,760,690 |
| | 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) | 4,446,997 |
| | Group, Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) | | | |
| | Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015: | | | |
| 2,250 | 5.000%, 3/01/29 | 3/25 at 100.00 | A | 2,381,895 |
| 7,000 | 5.000%, 3/01/31 | 3/25 at 100.00 | A | 7,404,460 |
| 2,000 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | A– | 2,099,140 |
| | 6.250%, 10/01/38 | | | |
| 4,810 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 4,734,723 |
| | Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured | | | |
| | Will County Community Unit School District 201-U Crete-Monee, Illinois, General | | | |
| | Obligation Bonds, Capital Appreciation Series 2004: | | | |
| 165 | 0.000%, 11/01/22 – NPFG Insured (ETM) | No Opt. Call | N/R (4) | 163,614 |
| 780 | 0.000%, 11/01/22 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 773,074 |
| 642,495 | Total Illinois | | | 615,807,192 |
79
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Indiana – 2.7% (1.6% of Total Investments) | | | |
| $ 6,000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University | 10/24 at 100.00 | Baa1 | $ 6,248,100 |
| | 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) | 5,095,650 |
| 5,420 | 5.000%, 5/01/42 (Pre-refunded 5/01/23) | 5/23 at 100.00 | A (4) | 5,576,801 |
| 10,000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | 12/29 at 100.00 | AA | 9,615,800 |
| | Group, Fixed Rate Series 2019A, 4.000%, 12/01/49 | | | |
| | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | | | |
| | Group, Refunding 2015A: | | | |
| 1,875 | 4.000%, 12/01/40 | 6/25 at 100.00 | AA | 1,862,025 |
| 3,400 | 5.000%, 12/01/40 | 6/25 at 100.00 | AA | 3,629,126 |
| 1,150 | Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, | 7/30 at 100.00 | A | 1,109,267 |
| | Series 2020A, 4.000%, 7/01/50 | | | |
| 11,000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/26 at 100.00 | AA | 11,886,380 |
| | 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 | AA | 4,246,914 |
| | First Lien Green Series 2020A, 4.000%, 10/01/45 | | | |
| 5,000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/22 at 100.00 | AA | 5,051,400 |
| | Series 2012A, 5.000%, 10/01/37 | | | |
| 13,215 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/24 at 100.00 | AA | 13,892,136 |
| | 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 | AA | 5,532,346 |
| | First Lien Series 2016A, 5.000%, 10/01/46 | | | |
| 1,255 | Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. | 5/22 at 100.00 | N/R (4) | 1,258,928 |
| | 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+ | 14,984,634 |
| | 2016A, 5.000%, 1/01/42 | | | |
| | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | | | |
| 9,255 | 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | AA | 8,574,757 |
| 9,560 | 0.000%, 2/01/26 – AMBAC Insured | No Opt. Call | AA | 8,582,777 |
| 1,580 | Zionsville Community Schools Building Corporation, Boone County, Indiana, First Mortgage | No Opt. Call | AA | 1,330,850 |
| | Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured | | | |
| 107,140 | Total Indiana | | | 108,477,891 |
| | Iowa – 1.2% (0.7% of Total Investments) | | | |
| 5,775 | Iowa Finance Authority Senior Living Facilities Revenue Bonds, Sunrise Retirement | 9/28 at 102.00 | N/R | 4,762,758 |
| | Community Project, Refunding Series 2021, 5.000%, 9/01/51 | | | |
| 7,760 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/29 at 103.00 | N/R | 7,971,072 |
| | Company Project, Refunding Series 2022, 5.000%, 12/01/50 (Mandatory Put 12/01/42) | | | |
| | (WI/DD, Settling 5/17/22) | | | |
| 16,130 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | BB– | 17,025,215 |
| | Company Project, Series 2013, 5.250%, 12/01/25 | | | |
| 2,690 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 105.00 | BB– | 2,863,612 |
| | 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+ | 3,129,671 |
| | 2018A, 5.000%, 3/01/48 | | | |
| 8,265 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Class 2 | 6/31 at 25.58 | N/R | 952,128 |
| | Capital Appreciation Senior Lien Series 2021B-2, 0.000%, 6/01/65 | | | |
| 1,095 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Senior Class 1 | 6/31 at 100.00 | BBB+ | 1,008,145 |
| | Series 2021A-2, 4.000%, 6/01/49 | | | |
| | 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 | A– | 5,003,197 |
| 5,990 | 5.000%, 12/01/41 | 12/26 at 100.00 | A– | 6,332,029 |
| 55,490 | Total Iowa | | | 49,047,827 |
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 | $ 2,036,140 |
| | 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 | 3,006,300 |
| | 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 | 3,994,113 |
| | 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 | 5,788,515 |
| | 5.000%, 7/01/43 | | | |
| 13,970 | Total Kansas | | | 14,825,068 |
| | Kentucky – 0.9% (0.6% of Total Investments) | | | |
| 6,010 | Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton | No Opt. Call | A+ | 4,760,461 |
| | Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured | | | |
| 1,300 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | 6/27 at 100.00 | Baa2 | 1,396,161 |
| | 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+ | 4,955,965 |
| | Series 2019A-2, 5.000%, 8/01/49 | | | |
| | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | | | |
| | Crossing Project, Convertible Capital Appreciation First Tier Series 2013C: | | | |
| 5,000 | 0.000%, 7/01/43 (5) | 7/31 at 100.00 | Baa2 | 5,478,850 |
| 8,610 | 0.000%, 7/01/46 (5) | 7/31 at 100.00 | Baa2 | 9,460,496 |
| | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | | | |
| | Crossing Project, First Tier Series 2013A: | | | |
| 2,655 | 5.750%, 7/01/49 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | 2,763,988 |
| 430 | 6.000%, 7/01/53 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | 448,778 |
| | 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) | 2,988,672 |
| 3,000 | 5.000%, 12/01/35 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R (4) | 3,008,970 |
| 1,380 | University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking | 5/29 at 100.00 | AA– | 1,405,902 |
| | Project, Series 2019A, 4.000%, 5/01/44 | | | |
| 35,990 | Total Kentucky | | | 36,668,243 |
| | Louisiana – 2.8% (1.7% of Total Investments) | | | |
| 6,860 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 6,956,726 |
| | Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | | | |
| 5,500 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series | 2/29 at 100.00 | AA– | 5,481,080 |
| | 2019A, 4.000%, 2/01/45 | | | |
| 1,870 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue | 12/27 at 100.00 | AA | 2,064,443 |
| | 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 | A | 4,322,720 |
| 22,625 | 5.000%, 5/15/46 | 5/27 at 100.00 | A | 24,428,665 |
| 8,975 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/30 at 100.00 | A | 8,633,950 |
| | Project, Series 2020A, 4.000%, 5/15/49 | | | |
| 4,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children’s | 6/30 at 100.00 | A+ | 3,916,680 |
| | 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 | A | 1,771,851 |
| | 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) April 30, 2022 (Unaudited) |
| | | | | |
| 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) | $ 21,002 |
| 2,345 | 4.000%, 5/15/36 | 5/26 at 100.00 | A | 2,349,033 |
| 20 | 5.000%, 5/15/47 (Pre-refunded 5/15/26) | 5/26 at 100.00 | N/R (4) | 21,762 |
| 1,975 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/25 at 100.00 | A | 2,082,776 |
| | 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 | 14,015,775 |
| | 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– | 1,093,835 |
| | 2017C, 5.000%, 5/01/45 | | | |
| 12,000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/25 at 100.00 | A2 | 12,485,640 |
| | 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 | A2 | 5,278,350 |
| | Project, Series 2017A, 5.000%, 1/01/48 | | | |
| 6,280 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, | 6/24 at 100.00 | A (4) | 6,619,057 |
| | 6/01/44 (Pre-refunded 6/01/24) | | | |
| 4,000 | Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, | 4/28 at 100.00 | AA | 4,318,240 |
| | Refunding Series 2018A, 5.000%, 4/01/48 – AGM Insured | | | |
| 5,000 | Saint Tammany Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, St. | 7/28 at 100.00 | AA– | 5,470,800 |
| | Tammany Parish Hospital Project, Refunding Series 2018A, 5.000%, 7/01/48 | | | |
| 1,355 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, | 12/25 at 100.00 | A– | 1,451,801 |
| | 5.000%, 12/01/40 | | | |
| 108,125 | Total Louisiana | | | 112,784,186 |
| | Maine – 0.6% (0.4% of Total Investments) | | | |
| 7,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | BBB (4) | 7,227,500 |
| | Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 (Pre-refunded 7/01/23) | | | |
| 6,300 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/26 at 100.00 | BBB | 6,651,666 |
| | Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/41 | | | |
| | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth | | | |
| | Issue, Series 2018A: | | | |
| 3,440 | 5.000%, 7/01/43 | 7/28 at 100.00 | A+ | 3,778,462 |
| 2,935 | 5.000%, 7/01/48 | 7/28 at 100.00 | A+ | 3,202,819 |
| 750 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2021A, | 7/31 at 100.00 | AA | 752,175 |
| | 4.000%, 7/01/46 – AGM Insured | | | |
| 2,430 | Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2020, 4.000%, 7/01/45 | 7/30 at 100.00 | AA– | 2,478,624 |
| 22,855 | Total Maine | | | 24,091,246 |
| | Maryland – 1.4% (0.9% 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 | CCC | 3,212,469 |
| 1,000 | 5.000%, 9/01/39 | 9/27 at 100.00 | CCC | 977,250 |
| 1,645 | 5.000%, 9/01/46 | 9/27 at 100.00 | CCC | 1,575,384 |
| 8,610 | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, | 1/27 at 100.00 | Aa3 | 9,254,889 |
| | 5.000%, 7/01/41 | | | |
| 275 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick | 7/30 at 100.00 | A– | 266,582 |
| | Health System Issue; Series 2020, 4.000%, 7/01/50 | | | |
| 3,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 7/22 at 100.00 | A (4) | 3,521,175 |
| | 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 | 3,899,760 |
| | of Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 | | | |
| 8,000 | Maryland Stadium Authority, Lease Revenue Bonds, Built To Learn, Series 2022A, | 6/32 at 100.00 | N/R | 7,848,480 |
| | 4.000%, 6/01/52 | | | |
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 | $ 18,664,810 |
| | Revitalization Program, Series 2018A, 5.000%, 5/01/42 | | | |
| 1,095 | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, | 7/31 at 100.00 | Aa2 | 1,217,027 |
| | Series 2021A, 5.000%, 7/01/51 | | | |
| 2,000 | Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, | 6/25 at 100.00 | AA– | 2,110,540 |
| | 5.000%, 12/01/44 | | | |
| 1,150 | Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside | 11/24 at 103.00 | B– | 1,160,983 |
| | 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– | 2,224,417 |
| | 5.000%, 11/01/47 | | | |
| 53,785 | Total Maryland | | | 55,933,766 |
| | Massachusetts – 1.7% (1.0% of Total Investments) | | | |
| 5,860 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series | 7/31 at 100.00 | AA | 5,747,957 |
| | 2021A-1, 4.000%, 7/01/51 | | | |
| 1,250 | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare | 11/23 at 100.00 | A (4) | 1,308,087 |
| | Obligated Group, Series 2013, 5.250%, 11/15/41 (Pre-refunded 11/15/23) | | | |
| 435 | Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, Series | 6/29 at 100.00 | BBB | 475,577 |
| | 2019A, 5.000%, 6/01/39 | | | |
| 930 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 969,851 |
| | 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– | 12,300,862 |
| | 2016BB-1, 5.000%, 10/01/46 | | | |
| 3,630 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series | 7/28 at 100.00 | A | 3,891,759 |
| | 2018J-2, 5.000%, 7/01/53 | | | |
| 1,100 | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute | 12/26 at 100.00 | A1 | 1,155,759 |
| | 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 | BBB+ | 2,106,101 |
| 8,800 | 5.000%, 1/01/45 | 1/25 at 100.00 | BBB+ | 9,120,232 |
| 2,700 | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, | 11/23 at 100.00 | A | 2,779,704 |
| | 5.000%, 11/01/43 | | | |
| 4,000 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System | 1/28 at 100.00 | AA– | 4,046,480 |
| | Issue, Series 2017S-1, 4.000%, 7/01/35 | | | |
| 805 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System | 7/31 at 100.00 | A– | 860,094 |
| | Obligated Group Issue, Series 2021G, 5.000%, 7/01/50 | | | |
| 1,725 | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, | 1/29 at 100.00 | BBB+ | 1,850,649 |
| | 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 | 1,446,488 |
| 1,545 | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,612,038 |
| 3,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | No Opt. Call | AA– | 3,859,230 |
| | Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | | | |
| 6,840 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | AAA (4) | 7,049,030 |
| | Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23) | | | |
| | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender | | | |
| | Option Bond Trust 2016-XF2223, Formerly Tender Option Bond Trust 14021: | | | |
| 1,323 | 9.396%, 8/15/24 (Pre-refunded 8/15/22), 144A (IF) | 8/22 at 100.00 | N/R (4) | 1,344,427 |
| 6,177 | 9.396%, 8/15/24, 144A (IF) | 8/22 at 100.00 | AAA | 6,279,923 |
| 64,940 | Total Massachusetts | | | 68,204,248 |
83
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan – 15.5% (9.4% of Total Investments) | | | |
| $ 315 | Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding | 11/27 at 102.00 | BB | $ 317,741 |
| | Series 2019, 5.000%, 11/01/34 | | | |
| 840 | Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, | No Opt. Call | Aa3 | 883,352 |
| | School Building & Site Series 2015, 5.000%, 5/01/24 | | | |
| 4,150 | Bloomfield Hills Schools, Oakland County, Michigan, General Obligation Bonds, School | 5/30 at 100.00 | Aa1 | 4,176,602 |
| | Building & Site Series 2020, 4.000%, 5/01/50 | | | |
| 895 | Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016, | 5/26 at 100.00 | AAA | 980,231 |
| | 5.000%, 5/01/28 | | | |
| 1,000 | Boyne City Public School District, Charlevoix and Antrim Counties, Michigan, General | 5/30 at 100.00 | AA | 1,038,130 |
| | Obligation Bonds, School Building & Site Series 2020I, 4.000%, 5/01/39 – AGM Insured | | | |
| 4,445 | Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School | 5/27 at 100.00 | AA | 4,808,201 |
| | Building & Site Series 2017I, 5.000%, 5/01/47 | | | |
| 1,135 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General | 5/24 at 100.00 | AA | 1,185,212 |
| | Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39 | | | |
| 6,525 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General | 5/30 at 100.00 | AA | 6,518,671 |
| | Obligation Bonds, School Building & Site Series 2020I, 4.000%, 5/01/50 | | | |
| 1,220 | Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series | 10/24 at 100.00 | A+ | 1,280,768 |
| | 2014, 5.000%, 10/01/39 | | | |
| 1,000 | Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, | 5/22 at 100.00 | B | 798,660 |
| | 5.250%, 11/01/36 | | | |
| 2,000 | County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn | 2/27 at 100.00 | BBB | 2,099,420 |
| | Hospital, Refunding Series 2016, 5.000%, 2/15/47 | | | |
| 4,400 | Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst | 7/24 at 100.00 | AA | 4,578,112 |
| | Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured | | | |
| 5,335 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | AA– (4) | 5,369,464 |
| | Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22) | | | |
| 2,830 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, | No Opt. Call | A+ | 3,141,328 |
| | 5.500%, 7/01/29 – NPFG Insured | | | |
| 15 | Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series | 5/22 at 100.00 | AA | 15,044 |
| | 2004A, 5.000%, 7/01/34 – AGM Insured | | | |
| 1,700 | Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series | 4/28 at 100.00 | AA | 1,870,731 |
| | 2018, 5.000%, 4/01/43 – AGM Insured | | | |
| | Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A: | | | |
| 1,100 | 5.000%, 3/01/33 – BAM Insured | 3/27 at 100.00 | AA | 1,200,705 |
| 2,270 | 5.000%, 3/01/36 – BAM Insured | 3/27 at 100.00 | AA | 2,471,508 |
| 11,165 | Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – | 3/28 at 100.00 | AA | 11,472,596 |
| | AGM Insured | | | |
| 1,045 | Ferndale Public School District, Oakland County, Michigan, General Obligation Bonds, | 5/31 at 100.00 | AA | 1,085,671 |
| | Refunding Series 2021A, 4.000%, 5/01/42 | | | |
| | Ferris State University, Michigan, General Revenue Bonds, Series 2020A: | | | |
| 1,000 | 4.000%, 10/01/39 | 10/29 at 100.00 | A+ | 1,002,510 |
| 350 | 4.000%, 10/01/40 | 10/29 at 100.00 | A+ | 350,364 |
| | Genesee County, Michigan, Sewage Disposal System Revenue Bonds, Interceptors & Treatment | | | |
| | Facilties, Series 2020A: | | | |
| 200 | 4.000%, 6/01/36 – BAM Insured | 6/29 at 100.00 | AA | 208,206 |
| 200 | 4.000%, 6/01/37 – BAM Insured | 6/29 at 100.00 | AA | 207,350 |
| 200 | 4.000%, 6/01/38 – BAM Insured | 6/29 at 100.00 | AA | 207,034 |
| 200 | 4.000%, 6/01/39 – BAM Insured | 6/29 at 100.00 | AA | 206,722 |
| 220 | 4.000%, 6/01/40 – BAM Insured | 6/29 at 100.00 | AA | 227,073 |
84
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| | Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General | | | |
| | Obligation Bonds, Devos Place Project, Series 2001: | | | |
| $ 7,955 | 0.000%, 12/01/22 | No Opt. Call | AAA | $ 7,881,178 |
| 8,260 | 0.000%, 12/01/23 | No Opt. Call | AAA | 7,975,030 |
| 8,575 | 0.000%, 12/01/24 | No Opt. Call | AAA | 8,051,496 |
| 8,900 | 0.000%, 12/01/25 | No Opt. Call | AAA | 8,124,721 |
| 3,000 | 0.000%, 12/01/26 | No Opt. Call | AAA | 2,657,820 |
| 100 | 0.000%, 12/01/27 | No Opt. Call | AAA | 85,759 |
| 4,305 | 0.000%, 12/01/29 | No Opt. Call | AAA | 3,457,991 |
| | Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding | | | |
| | School Building & Site Series 2016: | | | |
| 4,205 | 5.000%, 5/01/28 – AGM Insured | 5/26 at 100.00 | AA | 4,572,012 |
| 1,000 | 5.000%, 5/01/38 – AGM Insured | 5/26 at 100.00 | AA | 1,073,940 |
| | Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, School | | | |
| | Building & Site Series 2019: | | | |
| 1,000 | 5.000%, 11/01/36 – AGM Insured | 5/29 at 100.00 | AA | 1,121,880 |
| 1,100 | 5.000%, 11/01/41 – AGM Insured | 5/29 at 100.00 | AA | 1,226,555 |
| 1,850 | 5.000%, 11/01/43 – AGM Insured | 5/29 at 100.00 | AA | 2,047,987 |
| | Grand Rapids, Kent County, Michigan, Santiary Sewer System Revenue Bonds, Improvement & | | | |
| | Refunding Series 2020: | | | |
| 2,000 | 5.000%, 1/01/45 | 1/30 at 100.00 | AA | 2,195,340 |
| 1,000 | 4.000%, 1/01/50 | 1/30 at 100.00 | AA | 1,004,170 |
| | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding | | | |
| | Series 2014: | | | |
| 1,000 | 5.000%, 1/01/32 (Pre-refunded 1/01/24) | 1/24 at 100.00 | AA (4) | 1,044,330 |
| 1,000 | 5.000%, 1/01/33 (Pre-refunded 1/01/24) | 1/24 at 100.00 | AA (4) | 1,044,330 |
| 1,000 | 5.000%, 1/01/34 (Pre-refunded 1/01/24) | 1/24 at 100.00 | AA (4) | 1,044,330 |
| 1,855 | 5.000%, 1/01/44 (Pre-refunded 1/01/24) | 1/24 at 100.00 | AA (4) | 1,937,232 |
| | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018: | | | |
| 2,500 | 5.000%, 1/01/43 | 1/28 at 100.00 | AA | 2,735,875 |
| 1,055 | 5.000%, 1/01/48 | 1/28 at 100.00 | AA | 1,147,566 |
| | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2020: | | | |
| 2,400 | 5.000%, 1/01/40 (UB) (6) | 1/30 at 100.00 | AA | 2,671,824 |
| 1,870 | 5.000%, 1/01/45 (UB) (6) | 1/30 at 100.00 | AA | 2,052,643 |
| 3,000 | 5.000%, 1/01/50 (UB) (6) | 1/30 at 100.00 | AA | 3,273,480 |
| | Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson | | | |
| | Healthcare, Series 2019A: | | | |
| 1,720 | 5.000%, 7/01/36 | 7/28 at 100.00 | AA | 1,881,198 |
| 1,995 | 5.000%, 7/01/39 | 7/28 at 100.00 | AA | 2,174,450 |
| 500 | Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, | 12/24 at 100.00 | A+ | 528,840 |
| | 5.000%, 12/01/28 | | | |
| 1,005 | Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding | 7/26 at 100.00 | A+ | 1,093,289 |
| | Second Lien Series 2016C, 5.000%, 7/01/32 | | | |
| | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien | | | |
| | Series 2016C: | | | |
| 6,245 | 5.000%, 7/01/32 | 7/26 at 100.00 | AA– | 6,783,381 |
| 10,000 | 5.000%, 7/01/35 | 7/26 at 100.00 | AA– | 10,849,800 |
| 27,960 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series | 7/26 at 100.00 | AA– | 30,085,519 |
| | 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 | 2,002,994 |
| 7,615 | 4.000%, 5/01/49 | 5/30 at 100.00 | AA | 7,373,604 |
| 1,265 | Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017, | 5/27 at 100.00 | Aa3 | 1,400,342 |
| | 5.000%, 5/01/30 | | | |
| 1,675 | Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series | 4/27 at 100.00 | AA+ | 1,855,012 |
| | 2017, 5.000%, 4/01/30 | | | |
85
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| | Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016: | | | |
| $ 1,000 | 5.000%, 6/01/31 | 6/26 at 100.00 | AAA | $ 1,090,420 |
| 1,445 | 5.000%, 6/01/34 | 6/26 at 100.00 | AAA | 1,570,990 |
| | Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2017A: | | | |
| 1,570 | 5.000%, 6/01/36 | 6/27 at 100.00 | AAA | 1,735,321 |
| 1,650 | 5.000%, 6/01/37 | 6/27 at 100.00 | AAA | 1,822,920 |
| 1,025 | Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, | 1/25 at 100.00 | AAA | 1,076,076 |
| | 5.000%, 1/01/34 | | | |
| 3,440 | Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, | 1/25 at 100.00 | AAA | 3,635,839 |
| | 5.000%, 1/01/31 | | | |
| | Lake Saint Claire Clean Water Drain Drainage District, Macomb County, Michigan, General | | | |
| | Obligation Bonds, Series 2013: | | | |
| 1,000 | 5.000%, 10/01/25 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA+ (4) | 1,039,720 |
| 1,020 | 5.000%, 10/01/26 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA+ (4) | 1,060,514 |
| | Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds, | | | |
| | Series 2018: | | | |
| 2,395 | 5.000%, 1/15/38 – AGM Insured | 1/28 at 100.00 | AA | 2,580,900 |
| 4,000 | 5.000%, 1/15/43 – AGM Insured | 1/28 at 100.00 | AA | 4,282,720 |
| 7,100 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2019A, | 7/29 at 100.00 | AA– | 7,812,627 |
| | 5.000%, 7/01/48 | | | |
| 13,600 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2021A, | 7/31 at 100.00 | AA– | 15,194,464 |
| | 5.000%, 7/01/51 | | | |
| | Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I: | | | |
| 2,085 | 5.000%, 5/01/38 | 5/26 at 100.00 | AA | 2,250,570 |
| 2,200 | 5.000%, 5/01/41 | 5/26 at 100.00 | AA | 2,361,810 |
| | Lansing School District, Ingham County, Michigan, General Obligation Bonds, Unlimited | | | |
| | Tax, Series 2019: | | | |
| 1,325 | 5.000%, 5/01/40 | 5/29 at 100.00 | AA | 1,481,933 |
| 1,000 | 5.000%, 5/01/41 | 5/29 at 100.00 | AA | 1,117,050 |
| 2,200 | Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment | 2/24 at 103.00 | N/R | 2,203,344 |
| | Bonds, Series 2013A, 5.950%, 2/01/42 | | | |
| | Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: | | | |
| 75 | 5.000%, 7/01/32 | 7/26 at 100.00 | AA– | 81,650 |
| 500 | 5.000%, 7/01/33 | 7/26 at 100.00 | AA– | 544,335 |
| 1,500 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of | 11/28 at 100.00 | Aa3 | 1,660,395 |
| | Wayne Criminal Justice Center Project, Senior Lien Series 2018, 5.000%, 11/01/43 (UB) | | | |
| | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of | | | |
| | Wayne, Second Lien Refunding Series 2020: | | | |
| 12,980 | 4.000%, 11/01/50 | 11/30 at 100.00 | AA | 12,622,920 |
| 10,000 | 4.000%, 11/01/55 | 11/30 at 100.00 | Aa3 | 9,676,800 |
| 18,875 | 4.000%, 11/01/55 | 11/30 at 100.00 | AA | 18,431,437 |
| 3,500 | Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo | 12/28 at 100.00 | A3 | 3,772,825 |
| | College Project, Refunding Series 2018, 5.000%, 12/01/43 | | | |
| 1,780 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, | 8/24 at 100.00 | A+ | 1,864,354 |
| | Refunding Series 2015A, 5.000%, 8/01/32 | | | |
| 5,505 | Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, | 6/22 at 100.00 | N/R (4) | 5,521,240 |
| | Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22) | | | |
| 9,295 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series | 11/29 at 100.00 | A | 9,039,016 |
| | 2019A, 4.000%, 11/15/50 | | | |
| 4,850 | Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, | 6/24 at 100.00 | A+ (4) | 5,101,764 |
| | Refunding Series 2014, 5.000%, 6/01/39 (Pre-refunded 6/01/24) | | | |
| 3,930 | Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding | 8/23 at 100.00 | A+ | 4,058,393 |
| | Series 2013, 5.000%, 8/15/31 | | | |
| 6,060 | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding | 5/25 at 100.00 | A | 6,354,819 |
| | Series 2015, 5.000%, 11/15/45 | | | |
86
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| $ 3,000 | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series | 11/22 at 100.00 | A | $ 3,040,410 |
| | 2012, 5.000%, 11/15/42 | | | |
| | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit | | | |
| | Regional Convention Facility Authority Local Project, Series 2014H-1: | | | |
| 2,000 | 5.000%, 10/01/24 | 10/23 at 100.00 | AA– | 2,074,060 |
| 2,000 | 5.000%, 10/01/25 | 10/24 at 100.00 | AA– | 2,121,720 |
| 11,025 | 5.000%, 10/01/39 | 10/24 at 100.00 | AA– | 11,582,093 |
| | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | | | |
| | Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C: | | | |
| 4,665 | 5.000%, 7/01/34 | 7/25 at 100.00 | A+ | 4,965,099 |
| 1,070 | 5.000%, 7/01/35 | 7/25 at 100.00 | A+ | 1,138,491 |
| | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | | | |
| | Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1: | | | |
| 1,500 | 5.000%, 7/01/35 – AGM Insured | 7/24 at 100.00 | AA | 1,567,770 |
| 1,625 | 5.000%, 7/01/37 – AGM Insured | 7/24 at 100.00 | AA | 1,697,719 |
| 1,300 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/22 at 100.00 | N/R (4) | 1,307,865 |
| | 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: | | | |
| 175 | 5.000%, 12/01/45 (Pre-refunded 6/01/26) (UB) | 6/26 at 100.00 | N/R (4) | 191,604 |
| 11,825 | 5.000%, 12/01/45 | 6/26 at 100.00 | AA– | 12,546,088 |
| 12,520 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 12/27 at 100.00 | AA– | 12,573,711 |
| | Refunding Series 2017A-MI, 4.000%, 12/01/36 | | | |
| 1,900 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 6/27 at 100.00 | AA– | 2,074,648 |
| | Refunding Series 2017MI, 5.000%, 12/01/30 | | | |
| 6,835 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 12/29 at 100.00 | AA– | 6,681,212 |
| | Refunding Series 2019A-MI, 4.000%, 12/01/49 | | | |
| 3,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | 12/31 at 100.00 | N/R | 2,942,970 |
| | Refunding Series 2022A-MI, 4.000%, 12/01/47 | | | |
| | Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding | | | |
| | Series 2012: | | | |
| 1,000 | 5.000%, 11/01/25 | 11/22 at 100.00 | A+ | 1,016,960 |
| 1,000 | 5.000%, 11/01/26 | 11/22 at 100.00 | A+ | 1,016,910 |
| 3,750 | 5.000%, 11/01/42 | 11/22 at 100.00 | A+ | 3,806,888 |
| 3,000 | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series | 6/22 at 100.00 | AA– (4) | 3,008,970 |
| | 2015MI, 5.000%, 12/01/31 (Pre-refunded 6/01/22) | | | |
| 1,135 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, | 10/22 at 100.00 | AAA | 1,151,423 |
| | 5.000%, 10/01/32 (Pre-refunded 10/01/22) | | | |
| | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate | | | |
| | Refunding Series 2013: | | | |
| 1,955 | 5.000%, 10/01/22 | No Opt. Call | AAA | 1,983,621 |
| 3,200 | 5.000%, 10/01/25 (Pre-refunded 10/01/22) | 10/22 at 100.00 | AAA | 3,246,304 |
| 11,730 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB | 12,530,338 |
| | 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 | AA+ | 10,054,396 |
| | Group, Refunding & Project Series 2010F-6, 4.000%, 11/15/47 | | | |
| 210 | Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American | 5/22 at 100.00 | N/R | 210,059 |
| | Montessori Academy, Series 2007, 6.500%, 12/01/37 | | | |
| 1,845 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/23 at 100.00 | Aa2 | 1,915,922 |
| | 2013-I-A, 5.000%, 10/15/29 | | | |
| | 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) | 2,259,369 |
| 14,915 | 5.000%, 4/15/31 | 10/25 at 100.00 | Aa2 | 16,033,476 |
| 5,615 | 5.000%, 4/15/38 | 10/25 at 100.00 | Aa2 | 5,999,740 |
87
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| $ 2,500 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/26 at 100.00 | Aa2 | $ 2,668,525 |
| | 2016-I, 5.000%, 10/15/46 | | | |
| 1,240 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s | 5/22 at 100.00 | N/R (4) | 1,340,093 |
| | Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) | | | |
| 3,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, | 6/22 at 100.00 | AA– (4) | 3,008,850 |
| | Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22) | | | |
| 7,790 | Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41 | 8/23 at 100.00 | AA | 8,008,509 |
| 4,165 | Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48 | 2/29 at 100.00 | AA | 4,550,221 |
| 1,950 | Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, | 11/24 at 100.00 | AA+ | 2,072,597 |
| | 5.000%, 11/15/29 | | | |
| 4,000 | Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, | 5/22 at 100.00 | Aa1 | 4,010,600 |
| | 5.000%, 12/01/22 | | | |
| 15,330 | Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program Series 2020B, 4.000%, | 11/30 at 100.00 | AA+ | 15,728,273 |
| | 11/15/45 (UB) (6) | | | |
| 4,790 | Mona Shores Public Schools, Muskegon County, Michigan, General Obligation Bonds, School | 5/29 at 100.00 | Aa1 | 5,295,585 |
| | Building & Site Series 2019I, 5.000%, 5/01/48 | | | |
| 7,500 | Monroe Public Schools, Monroe County, Michigan, General Obligation Bonds, School | 5/30 at 100.00 | AA | 8,375,100 |
| | Building & Site Series 2020I, 5.000%, 5/01/50 (UB) (6) | | | |
| 500 | Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, | No Opt. Call | Aa2 | 500,000 |
| | 5/01/22 – NPFG Insured | | | |
| 2,945 | Muskegon Community College District, Michigan, General Obligation Bonds, Community | 5/24 at 100.00 | AA | 3,068,307 |
| | Facility Series 2013I, 5.000%, 5/01/38 | | | |
| | Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1, | | | |
| | Refunding Series 2015: | | | |
| 1,350 | 5.000%, 11/01/33 | 11/25 at 100.00 | AA | 1,452,870 |
| 1,730 | 5.000%, 11/01/36 | 11/25 at 100.00 | AA | 1,856,446 |
| | Northern Michigan University, General Revenue Bonds, Series 2018A: | | | |
| 400 | 5.000%, 12/01/33 | 6/28 at 100.00 | A1 | 445,352 |
| 650 | 5.000%, 12/01/35 | 6/28 at 100.00 | A1 | 722,267 |
| 1,200 | Novi Community School District, Oakland County, Michigan, General Obligation Bonds, | 5/32 at 100.00 | N/R | 1,211,748 |
| | School Building & Site Series 2022-II, 4.000%, 5/01/47 (WI/DD, Settling 5/04/22) | | | |
| 5,400 | Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/47 | 3/26 at 100.00 | A1 | 5,726,538 |
| 5,380 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William | 3/24 at 100.00 | A+ | 5,581,858 |
| | Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39 | | | |
| 1,510 | Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax | 4/28 at 100.00 | AA+ | 1,668,505 |
| | Series 2018, 5.000%, 4/01/43 | | | |
| 810 | Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series | 7/26 at 100.00 | A1 | 878,170 |
| | 2016A, 5.000%, 7/01/35 | | | |
| 1,435 | South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School | 5/24 at 100.00 | AA | 1,497,064 |
| | Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured | | | |
| 550 | Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding | 5/25 at 100.00 | AA | 590,436 |
| | Series 2015, 5.000%, 5/01/26 | | | |
| | University of Michigan, General Revenue Bonds, Refunding Series 2017A: | | | |
| 2,000 | 5.000%, 4/01/34 | 4/27 at 100.00 | AAA | 2,223,300 |
| 2,000 | 5.000%, 4/01/35 | 4/27 at 100.00 | AAA | 2,221,380 |
| 1,065 | 5.000%, 4/01/36 (Pre-refunded 4/01/27) | 4/27 at 100.00 | AAA | 1,188,284 |
| 2,000 | 5.000%, 4/01/42 (Pre-refunded 4/01/27) | 4/27 at 100.00 | AAA | 2,231,520 |
| 5,000 | 5.000%, 4/01/47 (Pre-refunded 4/01/27) | 4/27 at 100.00 | AAA | 5,578,800 |
| 7,200 | 5.000%, 4/01/47 (Pre-refunded 4/01/27) | 4/27 at 100.00 | AAA | 8,033,472 |
| 4,000 | University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44 | 4/24 at 100.00 | AAA | 4,201,360 |
| | (Pre-refunded 4/01/24) | | | |
| | University of Michigan, General Revenue Bonds, Series 2015: | | | |
| 5,735 | 5.000%, 4/01/40 (UB) (6) | 4/26 at 100.00 | AAA | 6,282,176 |
| 2,400 | 5.000%, 4/01/46 (UB) (6) | 4/26 at 100.00 | AAA | 2,628,984 |
88
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Michigan (continued) | | | |
| $ 2,150 | University of Michigan, General Revenue Bonds, Series 2020A, 4.000%, 4/01/45 | 4/30 at 100.00 | AAA | $ 2,212,737 |
| 1,600 | Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation | 11/23 at 100.00 | Aa1 (4) | 1,665,456 |
| | Bonds, School Building & Site Series 2014, 5.000%, 5/01/40 (Pre-refunded 11/01/23) | | | |
| 2,000 | Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation | 5/29 at 100.00 | Aa1 | 2,205,900 |
| | Bonds, School Building & Site Series 2019, 5.000%, 5/01/49 | | | |
| 3,000 | Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation | 5/30 at 100.00 | Aa1 | 3,325,590 |
| | Bonds, School Building & Site Series 2020, 5.000%, 5/01/50 | | | |
| 1,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/27 at 100.00 | A1 | 1,073,700 |
| | County Airport, Senior Series 2017A, 5.000%, 12/01/42 | | | |
| 4,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/22 at 100.00 | AA | 4,055,280 |
| | County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured | | | |
| 2,200 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/25 at 100.00 | A1 | 2,320,340 |
| | County Airport, Series 2015D, 5.000%, 12/01/45 | | | |
| 3,700 | Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40 | 11/23 at 100.00 | Aa3 | 3,837,418 |
| 5,000 | Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/43 | 11/28 at 100.00 | Aa3 | 5,494,100 |
| 2,810 | Wayne State University, Michigan, General Revenue Bonds, Series 2019A, 5.000%, 11/15/35 | 11/29 at 100.00 | Aa3 | 3,167,207 |
| 2,590 | West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, | 5/27 at 100.00 | AA | 2,849,311 |
| | School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured | | | |
| | Western Michigan University, General Revenue Bonds, Refunding Series 2013: | | | |
| 750 | 5.250%, 11/15/33 (Pre-refunded 11/15/23) – AGM Insured | 11/23 at 100.00 | AA (4) | 784,853 |
| 4,250 | 5.000%, 11/15/39 (Pre-refunded 11/15/23) – AGM Insured | 11/23 at 100.00 | AA (4) | 4,431,560 |
| | Western Michigan University, General Revenue Bonds, Refunding Series 2015A: | | | |
| 1,500 | 5.000%, 11/15/40 | 5/25 at 100.00 | Aa3 | 1,588,995 |
| 850 | 5.000%, 11/15/45 | 5/25 at 100.00 | Aa3 | 900,431 |
| 3,335 | Western Michigan University, General Revenue Bonds, Refunding Series 2019A, | 11/29 at 100.00 | Aa3 | 3,671,268 |
| | 5.000%, 11/15/49 | | | |
| 525 | Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF | No Opt. Call | Aa2 | 547,811 |
| | Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured | | | |
| 2,700 | Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 – | 10/25 at 100.00 | AA | 2,871,396 |
| | BAM Insured | | | |
| 591,305 | Total Michigan | | | 615,794,869 |
| | Minnesota – 2.8% (1.7% of Total Investments) | | | |
| 285 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory | 8/26 at 100.00 | BB+ | 260,858 |
| | Academy, Refunding Series 2016A, 4.000%, 8/01/36 | | | |
| 3,565 | Brooklyn Center, Minnesota, Charter School Lease Revenue Bonds, Tesfa International dba | 6/29 at 100.00 | N/R | 2,769,898 |
| | Twin Lakes STEM Academy Project, Series 2021A, 5.250%, 6/15/56 | | | |
| 730 | Brooklyn Center, Minnesota, Charter School Lease Revenue Bonds, Tesfa International dba | 6/29 at 100.00 | N/R | 687,390 |
| | Twin Lakes STEM Academy Project, Taxable Series 2021B, 6.000%, 6/15/31 | | | |
| 2,000 | Carlton County, Minnesota, General Obligation Bonds, Minnesota State Credit Enhancement | 2/32 at 100.00 | N/R | 2,070,040 |
| | Program Series 2022A, 4.000%, 2/01/47 | | | |
| 350 | Chatfield, Minnesota, Healthcare and Housing Facilities Revenue Bonds, Chosen Valley | 9/26 at 102.00 | N/R | 289,401 |
| | 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 | 3,804,349 |
| | 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: | | | |
| 1,875 | 3.500%, 8/01/25, 144A | 8/22 at 100.00 | N/R | 1,866,375 |
| 1,000 | 5.000%, 8/01/46, 144A | 8/22 at 100.00 | N/R | 1,000,820 |
89
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Minnesota (continued) | | | |
| | 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– | $ 4,056,712 |
| 8,250 | 5.000%, 2/15/53 | 2/28 at 100.00 | A– | 8,896,800 |
| 5,240 | 5.250%, 2/15/53 | 2/28 at 100.00 | A– | 5,773,642 |
| 5,500 | 5.000%, 2/15/58 | 2/28 at 100.00 | A– | 5,922,235 |
| 3,600 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | 6/32 at 100.00 | N/R | 3,792,801 |
| | Saint Luke’s Hospital of Duluth Obligated Group, Series 2022B, 5.250%, 6/15/47 (WI/DD, | | | |
| | Settling 5/12/22) | | | |
| 295 | Independence, Minnesota, Charter School Lease Revenue Bonds, Paladin Career & Technical | 6/29 at 102.00 | N/R | 243,216 |
| | High School Project, Series 2021A, 4.000%, 6/01/41 | | | |
| 9,840 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | AAA | 10,182,629 |
| | 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 | 2,908,752 |
| | Series 2018A, 4.000%, 2/01/37 | | | |
| 2,250 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series | 11/31 at 100.00 | AA– | 2,286,900 |
| | 2021, 4.000%, 11/15/40 | | | |
| | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, | | | |
| | Series 2018A: | | | |
| 2,530 | 4.000%, 11/15/48 | 11/28 at 100.00 | A+ | 2,458,249 |
| 3,395 | 5.000%, 11/15/49 | 11/28 at 100.00 | A+ | 3,627,184 |
| | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue | | | |
| | Bonds, Senior Lien Series 2016C: | | | |
| 3,500 | 5.000%, 1/01/41 | 1/27 at 100.00 | AA– | 3,757,460 |
| 5,000 | 5.000%, 1/01/46 | 1/27 at 100.00 | AA– | 5,332,750 |
| | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | | | |
| | Series 2021A: | | | |
| 265 | 3.000%, 8/01/35 | 8/31 at 100.00 | AA+ | 248,877 |
| 280 | 3.000%, 8/01/37 | 8/31 at 100.00 | AA+ | 256,976 |
| 650 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | 8/31 at 100.00 | AA+ | 613,750 |
| | Series 2021B, 3.000%, 8/01/35 | | | |
| | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, | | | |
| | Series 2021C: | | | |
| 1,000 | 4.000%, 8/01/38 | 8/31 at 100.00 | AA+ | 1,060,610 |
| 1,500 | 4.000%, 8/01/43 | 8/31 at 100.00 | AA+ | 1,568,940 |
| 2,855 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, | 12/26 at 100.00 | AA | 3,071,780 |
| | 5.000%, 12/01/47 | | | |
| 4,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/29 at 100.00 | AA– | 3,829,520 |
| | 2019, 4.000%, 5/01/49 | | | |
| 1,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/30 at 100.00 | BB+ | 1,014,210 |
| | Bonds, Hmong College Prep Academy Project, Refunding Series 2020A, 5.000%, 9/01/40 | | | |
| 5,850 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/26 at 100.00 | BB+ | 6,167,596 |
| | Bonds, Hmong College Prep Academy Project, Series 2016A, 6.000%, 9/01/51 | | | |
| 4,170 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/24 at 102.00 | BB+ | 3,654,338 |
| | 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 | 3,189,240 |
| | 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 | A+ | 598,070 |
| 1,470 | 4.000%, 11/15/43 | 11/27 at 100.00 | A+ | 1,445,892 |
| 850 | Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC | 9/27 at 100.00 | N/R | 799,297 |
| | Project, Refunding Series 2017, 5.000%, 9/01/42 | | | |
90
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Minnesota (continued) | | | |
| | 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) | $ 3,895,830 |
| 5,315 | 5.000%, 11/15/44 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (4) | 5,759,759 |
| | 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 | 307,929 |
| 150 | 5.000%, 8/01/33 | 8/24 at 102.00 | N/R | 153,731 |
| 250 | 5.000%, 8/01/35 | 8/24 at 102.00 | N/R | 255,635 |
| 600 | 4.000%, 8/01/39 | 8/24 at 102.00 | N/R | 555,402 |
| 2,000 | 5.000%, 8/01/49 | 8/24 at 102.00 | N/R | 2,016,560 |
| 109,455 | Total Minnesota | | | 112,452,403 |
| | 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 | 11,474,745 |
| | of Mississippi Medical Center New Facilities & Refinancing Project, Series 2017A, | | | |
| | 4.000%, 6/01/47 | | | |
| | Missouri – 5.2% (3.2% of Total Investments) | | | |
| 2,585 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit | 10/22 at 100.00 | Aa2 (4) | 2,622,405 |
| | 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 | BBB– | 2,479,337 |
| 4,590 | 5.000%, 8/01/35 | 8/26 at 100.00 | BBB– | 4,840,476 |
| 640 | 4.000%, 8/01/38 | 8/26 at 100.00 | BBB– | 640,077 |
| | 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 | A– | 3,081,135 |
| 1,000 | 5.000%, 10/01/47 | 10/27 at 100.00 | A– | 1,069,730 |
| | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, | | | |
| | Improvement Series 2004B-1: | | | |
| 8,150 | 0.000%, 4/15/27 – AMBAC Insured | No Opt. Call | AA– | 7,118,128 |
| 5,000 | 0.000%, 4/15/31 – AMBAC Insured | No Opt. Call | AA– | 3,765,350 |
| | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A: | | | |
| 2,475 | 4.000%, 1/01/38 | 1/28 at 100.00 | AA | 2,585,088 |
| 4,470 | 4.000%, 1/01/42 | 1/28 at 100.00 | AA | 4,599,451 |
| 1,585 | Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series | 4/31 at 100.00 | AA– | 1,779,781 |
| | 2021A, 5.000%, 4/01/39 | | | |
| 2,700 | Maryland Heights, Missouri, Tax Increment and Special District Revenue Bonds, Westport | 11/29 at 100.00 | N/R | 2,405,943 |
| | Plaza Redevelopment Area, Series 2020, 4.125%, 11/01/38 | | | |
| 4,365 | Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, | 5/30 at 100.00 | AAA | 4,901,982 |
| | Series 2020B, 5.000%, 5/01/47 | | | |
| 2,160 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of | 6/32 at 100.00 | N/R | 2,392,243 |
| | Independence Annual Appropriation Electric System, Refunding Series 2022, 5.000%, | | | |
| | 6/01/34 – AGM Insured (WI/DD, Settling 5/12/22) | | | |
| 3,000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union | 7/27 at 102.00 | A | 2,807,880 |
| | Electric Company Project, Refunding Series 1998A, 2.900%, 9/01/33 | | | |
| 1,350 | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, | 5/26 at 100.00 | A+ | 1,453,788 |
| | 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+ | 4,862,300 |
| | 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 | 1,531,446 |
| | Bonds, Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/42 | | | |
91
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Missouri (continued) | | | |
| $ 11,985 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | $ 12,378,348 |
| | 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 | 3,609,549 |
| | BJC Health System, Series 2015A, 4.000%, 1/01/45 | | | |
| 16,215 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 7/31 at 100.00 | AA | 15,939,345 |
| | BJC Health System, Series 2021A, 4.000%, 7/01/46 | | | |
| 1,500 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 7/26 at 100.00 | AA | 1,472,580 |
| | 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 | 13,497,820 |
| | BJC Health System, Variable Rate Demand Obligation Series 2017D, 4.000%, 1/01/58 | | | |
| | (Mandatory Put 1/01/48) (UB) (6) | | | |
| 17,300 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | 17,839,587 |
| | 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 | 4,132,513 |
| 4,220 | 4.000%, 11/15/49 | 5/29 at 100.00 | A2 | 4,111,673 |
| | 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+ | 2,403,594 |
| 3,000 | 5.000%, 11/15/47 | 11/27 at 100.00 | A+ | 3,227,670 |
| | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | | | |
| | Mercy Health, Series 2020: | | | |
| 7,500 | 4.000%, 6/01/50 | 6/30 at 100.00 | A+ | 7,356,000 |
| 17,650 | 4.000%, 6/01/53 | 6/30 at 100.00 | A+ | 17,189,158 |
| 700 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 2/29 at 100.00 | AA– | 655,676 |
| | Mosaic Health System, Series 2019A, 4.000%, 2/15/54 | | | |
| 3,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/24 at 100.00 | AA– (4) | 3,098,370 |
| | SSM Health Care, Series 2014A, 4.000%, 6/01/33 (Pre-refunded 6/01/24) | | | |
| 3,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/32 at 100.00 | N/R | 2,892,930 |
| | SSM Health Care, Series 2022A, 4.000%, 6/01/52 | | | |
| 10,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy | 5/25 at 102.00 | A+ | 9,875,000 |
| | 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 | 1,571,339 |
| 2,000 | 5.000%, 2/01/44 | 2/24 at 100.00 | BBB | 2,033,240 |
| 1,150 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior | 2/26 at 100.00 | BBB | 1,179,084 |
| | 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 | 726,537 |
| | 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 | 1,791,715 |
| | 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 | 1,588,095 |
| 1,000 | 4.000%, 2/01/48 | 2/29 at 100.00 | BBB | 925,600 |
| 500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis | 4/29 at 100.00 | AA– | 496,935 |
| | 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 | 7,609,219 |
| | Pairie State Power Project, Refunding Series 2016A, 5.000%, 12/01/34 | | | |
| 2,415 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of | 12/25 at 100.00 | AA+ | 2,471,269 |
| | Participation, Missouri Project Series 2019, 4.000%, 12/01/41 | | | |
92
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Missouri (continued) | | | |
| | Saint Charles County Public Water Supply District 2, Missouri, Certificates of | | | |
| | Participation, Refunding Series 2016C: | | | |
| $ 1,675 | 4.000%, 12/01/31 | 12/25 at 100.00 | AA+ | $ 1,738,683 |
| 2,535 | 5.000%, 12/01/32 | 12/25 at 100.00 | AA+ | 2,727,711 |
| 220 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 224,495 |
| | 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+ | 7,350,630 |
| | Village Saint Louis Obligated Group, Series 2018A, 5.250%, 9/01/53 | | | |
| 725 | The Industrial Development Authority of the City of Saint Louis, Missouri, Development | 11/26 at 100.00 | N/R | 646,497 |
| | Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, | | | |
| | 3.875%, 11/15/29 | | | |
| 207,915 | Total Missouri | | | 207,697,402 |
| | 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 | 1,481,431 |
| | Corporation, Series 2017A, 5.250%, 5/15/47 | | | |
| 4,965 | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell | 7/28 at 100.00 | BBB | 5,256,346 |
| | Regional Medical Center, Series 2018B, 5.000%, 7/01/48 | | | |
| 2,580 | Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits Health System | 2/27 at 100.00 | A+ | 2,789,754 |
| | Obligated Group, Refunding Series 2016, 5.000%, 2/15/41 | | | |
| 3,310 | Montana Facility Finance Authority, Montana, Health Facilities Reveue Bonds, Bozeman | 6/28 at 100.00 | A | 3,555,635 |
| | Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 | | | |
| 1,825 | Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, | 8/28 at 100.00 | AA– | 2,009,690 |
| | Series 2018A, 5.000%, 8/15/48 | | | |
| 14,155 | Total Montana | | | 15,092,856 |
| | Nebraska – 1.4% (0.8% of Total Investments) | | | |
| 2,620 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, | 9/22 at 100.00 | A2 | 2,645,807 |
| | 5.000%, 9/01/42 | | | |
| 7,000 | Dodge County School District 1 Fremont, Nebraska, General Obligation Bonds, Series 2022, | 12/32 at 100.00 | N/R | 7,084,000 |
| | 4.000%, 12/15/47 – AGM Insured | | | |
| | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, | | | |
| | Children’s Hospital Obligated Group, Refunding Series 2020A: | | | |
| 1,200 | 4.000%, 11/15/39 | 11/30 at 100.00 | AA– | 1,204,284 |
| 1,625 | 4.000%, 11/15/40 | 11/30 at 100.00 | AA– | 1,628,104 |
| 3,000 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, | 5/27 at 100.00 | AA– | 3,265,290 |
| | 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 | 3,668,910 |
| 1,400 | 5.000%, 11/01/48 | 11/25 at 100.00 | A | 1,461,950 |
| 5,000 | Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University | 1/32 at 100.00 | A2 | 4,945,250 |
| | Projects, Series 2021A, 4.000%, 7/01/46 | | | |
| 4,000 | Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 | 9/22 at 100.00 | AA (4) | 4,047,120 |
| | (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 | 2,319,011 |
| 2,000 | 5.000%, 7/01/30 | 7/27 at 100.00 | BBB | 2,151,780 |
| | 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 | 1,059,550 |
| 820 | 5.000%, 7/01/33 | 7/25 at 100.00 | BBB | 868,077 |
| 2,000 | 5.000%, 7/01/34 | 7/25 at 100.00 | BBB | 2,115,960 |
93
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | �� |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Nebraska (continued) | | | |
| $ 5,110 | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series | 10/26 at 100.00 | A+ | $ 5,570,258 |
| | 2016A, 5.000%, 4/01/38 | | | |
| 6,000 | Sarpy County School District 037 Gretna Public Schools, Nebraska, General Obligation | 12/32 at 100.00 | N/R | 6,066,780 |
| | Bonds, Series 2022, 4.000%, 12/15/47 | | | |
| 5,000 | University of Nebraska Facilities Corporation, Nebraska, Facilities Program Bonds, | 7/31 at 100.00 | Aa1 | 4,876,650 |
| | Series 2021A, 4.000%, 7/15/59 | | | |
| 53,425 | Total Nebraska | | | 54,978,781 |
| | Nevada – 2.0% (1.2% of Total Investments) | | | |
| 6,030 | Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, | 9/27 at 100.00 | A– | 6,389,750 |
| | 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+ | 4,140,160 |
| | 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+ | 8,164,625 |
| | 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 | 376,413 |
| | 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 | 2,329,555 |
| 1,525 | 4.000%, 9/01/27 | 9/26 at 100.00 | N/R | 1,536,331 |
| 2,660 | 4.000%, 9/01/29 | 9/26 at 100.00 | N/R | 2,650,318 |
| 2,920 | 4.000%, 9/01/30 | 9/26 at 100.00 | N/R | 2,887,092 |
| | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: | | | |
| 5,000 | 5.000%, 6/01/32 | 12/24 at 100.00 | Aa1 | 5,284,550 |
| 10,000 | 5.000%, 6/01/33 | 12/24 at 100.00 | Aa1 | 10,561,400 |
| 6,620 | 5.000%, 6/01/39 | 12/24 at 100.00 | Aa1 | 6,971,390 |
| 11,915 | 5.000%, 6/01/39 | 12/24 at 100.00 | Aa1 | 12,547,448 |
| | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond | | | |
| | Trust 2015-XF0233: | | | |
| 3,995 | 17.221%, 12/01/22, 144A (IF) (6) | 1/30 at 0.00 | Aa1 | 4,842,739 |
| 1,000 | 17.334%, 12/01/22, 144A (IF) (6) | 1/30 at 0.00 | Aa1 | 1,212,330 |
| 1,250 | 17.231%, 6/01/39, 144A (IF) (6) | 12/24 at 100.00 | Aa1 | 1,515,412 |
| 1,250 | 17.231%, 6/01/39, 144A (IF) (6) | 12/24 at 100.00 | Aa1 | 1,515,412 |
| 2,500 | 17.231%, 6/01/39, 144A (IF) (6) | 12/24 at 100.00 | Aa1 | 3,030,825 |
| 4,100 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, | 6/22 at 100.00 | Aa1 | 4,112,095 |
| | 5.000%, 6/01/42 | | | |
| 74,955 | Total Nevada | | | 80,067,845 |
| | New Hampshire – 0.2% (0.1% of Total Investments) | | | |
| 1,335 | National Finance Authority, New Hampshire, Hospital Facilities Revenue Bonds, Saint | 5/31 at 100.00 | AA | 1,341,728 |
| | Elizabeth Medical Center, Inc., Series 2021A, 4.000%, 5/01/45 | | | |
| 1,500 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord | 10/27 at 100.00 | AA– | 1,637,820 |
| | 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 | 1,238,843 |
| 2,935 | 5.000%, 8/01/37 | 2/28 at 100.00 | A | 3,260,345 |
| 1,110 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, | No Opt. Call | A | 1,283,327 |
| | Dartmouth-Hitchcock Obligated Group, Series 2020A, 5.000%, 8/01/59 | | | |
| 7,995 | Total New Hampshire | | | 8,762,063 |
| | New Jersey – 6.3% (3.8% of Total Investments) | | | |
| 10,600 | New Jersey Economic Development Authority, Revenue Bonds, New Jersey Transit Corporation | No Opt. Call | Baa1 | 11,316,666 |
| | Projects Sublease, Refunding Series 2017B, 5.000%, 11/01/25 | | | |
94
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New Jersey (continued) | | | |
| $ 6,000 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Montclair | 6/27 at 100.00 | AA | $ 6,551,700 |
| | Properties LLC, Montclair State University Student Housing Project, Refunding Series 2017, | | | |
| | 5.000%, 6/01/42 – AGM Insured | | | |
| 20,890 | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 12/26 at 100.00 | Baa1 (4) | 23,593,375 |
| | Refunding Series 2016BBB, 5.500%, 6/15/30 (Pre-refunded 12/15/26) | | | |
| | New Jersey Economic Development Authority, School Facilities Construction Bonds, | | | |
| | Series 2014UU: | | | |
| 5,515 | 5.000%, 6/15/30 (Pre-refunded 6/15/24) | 6/24 at 100.00 | Baa1 (4) | 5,812,314 |
| 935 | 5.000%, 6/15/40 (Pre-refunded 6/15/24) | 6/24 at 100.00 | N/R (4) | 985,406 |
| 4,065 | 5.000%, 6/15/40 | 6/24 at 100.00 | Baa1 | 4,179,958 |
| 1,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 12/28 at 100.00 | Baa1 | 1,050,940 |
| | 2018EEE, 5.000%, 6/15/43 | | | |
| 2,595 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social | 12/30 at 100.00 | Baa1 | 2,451,548 |
| | Series 2021QQQ, 4.000%, 6/15/46 | | | |
| 2,020 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 5/22 at 100.00 | BB+ | 2,023,979 |
| | 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– | 2,718,675 |
| | 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 | AA– | 739,785 |
| | 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 | AA– | 11,680,198 |
| | Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | | | |
| 695 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | 7/25 at 100.00 | AA | 724,788 |
| | 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 | A+ | 3,287,717 |
| 7,795 | 5.000%, 6/15/29 | 6/26 at 100.00 | A+ | 8,370,349 |
| | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | | | |
| | Appreciation Series 2010A: | | | |
| 5,000 | 0.000%, 12/15/26 | No Opt. Call | Baa1 | 4,237,700 |
| 16,495 | 0.000%, 12/15/33 | No Opt. Call | Baa1 | 10,075,146 |
| | 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+ | 1,582,952 |
| 10,000 | 0.000%, 12/15/30 – FGIC Insured | No Opt. Call | Baa1 | 7,195,100 |
| 38,000 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | AA | 24,098,840 |
| 45,000 | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | Baa1 | 25,326,000 |
| 10,000 | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | Baa1 | 5,351,100 |
| 5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | Baa1 | 5,185,350 |
| | 2010D, 5.000%, 12/15/23 | | | |
| 1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/22 at 100.00 | Baa1 (4) | 1,004,370 |
| | 2012A, 5.000%, 6/15/42 (Pre-refunded 6/15/22) | | | |
| 7,500 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/23 at 100.00 | Baa1 | 7,690,275 |
| | 2013AA, 5.500%, 6/15/39 | | | |
| 5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/29 at 100.00 | Baa1 | 5,434,650 |
| | 2019A, 5.000%, 12/15/32 | | | |
| 5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | Baa1 | 4,770,450 |
| | 2019BB, 4.000%, 6/15/44 | | | |
| 15,450 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/30 at 100.00 | Baa1 | 14,394,765 |
| | 2020AA, 4.000%, 6/15/50 | | | |
| 14,000 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, | No Opt. Call | AA | 15,339,380 |
| | 1/01/26 – AGM Insured | | | |
95
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New Jersey (continued) | | | |
| $ 1,160 | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 | 1/28 at 100.00 | A+ | $ 1,198,547 |
| | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: | | | |
| 489 | 17.437%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) (6) | 7/22 at 100.00 | A+ | 501,234 |
| 826 | 17.437%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) (6) | 7/22 at 100.00 | N/R | 845,563 |
| 1,500 | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G, 4.000%, 1/01/33 | 1/28 at 100.00 | A+ | 1,559,640 |
| 3,000 | Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, | No Opt. Call | Aa3 | 2,748,090 |
| | 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 | Aa3 (4) | 2,058,860 |
| 910 | 5.000%, 5/01/43 (Pre-refunded 5/01/23) | 5/23 at 100.00 | Aa3 (4) | 936,781 |
| 3,905 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | BBB+ | 4,203,420 |
| | 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+ | 10,883,623 |
| 4,710 | 5.250%, 6/01/46 | 6/28 at 100.00 | BBB+ | 5,032,541 |
| 2,615 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 2,730,374 |
| | Bonds, Series 2018B, 5.000%, 6/01/46 | | | |
| 290,080 | Total New Jersey | | | 249,872,149 |
| | New Mexico – 0.2% (0.1% of Total Investments) | | | |
| 7,600 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 8/29 at 100.00 | AA | 7,600,684 |
| | Healthcare Services, Series 2019A, 4.000%, 8/01/48 | | | |
| | New York – 9.4% (5.7% of Total Investments) | | | |
| 7,000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue | No Opt. Call | Ba1 | 2,387,840 |
| | Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 | | | |
| | Dormitory Authority of the State of New York, Revenue Bonds, New School University, | | | |
| | Series 2015A: | | | |
| 900 | 5.000%, 7/01/50 (Pre-refunded 7/01/25) | 7/25 at 100.00 | N/R (4) | 968,058 |
| 11,930 | 5.000%, 7/01/50 | 7/25 at 100.00 | A3 | 12,513,138 |
| 3,200 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series | 7/22 at 100.00 | Aa2 (4) | 3,219,360 |
| | 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 | Aa2 (4) | 4,130,000 |
| | 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/23) | | | |
| 1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 1,089,190 |
| | 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) | 5,345 |
| 14,070 | 5.000%, 2/15/36 | 2/25 at 100.00 | AA+ | 14,883,387 |
| | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | | | |
| | General Purpose, Series 2019A. Bidding Group 1,2,3,4: | | | |
| 12,500 | 5.000%, 3/15/45 | 3/29 at 100.00 | AA+ | 13,506,125 |
| 14,800 | 4.000%, 3/15/48 | 3/29 at 100.00 | N/R | 14,710,164 |
| 50,680 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 2/30 at 100.00 | AA+ | 50,356,155 |
| | General Purpose, Series 2019D, 4.000%, 2/15/47 | | | |
| 7,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | AA+ | 6,955,200 |
| | General Purpose, Series 2020A. Bidding Group 1 thru 5, 4.000%, 3/15/47 | | | |
| 10,000 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, | No Opt. Call | A2 | 11,361,900 |
| | 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 | AA | 1,067,572 |
| 780 | 5.000%, 9/01/44 | 9/24 at 100.00 | A | 818,727 |
96
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York (continued) | | | |
| $ 5,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/28 at 100.00 | A | $ 5,562,850 |
| | 2018, 5.000%, 9/01/37 | | | |
| | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A: | | | |
| 345 | 5.000%, 9/01/42 | 9/22 at 100.00 | A | 348,595 |
| 5,010 | 5.000%, 9/01/42 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R (4) | 5,068,667 |
| 9,745 | 5.000%, 9/01/42 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R (4) | 9,859,114 |
| 1,000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, University | 7/23 at 100.00 | AA– (4) | 1,033,670 |
| | of Rochester Project, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/23) | | | |
| 7,225 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/23 at 100.00 | AA+ | 7,403,530 |
| | General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 | | | |
| 5,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/27 at 100.00 | AA+ | 5,486,800 |
| | General Resolution Revenue Bonds, Fiscal 2017 Series EE, 5.000%, 6/15/37 | | | |
| 12,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/31 at 100.00 | AA+ | 11,790,840 |
| | General Resolution Revenue Bonds, Fiscal 2022 Series AA-1, 4.000%, 6/15/51 | | | |
| 3,500 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/27 at 100.00 | AA | 3,641,085 |
| | 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 | AAA | 5,122,700 |
| | 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 | AAA | 5,406,850 |
| | 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 | AAA | 10,861,600 |
| | Subordinate Fiscal 2019 Series A-1, 5.000%, 8/01/40 | | | |
| 9,500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 11/30 at 100.00 | AAA | 9,399,870 |
| | Subordinate Fiscal 2021 Subseries C-1, 4.000%, 5/01/44 | | | |
| 14,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 2/32 at 100.00 | N/R | 15,500,100 |
| | Subordinate Fiscal 2022 Subseries C-1, 5.000%, 2/01/47 | | | |
| 1,500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 2/32 at 100.00 | N/R | 1,660,725 |
| | Subordinate Fiscal 2022 Subseries F-1, 5.000%, 2/01/47 | | | |
| 2,060 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, | 12/26 at 100.00 | AA | 2,210,957 |
| | 5.000%, 12/01/41 | | | |
| 10,370 | New York City, New York, General Obligation Bonds, Fiscal 2020 Series A-1, | 8/29 at 100.00 | Aa2 | 10,394,058 |
| | 4.000%, 8/01/42 | | | |
| 3,500 | New York City, New York, General Obligation Bonds, Fiscal 2020 SeriesD-1, | 3/30 at 100.00 | AA | 3,506,125 |
| | 4.000%, 3/01/44 | | | |
| 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 | 1,916,036 |
| 12,000 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1, | 3/31 at 100.00 | AA | 12,007,680 |
| | 4.000%, 3/01/47 | | | |
| 11,000 | New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1, | 8/31 at 100.00 | AA | 12,100,660 |
| | 5.000%, 8/01/47 | | | |
| 10 | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | 5/22 at 100.00 | AA | 10,031 |
| 5 | New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 | 5/22 at 100.00 | AA | 5,019 |
| 23,920 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 24,174,270 |
| | Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | | | |
| 1,590 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Secured by | 2/30 at 100.00 | N/R | 1,598,856 |
| | Port Authority Consolidated Bonds, Refunding Series 1WTC-2021, 4.000%, 2/15/43 | | | |
| 4,045 | New York State Environmental Facilities Corporation, State Clean Water and Drinking | 6/22 at 100.00 | AAA | 4,098,879 |
| | Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority | | | |
| | Projects, Tender Option Bond Trust, 12.953%, 6/15/26, 144A (IF) (6) | | | |
| 10,000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, | 1/26 at 100.00 | A2 | 10,682,100 |
| | Series 2016A, 5.250%, 1/01/56 | | | |
97
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | New York (continued) | | | |
| $ 10,000 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series | 3/31 at 100.00 | AA+ | $ 9,804,900 |
| | 2021A-1, 4.000%, 3/15/54 | | | |
| 11,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | N/R | 12,036,310 |
| | General Purpose, Series 2020C, 5.000%, 3/15/47 | | | |
| 2,105 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital | 7/22 at 100.00 | N/R (4) | 2,117,398 |
| | 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 | Aa3 | 4,063,553 |
| | Seventy Ninth Series 2013, 5.000%, 12/01/38 | | | |
| 5,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | 5/25 at 100.00 | AA– | 5,280,300 |
| | Refunding Series 2015A, 5.000%, 11/15/50 | | | |
| | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | | | |
| | Refunding Subordinate Lien Series 2013A: | | | |
| 10,725 | 0.000%, 11/15/31 | No Opt. Call | A+ | 7,518,225 |
| 1,105 | 0.000%, 11/15/32 | No Opt. Call | A+ | 738,593 |
| 6,800 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & | 11/30 at 100.00 | AA– | 7,415,672 |
| | Tunnels, Series 2020A, 5.000%, 11/15/54 | | | |
| 5,000 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 | 6/27 at 100.00 | CCC+ | 5,064,600 |
| 368,805 | Total New York | | | 372,863,379 |
| | North Carolina – 7.1% (4.3% of Total Investments) | | | |
| | Buncombe County, North Carolina, Limited Obligation Bonds, Refunding Series 2014A: | | | |
| 1,085 | 5.000%, 6/01/33 | 6/24 at 100.00 | AA+ | 1,133,456 |
| 1,600 | 5.000%, 6/01/34 | 6/24 at 100.00 | AA+ | 1,668,816 |
| 4,645 | Cape Fear Public Utility Authority, North Carolina, Water and Sewer System Revenue | 8/29 at 100.00 | AA+ | 4,705,153 |
| | Bonds, Refunding Series 2019A, 4.000%, 8/01/44 | | | |
| | Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A: | | | |
| 1,000 | 5.000%, 6/01/30 | 6/24 at 100.00 | AA | 1,046,930 |
| 730 | 5.000%, 6/01/31 | 6/24 at 100.00 | AA | 764,106 |
| | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, | | | |
| | Refunding Series 2014A: | | | |
| 2,865 | 5.000%, 7/01/27 | 7/24 at 100.00 | Aa3 | 3,006,732 |
| 3,000 | 5.000%, 7/01/28 | 7/24 at 100.00 | Aa3 | 3,143,910 |
| | Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, | | | |
| | Refunding Series 2017A: | | | |
| 1,365 | 5.000%, 7/01/42 (UB) (6) | 7/27 at 100.00 | Aa3 | 1,473,422 |
| 5,390 | 5.000%, 7/01/47 (UB) (6) | 7/27 at 100.00 | Aa3 | 5,781,422 |
| 2,045 | Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, | 12/24 at 100.00 | AAA | 2,153,549 |
| | 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 | 1,011,872 |
| 2,325 | 5.000%, 7/01/40 | 7/25 at 100.00 | AAA | 2,492,237 |
| | Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2018: | | | |
| 2,055 | 5.000%, 7/01/44 (UB) (6) | 7/28 at 100.00 | AAA | 2,297,654 |
| 16,865 | 5.000%, 7/01/44 (UB) (6) | 7/28 at 100.00 | AAA | 18,856,419 |
| 4,000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, | 1/29 at 100.00 | AA– | 4,490,480 |
| | 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 | AA (4) | 2,091,234 |
| | 2012B, 5.000%, 6/01/28 (Pre-refunded 6/01/22) | | | |
| 835 | Durham, North Carolina, General Obligation Bonds, Refunding Series 2015, | No Opt. Call | AAA | 925,197 |
| | 5.000%, 10/01/26 | | | |
| 5,000 | East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, | 10/23 at 100.00 | AA– (4) | 5,195,050 |
| | 10/01/41 (Pre-refunded 10/01/23) | | | |
| 2,310 | East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, | 4/26 at 100.00 | AA– | 2,501,638 |
| | 5.000%, 10/01/29 | | | |
98
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Carolina (continued) | | | |
| $ 4,750 | Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017A, | 6/27 at 100.00 | AAA | $ 4,834,977 |
| | 4.000%, 6/01/47 | | | |
| 2,000 | Greensboro, North Carolina, Limited Obligation Bonds, Coliseum Complex Project, Series | 4/28 at 100.00 | AA+ (4) | 2,260,160 |
| | 2018A, 5.000%, 4/01/42 (Pre-refunded 4/01/28) | | | |
| 500 | Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, | 10/25 at 100.00 | AA | 540,315 |
| | 5.000%, 10/01/31 | | | |
| 217 | Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, | 2/23 at 100.00 | N/R | 217,905 |
| | 7.750%, 2/01/24 | | | |
| 500 | New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical | 10/23 at 100.00 | N/R (4) | 519,150 |
| | Center, Refunding Series 2013, 5.000%, 10/01/26 (Pre-refunded 10/01/23) | | | |
| 6,140 | New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical | 10/27 at 100.00 | N/R (4) | 6,852,977 |
| | Center, Series 2017, 5.000%, 10/01/47 (Pre-refunded 10/01/27) | | | |
| 1,800 | North Carolina Agricultural & Technical State University, General Revenue Bonds, | 10/25 at 100.00 | AA– | 1,938,474 |
| | Refunding Series 2015A, 5.000%, 10/01/40 | | | |
| 3,900 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University | 10/26 at 100.00 | AA+ | 4,236,063 |
| | 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) (6) | 10/25 at 100.00 | AA+ (4) | 1,740,494 |
| 9,485 | 5.000%, 10/01/55 (Pre-refunded 10/01/25) (6) | 10/25 at 100.00 | AA+ (4) | 10,285,724 |
| | 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 | A– | 1,588,189 |
| 1,000 | 5.000%, 4/01/33 | 4/23 at 100.00 | A– | 1,018,050 |
| 5,000 | North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, | 7/26 at 100.00 | AA | 5,123,050 |
| | 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 | AA | 2,746,450 |
| | Wake Forest University, Series 2018, 5.000%, 1/01/48 | | | |
| 3,500 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A, | 7/22 at 100.00 | N/R (4) | 3,521,175 |
| | 5.000%, 1/01/25 (Pre-refunded 7/01/22) | | | |
| 22,210 | North Carolina Medial Care Commission, Health Care Facilities Revenue Bonds, Rex | 1/30 at 100.00 | AA– | 21,820,881 |
| | Healthcare, Series 2020A, 4.000%, 7/01/49 (UB) | | | |
| 2,720 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 10/24 at 102.00 | N/R | 2,758,542 |
| | Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 | | | |
| 2,375 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cape Fear | 10/22 at 100.00 | A3 (4) | 2,409,366 |
| | Valley Health System, Refunding Series 2012A, 5.000%, 10/01/27 (Pre-refunded 10/01/22) | | | |
| 2,690 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Deerfield | 11/26 at 100.00 | A | 2,878,300 |
| | 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 | 1,352,962 |
| | 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 | Aa2 (4) | 7,020,930 |
| | University Health System, Series 2012A, 5.000%, 6/01/42 (Pre-refunded 6/01/22) | | | |
| 12,775 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant | 11/29 at 100.00 | AA– | 12,570,855 |
| | 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 | AA– | 2,120,560 |
| | 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 | AA– | 3,046,500 |
| | 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 (Pre-refunded 10/01/22) | 10/22 at 100.00 | A+ (4) | 2,028,940 |
| 6,800 | 5.000%, 10/01/31 (Pre-refunded 10/01/22) | 10/22 at 100.00 | A+ (4) | 6,898,396 |
| 1,500 | 5.000%, 10/01/38 (Pre-refunded 10/01/22) | 10/22 at 100.00 | A+ (4) | 1,521,705 |
99
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Carolina (continued) | | | |
| $ 2,930 | North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional | 6/22 at 100.00 | BBB+ | $ 2,938,292 |
| | 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 (4) | 465,962 |
| | Bonds, United Methodist Retirement Homes, Refunding Series 2013A, 5.000%, 10/01/33 | | | |
| | (Pre-refunded 10/01/23) | | | |
| 500 | North Carolina Medical Care Commission, Revenue Bonds, First Mortgage Galloway Ridge | 1/27 at 103.00 | N/R | 495,505 |
| | 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 | 1,660,195 |
| 1,500 | 5.000%, 1/01/32 | 1/26 at 100.00 | A | 1,609,965 |
| 760 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding | 7/26 at 100.00 | A | 823,756 |
| | 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 | Aa1 (4) | 2,100,234 |
| | 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+ | 5,247,800 |
| | North Carolina State, Limited Obligation Bonds, Refunding Series 2017B: | | | |
| 2,000 | 5.000%, 5/01/29 (UB) (6) | 5/27 at 100.00 | AA+ | 2,215,620 |
| 4,000 | 5.000%, 5/01/30 (UB) (6) | 5/27 at 100.00 | AA+ | 4,412,280 |
| | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital | | | |
| | Appreciation Series 2017C: | | | |
| 835 | 0.000%, 7/01/28 | 7/26 at 91.99 | BBB | 652,026 |
| 800 | 0.000%, 7/01/30 | 7/26 at 83.69 | BBB | 566,336 |
| 850 | 0.000%, 7/01/31 | 7/26 at 79.58 | BBB | 570,860 |
| 2,400 | 0.000%, 7/01/33 | 7/26 at 71.99 | BBB | 1,454,616 |
| 3,160 | 0.000%, 7/01/36 | 7/26 at 61.63 | BBB | 1,633,056 |
| 3,100 | 0.000%, 7/01/37 | 7/26 at 58.52 | BBB | 1,519,217 |
| 1,900 | 0.000%, 7/01/40 | 7/26 at 50.36 | BBB | 798,266 |
| 400 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, | 7/26 at 100.00 | BBB | 417,968 |
| | 5.000%, 7/01/47 | | | |
| 2,200 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding | 1/27 at 100.00 | AA | 2,379,014 |
| | Senior Lien Series 2017, 5.000%, 1/01/39 – AGM Insured | | | |
| 1,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding | 1/29 at 100.00 | BBB | 1,074,050 |
| | Series 2018, 5.000%, 1/01/40 | | | |
| | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien | | | |
| | Series 2009B: | | | |
| 150 | 0.000%, 1/01/31 – AGC Insured | No Opt. Call | AA | 110,037 |
| 4,375 | 0.000%, 1/01/33 – AGC Insured | No Opt. Call | AA | 2,936,325 |
| 2,300 | 0.000%, 1/01/34 – AGC Insured | No Opt. Call | AA | 1,476,048 |
| 2,380 | 0.000%, 1/01/35 – AGC Insured | No Opt. Call | AA | 1,459,440 |
| 7,575 | 0.000%, 1/01/37 – AGC Insured | No Opt. Call | AA | 4,225,714 |
| 1,470 | 0.000%, 1/01/38 – AGC Insured | No Opt. Call | AA | 780,247 |
| 3,040 | Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015, | 6/25 at 100.00 | AA | 3,243,467 |
| | 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+ | 224,402 |
| 150 | 5.000%, 10/01/28 | 10/27 at 100.00 | AA+ | 167,747 |
| 400 | 5.000%, 10/01/30 | 10/27 at 100.00 | AA+ | 443,964 |
| | 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 | 5,128,500 |
| 3,785 | 5.000%, 3/01/43 (Pre-refunded 3/01/23) | 3/23 at 100.00 | AAA | 3,882,274 |
| 5,000 | Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series | 3/27 at 100.00 | AAA | 5,089,600 |
| | 2016A, 4.000%, 3/01/46 | | | |
100
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Carolina (continued) | | | |
| $ 1,000 | Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, | No Opt. Call | AAA | $ 1,106,270 |
| | 5.000%, 9/01/26 | | | |
| 1,000 | Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33 | 10/23 at 100.00 | AA+ (4) | 1,039,720 |
| | (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+ | 1,269,174 |
| 1,305 | 5.000%, 10/01/26 | 10/24 at 100.00 | AA+ | 1,383,783 |
| 650 | Rocky Mount, North Carolina, Special Obligation Bonds, Series 2016, 5.000%, 5/01/30 | 5/26 at 100.00 | AA+ | 705,588 |
| | Sampson County, North Carolina, Limited Obligation Bonds, Refunding Series 2017: | | | |
| 300 | 5.000%, 9/01/32 | 9/27 at 100.00 | A1 | 332,211 |
| 1,250 | 4.000%, 9/01/35 | 9/27 at 100.00 | A1 | 1,278,137 |
| 1,265 | 4.000%, 9/01/36 | 9/27 at 100.00 | A1 | 1,289,377 |
| 1,000 | 4.000%, 9/01/37 | 9/27 at 100.00 | A1 | 1,018,660 |
| 1,100 | Union County, North Carolina, Enterprise System Revenue Bonds, Series 2019A, | 6/29 at 100.00 | AA+ | 1,113,992 |
| | 4.000%, 6/01/44 | | | |
| 1,360 | University of North Carolina, Chapel Hill, Revenue Bonds, Hospital System, Series 2019, | No Opt. Call | AA | 1,554,534 |
| | 5.000%, 2/01/45 | | | |
| 800 | University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, | 4/25 at 100.00 | Aa3 (4) | 857,360 |
| | 5.000%, 4/01/45 (Pre-refunded 4/01/25) | | | |
| 170 | University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2017A, | 10/27 at 100.00 | Aa3 | 188,314 |
| | 5.000%, 10/01/31 | | | |
| | University of North Carolina, Charlotte, General Revenue Bonds, Series 2014: | | | |
| 2,070 | 5.000%, 4/01/32 (Pre-refunded 4/01/24) | 4/24 at 100.00 | Aa3 (4) | 2,174,204 |
| 1,175 | 5.000%, 4/01/33 (Pre-refunded 4/01/24) | 4/24 at 100.00 | Aa3 (4) | 1,234,150 |
| 1,385 | 5.000%, 4/01/35 (Pre-refunded 4/01/24) | 4/24 at 100.00 | Aa3 (4) | 1,454,721 |
| 4,735 | University of North Carolina, Charlotte, General Revenue Bonds, Series 2017, | 10/27 at 100.00 | Aa3 | 5,191,738 |
| | 5.000%, 10/01/42 | | | |
| 1,415 | University of North Carolina, Greensboro, General Revenue Bonds, Refunding Series 2017, | 4/28 at 100.00 | Aa3 | 1,578,418 |
| | 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 | Aa3 | 1,049,090 |
| 3,065 | 5.000%, 4/01/39 | 4/24 at 100.00 | Aa3 | 3,215,461 |
| 4,765 | University of North Carolina, Greensboro, General Revenue Bonds, Series 2018, | 4/28 at 100.00 | Aa3 | 5,238,117 |
| | 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 | 1,025,120 |
| 1,500 | 4.000%, 10/01/44 | 10/29 at 100.00 | Aa3 | 1,510,200 |
| 1,845 | 4.000%, 10/01/49 | 10/29 at 100.00 | Aa3 | 1,830,554 |
| 1,250 | Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series | 10/25 at 100.00 | Aa3 | 1,335,200 |
| | 2015A, 5.000%, 10/01/45 | | | |
| 281,692 | Total North Carolina | | | 280,767,243 |
| | 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) | 5,105,044 |
| | Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22) | | | |
| | 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 | 1,072,710 |
| 8,525 | 5.000%, 12/01/42 | 12/27 at 100.00 | Baa2 | 9,091,060 |
| 7,070 | 4.000%, 12/01/47 | 12/27 at 100.00 | Baa2 | 6,763,021 |
| 1,800 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/31 at 100.00 | Baa2 | 1,703,448 |
| | Obligated Group, Series 2021, 4.000%, 12/01/51 | | | |
| 900 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 867,465 |
| | Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | | | |
101
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | North Dakota (continued) | | | |
| $ 500 | Grand Forks, North Dakota, Senior Housing and Nursing Facilities Revenue Bonds, Valley | No Opt. Call | N/R | $ 509,335 |
| | Homes Obligated Group, Series 2016A, 5.125%, 12/01/24 | | | |
| 2,700 | University of North Dakota, Certificates of Participation, Housing Infrastructure | 6/30 at 100.00 | AA | 2,639,520 |
| | Project, Series 2021A, 4.000%, 6/01/51 – AGM Insured | | | |
| | 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– | 11,788,208 |
| 2,610 | 5.000%, 6/01/48 | 6/28 at 100.00 | BBB– | 2,762,816 |
| 1,420 | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC | 9/23 at 100.00 | N/R | 710,000 |
| | Project, Series 2013, 7.750%, 9/01/38 (8) | | | |
| 42,670 | Total North Dakota | | | 43,012,627 |
| | Ohio – 6.9% (4.2% 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 | BBB+ | 3,220,075 |
| 8,255 | 5.250%, 11/15/46 | 11/26 at 100.00 | BBB+ | 8,748,814 |
| 320 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, | 5/22 at 100.00 | AA– | 320,778 |
| | Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 | | | |
| 11,940 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & | 11/24 at 100.00 | AA– | 12,573,656 |
| | 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 | AA– | 8,665,299 |
| | 4.000%, 8/01/38 | | | |
| 2,750 | Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, | 6/27 at 100.00 | A+ | 2,981,303 |
| | 5.000%, 6/01/42 | | | |
| 25,315 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 3,360,819 |
| | Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, | | | |
| | 0.000%, 6/01/57 | | | |
| 990 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 927,432 |
| | Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 | | | |
| 41,930 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 40,841,497 |
| | 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) | 14,627,551 |
| | 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 | 4,968,450 |
| | 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 (Pre-refunded 6/01/23) | 6/23 at 100.00 | AA– (4) | 7,282,884 |
| 10,480 | 5.000%, 12/01/51 (Pre-refunded 6/01/23) | 6/23 at 100.00 | N/R (4) | 10,810,854 |
| | Cleveland-Cuyahoga County Port Authority, Ohio, Cultural Facility Revenue Bonds, The | | | |
| | Cleveland Museum of Natural History Project, Series 2021: | | | |
| 300 | 4.000%, 7/01/37 | 7/31 at 100.00 | A3 | 310,209 |
| 300 | 4.000%, 7/01/38 | 7/31 at 100.00 | A3 | 309,621 |
| 350 | 4.000%, 7/01/39 | 7/31 at 100.00 | A3 | 360,549 |
| 1,000 | 4.000%, 7/01/51 | 7/31 at 100.00 | A3 | 1,010,450 |
| 5,165 | Cuyahoga Community College District, Ohio, General Obligation Bonds, Facilities | 6/26 at 100.00 | Aa1 | 5,344,535 |
| | 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 | 6,020,111 |
| | 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 | 1,473,790 |
| | Improvement Series 2012A, 5.000%, 11/01/42 | | | |
102
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Ohio (continued) | | | |
| | 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– | $ 1,531,125 |
| 1,120 | 5.000%, 1/01/52 | 1/27 at 100.00 | BBB– | 1,140,877 |
| | 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– | 3,488,945 |
| 6,000 | 5.000%, 1/01/51 | 1/26 at 100.00 | BBB– | 6,101,880 |
| | 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) (UB) (6) | 1/23 at 100.00 | AA+ (4) | 7,064,766 |
| 14,850 | 5.000%, 1/01/38 (Pre-refunded 1/01/23) (UB) (6) | 1/23 at 100.00 | AA+ (4) | 15,160,662 |
| | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, | | | |
| | Tender Option Bond Trust 2016-XG0052: | | | |
| 875 | 16.845%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (6) | 1/23 at 100.00 | AA+ (4) | 948,220 |
| 1,050 | 16.845%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (6) | 1/23 at 100.00 | AA+ (4) | 1,137,864 |
| 5,000 | Miami County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network | 8/28 at 100.00 | A+ | 5,428,000 |
| | 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 | 6,950,220 |
| | Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured | | | |
| 1,750 | Milford Exempted Village School District, Ohio, General Obligation Bonds, School | 12/30 at 100.00 | N/R | 1,786,575 |
| | Improvement Series 2022, 4.000%, 12/01/51 | | | |
| 21,000 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding | 11/24 at 100.00 | AA+ (4) | 22,359,330 |
| | & 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 | A+ | 10,028,323 |
| | 2018A, 5.000%, 12/01/48 | | | |
| 7,065 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series | 1/30 at 100.00 | A | 6,873,256 |
| | 2020A, 4.000%, 1/15/50 | | | |
| 7,550 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission | 2/31 at 100.00 | Aa3 | 8,493,675 |
| | Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3, 0.000%, 2/15/36 (5) | | | |
| 19,515 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission | 2/23 at 100.00 | Aa3 (4) | 19,948,233 |
| | Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48 | | | |
| | (Pre-refunded 2/15/23) | | | |
| 9,000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission, | 2/28 at 100.00 | Aa3 | 9,304,200 |
| | Infrastructure Projects, Junior Lien Series 2018A, 4.000%, 2/15/46 | | | |
| 4,255 | Ross County, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated | 12/29 at 100.00 | A– | 4,571,700 |
| | 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– | 136,490 |
| 130 | 6.000%, 12/01/42 | 12/22 at 100.00 | BB– | 131,382 |
| 4,190 | Springboro Community City School District, Warren County, Ohio, General Obligation | No Opt. Call | AA | 4,635,104 |
| | 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 | 3,756,612 |
| | Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, | | | |
| | 6.000%, 3/01/45 | | | |
| 289,205 | Total Ohio | | | 275,136,116 |
| | 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 | A– | 1,243,416 |
| | 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 | Baa3 | 2,275,251 |
| 2,700 | 5.500%, 8/15/52 | 8/28 at 100.00 | Baa3 | 2,843,100 |
| 4,570 | 5.500%, 8/15/57 | 8/28 at 100.00 | Baa3 | 4,802,019 |
103
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Oklahoma (continued) | | | |
| $ 1,125 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, | 11/25 at 102.00 | BBB– | $ 1,191,218 |
| | Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/37 | | | |
| 11,765 | Total Oklahoma | | | 12,355,004 |
| | Oregon – 2.2% (1.3% of Total Investments) | | | |
| | Clackamas Community College District, Oregon, General Obligation Bonds, Deferred | | | |
| | Interest Series 2017A: | | | |
| 760 | 5.000%, 6/15/38 | 6/27 at 100.00 | Aa1 | 837,794 |
| 2,750 | 5.000%, 6/15/39 | 6/27 at 100.00 | Aa1 | 3,027,365 |
| 1,185 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., | 11/25 at 102.00 | N/R | 1,208,510 |
| | 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 | 1,444,092 |
| 1,705 | 5.000%, 6/15/39 | 6/27 at 100.00 | Aa1 | 1,876,966 |
| 2,000 | Eugene, Oregon, Electric Utility Revenue Bonds, Series 2020A, 4.000%, 8/01/49 | 8/30 at 100.00 | Aa2 | 2,042,580 |
| 7,955 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, | 6/26 at 100.00 | A+ | 8,530,942 |
| | 5.000%, 6/01/46 | | | |
| 3,000 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2022A, 5.000%, | 6/32 at 100.00 | N/R | 3,246,270 |
| | 6/01/52 (WI/DD, Settling 5/11/22) | | | |
| | Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding | | | |
| | Series 2016A: | | | |
| 6,275 | 5.000%, 10/01/35 | 10/26 at 100.00 | BBB+ | 6,631,985 |
| 140 | 5.000%, 10/01/46 (Pre-refunded 10/01/26) | 10/26 at 100.00 | N/R (4) | 153,584 |
| 2,120 | 5.000%, 10/01/46 | 10/26 at 100.00 | BBB+ | 2,210,842 |
| | Oregon Health and Science University, Revenue Bonds, Green Series 2021A: | | | |
| 8,150 | 4.000%, 7/01/44 | 1/32 at 100.00 | N/R | 8,063,284 |
| 2,000 | 4.000%, 7/01/51 | 1/32 at 100.00 | N/R | 1,961,760 |
| 8,890 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien | 11/23 at 100.00 | AAA (4) | 9,269,781 |
| | 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 | AA– | 30,085,284 |
| | 2019A, 4.000%, 5/15/49 | | | |
| 5,265 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Project, | 5/26 at 100.00 | AA– | 5,616,070 |
| | Refunding Series 2016A, 5.000%, 5/15/46 | | | |
| 500 | Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds, | 5/29 at 100.00 | A3 | 553,640 |
| | Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green | | | |
| | Series 2019B, 5.000%, 11/01/36, 144A | | | |
| 84,875 | Total Oregon | | | 86,760,749 |
| | Pennsylvania – 5.9% (3.6% of Total Investments) | | | |
| 15,000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 16,099,800 |
| | Health Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 | | | |
| | Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B: | | | |
| 1,000 | 4.000%, 6/01/45 | 12/30 at 100.00 | Aa3 | 996,560 |
| 1,765 | 4.000%, 6/01/50 | 12/30 at 100.00 | Aa3 | 1,751,462 |
| | 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 | AA | 3,123,375 |
| 3,125 | 0.000%, 5/15/23 – AGM Insured | No Opt. Call | AA | 3,044,562 |
| 3,135 | 0.000%, 5/15/24 – AGM Insured | No Opt. Call | AA | 2,956,180 |
| 3,155 | 0.000%, 5/15/26 – AGM Insured | No Opt. Call | AA | 2,784,287 |
| 4,145 | 0.000%, 11/15/26 – AGM Insured | No Opt. Call | AA | 3,590,896 |
| 2,800 | 0.000%, 5/15/28 – AGM Insured | No Opt. Call | AA | 2,290,176 |
| 3,000 | 0.000%, 11/15/28 – AGM Insured | No Opt. Call | AA | 2,406,090 |
| 1,200 | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany | 11/27 at 100.00 | AA– | 1,316,388 |
| | Medical Center Project, Series 2018A, 5.000%, 11/15/42 | | | |
104
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Pennsylvania (continued) | | | |
| $ 895 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | A1 | $ 967,459 |
| | 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 (4) | 2,156,343 |
| | Health System Project, Series 2012A, 5.000%, 6/01/42 (Pre-refunded 6/01/22) | | | |
| 26,595 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System | 7/27 at 100.00 | A1 | 29,067,271 |
| | Revenue Bonds, Series 2017, 5.000%, 7/01/42 | | | |
| 1,050 | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue | No Opt. Call | A1 | 1,184,600 |
| | Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured | | | |
| 3,500 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Penn State Health, | 11/29 at 100.00 | A+ | 3,722,040 |
| | Series 2021, 5.000%, 11/01/46 | | | |
| 4,915 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement | 6/27 at 100.00 | N/R | 4,541,460 |
| | 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 | 3,123,187 |
| 5,180 | 0.000%, 12/01/32 | No Opt. Call | A | 3,455,992 |
| | 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 | 4,474,513 |
| 4,960 | 5.125%, 12/01/47 (Pre-refunded 12/01/23) | 12/23 at 100.00 | N/R (4) | 5,177,546 |
| 5,410 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | 9/28 at 100.00 | A | 5,873,853 |
| | 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 | 986,420 |
| | Thomas Jefferson University, Series 2019, 4.000%, 9/01/44 | | | |
| 4,770 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | 5/32 at 100.00 | N/R | 4,608,011 |
| | Thomas Jefferson University, Series 2022B, 4.000%, 5/01/52 | | | |
| 5,000 | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Ba1 (4) | 5,334,400 |
| | Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | | | |
| | (Pre-refunded 1/15/25) | | | |
| 5,155 | Neshaminy School District, Bucks County, Pennsylvania, General Obligation Bonds, Series | 5/30 at 100.00 | N/R | 5,207,272 |
| | 2022, 4.000%, 11/01/46 | | | |
| 630 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | 5/22 at 100.00 | N/R | 113,437 |
| | Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 1.250%, 12/31/23 | | | |
| 256 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | No Opt. Call | N/R | 45,939 |
| | Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 1.250%, 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 | 1,719,312 |
| | 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 | AA | 5,804,388 |
| | Pennsylvania Health System, Series 2019, 4.000%, 8/15/44 (UB) | | | |
| | 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) | 1,126,437 |
| 2,010 | 5.000%, 12/01/36 (Pre-refunded 12/01/22) | 12/22 at 100.00 | AA– (4) | 2,048,994 |
| 16,805 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series | 12/27 at 100.00 | A | 19,516,487 |
| | 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 | 5,910,894 |
| 6,340 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, | 6/26 at 100.00 | A1 | 6,799,016 |
| | 5.000%, 12/01/41 | | | |
| 16,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2021A, 4.000%, 12/01/51 | 6/31 at 100.00 | A+ | 15,772,960 |
| 6,935 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2021B, 5.000%, 12/01/51 | 6/31 at 100.00 | A+ | 7,639,804 |
105
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Pennsylvania (continued) | | | |
| $ 19,250 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | AA | $ 21,819,297 |
| | 6.250%, 6/01/33 – AGM Insured | | | |
| 7,475 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, | 12/30 at 100.00 | A | 7,173,608 |
| | 4.000%, 12/01/45 | | | |
| 1,445 | Philadelphia Authority for Industrial Development Senior Living Facilities, | 7/27 at 100.00 | BB | 1,394,266 |
| | 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 | BBB– | 508,520 |
| | Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 | | | |
| 8,360 | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2021A, | 9/31 at 100.00 | A+ | 8,391,099 |
| | 4.000%, 9/01/46 | | | |
| 3,410 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, | 10/21 at 100.00 | A1 (4) | 3,810,607 |
| | 8/01/27 – AMBAC Insured (ETM) | | | |
| 2,020 | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue | 9/30 at 100.00 | AA | 2,030,888 |
| | Bonds, First Lien Series 2020B, 4.000%, 9/01/45 – AGM Insured | | | |
| 1,930 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/23 at 100.00 | Baa3 | 1,934,729 |
| | Series 2012B, 4.000%, 1/01/33 | | | |
| 2,800 | Upper Darby School District, Delaware County, Pennsylvania, General Obligation Bonds, | 10/29 at 100.00 | AA | 2,793,756 |
| | Series 2021A, 4.000%, 4/01/51 – BAM Insured | | | |
| 231,281 | Total Pennsylvania | | | 236,594,581 |
| | Puerto Rico – 2.0% (1.2% of Total Investments) | | | |
| 3,996 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 971,866 |
| | 74529JAP0, 0.000%, 8/01/54 | | | |
| 625 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, | 5/22 at 100.00 | Baa2 | 637,975 |
| | 5.000%, 7/01/25 – NPFG Insured | | | |
| 1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, | No Opt. Call | Baa2 | 1,018,990 |
| | 7/01/24 – NATIONAL PUB Insured | | | |
| 1,305 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | Baa2 | 1,318,559 |
| | 5.250%, 7/01/23 – NPFG Insured | | | |
| 1,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | N/R | 1,012,860 |
| | 5.250%, 7/01/31 – AMBAC Insured | | | |
| | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | | | |
| 5,281 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 5,415,824 |
| 9,399 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 9,473,816 |
| 20,000 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 5,640,600 |
| 33,017 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 33,923,647 |
| 1,370 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured | 7/28 at 100.00 | N/R | 1,380,905 |
| | Cofina Project Series 2019A-2A, 4.550%, 7/01/40 | | | |
| | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | | | |
| | Restructured Cofina Project Series 2019A-2: | | | |
| 5,399 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 5,351,111 |
| 5,580 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 5,530,505 |
| 9,000 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 9,143,370 |
| 96,972 | Total Puerto Rico | | | 80,820,028 |
| | Rhode Island – 0.8% (0.5% of Total Investments) | | | |
| 1,315 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue | 5/26 at 100.00 | BBB+ | 1,388,574 |
| | Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 | | | |
| 174,390 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 5/22 at 16.93 | CCC– | 27,159,499 |
| | 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+ | 2,410,090 |
| | 5.000%, 10/01/40 | | | |
| 177,940 | Total Rhode Island | | | 30,958,163 |
106
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | South Carolina – 4.1% (2.5% of Total Investments) | | | |
| $ 3,050 | Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2019, | 7/29 at 100.00 | A1 | $ 3,320,199 |
| | 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 | A1 | 1,384,880 |
| 6,820 | 5.000%, 11/01/46 | 5/26 at 100.00 | A1 | 7,318,951 |
| | 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– | 19,942,657 |
| 15,420 | 0.000%, 1/01/32 – AMBAC Insured | No Opt. Call | A– | 10,950,050 |
| 1,370 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 4/26 at 103.00 | BBB– | 1,424,170 |
| | 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 | 20,567,237 |
| 7,580 | 5.000%, 11/01/48 | 5/28 at 100.00 | AA | 8,097,941 |
| 20,035 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | N/R | 20,847,219 |
| | Improvement Series 2015A, 5.000%, 12/01/50 | | | |
| 4,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/24 at 100.00 | N/R | 4,189,680 |
| | Series 2014C, 5.000%, 12/01/46 | | | |
| 10,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/26 at 100.00 | A | 10,555,400 |
| | Series 2016B, 5.000%, 12/01/56 | | | |
| 5,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 6/32 at 100.00 | N/R | 4,768,650 |
| | Series 2022A, 4.000%, 12/01/55 | | | |
| | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | | | |
| | Series 2022B: | | | |
| 3,831 | 4.000%, 12/01/39 | 6/32 at 100.00 | N/R | 3,843,489 |
| 6,587 | 4.000%, 12/01/43 | 6/32 at 100.00 | N/R | 6,478,710 |
| | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A: | | | |
| 2,000 | 5.000%, 12/01/49 | 6/24 at 100.00 | N/R | 2,074,320 |
| 17,240 | 5.500%, 12/01/54 | 6/24 at 100.00 | N/R | 18,016,145 |
| 17,170 | South Carolina State Ports Authority, Revenue Bonds, Series 2019A, 5.000%, 7/01/54 | 7/29 at 100.00 | A+ | 18,902,110 |
| 167,478 | Total South Carolina | | | 162,681,808 |
| | 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 | 3,022,770 |
| 3,150 | 5.125%, 11/01/47 | 11/26 at 100.00 | BB | 3,174,475 |
| 8,800 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health | 7/24 at 100.00 | AA– | 9,208,848 |
| | 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 | AA– | 5,709,677 |
| | 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 | AA– | 10,874,192 |
| | 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 | AA– | 3,706,994 |
| | 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 | AA– | 8,770,303 |
| | Series 2015, 5.000%, 11/01/45 | | | |
| 43,180 | Total South Dakota | | | 44,467,259 |
| | 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) | 10,896,311 |
| | Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) | | | |
107
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| 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 | A | $ 2,362,313 |
| | 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 | A | 2,082,305 |
| | Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 | | | |
| | 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 | 5,354,850 |
| 1,000 | 5.000%, 9/01/47 | 9/26 at 100.00 | BBB | 1,055,150 |
| | 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 | 480,244 |
| 1,755 | 5.000%, 4/01/36 | 4/27 at 100.00 | BBB | 1,884,185 |
| | 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 | 2,320,119 |
| 1,000 | 5.000%, 10/01/45 | 10/26 at 100.00 | BBB | 1,038,280 |
| 11,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | A3 | 11,676,940 |
| | Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, | | | |
| | 5.000%, 7/01/46 | | | |
| 37,340 | Total Tennessee | | | 39,150,697 |
| | Texas – 11.6% (7.0% of Total Investments) | | | |
| 18,000 | Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A, 5.000%, 2/15/48 – | 2/28 at 100.00 | AA+ | 19,649,880 |
| | AGM Insured | | | |
| 4,000 | Austin, Texas, Airport System Revenue Bonds, Series 2019A, 5.000%, 11/15/49 | 11/29 at 100.00 | A1 | 4,334,360 |
| 14,615 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, | 11/25 at 100.00 | AA | 15,607,212 |
| | 11/15/45 (UB) (6) | | | |
| 1,000 | Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, | No Opt. Call | AA– | 703,920 |
| | Refunding Series 2002, 0.000%, 8/15/32 – FGIC Insured | | | |
| 1,330 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series | 1/23 at 100.00 | A– (4) | 1,358,263 |
| | 2013A, 5.000%, 1/01/43 (Pre-refunded 1/01/23) | | | |
| 7,750 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, | 7/25 at 100.00 | A– (4) | 8,348,300 |
| | 5.000%, 1/01/45 (Pre-refunded 7/01/25) | | | |
| | 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– | 1,898,666 |
| 1,000 | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 975,840 |
| 2,500 | Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, | No Opt. Call | Aaa | 2,466,275 |
| | Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23 | | | |
| 9,000 | Dallas Fort Worth International Airport, Joint Revenue Bonds, Refunding Series 2021B, | 11/30 at 100.00 | N/R | 8,968,860 |
| | 4.000%, 11/01/45 | | | |
| 160 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/24 at 100.00 | BBB– | 167,576 |
| | 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 | 3,972,579 |
| | School Building Series 2017, 5.000%, 8/15/42 | | | |
| | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding | | | |
| | First Tier Series 2020C: | | | |
| 4,045 | 4.000%, 10/01/39 | 4/30 at 100.00 | A+ | 4,116,273 |
| 27,360 | 4.000%, 10/01/49 | 4/30 at 100.00 | A+ | 26,967,384 |
| | 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) (6) | 10/23 at 100.00 | AA (4) | 15,564,000 |
| 16,920 | 5.000%, 4/01/53 (Pre-refunded 10/01/23) (6) | 10/23 at 100.00 | AA (4) | 17,556,192 |
108
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| $ 5,295 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 4/28 at 100.00 | AA+ | $ 5,689,954 |
| | 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) | 7,604,408 |
| | Option Bond Trust 2015-XF0228, 17.242%, 11/01/44 (Pre-refunded 10/01/23), 144A (IF) (6) | | | |
| | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | | | |
| | Houston Methodist Hospital System, Series 2015: | | | |
| 2,845 | 4.000%, 12/01/45 | 6/25 at 100.00 | AA | 2,775,753 |
| 2,320 | 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 2,465,742 |
| | Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2018A: | | | |
| 13,890 | 5.000%, 8/15/43 | 2/28 at 100.00 | Aa1 | 15,303,446 |
| 4,500 | 4.000%, 8/15/48 | 2/28 at 100.00 | Aa1 | 4,507,200 |
| 4,040 | Harris County, Texas, Toll Road Revenue Bonds, Tender Options Bond Trust 2015-XF2184. | No Opt. Call | AAA | 5,902,238 |
| | Formerly Tender Options Bond Trust 3028, 13.437%, 8/15/28 – AGM Insured, 144A (IF) (6) | | | |
| | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation | | | |
| | Refunding Senior Lien Series 2014A: | | | |
| 1,195 | 0.000%, 11/15/41 – AGM Insured | 11/31 at 62.66 | AA | 498,913 |
| 2,390 | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | AA | 936,450 |
| 2,660 | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | AA | 990,265 |
| 7,260 | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | AA | 2,568,951 |
| 10,440 | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | AA | 3,495,416 |
| 7,165 | 0.000%, 11/15/49 – AGM Insured | 11/31 at 41.91 | AA | 1,937,918 |
| 3,000 | 0.000%, 11/15/52 – AGM Insured | 11/31 at 35.81 | AA | 689,940 |
| 1,000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee | 12/31 at 100.00 | N/R | 955,680 |
| | Revenue Bonds, Senior Lien Series 2022A, 4.000%, 12/01/40 | | | |
| | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: | | | |
| 2,000 | 5.000%, 7/01/43 | 7/28 at 100.00 | A1 | 2,155,040 |
| 2,710 | 5.000%, 7/01/48 | 7/28 at 100.00 | A1 | 2,901,163 |
| 4,550 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B, | 7/22 at 100.00 | A (4) | 4,577,528 |
| | 5.000%, 7/01/31 (Pre-refunded 7/01/22) | | | |
| 855 | Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, | No Opt. Call | AA | 890,850 |
| | 7/01/24 – AGM Insured | | | |
| | 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 | AA | 1,444,589 |
| 10,850 | 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | A | 9,761,202 |
| 1,715 | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A | 1,160,832 |
| | 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 | 2,905,395 |
| 4,000 | 4.000%, 8/15/41 | 8/25 at 100.00 | AAA | 4,069,920 |
| 8,305 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/25 at 100.00 | A+ | 8,760,695 |
| | 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 | 1,818,003 |
| 1,800 | 6.125%, 12/01/38 | 12/25 at 100.00 | B1 | 1,849,158 |
| | Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding | | | |
| | Series 2017: | | | |
| 16,285 | 5.000%, 1/01/36 | 1/27 at 100.00 | A | 17,422,182 |
| 10,040 | 5.000%, 1/01/38 – AGM Insured | 1/27 at 100.00 | AA | 10,785,972 |
| | 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– | 2,175,096 |
| 1,815 | 5.000%, 9/15/48 | 9/25 at 100.00 | BBB– | 1,872,245 |
| 850 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | 11/24 at 102.00 | BB+ (4) | 916,649 |
| | Revenue Bonds, Methodist Retirement Communities Crestview Project, Series 2016, 5.000%, | | | |
| | 11/15/31 (Pre-refunded 11/15/24) | | | |
109
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Texas (continued) | | | |
| | 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) (5) | 9/31 at 100.00 | N/R (4) | $ 2,320,465 |
| 7,990 | 6.750%, 9/01/45 (Pre-refunded 9/01/31) | 9/31 at 100.00 | N/R (4) | 10,491,429 |
| 4,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital | 1/25 at 100.00 | A+ (4) | 4,415,280 |
| | Appreciation Series 2008I, 6.500%, 1/01/43 (Pre-refunded 1/01/25) | | | |
| 2,125 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | AA | 1,766,555 |
| | 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+ | 10,424,160 |
| 12,205 | 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 12,727,374 |
| 5,110 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A, | 1/29 at 100.00 | A+ | 4,998,755 |
| | 4.000%, 1/01/44 | | | |
| 5,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2018, | 1/28 at 100.00 | A | 5,340,100 |
| | 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 | 6,593,279 |
| 4,000 | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 4,193,080 |
| 4,000 | 5.000%, 1/01/35 | 1/25 at 100.00 | A | 4,190,960 |
| 2,250 | Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint | 6/26 at 100.00 | BBB | 2,286,878 |
| | Edward’s University Project, Series 2016, 4.000%, 6/01/36 | | | |
| 3,480 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 9/23 at 100.00 | A (4) | 3,631,693 |
| | Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 | | | |
| | (Pre-refunded 9/01/23) | | | |
| | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | | | |
| | Revenue Bonds, Methodist Hospital of Dallas, Series 2022: | | | |
| 1,650 | 4.000%, 10/01/47 | 4/32 at 100.00 | N/R | 1,623,864 |
| 8,800 | 4.000%, 10/01/52 | 4/32 at 100.00 | N/R | 8,617,400 |
| 4,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 8/23 at 100.00 | AA– (4) | 4,144,720 |
| | Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43 | | | |
| | (Pre-refunded 8/15/23) | | | |
| 2,500 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 8/26 at 100.00 | AA | 2,703,950 |
| | Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | | | |
| | 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 | Baa2 | 1,821,931 |
| 2,500 | 4.000%, 6/30/38 | 12/30 at 100.00 | Baa2 | 2,517,075 |
| 17,760 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/22 at 100.00 | A (4) | 17,942,573 |
| | 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 | A | 7,683,531 |
| | First Tier Series 2015B, 5.000%, 8/15/37 | | | |
| | 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 | A– | 3,772,020 |
| 6,385 | 5.000%, 8/15/37 | 8/24 at 100.00 | A– | 6,587,277 |
| 44,120 | 5.000%, 8/15/42 | 8/24 at 100.00 | A– | 45,409,186 |
| 4,000 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A | 3,621,440 |
| | 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 | 8,113,120 |
| | Trust Series 2019A, 4.000%, 10/15/54 | | | |
| 1,000 | Waco Education Finance Corporation, Texas, Revenue Bonds, Baylor University, Series | 3/31 at 100.00 | A+ | 994,190 |
| | 2021, 4.000%, 3/01/41 | | | |
| 6,500 | West Harris County Regional Water Authority, Texas, Water System Revenue Bonds, | 12/31 at 100.00 | AA | 6,567,015 |
| | Refunding Series 2021, 4.000%, 12/15/60 – BAM Insured | | | |
| 465,390 | Total Texas | | | 459,943,673 |
110
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Utah – 0.4% (0.2% 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 | A | $ 3,821,803 |
| 1,975 | 5.000%, 7/01/47 | 7/27 at 100.00 | A | 2,102,091 |
| 4,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, | 7/28 at 100.00 | A | 4,264,000 |
| | 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 | 1,077,780 |
| 2,320 | 5.000%, 10/15/43 | 10/27 at 100.00 | AA | 2,484,952 |
| 2,040 | 5.000%, 10/15/48 | 10/27 at 100.00 | AA | 2,172,559 |
| 14,895 | Total Utah | | | 15,923,185 |
| | 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 | Aa3 | 1,016,680 |
| 10,000 | 5.000%, 10/01/45 | 10/25 at 100.00 | Aa3 | 10,671,600 |
| 11,000 | Total Vermont | | | 11,688,280 |
| | Virgin Islands – 0.1% (0.0% of Total Investments) | | | |
| 2,645 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | No Opt. Call | N/R | 2,765,057 |
| | Series 2022A, 5.000%, 10/01/32 | | | |
| | Virginia – 0.3% (0.2% 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 | AA– | 1,398,393 |
| 670 | 4.000%, 7/01/40 | 7/30 at 100.00 | AA– | 675,400 |
| 430 | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital | 7/28 at 100.00 | BBB+ | 434,519 |
| | Appreciation Series 2012B, 0.000%, 7/15/40 (5) | | | |
| 4,000 | Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, | 5/28 at 100.00 | AA+ | 4,000,400 |
| | Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB) (6) | | | |
| 1,800 | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours | 11/22 at 100.00 | N/R (4) | 1,828,836 |
| | Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) | | | |
| 2,300 | Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra | 1/32 at 100.00 | A– | 2,243,213 |
| | Health Obligated Group, Refunding Series 2021, 4.000%, 1/01/47 | | | |
| 2,000 | Prince William County Industrial Development Authority, Virginia, Health Care Facilities | 11/22 at 100.00 | AA– (4) | 2,023,720 |
| | Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, | | | |
| | 4.000%, 11/01/33 (Pre-refunded 11/01/22) | | | |
| 12,585 | Total Virginia | | | 12,604,481 |
| | Washington – 3.0% (1.8% of Total Investments) | | | |
| 7,000 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle | 11/26 at 100.00 | AAA | 7,618,800 |
| | Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 | | | |
| 12,235 | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island | No Opt. Call | AA+ | 10,824,794 |
| | Hydro-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 | Aa2 | 4,166,680 |
| | 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 | 8,724,068 |
| | 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 | A2 | 4,476,486 |
| | Bonds, Valley Medical Center, Refunding Series 2016, 5.000%, 12/01/36 | | | |
| 4,000 | King County Public Hospital District 2, Washington, General Obligation Bonds, | 12/29 at 100.00 | Aa3 | 4,152,840 |
| | EvergreenHealth, Limited Tax 2020A, 4.000%, 12/01/45 | | | |
111
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Washington (continued) | | | |
| $ 3,000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, | 10/24 at 100.00 | AA– | $ 3,143,700 |
| | 5.000%, 4/01/40 | | | |
| 1,250 | Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series | 12/23 at 100.00 | AA (4) | 1,304,400 |
| | 2014, 5.000%, 12/01/44 (Pre-refunded 12/01/23) | | | |
| 15,000 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement | 7/31 at 100.00 | AA | 15,322,050 |
| | Series 2021A, 4.000%, 7/01/47 | | | |
| 12,515 | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue | 6/23 at 100.00 | A1 (4) | 12,910,099 |
| | Bonds, Series 2013A, 5.000%, 12/01/38 (Pre-refunded 6/01/23) | | | |
| 5,250 | Tacoma, Washington, Sewer Revenue Bonds, Series 2018, 4.000%, 12/01/48 | 12/28 at 100.00 | AA+ | 5,406,713 |
| 555 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series | 8/29 at 100.00 | BBB+ | 530,280 |
| | 2019A-1, 4.000%, 8/01/44 | | | |
| 3,975 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series | 8/29 at 100.00 | BBB+ | 4,286,640 |
| | 2019A-2, 5.000%, 8/01/44 | | | |
| | 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– | 4,047,080 |
| 10,000 | 4.250%, 10/01/40 | 10/22 at 100.00 | AA– | 10,017,600 |
| 3,135 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 10/22 at 100.00 | Aa2 (4) | 3,179,736 |
| | Refunding Series 2012B, 5.000%, 10/01/30 (Pre-refunded 10/01/22) | | | |
| 8,230 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 10/22 at 100.00 | Aa2 (4) | 8,347,442 |
| | Series 2012A, 5.000%, 10/01/42 (Pre-refunded 10/01/22) | | | |
| 2,600 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/31 at 100.00 | Baa3 | 1,702,532 |
| | Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 3.000%, 7/01/58 | | | |
| 2,410 | Washington State Higher Education Facilities Authority, Revenue Bonds, Seattle | 5/30 at 100.00 | A | 2,352,112 |
| | 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 | 475,985 |
| | 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 | Aaa | 7,509,420 |
| | 6/01/28 – FGIC Insured | | | |
| 120,930 | Total Washington | | | 120,499,457 |
| | West Virginia – 1.4% (0.8% 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 (Pre-refunded 6/01/23) | 6/23 at 100.00 | A (4) | 3,093,600 |
| 16,845 | 5.500%, 6/01/44 (Pre-refunded 6/01/23) | 6/23 at 100.00 | A (4) | 17,392,800 |
| 9,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/28 at 100.00 | A | 9,575,820 |
| | Health System Obligated Group, Series 2018A, 5.000%, 6/01/52 | | | |
| 3,500 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health | 6/27 at 100.00 | A | 3,784,025 |
| | System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 | | | |
| | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2021: | | | |
| 6,750 | 4.000%, 6/01/43 | 6/31 at 100.00 | AA– | 6,980,850 |
| 8,845 | 4.000%, 6/01/51 | 6/31 at 100.00 | AA– | 8,869,589 |
| 5,750 | West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, | 6/28 at 100.00 | Aa2 | 5,864,310 |
| | 4.000%, 6/01/42 | | | |
| 53,690 | Total West Virginia | | | 55,560,994 |
112
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Wisconsin – 3.7% (2.3% 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 (8) | No Opt. Call | N/R | $ 1,030 |
| 42 | 0.000%, 1/01/47, 144A (8) | No Opt. Call | N/R | 957 |
| 42 | 0.000%, 1/01/48, 144A (8) | No Opt. Call | N/R | 916 |
| 42 | 0.000%, 1/01/49, 144A (8) | No Opt. Call | N/R | 872 |
| 41 | 0.000%, 1/01/50, 144A (8) | No Opt. Call | N/R | 810 |
| 45 | 0.000%, 1/01/51, 144A (8) | No Opt. Call | N/R | 855 |
| 1,163 | 1.000%, 7/01/51, 144A (8) | 3/28 at 100.00 | N/R | 600,405 |
| 45 | 0.000%, 1/01/52, 144A (8) | No Opt. Call | N/R | 801 |
| 44 | 0.000%, 1/01/53, 144A (8) | No Opt. Call | N/R | 761 |
| 44 | 0.000%, 1/01/54, 144A (8) | No Opt. Call | N/R | 721 |
| 43 | 0.000%, 1/01/55, 144A (8) | No Opt. Call | N/R | 683 |
| 43 | 0.000%, 1/01/56, 144A (8) | No Opt. Call | N/R | 650 |
| 42 | 0.000%, 1/01/57, 144A (8) | No Opt. Call | N/R | 616 |
| 42 | 0.000%, 1/01/58, 144A (8) | No Opt. Call | N/R | 583 |
| 42 | 0.000%, 1/01/59, 144A (8) | No Opt. Call | N/R | 558 |
| 41 | 0.000%, 1/01/60, 144A (8) | No Opt. Call | N/R | 526 |
| 41 | 0.000%, 1/01/61, 144A (8) | No Opt. Call | N/R | 495 |
| 40 | 0.000%, 1/01/62, 144A (8) | No Opt. Call | N/R | 471 |
| 40 | 0.000%, 1/01/63, 144A (8) | No Opt. Call | N/R | 446 |
| 39 | 0.000%, 1/01/64, 144A (8) | No Opt. Call | N/R | 427 |
| 39 | 0.000%, 1/01/65, 144A (8) | No Opt. Call | N/R | 403 |
| 39 | 0.000%, 1/01/66, 144A (8) | No Opt. Call | N/R | 371 |
| 501 | 0.000%, 1/01/67, 144A (8) | No Opt. Call | N/R | 4,421 |
| 2,250 | Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Appalachian | 1/31 at 100.00 | BBB | 1,997,212 |
| | Regional Healthcare System Obligated Group, Series 2021A, 4.000%, 7/01/56 | | | |
| 2,000 | Public Finance Authority of Wisconsin, Retirement Communities Revenue Bonds, ACTS | 11/27 at 103.00 | A– | 2,187,500 |
| | 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– | 6,076,260 |
| 2,335 | 5.000%, 6/15/48, 144A | 6/26 at 100.00 | BBB– | 2,341,935 |
| 4,100 | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series | 4/23 at 100.00 | AA– (4) | 4,209,716 |
| | 2013A, 5.000%, 4/01/38 (Pre-refunded 4/01/23) | | | |
| 8,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aspirus, Inc. | 8/31 at 100.00 | AA– | 7,767,040 |
| | Obligated Group, Inc. Project, Series 2021, 4.000%, 8/15/51 | | | |
| 1,015 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health | 10/22 at 100.00 | AA | 1,027,708 |
| | 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– | 19,754,298 |
| | Health System, Inc., Series 2017C, 5.000%, 2/15/47 | | | |
| 2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/26 at 100.00 | A– | 2,139,560 |
| | 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 | 7,644,444 |
| | Inc., Series 2012, 5.000%, 6/01/39 | | | |
| 315 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital | No Opt. Call | A1 | 322,806 |
| | 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) | 2,677,242 |
| | Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | | | |
| | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. | | | |
| | Project, Series 2021: | | | |
| 2,415 | 4.000%, 10/01/51 | 10/28 at 102.00 | N/R | 1,987,014 |
| 2,470 | 4.000%, 10/01/61 | 10/28 at 102.00 | N/R | 1,931,095 |
| 5,155 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 5/26 at 100.00 | AA+ | 5,185,930 |
| | Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/34 | | | |
| 2,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 8/27 at 100.00 | AA– | 2,186,900 |
| | Aspirus, Inc. Obligated Group, Series 2017, 5.000%, 8/15/52 | | | |
113
| | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund Portfolio of Investments (continued) April 30, 2022 (Unaudited) |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Wisconsin (continued) | | | |
| $ 2,500 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aurora | 4/23 at 100.00 | Aa3 (4) | $ 2,572,675 |
| | 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 | 1,125,618 |
| 955 | 5.000%, 6/01/41 | 6/25 at 103.00 | N/R | 960,424 |
| 4,705 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 8/30 at 100.00 | AA | 4,653,010 |
| | Children’s Hospital of Wisconsin, Inc., Series 2020, 4.000%, 8/15/50 | | | |
| | 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 (Pre-refunded 9/01/27) | 9/27 at 100.00 | N/R (4) | 1,110,080 |
| 1,110 | 5.000%, 9/01/31 (Pre-refunded 9/01/27) | 9/27 at 100.00 | N/R (4) | 1,232,189 |
| 1,100 | 5.000%, 9/01/32 (Pre-refunded 9/01/27) | 9/27 at 100.00 | N/R (4) | 1,221,088 |
| 1,725 | 5.000%, 9/01/33 (Pre-refunded 9/01/27) | 9/27 at 100.00 | N/R (4) | 1,914,888 |
| 1,775 | 5.000%, 9/01/34 (Pre-refunded 9/01/27) | 9/27 at 100.00 | N/R (4) | 1,970,392 |
| 1,910 | 5.000%, 9/01/35 (Pre-refunded 9/01/27) | 9/27 at 100.00 | N/R (4) | 2,120,253 |
| 2,065 | 5.000%, 9/01/36 (Pre-refunded 9/01/27) | 9/27 at 100.00 | N/R (4) | 2,292,315 |
| 8,500 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 2/26 at 100.00 | A– | 9,030,570 |
| | 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– | 5,323,500 |
| | College of Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 | | | |
| 11,250 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical | 12/31 at 100.00 | N/R | 11,128,500 |
| | College of Wisconsin, Inc., Series 2022, 4.000%, 12/01/51 | | | |
| 2,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood | 1/27 at 103.00 | N/R | 1,658,760 |
| | Lutheran Senior Ministries, Series 2021, 4.000%, 1/01/47 | | | |
| | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | | | |
| | John’s Communities Inc., Series 2018A: | | | |
| 1,240 | 5.000%, 9/15/31 (Pre-refunded 9/15/23) | 9/23 at 100.00 | BBB– (4) | 1,280,511 |
| 7,955 | 5.000%, 9/15/50 (Pre-refunded 9/15/23) | 9/23 at 100.00 | BBB– (4) | 8,214,890 |
| 10,230 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 12/24 at 100.00 | AA– | 10,633,062 |
| | 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 | AA– | 10,423,960 |
| | ThedaCare Inc, Series 2019, 4.000%, 12/15/49 | | | |
| 148,183 | Total Wisconsin | | | 148,922,123 |
| | Wyoming – 0.2% (0.2% of Total Investments) | | | |
| 9,625 | Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding | 9/23 at 100.00 | BB+ (4) | 9,975,446 |
| | Series 2013A, 5.000%, 9/01/37 (Pre-refunded 9/01/23) | | | |
| $ 6,987,033 | Total Long-Term Investments (cost $6,510,613,675) | | | 6,556,936,974 |
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | SHORT-TERM INVESTMENTS – 0.4% (0.2% of Total Investments) | | | |
| | MUNICIPAL BONDS – 0.4% (0.2% of Total Investments) | | | |
| | Colorado – 0.2% (0.1% of Total Investments) | | | |
| $ 8,000 | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Variable Rate Series | | | |
| | 2018C, 0.450%, 11/15/39 (9) | 4/22 at 100.00 | AA | $ 8,000,000 |
114
| | | | | |
| Principal | | Optional Call | | |
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| | Minnesota – 0.2% (0.1% of Total Investments) | | | |
| $ 6,000 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, | | | |
| | Series 2018A, 0.330%, 11/15/48 (9) | 4/22 at 100.00 | AA+ | $ 6,000,000 |
| $ 14,000 | Total Short-Term Investments (cost $14,000,000) | | | 14,000,000 |
| | Total Investments (cost $6,524,613,675) – 165.1% | | | 6,570,936,974 |
| | Floating Rate Obligations – (3.4)% | | | (133,490,000) |
| | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (7.9)% (10) | | | (316,333,858) |
| | MuniFund Preferred Shares, net of deferred offering costs – (27.3)% (11) | | | (1,086,423,372) |
| | Variable Rate Demand Preferred Shares, net of deferred offering costs – (29.0)% (12) | | | (1,154,052,973) |
| | Other Assets Less Liabilities – 2.5% | | | 99,707,852 |
| | Net Assets Applicable to Common Shares – 100% | | | $ 3,980,344,623 |
| | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (5) | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (6) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (7) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
| (8) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (9) | 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. |
| (10) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 4.8%. |
| (11) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 16.5%. |
| (12) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 17.6%. |
| 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 regis tration,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. |
| WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| | See accompanying notes to financial statements. |
115
Statement of Assets and Liabilities
April 30, 2022 (Unaudited)
| | | |
| | NAD | NEA |
| Assets | | |
| Long-term investments, at value (cost $5,218,577,855 and $6,510,613,675, respectively) | $5,258,660,380 | $6,556,936,974 |
| Short-term investments, at value (cost approximates value) | 7,100,000 | 14,000,000 |
| Cash | 2,253,882 | 17,696,574 |
| Receivable for: | | |
| Dividends | 533 | — |
| Interest | 70,500,480 | 85,546,301 |
| Investments sold | 50,505,315 | 45,572,144 |
| Other assets | 1,576,697 | 2,517,012 |
| Total assets | 5,390,597,287 | 6,722,269,005 |
| Liabilities | | |
| Floating rate obligations | 104,235,000 | 133,490,000 |
| Payable for: | | |
| Dividends | 13,099,152 | 14,983,525 |
| Interest | 413,438 | 639,192 |
| Investments purchased - regular settlement | 32,430,402 | 11,690,080 |
| Investments purchased - when-issued/delayed-delivery settlement | 7,150,163 | 18,688,110 |
| Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs | | |
| (liquidation preference $727,500,000 and $316,500,000, respectively) | 727,192,480 | 316,333,858 |
| MuniFund Preferred (“MFP”) Shares, net of deferred offering costs | | |
| (liquidation preference $679,000,000 and $1,088,900,000, respectively) | 678,446,231 | 1,086,423,372 |
| Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs | | |
| (liquidation preference $632,000,000 and $1,159,400,000, respectively) | 630,641,499 | 1,154,052,973 |
| Accrued expenses: | | |
| Management fees | 2,442,798 | 3,044,122 |
| Trustees fees | 1,186,844 | 1,606,710 |
| Other | 843,477 | 972,440 |
| Total liabilities | 2,198,081,484 | 2,741,924,382 |
| Commitments and contingencies (as disclosed in Note 8) | | |
| Net assets applicable to common shares | $3,192,515,803 | $3,980,344,623 |
| Common shares outstanding | 233,404,656 | 299,037,392 |
| Net asset value ("NAV") per common share outstanding | $ 13.68 | $ 13.31 |
| Net assets applicable to common shares consist of: | | |
| Common shares, $0.01 par value per share | $ 2,334,047 | $ 2,990,374 |
| Paid-in surplus | 3,240,536,350 | 4,014,242,736 |
| Total distributable earnings (loss) | (50,354,594) | (36,888,487) |
| Net assets applicable to common shares | $3,192,515,803 | $3,980,344,623 |
| Authorized shares: | | |
| Common | Unlimited | Unlimited |
| Preferred | Unlimited | Unlimited |
See accompanying notes to financial statements.
116
Statement of Operations
Six Months Ended April 30, 2022 (Unaudited)
| | | |
| | NAD | NEA |
| Investment Income | $ 105,578,843 | $ 128,817,122 |
| Expenses | | |
| Management fees | 15,540,392 | 19,367,570 |
| Interest expense and amortization of offering costs | 8,408,150 | 7,432,224 |
| Liquidity fees | 2,427,255 | 5,360,795 |
| Remarketing fees | 317,754 | 1,033,500 |
| Custodian fees, net | 210,924 | 231,638 |
| Trustees fees | 73,868 | 92,365 |
| Professional fees | 138,797 | 238,500 |
| Shareholder reporting expenses | 116,408 | 136,039 |
| Shareholder servicing agent fees | 61,831 | 64,305 |
| Stock exchange listing fees | 110,625 | 40,915 |
| Investor relations expenses | 121,665 | 153,120 |
| Other | 253,851 | 119,797 |
| Net expenses | 27,781,520 | 34,270,768 |
| Net investment income (loss) | 77,797,323 | 94,546,354 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) from Investments | (33,779,236) | (39,943,898) |
| Change in net unrealized appreciation (depreciation) of Investments | (527,550,802) | (668,404,016) |
| Net realized and unrealized gain (loss) | (561,330,038) | (708,347,914) |
| Net increase (decrease) in net assets applicable to common shares from operations | $(483,532,715) | $(613,801,560) |
See accompanying notes to financial statements.
117
Statement of Changes in Net Assets
| | NAD | NEA |
| | (Unaudited) | | (Unaudited) | |
| | Six Months | | Six Months | |
| | Ended | Year Ended | Ended | Year Ended |
| | 4/30/22 | 10/31/21 | 4/30/22 | 10/31/21 |
| Operations | | | | |
| Net investment income (loss) | $ 77,797,323 | $ 161,892,479 | $ 94,546,354 | $ 201,917,943 |
| Net realized gain (loss) from investments | (33,779,236) | 5,976,132 | (39,943,898) | 13,219,775 |
| Change in net unrealized appreciation (depreciation) of investments | (527,550,802) | 63,470,598 | (668,404,016) | 39,506,288 |
| Net increase (decrease) in net assets applicable to common shares | | | | |
| from operations | (483,532,715) | 231,339,209 | (613,801,560) | 254,644,006 |
| Distributions to Common Shareholders | | | | |
| Dividends | (83,325,463) | (158,884,170) | (103,167,899) | (205,660,254) |
| Decrease in net assets applicable to common shares from distributions | | | | |
| to common shareholders | (83,325,463) | (158,884,170) | (103,167,899) | (205,660,254) |
| Capital Share Transactions | | | | |
| Common Shares: | | | | |
| Issued in the Reorganization | — | 352,666,794 | — | 329,945,848 |
| Net increase (decrease) in net assets applicable to common shares from | | | | |
| capital share transactions | — | 352,666,794 | — | 329,945,848 |
| Net increase (decrease) in net assets applicable to common shares | (566,858,178) | 425,121,833 | (716,969,459) | 378,929,600 |
| Net assets applicable to common shares at the beginning of period | $3,759,373,981 | $3,334,252,148 | $4,697,314,082 | $4,318,384,482 |
| Net assets applicable to common shares at the end of period | $3,192,515,803 | $3,759,373,981 | $3,980,344,623 | $4,697,314,082 |
See accompanying notes to financial statements.
118
Statement of Cash Flows
Six Months Ended April 30, 2022 (Unaudited)
| | | |
| | NAD | NEA |
| Cash Flows from Operating Activities: | | |
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $(483,532,715) | $(613,801,560) |
| 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 | (763,194,118) | (983,080,012) |
| Proceeds from sales and maturities of investments | 745,334,162 | 979,707,750 |
| Proceeds from (Purchases of) short-term investments, net | 2,000,000 | (7,500,000) |
| Payment-in-kind distributions | (101,118) | (1,460) |
| Taxes paid | (13,980) | (10,238) |
| Amortization (Accretion) of premium and discounts, net | 5,973,921 | 8,319,570 |
| Amortization of deferred offering costs | 203,844 | 247,315 |
| (Increase) Decrease in: | | |
| Receivable for interest | 658,235 | 1,629,090 |
| Receivable for investments sold | 27,712,323 | 28,785,099 |
| Other assets | 29,926 | 6,304 |
| Increase (Decrease) in: | | |
| Payable for interest | 413,438 | 639,192 |
| Investments purchased - regular settlement | 24,215,202 | (1,006,977) |
| Investments purchased - when-issued/delayed-delivery settlement | (20,998,776) | (14,695,082) |
| Payable for offering costs | — | (251,705) |
| Accrued management fees | (284,970) | (361,056) |
| Accrued trustees fees | (29,135) | (39,436) |
| Accrued other expenses | (83,415) | (111,170) |
| Net realized (gain) loss from: | | |
| Investments | 33,779,236 | 39,943,898 |
| Paydowns | (343,825) | (93,293) |
| Change in net unrealized appreciation (depreciation) of Investments | 527,550,802 | 668,404,016 |
| Net cash provided by (used in) operating activities | 99,289,037 | 106,730,245 |
| Cash Flow from Financing Activities: | | |
| Increase (Decrease) in cash overdraft | (5,949,481) | — |
| (Repayments of) floating rate obligations | (7,725,000) | — |
| Proceeds from borrowings | 7,141,416 | 16,421,697 |
| (Repayments of) borrowings | (7,146,416) | (16,421,697) |
| Cash distributions paid to common shareholders | (83,360,674) | (104,927,870) |
| Net cash provided by (used in) financing activities | (97,035,155) | (104,927,870) |
| Net Increase (Decrease) in Cash | 2,253,882 | 1,802,375 |
| Cash at the beginning of period | — | 15,894,199 |
| Cash at the end of period | $ 2,253,882 | $ 17,696,574 |
| Supplemental Disclosure of Cash Flow Information | | |
| Cash paid for interest (excluding amortization of offering costs) | $ 7,789,083 | $ 6,396,906 |
See accompanying notes to financial statements.
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Financial Highlights
Selected data for a common share outstanding throughout each period:
| | | | | | | Less Distributions | | | | | |
| | | | Investment Operations | | | to Common Shareholders | | | | Common Share | |
| | | | | | | | From | | | Discount | | |
| | Beginning | Net | Net | | | From | Accumu- | | | per | | |
| | Common | Investment | Realized/ | | | Net | lated Net | | | Share | | Ending |
| | Share | Income | Unrealized | | | Investment | Realized | | | Repurchased | Ending | Share |
| | NAV | (Loss) | Gain (Loss) | Total | | Income | Gains | Total | | and Retired | NAV | Price |
| NAD | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | |
| 2022(d) | $16.11 | $0.33 | $(2.40) | $(2.07) | | $(0.36) | $ — | $(0.36) | | $ — | $13.68 | $12.80 |
| 2021 | 15.75 | 0.72 | 0.35 | 1.07 | | (0.71) | — | (0.71) | | — | 16.11 | 15.63 |
| 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 |
| NEA | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | |
| 2022(d) | 15.71 | 0.32 | (2.37) | (2.05) | | (0.35) | — | (0.35) | | — | 13.31 | 12.46 |
| 2021 | 15.50 | 0.69 | 0.22 | 0.91 | | (0.70) | — | (0.70) | | — | 15.71 | 15.18 |
| 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 |
| (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.
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| | | Common Share Supplemental Data/ |
| | | Ratios Applicable to Common Shares |
| Common Share | | | | |
| Total Returns | | Ratios to Average Net Assets(b) | |
| | Based | Ending | | | |
| Based | on | Net | | Net | Portfolio |
| on | Share | Assets | | Investment | Turnover |
| NAV(a) | Price(a) | (000) | Expenses | Income (Loss) | Rate(c) |
| (13.07)% | (16.05)% | $3,192,516 | 1.55%** | 4.34%** | 13% |
| 6.85 | 13.31 | 3,759,374 | 1.44 | 4.43 | 10 |
| 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 |
| |
| (13.29) | (15.88) | 3,980,345 | 1.53** | 4.23** | 14 |
| 5.91 | 10.92 | 4,697,314 | 1.44 | 4.31 | 12 |
| 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 |
| (b) | | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred (as further described below) on assets attributable to preferred shares issued by the Fund, where applicable. |
| • | | 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: |
| | Ratios of Interest Expense to | | Ratios of Interest Expense to |
| | Average Net Assets Applicable | | Average Net Assets Applicable |
| | to Common Shares | | to Common Shares |
| NAD | | NEA | |
| Year Ended 10/31: | | Year Ended 10/31: | |
| 2022(d) | 0.62%** | 2022(d) | 0.62%** |
| 2021 | 0.53 | 2021 | 0.53 |
| 2020 | 0.94 | 2020 | 0.94 |
| 2019 | 1.50 | 2019 | 1.47 |
| 2018 | 1.39 | 2018 | 1.35 |
| 2017 | 1.00 | 2017 | 1.00 |
| (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. |
| (d) | | Unaudited. For the six months ended April 30, 2022. |
See accompanying notes to financial statements.
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Financial Highlights (continued)
The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last five fiscal periods, as applicable.
| | | | | | | | | | AMTP, MFP, |
| | | | | | | | | | VMTP and/or |
| | | | | | | | | | VRDP Shares |
| | AMTP Shares | MFP Shares | VMTP Shares | VRDP Shares | at the End |
| | at the End of Period | at the End of Period | at the End of Period | at the End of Period | of Period |
| | | Asset | | Asset | | Asset | | Asset | Asset |
| | Aggregate | Coverage | Aggregate | Coverage | Aggregate | Coverage | Aggregate | Coverage | Coverage |
| | Amount | Per | Amount | Per | Amount | Per | Amount | Per | Per $1 |
| | Outstanding | $100,000 | Outstanding | $100,000 | Outstanding | $100,000 | Outstanding | $100,000 | Liquidation |
| | (000)(a) | Share(b) | (000)(a) | Share(b)(d) | (000)(a) | Share(b) | (000)(a) | Share(b) | Preference |
| NAD | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | |
| 2022(e) | $727,500 | $256,611 | $679,000 | $256,611 | $ — | $ — | $632,000 | $256,611 | $2.57 |
| 2021 | 727,500 | 284,419 | 679,000 | 284,419 | — | — | 632,000 | 284,419 | 2.84 |
| 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 |
| |
| NEA | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | |
| 2022(e) | 316,500 | 255,191 | 1,088,900 | 255,191 | — | — | 1,159,400 | 255,191 | 2.55 |
| 2021 | 316,500 | 283,145 | 1,088,900 | 283,145 | — | — | 1,159,400 | 283,145 | 2.83 |
| 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 |
| (a) | | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. |
| (b) | | Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. |
| (c) | | Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. |
| (d) | | 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(c) |
| Series D | |
| Year Ended 10/31: | |
| 2022(e) | $2,552 |
| 2021 | 2,831 |
| 2020 | 2,805 |
| 2019 | 2,800 |
| 2018 | — |
| 2017 | — |
| (e) | | Unaudited. For the six months ended April 30, 2022. |
See accompanying notes to financial statements.
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Notes to
Financial Statements (Unaudited)
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.
Current Fiscal Period
The end of the reporting period for the Funds is April 30, 2022, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2022 (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.
Developments Regarding the Funds’ Control Share By-Law
On October 5, 2020, the Funds and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board of Trustees amended the Funds’ by-laws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Funds’ Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.
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.
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
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Notes to Financial Statements (Unaudited) (continued)
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 or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of the Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Custodian Fee Credit
As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current reporting period, the custodian fee credit earned by each Fund was as follows:
| | NAD | NEA |
| Custodian Fee Credit | $2,082 | $4,629 |
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
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, 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, 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 contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the
124
amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
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 | $ — | $5,257,301,236 | $ 757,773** | $5,258,059,009 |
| Investment Companies | 450,359 | — | — | 450,359 |
| Variable Rate Senior Loan Interests | — | 151,012 | — | 151,012 |
| Short-Term Investments*: | | | | |
| Municipal Bonds | — | 7,100,000 | — | 7,100,000 |
| Total | $450,359 | $5,264,552,248 | $757,773 | $5,265,760,380 |
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Notes to Financial Statements (Unaudited) (continued)
| NEA | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Municipal Bonds | $ — | $6,555,793,404 | $1,143,570** | $6,556,936,974 |
| Short-Term Investments*: | | | | |
| Municipal Bonds | — | 14,000,000 | — | 14,000,000 |
| Total | $ — | $6,569,793,404 | $1,143,570 | $6,570,936,974 |
| * | | Refer to the Fund’s Portfolio of Investments for state classifications. |
| ** | | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in Note 4 - Portfolio Securities and Investments in Derivatives. The fair values of the Funds’ liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in Note 5 - Fund Shares.
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.
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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 | $104,235,000 | $133,490,000 |
| Floating rate obligations: externally-deposited Inverse Floaters | 49,340,000 | 92,135,000 |
| Total | $153,575,000 | $225,625,000 |
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
| Self-Deposited Inverse Floaters | NAD | NEA |
| Average floating rate obligations outstanding | $104,235,000 | $133,490,000 |
| Average annual interest rate and fees | 0.55% | 0.51% |
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 | $ 87,920,000 | $133,490,000 |
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 38,265,000 | 77,270,000 |
| Total | $126,185,000 | $210,760,000 |
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.
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Notes to Financial Statements (Unaudited) (continued)
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| | NAD | NEA |
| Purchases | $763,194,118 | $983,080,012 |
| Sales and Maturities | 745,334,162 | 979,707,750 |
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 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 |
| | Six Months | Year | Six Months | Year |
| | Ended | Ended | Ended | Ended |
| | 4/30/22 | 10/31/21 | 4/30/22 | 10/31/21 |
| Common Shares: | | | | |
| Issued in the Reorganization | — | 21,755,613 | — | 20,447,125 |
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.
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As of the end of the reporting period, NAD and NEA had $727,192,480 and $316,333,858 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 |
| | 2028-2 | 1,820 | 182,000,000 |
| NEA | 2028 | 1,435 | $143,500,000 |
| | 2028-1 | 1,730 | 173,000,000 |
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 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 |
| | 360-day | 2028-2 | December 1, 2028* | November 30, 2019 |
| NEA | 360-day | 2028 | December 1, 2028* | November 30, 2019 |
| | 360-day | 2028-1 | December 1, 2028* | December 13, 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 | $727,500,000 | $316,500,000 |
| Annualized dividend rate | 1.08% | 1.04% |
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.
129
Notes to Financial Statements (Unaudited) (continued)
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.
| • | | 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 charge and are being 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 $678,446,231 and $1,086,423,372 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 | 330,900 | 330,900,000 | March 1, 2029 | VRRM | N/A |
* Subject to earlier termination by either the Fund or the shareholder.
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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 | $679,000,000 | $1,088,900,000 |
| Annualized dividend rate | 0.90% | 0.65% |
Variable Rate Demand Preferred Shares
The Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, NAD and NEA had $630,641,499 and $1,154,052,973 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 |
| | 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 | $1,159,400,000 |
| Annualized dividend rate | 0.28% | 0.25% |
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.
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Notes to Financial Statements (Unaudited) (continued)
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, 2021 |
| NAD | Series | Shares | Amount |
| AMTP Shares issued in connection with the Reorganization | 2028-2 | 1,820 | $182,000,000 |
| | Year Ended |
| | October 31, 2021 |
| NEA | Series | Shares | Amount |
| AMTP Shares issued in connection with the Reorganization | 2028-1 | 1,730 | $173,000,000 |
| Transactions in MFP Shares for the Funds, where applicable, were as follows: | | | |
| | Year Ended |
| | October 31, 2021 |
| NEA | Series | Shares | Amount |
| MFP Shares issued | D | 130,900 | $130,900,000 |
| Transactions VRDP Shares for the Funds, where applicable, were as follows: | | | |
| | Year Ended |
| | October 31, 2021 |
| NEA | Series | Shares | Amount |
| VRDP Shares redeemed | 2 | (1,309) | $(130,900,000) |
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 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.
Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, 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.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:
| | | | | Net |
| | | Gross | Gross | Unrealized |
| | | Unrealized | Unrealized | Appreciation |
| Fund | Tax Cost | Appreciation | (Depreciation) | (Depreciation) |
| NAD | $5,119,114,535 | $166,155,632 | $(123,743,745) | $42,411,887 |
| NEA | 6,385,952,158 | 226,336,036 | (174,840,671) | 51,495,365 |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
| | Undistributed | Undistributed | Undistributed | Unrealized | | | Other | |
| | Tax-Exempt | Ordinary | Long-Term | Appreciation | Capital Loss | Late-Year Loss | Book-to-Tax | |
| Fund | Income1 | Income | Capital Gains | (Depreciation) | Carryforwards | Deferrals | Differences | Total |
| NAD | $20,828,737 | $ 276,521 | $ — | $571,626,335 | $(62,354,412) | $ — | $(13,887,577) | $516,489,604 |
| NEA | 19,400,869 | 1,242,086 | — | 721,335,218 | (44,413,752) | — | (17,493,687) | 680,070,734 |
| 1 | | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2021, and paid on November 1, 2021. |
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As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
| Fund | Short-Term | Long-Term | Total |
| NAD1 | $53,565,163 | $8,789,249 | $62,354,412 |
| NEA1 | $43,431,672 | $982,080 | $44,413,752 |
| 1 | | 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 |
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 April 30, 2022, the complex-level fee for each Fund was 0.1557%. |
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.
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Notes to Financial Statements (Unaudited) (continued)
During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:
| Cross-Trades | NAD | NEA |
| Purchases | $182,090,912 | $174,839,051 |
| Sales | 176,245,593 | 170,262,710 |
| Realized gain (loss) | (9,862,615) | (10,617,253) |
8. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are each described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.
From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’ financial statements.
9. Fund Leverage
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.635 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2022 unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Funds utilized this facility. The Funds' maximum outstanding balance during the utilization period was as follows:
| | | |
| | NAD | NEA |
| Maximum outstanding balance | $7,141,416 | $16,421,697 |
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) | 3 | 3 |
| Average daily balance outstanding | $7,141,416 | $16,421,697 |
| Average annual interest rate | 1.27% | 1.27% |
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 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
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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.
10. Subsequent Events
Committed Line of Credit
During June 2022, the Participating Funds renewed the standby credit facility through June 2023. In conjunction with this renewal the commitment amount increased from $2.635 billion to $2.700 billion. The Participating Funds also incurred a 0.05% upfront fee on the increased commitments from select lenders. All other terms remain unchanged.
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Risk Considerations (Unaudited)
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by
the Federal Deposit Insurance Corporation.
Nuveen Quality Municipal Income Fund (NAD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund,are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk,and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NAD.
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund,are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEA.
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Additional Fund Information (Unaudited)
| | | | | | |
| Board of Trustees | | | | |
| Jack B. Evans | William C. Hunter | Amy B. R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson |
| Judith M. Stockdale | Carole E. Stone | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young |
| | | | | |
| 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 | 0 | 0 |
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. |
| • | | 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 Blended Benchmark: Consists of: the S&P Municipal Bond Index (defined herein) through 9/11/16 and thereafter 1) 80% S&P Municipal Bond Investment Grade Index (defined herein), and 2) 20% S&P Municipal Bond High Yield Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | | NEA Blended Benchmark: Consists of: the S&P Municipal Bond Index (defined herein) through 9/11/16 and thereafter 1) 80% S&P Municipal Bond Investment Grade Index (defined herein), and 2) 20% S&P Municipal Bond High Yield Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
| • | | Pre-Refunded Bond/Pre-Refunding: Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value. |
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| • | | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940. |
| • | | S&P Municipal Bond High Yield Index: An index designed to measure the performance of tax-exempt high yield municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | | S&P Municipal Bond Index: An index designed to measure the performance of the tax-exempt, U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | | S&P Municipal Bond Investment Grade Index: An index designed to measure the performance of tax-exempt investment grade municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| • | | Tax Obligation/General Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back. |
| • | | Tax Obligation/Limited Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn’t have the ability to increase taxes by an unlimited amount to pay the bonds back. |
| • | | 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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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
ESA-B-0422D 2216976-INV-B-06/23
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. |
(a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. |
(a)(4) | Change in the registrant’s independent public accountant. Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Quality Municipal Income Fund
By (Signature and Title) /s/ Mark L. Winget
Mark L. Winget
Vice President and Secretary
Date: July 7, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ David J. Lamb
David J. Lamb
Chief Administrative Officer
(principal executive officer)
Date: July 7, 2022
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)
Date: July 7, 2022
