UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09297

Nuveen Quality Municipal Income Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: October 31

Date of reporting period: April 30, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.





ITEM 1. REPORTS TO STOCKHOLDERS.

 

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Table of Contents

 

Chairman’s Letter to Shareholders 4
   
Portfolio Manager’s Comments 5
   
Fund Leverage 7
   
Common Share Information 8
   
Risk Considerations 10
   
Performance Overview and Holding Summaries 11
   
Portfolios of Investments 15
   
Statement of Assets and Liabilities 103
   
Statement of Operations 104
   
Statement of Changes in Net Assets 105
   
Statement of Cash Flows 106
   
Financial Highlights 108
   
Notes to Financial Statements 111
   
Additional Fund Information 126
   
Glossary of Terms Used in this Report 127
   
Reinvest Automatically, Easily and Conveniently 129

3

 

Chairman’s Letter to Shareholders

Dear Shareholders,

The global synchronized expansion that drove markets to new highs in 2017 is beginning to show signs of fatigue. Against this backdrop, concerns about tightening financial conditions, potentially higher inflation and an array of geopolitical and policy risks have increased volatility across the financial markets in 2018 so far.

Despite the daily headlines, the global economy remains in solid shape. Even if the momentum is slowing, world economies are still expanding, recession probabilities are low and corporate profits have stayed healthy. Inflation remains relatively subdued, which should keep central banks on a gradual path of policy normalization. In the U.S., economic growth is expected to strengthen further, supported by low unemployment, incremental wage growth and fiscal stimulus from the newly enacted tax law changes.

Certainly there are risks that bear watching. Trade wars and tariffs have implications for both the supply and demand sides of the economy, complicating the outlook for businesses, consumers and the economy as a whole. North Korea relations, Iran and Russia sanctions, Italy’s new coalition government and Brexit negotiations are likely to continue triggering short-term turbulence in asset prices. The markets will also remain focused on central bank actions and communications.

The investment environment of 2018 will be more challenging than it was in 2017, but there is still opportunity for upside. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.

Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter time-frames could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Board
June 25, 2018

4

 

Portfolio Manager’s Comments

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

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

What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2018?

Interest rates rose during the six-month reporting period. The Federal Reserve (Fed) continued to raise its benchmark interest rate, putting upward pressure on the short end of the yield curve, while healthy economic growth and rising inflation expectations boosted yields at the long end of the curve. Shorter-term rates increased more than longer-term rates, resulting in a flatter yield curve during the reporting period. In this environment, municipal bond yields rose and prices fell (as yield and price move in opposite directions). However, given the backdrop of steady economic growth, credit fundamentals remained favorable, which helped credit spreads tighten. Municipal bond supply and demand technical conditions also continued to support the market. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.

Our trading activity continued to focus on pursuing the Funds’ investment objectives. We remained comfortable with the Funds’ broad positioning, maintaining overweight allocations to lower investment grade credits (and corresponding underweights to high grade bonds), as well as overweighting the health care (especially hospitals) and transportation (airports and toll roads) sectors and underweighting state and local general obligation (GO) bonds.

In NAD, we were particularly active in adding airport bonds subject to the alternative minimum tax (AMT), including Dallas Fort Worth International Airport, Broward County (Florida) Airport and Port of Portland (Oregon) Airport. NEA added bonds from a range of sectors. Some of our larger purchases in NEA during the reporting period were University of Miami revenue bonds, Clark County Nevada GOs and Arlington (Texas) special tax revenue bonds. The purchases were made primarily using the proceeds from called or maturing bonds.

 

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

5

 

Portfolio Manager’s Comments (continued)

Other trading activity during the reporting period included replacing some New Jersey Tobacco Settlement bonds that were refunded. The two Funds’ holdings in New Jersey tobacco settlement bonds were called in this reporting period and we bought some of the newly issued replacement bonds. Additionally, both Funds executed trades to take advantage of the prevailing market conditions that provided attractive opportunities for tax loss swapping. This strategy involves selling bonds that were bought when interest rates were lower and using the proceeds to buy other bonds (typically at higher yield levels) to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities.

As of April 30, 2018, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NEA also invested in forward interest rates swaps to help reduce price volatility risk due to movements in U.S. interest rates relative to the Funds’ benchmark. These swaps had a positive impact on performance during the reporting period.

How did the Funds perform during the six-month reporting period ended April 30, 2018?

The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2018. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.

For the six months ended April 30, 2018, the total returns on common share NAV for the two Funds underperformed the returns for the national S&P Municipal Bond Index and the secondary benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index.

The main contributors to the Funds’ performance during this reporting period were yield curve and duration positioning and credit quality allocations, while sector allocations did not have a material impact on relative performance. NAD and NEA were positioned somewhat longer in the yield curve, which was beneficial as the longer end of the curve generally outperformed the intermediate range. In terms of credit ratings, lower rated bonds performed better than higher rated bonds during this reporting period. The Funds’ overweight allocations to BBB rated and B rated bonds were particularly advantageous in this environment, as were underweight allocations to AAA and AA rated bonds. In addition, the use of regulatory leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.

An Update on FirstEnergy Solutions Corp.

FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under chapter 11 of the U.S. Bankruptcy Code. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. We owned longer-maturity bonds issued by FirstEnergy Solutions, which posted modest losses for the reporting period as the issuer took steps toward seeking bankruptcy protection which occurred in late March 2018. A substantial amount of bondholders, of which Nuveen is included, entered into an “Agreement in Principal” with FirstEnergy Solutions’ parent, FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.

In terms of FirstEnergy holdings, shareholders should note that NEA had no exposure to FirstEnergy, while NAD had 0.06% and it should be noted that this exposure is senior lien secured and had a negligible effect on relative performance.

6

 

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a negligible impact on the performance of NEA over this reporting period. Leverage had a slightly negative impact on performance of NAD over this reporting period.

As of April 30, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.

 

      NAD     NEA  
Effective Leverage*     39.53%   39.19%
Regulatory Leverage*     37.33%   37.03%

 

* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

 

THE FUNDS’ REGULATORY LEVERAGE

As of April 30, 2018, 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   $ 1,152,500,000   $ 632,000,000   $ 1,784,500,000  
NEA   $ 958,000,000   $ 1,290,300,000   $ 2,248,300,000  

 

* Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares iMTP, VMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
** Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.

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

7

 

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of April 30, 2018. 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 2017   $ 0.0600   $ 0.0580  
December     0.0575     0.0580  
January     0.0575     0.0580  
February     0.0575     0.0580  
March     0.0575     0.0580  
April 2018     0.0575     0.0580  
Total Monthly Per Share Distributions     0.3475     0.3480  
Ordinary Income Distribution*     0.0047     0.0045  
Total Distributions from Net Investment Income   $ 0.3522   $ 0.3525  
               
Yields              
Market Yield**     5.29 %   5.44 %
Tax-Equivalent Yield**     6.96 %   7.16 %

 

* Distribution paid in December 2017.
** 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 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.

 

Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of April 30, 2018, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and negative UNII balances for financial reporting purposes.

8

 

All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

COMMON SHARE REPURCHASES

During August 2017, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of April 30, 2018, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 

      NAD     NEA  
Common shares cumulatively repurchased and retired         19,300  
Common shares authorized for repurchase     20,190,000     26,280,000  

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

OTHER COMMON SHARE INFORMATION

As of April 30, 2018, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

 

      NAD     NEA  
Common share NAV   $ 14.84   $ 14.55  
Common share price   $ 13.04   $ 12.79  
Premium/(Discount) to NAV     (12.13 )%   (12.10 )%
6-month average premium/(discount) to NAV     (11.04 )%   (10.62 )%

9

 

Risk Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Quality Municipal Income Fund (NAD)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NAD.

Nuveen AMT-Free Quality Municipal Income Fund (NEA)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEA.

10

 

NAD Nuveen Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of April 30, 2018

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, 2018

 

      Cumulative     Average Annual  
      6-Month     1-Year     5-Year     10-Year  
NAD at Common Share NAV     (1.44)%     3.27%     3.69%     6.45%  
NAD at Common Share Price     (3.42)%     (0.61)%     3.05%     6.18%  
S&P Municipal Bond Index     (0.76)%     1.44%     2.48%     4.26%  
NAD Custom Blended Fund Performance Benchmark     (0.17)%     1.72%     2.56%     4.30%  

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.

11

 

 

NAD Performance Overview and Holding Summaries as of
  April 30, 2018 (continued)

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 161.0%
Corporate Bonds 0.0%
Investment Companies 0.0%
Short-Term Municipal Bonds 0.2%
Other Assets Less Liabilities 1.8%
Net Assets Plus Floating Rate Obligations, MFP Shares, net of deferred offering costs, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs 163.0%
Floating Rate Obligations (3.6)%
MFP Shares, net of deferred offering costs (20.2)%
VMTP Shares, net of deferred offering costs (18.2)%
VRDP Shares, net of deferred offering costs (21.0)%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 10.2%
AAA 1.4%
AA 18.6%
A 37.1%
BBB 21.0%
BB or Lower 9.7%
N/R (not rated) 2.0%
N/A (not applicable) 0.0%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Transportation 26.4%
Health Care 15.6%
Tax Obligation/Limited 14.5%
U.S. Guaranteed 9.5%
Tax Obligation/General 9.1%
Utilities 6.6%
Education and Civic Organizations 5.8%
Consumer Staples 4.8%
Water and Sewer 4.3%
Other 3.4%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
Illinois 12.5%
California 11.0%
Texas 10.5%
Colorado 5.3%
Ohio 5.2%
Florida 5.1%
New York 4.5%
Pennsylvania 3.3%
New Jersey 2.9%
Washington 2.8%
Virginia 2.3%
Arizona 2.3%
Louisiana 2.2%
Nevada 2.2%
South Carolina 2.1%
Missouri 2.1%
Michigan 1.8%
Massachusetts 1.4%
Wisconsin 1.3%
Other 19.2%
Total 100%

 

12

 

NEA Nuveen AMT-Free Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of April 30, 2018

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, 2018

 

      Cumulative     Average Annual  
      6-Month     1-Year     5-Year     10-Year  
NEA at Common Share NAV     (1.13)%     3.62%     4.24%     5.62%  
NEA at Common Share Price     (3.20)%     (0.41)%     3.12%     4.93%  
S&P Municipal Bond Index     (0.76)%     1.44%     2.48%     4.26%  
NEA Custom Blended Fund Performance Benchmark     (0.17)%     1.72%     2.56%     4.30%  

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.

13

 

 

NEA Performance Overview and Holding Summaries as of
  April 30, 2018 (continued)

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 158.8%
Corporate Bonds 0.0%
Short-Term Municipal Bonds 0.6%
Other Assets Less Liabilities 1.5%
Net Assets Plus Floating Rate Obligations, MFP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs 160.9%
Floating Rate Obligations (2.3)%
MFP Shares, net of deferred offering costs (25.0)%
VRDP Shares, net of deferred offering costs (33.6)%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 10.3%
AAA 2.6%
AA 20.0%
A 34.8%
BBB 20.7%
BB or Lower 9.4%
N/R (not rated) 2.2%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Transportation 18.4%
Health Care 17.9%
Tax Obligation/Limited 15.0%
Tax Obligation/General 12.9%
U.S. Guaranteed 9.5%
Education and Civic Organizations 6.2%
Water and Sewer 5.9%
Utilities 5.7%
Consumer Staples 5.1%
Other 3.4%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
Illinois 14.5%
California 8.4%
Texas 8.1%
Colorado 6.2%
Ohio 6.0%
Florida 4.7%
New York 4.3%
New Jersey 4.0%
Pennsylvania 3.7%
Nevada 3.7%
Michigan 3.1%
Indiana 2.6%
Washington 2.2%
Georgia 2.2%
Wisconsin 2.2%
South Carolina 1.9%
Louisiana 1.8%
Missouri 1.8%
Other 18.6%
Total 100%

 

14

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 161.0% (99.9% of Total Investments)            
      MUNICIPAL BONDS – 161.0% (99.9% of Total Investments)            
      Alabama – 1.2% (0.7% of Total Investments)            
      Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A:            
$ 5,000   5.000%, 10/01/33 – AGM Insured (Alternative Minimum Tax) 10/27 at 100.00   A– $ 5,601,200  
  5,455   5.000%, 10/01/34 – AGM Insured (Alternative Minimum Tax) 10/27 at 100.00   A–   6,073,870  
  5,550   5.000%, 10/01/35 – AGM Insured (Alternative Minimum Tax) 10/27 at 100.00   A–   6,170,268  
  15,000   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 No Opt. Call   A3   17,784,750  
  31,005   Total Alabama         35,630,088  
      Alaska – 0.8% (0.5% of Total Investments)            
      Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015:            
  1,580   5.000%, 1/01/24 (Alternative Minimum Tax) No Opt. Call   Baa2   1,761,716  
  3,400   5.000%, 1/01/25 (Alternative Minimum Tax) No Opt. Call   Baa2   3,796,950  
  1,000   5.000%, 1/01/28 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   1,100,930  
  1,075   5.000%, 1/01/29 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   1,177,770  
  300   5.000%, 1/01/31 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   325,707  
      Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:            
  690   4.625%, 6/01/23 6/18 at 100.00   Ba2   709,720  
  14,500   5.000%, 6/01/32 6/18 at 100.00   B3   14,500,435  
  22,545   Total Alaska         23,373,228  
      Arizona – 3.8% (2.3% of Total Investments)            
  980   Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 3/22 at 100.00   A–   1,049,658  
  2,500   Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 5.000%, 12/01/39 12/24 at 100.00   A2   2,758,825  
  2,000   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A., 5.000%, 7/01/48 1/28 at 100.00   AA–   2,207,820  
      Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A:            
  1,490   5.000%, 7/01/30 7/22 at 100.00   A   1,580,577  
  2,500   5.000%, 7/01/32 7/22 at 100.00   A   2,642,025  
  2,335   5.000%, 7/01/36 7/22 at 100.00   A   2,451,026  
  11,795   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 4.000%, 1/01/36 1/27 at 100.00   AA–   12,196,384  
  11,740   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   A+ (4)   12,466,471  
      Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A:            
  4,650   5.000%, 7/01/33 (Pre-refunded 7/01/18) 7/18 at 100.00   AA– (4)   4,675,157  
  8,200   5.000%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   AA– (4)   8,244,362  
  5,225   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A., 5.000%, 7/01/47 (Alternative Minimum Tax) 7/27 at 100.00   AA–   5,825,980  
  8,090   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42 (Alternative Minimum Tax) 7/27 at 100.00   AA–   9,054,166  
  7,000   Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured No Opt. Call   AA   9,192,470  
  5,000   Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Tender Option Bond Trust 2016-XF0388, 7.635%, 7/01/38,144A (Pre-refunded 7/01/18) (IF) (5) 7/18 at 100.00   AA– (4)   5,054,150  

 

15

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Arizona (continued)            
$ 1,000   Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 10/20 at 100.00   A– $ 1,069,110  
  1,000   Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series 2015, 4.000%, 12/01/38 – AGM Insured 12/25 at 100.00   AA   1,019,650  
      Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007:            
  500   5.500%, 12/01/29 No Opt. Call   BBB+   599,275  
  24,765   5.000%, 12/01/37 No Opt. Call   BBB+   28,993,128  
  1,100   Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured 6/24 at 100.00   A2   1,209,868  
  778   Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 7/18 at 100.00   N/R   748,903  
  102,648   Total Arizona         113,039,005  
      Arkansas – 0.1% (0.0% of Total Investments)            
  2,055   Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 4.875%, 12/01/43 12/23 at 100.00   A1   2,204,604  
      California – 17.7% (11.0% of Total Investments)            
  1,500   ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30 (Pre-refunded 5/15/20) 5/20 at 100.00   AA– (4)   1,625,700  
  185   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured No Opt. Call   BBB+   172,868  
  9,015   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM) No Opt. Call   Aaa   8,606,530  
  1,535   Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/37 – NPFG Insured No Opt. Call   A   702,094  
  13,000   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured 7/18 at 100.00   BBB+   13,014,170  
      Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C:            
  2,945   0.000%, 9/01/27 No Opt. Call   A2   2,152,118  
  7,150   0.000%, 9/01/28 – AGM Insured No Opt. Call   A2   5,001,210  
  2,455   0.000%, 9/01/32 – AGM Insured No Opt. Call   A2   1,417,419  
  200   0.000%, 9/01/35 – AGM Insured No Opt. Call   A2   99,152  
      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   AA– (4)   11,347,100  
  3,500   5.250%, 4/01/53 (Pre-refunded 4/01/23) 4/23 at 100.00   AA– (4)   4,012,120  
  1,055   Brisbane School District, San Mateo County, California, General Obligation Bonds, Election 2003 Series 2005, 0.000%, 7/01/35 – AGM Insured No Opt. Call   A2   545,509  
  1,640   Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured No Opt. Call   A+   965,960  
  60   Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured (ETM) No Opt. Call   Aa3 (4)   39,146  
      Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:            
  3,685   0.000%, 8/01/31 – FGIC Insured No Opt. Call   A3   2,267,344  
  4,505   0.000%, 8/01/33 – FGIC Insured No Opt. Call   A3   2,514,961  
  2,820   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 7/18 at 100.00   BBB+   2,822,059  
  7,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 11/26 at 100.00   A+   7,818,230  

 

16

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 2,275   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2018A., 4.000%, 11/15/42 11/27 at 100.00   A+ $ 2,312,902  
  25,520   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016, 5.000%, 11/15/46 (UB) (5) 11/26 at 100.00   AA–   28,503,033  
  5,950   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 10/19 at 100.00   AA–   6,235,362  
  710   California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 7/23 at 100.00   AA–   788,192  
      California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:            
  825   7.708%, 8/15/51,144A (IF) (5) 8/22 at 100.00   AA   971,281  
  2,140   7.708%, 8/15/51,144A (IF) (5) 8/22 at 100.00   AA   2,519,443  
  790   7.703%, 8/15/51,144A (IF) (5) 8/22 at 100.00   AA   929,949  
  3,250   California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series 2017A, 5.000%, 2/01/42 2/27 at 100.00   Baa1   3,542,793  
  810   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 11/19 at 100.00   A+ (4)   865,493  
  1,530   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 (Pre-refunded 3/01/20) 3/20 at 100.00   A+ (4)   1,639,165  
  1,000   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35 (Pre-refunded 3/01/20) 3/20 at 100.00   A+ (4)   1,075,830  
  815   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 11/23 at 100.00   A+   907,087  
  55   California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 7/18 at 100.00   AA–   55,100  
  65   California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured 7/18 at 100.00   AA–   65,179  
      California State, General Obligation Bonds, Various Purpose Series 2010:            
  2,100   5.250%, 3/01/30 3/20 at 100.00   AA–   2,232,972  
  3,000   5.500%, 3/01/40 3/20 at 100.00   AA–   3,201,150  
  4,250   5.250%, 11/01/40 11/20 at 100.00   AA–   4,572,957  
  500   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44 12/24 at 100.00   BB   531,075  
      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   6,330,060  
  3,070   5.250%, 12/01/56,144A 6/26 at 100.00   BB   3,269,366  
      California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010:            
  900   6.000%, 10/01/29 10/19 at 100.00   BBB+   949,401  
  1,030   6.250%, 10/01/39 10/19 at 100.00   BBB+   1,085,074  
  2,250   California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30 11/20 at 100.00   A+   2,404,530  
  1,050   California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   1,079,652  
      California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:            
  2,640   5.750%, 7/01/30 (6) 7/18 at 100.00   CCC   2,640,845  
  7,230   5.500%, 7/01/39 (6) 7/18 at 100.00   CCC   7,230,072  
  6,025   California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (4)   6,387,886  
  6,550   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (4)   6,594,082  
  4,890   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 – NPFG Insured No Opt. Call   Baa2   3,865,838  

 

17

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 1,000   Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured No Opt. Call   A– $ 643,660  
  5,045   Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27 (Pre-refunded 11/01/21) 11/21 at 61.42   AA– (4)   2,880,544  
  1,260   Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 12/21 at 100.00   A+   1,464,750  
  4,000   East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44 6/24 at 100.00   Aa1   4,467,440  
  3,010   El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/25 8/22 at 100.00   AA   2,503,236  
  3,500   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured No Opt. Call   BBB–   1,853,355  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
  1,480   5.750%, 1/15/46 1/24 at 100.00   BBB–   1,683,485  
  6,480   6.000%, 1/15/49 1/24 at 100.00   BBB–   7,535,916  
  1,500   Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 (Pre-refunded 8/01/21) 8/21 at 100.00   AA– (4)   1,681,485  
  9,930   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 6/25 at 100.00   A+   10,987,843  
      Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:            
  1,455   0.000%, 6/01/24 – AMBAC Insured No Opt. Call   A+   1,234,582  
  3,500   0.000%, 6/01/26 – AGM Insured No Opt. Call   A1   2,775,710  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  25,335   5.000%, 6/01/33 6/18 at 100.00   B3   25,557,441  
  2,825   5.750%, 6/01/47 6/18 at 100.00   B3   2,906,162  
  8,110   5.125%, 6/01/47 6/18 at 100.00   B–   8,109,838  
  2,500   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured No Opt. Call   AA–   1,520,675  
  9,740   Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) No Opt. Call   AA+   10,666,956  
  5,000   Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured No Opt. Call   AA   4,203,100  
  1,045   Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured No Opt. Call   A–   653,940  
  90   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (Alternative Minimum Tax) 5/26 at 100.00   A1   100,184  
      Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B:            
  2,000   5.000%, 5/15/41 (Alternative Minimum Tax) 5/26 at 100.00   A1   2,227,800  
  20,015   5.000%, 5/15/46 (Alternative Minimum Tax) 5/26 at 100.00   A1   22,220,453  
  4,615   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A., 5.000%, 5/15/44 (Alternative Minimum Tax) 5/28 at 100.00   A1   5,225,795  
  2,665   Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43 1/24 at 100.00   AA   2,950,875  
  15,000   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41 1/21 at 100.00   Aa2   16,076,400  
  2,000   Los Rios Community College District, Sacramento County, California, General Obligation Bonds, Series 2009D, 5.375%, 8/01/34 (Pre-refunded 8/01/19) 8/19 at 100.00   AA (4)   2,089,260  
  250   Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 9/21 at 100.00   A–   288,063  

 

18

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 500   Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 3/20 at 100.00   A1 $ 525,985  
  6,215   Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31 8/24 at 100.00   AA   7,436,869  
  5,955   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 8/35 at 100.00   AA   4,773,171  
  2,700   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34 No Opt. Call   BB+   3,772,251  
  2,200   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 No Opt. Call   BB+   3,047,198  
  405   Natomas Union School District, Sacramento County, California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured No Opt. Call   Baa2   429,341  
  15,770   Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured No Opt. Call   Baa2   17,774,840  
  3,615   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   N/R (4)   3,877,051  
  1,160   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20) 11/20 at 100.00   Ba1 (4)   1,225,262  
  1,365   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/21 – NPFG Insured No Opt. Call   BB+   1,258,803  
  13,145   Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (ETM) No Opt. Call   AA+ (4)   16,892,245  
  2,500   Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 (Pre-refunded 5/01/21) 5/21 at 100.00   A1 (4)   2,758,700  
  6,000   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) No Opt. Call   A+ (4)   3,650,700  
  8,545   Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) No Opt. Call   AA+ (4)   9,664,053  
  2,000   Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41 No Opt. Call   AA–   783,860  
  5,000   Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured (7) 8/36 at 100.00   A1   4,630,450  
  5,000   Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured No Opt. Call   A1   4,024,200  
  4,615   Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 0.000%, 10/01/38 No Opt. Call   A   1,971,528  
  330   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 6/23 at 100.00   BBB–   365,409  
  14,900   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, 5.000%, 5/01/46 (Alternative Minimum Tax) 5/26 at 100.00   A+   16,513,074  
      San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A:            
  3,900   5.000%, 5/01/42 (Alternative Minimum Tax) 5/27 at 100.00   A+   4,370,574  
  20,000   5.000%, 5/01/47 (Alternative Minimum Tax) 5/27 at 100.00   A+   22,331,200  
  660   San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) 8/19 at 100.00   A– (4)   698,148  
  2,000   San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43 8/22 at 29.31   N/R   501,060  
  2,000   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 1/25 at 100.00   BBB–   2,171,300  

 

19

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
      San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:            
$ 15,350   5.000%, 1/15/44 1/25 at 100.00   BBB $ 16,628,348  
  25,840   5.000%, 1/15/50 1/25 at 100.00   BBB   27,896,089  
      San Jose, California, Airport Revenue Bonds, Refunding Series 2017A:            
  5,000   5.000%, 3/01/41 (Alternative Minimum Tax) 3/27 at 100.00   A–   5,577,350  
  5,000   5.000%, 3/01/47 (Alternative Minimum Tax) 3/27 at 100.00   A–   5,549,250  
  6,660   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/43 No Opt. Call   A1   1,952,912  
  880   Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) 2/21 at 100.00   A (4)   997,770  
  2,460   Santee School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured No Opt. Call   AA   1,406,579  
  5,000   Solano Community College District, Solano and Yolo Counties, California, General Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43 8/23 at 100.00   Aa3   5,520,250  
  1,145   Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2006C, 0.000%, 11/01/30 – AGM Insured No Opt. Call   A2   729,491  
  1,175   Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2010B, 0.000%, 11/01/35 – AGM Insured No Opt. Call   A1   587,594  
      Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011:            
  1,000   6.375%, 12/01/23 (Pre-refunded 12/01/21) 12/21 at 100.00   A+ (4)   1,150,800  
  1,000   6.500%, 12/01/24 (Pre-refunded 12/01/21) 12/21 at 100.00   A+ (4)   1,153,230  
  1,000   6.625%, 12/01/25 (Pre-refunded 12/01/21) 12/21 at 100.00   A+ (4)   1,157,520  
  1,325   6.750%, 12/01/26 (Pre-refunded 12/01/21) 12/21 at 100.00   A+ (4)   1,539,398  
  2,410   Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured No Opt. Call   A+   1,877,583  
  2,000   West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41 8/21 at 100.00   A+   2,166,000  
  3,750   Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 0.000%, 8/01/36 – AGM Insured (7) 8/31 at 100.00   Aa3   3,199,387  
  4,000   Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) 8/21 at 100.00   Aa2 (4)   4,421,240  
  528,295   Total California         531,376,470  
      Colorado – 8.6% (5.3% of Total Investments)            
  3,000   Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured 12/25 at 100.00   A3   3,288,900  
  4,195   Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2016C, 4.000%, 12/15/34 12/26 at 100.00   AA   4,413,601  
  1,000   Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 (Pre-refunded 7/01/18) 7/18 at 100.00   N/R (4)   1,008,410  
  1,775   Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/29, 144A 12/22 at 103.00   N/R   1,904,628  
  2,945   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43 8/23 at 100.00   BB   3,317,012  
  1,715   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 8/26 at 100.00   A+   1,626,163  
  500   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Liberty Common Charter School, Series 2014A, 5.000%, 1/15/44 1/24 at 100.00   A+   532,585  
  1,000   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Refunding Series 2014, 5.000%, 8/15/30 8/24 at 100.00   A+   1,093,170  

 

20

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 3,915   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 3.250%, 6/01/46 6/26 at 100.00   A+ $ 3,428,248  
  1,250   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2012A, 4.500%, 9/01/22 No Opt. Call   A+   1,354,100  
  545   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2017, 3.625%, 9/01/31 9/27 at 100.00   A2   547,344  
      Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2017A:            
  1,200   4.000%, 3/01/36 3/27 at 100.00   A1   1,250,760  
  1,600   4.000%, 3/01/37 3/27 at 100.00   A1   1,665,200  
  1,465   Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (4)   1,568,942  
  6,765   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 7/19 at 100.00   BBB+   6,984,254  
  2,300   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41 2/21 at 100.00   BBB+   2,394,392  
      Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A:            
  3,020   5.250%, 1/01/40 1/23 at 100.00   BBB+   3,220,015  
  4,890   5.250%, 1/01/45 1/23 at 100.00   BBB+   5,200,906  
  4,600   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 1/24 at 102.00   N/R   4,820,340  
      Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A:            
  2,670   5.000%, 6/01/28 6/25 at 100.00   BBB   2,920,927  
  6,395   5.000%, 6/01/40 6/25 at 100.00   BBB   6,822,314  
  220   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 6/23 at 100.00   BBB   244,937  
  665   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/47 5/27 at 100.00   BB+   719,124  
  2,240   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005B, 5.250%, 3/01/36 – AGM Insured 9/18 at 102.00   Aa3   2,304,086  
  1,150   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured 9/18 at 102.00   Aa3   1,182,430  
  9,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   9,373,140  
  625   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 6.000%, 11/15/30 (Pre-refunded 11/15/20) 11/20 at 100.00   N/R (4)   685,050  
  1,075   Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/47 12/24 at 100.00   BBB   1,164,741  
  1,000   Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax) No Opt. Call   A–   1,005,680  
  2,000   Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 4.250%, 5/15/37 5/21 at 100.00   Aa2   2,031,300  
      Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017C.:            
  2,775   5.000%, 3/01/43 3/28 at 100.00   AA–   3,153,205  
  2,000   4.000%, 3/01/47 3/28 at 100.00   AA–   2,063,980  
  3,000   Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, 8/01/44 – AGM Insured 8/24 at 100.00   A2   3,267,960  
  7,250   Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 – AGM Insured 8/26 at 100.00   A2   8,044,745  
  2,000   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 11/22 at 100.00   A+   2,198,720  

 

21

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 1,100   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43 (Alternative Minimum Tax) 11/23 at 100.00   A $ 1,200,155  
  4,515   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   4,917,106  
  1,820   Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 8/01/46 8/26 at 100.00   AA   1,870,159  
  6,405   Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (Alternative Minimum Tax) 10/23 at 100.00   BB   6,874,871  
      Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016:            
  2,955   5.000%, 12/01/28 12/26 at 100.00   BBB–   3,372,689  
  2,000   5.000%, 12/01/29 12/26 at 100.00   BBB–   2,274,640  
  2,635   5.000%, 12/01/35 12/26 at 100.00   BBB–   2,933,967  
  1,605   5.000%, 12/01/40 12/26 at 100.00   BBB–   1,752,227  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A:            
  385   0.000%, 9/01/35 No Opt. Call   BBB+   199,488  
  150   0.000%, 9/01/37 No Opt. Call   BBB+   71,229  
  75   0.000%, 9/01/38 No Opt. Call   BBB+   34,064  
  20   0.000%, 9/01/39 No Opt. Call   BBB+   8,701  
  110   0.000%, 9/01/41 No Opt. Call   BBB+   44,063  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:            
  1,420   0.000%, 9/01/23 – NPFG Insured No Opt. Call   BBB+   1,241,236  
  18,380   0.000%, 9/01/25 – NPFG Insured No Opt. Call   BBB+   14,839,828  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  1,045   0.000%, 9/01/29 – NPFG Insured No Opt. Call   BBB+   704,518  
  2,175   0.000%, 9/01/30 – NPFG Insured No Opt. Call   BBB+   1,397,459  
  25,050   0.000%, 9/01/31 – NPFG Insured No Opt. Call   BBB+   15,426,291  
  23,305   0.000%, 9/01/32 – NPFG Insured No Opt. Call   BBB+   13,780,946  
  100   0.000%, 9/01/33 – NPFG Insured No Opt. Call   BBB+   56,492  
  12,500   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured 9/26 at 54.77   BBB+   5,015,875  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:            
  385   0.000%, 9/01/28 – NPFG Insured No Opt. Call   BBB+   271,217  
  60,000   0.000%, 3/01/36 – NPFG Insured No Opt. Call   BBB+   30,345,600  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:            
  345   0.000%, 9/01/28 – NPFG Insured 9/20 at 63.98   BBB+   207,662  
  13,000   0.000%, 9/01/34 – NPFG Insured 9/20 at 45.40   BBB+   5,510,570  
  14,500   0.000%, 3/01/36 – NPFG Insured 9/20 at 41.72   BBB+   5,638,760  
  500   Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 5.500%, 5/01/22 (Alternative Minimum Tax) 5/21 at 100.00   Baa2   543,660  
  1,860   Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40 12/25 at 100.00   Aa2   1,907,690  
      Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016:            
  1,565   5.000%, 12/01/36 12/26 at 100.00   Baa3   1,649,760  
  2,100   5.000%, 12/01/46 12/26 at 100.00   Baa3   2,201,409  
  3,000   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured 12/19 at 100.00   AA (4)   3,202,200  
  6,705   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00   A   7,350,691  
  5,715   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   6,303,416  

 

 

22

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 700   Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 No Opt. Call   A– $ 959,182  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  2,500   6.500%, 1/15/30 7/20 at 100.00   Baa3   2,726,425  
  3,115   6.000%, 1/15/34 7/20 at 100.00   Baa3   3,336,009  
  2,615   6.000%, 1/15/41 7/20 at 100.00   Baa3   2,783,197  
  1,000   Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 12/21 at 103.00   N/R   1,020,960  
      Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016:            
  1,050   5.000%, 12/01/32 – BAM Insured 12/26 at 100.00   Baa2   1,176,588  
  1,000   4.125%, 12/01/37 – BAM Insured 12/26 at 100.00   Baa2   1,025,790  
  2,000   Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured 12/26 at 100.00   Baa1   2,020,240  
  1,775   Waterview I Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016, 5.000%, 12/01/41 12/26 at 100.00   A–   1,950,122  
  324,925   Total Colorado         256,948,461  
      Connecticut – 1.4% (0.9% of Total Investments)            
  3,430   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H, 5.000%, 7/01/24 (Pre-refunded 7/01/22) – AGM Insured 7/22 at 100.00   A2 (4)   3,814,366  
      Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender Option Bond Trust 2016-XG0059:            
  1,295   12.227%, 1/01/32, 144A (IF) (5) 1/23 at 100.00   A–   1,786,025  
  190   12.132%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   A–   257,233  
      Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2018A.:            
  14,775   5.000%, 1/01/34 1/28 at 100.00   A+   16,450,042  
  6,410   5.000%, 1/01/37 1/28 at 100.00   A+   7,098,049  
  6,000   5.000%, 1/01/38 1/28 at 100.00   A+   6,628,620  
  2,500   Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (Pre-refunded 4/01/20) 4/20 at 100.00   N/R (4)   2,766,400  
  3,565   Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 4.000%, 4/01/39 4/22 at 100.00   AA–   3,566,176  
  4,755   Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (8) No Opt. Call   N/R   148,586  
  42,920   Total Connecticut         42,515,497  
      Delaware – 0.3% (0.2% of Total Investments)            
  7,255   Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 6/25 at 100.00   A1   7,917,817  
      District of Columbia – 1.7% (1.1% of Total Investments)            
  1,175   District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) 6/18 at 100.00   AA+   1,177,902  
  5,140   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 No Opt. Call   Baa1   5,790,775  
  21,000   District of Columbia T obacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 6/18 at 100.00   N/R   3,273,690  
  23,745   District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 – AGM Insured (UB) No Opt. Call   AA   26,293,076  
      District of Columbia, General Obligation Bonds, Series 1998B:            
  5,000   6.000%, 6/01/19 – NPFG Insured No Opt. Call   AA   5,221,450  
  9,505   6.000%, 6/01/20 – NPFG Insured No Opt. Call   AA   10,296,101  
  65,565   Total District of Columbia         52,052,994  

 

23

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida – 8.2% (5.1% of Total Investments)            
$ 1,480   Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 5.000%, 11/15/37 11/23 at 100.00   BBB $ 1,573,210  
      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   466,790  
  875   5.000%, 9/01/48 9/23 at 100.00   BBB   906,378  
  1,000   Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) 4/19 at 100.00   A (4)   1,045,780  
  7,500   Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, 10/01/45 (Alternative Minimum Tax) 10/25 at 100.00   A+   8,218,575  
  13,500   Broward County, Florida, Airport System Revenue Bonds, Series 2017, 5.000%, 10/01/42 (Alternative Minimum Tax) 10/27 at 100.00   A+   15,100,290  
  4,315   Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 (Pre-refunded 10/01/21) – AGM Insured 10/21 at 100.00   A (4)   4,732,563  
  100   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43, 144A 6/22 at 100.00   N/R   103,984  
  4,165   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/32 4/22 at 100.00   Baa1   4,432,310  
  1,150   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 4/21 at 100.00   Baa1   1,260,515  
  2,000   Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax) 10/21 at 100.00   Aa3   2,195,240  
  2,175   Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2010B, 5.000%, 7/01/40 7/20 at 101.00   AA   2,321,291  
  7,050   Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project – South Segment, Series 2017, 5.625%, 1/01/47, 144A (Alternative Minimum Tax) 1/19 at 105.00   BB–   7,257,482  
  2,500   Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) 10/19 at 100.00   AA– (4)   2,610,075  
  8,565   Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017, 5.000%, 10/01/52 (Alternative Minimum Tax) 10/27 at 100.00   A+   9,493,360  
  3,890   Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 2016A, 5.000%, 10/01/40 (Alternative Minimum Tax) 10/26 at 100.00   AA–   4,326,964  
  6,020   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (Alternative Minimum Tax) 10/24 at 100.00   A+   6,452,356  
  10,305   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44 10/24 at 100.00   A–   11,173,505  
  2,290   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 10/24 at 100.00   A+   2,496,741  
  5,310   JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39 (Pre-refunded 4/01/20) 4/20 at 100.00   N/R (4)   5,606,563  
  2,690   JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D., 5.000%, 10/01/39 4/20 at 100.00   Aa2   2,827,244  
  5,075   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/35 11/24 at 100.00   A2   5,572,198  
  1,500   Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21, 144A (Alternative Minimum Tax) 6/20 at 100.00   BB+   1,531,185  
  9,820   Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured 2/24 at 100.00   A1   10,893,031  
  2,000   Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 7/27 at 100.00   BBB   2,175,900  

 

24

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 2,930   Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42 4/23 at 100.00   A– $ 3,159,683  
  8,070   Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45 4/25 at 100.00   A–   8,838,587  
  12,000   Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2018A, 5.000%, 4/01/53 4/28 at 100.00   A–   13,221,600  
  1,500   Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/42 8/27 at 100.00   A+   1,660,125  
  1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax) 10/22 at 100.00   A   1,088,990  
  1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 10/24 at 100.00   A   1,109,110  
      Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B:            
  4,000   5.000%, 10/01/28 10/20 at 100.00   A   4,256,960  
  7,890   5.000%, 10/01/41 10/20 at 100.00   A   8,362,453  
  5,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/35 (Alternative Minimum Tax) 10/24 at 100.00   A   5,521,050  
  3,410   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax) 10/25 at 100.00   A   3,755,399  
  2,865   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 10/22 at 100.00   A+   3,106,319  
      Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012:            
  3,000  
5.000%, 7/01/42
7/22 at 100.00   A1   3,240,420  
  2,050  
5.000%, 7/01/42 – AGM Insured
7/22 at 100.00   A1   2,226,854  
  1,000   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 (Pre-refunded 10/01/20) – AGM Insured 10/20 at 100.00   A+ (4)   1,070,830  
  12,370   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/22 at 100.00   A+   13,449,406  
  4,000   North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40 10/20 at 100.00   A2   4,281,280  
  2,200   Okeechobee County, Florida, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 1.550%, 7/01/39 (Mandatory put 7/01/21) No Opt. Call   A–   2,117,918  
  1,665   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26 10/19 at 100.00   A+   1,735,962  
  115   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 6/22 at 102.00   N/R   132,402  
  4,635   Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond Series 2014B, 5.000%, 9/01/43 9/24 at 100.00   AA–   5,188,373  
  1,700   Putnam County Development Authority, Florida, 5.000%, 3/15/42 5/28 at 100.00   A–   1,892,304  
      South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Series 2017.:            
  5,770   5.000%, 8/15/42 8/27 at 100.00   A1   6,446,013  
  6,040   5.000%, 8/15/47 8/27 at 100.00   A1   6,722,278  
  705   Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30, 144A 3/24 at 100.00   BBB+   772,758  
  1,500   Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44 1/24 at 100.00   A–   1,617,750  
  700   Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29 9/22 at 100.00   A+   767,158  
  14,610   Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 7/22 at 100.00   A2 (4)   16,216,516  

 

25

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 195   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (7) 5/19 at 100.00   N/R $ 184,550  
  85   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7) 5/22 at 100.00   N/R   67,503  
  120   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8) 5/18 at 100.00   N/R   1  
  10   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 5/18 at 100.00   N/R   9,697  
  290   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (8) 5/18 at 100.00   N/R   230,968  
  180   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8) 5/18 at 100.00   N/R   117,949  
  195   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8) 5/18 at 100.00   N/R   2  
  975   Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 7/18 at 100.00   N/R   975,985  
  6,510   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/45 6/25 at 100.00   A–   7,290,744  
  226,010   Total Florida         245,609,427  
      Georgia – 1.7% (1.1% of Total Investments)            
  1,820   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 7/25 at 100.00   A+   2,072,088  
  805   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) 1/19 at 100.00   A2 (4)   833,916  
  985   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 (Pre-refunded 11/01/19) – AGM Insured 11/19 at 100.00   AA (4)   1,034,378  
  525   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured 11/19 at 100.00   A+   549,407  
      Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015:            
  3,065   5.000%, 11/01/31 5/25 at 100.00   A+   3,509,640  
  5,000   5.000%, 11/01/32 5/25 at 100.00   A+   5,708,250  
  2,000   Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured No Opt. Call   Baa2   2,217,440  
  2,000   Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc. Project, Series 2017A, 5.000%, 4/01/42 4/27 at 100.00   A   2,210,220  
  590   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 2/20 at 100.00   A   616,851  
  1,910   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   2,008,957  
  710   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 2/20 at 100.00   AA–   742,475  
  2,290   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   2,418,629  
  10,260   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 7/25 at 100.00   A2   10,853,746  
  1,000   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20 No Opt. Call   A–   1,049,670  
  3,035   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured 8/18 at 100.00   AA (4)   3,069,720  
  1,200   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured (ETM) No Opt. Call   N/R (4)   1,256,856  

 

26

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Georgia (continued)            
$ 3,265   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/41 7/26 at 100.00   AA– $ 3,706,755  
  5,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46 10/26 at 100.00   AA   5,674,950  
  1,220   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27 10/21 at 100.00   Baa2   1,326,982  
  1,425   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   AA–   1,514,404  
  48,105   Total Georgia         52,375,334  
      Guam – 0.1% (0.1% of Total Investments)            
  765   Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 1/22 at 100.00   A   794,223  
  1,770   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   BBB– (4)   1,905,954  
  1,220   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   BBB–   1,325,884  
  3,755   Total Guam         4,026,061  
      Hawaii – 1.6% (1.0% of Total Investments)            
  13,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 7/23 at 100.00   A1   14,353,560  
  6,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Refunding Series 2017B, 4.000%, 3/01/37 (Alternative Minimum Tax) 3/27 at 100.00   Baa2   5,995,980  
  10,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Series 2017A, 3.100%, 5/01/26 (Alternative Minimum Tax) No Opt. Call   Baa2   9,922,900  
  11,205   Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative Minimum Tax) 7/25 at 100.00   A+   12,358,331  
  5,000   Hawaii State, General Obligation Bonds, Series 2017FK, 4.000%, 5/01/35 5/27 at 100.00   AA   5,258,600  
  45,205   Total Hawaii         47,889,371  
      Idaho – 0.6% (0.4% of Total Investments)            
  11,205   Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, Series 2017ID, 5.000%, 12/01/46 6/27 at 100.00   AA–   12,558,116  
      Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016:            
  1,795   5.000%, 9/01/23 No Opt. Call   BB+   1,928,422  
  1,000   5.000%, 9/01/29 9/26 at 100.00   BB+   1,086,440  
      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   1,245,725  
  310   5.000%, 9/01/32 9/22 at 100.00   A3   336,697  
  15,465   Total Idaho         17,155,400  
      Illinois – 20.1% (12.5% of Total Investments)            
  1,055   Bensenville, Illinois, General Obligation Bonds, Series 2011A., 5.000%, 12/15/30 – AGM Insured 12/21 at 100.00   AA   1,119,007  
  1,945   Bensenville, Illinois, General Obligation Bonds, Series 2011A., 5.000%, 12/15/30 (Pre-refunded 12/15/21) – AGM Insured 12/21 at 100.00   AA (4)   2,139,130  
  6,000   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   6,987,480  
  1,470   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 12/21 at 100.00   B3   1,461,886  
  9,250   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   10,624,920  

 

27

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 2,400   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B $ 2,714,712  
  11,295   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A 12/27 at 100.00   B   13,308,560  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:            
  10,000   0.000%, 12/01/20 – FGIC Insured No Opt. Call   B   9,127,300  
  10,130   0.000%, 12/01/24 – FGIC Insured No Opt. Call   B   7,582,710  
  7,140   0.000%, 12/01/25 – FGIC Insured No Opt. Call   B   5,103,101  
  4,325   0.000%, 12/01/29 – FGIC Insured No Opt. Call   B   2,539,770  
  4,235   0.000%, 12/01/31 – FGIC Insured No Opt. Call   B   2,232,650  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:            
  15,000   0.000%, 12/01/21 – FGIC Insured No Opt. Call   B   13,067,250  
  10,000   0.000%, 12/01/23 – FGIC Insured No Opt. Call   B   7,882,300  
  8,845   5.500%, 12/01/26 – FGIC Insured No Opt. Call   B   9,677,934  
  7,900   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 12/21 at 100.00   A3   8,429,774  
  1,880   Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24 7/18 at 100.00   Ba3   1,880,153  
      Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:            
  170   5.500%, 12/20/19 (Alternative Minimum Tax) 10/18 at 100.00   AA–   170,406  
  1,210   5.600%, 12/20/29 (Alternative Minimum Tax) 10/18 at 100.00   AA–   1,211,900  
  1,925   5.650%, 12/20/40 (Alternative Minimum Tax) 10/18 at 100.00   AA–   1,927,445  
  2,245   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2015C, 5.000%, 1/01/46 (Alternative Minimum Tax) 1/25 at 100.00   A   2,410,367  
  13,000   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2017D, 5.000%, 1/01/47 (Alternative Minimum Tax) 1/27 at 100.00   A   14,111,760  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  4,115   0.000%, 1/01/33 – FGIC Insured No Opt. Call   BBB–   2,130,459  
  29,600   0.000%, 1/01/38 – FGIC Insured No Opt. Call   BBB–   11,759,488  
  11,675   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   12,927,961  
  22,750   Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured No Opt. Call   BBB–   24,433,955  
  6,280   Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 (Pre-refunded 1/01/22) 1/22 at 100.00   N/R (4)   6,921,188  
  6,410   Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured No Opt. Call   Baa2   7,280,029  
  1,500   Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – AMBAC Insured No Opt. Call   Baa2   1,712,010  
  4,500   Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2017., 5.000%, 12/01/47 – BAM Insured 12/27 at 100.00   A+   4,855,095  
  13,310   Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 11/20 at 100.00   A2   14,049,237  
      Cook County, Illinois, General Obligation Bonds, Refunding Series 2018.:            
  4,800   5.000%, 11/15/34 11/26 at 100.00   A2   5,301,168  
  3,250   5.000%, 11/15/35 11/26 at 100.00   A2   3,579,290  
      Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:            
  2,785   5.500%, 11/01/36 11/23 at 100.00   A   3,016,461  
  815   4.500%, 11/01/36 11/24 at 100.00   A   837,641  
  5,000   4.450%, 11/01/36 11/25 at 102.00   A   5,168,350  
  410   Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 6.000%, 12/01/45, 144A 12/25 at 100.00   N/R   416,453  

 

28

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 13,955   Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2015, 5.000%, 5/01/45 (UB) (5) 5/25 at 100.00   AA $ 15,127,080  
  2,000   Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 4.000%, 3/01/38 3/26 at 100.00   A1   2,043,120  
  4,985   Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/32 9/22 at 100.00   BB+   5,233,702  
      Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:            
  4,750   5.000%, 9/01/39 9/24 at 100.00   BB+   4,994,102  
  6,000   5.000%, 9/01/42 9/24 at 100.00   BB+   6,291,240  
  4,125   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Aa2 (4)   4,340,655  
  4,000   Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008, 5.250%, 8/15/47 – AGC Insured (Pre-refunded 8/15/18) (UB) 8/18 at 100.00   AA (4)   4,040,560  
      Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A:            
  11,520   4.000%, 7/01/37 7/26 at 100.00   A   11,382,682  
  6,140   4.000%, 7/01/38 7/26 at 100.00   A   6,031,199  
  195   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 5/20 at 100.00   A   208,262  
  615   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   663,068  
  10,745   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 11/25 at 100.00   A   11,656,176  
  12,125   Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 5/20 at 100.00   AA–   12,617,881  
  2,500   Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 5.000%, 2/15/33 2/27 at 100.00   BBB–   2,793,425  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  50   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   53,657  
  4,995   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   5,360,334  
      Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:            
  415   5.500%, 7/01/28 7/23 at 100.00   A–   462,800  
  390   6.000%, 7/01/43 7/23 at 100.00   A–   431,984  
  100   Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   104,387  
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009:            
  90   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   93,902  
  2,810   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   BBB– (4)   2,931,813  
  1,000   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Refunding Series 2006B, 5.250%, 11/01/35 (Pre-refunded 11/01/18) – NPFG Insured 11/18 at 100.00   Aaa   1,017,250  
  1,120   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) 5/19 at 100.00   Aaa   1,171,688  
  4,250   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015B, 5.000%, 11/15/39 5/25 at 100.00   A+   4,655,578  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A:            
  4,000   6.000%, 8/15/23 8/18 at 100.00   BBB+   4,029,560  
  5,000   5.500%, 8/15/30 8/18 at 100.00   BBB+   5,036,700  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:            
  560   5.000%, 8/15/35 8/25 at 100.00   Baa1   598,343  
  3,745   5.000%, 8/15/44 8/25 at 100.00   Baa1   3,950,376  

 

29

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:            
$ 2,000   6.875%, 8/15/38 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4) $ 2,124,160  
  3,000   7.000%, 8/15/44 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   3,190,980  
  1,000   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured 3/20 at 100.00   A2 (4)   1,059,220  
  930   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 8/20 at 100.00   AA–   981,104  
  470   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (4)   500,578  
  2,500   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) 2/21 at 100.00   AA– (4)   2,725,225  
  3,000   Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 10/25 at 100.00   AA–   3,295,650  
  11,140   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00   AA–   11,864,991  
  2,000   Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36 8/18 at 100.00   Aa1   2,008,640  
  1,830   Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/32 – AGM Insured 6/24 at 100.00   BBB–   1,972,557  
      Illinois State, General Obligation Bonds, February Series 2014:            
  3,500   5.250%, 2/01/30 2/24 at 100.00   BBB–   3,608,150  
  4,100   5.250%, 2/01/31 2/24 at 100.00   BBB–   4,216,276  
  3,200   5.250%, 2/01/32 2/24 at 100.00   BBB–   3,284,256  
  2,000   5.250%, 2/01/33 2/24 at 100.00   BBB–   2,048,620  
  1,575   5.250%, 2/01/34 2/24 at 100.00   BBB–   1,611,698  
  2,000   5.000%, 2/01/39 2/24 at 100.00   BBB–   2,009,760  
  8,250   Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 1/26 at 100.00   BBB–   8,449,897  
  1,025   Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/34 3/22 at 100.00   BBB–   1,036,675  
  450   Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 5/24 at 100.00   BBB–   452,313  
  1,500   Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 11/26 at 100.00   BBB–   1,531,230  
      Illinois State, General Obligation Bonds, October Series 2016:            
  3,790   5.000%, 2/01/26 No Opt. Call   BBB–   3,950,317  
  3,510   5.000%, 2/01/28 2/27 at 100.00   BBB–   3,645,802  
  2,375   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 8/22 at 100.00   BBB–   2,454,586  
      Illinois State, General Obligation Bonds, Series 2013:            
  2,500  
5.250%, 7/01/31
7/23 at 100.00   BBB–   2,569,150  
  1,520  
5.500%, 7/01/38
7/23 at 100.00   BBB–   1,565,950  
  2,020   Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 6/21 at 100.00   AA–   2,055,087  
  1,395   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 1/23 at 100.00   AA–   1,521,248  
  4,685   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   AA–   5,170,366  
  4,435   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40 1/26 at 100.00   AA–   4,925,821  
  1,815   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 12.874%, 1/01/38, 144A (IF) 1/23 at 100.00   AA–   2,472,466  
  1,875   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0052, 12.867%, 1/01/38, 144A (IF) 1/23 at 100.00   AA–   2,553,731  
  2,000   Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured No Opt. Call   Aa2   1,806,000  

 

30

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,510   Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured 1/21 at 100.00   A2 $ 1,611,079  
  1,000   McCook, Cook County, Illinois, General Obligation Bonds, Series 2008, 5.200%, 12/01/30 12/18 at 100.00   A–   1,015,150  
  9,000   McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured No Opt. Call   Aa2   7,787,790  
  1,890   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 12/25 at 100.00   BB+   1,949,063  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53 12/25 at 100.00   BB+   5,312,600  
  1,500   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A, 5.000%, 6/15/57 12/27 at 100.00   BB+   1,573,500  
      Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A:            
  8,055  
5.500%, 6/15/50
6/20 at 100.00   BB+   8,248,401  
  2,585  
5.500%, 6/15/50 (Pre-refunded 6/15/20)
6/20 at 100.00   BBB–   2,771,223  
  1,050   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50 6/20 at 100.00   BBB–   1,094,100  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A:            
  6,015   0.000%, 12/15/21 – NPFG Insured No Opt. Call   BBB–   5,288,147  
  12,250   0.000%, 12/15/22 – NPFG Insured No Opt. Call   BBB–   10,304,087  
  23,575   0.000%, 12/15/23 – NPFG Insured No Opt. Call   BBB–   18,839,961  
  10,775   0.000%, 12/15/24 – NPFG Insured No Opt. Call   BBB–   8,172,622  
  2,685   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 6/20 at 100.00   BB+   2,722,563  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
  6,610   0.000%, 12/15/23 No Opt. Call   BB+   5,282,381  
  155   0.000%, 12/15/23 (ETM) No Opt. Call   N/R (4)   134,205  
  5,000   0.000%, 12/15/34 – NPFG Insured No Opt. Call   BB+   2,262,000  
  1,100   0.000%, 12/15/35 – NPFG Insured No Opt. Call   BB+   471,196  
  3,805   0.000%, 6/15/41 – NPFG Insured No Opt. Call   BB+   1,195,759  
  3,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) No Opt. Call   AA+ (4)   3,578,970  
  1,550   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.250%, 6/01/21 No Opt. Call   A   1,680,386  
  800   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) 6/21 at 100.00   N/R (4)   892,328  
      Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999:            
  22,650   5.750%, 6/01/19 – AGM Insured No Opt. Call   A2   23,543,089  
  3,500   5.750%, 6/01/23 – AGM Insured No Opt. Call   A2   3,952,795  
  2,395   Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured No Opt. Call   AA   2,038,480  
      Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015:            
  2,250   5.000%, 3/01/29 3/25 at 100.00   A3   2,490,818  
  3,505   5.000%, 3/01/40 – AGM Insured 3/25 at 100.00   A2   3,797,422  
      University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013:            
  1,580   6.000%, 10/01/32 10/23 at 100.00   Baa1   1,784,025  
  9,625   6.250%, 10/01/38 10/23 at 100.00   Baa1   10,919,755  
  2,745   6.000%, 10/01/42 10/23 at 100.00   Baa1   3,072,067  
  4,930   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured No Opt. Call   A2   4,149,482  

 

31

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 12,775   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured (ETM) No Opt. Call   A2 (4) $ 10,889,155  
  2,475   Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured No Opt. Call   A2   2,449,310  
  625,530   Total Illinois         601,357,237  
      Indiana – 1.9% (1.2% of Total Investments)            
  6,180   Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured No Opt. Call   Baa2   5,483,205  
  1,555   Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/28 2/22 at 100.00   A–   1,679,276  
  1,050   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 10/19 at 100.00   B   1,061,970  
  2,865   Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 5/23 at 100.00   A   3,083,599  
  1,500   Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) 3/20 at 100.00   N/R (4)   1,584,210  
  7,480   Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40 6/25 at 100.00   AA   8,286,868  
      Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A:            
  3,015   5.000%, 7/01/44 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   3,215,075  
  1,420   5.000%, 7/01/48 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   1,510,099  
  1,500   Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 7/01/40 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   1,603,185  
  4,670   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19) 12/19 at 100.00   AA– (4)   4,912,373  
  2,500   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) 12/20 at 100.00   AA– (4)   2,683,750  
  5,115   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A, 5.000%, 10/01/41 10/26 at 100.00   A   5,737,189  
  2,750   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   A3   2,961,420  
  4,500   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 4.000%, 10/01/42 10/22 at 100.00   A2   4,583,790  
  4,375   Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 7/26 at 100.00   A+   4,913,256  
  3,985   Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax) 1/24 at 100.00   N/R   4,682,295  
  54,460   Total Indiana         57,981,560  
      Iowa – 1.7% (1.1% of Total Investments)            
  1,505   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42 8/22 at 100.00   Ba2   1,543,874  
      Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:            
  5,645   5.500%, 12/01/22 12/18 at 100.00   B–   5,728,094  
  1,335   5.250%, 12/01/25 12/23 at 100.00   B–   1,422,496  
  1,710   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A 6/18 at 105.00   B–   1,802,802  
  1,990   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/22) 12/22 at 105.00   B   2,097,181  

 

32

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa (continued)            
$ 3,000   Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 12/19 at 100.00   A $ 3,128,100  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  24,420   5.500%, 6/01/42 7/18 at 100.00   B2   24,516,703  
  12,100   5.625%, 6/01/46 7/18 at 100.00   B   12,162,678  
  51,705   Total Iowa         52,401,928  
      Kansas – 0.4% (0.2% of Total Investments)            
  1,240   Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.000%, 9/01/26 (Pre-refunded 9/01/21) 9/21 at 100.00   Aa3 (4)   1,346,714  
  1,505   Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C., 5.500%, 11/15/23 11/19 at 100.00   AA   1,592,757  
  35   Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C., 5.500%, 11/15/23 (Pre-refunded 11/15/19) 11/19 at 100.00   N/R (4)   36,795  
  2,040   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 7/18 at 100.00   Ba2   2,043,142  
  480   Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 4/20 at 100.00   BBB   497,429  
  35   Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) No Opt. Call   N/R   35,078  
  5,000   Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/32 9/22 at 100.00   A2   5,471,150  
  10,335   Total Kansas         11,023,065  
      Kentucky – 1.7% (1.1% of Total Investments)            
  5,540   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 8/21 at 100.00   Baa2   5,866,472  
      Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A:            
  2,000   6.000%, 6/01/30 (Pre-refunded 6/01/20) 6/20 at 100.00   BB+ (4)   2,159,640  
  5,500   6.500%, 3/01/45 (Pre-refunded 6/01/20) 6/20 at 100.00   BB+ (4)   5,988,840  
  1,000   Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   A3 (4)   1,003,460  
  2,730   Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 7/25 at 100.00   Baa2   2,876,601  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:            
  4,790   0.000%, 7/01/43 (7) 7/31 at 100.00   Baa3   4,441,767  
  3,655   0.000%, 7/01/46 (7) 7/31 at 100.00   Baa3   3,402,147  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:            
  8,360   5.750%, 7/01/49 (7) 7/23 at 100.00   Baa3   9,158,380  
  585   6.000%, 7/01/53 (7) 7/23 at 100.00   Baa3   648,408  
  9,195   Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 6/21 at 100.00   A   9,920,210  
      Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011:            
  5,000   6.250%, 3/01/31 3/21 at 100.00   A3   5,476,050  
  1,375   6.500%, 3/01/41 3/21 at 100.00   A3   1,501,459  
  49,730   Total Kentucky         52,443,434  

 

33

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Louisiana – 3.5% (2.2% of Total Investments)            
$ 5,120   Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 7/23 at 100.00   N/R $ 5,509,069  
  2,665   East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39 2/25 at 100.00   AA–   2,960,735  
  3,130   Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured 12/27 at 100.00   A2   3,552,926  
      Lafayette Parish School Board, Louisiana, Sales Tax Revenue Bonds, Series 2018.:            
  1,500   4.000%, 4/01/40 4/27 at 100.00   AA   1,540,755  
  4,685   4.000%, 4/01/43 4/27 at 100.00   AA   4,797,955  
  5,200   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/44 2/24 at 100.00   A+   5,679,024  
  1,380   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 8/20 at 100.00   Baa3   1,512,866  
  8,505   Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36, 144A (Alternative Minimum Tax) 7/23 at 100.00   N/R   9,428,983  
  845   Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2016A, 5.000%, 11/01/45 11/25 at 100.00   Baa3   909,474  
  1,830   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016, 4.000%, 5/15/35 5/26 at 100.00   A3   1,861,476  
  5,410   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 5.000%, 5/15/46 5/27 at 100.00   A3   5,898,198  
  4,305   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 5/21 at 100.00   A3 (4)   4,869,041  
  330   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 7/23 at 100.00   A2   363,333  
  14,000   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2015A, 4.000%, 5/01/41 5/25 at 100.00   AA   14,265,440  
      New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015B:            
  6,235   5.000%, 1/01/40 (Alternative Minimum Tax) 1/25 at 100.00   A–   6,743,963  
  6,895   5.000%, 1/01/45 (Alternative Minimum Tax) 1/25 at 100.00   A–   7,436,671  
  12,760   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax) 1/27 at 100.00   A–   13,949,742  
  1,000   New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/28 – AGM Insured 12/22 at 100.00   A2   1,094,390  
  5,350   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 6/24 at 100.00   A–   5,813,417  
  1,200   New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 12/24 at 100.00   A–   1,307,892  
  485   Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) No Opt. Call   BBB   513,824  
  5,655   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 12/25 at 100.00   A–   6,243,063  
  98,485   Total Louisiana         106,252,237  
      Maine – 0.7% (0.4% of Total Investments)            
  2,775   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 7/23 at 100.00   Ba1   2,871,737  
      Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A:            
  3,820   4.000%, 7/01/41 7/26 at 100.00   Ba1   3,356,405  
  2,800   4.000%, 7/01/46 7/26 at 100.00   Ba1   2,417,128  
  2,000   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, Series 2013, 5.000%, 7/01/43 7/23 at 100.00   A+   2,177,960  

 

34

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Maine (continued)            
      Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:            
$ 3,000   6.750%, 7/01/36 7/21 at 100.00   Ba3 $ 3,253,830  
  2,260   6.750%, 7/01/41 7/21 at 100.00   Ba3   2,444,213  
  1,720   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A1   1,805,518  
      Maine Turnpike Authority, Special Obligation Bonds, Series 2014:            
  1,290   5.000%, 7/01/33 7/24 at 100.00   A–   1,423,463  
  1,020   5.000%, 7/01/34 7/24 at 100.00   A–   1,123,122  
  20,685   Total Maine         20,873,376  
      Maryland – 0.3% (0.2% of Total Investments)            
  5,000   Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 1/25 at 100.00   AA–   5,574,150  
  450   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.000%, 7/01/25 7/21 at 100.00   BBB   493,434  
  515   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 7/19 at 100.00   BB   520,191  
  1,790   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 7/24 at 100.00   A3   1,932,466  
  1,070   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Series 2017A-1, 5.000%, 11/01/28 11/24 at 103.00   BB   1,188,171  
  8,825   Total Maryland         9,708,412  
      Massachusetts – 2.2% (1.4% of Total Investments)            
      Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A:            
  1,160   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   N/R (4)   1,166,658  
  2,840   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   AAA   2,856,529  
      Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B:            
  4,410   5.000%, 1/01/32 1/20 at 100.00   A3   4,604,613  
  7,500   5.000%, 1/01/37 1/20 at 100.00   A3   7,813,425  
  650   Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37 7/18 at 100.00   N/R   650,943  
  815   Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2010, 7.625%, 10/15/37 10/20 at 100.00   N/R   864,169  
  750   Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42, 144A (Alternative Minimum Tax) 7/18 at 100.00   BB–   750,465  
  825   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 7/25 at 100.00   BBB   885,464  
  3,500   Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 10/26 at 100.00   Aa3   3,944,885  
      Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option Bond Trust 2016-XG0070:            
  505   12.026%, 10/01/48, 144A (IF) (5) 10/23 at 100.00   Aa1   716,696  
  930   11.968%, 10/01/48, 144A (IF) (5) No Opt. Call   Aa1   1,319,372  
  3,200   Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 1/25 at 100.00   Baa2   3,271,936  
  1,220   Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 5.125%, 1/01/25 1/23 at 100.00   BBB   1,340,926  
  2,300   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00   A2   2,520,524  
  2,500   Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 4.000%, 7/01/41 7/26 at 100.00   BBB+   2,477,500  

 

35

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Massachusetts (continued)            
      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 $ 1,232,902  
  1,280   5.000%, 9/01/45 9/25 at 100.00   BBB   1,378,586  
      Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2:            
  620   5.125%, 7/01/33 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   623,429  
  500   5.125%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   502,765  
  3,190   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39 7/19 at 100.00   Baa2   3,299,481  
  6,335   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   6,617,984  
  2,290   Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) 12/18 at 100.00   AA–   2,314,663  
  700   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 7/21 at 100.00   A3   751,121  
  5,930   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 5/23 at 100.00   Aa2   6,524,127  
  1,100   Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured No Opt. Call   A3   943,393  
  6,700   Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 7/21 at 100.00   A+   7,161,965  
  62,895   Total Massachusetts         66,534,521  
      Michigan – 2.9% (1.8% of Total Investments)            
  3,535   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A–   3,782,485  
  2,435   Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 (Pre-refunded 7/01/18) – BHAC Insured 7/18 at 100.00   A– (4)   2,449,756  
  1,600   Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 (Pre-refunded 7/01/18) – BHAC Insured 7/18 at 100.00   AA+ (4)   1,610,336  
  2,235   Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series 2001C, 4.750%, 7/01/29 – BHAC Insured 7/18 at 100.00   A–   2,246,108  
  2,020   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 7/21 at 100.00   A–   2,170,046  
  3,665   Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41 7/21 at 100.00   AA–   4,013,725  
  1,500   Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42 11/22 at 100.00   A+   1,615,110  
  405   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/37 – AGM Insured 7/24 at 100.00   A2   445,946  
  2,690   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%, 7/01/32 – AGM Insured 7/24 at 100.00   A2   2,979,417  
  1,000   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – NPFG Insured 7/24 at 100.00   BBB+   1,085,360  
      Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015:            
  2,500   5.000%, 12/01/31 6/22 at 100.00   AA–   2,755,275  
  3,670   5.000%, 12/01/32 6/22 at 100.00   AA–   4,037,220  
  2,000   Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/31 (Pre-refunded 10/01/22) 10/22 at 100.00   AAA   2,238,760  

 

36

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Michigan (continued)            
$ 5,000   Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 11/26 at 100.00   Aa2 $ 5,032,350  
  2,500   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured 10/19 at 100.00   AA–   2,609,400  
  1,000   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41 10/21 at 100.00   A+   1,096,260  
      Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I:            
  5,000   5.000%, 4/15/28 10/25 at 100.00   A+   5,731,600  
  10,000   5.000%, 4/15/34 10/25 at 100.00   A+   11,255,600  
  3,495   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   A3 (4)   3,695,543  
  5,200   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 6/22 at 100.00   AA–   5,540,912  
  1,165   Michigan Strategic Fund, Limited Obligation Revenue Bonds, Michigan House of Representatives Facilities, Series 2008A, 5.250%, 10/15/23 (Pre-refunded 10/15/18) – AGC Insured 10/18 at 100.00   AA (4)   1,183,617  
  5,000   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 6/18 at 100.00   B2   5,023,350  
  1,150   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   1,174,438  
  3,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37 12/22 at 100.00   A   3,262,980  
      Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D:            
  1,325   5.000%, 12/01/40 12/25 at 100.00   A   1,460,004  
  1,200   5.000%, 12/01/45 12/25 at 100.00   A   1,318,068  
  1,350   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2017B., 5.000%, 12/01/42 (Alternative Minimum Tax) 12/27 at 100.00   A   1,484,730  
  3,140   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2017B, 5.000%, 12/01/47 (Alternative Minimum Tax) 12/27 at 100.00   A   3,440,121  
      Wayne State University, Michigan, General Revenue Bonds, Series 2018A.:            
  1,140   5.000%, 11/15/35 11/25 at 100.00   A+   1,277,245  
  1,120   5.000%, 11/15/36 11/25 at 100.00   A+   1,252,451  
  81,040   Total Michigan         87,268,213  
      Minnesota – 1.7% (1.1% of Total Investments)            
  310   Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.000%, 8/01/36 8/26 at 100.00   BB+   294,165  
  1,000   Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29 7/18 at 100.00   N/R   1,000,330  
  8,655   Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) No Opt. Call   AA+ (4)   9,371,980  
  500   Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A, 4.000%, 7/01/37 7/25 at 100.00   BB+   476,130  
  2,000   Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 11/18 at 102.00   BB+   2,051,300  
      Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A:            
  985   5.000%, 8/01/18 No Opt. Call   AA+   992,979  
  1,840   4.000%, 2/01/41 2/27 at 100.00   AA+   1,904,510  
  6,375   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18) 11/18 at 100.00   A2 (4)   6,540,049  

 

37

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Minnesota (continued)            
$ 3,000   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2010A, 5.000%, 1/01/35 1/20 at 100.00   AA– $ 3,138,420  
  2,295   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C, 5.000%, 1/01/46 1/27 at 100.00   AA–   2,607,189  
      Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D:            
  470   5.000%, 1/01/32 (Alternative Minimum Tax) 1/27 at 100.00   A+   529,009  
  450   5.000%, 1/01/35 (Alternative Minimum Tax) 1/27 at 100.00   A+   501,120  
  580   5.000%, 1/01/37 (Alternative Minimum Tax) 1/27 at 100.00   A+   644,055  
  750   5.000%, 1/01/41 (Alternative Minimum Tax) 1/27 at 100.00   A+   828,698  
      Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017:            
  1,580   4.000%, 3/01/42 3/27 at 100.00   Aa2   1,632,219  
  3,850   4.000%, 3/01/47 3/27 at 100.00   Aa2   3,947,867  
      Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A:            
  700   5.000%, 10/01/34 10/24 at 100.00   A2   790,699  
  500   5.000%, 10/01/35 10/24 at 100.00   A2   564,160  
  15   Minnesota State, General Obligation Bonds, Refunding Various Purpose Series 2010D, 5.000%, 8/01/18 (ETM) No Opt. Call   N/R (4)   15,119  
  2,000   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   Aaa   2,088,160  
      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+   2,309,804  
  2,500   5.750%, 9/01/46 9/26 at 100.00   BB+   2,636,725  
      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   507,055  
  1,000   5.125%, 5/01/48 5/23 at 100.00   N/R   999,230  
  1,520   Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50 12/24 at 100.00   BBB–   1,539,486  
  400   Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 3/20 at 102.00   N/R   417,892  
  750   St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/29 (Pre-refunded 11/15/25) 11/25 at 100.00   A+ (4)   878,055  
  2,000   Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 1/24 at 100.00   Aa3   2,221,160  
  48,730   Total Minnesota         51,427,565  
      Mississippi – 0.9% (0.6% of Total Investments)            
  620   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 10/18 at 100.00   Baa3   621,352  
      Mississippi Development Bank, Special Obligation Bonds, City of Jackson General Obligation Street Resurfacing Project, Series 2009:            
  1,325   5.500%, 1/01/23 (Pre-refunded 1/01/19) 1/19 at 100.00   Baa2 (4)   1,357,436  
  850   5.800%, 1/01/24 (Pre-refunded 1/01/19) 1/19 at 100.00   Baa2 (4)   872,202  
      Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A:            
  7,500   5.000%, 9/01/36 9/26 at 100.00   BBB+   8,065,050  
  15,500   5.000%, 9/01/46 9/26 at 100.00   BBB+   16,497,735  
  25,795   Total Mississippi         27,413,775  

 

38

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri – 3.5% (2.1% of Total Investments)            
$ 1,000   Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/28 8/26 at 100.00   Baa1 $ 1,105,090  
  1,500   Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38 (Pre-refunded 8/01/18) 8/18 at 100.00   Baa1 (4)   1,513,950  
  2,000   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 3.625%, 5/01/30 5/25 at 100.00   N/R   1,908,860  
  500   Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33 11/24 at 100.00   AA+   525,995  
  2,000   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 10/19 at 100.00   A–   2,065,180  
  4,470   Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, 4.000%, 1/01/42 1/28 at 100.00   AA   4,625,780  
  400   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46, 144A 4/26 at 100.00   N/R   404,936  
      Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:            
  7,000   0.000%, 4/15/27 – AMBAC Insured No Opt. Call   A1   5,199,040  
  5,000   0.000%, 4/15/28 – AMBAC Insured No Opt. Call   A1   3,574,700  
  5,000   0.000%, 4/15/29 – AMBAC Insured No Opt. Call   A1   3,437,650  
  1,325   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 No Opt. Call   A3   1,368,142  
  1,000   Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/34 5/26 at 100.00   A+   1,105,010  
  3,080   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 5/23 at 100.00   BBB+   3,307,581  
  1,260   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 10/23 at 100.00   A+   1,387,021  
      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   1,116,750  
  11,090   5.000%, 11/15/48 11/23 at 100.00   A2   11,811,294  
  8,525   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C, 4.000%, 11/15/47 11/27 at 100.00   AA–   8,612,552  
      Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2018A:            
  2,000   4.000%, 6/01/48 (WI/DD, Settling 5/08/18) 6/28 at 100.00   A+   2,003,240  
  3,500   5.000%, 6/01/48 (WI/DD, Settling 5/08/18) 6/28 at 100.00   A+   3,866,940  
      Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy Hospital, Series 2017A.:            
  8,960   4.000%, 5/15/42 5/25 at 102.00   A+   9,095,834  
  10,290   4.000%, 5/15/48 5/25 at 102.00   A+   10,398,868  
  10,645   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 2/26 at 100.00   BBB   11,340,225  
  400   Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of St. Louis Project, Series 2015, 3.500%, 6/15/30 6/22 at 100.00   Baa2   388,424  
      Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A:            
  725   4.000%, 10/01/36 4/27 at 100.00   A1   749,164  
  3,510   5.000%, 10/01/42 4/27 at 100.00   A1   3,927,199  
  3,775   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/26 (Pre-refunded 4/01/21) 4/21 at 100.00   A2 (4)   4,079,454  

 

39

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri (continued)            
$ 1,000   North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37 7/18 at 100.00   N/R $ 1,000,020  
  2,000   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2015, 4.125%, 12/01/38 12/21 at 100.00   AA   2,032,920  
  490   Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (Alternative Minimum Tax) 7/22 at 100.00   A–   502,956  
  575   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) 9/22 at 100.00   N/R (4)   640,130  
  375   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   BBB+   424,766  
  104,440   Total Missouri         103,519,671  
      Montana – 0.1% (0.1% of Total Investments)            
  3,315   Montana Facilities Finance Authority, Montana, Health Facilities Reveue Bonds, Bozeman Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 6/28 at 100.00   A   3,686,578  
      Nebraska – 0.2% (0.1% of Total Investments)            
  2,300   Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32 9/22 at 100.00   BBB+   2,505,896  
      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–   1,665,100  
  470   5.000%, 11/01/45 11/25 at 100.00   A–   510,970  
  4,405   Total Nebraska         4,681,966  
      Nevada – 3.5% (2.2% of Total Investments)            
  39,625   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 1/20 at 100.00   A+   42,063,919  
  2,500   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2015C, 5.000%, 7/01/26 No Opt. Call   A+   2,932,675  
      Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A:            
  5,210   5.250%, 7/01/39 – AGM Insured 1/20 at 100.00   Aa3   5,475,085  
  9,725   5.250%, 7/01/42 1/20 at 100.00   A+   10,214,848  
  5,800   Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) 6/19 at 100.00   BBB+ (4)   6,185,120  
      Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:            
  9,000   5.000%, 6/01/32 12/24 at 100.00   AA+   10,147,590  
  7,835   5.000%, 6/01/39 12/24 at 100.00   AA+   8,734,536  
  2,600   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42 6/22 at 100.00   AA+   2,819,050  
  4,185   Nevada System of Higher Education, Community College Revenue Bonds, Series 2017, 4.000%, 7/01/47 7/27 at 100.00   AA–   4,242,627  
  1,145   North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured 7/18 at 100.00   BBB   1,146,305  
  10,000   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 7/18 at 100.00   BBB   10,008,900  
  2,050   Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 7/21 at 100.00   AA   2,219,863  
  99,675   Total Nevada         106,190,518  
      New Hampshire – 0.5% (0.3% of Total Investments)            
  5,000   New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   BBB (4)   5,291,050  
  3,500   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 4.000%, 7/01/32 7/22 at 100.00   Baa1   3,576,685  

 

40

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Hampshire (continued)            
$ 1,110   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 2016-XL0025, 11.151%, 6/01/39, 144A (Pre-refunded 6/01/19) (IF) (5) 6/19 at 100.00   Aa1 (4) $ 1,232,666  
  4,000   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series 2018A, 5.000%, 8/01/35 2/28 at 100.00   A   4,484,680  
  13,610   Total New Hampshire         14,585,081  
      New Jersey – 4.7% (2.9% of Total Investments)            
  905   Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 2/23 at 100.00   BBB+   985,635  
      New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013:            
  1,965   5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB   2,171,463  
  2,805   5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB   3,073,438  
  2,685   5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB   2,936,128  
      New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A:            
  5,005   5.000%, 7/01/28 – BAM Insured 7/27 at 100.00   Baa2   5,689,884  
  4,275   3.125%, 7/01/31 – BAM Insured 7/27 at 100.00   Baa2   4,102,547  
  2,000   New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 12/26 at 100.00   BBB+   2,261,960  
  6,770   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 – FGIC Insured No Opt. Call   BBB+   7,999,161  
  2,825   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2014UU, 5.000%, 6/15/30 6/24 at 100.00   BBB+   3,000,517  
  555   New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31 (Pre-refunded 6/01/20) 6/20 at 100.00   Aaa   597,668  
  6,030   New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 No Opt. Call   BBB+   6,567,997  
  900   New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) 6/19 at 100.00   N/R (4)   952,731  
  1,480   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 7/18 at 100.00   BB+   1,487,370  
  8,415   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 7/26 at 100.00   A+   9,260,287  
  2,000   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/32 (Pre-refunded 7/01/21) 7/21 at 100.00   N/R (4)   2,207,540  
  1,235   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 7/25 at 100.00   BBB   1,350,608  
  665   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 14.670%, 6/01/30, 144A (IF) (5) 6/19 at 100.00   BBB+   760,541  
      New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1:            
  2,020   5.000%, 6/15/28 6/26 at 100.00   Baa1   2,232,464  
  3,340   5.000%, 6/15/29 6/26 at 100.00   Baa1   3,666,552  
  1,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 No Opt. Call   BBB+   692,430  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:            
  21,120   0.000%, 12/15/28 – AMBAC Insured No Opt. Call   BBB+   13,317,427  
  10,000   0.000%, 12/15/32 – AGM Insured No Opt. Call   A–   5,493,200  
  20,000   0.000%, 12/15/33 – AGM Insured No Opt. Call   A–   10,449,000  
  25,000   0.000%, 12/15/35 – AMBAC Insured No Opt. Call   BBB+   10,895,000  
  30,000   0.000%, 12/15/36 – AMBAC Insured No Opt. Call   BBB+   12,404,100  

 

41

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
$ 4,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18 No Opt. Call   BBB+ $ 4,017,000  
  7,330   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 6/21 at 100.00   BBB+   7,768,261  
  1,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 6/22 at 100.00   BBB+   1,036,820  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:            
  1,690   5.250%, 6/15/33 6/25 at 100.00   BBB+   1,827,296  
  2,840   5.000%, 6/15/45 6/25 at 100.00   BBB+   2,978,422  
  2,650   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017B, 4.000%, 1/01/35 1/28 at 100.00   A2   2,773,252  
  700   New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 (Pre-refunded 1/01/19) 1/19 at 100.00   A2 (4)   715,757  
  1,315   New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 11.994%, 1/01/43, 144A (IF) (5) 7/22 at 100.00   A   1,848,758  
  570   Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 5/23 at 100.00   A+   628,379  
  3,215   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A, 5.000%, 6/01/36 6/28 at 100.00   A–   3,552,511  
  380   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 6/28 at 100.00   BBB   399,654  
  188,685   Total New Jersey         142,101,758  
      New Mexico – 0.5% (0.3% of Total Investments)            
  1,295   Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A, 5.125%, 6/01/19 7/18 at 100.00   A3   1,298,263  
  2,000   Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Refunding Series 2010D, 5.900%, 6/01/40 6/20 at 100.00   Baa2   2,138,660  
  3,370   New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2017A, 5.000%, 8/01/46 11/27 at 100.00   Aa3   3,758,157  
  5,585   Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured No Opt. Call   A2   6,506,860  
  12,250   Total New Mexico         13,701,940  
      New York – 7.2% (4.5% of Total Investments)            
  6,600   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/44 No Opt. Call   BBB–   2,198,328  
      Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:            
  4,605   6.000%, 7/15/30 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   4,922,146  
  3,065   6.250%, 7/15/40 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   3,288,868  
  490   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 7/25 at 100.00   BBB+   538,035  
  3,125   Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 7/23 at 100.00   A–   3,384,469  
      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   1,719,497  
  3,195   5.000%, 5/01/43 5/25 at 100.00   A   3,486,033  
  600   Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/34, 144A 6/27 at 100.00   BBB–   648,138  
  5,325   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41 3/21 at 100.00   Aa1   5,706,536  
  2,965   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A., 5.250%, 2/15/47 2/21 at 100.00   AA–   3,151,706  

 

42

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 135   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A., 5.250%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (4) $ 146,867  
  990   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 2/21 at 100.00   AA–   1,071,022  
  1,610   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (4)   1,773,222  
      Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:            
  3,000   5.000%, 9/01/39 9/24 at 100.00   A–   3,294,480  
  1,155   4.000%, 9/01/39 – AGM Insured 9/24 at 100.00   A–   1,186,832  
  860   5.000%, 9/01/44 9/24 at 100.00   A–   944,934  
  4,980   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017., 5.000%, 9/01/42 9/27 at 100.00   A–   5,616,544  
  10,000   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32 No Opt. Call   AA   5,970,300  
  1,000   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 (Pre-refunded 11/15/19) 11/19 at 100.00   AA (4)   1,048,570  
      Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A:            
  285   5.000%, 11/15/41 (Pre-refunded 11/15/21) 11/21 at 100.00   N/R (4)   314,047  
  465   5.000%, 11/15/41 11/21 at 100.00   A+   512,393  
  5,000   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 5/23 at 100.00   A+   5,464,150  
      New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:            
  500   5.750%, 10/01/37 (8) 10/19 at 100.00   N/R   155,000  
  1,000   5.875%, 10/01/46 (8) 10/37 at 100.00   N/R   310,000  
  4,755   New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured 3/19 at 100.00   A3   4,951,714  
  3,400   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 12/20 at 100.00   AA+   3,680,466  
  600   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 6/19 at 100.00   AA+   621,192  
  5,900   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 6/23 at 100.00   AA+   6,488,289  
  500   New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 12.767%, 6/15/39, 144A (IF) 6/19 at 100.00   AA+   565,370  
  5,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 5/23 at 100.00   Aa1   5,524,400  
  2,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1, 5.000%, 5/01/40 5/26 at 100.00   Aa1   2,250,740  
  3,760   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1, 5.000%, 2/01/43 2/27 at 100.00   Aa1   4,251,206  
  2,060   New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 12/26 at 100.00   AA   2,326,358  
  5   New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 7/18 at 100.00   AA   5,013  
  2,000   New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee Secured, Refunding Series 2015, 5.000%, 11/15/45 11/25 at 100.00   Aa3   2,220,960  
  550   New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 7/18 at 100.00   Baa1   550,275  
  25,170   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 11/24 at 100.00   N/R   26,486,391  

 

43

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
      New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011:            
$ 1,560   5.000%, 11/15/44 11/21 at 100.00   A $ 1,678,576  
  4,350   5.750%, 11/15/51 11/21 at 100.00   A   4,825,585  
  7,500   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 No Opt. Call   BBB+   9,178,275  
  5,260   New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   5,519,686  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018            
  1,365   5.000%, 1/01/34 (WI/DD, Settling 5/03/18) (Alternative Minimum Tax) 1/28 at 100.00   BBB–   1,517,348  
  1,185   5.000%, 1/01/36 (WI/DD, Settling 5/03/18) (Alternative Minimum Tax) 1/28 at 100.00   BBB–   1,309,117  
      New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:            
  2,000   4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) 7/24 at 100.00   BBB   2,041,580  
  10,800   5.000%, 7/01/41 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   11,603,952  
  10,000   5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   10,715,900  
  19,560   5.250%, 1/01/50 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   21,182,698  
  500   Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   519,110  
  1,310   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax) 12/23 at 100.00   AA–   1,429,603  
  4,320   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38 12/23 at 100.00   AA–   4,814,856  
  2,500   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Seventh Series 2018., 5.000%, 9/15/48 (Alternative Minimum Tax) 3/28 at 100.00   AA–   2,790,675  
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:            
  5,000   6.500%, 12/01/28 7/18 at 100.00   BBB   5,253,750  
  590   5.500%, 12/01/31 12/20 at 100.00   BBB   638,415  
  1,670   6.000%, 12/01/36 12/20 at 100.00   BBB   1,830,086  
  3,045   6.000%, 12/01/42 12/20 at 100.00   BBB   3,332,052  
  1,170   Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 12/20 at 100.00   BBB–   1,264,700  
      Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A:            
  2,750   5.000%, 1/01/32 (Alternative Minimum Tax) 1/26 at 100.00   Baa1   2,965,600  
  3,800   5.000%, 1/01/33 (Alternative Minimum Tax) 1/26 at 100.00   Baa1   4,084,848  
  208,565   Total New York         215,270,903  
      North Carolina – 1.6% (1.0% of Total Investments)            
  12,250   Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 5.125%, 4/01/43 4/23 at 100.00   A–   13,267,730  
  1,500   North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 6.125%, 6/01/35 (Pre-refunded 6/01/18) 6/18 at 100.00   BBB+ (4)   1,505,340  
      North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015:            
  3,555   5.000%, 12/31/37 (Alternative Minimum Tax) 6/25 at 100.00   BBB–   3,847,896  
  3,480   5.000%, 6/30/54 (Alternative Minimum Tax) 6/25 at 100.00   BBB–   3,723,739  
  10,300   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 1993, 6.000%, 1/01/22 – CAPMAC Insured (ETM) (UB) (5) No Opt. Call   Baa2 (4)   11,635,292  
      North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A:            
  5,000   5.000%, 10/01/27 10/22 at 100.00   A2   5,495,050  
  3,400   5.000%, 10/01/31 10/22 at 100.00   A2   3,729,188  

 

44

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      North Carolina (continued)            
$ 1,570   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 10/24 at 102.00   N/R $ 1,699,085  
  500   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/32 1/26 at 100.00   A   567,625  
  1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   BBB– (4)   1,949,647  
  43,455   Total North Carolina         47,420,592  
      North Dakota – 0.3% (0.2% of Total Investments)            
  675   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) 7/22 at 100.00   N/R (4)   746,388  
  6,100   Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 11/21 at 100.00   A+   6,927,221  
  1,875   Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32 12/21 at 100.00   Baa1   1,983,713  
  700   Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 12/26 at 100.00   N/R   698,292  
  9,350   Total North Dakota         10,355,614  
      Ohio – 8.4% (5.2% of Total Investments)            
  6,250   Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 11/26 at 100.00   Baa2   6,781,937  
  6,655   Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A., 4.000%, 8/01/38 2/28 at 100.00   A2   6,670,706  
  1,340   Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, 5.000%, 6/01/45 6/27 at 100.00   A+   1,484,171  
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  5,155   5.375%, 6/01/24 6/18 at 100.00   Caa1   5,129,689  
  13,425   5.125%, 6/01/24 6/18 at 100.00   Caa1   13,221,477  
  20,205   5.875%, 6/01/30 6/18 at 100.00   Caa1   20,197,120  
  11,785   5.750%, 6/01/34 6/18 at 100.00   Caa1   11,715,940  
  12,645   6.000%, 6/01/42 6/18 at 100.00   B–   12,644,241  
  2,345   6.500%, 6/01/47 6/18 at 100.00   B–   2,377,830  
  18,640   5.875%, 6/01/47 6/18 at 100.00   B–   18,640,000  
  24,910   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   Caa1   25,466,489  
      Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Refunding Series 2017.:            
  3,940   4.000%, 11/15/34 11/27 at 100.00   A   4,002,488  
  3,000   4.000%, 11/15/35 11/27 at 100.00   A   3,037,980  
      Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:            
  7,125   5.250%, 11/01/29 (Pre-refunded 11/01/20) 11/20 at 100.00   A (4)   7,679,111  
  1,000   5.750%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00   A (4)   1,089,880  
  1,665   5.500%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00   N/R (4)   1,806,691  
  3,335   5.500%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00   A (4)   3,614,540  
  4,795   Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 6/23 at 100.00   Baa2   4,996,726  
  760   Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 7/20 at 100.00   N/R   799,664  
  5,000   Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A, 5.000%, 8/15/42 8/27 at 100.00   A+   5,498,350  
      JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A            
  1,000   5.000%, 1/01/38 1/23 at 100.00   Aa3   1,091,870  
  16,820   5.000%, 1/01/38 (UB) (5) 1/23 at 100.00   Aa3   18,365,253  

 

45

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052:            
$ 1,315   13.062%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   Aa3 $ 1,798,210  
  625   13.062%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   Aa3   854,663  
  975   13.062%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   Aa3   1,333,273  
  265   12.980%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   Aa3   361,635  
  8,360   Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2015, 5.000%, 8/15/45 8/25 at 100.00   A3   8,992,768  
  7,495   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 11/21 at 100.00   A+ (4)   8,469,725  
  1,000   Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.125%, 8/01/31 8/21 at 100.00   A2   1,083,950  
  2,545   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 7/18 at 100.00   BBB+   2,567,065  
  2,000   Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/33 2/23 at 100.00   BB+   2,107,600  
  3,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory put 9/15/21) (8) No Opt. Call   N/R   2,880,000  
  1,000   Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2011A, 5.375%, 12/01/30 12/20 at 100.00   A2   1,078,680  
  4,350   Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2015A, 5.000%, 12/01/44 6/25 at 100.00   A2   4,787,480  
      Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1:            
  1,500   5.250%, 2/15/39 2/23 at 100.00   A+   1,645,845  
  10,530   5.000%, 2/15/48 2/23 at 100.00   A+   11,388,721  
  3,710   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) 2/31 at 100.00   A+   3,546,129  
      Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Series 2018A.:            
  3,375   4.000%, 2/15/38 2/28 at 100.00   A+   3,485,363  
  16,325   5.000%, 2/15/43 2/28 at 100.00   A+   18,425,048  
  240,165   Total Ohio         251,118,308  
      Oklahoma – 0.5% (0.3% of Total Investments)            
  2,000   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 8/21 at 100.00   N/R   2,341,640  
  1,675   Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) 8/18 at 100.00   N/R (4)   1,691,985  
  3,000   Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.625%, 6/01/43 – BAM Insured (Alternative Minimum Tax) 6/23 at 100.00   Baa1   3,325,200  
  4,985   Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, 5.000%, 6/01/45 – BAM Insured (Alternative Minimum Tax) 6/24 at 100.00   Baa1   5,290,232  
  1,000   Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 11/25 at 102.00   BBB–   1,104,430  
  12,660   Total Oklahoma         13,753,487  
      Oregon – 2.1% (1.3% of Total Investments)            
  2,435   Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D, 0.000%, 6/15/36 6/27 at 100.00   AA+   2,752,451  
  4,875   Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles Health System, Inc., Series 2016A, 5.000%, 1/01/48 1/26 at 100.00   A+   5,270,655  

 

46

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Oregon (continued)            
$ 1,750   Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, 5.000%, 6/15/47 6/27 at 100.00   Aa3 $ 1,972,303  
  5,940   Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 6/26 at 100.00   A1   6,584,312  
  1,500   Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/39 7/26 at 100.00   AA–   1,691,430  
  4,000   Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B., 5.000%, 7/01/36 (Alternative Minimum Tax) 1/27 at 100.00   AA–   4,479,800  
      Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B:            
  1,000   5.000%, 7/01/37 (Alternative Minimum Tax) 1/27 at 100.00   AA–   1,118,360  
  9,645   5.000%, 7/01/42 (Alternative Minimum Tax) 1/27 at 100.00   AA–   10,717,717  
  15,500   5.000%, 7/01/47 (Alternative Minimum Tax) 1/27 at 100.00   AA–   17,162,840  
  9,500   Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A, 5.000%, 5/15/46 5/26 at 100.00   A+   10,413,900  
  56,145   Total Oregon         62,163,768  
      Pennsylvania – 5.4% (3.3% of Total Investments)            
  1,100   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 11/19 at 100.00   B   1,128,391  
  2,000   Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.375%, 8/15/29 8/19 at 100.00   A+   2,084,960  
  1,960   Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 5/21 at 100.00   A1   2,132,990  
  2,570   Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 (Pre-refunded 5/01/21) 5/21 at 100.00   N/R (4)   2,812,479  
      Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018:            
  345   5.000%, 6/01/34 6/28 at 100.00   A   384,285  
  550   5.000%, 6/01/35 6/28 at 100.00   A   611,155  
  100   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 1/19 at 100.00   BBB+   102,321  
  900   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   925,425  
  1,000   Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30 (Pre-refunded 10/01/18) 10/18 at 100.00   BBB (4)   1,017,050  
      Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017:            
  3,500   5.000%, 7/01/37 7/27 at 100.00   A   3,978,940  
  8,385   5.000%, 7/01/42 7/27 at 100.00   A   9,454,507  
      Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008:            
  320   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)   325,750  
  1,670   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)   1,700,010  
  510   Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured 12/18 at 100.00   A2   518,451  
      Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B:            
  5,400   0.000%, 12/01/33 No Opt. Call   A   2,847,474  
  11,000   0.000%, 12/01/38 No Opt. Call   A   4,500,430  
  5,375   Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 12/23 at 100.00   A   5,882,561  
      Montgomery County Higher Education and Health Authority, Pennsylvaina, Revenue Bonds, Thomas Jefferson University, Series 2018A:            
  2,400   5.000%, 9/01/35 (WI/DD, Settling 5/03/18) 9/28 at 100.00   A2   2,703,000  
  5,210   5.000%, 9/01/43 (WI/DD, Settling 5/03/18) 9/28 at 100.00   A2   5,796,177  

 

47

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 1,665   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) 8/20 at 100.00   N/R (4) $ 1,787,061  
  3,430   Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 1/25 at 100.00   BB+   3,621,874  
  2,000   Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 11/26 at 100.00   A–   2,215,020  
  235   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) 11/24 at 100.00   N/R   247,436  
  400   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 7/20 at 100.00   N/R (4)   433,172  
      Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2010A1&2:            
  940   5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   1,020,840  
  4,310   5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   A2 (4)   4,680,660  
  16,750   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 6.375%, 12/01/38 12/27 at 100.00   A–   20,717,572  
  4,305   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 6/25 at 100.00   A   4,718,065  
  2,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 2014A-1, 5.000%, 12/01/38 12/24 at 100.00   A–   2,154,200  
  14,500   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured 6/26 at 100.00   A2   17,812,090  
  6,250   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45 12/25 at 100.00   A–   6,731,250  
  5,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46 12/25 at 100.00   A3   5,378,200  
  1,595   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   1,689,663  
      Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B.:            
  4,650   5.000%, 7/01/42 (Alternative Minimum Tax) 7/27 at 100.00   A   5,157,920  
  16,700   5.000%, 7/01/47 (Alternative Minimum Tax) 7/27 at 100.00   A   18,441,810  
  1,425   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) 8/20 at 100.00   A– (4)   1,562,854  
  2,350   Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011, 5.500%, 8/01/20 No Opt. Call   A–   2,504,089  
  10,000   Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Series 2016, 5.000%, 8/15/38 – BAM Insured 8/25 at 100.00   AA   11,140,500  
  152,800   Total Pennsylvania         160,920,632  
      Puerto Rico – 0.3% (0.2% of Total Investments)            
  4,300   Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 7/18 at 100.00   A2   4,461,809  
  800   Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Refunding Series 2002D, 5.450%, 7/01/31 – AMBAC Insured 7/18 at 100.00   Ca   800,072  
  14,000   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured No Opt. Call   D   3,281,880  
  19,100   Total Puerto Rico         8,543,761  
      Rhode Island – 0.5% (0.3% of Total Investments)            
  7,230   Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Series 2013, 5.000%, 9/01/43 9/23 at 100.00   AA+   7,959,579  
  3,320   Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 5/26 at 100.00   BBB+   3,567,440  

 

48

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Rhode Island (continued)            
$ 30,175   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 7/18 at 100.00   CCC+ $ 3,423,655  
  40,725   Total Rhode Island         14,950,674  
      South Carolina – 3.5% (2.1% of Total Investments)            
  1,950   Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Refunding Series 2010A, 5.000%, 11/01/37 11/20 at 100.00   AA   2,057,601  
  10,670   Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/46 5/26 at 100.00   A+   11,630,407  
      Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:            
  21,565   0.000%, 1/01/30 – AMBAC Insured No Opt. Call   A–   14,191,064  
  1,250   0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A3   798,537  
  4,610   Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, 5.000%, 1/01/47 1/26 at 100.00   A3   5,067,865  
  1,640   South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Furman University, Refunding Series 2015, 5.000%, 10/01/45 10/25 at 100.00   A1   1,831,126  
  875   South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 8/21 at 100.00   AA (4)   990,194  
  9,000   South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/56 12/26 at 100.00   A+   9,654,750  
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C:            
  12,805   5.000%, 12/01/39 12/24 at 100.00   A+   13,776,771  
  8,830   5.000%, 12/01/46 12/24 at 100.00   A+   9,452,162  
  5,500   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 12/23 at 100.00   A+   5,877,465  
  3,455   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00   A+   3,775,037  
  14,765   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 12/25 at 100.00   A+   16,082,038  
  7,695   South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.250%, 7/01/55 (Alternative Minimum Tax) 7/25 at 100.00   A+   8,510,593  
  104,610   Total South Carolina         103,695,610  
      South Dakota – 0.9% (0.5% of Total Investments)            
  1,300   Deadwood, South Dakota, Sales Tax Revenue Bonds, Series 2009B, 6.250%, 12/01/28 12/19 at 100.00   N/R   1,323,348  
  11,320   South Dakota Board of Regents, Housing and Auxiliary Facilities System Revenue Bonds, Series 2017., 4.000%, 4/01/42 10/27 at 100.00   Aa3   11,533,382  
  2,685   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017., 4.000%, 9/01/36 9/27 at 100.00   A1   2,718,321  
  1,460   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 11/24 at 100.00   A+   1,580,990  
  7,185   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A+   7,855,648  
  1,000   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured 8/18 at 100.00   AA+ (4)   1,009,370  
  24,950   Total South Dakota         26,021,059  
      Tennessee – 1.9% (1.2% of Total Investments)            
  9,460   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   10,061,467  
  3,125   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38 7/20 at 100.00   Baa1   3,306,375  

 

49

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tennessee (continued)            
$ 75   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured 7/23 at 100.00   Baa1 (4) $ 75,188  
  17,000   Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A, 5.000%, 1/01/47 1/27 at 100.00   A   18,493,110  
                   
      Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:            
  3,000   5.000%, 11/01/23 11/21 at 100.00   A3   3,247,560  
  3,200   5.000%, 11/01/24 11/21 at 100.00   A3   3,458,496  
  3,400   5.000%, 11/01/25 11/21 at 100.00   A3   3,674,652  
  535   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   A3   585,964  
  10,000   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   Aa2 (4)   10,440,300  
  4,000   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26 No Opt. Call   BBB+   4,620,600  
  53,795   Total Tennessee         57,963,712  
      Texas – 16.7% (10.4% of Total Investments)            
  8,835   Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A., 5.000%, 2/15/43 – AGM Insured 2/28 at 100.00   A1   9,932,484  
  3,040   Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (Alternative Minimum Tax) 11/24 at 100.00   A   3,295,086  
  4,500   Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (Alternative Minimum Tax) 11/26 at 100.00   A   4,969,845  
  13,705   Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45, 144A (UB) (5) 11/25 at 100.00   AA–   15,277,101  
  5,000   Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 5.000%, 11/15/43 5/23 at 100.00   A+   5,464,150  
  1,000   Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 5.000%, 7/10/37 – BAM Insured 7/23 at 100.00   A2   1,089,380  
  15,000   Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2016F, 5.000%, 8/15/47 (UB) No Opt. Call   AAA   18,812,550  
  3,225   Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (8) 7/18 at 100.00   N/R   32  
  4,670   Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (8) 7/18 at 100.00   N/R   47  
      Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012:            
  1,000   5.000%, 7/01/28 7/22 at 100.00   A2   1,089,970  
  1,000   5.000%, 7/01/29 7/22 at 100.00   A2   1,088,740  
  5,500   Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 4/20 at 100.00   Baa1   5,853,155  
      Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A:            
  765   5.000%, 1/01/43 1/23 at 100.00   Baa2   822,811  
  1,100   5.000%, 1/01/43 – AGM Insured 1/23 at 100.00   A2   1,200,551  
  1,250   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25 (Pre-refunded 1/01/20) 1/20 at 100.00   Baa2 (4)   1,325,663  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  1,000   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   1,097,760  
  3,380   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   3,732,162  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:            
  2,600   5.000%, 1/01/35 7/25 at 100.00   Baa2   2,862,418  
  3,035   5.000%, 1/01/45 7/25 at 100.00   Baa2   3,303,051  

 

50

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 1,000   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2013, 6.000%, 8/15/43 8/23 at 100.00   BBB+ $ 1,135,900  
  2,500   Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36 (Pre-refunded 1/01/21) 1/21 at 100.00   AA– (4)   2,693,550  
  2,770   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax) 11/21 at 100.00   A   2,959,274  
  8,100   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax) 11/22 at 100.00   A   8,780,076  
  16,980   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2014B, 4.500%, 11/01/45 (Alternative Minimum Tax) 11/22 at 100.00   A   17,396,519  
  3,500   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42 11/20 at 100.00   A   3,725,435  
  10,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax) 11/21 at 100.00   A   10,662,700  
  9,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax) 11/21 at 100.00   A   9,596,430  
  200   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 9/24 at 100.00   BB+   212,584  
  6,090   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43 10/23 at 100.00   BBB   6,700,157  
  9,120   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53 10/23 at 100.00   AA   9,868,570  
  4,105   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 13.027%, 4/01/53 (IF) 10/21 at 100.00   AA   5,453,123  
  2,140   Grapevine-Colleyville Independent School District, Tarrant and Dallas Counties, Texas, General Obligation Bonds, Capital Appreciation, Refunding Series 1998, 0.000%, 8/15/25 No Opt. Call   AAA   1,766,484  
  2,960   Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) 10/22 at 100.00   B3   3,055,282  
      Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015:            
  3,480   5.000%, 12/01/45 6/25 at 100.00   AA   3,832,280  
  1,895   4.000%, 12/01/45 6/25 at 100.00   AA   1,908,909  
  1,615   Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/28 6/23 at 100.00   Baa3   1,728,373  
  500   Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligation Series 2014, 5.000%, 11/01/29 11/24 at 100.00   Aa2   569,390  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:            
  510   0.000%, 11/15/41 – AGM Insured 11/31 at 62.66   A2   181,570  
  1,020   0.000%, 11/15/42 – AGM Insured 11/31 at 59.73   A2   345,260  
  1,255   0.000%, 11/15/43 – AGM Insured 11/31 at 56.93   A2   403,821  
  3,305   0.000%, 11/15/44 – AGM Insured 11/31 at 54.25   A2   1,010,702  
  4,460   0.000%, 11/15/45 – AGM Insured 11/31 at 51.48   A2   1,290,724  
  6,500   0.000%, 11/15/47 – AGM Insured 11/31 at 46.45   A2   1,693,055  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:            
  150   0.000%, 11/15/24 – NPFG Insured No Opt. Call   BB+   117,359  
  4,440   0.000%, 11/15/29 – NPFG Insured No Opt. Call   BB+   2,846,839  
  730   0.000%, 11/15/30 – NPFG Insured No Opt. Call   BB+   448,709  
  7,570   0.000%, 11/15/31 – NPFG Insured No Opt. Call   BB+   4,458,124  
  600   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/33 11/24 at 100.00   BBB   652,896  

 

51

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 1,000   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/30 11/24 at 100.00   A– $ 1,106,010  
  2,305   Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/20 – NPFG Insured No Opt. Call   A2   2,181,682  
  7,570   Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series, Series 2018A, 5.000%, 7/01/41 (Alternative Minimum Tax) 7/28 at 100.00   A   8,492,480  
  5,000   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Technical Operations Center Project, Series 2018., 5.000%, 7/15/28 (Alternative Minimum Tax) No Opt. Call   BB   5,584,000  
  380   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) 7/24 at 100.00   Ba3   411,734  
  3,790   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 (Pre-refunded 5/15/19) – AGC Insured 5/19 at 100.00   AA (4)   3,915,563  
  210   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 – AGC Insured 5/19 at 100.00   AA   216,936  
  4,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 11/21 at 100.00   AA   4,332,160  
      Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:            
  3,250   0.000%, 9/01/25 – AMBAC Insured No Opt. Call   A2   2,593,857  
  4,130   0.000%, 9/01/26 – AMBAC Insured No Opt. Call   A2   3,154,700  
  3,130   0.000%, 9/01/30 – AMBAC Insured No Opt. Call   A–   1,960,569  
  12,030   0.000%, 9/01/31 – AMBAC Insured No Opt. Call   A–   7,160,617  
  12,030   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured (ETM) No Opt. Call   AA+ (4)   10,745,677  
  4,680   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured No Opt. Call   AA+   4,180,363  
      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   8,365,040  
  2,275   5.000%, 8/15/40 8/25 at 100.00   AAA   2,583,445  
  4,800   Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 11/20 at 100.00   BBB+   5,126,064  
  6,500   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2016, 5.000%, 5/15/46 5/26 at 100.00   A   7,158,645  
  9,180   Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax) No Opt. Call   A   10,327,684  
  2,000   McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 6.125%, 12/01/38 12/25 at 100.00   B1   2,115,860  
  1,210   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31, 144A (Alternative Minimum Tax) 10/18 at 103.00   BB–   1,256,186  
  1,735   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured 4/24 at 100.00   A2   1,849,961  
  5,125   New Hope Cultural Educational Finance Corp, Texas, Hospital Revenue Bonds, Children’s Health Systems, Series 2017A., 5.000%, 8/15/47 8/27 at 100.00   Aa2   5,708,225  
      North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:            
  4,030   0.000%, 9/01/43 (Pre-refunded 9/01/31) (7) 9/31 at 100.00   N/R (4)   4,354,173  
  8,470   0.000%, 9/01/45 (Pre-refunded 9/01/31) (7) 9/31 at 100.00   N/R (4)   10,017,892  
  2,000   North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011, 5.500%, 9/01/41 (Pre-refunded 9/01/21) (UB) (5) 9/21 at 100.00   N/R (4)   2,214,860  
  205   North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 1/19 at 100.00   A   210,545  

 

52

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 895   North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4) $ 921,018  
  7,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 1/25 at 100.00   A   8,403,920  
  10,260   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 1/23 at 100.00   A   11,095,369  
      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–   14,820,711  
  1,000   5.000%, 1/01/34 1/25 at 100.00   A–   1,104,050  
  1,000   Round Rock Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, School Building Series 2009, 5.000%, 8/01/27 (Pre-refunded 8/01/18) 8/18 at 100.00   AA (4)   1,008,150  
  4,000   Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (8) 6/18 at 100.00   N/R   40  
  1,300   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2009B, 5.250%, 9/01/26 – AGC Insured 9/19 at 100.00   A2   1,350,102  
      Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:            
  355   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (4)   382,452  
  4,445   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (4)   4,799,133  
  2,000   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 8/26 at 100.00   AA   2,233,880  
  650   Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 No Opt. Call   A–   757,127  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  5,910   5.000%, 12/15/23 12/22 at 100.00   BBB   6,515,361  
  2,050   5.000%, 12/15/26 12/22 at 100.00   BBB   2,244,094  
  1,000   5.000%, 12/15/27 12/22 at 100.00   BBB   1,093,320  
  12,745   5.000%, 12/15/29 12/22 at 100.00   BBB   13,870,893  
  2,000   5.000%, 12/15/31 12/22 at 100.00   BBB   2,167,680  
  19,735   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, 12/25 at 100.00   Baa3   21,268,607  
      Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, 12/31/50 (Alternative Minimum Tax)            
  1,620   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 12/19 at 100.00   BBB–   1,742,456  
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:            
  1,000   7.000%, 6/30/34 6/20 at 100.00   Baa3   1,100,050  
  1,000   7.000%, 6/30/40 6/20 at 100.00   Baa3   1,098,050  
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013:            
  1,335   7.000%, 12/31/38 (Alternative Minimum Tax) 9/23 at 100.00   Baa3   1,562,457  
  4,040   6.750%, 6/30/43 (Alternative Minimum Tax) 9/23 at 100.00   Baa3   4,664,705  
  3,335   Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 2015-XF0075, 10.245%, 8/01/39, 144A (IF) 8/19 at 100.00   AAA   3,671,001  
  9,430   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   10,151,395  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B:            
  8,335   0.000%, 8/15/36 8/24 at 59.60   A–   3,808,762  
  10,960   5.000%, 8/15/37 8/24 at 100.00   A–   11,996,378  

 

53

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:            
$ 2,100   5.000%, 8/15/33 8/24 at 100.00   BBB $ 2,296,077  
  15,750   5.000%, 8/15/42 8/24 at 100.00   BBB   17,016,615  
      Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:            
  7,715   0.000%, 8/15/21 – AMBAC Insured No Opt. Call   A–   7,112,458  
  9,980   0.000%, 8/15/23 – AMBAC Insured No Opt. Call   A–   8,629,307  
  21,170   0.000%, 8/15/24 – AMBAC Insured No Opt. Call   A–   17,665,306  
      Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:            
  2,285   0.000%, 8/15/21 – AMBAC Insured (ETM) No Opt. Call   A3 (4)   2,123,725  
  2,020   0.000%, 8/15/23 – AMBAC Insured (ETM) No Opt. Call   A3 (4)   1,766,773  
  3,830   0.000%, 8/15/24 – AMBAC Insured (ETM) No Opt. Call   A3 (4)   3,237,805  
  170   Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 11/20 at 100.00   BBB   182,570  
  905   Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 (Pre-refunded 11/01/20) 11/20 at 100.00   N/R (4)   1,011,401  
  485   Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax) 10/18 at 100.00   CC   486,445  
  5,165   Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010, 0.000%, 8/15/34 No Opt. Call   AAA   2,337,008  
  517,465   Total Texas         501,732,630  
      Utah – 2.0% (1.2% of Total Investments)            
  1,000   Central Utah Water Conservancy District, Water Revenue Bonds, Series 2012C, 5.000%, 10/01/42 10/22 at 100.00   AA+   1,092,900  
  33,580   Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, 5.000%, 7/01/47 (Alternative Minimum Tax) 7/27 at 100.00   A2   37,331,222  
  2,000   Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/43 5/21 at 100.00   AA+   2,147,720  
  5,795   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Hawthorn Academy Project, Series 2016, 5.000%, 10/15/46 4/26 at 100.00   AA   6,326,517  
  2,445   Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012., 5.000%, 6/15/42 6/22 at 100.00   A+   2,638,008  
  1,665   Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012., 5.000%, 6/15/42 (Pre-refunded 6/15/22) 6/22 at 100.00   N/R (4)   1,846,918  
  4,500   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre-refunded 6/15/18) 6/18 at 100.00   Aa2 (4)   4,518,810  
  3,000   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured 6/18 at 100.00   Aa2 (4)   3,011,640  
  53,985   Total Utah         58,913,735  
      Virginia – 3.8% (2.3% of Total Investments)            
  1,000   Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 7/18 at 100.00   B+   945,130  
  515   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (7) 7/28 at 100.00   BBB   441,000  
  1,000   Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, FHA-Insured Mortgage – Cedar Ridge Project, Series 2007, 4.850%, 10/01/48 (Alternative Minimum Tax) 7/18 at 100.00   AA+   1,003,270  
  12,000   Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation Fund Revenue Bonds, Senior Lien Series 2018A., 5.000%, 7/01/52 1/28 at 100.00   AA   13,761,360  
  2,400   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 11/22 at 100.00   A   2,638,704  

 

54

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Virginia (continued)            
$ 4,500   Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2013A, 5.000%, 10/01/30 (Alternative Minimum Tax) 10/23 at 100.00   AA– $ 4,958,370  
  5,000   Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39 10/20 at 100.00   AA–   5,305,450  
  5,625   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   5,969,025  
  2,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured No Opt. Call   A3   935,360  
  5,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured 10/26 at 100.00   A3   6,292,600  
  15,935   Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/47 (Alternative Minimum Tax) 10/27 at 100.00   AA–   17,851,024  
      Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B:            
  2,000   4.000%, 11/01/33 11/22 at 100.00   A+   2,056,380  
  3,000   5.000%, 11/01/46 11/22 at 100.00   A+   3,183,180  
  6,000   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 6/18 at 100.00   B–   5,940,000  
      Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017:            
  3,200   5.000%, 12/31/49 (Alternative Minimum Tax) 6/27 at 100.00   Baa3   3,458,560  
  12,255   5.000%, 12/31/52 (Alternative Minimum Tax) 6/27 at 100.00   Baa3   13,206,111  
  4,535   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) 1/22 at 100.00   BBB   4,819,753  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  3,670   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   4,088,637  
  14,930   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   16,251,902  
  104,565   Total Virginia         113,105,816  
      Washington – 4.5% (2.8% of Total Investments)            
  7,000   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 11/26 at 100.00   Aa1   7,970,060  
  11,345   Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 – NPFG Insured No Opt. Call   Aa3   11,101,309  
  2,000   Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/40 7/24 at 100.00   AA–   2,209,280  
  3,750   FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) 6/19 at 100.00   AA   3,873,600  
  2,375   Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids Hydroelectric Project, Refunding Series 2015A, 5.000%, 1/01/41 1/26 at 100.00   Aa3   2,644,634  
  2,270   Port Everett, Washington, Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 6/26 at 100.00   A1   2,531,481  
  9,685   Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, 5.000%, 5/01/42 (Alternative Minimum Tax) 5/27 at 100.00   A+   10,853,592  
  10,000   Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 5/01/43 6/23 at 100.00   A+   10,837,600  
  5,195   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   5,641,770  
  1,590   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 5.000%, 12/01/42 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (4)   1,744,182  
  4,000   Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/32 10/22 at 100.00   AA–   4,394,280  

 

55

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Washington (continued)            
$ 1,000   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 10/22 at 100.00   Aa2 $ 1,083,370  
  11,500   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2015, 5.000%, 10/01/45 (UB) 4/25 at 100.00   AA   12,729,350  
  845   Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 7/19 at 100.00   Baa1   876,333  
  1,155   Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   1,211,838  
  4,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 7/19 at 100.00   A3 (4)   4,185,400  
  320   Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012, 5.000%, 1/01/48 1/23 at 100.00   BBB–   329,766  
  6,480   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/24 – NPFG Insured No Opt. Call   AA+   5,514,869  
  11,050   Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured No Opt. Call   AA+   10,681,261  
      Washington, General Obligation Compound Interest Bonds, Series 1999S-3:            
  17,650   0.000%, 1/01/20 No Opt. Call   AA+   17,061,019  
  18,470   0.000%, 1/01/21 No Opt. Call   AA+   17,424,229  
  131,680   Total Washington         134,899,223  
      West Virginia – 0.4% (0.3% of Total Investments)            
  1,965   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32 9/19 at 100.00   Baa1   2,037,960  
  1,000   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38 10/18 at 100.00   N/R   1,007,410  
  7,000   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   7,697,550  
  2,000   West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 6/27 at 100.00   A   2,176,380  
  11,965   Total West Virginia         12,919,300  
      Wisconsin – 2.2% (1.3% of Total Investments)            
  2,230   Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) 2/19 at 100.00   A– (4)   2,300,022  
  880   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) 11/24 at 100.00   N/R   940,834  
  4,400   Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-2, 2.875%, 5/01/27 (Alternative Minimum Tax) 5/26 at 100.00   A–   4,292,332  

  

56

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
      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 – ACA Insured, 144A No Opt. Call   N/R $ 1,791  
  34   0.000%, 1/01/47 – ACA Insured, 144A No Opt. Call   N/R   1,030  
  59   0.000%, 1/01/47 – ACA Insured, 144A No Opt. Call   N/R   1,764  
  30   0.000%, 1/01/48 – ACA Insured, 144A No Opt. Call   N/R   899  
  58   0.000%, 1/01/48 – ACA Insured, 144A No Opt. Call   N/R   1,750  
  29   0.000%, 1/01/49 – ACA Insured, 144A No Opt. Call   N/R   884  
  58   0.000%, 1/01/49 – ACA Insured, 144A No Opt. Call   N/R   1,736  
  28   0.000%, 1/01/50 – ACA Insured, 144A No Opt. Call   N/R   855  
  57   0.000%, 1/01/50 – ACA Insured, 144A No Opt. Call   N/R   1,709  
  28   0.000%, 1/01/51 – ACA Insured, 144A No Opt. Call   N/R   840  
  62   0.000%, 1/01/51 – ACA Insured, 144A No Opt. Call   N/R   1,872  
  1,625   3.750%, 7/01/51 – ACA Insured, 144A 3/28 at 100.00   N/R   1,612,956  
  36   0.000%, 1/01/52 – ACA Insured, 144A No Opt. Call   N/R   1,090  
  62   0.000%, 1/01/52 – ACA Insured, 144A No Opt. Call   N/R   1,857  
  36   0.000%, 1/01/53 – ACA Insured, 144A No Opt. Call   N/R   1,075  
  61   0.000%, 1/01/53 – ACA Insured, 144A No Opt. Call   N/R   1,831  
  35   0.000%, 1/01/54 – ACA Insured, 144A No Opt. Call   N/R   1,038  
  61   0.000%, 1/01/54 – ACA Insured, 144A No Opt. Call   N/R   1,817  
  34   0.000%, 1/01/55 – ACA Insured, 144A No Opt. Call   N/R   1,016  
  60   0.000%, 1/01/55 – ACA Insured, 144A No Opt. Call   N/R   1,791  
  33   0.000%, 1/01/56 – ACA Insured, 144A No Opt. Call   N/R   994  
  59   0.000%, 1/01/56 – ACA Insured, 144A No Opt. Call   N/R   1,765  
  1,589   5.500%, 7/01/56 – ACA Insured, 144A 3/28 at 100.00   N/R   1,580,887  
  37   0.000%, 1/01/57 – ACA Insured, 144A No Opt. Call   N/R   1,101  
  59   0.000%, 1/01/57 – ACA Insured, 144A No Opt. Call   N/R   1,751  
  36   0.000%, 1/01/58 – ACA Insured, 144A No Opt. Call   N/R   1,071  
  58   0.000%, 1/01/58 – ACA Insured, 144A No Opt. Call   N/R   1,725  
  35   0.000%, 1/01/59 – ACA Insured, 144A No Opt. Call   N/R   1,042  
  57   0.000%, 1/01/59 – ACA Insured, 144A No Opt. Call   N/R   1,711  
  34   0.000%, 1/01/60 – ACA Insured, 144A No Opt. Call   N/R   1,020  
  57   0.000%, 1/01/60 – ACA Insured, 144A No Opt. Call   N/R   1,697  
  34   0.000%, 1/01/61 – ACA Insured, 144A No Opt. Call   N/R   1,005  
  56   0.000%, 1/01/61 – ACA Insured, 144A No Opt. Call   N/R   1,671  
  33   0.000%, 1/01/62 – ACA Insured, 144A 3/28 at 17.35   N/R   976  
  56   0.000%, 1/01/62 – ACA Insured, 144A No Opt. Call   N/R   1,658  
  32   0.000%, 1/01/63 – ACA Insured, 144A 3/28 at 16.48   N/R   954  
  55   0.000%, 1/01/63 – ACA Insured, 144A No Opt. Call   N/R   1,632  
  31   0.000%, 1/01/64 – ACA Insured, 144A No Opt. Call   N/R   932  
  54   0.000%, 1/01/64 – ACA Insured, 144A No Opt. Call   N/R   1,619  
  31   0.000%, 1/01/65 – ACA Insured, 144A No Opt. Call   N/R   917  
  54   0.000%, 1/01/65 – ACA Insured, 144A No Opt. Call   N/R   1,605  
  33   0.000%, 1/01/66 – ACA Insured, 144A No Opt. Call   N/R   988  
  53   0.000%, 1/01/66 – ACA Insured, 144A No Opt. Call   N/R   1,580  
  401   0.000%, 1/01/67 – ACA Insured, 144A No Opt. Call   N/R   11,892  
  693   0.000%, 1/01/67 – ACA Insured, 144A No Opt. Call   N/R   20,561  
  5,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36 7/23 at 100.00   A   5,392,950  
  10,225   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A., 4.500%, 11/15/39 5/26 at 100.00   Aa2   10,876,742  
  210   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured No Opt. Call   A2   215,882  

 

57

 

 

NAD Nuveen Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
$ 1,035   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.125%, 4/01/36 4/20 at 100.00   A– $ 1,066,423  
  1,685   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2016, 4.000%, 7/01/46 7/26 at 100.00   A–   1,645,908  
  4,330   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 (Pre-refunded 2/15/20) 2/20 at 100.00   Aa3 (4)   4,603,916  
  2,750   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 10/21 at 100.00   A1   2,941,207  
  1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32 2/22 at 100.00   A–   1,336,938  
  6,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A, 5.000%, 2/15/46 2/26 at 100.00   A–   6,497,820  
  13,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2017C, 5.000%, 2/15/47 2/27 at 100.00   A–   14,054,430  
  5,000   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36 (Pre-refunded 5/01/19) 5/19 at 100.00   AA– (4)   5,207,650  
  64,177   Total Wisconsin         64,655,409  
$ 4,880,505   Total Municipal Bonds (cost $4,569,753,499)         4,823,670,825  

 

  Principal                  
  Amount (000)   Description (1) Coupon Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)              
      Transportation – 0.0% (0.0% of Total Investments)              
$ 737   Las Vegas Monorail Company, Senior Interest Bonds (9), (10) 5.500% 7/15/19   N/R $ 471,313  
  204   Las Vegas Monorail Company, Senior Interest Bonds (9), (10) 5.500% 7/15/55   N/R   101,887  
$ 941   Total Corporate Bonds (cost $57,294)           573,200  
                     
  Shares   Description (1), (11)           Value  
      INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments)              
  8,812   BlackRock MuniHoldings Fund Inc.         $ 132,004  
  32,524   Invesco Quality Municipal Income Trust           381,832  
      Total Investment Companies (cost $530,611)           513,836  
      Total Long-Term Investments (cost $4,570,341,404)           4,824,757,861  

 

58

 

 

  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)            
      Texas – 0.2% (0.1% of Total Investments)            
$ 5,450   Lower Neches Valley Authority, Texas, Industrial Development Corporation Exempt Facilities Revenue Bonds, Exxon Mobil Project, Variable Rate Demand Obligations, Series 2001B, 0.980%, 11/01/29 (12) 7/28 at 100.00   A-1+ $ 5,450,000  
$ 5,450   Total Short-Term Investments (cost $5,450,000)         5,450,000  
      Total Investments (cost $4,575,791,404) – 161.2%         4,830,207,861  
      Floating Rate Obligations – (3.6)%         (107,360,000 )
      MuniFund Term Preferred Shares, net of deferred offering costs – (20.2)% (13)         (606,702,738 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (18.2)% (14)         (545,479,487 )
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (21.0)% (15)         (629,397,121 )
      Other Assets Less Liabilities – 1.8%         54,489,968  
      Net Assets Applicable to Common Shares – 100%       $ 2,995,758,483  

 

(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) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(7) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(8) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(9) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(10) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(11) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(12) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(13) MuniFund Term Preferred Shares, net of deferring offering costs as a percentage of Total Investments is 12.6%.
(14) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.3%.
(15) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.0%.
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 registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

 

See accompanying notes to financial statements.

59

 

 

NEA Nuveen AMT-Free Quality Municipal
  Income Fund
  Portfolio of Investments
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 158.8% (99.6% of Total Investments)            
      MUNICIPAL BONDS – 158.8% (99.6% of Total Investments)            
      Alabama – 1.0% (0.6% of Total Investments)            
$ 4,250   Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 5.000%, 2/01/41 2/26 at 100.00   A– $ 4,580,353  
      Jefferson County, Alabama, General Obligation Warrants, Series 2004A:            
  1,395   5.000%, 4/01/22 – NPFG Insured 7/18 at 100.00   A3   1,397,413  
  1,040   5.000%, 4/01/23 – NPFG Insured 7/18 at 100.00   A3   1,041,830  
  20,675   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 No Opt. Call   A3   24,513,314  
  4,900   Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45 4/25 at 100.00   N/R   4,837,819  
  32,260   Total Alabama         36,370,729  
      Alaska – 0.7% (0.4% of Total Investments)            
      Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:            
  17,040   5.000%, 6/01/32 6/18 at 100.00   B3   17,040,511  
  10,070   5.000%, 6/01/46 6/18 at 100.00   B3   10,069,597  
  27,110   Total Alaska         27,110,108  
      Arizona – 2.4% (1.5% of Total Investments)            
  1,460   Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 3/22 at 100.00   A–   1,563,777  
  1,025   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017A, 5.000%, 7/01/51 7/27 at 100.00   AA–   1,118,552  
      Arizona State, Certificates of Participation, Series 2010A:            
  2,800   5.250%, 10/01/28 – AGM Insured 10/19 at 100.00   Aa3   2,923,396  
  3,500   5.000%, 10/01/29 – AGM Insured 10/19 at 100.00   Aa3   3,640,105  
  7,500   Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured 1/20 at 100.00   A1   7,846,050  
  7,115   Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015B, 5.000%, 7/01/43 – AGM Insured 7/25 at 100.00   A2   7,809,353  
  5,135   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 4.000%, 1/01/36 1/27 at 100.00   AA–   5,309,744  
  10,000   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2016, 5.000%, 1/01/38 (UB) (4) 1/27 at 100.00   AA–   11,247,500  
  10,780   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   A+ (5)   11,447,066  
      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   8,511,969  
  10,000   5.500%, 7/01/40 – FGIC Insured No Opt. Call   AA   13,194,500  
  3,000   Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A., 5.000%, 8/01/47 8/28 at 100.00   AA   3,434,610  
  11,320   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 No Opt. Call   BBB+   13,252,664  
  80,180   Total Arizona         91,299,286  
      Arkansas – 0.1% (0.1% of Total Investments)            
  5,080   Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 5/01/28 – ACA Insured 7/18 at 100.00   N/R   4,621,479  

 

60

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California – 13.5% (8.4% of Total Investments)            
$ 22,880   Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 – NPFG Insured No Opt. Call   A– $ 13,280,010  
  4,225   Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured No Opt. Call   AA   3,088,897  
  15,870   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured No Opt. Call   A2   15,108,875  
  3,450   Antelope Valley Joint Union High School District, Los Angeles and Kern Counties, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured No Opt. Call   A1   2,340,445  
      Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1:            
  2,500   5.125%, 4/01/39 (Pre-refunded 4/01/19) 4/19 at 100.00   Aa3 (5)   2,578,450  
  2,500   5.625%, 4/01/44 (Pre-refunded 4/01/19) 4/19 at 100.00   Aa3 (5)   2,589,725  
      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 (5)   5,673,550  
  6,500   5.250%, 4/01/53 (Pre-refunded 4/01/23) 4/23 at 100.00   A1 (5)   7,451,080  
  10,000   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2014F-1, 5.000%, 4/01/54 4/24 at 100.00   Aa3   10,951,300  
  8,000   Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009, 0.000%, 8/01/33 No Opt. Call   AA+   4,770,240  
      Burbank Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2015A:            
  2,250   0.000%, 8/01/32 2/25 at 100.00   AA–   1,961,032  
  1,350   0.000%, 8/01/33 2/25 at 100.00   AA–   1,172,745  
  7,845   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 12/18 at 100.00   B2   7,934,511  
      California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF:            
  2,910   5.000%, 12/01/29 (Pre-refunded 12/01/18) 12/18 at 100.00   AA+ (5)   2,965,872  
  2,090   5.000%, 12/01/29 (Pre-refunded 12/01/18) 12/18 at 100.00   Aa1 (5)   2,130,128  
      California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A:            
  3,255   0.000%, 10/01/23 – NPFG Insured No Opt. Call   A2   2,807,600  
  5,890   0.000%, 10/01/24 – NPFG Insured No Opt. Call   A2   4,887,581  
  7,615   0.000%, 10/01/25 – NPFG Insured No Opt. Call   A2   6,084,233  
  1,350   0.000%, 10/01/39 – NPFG Insured No Opt. Call   A2   570,875  
  3,330   California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40 (Pre-refunded 11/15/21) 11/21 at 100.00   AA– (5)   3,706,123  
  10,000   California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51 8/22 at 100.00   AA–   10,836,000  
  3,000   California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012, 5.000%, 8/15/51 (UB) (4) 8/22 at 100.00   A+   3,250,800  
  2,550   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 10/19 at 100.00   AA   2,672,298  
  530   California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 7/23 at 100.00   AA–   588,369  
  1,710   California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40 11/21 at 100.00   Aa3   1,872,638  
      California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:            
  525   7.708%, 8/15/51, 144A (IF) (4) 8/22 at 100.00   AA   618,088  
  1,285   7.708%, 8/15/51, 144A (IF) (4) 8/22 at 100.00   AA   1,512,843  
  485   7.703%, 8/15/51, 144A (IF) (4) 8/22 at 100.00   AA   570,918  

 

61

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 2,330   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   Baa2 (5) $ 2,517,169  
  1,500   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2017A, 5.000%, 7/01/42 7/27 at 100.00   Baa2   1,640,550  
  965   California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47 10/26 at 100.00   BBB–   1,041,515  
  2,930   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 11/23 at 100.00   A+   3,261,061  
      California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:            
  2,540   5.250%, 7/01/21 (Pre-refunded 7/01/19) 7/19 at 100.00   AA+ (5)   2,644,013  
  1,460   5.250%, 7/01/21 (Pre-refunded 7/01/19) 7/19 at 100.00   AA+ (5)   1,519,787  
  5,000   California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 4.000%, 8/01/36 8/26 at 100.00   AA–   5,247,000  
  5   California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 7/18 at 100.00   AA–   5,013  
  20,000   California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 11/19 at 100.00   AA–   21,217,000  
      California State, General Obligation Bonds, Various Purpose Series 2010:            
  7,000   5.250%, 3/01/30 3/20 at 100.00   AA–   7,443,240  
  4,250   5.250%, 11/01/40 11/20 at 100.00   AA–   4,572,957  
  10,000   California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 10/21 at 100.00   AA–   10,898,600  
  6,270   California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30 11/20 at 100.00   A+   6,700,624  
  10,000   California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20) 8/20 at 100.00   A+ (5)   10,924,400  
  3,000   California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35 7/18 at 100.00   A3   3,020,850  
      California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:            
  3,895   5.750%, 7/01/30 (6) 7/18 at 100.00   CCC   3,896,246  
  5,000   5.750%, 7/01/35 (6) 7/18 at 100.00   CCC   5,000,300  
  6,000   5.500%, 7/01/39 (6) 7/18 at 100.00   CCC   6,000,060  
  1,550   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (5)   1,560,432  
  10,445   Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured No Opt. Call   AA   7,117,119  
  4,775   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001, 0.000%, 8/01/25 – NPFG Insured (ETM) No Opt. Call   AA (5)   3,951,265  
  5,000   Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured 8/18 at 100.00   AA+ (5)   5,041,500  
  3,330   Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38 8/23 at 100.00   AA+   3,697,066  
  7,775   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured No Opt. Call   BBB–   4,117,096  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
  910   0.000%, 1/15/42 (7) 1/31 at 100.00   BBB–   808,344  
  3,350   5.750%, 1/15/46 1/24 at 100.00   BBB–   3,810,591  
  8,350   6.000%, 1/15/49 1/24 at 100.00   BBB–   9,710,632  
  30,000   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) No Opt. Call   AA+ (5)   28,421,100  
  3,120   Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured 9/18 at 100.00   A   3,152,136  

 

62

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 6,500   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured No Opt. Call   A1 $ 5,154,890  
  10,000   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 6/22 at 100.00   B3   10,246,100  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  19,350   5.000%, 6/01/33 6/18 at 100.00   B3   19,519,893  
  940   5.750%, 6/01/47 6/18 at 100.00   B3   967,006  
  2,850   5.125%, 6/01/47 6/18 at 100.00   B–   2,849,943  
  3,850   Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 (Pre-refunded 7/15/21) 7/21 at 100.00   Aaa   4,349,152  
  5,000   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured No Opt. Call   AA–   3,041,350  
  3,040   Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured No Opt. Call   AA   2,649,026  
  1,500   Lincoln Unified School District, Placer County, California, Community Facilities District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured No Opt. Call   N/R   1,089,075  
  295   Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM) No Opt. Call   N/R (5)   295,581  
  995   Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM) No Opt. Call   N/R (5)   997,736  
  2,495   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34 1/19 at 100.00   Aa2   2,555,878  
  10,000   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41 1/21 at 100.00   Aa2   10,717,600  
  2,490   Madera Unified School District, Madera County, California, General Obligation Bonds, Election 2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured No Opt. Call   Baa2   1,848,103  
  10,335   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 8/35 at 100.00   AA   8,283,916  
  5,500   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 No Opt. Call   BBB+   7,617,995  
  650   Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993, 5.125%, 12/01/23 – AMBAC Insured (ETM) No Opt. Call   N/R (5)   697,762  
  14,100   New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 – AGC Insured No Opt. Call   Aa3   7,636,842  
  3,515   Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (5)   3,978,101  
  2,500   Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/29 – FGIC Insured No Opt. Call   Aa3   1,714,825  
  5,000   Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured No Opt. Call   Baa2   5,635,650  
  1,490   Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM) No Opt. Call   Aa1 (5)   1,801,663  
  1,745   Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured 8/32 at 100.00   AAA   2,203,830  
  1,000   Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured No Opt. Call   AA   695,100  
  5,000   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 (Pre-refunded 11/01/20) 11/20 at 100.00   Ba1 (5)   5,482,250  
  2,000   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured No Opt. Call   A   1,650,320  

 

63

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 9,320   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured No Opt. Call   AA $ 5,249,863  
  4,795   Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) No Opt. Call   AA+ (5)   5,474,787  
  1,800   Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28 No Opt. Call   A1   1,314,648  
  1,000   Rim of the World Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011C, 5.000%, 8/01/38 (Pre-refunded 8/01/21) – AGM Insured 8/21 at 100.00   A2 (5)   1,095,820  
  760   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44 6/23 at 100.00   BBB–   843,038  
  4,385   San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) No Opt. Call   AA+ (5)   4,953,471  
  2,250   San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 12/21 at 100.00   BB   2,506,995  
  1,830   San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 14.934%, 8/01/39, 144A (Pre-refunded 8/01/19) (IF) 8/19 at 100.00   AA– (5)   2,167,800  
  4,000   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 5/23 at 100.00   A+   4,355,120  
      San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:            
  10,595   5.000%, 1/15/44 1/25 at 100.00   BBB   11,477,352  
  32,725   5.000%, 1/15/50 1/25 at 100.00   BBB   35,328,928  
  7,210   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured No Opt. Call   Baa2   6,332,110  
  2,965   San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured No Opt. Call   A+   2,154,606  
  4,455   San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured No Opt. Call   AAA   4,159,678  
  4,005   San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured No Opt. Call   AA+   3,208,365  
  15,750   San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/39 – AGM Insured No Opt. Call   AA   6,553,102  
      San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015:            
  5,000   0.000%, 8/01/46 No Opt. Call   A1   1,229,750  
  6,570   0.000%, 8/01/47 No Opt. Call   A1   1,520,364  
  2,135   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23 6/18 at 100.00   BB+   2,135,448  
  2,630   Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured No Opt. Call   Baa2   2,182,584  
  3,900   West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/19) – AGM Insured 8/19 at 100.00   A2 (5)   4,450,290  
  559,865   Total California         515,286,598  
      Colorado – 9.9% (6.2% of Total Investments)            
  1,085   Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured 7/18 at 100.00   BBB   1,085,011  
  500   Blue Lake Metropolitan District No. 2, Lochbuie, Colorado, Limited Tax General Obligation Bonds, Series 2016A, 5.750%, 12/01/46 12/21 at 103.00   N/R   505,425  

 

64

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
      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 $ 1,612,847  
  3,620   5.000%, 12/01/47, 144A 12/22 at 103.00   N/R   3,672,273  
  1,250   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 5.375%, 12/01/33 12/23 at 100.00   BBB   1,372,487  
  115   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 12/23 at 100.00   BB   121,877  
  1,700   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A 7/24 at 100.00   BB   1,738,760  
      Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017:            
  2,005   5.000%, 6/01/34 6/27 at 100.00   BBB   2,188,257  
  4,615   5.000%, 6/01/35 6/27 at 100.00   BBB   5,025,689  
  7,205   5.000%, 6/01/36 6/27 at 100.00   BBB   7,834,645  
  8,715   5.000%, 6/01/37 6/27 at 100.00   BBB   9,462,747  
  2,190   5.000%, 6/01/42 6/27 at 100.00   BBB   2,367,434  
  8,835   5.000%, 6/01/47 6/27 at 100.00   BBB   9,515,825  
  6,350   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 7/18 at 100.00   BBB+   6,357,239  
  2,295   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41 2/21 at 100.00   BBB+   2,389,187  
  5,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   5,317,900  
  5,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36 12/23 at 100.00   A+   5,459,150  
  750   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2012, 5.125%, 1/01/37 7/18 at 100.00   N/R   750,930  
  3,050   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 1/24 at 102.00   N/R   3,196,095  
  2,375   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2012, 5.000%, 12/01/42 6/22 at 100.00   BBB   2,474,418  
  1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 6/23 at 100.00   BBB   1,113,350  
  750   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/37 5/27 at 100.00   BB+   817,530  
  1,500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Refunding Series 2015B, 4.000%, 9/01/34 9/25 at 100.00   A3   1,523,775  
  25,750   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   26,817,595  
  2,500   Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/51 12/24 at 100.00   BBB   2,701,000  
      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   1,946,127  
  2,660   5.875%, 12/01/46 12/23 at 103.00   N/R   2,766,054  
  3,225   Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B., 5.000%, 12/01/47 12/27 at 100.00   A+   3,624,191  
  1,500   Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016B, 5.000%, 3/01/41 3/27 at 100.00   A+   1,698,810  
  4,000   Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E., 4.000%, 3/01/43 3/28 at 100.00   A+   4,141,400  

 

65

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
      Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016:            
$ 7,115   5.000%, 8/01/41 – AGM Insured 8/26 at 100.00   A2 $ 7,921,983  
  1,000   5.000%, 8/01/46 – AGM Insured 8/26 at 100.00   A2   1,109,620  
  11,140   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37 11/22 at 100.00   A+   12,221,917  
  12,900   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   14,048,874  
      Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016:            
  2,000   5.000%, 12/01/33 12/26 at 100.00   BBB–   2,242,700  
  3,000   5.000%, 12/01/34 12/26 at 100.00   BBB–   3,352,200  
  2,400   5.000%, 12/01/36 12/26 at 100.00   BBB–   2,653,536  
  1,800   5.000%, 12/01/40 12/26 at 100.00   BBB–   1,965,114  
  13,920   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured No Opt. Call   BBB+   12,916,090  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  6,200   0.000%, 9/01/22 – NPFG Insured No Opt. Call   BBB+   5,591,408  
  45,540   0.000%, 9/01/30 – NPFG Insured No Opt. Call   BBB+   29,259,905  
  16,635   0.000%, 9/01/32 – NPFG Insured No Opt. Call   BBB+   9,836,775  
  49,250   0.000%, 9/01/33 – NPFG Insured No Opt. Call   BBB+   27,822,310  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:            
  9,310   0.000%, 9/01/28 – NPFG Insured No Opt. Call   BBB+   6,558,523  
  2,900   0.000%, 9/01/34 – NPFG Insured No Opt. Call   BBB+   1,568,262  
  18,500   0.000%, 3/01/36 – NPFG Insured No Opt. Call   BBB+   9,356,560  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:            
  3,800   0.000%, 9/01/27 – NPFG Insured 9/20 at 67.94   BBB+   2,432,380  
  13,300   0.000%, 9/01/31 – NPFG Insured 9/20 at 53.77   BBB+   6,700,141  
  6,250   0.000%, 9/01/32 – NPFG Insured 9/20 at 50.83   BBB+   2,973,187  
  10,000   0.000%, 3/01/36 – NPFG Insured 9/20 at 41.72   BBB+   3,888,800  
      Fort Lupton, Colorado, Water System Revenue Bonds, Refunding & Improvement Series 2017:            
  1,140   4.000%, 12/01/42 – AGM Insured 12/27 at 100.00   AA   1,184,152  
  1,930   5.000%, 12/01/47 – AGM Insured 12/27 at 100.00   AA   2,185,706  
  1,000   Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016, 5.000%, 12/01/36 12/26 at 100.00   BBB+   1,097,880  
  1,000   Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 2017, 4.000%, 12/01/36 12/26 at 100.00   AA+   1,047,340  
  1,085   North Range Metropolitan District No. 2, In the City of Commerce City, Adams County, Colorado, Limited Tax General Obligation and Special Revenue and Improvement Bonds, Refunding Series 2017A, 5.750%, 12/01/47 12/22 at 103.00   N/R   1,089,568  
  1,245   Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation Limited Tax and Revenue Bonds, Series 2016, 4.375%, 12/01/31 12/21 at 103.00   N/R   1,210,763  
  17,735   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00   A   19,442,880  
  2,640   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (5)   2,911,814  
      Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017:            
  4,215   5.000%, 12/01/42 – AGM Insured 12/27 at 100.00   A2   4,755,026  
  7,750   5.000%, 12/01/47 – AGM Insured 12/27 at 100.00   A2   8,709,295  
  630   Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 6/20 at 100.00   A   668,991  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  15,000   6.500%, 1/15/30 7/20 at 100.00   Baa3   16,358,550  
  4,150   6.000%, 1/15/41 7/20 at 100.00   Baa3   4,416,928  

 

66

 

  

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 3,250   Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 12/01/46 – AGM Insured 12/26 at 100.00   AA $ 3,530,703  
  4,000   University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 11/22 at 100.00   AA–   4,361,680  
  14,500   University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 (Pre-refunded 6/01/24) 6/24 at 100.00   Aa1 (5)   16,647,450  
  2,500   Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured 12/26 at 100.00   Baa1   2,525,300  
  2,175   Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, 5.000%, 12/15/30 – AGM Insured 12/26 at 100.00   AA   2,517,476  
  435,915   Total Colorado         378,679,815  
      Connecticut – 0.3% (0.2% of Total Investments)            
  1,650   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2016Q-1, 5.000%, 7/01/46 7/26 at 100.00   A–   1,820,660  
  7,165   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 5.000%, 7/01/45 7/25 at 100.00   A–   7,788,427  
      Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1:            
  500   5.000%, 7/01/34 7/27 at 100.00   A3   561,260  
  2,425   5.000%, 7/01/42 7/27 at 100.00   A3   2,679,916  
  11,740   Total Connecticut         12,850,263  
      Delaware – 0.4% (0.2% of Total Investments)            
  1,000   Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., Series 2010A, 5.000%, 10/01/40 – NPFG Insured 10/20 at 100.00   Aa2   1,058,670  
  3,250   Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32 7/23 at 100.00   BBB   3,465,670  
  9,070   Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 6/25 at 100.00   A1   9,898,635  
  13,320   Total Delaware         14,422,975  
      District of Columbia – 1.1% (0.7% of Total Investments)            
  1,250   District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45 10/22 at 100.00   BB+   1,235,238  
  107,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 6/18 at 100.00   N/R   16,680,230  
      District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017:            
  3,500   5.000%, 4/01/35 4/27 at 100.00   A   3,979,325  
  3,500   5.000%, 4/01/36 4/27 at 100.00   A   3,964,835  
  15,150   District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 5.000%, 4/01/40 – AMBAC Insured 4/21 at 100.00   A   16,054,303  
  130,400   Total District of Columbia         41,913,931  
      Florida – 7.4% (4.7% of Total Investments)            
  2,800   Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2016, 5.000%, 9/01/46 9/23 at 100.00   BBB   2,903,124  
  2,000   Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34 (Pre-refunded 10/01/18) 10/18 at 100.00   AA+ (5)   2,029,200  
  11,000   Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 (Pre-refunded 10/01/21) – AGM Insured 10/21 at 100.00   A (5)   12,064,470  
  2,830   City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 9/25 at 100.00   AA–   3,131,169  
  3,010   Cocoa, Florida, Water and Sewerage System Revenue Bonds, Refunding Series 2003, 5.500%, 10/01/23 – AMBAC Insured No Opt. Call   AA   3,334,659  

 

67

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 3,570   Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013, 6.125%, 11/01/43 11/23 at 100.00   BBB– $ 3,931,819  
      Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:            
  8,555   6.000%, 4/01/42 4/23 at 100.00   Baa1   9,520,774  
  4,280   5.625%, 4/01/43 4/23 at 100.00   Baa1   4,689,211  
      Florida Municipal Loan Council, Revenue Bonds, Series 2000B:            
  1,040   0.000%, 11/01/25 – NPFG Insured No Opt. Call   Baa2   802,381  
  1,590   0.000%, 11/01/26 – NPFG Insured No Opt. Call   Baa2   1,175,137  
  2,500   Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2016-XF2347, 13.083%, 6/01/38 – AGC Insured, 144A (IF) (4) 6/18 at 101.00   AA–   2,626,275  
  1,500   Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series 2009A, 5.000%, 1/15/29 1/19 at 100.00   AAA   1,532,805  
  2,070   Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.500%, 6/01/38 (Pre-refunded 6/01/18) – AGM Insured 6/18 at 100.00   AA (5)   2,076,169  
      Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B:            
  5,730   5.000%, 10/01/40 10/24 at 100.00   A+   6,247,304  
  12,885   5.000%, 10/01/44 10/24 at 100.00   A+   14,024,936  
  400   Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 10/22 at 100.00   A+   437,508  
  1,530   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24 11/21 at 100.00   A2   1,656,500  
  2,500   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 11/24 at 100.00   A2   2,721,925  
      Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A:            
  3,810   5.000%, 2/01/40 – AGM Insured 2/24 at 100.00   A1   4,234,853  
  19,145   5.000%, 2/01/44 – AGM Insured 2/24 at 100.00   A1   21,236,974  
      Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017:            
  205   5.000%, 7/01/32 7/27 at 100.00   BBB   224,375  
  2,000   5.125%, 7/01/38 7/27 at 100.00   BBB   2,182,320  
  5,035   5.125%, 7/01/46 7/27 at 100.00   BBB   5,477,828  
  1,200   Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/30 (Pre-refunded 2/01/21) – AGM Insured 2/21 at 100.00   A+ (5)   1,325,952  
  7,390   Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45 4/25 at 100.00   A–   8,093,824  
  12,385   Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2018A, 5.000%, 4/01/53 4/28 at 100.00   A–   13,645,793  
  10,000   Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35 7/20 at 100.00   A   10,577,300  
  1,210   Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Doral Academy, Series 2018., 5.000%, 1/15/37 1/28 at 100.00   BBB–   1,276,538  
  1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 10/24 at 100.00   A   1,109,110  
  5,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 10/19 at 100.00   A   5,230,500  
  7,500   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41 10/20 at 100.00   A   8,042,025  

 

68

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
      Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B:            
$ 3,000   5.000%, 10/01/26 10/20 at 100.00   A $ 3,196,380  
  2,500   5.000%, 10/01/27 10/20 at 100.00   A   2,661,825  
  4,000   5.000%, 10/01/35 – AGM Insured 10/20 at 100.00   A2   4,242,400  
  1,500   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 10/26 at 100.00   A   1,682,460  
  4,000   Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1, 5.625%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   AA (5)   4,025,720  
  4,715   Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2017, 5.000%, 6/01/38 6/27 at 100.00   Aa3   5,253,217  
  1,850   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 10/22 at 100.00   A2   2,005,825  
      Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012:            
  5,500   5.000%, 7/01/31 7/22 at 100.00   A1   6,024,370  
  3,000   5.000%, 7/01/42 7/22 at 100.00   A1   3,240,420  
  11,300   Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 (Pre-refunded 7/01/18) – AGM Insured 7/18 at 100.00   A1 (5)   11,361,133  
  5,770   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/22 at 100.00   A+   6,273,490  
  1,665   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26 10/19 at 100.00   A   1,735,962  
  750   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42 4/22 at 100.00   A   807,863  
  255   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 6/22 at 102.00   N/R   293,587  
  4,000   Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, Series 2009, 5.250%, 10/01/33 10/19 at 100.00   AAA   4,192,320  
  435   Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured 9/18 at 100.00   A1 (5)   440,085  
  45   Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured 9/18 at 100.00   A1   45,500  
  1,385   Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured 5/18 at 100.00   A3   1,386,385  
  1,710   Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM) No Opt. Call   Aa2 (5)   1,768,533  
  6,625   South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/33 5/25 at 100.00   Aa3   6,858,134  
      South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida Obligated Group, Series 2017.:            
  4,595   5.000%, 8/15/42 8/27 at 100.00   A1   5,133,350  
  12,325   5.000%, 8/15/47 8/27 at 100.00   A1   13,717,232  
  1,200   Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 10/01/19) – AGC Insured 10/19 at 100.00   AA (5)   1,252,836  
  5,000   Tampa Bay, Florida, Regional Water Supply Authority Utility System Revenue Bonds, Series 2008, 5.000%, 10/01/34 (Pre-refunded 10/01/18) 10/18 at 100.00   AA+ (5)   5,067,850  
      Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995:            
  670   5.750%, 10/01/20 – NPFG Insured No Opt. Call   N/R   704,606  
  2,785   5.750%, 10/01/25 – NPFG Insured No Opt. Call   N/R   3,146,131  
  3,300   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 5/22 at 100.00   Aa2   3,590,994  
  4,000   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, 4.000%, 11/15/46 5/26 at 100.00   Aa2   4,041,080  

 

69

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 9,720   Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 7/22 at 100.00   A2 (5) $ 10,788,811  
  1,500   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded 10/15/21) – AGM Insured 10/21 at 100.00   A– (5)   1,644,135  
  2,000   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2015B, 5.000%, 10/15/45 4/25 at 100.00   A3   2,188,860  
  7,400   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/45 6/25 at 100.00   A–   8,287,482  
  264,170   Total Florida         284,621,734  
      Georgia – 3.5% (2.2% of Total Investments)            
  6,950   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – AGM Insured 1/20 at 100.00   Aa3   7,268,379  
  7,230   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 1/22 at 100.00   AA–   7,832,404  
  1,990   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 (Pre-refunded 11/01/19) – AGM Insured 11/19 at 100.00   AA (5)   2,093,420  
  1,060   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 – AGM Insured 11/19 at 100.00   A+   1,110,583  
      Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015:            
  3,400   5.000%, 11/01/33 5/25 at 100.00   A+   3,870,016  
  2,040   5.000%, 11/01/35 5/25 at 100.00   A+   2,306,791  
  5,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured No Opt. Call   A+   5,522,050  
  1,535   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26 8/20 at 100.00   AA   1,587,697  
  7,350   Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A, 5.000%, 4/01/42 4/27 at 100.00   A   8,122,559  
  2,000   DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 9/20 at 100.00   BB   2,147,560  
  5,725   Fayette County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   AA–   6,283,073  
      Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc. Project, Series 2017A:            
  10,000   5.000%, 4/01/42 4/27 at 100.00   A   11,051,100  
  6,370   5.000%, 4/01/47 4/27 at 100.00   A   7,008,975  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  2,360   5.250%, 2/15/45 2/20 at 100.00   AA–   2,460,796  
  7,640   5.250%, 2/15/45 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (5)   8,069,139  
  12,590   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 2/25 at 100.00   AA–   14,392,636  
  7,500   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.250%, 2/15/45 2/27 at 100.00   AA–   8,588,700  
  7,905   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 7/25 at 100.00   A2   8,362,462  
  11,000   Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System Inc., Series 2017A, 4.000%, 4/01/42 4/27 at 100.00   A   10,816,520  
  1,350   Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured No Opt. Call   AA+   1,613,074  

 

70

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Georgia (continued)            
$ 2,500   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured 8/18 at 100.00   AA (5) $ 2,528,600  
  8,230   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40 10/25 at 100.00   Baa2   8,639,689  
  2,615   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   AA–   2,779,065  
  124,340   Total Georgia         134,455,288  
      Guam – 0.1% (0.1% of Total Investments)            
  4,060   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   BBB–   4,412,367  
      Hawaii – 0.1% (0.1% of Total Investments)            
  275   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43 7/23 at 100.00   BB   288,615  
  4,225   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 4.000%, 7/01/40 7/25 at 100.00   A1   4,266,828  
  4,500   Total Hawaii         4,555,443  
      Idaho – 0.1% (0.1% of Total Investments)            
  2,110   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured 3/22 at 100.00   A–   2,220,902  
  2,685   Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 7/18 at 100.00   A1   2,719,287  
  4,795   Total Idaho         4,940,189  
      Illinois – 23.1% (14.5% of Total Investments)            
      Board of Regents of Illinois State University, Auxiliary Facilities System Revenue Bonds, Series 2018A.:            
  1,000   5.000%, 4/01/34 – AGM Insured 4/28 at 100.00   A2   1,086,270  
  285   5.000%, 4/01/37 – AGM Insured 4/28 at 100.00   A2   307,886  
  1,370   5.000%, 4/01/38 – AGM Insured 4/28 at 100.00   A2   1,477,682  
      Bolingbrook, Illinois, General Obligation Refunding Bonds, Refunding Series 2002B:            
  4,595   0.000%, 1/01/32 – FGIC Insured No Opt. Call   A2   2,631,970  
  4,000   0.000%, 1/01/34 – FGIC Insured No Opt. Call   A2   2,054,200  
  11,000   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   12,810,380  
  2,940   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 12/21 at 100.00   B3   2,923,771  
  5,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017G, 5.000%, 12/01/34 12/27 at 100.00   B   5,022,450  
  11,450   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   13,151,928  
  1,785   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   2,019,067  
  23,535   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A 12/27 at 100.00   B   27,730,584  
  10,510   Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured No Opt. Call   B   10,006,571  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:            
  19,600   0.000%, 12/01/20 – FGIC Insured No Opt. Call   B   17,889,508  
  1,000   5.500%, 12/01/26 – FGIC Insured No Opt. Call   B   1,094,170  

 

71

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 3,500   Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured 6/21 at 100.00   A2 $ 3,759,910  
  5,785   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 12/21 at 100.00   A3   6,172,942  
  9,285   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 12/24 at 100.00   AA   10,192,330  
  1,985   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2013B, 5.000%, 1/01/26 1/23 at 100.00   A   2,181,912  
  13,100   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 1/20 at 100.00   A2   13,700,635  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  32,170   0.000%, 1/01/21 – FGIC Insured No Opt. Call   BBB–   29,468,363  
  32,670   0.000%, 1/01/22 – FGIC Insured No Opt. Call   BBB–   28,584,290  
  22,670   0.000%, 1/01/25 – FGIC Insured No Opt. Call   BBB–   17,051,240  
  10,565   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   11,698,836  
  5,540   Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured 7/18 at 100.00   BBB–   5,554,349  
  5,000   Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 (Pre-refunded 1/01/22) 1/22 at 100.00   N/R (5)   5,510,500  
  5,000   Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43 12/23 at 100.00   BBB   5,188,050  
  4,500   Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2017, 5.000%, 12/01/47 – BAM Insured 12/27 at 100.00   A+   4,855,095  
  4,865   Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured No Opt. Call   Aa2   4,551,256  
  2,575   Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured No Opt. Call   Baa2   2,363,438  
  3,615   Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured (ETM) No Opt. Call   AA2 (5)   3,418,272  
      Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A:            
  3,500   5.250%, 11/15/22 11/20 at 100.00   A2   3,752,910  
  12,425   5.250%, 11/15/33 11/20 at 100.00   A2   13,115,084  
      DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:            
  8,000   0.000%, 11/01/18 No Opt. Call   AAA   7,925,120  
  15,285   0.000%, 11/01/19 No Opt. Call   AAA   14,825,227  
      Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:            
  5,265   5.500%, 11/01/36 11/23 at 100.00   A   5,702,574  
  2,750   3.900%, 11/01/36 11/27 at 102.00   A   2,707,210  
  5,020   Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42 6/22 at 100.00   Aa2   5,331,340  
  4,200   Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 9/22 at 100.00   BB+   4,372,032  
      Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:            
  8,750   5.000%, 9/01/39 9/24 at 100.00   BB+   9,199,663  
  11,030   5.000%, 9/01/42 9/24 at 100.00   BB+   11,565,396  
  1,500   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Aa2 (5)   1,578,420  
  2,000   Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008, 5.250%, 8/15/47 – AGC Insured (Pre-refunded 8/15/18) (UB) 8/18 at 100.00   AA (5)   2,020,280  
  2,910   Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 5/22 at 100.00   Baa2   3,045,024  
  6,000   Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 4/19 at 100.00   A1   6,196,920  

 

72

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016:            
$ 16,165   5.000%, 12/01/40 6/26 at 100.00   A3 $ 17,561,979  
  4,000   5.000%, 12/01/46 6/26 at 100.00   A3   4,325,400  
  1,100   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076, 12.867%, 8/15/43, 144A (IF) 8/22 at 100.00   Aa2   1,427,426  
  1,080   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 5/20 at 100.00   A   1,153,451  
  3,460   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (5)   3,730,434  
  13,540   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 11/25 at 100.00   A   14,688,192  
      Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C:            
  3,500   5.000%, 2/15/32 2/27 at 100.00   BBB–   3,924,900  
  1,000   5.000%, 2/15/41 2/27 at 100.00   BBB–   1,098,280  
  27,135   4.000%, 2/15/41 2/27 at 100.00   BBB–   26,973,004  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  85   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (5)   91,217  
  8,400   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (5)   9,014,376  
  2,215   Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 7/23 at 100.00   A–   2,453,445  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A:            
  2,250   6.000%, 8/15/23 8/18 at 100.00   BBB+   2,266,628  
  8,645   5.500%, 8/15/30 8/18 at 100.00   BBB+   8,708,454  
  4,135   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44 8/25 at 100.00   Baa1   4,361,763  
  8,040   Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured 8/21 at 100.00   A2   8,889,908  
      Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C:            
  1,000   5.500%, 8/15/41 (Pre-refunded 2/15/21) 2/21 at 100.00   AA– (5)   1,090,090  
  2,500   5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (4) 2/21 at 100.00   AA– (5)   2,725,225  
  15,510   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00   AA–   16,519,391  
      Illinois State, General Obligation Bonds, February Series 2014:            
  1,600   5.250%, 2/01/32 2/24 at 100.00   BBB–   1,642,128  
  5,450   5.000%, 2/01/39 2/24 at 100.00   BBB–   5,476,596  
  1,750   Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 1/26 at 100.00   BBB–   1,792,403  
  5,420   Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 5/24 at 100.00   BBB–   5,447,859  
  5,000   Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/34 11/26 at 100.00   BBB–   5,118,150  
  3,500   Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/25 No Opt. Call   BBB–   3,651,025  
      Illinois State, General Obligation Bonds, October Series 2016:            
  3,510   5.000%, 2/01/28 2/27 at 100.00   BBB–   3,645,802  
  21,100   5.000%, 2/01/29 2/27 at 100.00   BBB–   21,839,133  
  10,000   Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured 1/20 at 100.00   BBB–   10,371,400  
  2,515   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24 8/22 at 100.00   BBB–   2,604,232  
  2,000   Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 9/18 at 100.00   BBB–   2,001,040  

 

73

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Illinois State, General Obligation Bonds, Series 2012A:            
$ 2,500   5.000%, 3/01/25 3/22 at 100.00   BBB– $ 2,577,975  
  4,500   5.000%, 3/01/27 3/22 at 100.00   BBB–   4,613,085  
  2,035   Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 7/23 at 100.00   BBB–   2,096,518  
  5,030   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 1/23 at 100.00   AA–   5,485,215  
      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–   8,748,880  
  6,500   5.000%, 1/01/39 1/24 at 100.00   AA–   7,101,445  
  10,040   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   AA–   11,080,144  
  8,890   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40 1/26 at 100.00   AA–   9,873,856  
  10,000   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2017A, 5.000%, 1/01/42 1/28 at 100.00   AA–   11,211,700  
  1,115   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 12.874%, 1/01/38, 144A (IF) 1/23 at 100.00   AA–   1,518,898  
  11,050   Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured No Opt. Call   BBB–   12,439,648  
      Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation Refunding Bonds, Series 2001B:            
  3,230   0.000%, 11/01/19 – AGM Insured No Opt. Call   A2   3,107,906  
  1,740   0.000%, 11/01/21 – AGM Insured No Opt. Call   A2   1,561,441  
  4,020   Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/20 – AGM Insured (UB) No Opt. Call   A2   4,329,017  
  5,000   Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured 1/21 at 100.00   A2   5,334,700  
  17,945   McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured No Opt. Call   Baa2   15,986,124  
  2,910   McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured No Opt. Call   Aa2   2,702,255  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53 12/25 at 100.00   BB+   5,312,600  
  2,030   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A, 5.000%, 6/15/57 12/27 at 100.00   BB+   2,129,470  
      Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A:            
  3,790   5.500%, 6/15/50 (Pre-refunded 6/15/20) 6/20 at 100.00   BBB– (5)   4,063,032  
  11,795   5.500%, 6/15/50 6/20 at 100.00   BB+   12,078,198  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:            
  33,000   0.000%, 6/15/45 – AGM Insured No Opt. Call   BBB–   9,141,330  
  5,355   0.000%, 6/15/46 – AGM Insured No Opt. Call   BBB–   1,407,026  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A:            
  9,400   0.000%, 12/15/18 – NPFG Insured No Opt. Call   BBB–   9,224,220  
  16,570   0.000%, 12/15/20 – NPFG Insured No Opt. Call   BBB–   15,161,550  
  5,010   0.000%, 12/15/21 – NPFG Insured No Opt. Call   BBB–   4,404,592  
  23,920   0.000%, 12/15/22 – NPFG Insured No Opt. Call   BBB–   20,120,308  
  13,350   0.000%, 12/15/24 – NPFG Insured No Opt. Call   BBB–   10,125,708  
  5,100   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 – FGIC Insured No Opt. Call   BB+   5,610,663  

 

74

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 5,180   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM) No Opt. Call   Baa2 (5) $ 5,691,732  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2:            
  8,000   5.250%, 6/15/50 6/20 at 100.00   BB+   8,152,000  
  2,330   5.000%, 6/15/50 6/20 at 100.00   BB+   2,362,597  
      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 (5)   1,627,036  
  5,080   5.700%, 6/15/25 6/24 at 100.00   BB+   5,627,522  
  8,000   5.750%, 6/15/26 – NPFG Insured 6/22 at 101.00   BB+   8,844,800  
  1,115   5.750%, 6/15/27 No Opt. Call   BB+   1,228,663  
  4,610   5.750%, 6/15/27 (Pre-refunded 6/15/22) 6/22 at 101.00   N/R (5)   5,291,174  
  195   0.000%, 6/15/30 (ETM) No Opt. Call   N/R (5)   136,740  
  3,505   0.000%, 6/15/30 No Opt. Call   BB+   2,029,430  
  28,000   0.000%, 12/15/35 – AGM Insured No Opt. Call   BBB–   12,695,200  
  3,280   0.000%, 6/15/37 – NPFG Insured No Opt. Call   BB+   1,295,042  
  11,715   0.000%, 12/15/38 – NPFG Insured No Opt. Call   BB+   4,257,231  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2012, 5.000%, 6/15/52 – NPFG Insured (UB) (4) 6/22 at 100.00   BB+   5,113,550  
  10,650   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM) No Opt. Call   AA+ (5)   12,705,343  
      Midlothian, Illinois, General Obligation Bonds, Series 2010A:            
  2,685   5.000%, 2/01/30 – AGM Insured 2/20 at 100.00   AA   2,709,836  
  2,080   5.250%, 2/01/34 – AGM Insured 2/20 at 100.00   AA   2,104,378  
  17,865   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured No Opt. Call   A2   20,176,195  
  2,300   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured No Opt. Call   A2   2,960,974  
  4,125   Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) 11/23 at 100.00   N/R (5)   5,223,941  
      Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015:            
  2,250   5.000%, 3/01/29 3/25 at 100.00   A3   2,490,818  
  7,000   5.000%, 3/01/31 3/25 at 100.00   A3   7,699,650  
  2,685   Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility Series 2010A, 5.250%, 5/01/31 – AGM Insured 5/20 at 100.00   AA   2,838,206  
  2,000   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.250%, 10/01/38 10/23 at 100.00   Baa1   2,269,040  
  4,810   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured No Opt. Call   A2   4,048,481  
  2,550   Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured No Opt. Call   Baa2   2,221,509  
  780   Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) No Opt. Call   Baa2 (5)   698,779  
  1,895   Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (5)   2,138,337  
  925,065   Total Illinois         883,574,094  

 

75

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Indiana – 4.2% (2.6% of Total Investments)            
$ 6,000   Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44 10/24 at 100.00   A3 $ 6,498,540  
  7,910   Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Aa3 (5)   8,294,505  
      Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A:            
  5,000   4.000%, 5/01/35 5/23 at 100.00   A   5,079,300  
  5,420   5.000%, 5/01/42 5/23 at 100.00   A   5,833,546  
      Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A:            
  3,400   5.000%, 12/01/40 6/25 at 100.00   AA   3,766,758  
  1,875   4.000%, 12/01/40 6/25 at 100.00   AA   1,892,231  
  8,630   Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana Obligated Group, Series 2012, 5.000%, 3/01/41 3/22 at 100.00   A+   9,182,234  
  6,290   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19) 12/19 at 100.00   AA– (5)   6,616,451  
  2,500   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) 12/20 at 100.00   AA– (5)   2,683,750  
  10,000   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19) (UB) (4) 12/19 at 100.00   AA– (5)   10,519,000  
  11,000   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A, 5.000%, 10/01/46 10/26 at 100.00   A   12,295,250  
  5,000   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   A3   5,384,400  
  5,000   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37 10/22 at 100.00   A2   5,425,500  
  13,215   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44 10/24 at 100.00   A   14,787,189  
  5,130   Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2016A, 5.000%, 10/01/46 10/26 at 100.00   A   5,670,753  
  4,320   Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM) No Opt. Call   N/R (5)   4,326,869  
  22,380   Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 7/26 at 100.00   A+   25,133,411  
  3,000   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 1/01/31 (Pre-refunded 7/01/21) 7/21 at 100.00   A+ (5)   3,263,910  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:            
  9,255   0.000%, 2/01/25 – AMBAC Insured No Opt. Call   A   7,646,296  
  9,560   0.000%, 2/01/26 – AMBAC Insured No Opt. Call   A   7,625,343  
  585   Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   A1 (5)   599,520  
  2,415   Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured 1/19 at 100.00   A   2,469,579  
  5,000   Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2009, 5.500%, 1/01/38 – AGC Insured (UB) 1/19 at 100.00   A   5,115,165  
  1,580   Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured No Opt. Call   A2   1,177,890  
  154,465   Total Indiana         161,287,390  

 

76

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa – 2.5% (1.6% of Total Investments)            
$ 4,000   Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36 (Pre-refunded 6/15/20) 6/20 at 100.00   A2 (5) $ 4,263,200  
      Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:            
  7,255   5.500%, 12/01/22 12/18 at 100.00   B–   7,361,794  
  16,130   5.250%, 12/01/25 12/23 at 100.00   B–   17,187,160  
  2,310   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A 6/18 at 105.00   B–   2,435,364  
  2,690   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/22) 12/22 at 105.00   B   2,834,883  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  13,950   5.375%, 6/01/38 7/18 at 100.00   B2   13,984,177  
  12,830   5.500%, 6/01/42 7/18 at 100.00   B2   12,880,807  
  5,675   5.625%, 6/01/46 7/18 at 100.00   B   5,704,396  
  16,100   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 7/18 at 100.00   B2   16,266,313  
      Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016:            
  4,700   5.000%, 12/01/36 12/26 at 100.00   BBB+   5,105,939  
  5,990   5.000%, 12/01/41 12/26 at 100.00   BBB+   6,452,787  
  91,630   Total Iowa         94,476,820  
      Kansas – 0.3% (0.2% of Total Investments)            
  2,000   Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38 11/22 at 100.00   A2   2,136,040  
  3,000   Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 5/22 at 100.00   AA   3,305,610  
  3,700   Kansas Municipal Energy Agency, Power Project Revenue Bonds, Dogwood Project, Series 2018A, 5.000%, 4/01/38 – BAM Insured 4/26 at 100.00   AA   4,048,503  
  2,305   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 7/18 at 100.00   BB+   2,308,550  
  11,005   Total Kansas         11,798,703  
      Kentucky – 1.4% (0.9% of Total Investments)            
  6,010   Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured No Opt. Call   Baa2   4,127,908  
  2,000   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42 8/21 at 100.00   Baa2   2,099,240  
  1,300   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, 5.000%, 6/01/37 6/27 at 100.00   BB+   1,399,151  
  4,525   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20) 6/20 at 100.00   BB+ (5)   4,927,182  
  1,000   Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   A3 (5)   1,003,460  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:            
  5,000   0.000%, 7/01/43 (7) 7/31 at 100.00   Baa3   4,636,500  
  8,610   0.000%, 7/01/46 (7) 7/31 at 100.00   Baa3   8,014,360  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:            
  2,655   5.750%, 7/01/49 7/23 at 100.00   Baa3   2,908,552  
  430   6.000%, 7/01/53 7/23 at 100.00   Baa3   476,608  
  4,630   Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31 6/21 at 100.00   A   4,992,297  

 

77

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Kentucky (continued)            
$ 2,980   Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35 6/22 at 100.00   BBB+ $ 3,133,470  
  9,635   Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35 (Pre-refunded 6/01/22) 6/22 at 100.00   N/R (5)   10,698,126  
  2,030   Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Refunding Series 2013B, 5.000%, 1/01/23 (Pre-refunded 1/01/20) – AGM Insured 1/20 at 100.00   A2 (5)   2,131,520  
  2,300   Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Refunding Series 2013B, 5.000%, 1/01/23 – AGM Insured 1/20 at 100.00   A2   2,408,836  
  53,105   Total Kentucky         52,957,210  
      Louisiana – 2.9% (1.8% of Total Investments)            
  7,970   Ascension Parish Industrial Development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 7/23 at 100.00   N/R   8,575,640  
  4,000   Board of Commissioners of the Port of New Orleans, Louisiana, Port Facility Revenue Bonds, Refunding Series 2018A., 5.000%, 4/01/48 – AGM Insured 4/28 at 100.00   A2   4,438,680  
  670   Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured 1/21 at 100.00   A2 (5)   736,417  
  1,870   Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured 12/27 at 100.00   A2   2,122,674  
  5,000   Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded 10/01/20) – 10/20 at 100.00   AA (5)   5,412,750  
      AGM Insured            
  1,695   Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship 7/26 at 100.00   A3   1,827,888  
      Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 5.000%, 7/01/46            
  1,980   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016, 5.000%, 5/15/47 5/26 at 100.00   A3   2,163,249  
      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 (5)   22,110  
  20   5.000%, 5/15/47 (Pre-refunded 5/15/26) 5/26 at 100.00   N/R (5)   23,556  
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017:            
  20,210   5.000%, 5/15/42 5/27 at 100.00   A3   22,098,422  
  6,000   5.000%, 5/15/46 5/27 at 100.00   A3   6,541,440  
  5,750   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 5/21 at 100.00   A3 (5)   6,503,365  
  3,500   Louisiana Public Facilities Authority, Revenue Bonds, Tulane University, Refunding Series 2017A, 4.000%, 12/15/50 12/27 at 100.00   A   3,553,025  
  13,590   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 7/23 at 100.00   A2   14,962,726  
  1,015   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series 2017C., 5.000%, 5/01/45 11/27 at 100.00   Aa3   1,143,235  
  5,000   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45 (Pre-refunded 5/01/20) 5/20 at 100.00   Aa3 (5)   5,296,300  
  12,000   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015A, 5.000%, 1/01/45 1/25 at 100.00   A–   13,075,920  
  5,000   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017A, 5.000%, 1/01/48 1/27 at 100.00   A–   5,564,050  
  6,280   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 6/24 at 100.00   A–   6,823,974  
  1,355   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 12/25 at 100.00   A–   1,495,906  
  102,925   Total Louisiana         112,381,327  

 

78

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Maine – 0.4% (0.2% of Total Investments)            
$ 7,000   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 7/23 at 100.00   Ba1 $ 7,146,300  
  6,300   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/41 7/26 at 100.00   Ba1   6,478,164  
  1,050   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41 7/21 at 100.00   Ba3   1,135,586  
  14,350   Total Maine         14,760,050  
      Maryland – 1.3% (0.8% of Total Investments)            
      Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:            
  3,260   5.000%, 9/01/35 9/27 at 100.00   BBB–   3,624,305  
  2,650   5.000%, 9/01/42 9/27 at 100.00   BBB–   2,917,412  
  8,610   Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 5.000%, 7/01/41 1/27 at 100.00   A1   9,670,322  
  1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.250%, 7/01/31 7/21 at 100.00   BBB   1,098,620  
  3,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 7/22 at 100.00   A–   3,752,105  
  4,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Taxable Series 2017D., 4.000%, 7/01/48 1/28 at 100.00   A–   3,965,160  
  17,000   Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A, 5.000%, 5/01/47 5/28 at 100.00   AA–   19,227,340  
  2,000   Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 5.000%, 12/01/44 6/25 at 100.00   AA–   2,211,740  
  1,150   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Series 2017A-1, 5.000%, 11/01/37 11/24 at 103.00   N/R   1,246,750  
  2,100   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, 5.000%, 11/01/42 11/24 at 103.00   N/R   2,266,299  
  45,270   Total Maryland         49,980,053  
      Massachusetts – 2.8% (1.7% of Total Investments)            
      Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A:            
  970   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   N/R (5)   975,568  
  2,385   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   AAA   2,398,881  
  5,500   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 1/20 at 100.00   AA   5,740,900  
  14,375   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 1/20 at 100.00   A3   14,975,731  
  1,250   Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41 11/23 at 100.00   A   1,369,750  
  1,430   Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42, 144A 7/18 at 100.00   BB–   1,430,343  
  930   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 7/25 at 100.00   BBB   998,160  
  12,370   Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 10/26 at 100.00   A+   13,942,351  
  1,100   Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N, 5.000%, 12/01/46 12/26 at 100.00   A   1,227,402  
      Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:            
  8,800   5.000%, 1/01/45 1/25 at 100.00   Baa2   9,357,480  
  2,070   4.500%, 1/01/45 1/25 at 100.00   Baa2   2,116,534  
  2,700   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00   A2   2,958,876  

 

79

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Massachusetts (continued)            
$ 4,000   Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System Issue, Series 2017S., 4.000%, 7/01/35 1/28 at 100.00   AA– $ 4,113,000  
      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   1,485,943  
  1,545   5.000%, 9/01/45 9/25 at 100.00   BBB   1,663,996  
  3,000   Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured No Opt. Call   AA–   3,947,670  
  4,500   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J-1, 5.000%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   AA– (5)   4,659,705  
  3,335   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 10.173%, 7/01/34, 144A (Pre-refunded 7/01/19) (IF) 7/19 at 100.00   AA– (5)   3,690,111  
  500   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (5)   502,765  
  1,800   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 7/20 at 100.00   Baa3   1,875,762  
  900   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 7/21 at 100.00   A3   965,727  
  6,840   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 5/23 at 100.00   Aa2   7,525,300  
  7,500   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2016-XF2223, 7.686%, 8/15/24, 144A (IF) 8/22 at 100.00   Aa2   9,156,525  
  8,050   Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 7/21 at 100.00   A+   8,605,047  
  500   Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured 11/20 at 100.00   AA (5)   537,680  
  97,730   Total Massachusetts         106,221,207  
      Michigan – 5.0% (3.1% of Total Investments)            
  5,335   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A–   5,708,503  
  2,830   Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured No Opt. Call   BBB+   3,292,252  
  10,000   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 7/21 at 100.00   A–   10,742,800  
      Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001:            
  7,660   0.000%, 12/01/21 No Opt. Call   AAA   6,998,099  
  7,955   0.000%, 12/01/22 No Opt. Call   AAA   7,044,948  
  8,260   0.000%, 12/01/23 No Opt. Call   AAA   7,084,437  
  8,575   0.000%, 12/01/24 No Opt. Call   AAA   7,104,216  
  10,000   Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C, 5.000%, 7/01/35 7/26 at 100.00   A–   11,199,900  
  27,960   Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   A–   30,851,903  
  895   Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured 5/20 at 100.00   A2   937,190  
  1,105   Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured 5/20 at 100.00   A2 (5)   1,174,924  
  405   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/37 – AGM Insured 7/24 at 100.00   A2   445,946  
  1,300   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 7/22 at 100.00   A–   1,406,834  

 

80

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Michigan (continued)            
$ 12,020   Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017A., 4.000%, 12/01/36 12/27 at 100.00   AA– $ 12,259,679  
  9,965   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 12/21 at 100.00   AA–   10,795,184  
  35   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (5)   38,394  
  3,000   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/31 6/22 at 100.00   AA–   3,306,330  
  9,000   Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 11/26 at 100.00   Aa2   9,058,230  
  1,315   Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 1/22 at 100.00   BBB   1,373,925  
      Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I:            
  17,000   5.000%, 4/15/31 10/25 at 100.00   A+   19,303,840  
  1,615   5.000%, 4/15/38 10/25 at 100.00   A+   1,806,378  
  11,345   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   A3 (5)   11,995,976  
  2,000   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 6/22 at 100.00   AA–   2,131,120  
  4,575   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 6/18 at 100.00   B2   4,596,365  
  5,780   Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 3/22 at 100.00   A1   6,218,991  
  2,500   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29 (Pre-refunded 8/01/19) 8/19 at 100.00   A1 (5)   2,635,250  
  2,300   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   2,348,875  
  2,200   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45 12/25 at 100.00   A   2,416,458  
  5,000   Wayne State University, Michigan, General Revenue Bonds, Series 2018A., 5.000%, 11/15/43 11/28 at 100.00   A+   5,660,800  
  181,930   Total Michigan         189,937,747  
      Minnesota – 1.3% (0.8% of Total Investments)            
  285   Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.000%, 8/01/36 8/26 at 100.00   BB+   270,442  
  4,005   City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, Series 2016, 5.000%, 10/01/41 10/24 at 102.00   N/R   4,180,900  
      Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A:            
  2,130   3.500%, 8/01/25, 144A 8/22 at 100.00   N/R   1,990,634  
  1,000   5.000%, 8/01/46, 144A 8/22 at 100.00   N/R   993,930  
  11,010   Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 2/27 at 100.00   AA+   11,370,908  
      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–   3,990,315  
  5,000   5.000%, 1/01/46 1/27 at 100.00   AA–   5,680,150  
      Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A:            
  1,000   5.000%, 12/01/42 12/26 at 100.00   Aa3   1,135,710  
  1,355   5.000%, 12/01/47 12/26 at 100.00   Aa3   1,533,454  
  4,230   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 9/24 at 102.00   BBB–   4,079,708  
  3,000   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/30 7/25 at 100.00   A2   3,375,840  

 

81

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Minnesota (continued)            
$ 850   Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC Project, Refunding Series 2017, 5.000%, 9/01/42 9/27 at 100.00   N/R $ 906,058  
  580   St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/21 (ETM) No Opt. Call   A+ (5)   634,746  
      St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A:            
  550   5.250%, 11/15/35 (Pre-refunded 11/15/20) 11/20 at 100.00   A+ (5)   591,998  
  3,595   5.000%, 11/15/40 (Pre-refunded 11/15/25) 11/25 at 100.00   A+ (5)   4,208,810  
  5,315   5.000%, 11/15/44 (Pre-refunded 11/15/25) 11/25 at 100.00   A+ (5)   6,222,483  
  47,405   Total Minnesota         51,166,086  
      Mississippi – 0.6% (0.4% of Total Investments)            
  13,390   Medical Center Educational Building Corporation, Mississippi, Revenue Bonds, University of Mississippi Medical Center New Facilities & Refinancing Project, Series 2017A., 4.000%, 6/01/47 6/27 at 100.00   Aa2   13,460,699  
  9,705   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 10/18 at 100.00   Baa3   9,726,157  
  23,095   Total Mississippi         23,186,856  
      Missouri – 2.9% (1.8% of Total Investments)            
  2,585   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 10/22 at 100.00   Aa2   2,840,941  
      Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016:            
  2,470   4.000%, 8/01/33 8/26 at 100.00   Baa1   2,499,344  
  4,590   5.000%, 8/01/35 8/26 at 100.00   Baa1   4,866,410  
  640   4.000%, 8/01/38 8/26 at 100.00   Baa1   636,448  
      Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Healthcare System, Series 2017:            
  2,860   5.000%, 10/01/42 10/27 at 100.00   BBB+   3,124,664  
  1,000   5.000%, 10/01/47 10/27 at 100.00   BBB+   1,087,590  
      Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:            
  8,150   0.000%, 4/15/27 – AMBAC Insured No Opt. Call   A1   6,053,168  
  5,000   0.000%, 4/15/31 – AMBAC Insured No Opt. Call   A1   3,165,700  
      Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A:            
  2,475   4.000%, 1/01/38 1/28 at 100.00   AA   2,592,191  
  4,470   4.000%, 1/01/42 1/28 at 100.00   AA   4,625,780  
  500   Kansas City, Missouri, Water Revenue Bonds, Series 2017A, 3.250%, 12/01/34 12/26 at 100.00   Aa2   493,670  
  440   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 No Opt. Call   A3   454,326  
  1,350   Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/35 5/26 at 100.00   A+   1,489,766  
  1,400   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/42 6/27 at 100.00   A1   1,554,070  
  11,985   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 5/23 at 100.00   BBB   12,870,572  
  8,665   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45 1/25 at 100.00   AA   8,770,886  
  1,500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory put 1/01/46) 7/26 at 100.00   AA   1,506,165  
  17,300   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 11/23 at 100.00   A2   18,425,192  
  2,220   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C., 5.000%, 11/15/42 11/27 at 100.00   AA–   2,482,271  

 

82

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri (continued)            
$ 9,750   Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy Hospital, Series 2017A., 4.000%, 5/15/48 5/25 at 102.00   A+ $ 9,853,155  
      Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A:            
  1,900   5.000%, 2/01/36 2/26 at 100.00   BBB   2,043,735  
  2,550   5.000%, 2/01/46 2/26 at 100.00   BBB   2,716,541  
  4,685   Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A, 5.000%, 10/01/42 4/27 at 100.00   A1   5,241,859  
  7,085   Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/34 6/26 at 100.00   A2   7,991,951  
      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   1,728,047  
  2,535   5.000%, 12/01/32 12/25 at 100.00   AA   2,880,115  
  220   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   BBB+   249,196  
  110,000   Total Missouri         112,243,753  
      Montana – 0.2% (0.1% of Total Investments)            
  1,475   Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A, 5.250%, 5/15/47 5/25 at 102.00   N/R   1,535,239  
  2,580   Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits Health System Obligated Group, Refunding Series 2016, 5.000%, 2/15/41 2/27 at 100.00   A   2,835,575  
  3,310   Montana Facilities Finance Authority, Montana, Health Facilities Reveue Bonds, Bozeman Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 6/28 at 100.00   A   3,681,018  
  7,365   Total Montana         8,051,832  
      Nebraska – 1.0% (0.6% of Total Investments)            
  2,620   Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 9/22 at 100.00   BBB+   2,854,542  
  3,000   Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Series 2017, 5.000%, 11/15/47 5/27 at 100.00   A1   3,316,620  
      Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:            
  700   5.000%, 11/01/45 11/25 at 100.00   A–   761,019  
  1,400   5.000%, 11/01/48 11/25 at 100.00   A–   1,516,312  
  2,280   Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 11/21 at 100.00   A–   2,398,560  
  4,000   Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 9/22 at 100.00   AA   4,401,000  
      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   2,384,845  
  2,000   5.000%, 7/01/30 7/27 at 100.00   BBB   2,210,240  
  5,110   Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 4/01/38 10/26 at 100.00   A   5,668,268  
  10,000   Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 2/01/42 (Pre-refunded 2/01/22) 2/22 at 100.00   AA (5)   11,020,500  
  33,260   Total Nebraska         36,531,906  
      Nevada – 5.8% (3.7% of Total Investments)            
  6,030   Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 2017A, 5.000%, 9/01/47 9/27 at 100.00   BBB+   6,519,817  
  3,000   Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19) 7/19 at 100.00   Aa1 (5)   3,116,820  

 

83

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nevada (continued)            
$ 3,540   Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2010D, 5.000%, 7/01/24 1/20 at 100.00   AA– $ 3,703,937  
  2,600   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured 7/19 at 100.00   Aa3   2,692,898  
  27,000   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 1/20 at 100.00   A+   28,661,850  
      Clark County, Nevada, General Obligation Bonds, Limited Tax Bond Bank Additionally Secured by Pledged Revenues, Refunding Series 2009:            
  3,520   5.000%, 6/01/27 6/19 at 100.00   AA+   3,636,864  
  3,695   5.000%, 6/01/28 6/19 at 100.00   AA+   3,817,674  
  3,880   5.000%, 6/01/29 6/19 at 100.00   AA+   4,005,440  
  16,600   Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax Additionally Secured by Pledged Revenues, Series 2018A, 5.000%, 5/01/48 (WI/DD, Settling 5/01/18) 6/28 at 100.00   AA+   18,880,674  
      Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B:            
  4,915   5.000%, 7/01/25 1/20 at 100.00   AA+   5,156,621  
  4,160   5.000%, 7/01/26 1/20 at 100.00   AA+   4,363,840  
      Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A:            
  12,265   5.250%, 7/01/39 – AGM Insured 1/20 at 100.00   Aa3   12,889,043  
  35,860   5.250%, 7/01/42 1/20 at 100.00   A+   37,666,268  
  365   Director of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38 12/25 at 100.00   BB   372,629  
      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   2,379,028  
  1,525   4.000%, 9/01/27 9/26 at 100.00   N/R   1,557,483  
  2,660   4.000%, 9/01/29 9/26 at 100.00   N/R   2,676,758  
  2,920   4.000%, 9/01/30 9/26 at 100.00   N/R   2,919,883  
  10,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 5.000%, 6/01/38 6/21 at 100.00   AA+   10,718,200  
      Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:            
  5,000   5.000%, 6/01/32 12/24 at 100.00   AA+   5,637,550  
  10,000   5.000%, 6/01/33 12/24 at 100.00   AA+   11,243,200  
  7,170   5.000%, 6/01/39 12/24 at 100.00   AA+   7,993,188  
  11,915   5.000%, 6/01/39 (UB) 12/24 at 100.00   N/R   13,282,961  
      Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond Trust 2015-XF0233:            
  1,000   13.024%, 6/01/39, 144A (IF) 12/24 at 100.00   AA+   1,459,250  
  1,250   12.923%, 6/01/39, 144A (IF) 12/24 at 100.00   AA+   1,824,062  
  1,250   12.923%, 6/01/39, 144A (IF) 12/24 at 100.00   AA+   1,824,063  
  2,500   12.923%, 6/01/39, 144A (IF) 12/24 at 100.00   AA+   3,648,125  
  3,995   12.817%, 6/01/39, 144A (IF) No Opt. Call   AA+   5,828,585  
  4,100   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42 6/22 at 100.00   AA+   4,445,425  
  3,760   Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured 6/24 at 49.90   Baa2   1,427,935  
  8,540   Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 7/21 at 100.00   AA   9,247,624  
  207,315   Total Nevada         223,597,695  
      New Hampshire – 0.3% (0.2% of Total Investments)            
  8,000   New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   BBB (5)   8,465,680  
  1,500   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord Hospital, Series 2017., 5.000%, 10/01/47 10/27 at 100.00   A2   1,647,525  

 

84

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Hampshire (continued)            
      New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series 2018A.:            
$ 1,115   5.000%, 8/01/36 2/28 at 100.00   A $ 1,250,105  
  1,435   5.000%, 8/01/37 2/28 at 100.00   A   1,610,142  
  12,050   Total New Hampshire         12,973,452  
      New Jersey – 6.4% (4.0% of Total Investments)            
  20,890   New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, 5.500%, 6/15/30 12/26 at 100.00   BBB+   23,725,191  
      New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2014UU:            
  5,515   5.000%, 6/15/30 6/24 at 100.00   BBB+   5,857,647  
  5,000   5.000%, 6/15/40 6/24 at 100.00   BBB+   5,230,150  
  1,005   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2017DDD, 5.000%, 6/15/42 6/27 at 100.00   BBB+   1,067,692  
  6,975   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 3/21 at 100.00   BBB+   7,327,307  
  10,600   New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 No Opt. Call   BBB+   11,545,732  
  6,030   New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Refunding Series 2017., 5.000%, 6/01/37 – AGM Insured 6/27 at 100.00   A2   6,688,657  
  2,020   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 7/18 at 100.00   BB+   2,030,060  
  2,500   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A, 5.000%, 7/01/37 7/27 at 100.00   AA–   2,852,725  
  720   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 7/23 at 100.00   A+   808,783  
  10,970   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 7/26 at 100.00   A+   12,071,937  
  695   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 7/25 at 100.00   BBB   760,059  
      New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1:            
  3,050   5.000%, 6/15/28 6/26 at 100.00   Baa1   3,370,799  
  7,795   5.000%, 6/15/29 6/26 at 100.00   Baa1   8,557,117  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A:            
  5,000   0.000%, 12/15/26 No Opt. Call   BBB+   3,462,150  
  16,495   0.000%, 12/15/33 No Opt. Call   BBB+   7,935,415  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:            
  1,815   0.000%, 12/15/26 – AMBAC Insured No Opt. Call   AA+   1,394,628  
  10,000   0.000%, 12/15/30 – FGIC Insured No Opt. Call   BBB+   5,759,700  
  38,000   0.000%, 12/15/33 – AGM Insured No Opt. Call   A–   19,853,100  
  45,000   0.000%, 12/15/35 – AMBAC Insured No Opt. Call   BBB+   19,611,000  
  10,000   0.000%, 12/15/36 – AMBAC Insured No Opt. Call   BBB+   4,134,700  
  4,500   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured No Opt. Call   A–   4,598,055  
  10,500   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured 7/18 at 100.00   A2   10,522,050  
  5,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 No Opt. Call   BBB+   5,432,550  
  2,310   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 6/21 at 100.00   BBB+   2,448,115  

 

85

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
$ 1,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 6/22 at 100.00   BBB+ $ 1,036,820  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA:            
  5,500   5.000%, 6/15/29 6/23 at 100.00   BBB+   5,814,710  
  7,500   5.500%, 6/15/39 6/23 at 100.00   BBB+   8,019,375  
  14,000   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured No Opt. Call   A2   16,507,260  
  1,250   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017B, 4.000%, 1/01/35 1/28 at 100.00   A2   1,308,138  
      New Jersey Turnpike Authority, Revenue Bonds, Series 2009H:            
  1,750   5.000%, 1/01/36 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (5)   1,786,523  
  3,250   5.000%, 1/01/36 (Pre-refunded 1/01/19) 1/19 at 100.00   A (5)   3,317,828  
  1,315   New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 11.994%, 1/01/43, 144A (IF) (4) 7/22 at 100.00   A2   1,848,758  
      New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G.:            
  1,500   4.000%, 1/01/33 1/28 at 100.00   A2   1,586,220  
  635   4.000%, 1/01/43 1/28 at 100.00   A2   652,939  
  3,000   Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured No Opt. Call   Aa2   2,383,980  
      Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L:            
  2,000   5.000%, 5/01/38 5/23 at 100.00   A+   2,206,800  
  910   5.000%, 5/01/43 5/23 at 100.00   A+   1,003,202  
  15,235   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A, 5.000%, 6/01/46 6/28 at 100.00   BBB+   16,488,231  
  2,615   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 6/28 at 100.00   BBB   2,750,248  
  293,845   Total New Jersey         243,756,351  
      New Mexico – 0.1% (0.0% of Total Investments)            
  2,725   Rio Rancho, New Mexico, Water and Wastewater System Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured 5/19 at 100.00   A2   2,812,391  
      New York – 6.2% (3.9% of Total Investments)            
  7,000   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 No Opt. Call   BBB–   2,229,780  
  3,000   Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41 4/21 at 100.00   AAA   3,234,900  
  7,435   Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 (Pre-refunded 7/01/20) – AGM Insured 7/20 at 100.00   A2 (5)   7,991,361  
  12,830   Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50 7/25 at 100.00   A–   14,014,081  
  3,200   Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42 7/22 at 100.00   AA–   3,509,088  
  4,000   Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2013A, 5.000%, 7/01/43 7/23 at 100.00   AA–   4,414,160  
  1,000   Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/33, 144A 6/27 at 100.00   BBB–   1,086,590  
  14,075   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015B Group C, 5.000%, 2/15/36 2/25 at 100.00   Aa1   15,726,983  
  9,670   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A., 5.250%, 2/15/47 2/21 at 100.00   AA–   10,278,920  
  445   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A., 5.250%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (5)   484,116  

 

86

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 1,295   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 2/21 at 100.00   AA– $ 1,400,983  
  2,105   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (5)   2,318,405  
      Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:            
  1,045   4.000%, 9/01/39 – AGM Insured 9/24 at 100.00   A–   1,073,800  
  780   5.000%, 9/01/44 9/24 at 100.00   A–   857,033  
  5,000   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017., 5.000%, 9/01/47 9/27 at 100.00   A–   5,617,800  
  7,240   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 (Pre-refunded 5/01/21) 5/21 at 100.00   A– (5)   7,857,789  
  15,100   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42 9/22 at 100.00   A–   16,438,917  
  3,500   Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/30 2/21 at 100.00   AA   3,852,835  
  1,000   Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/23) 7/23 at 100.00   AA– (5)   1,136,470  
  2,100   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 12/20 at 100.00   AA+   2,273,229  
  4,400   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 6/19 at 100.00   AA+   4,555,408  
  7,225   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 6/23 at 100.00   AA+   7,945,405  
  5,000   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series EE, 5.000%, 6/15/37 6/27 at 100.00   AA+   5,740,900  
  3,500   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2018, Series 2017S-1, 4.000%, 7/15/36 7/27 at 100.00   AA   3,622,570  
  5,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 5/23 at 100.00   Aa1   5,524,400  
  2,060   New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 7/18 at 100.00   AA   2,326,358  
  10   New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 7/18 at 100.00   AA–   10,031  
  5   New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 7/18 at 100.00   AA   5,018  
  80   New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.750%, 8/01/18 7/18 at 100.00   AA   80,282  
  23,920   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 11/24 at 100.00   N/R   25,171,016  
  6,385   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51 11/21 at 100.00   A   7,083,072  
  10,000   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 No Opt. Call   BBB+   12,237,700  
  4,045   New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Tender Option Bond Trust 2016-XL0002, 10.350%, 6/15/26, 144A (IF) (4) 6/22 at 100.00   AAA   5,356,753  
  10   New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured 5/18 at 100.00   A2   10,027  
  8,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016, 5.000%, 1/01/51 (UB) (4) 1/26 at 100.00   A–   8,851,200  
  2,105   Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 7/22 at 100.00   N/R (5)   2,343,560  
  3,925   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38 12/23 at 100.00   AA–   4,374,609  

 

87

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:            
$ 8,550   5.500%, 12/01/31 12/20 at 100.00   BBB $ 9,251,613  
  3,710   6.000%, 12/01/42 12/20 at 100.00   BBB   4,059,742  
  9,950   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Tender Option Bond Trust 2016-XL0003, 5.705%, 11/15/21, 144A (IF) (4) No Opt. Call   AA–   11,309,170  
  5,000   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50 5/25 at 100.00   AA–   5,503,400  
      Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:            
  10,725   0.000%, 11/15/31 No Opt. Call   A+   6,696,475  
  1,105   0.000%, 11/15/32 No Opt. Call   A+   659,718  
  226,530   Total New York         238,515,667  
      North Carolina – 1.0% (0.6% of Total Investments)            
  3,555   Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2016-XL0012, 10.357%, 7/01/38, 144A (IF) (4) 7/20 at 100.00   AAA   4,217,083  
  1,000   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 1/21 at 100.00   AA–   1,075,200  
  9,485   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015, 5.000%, 10/01/55 (UB) (4) 10/25 at 100.00   AA+   10,583,742  
  3,560   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) 6/19 at 100.00   Aa2 (5)   3,681,716  
  5,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42 6/22 at 100.00   AA   5,427,300  
  1,455   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 6/22 at 100.00   A+   1,569,436  
      North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A:            
  3,300   5.000%, 10/01/31 10/22 at 100.00   A2   3,619,506  
  1,500   5.000%, 10/01/38 10/22 at 100.00   A2   1,632,840  
  2,720   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 10/24 at 102.00   N/R   2,906,592  
  1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   BBB– (5)   1,949,647  
  33,475   Total North Carolina         36,663,062  
      North Dakota – 0.9% (0.6% of Total Investments)            
  5,080   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22) 7/22 at 100.00   N/R (5)   5,516,982  
      Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011:            
  1,500   6.000%, 11/01/28 11/21 at 100.00   A+   1,696,800  
  3,910   6.250%, 11/01/31 11/21 at 100.00   A+   4,440,235  
  1,015   Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35 12/21 at 100.00   Baa1   1,068,237  
  4,635   Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A, 5.000%, 12/01/42 12/27 at 100.00   Baa1   5,062,440  
  900   Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 12/26 at 100.00   N/R   897,804  
  500   Grand Forks, North Dakota, Senior Housing and Nursing Facilities Revenue Bonds, Valley Homes Obligated Group, Series 2016A, 5.125%, 12/01/24 No Opt. Call   N/R   528,395  
  12,565   Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C., 5.000%, 6/01/43 6/28 at 100.00   BBB–   13,479,983  

 

88

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      North Dakota (continued)            
$ 1,420   Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 (8) 9/23 at 100.00   N/R $ 568,000  
  31,525   Total North Dakota         33,258,876  
      Ohio – 9.6% (6.0% of Total Investments)            
      Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016:            
  3,020   5.250%, 11/15/41 11/26 at 100.00   Baa2   3,299,803  
  8,255   5.250%, 11/15/46 11/26 at 100.00   Baa2   8,957,583  
  320   Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 5/22 at 100.00   A1   336,317  
      Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:            
  650   5.000%, 5/01/33 5/22 at 100.00   A2   700,915  
  860   4.000%, 5/01/33 5/22 at 100.00   A2   863,466  
  800   5.000%, 5/01/42 5/22 at 100.00   A2   854,872  
  10,990   Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & Improvement Series 2015A, 5.000%, 11/01/43 11/24 at 100.00   A2   11,834,691  
  6,000   Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 4.000%, 8/01/36 2/28 at 100.00   A2   6,028,620  
  2,750   Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, 5.000%, 6/01/42 6/27 at 100.00   A+   3,052,638  
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  4,570   5.375%, 6/01/24 6/18 at 100.00   Caa1   4,547,561  
  12,610   5.125%, 6/01/24 6/18 at 100.00   Caa1   12,418,832  
  9,665   5.875%, 6/01/30 6/18 at 100.00   Caa1   9,661,231  
  37,175   5.750%, 6/01/34 6/18 at 100.00   Caa1   36,957,154  
  14,555   6.000%, 6/01/42 6/18 at 100.00   B–   14,554,127  
  1,500   6.500%, 6/01/47 6/18 at 100.00   B–   1,521,000  
  33,485   5.875%, 6/01/47 6/18 at 100.00   B–   33,485,000  
  14,570   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   Caa1   14,895,494  
  6,000   Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29 (Pre-refunded 11/01/20) 11/20 at 100.00   A (5)   6,466,620  
  7,060   Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014., 5.000%, 12/01/51 6/23 at 100.00   Aa3   7,623,812  
  10,480   Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014., 5.000%, 12/01/51 (Pre-refunded 6/01/23) 6/23 at 100.00   N/R (5)   11,807,816  
  5,165   Cuyahoga Community College District, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2018., 4.000%, 12/01/38 6/26 at 100.00   AA   5,371,135  
  5,975   Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 6/23 at 100.00   Baa2   6,226,368  
  1,465   Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42 5/22 at 100.00   Aa2   1,566,041  
  6,345   Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 11/21 at 100.00   Aa2   6,794,099  
  5,170   Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A., 5.000%, 12/01/47 12/27 at 100.00   AA–   5,818,887  
  10,000   Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 5.500%, 4/01/39 4/19 at 100.00   A2   10,315,200  
      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–   1,596,405  
  1,120   5.000%, 1/01/52 1/27 at 100.00   BBB–   1,187,794  

 

89

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & Improvement Series 2016:            
$ 3,425   5.000%, 1/01/46 1/26 at 100.00   BBB– $ 3,637,350  
  6,000   5.000%, 1/01/51 1/26 at 100.00   BBB–   6,351,720  
      JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A:            
  6,920   5.000%, 1/01/38 1/23 at 100.00   Aa3   7,555,740  
  14,850   5.000%, 1/01/38 (UB) (4) 1/23 at 100.00   AA   16,214,270  
      JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052:            
  875   13.062%, 1/01/38, 144A (IF) (4) 1/23 at 100.00   AA   1,196,528  
  1,050   13.062%, 1/01/38, 144A (IF) (4) 1/23 at 100.00   AA   1,435,833  
  2,305   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 11/21 at 100.00   A+ (5)   2,604,765  
  6,000   Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured No Opt. Call   A2   7,139,460  
  4,380   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 7/18 at 100.00   BBB+   4,417,975  
  21,000   Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/49 11/24 at 100.00   AA+   23,449,440  
  9,365   Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series 2018A, 5.000%, 12/01/48 6/28 at 100.00   A2   10,507,062  
  7,500   Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 5.500%, 1/01/39 (Pre-refunded 1/01/19) 1/19 at 100.00   AA (5)   7,683,600  
  19,515   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 2/23 at 100.00   A+   21,106,448  
  7,550   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) 2/31 at 100.00   A+   7,216,516  
  9,000   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Series 2018A., 4.000%, 2/15/46 2/28 at 100.00   A+   9,189,900  
      Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:            
  135   5.750%, 12/01/32 12/22 at 100.00   BB–   145,673  
  130   6.000%, 12/01/42 12/22 at 100.00   BB–   140,102  
  4,190   Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured No Opt. Call   Aa3   4,957,566  
  3,670   Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 3/25 at 100.00   N/R   3,712,609  
  349,915   Total Ohio         367,406,038  
      Oklahoma – 0.4% (0.3% of Total Investments)            
  1,675   Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) 8/18 at 100.00   N/R (5)   1,691,985  
      Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B.:            
  2,905   5.250%, 8/15/48 8/28 at 100.00   BB+   3,188,005  
  1,380   5.500%, 8/15/52 8/28 at 100.00   BB+   1,544,413  
  3,190   5.500%, 8/15/57 8/28 at 100.00   BB+   3,547,376  
  4,000   Oklahoma Development Finance Authority, Revenue Bonds, Provident Oklahoma Education Resources Inc.- Cross Village Student Housing Project, Series 2017, 5.000%, 8/01/47 8/27 at 100.00   BBB–   4,261,400  
  1,125   Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 11/25 at 102.00   BBB–   1,242,484  
  14,275   Total Oklahoma         15,475,663  

 

90

 

  

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Oregon – 1.1% (0.7% of Total Investments)            
      Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2017A:            
$ 760   0.000%, 6/15/38 (7) 6/27 at 100.00   Aa1 $ 777,586  
  2,750   0.000%, 6/15/39 (7) 6/27 at 100.00   Aa1   2,809,125  
      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   1,506,356  
  1,705   5.000%, 6/15/39 6/27 at 100.00   Aa1   1,957,647  
  7,420   Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 6/26 at 100.00   A1   8,224,847  
      Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A:            
  6,240   5.000%, 10/01/35 10/26 at 100.00   BBB+   6,888,211  
  2,260   5.000%, 10/01/46 10/26 at 100.00   BBB+   2,445,207  
  8,890   Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2013A, 5.000%, 11/15/38 11/23 at 100.00   Aa1   9,876,790  
  5,265   Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A, 5.000%, 5/15/46 5/26 at 100.00   A+   5,771,493  
  36,600   Total Oregon         40,257,262  
      Pennsylvania – 5.9% (3.7% of Total Investments)            
      Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A:            
  1,250   5.500%, 8/15/34 8/19 at 100.00   A+   1,303,613  
  3,000   5.625%, 8/15/39 8/19 at 100.00   A+   3,127,140  
      Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998:            
  3,125   0.000%, 5/15/22 – AGM Insured No Opt. Call   A2   2,792,156  
  3,125   0.000%, 5/15/23 – AGM Insured No Opt. Call   A2   2,695,156  
  3,135   0.000%, 5/15/24 – AGM Insured No Opt. Call   A2   2,608,383  
  3,155   0.000%, 5/15/26 – AGM Insured No Opt. Call   A2   2,452,318  
  4,145   0.000%, 11/15/26 – AGM Insured No Opt. Call   A2   3,166,365  
  2,800   0.000%, 5/15/28 – AGM Insured No Opt. Call   A2   2,020,004  
  3,000   0.000%, 11/15/28 – AGM Insured No Opt. Call   A2   2,127,180  
  1,200   Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2018A., 5.000%, 11/15/42 11/27 at 100.00   A   1,333,548  
  1,835   Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 5/20 at 100.00   AA   1,924,383  
  5,165   Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (5)   5,476,863  
  895   Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018, 5.000%, 6/01/34 6/28 at 100.00   A   996,914  
  2,150   Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 6/22 at 100.00   A+   2,337,200  
  1,060   Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19 7/18 at 100.00   Ba1   1,062,809  
  26,595   Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017, 5.000%, 7/01/42 7/27 at 100.00   A   29,987,192  
  3,500   Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured 1/20 at 100.00   A2   3,660,895  
  1,050   Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured No Opt. Call   A1   1,242,360  
  4,000   Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured 12/21 at 100.00   A2   4,121,560  

 

91

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 2,900   Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement Community, Series 2017A, 5.000%, 12/01/47 6/27 at 100.00   N/R $ 2,935,786  
      Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B:            
  4,480   0.000%, 12/01/31 No Opt. Call   A   2,612,826  
  5,180   0.000%, 12/01/32 No Opt. Call   A   2,874,589  
  9,270   Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 12/23 at 100.00   A   10,145,366  
  5,410   Montgomery County Higher Education and Health Authority, Pennsylvaina, Revenue Bonds, Thomas Jefferson University, Series 2018A, 5.000%, 9/01/48 (WI/DD, Settling 5/03/18) 9/28 at 100.00   A2   5,984,380  
  1,040   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) 8/20 at 100.00   N/R (5)   1,116,242  
  5,000   Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 1/25 at 100.00   BB+   5,279,700  
  3,210   Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 11/26 at 100.00   A–   3,555,107  
  630   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23 (cash 5.000%, PIK 5.000%) (8) 7/18 at 100.00   N/R   189,062  
  97   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23 (cash 5.000%, PIK 5.000%) (9) 7/18 at 100.00   N/R   28,952  
  1,700   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 4.000%, 11/01/32 11/22 at 100.00   Ba1   1,510,008  
      Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2010A1&2:            
  1,250   5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (5)   1,357,500  
  5,725   5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   A2 (5)   6,217,350  
      Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2011B:            
  965   5.000%, 12/01/41 12/21 at 100.00   A2   1,032,743  
  1,035   5.000%, 12/01/41 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (5)   1,137,237  
  3,115   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2013A, 5.000%, 12/01/36 12/22 at 100.00   A2   3,383,887  
  16,805   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 6.375%, 12/01/38 12/27 at 100.00   A–   20,785,600  
  5,575   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 12/25 at 100.00   A1   6,123,524  
  6,340   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, 5.000%, 12/01/41 6/26 at 100.00   A1   6,994,795  
  19,250   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured 6/26 at 100.00   A2   23,647,085  
  1,445   Philadelphia Authority for Industrial Development Senior Living Facilities, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A, 5.000%, 7/01/37 7/27 at 100.00   BB   1,535,486  
  26,765   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (5)   28,353,503  
  505   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 7/22 at 100.00   Ba1   546,420  
  1,425   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) 8/20 at 100.00   A– (5)   1,562,855  
  3,410   Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM) No Opt. Call   A1 (5)   4,091,829  

 

92

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 3,415   Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured 8/20 at 100.00   A1 $ 3,604,908  
  1,125   Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured 12/21 at 100.00   AA (5)   1,245,780  
  1,930   Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 1/23 at 100.00   BB+   1,938,897  
  213,182   Total Pennsylvania         224,227,456  
      Puerto Rico – 0.6% (0.4% of Total Investments)            
  625   Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/25 – NPFG Insured 7/18 at 100.00   D   625,000  
  1,000   Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – NPFG Insured No Opt. Call   D   1,023,510  
  1,305   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/23 – NPFG Insured No Opt. Call   Baa2   1,340,731  
  1,000   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured No Opt. Call   C   1,000,550  
  4,300   Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 7/18 at 100.00   A2   4,461,809  
  5,880   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured 8/20 at 100.00   D   6,045,052  
  51,225   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured No Opt. Call   D   6,691,009  
  65,335   Total Puerto Rico         21,187,661  
      Rhode Island – 0.5% (0.4% of Total Investments)            
  1,315   Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 5/26 at 100.00   BBB+   1,413,007  
  174,390   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 7/18 at 100.00   CCC+   19,786,289  
  2,235   Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Revenue Bonds, Series 2016A, 5.000%, 10/01/40 4/26 at 100.00   A   2,484,515  
  177,940   Total Rhode Island         23,683,811  
      South Carolina – 3.0% (1.9% of Total Investments)            
  6,820   Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/46 5/26 at 100.00   A+   7,433,868  
      Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:            
  26,955   0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A–   16,985,693  
  15,420   0.000%, 1/01/32 – AMBAC Insured No Opt. Call   A–   9,268,962  
  375   South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 8/21 at 100.00   AA (5)   424,369  
  10,000   South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/56 12/26 at 100.00   A+   10,727,500  
  7,850   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 12/24 at 100.00   A+   8,403,111  
  6,790   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 12/23 at 100.00   A+   7,255,998  
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A:            
  2,000   5.000%, 12/01/49 6/24 at 100.00   A+   2,124,680  
  17,240   5.500%, 12/01/54 6/24 at 100.00   A+   18,836,941  
  20,035   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 12/25 at 100.00   A+   21,822,122  

 

93

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      South Carolina (continued)            
$ 4,800   South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40 (Pre-refunded 10/01/19) 10/19 at 100.00   A (5) $ 5,021,136  
  4,500   Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32 4/22 at 100.00   A3   4,890,780  
  122,785   Total South Carolina         113,195,160  
      South Dakota – 0.8% (0.5% 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   3,058,230  
  3,150   5.125%, 11/01/47 11/26 at 100.00   BB   3,225,159  
  8,800   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health System, Series 2014, 5.000%, 7/01/44 7/24 at 100.00   A1   9,540,960  
  3,565   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 11/24 at 100.00   A+   3,860,432  
  8,260   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A+   9,030,988  
  26,775   Total South Dakota         28,715,769  
      Tennessee – 1.2% (0.8% of Total Investments)            
  10,670   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   11,348,399  
      Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004:            
  770   5.000%, 10/01/22 (Pre-refunded 10/01/19) – AGM Insured 10/19 at 100.00   A2 (5)   802,255  
  2,470   5.000%, 10/01/22 (Pre-refunded 10/01/19) – AGM Insured 10/19 at 100.00   A2 (5)   2,576,976  
  2,065   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 8/22 at 100.00   Baa1   2,165,380  
  95   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured 7/23 at 100.00   Baa1 (5)   95,238  
      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   5,484,650  
  1,000   5.000%, 9/01/47 9/26 at 100.00   BBB   1,078,280  
      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   489,994  
  1,745   5.000%, 4/01/36 4/27 at 100.00   BBB   1,885,577  
      Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A:            
  1,160   5.000%, 10/01/41 10/26 at 100.00   BBB   1,249,877  
  2,055   5.000%, 10/01/45 10/26 at 100.00   BBB   2,208,118  
  11,000   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   A3   12,047,860  
  4,120   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured No Opt. Call   N/R   4,241,911  
  42,595   Total Tennessee         45,674,515  
      Texas – 13.0% (8.1% of Total Investments)            
  18,000   Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A., 5.000%, 2/15/48 – AGM Insured 2/28 at 100.00   A1   20,140,920  
  14,615   Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (4) 11/25 at 100.00   AA–   16,291,487  

 

94

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 3,035   Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 5.500%, 8/15/49 – AGM Insured 8/19 at 100.00   A– $ 3,158,464  
  9,790   Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding & Improvement Series 2016, 4.000%, 7/01/41 7/26 at 100.00   A+   9,932,836  
  2,500   Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 4/20 at 100.00   Baa1   2,660,525  
  1,000   Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2002, 0.000%, 8/15/32 – FGIC Insured No Opt. Call   Baa2   600,660  
  1,330   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 1/01/43 1/23 at 100.00   Baa2   1,430,508  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  2,080   5.750%, 1/01/31 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (5)   2,269,966  
  1,000   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (5)   1,097,760  
  6,940   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (5)   7,663,079  
  7,750   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/45 7/25 at 100.00   Baa2   8,434,480  
      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–   1,935,260  
  1,000   4.400%, 12/01/47 12/22 at 100.00   BBB–   1,005,330  
  2,500   Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23 No Opt. Call   Aaa   2,225,000  
  6,340   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 11/21 at 100.00   A   6,816,958  
  160   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 9/24 at 100.00   BB+   170,067  
  3,700   El Paso Independent School District, El Paso County, Texas, General Obligation Bonds, School Building Series 2017, 5.000%, 8/15/42 8/26 at 100.00   Aaa   4,166,866  
  1,500   El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33 8/20 at 100.00   A   1,596,900  
      Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B:            
  16,920   5.000%, 4/01/53 10/23 at 100.00   AA   18,308,794  
  15,000   5.000%, 4/01/53 (UB) 10/23 at 100.00   AA+   16,231,200  
  6,610   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228 13.062%, 4/01/53, 144A (IF) 10/23 at 100.00   AA+   8,780,790  
      Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015:            
  2,320   5.000%, 12/01/45 6/25 at 100.00   AA   2,554,854  
  2,845   4.000%, 12/01/45 6/25 at 100.00   AA   2,865,882  
  4,040   Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Options Bond Trust 2015-XF2184, 11.058%, 8/15/28 – AGM Insured, 144A (IF) (4) No Opt. Call   AAA   6,821,298  
      Harris County, Texas, Toll Road Senior Lien Revenue Bonds, Refunding Series 2018A.:            
  13,890   5.000%, 8/15/43 2/28 at 100.00   Aa2   15,850,435  
  7,000   4.000%, 8/15/48 2/28 at 100.00   Aa2   7,130,410  
      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   425,444  
  2,390   0.000%, 11/15/42 – AGM Insured 11/31 at 59.73   AA   808,991  
  2,660   0.000%, 11/15/43 – AGM Insured 11/31 at 56.93   AA   855,908  
  7,260   0.000%, 11/15/44 – AGM Insured 11/31 at 54.25   AA   2,220,181  
  10,440   0.000%, 11/15/45 – AGM Insured 11/31 at 51.48   AA   3,021,336  
  7,165   0.000%, 11/15/49 – AGM Insured 11/31 at 41.91   AA   1,679,333  
  3,000   0.000%, 11/15/52 – AGM Insured 11/31 at 35.81   AA   598,470  

 

95

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 3,885   Houston Independent School District Public Facility Corporation, Harris County, Texas, Lease Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured No Opt. Call   AA $ 3,779,522  
      Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B:            
  2,000   5.000%, 7/01/43 7/28 at 100.00   A   2,274,800  
  2,710   5.000%, 7/01/48 7/28 at 100.00   A   3,069,915  
  4,930   Houston, Texas, Airport System Revenue Bonds, Refunding Senior Lien Series 2009A, 5.500%, 7/01/39 7/18 at 100.00   AA–   4,958,939  
  4,550   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B, 5.000%, 7/01/31 7/22 at 100.00   A   4,950,036  
  990   Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – AGM Insured No Opt. Call   A   1,132,570  
  2,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 11/20 at 100.00   AA   2,155,820  
  6,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 11/21 at 100.00   AA   6,498,240  
      5.000%, 11/15/40            
      Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:            
  1,495   0.000%, 9/01/23 – AMBAC Insured No Opt. Call   A2   1,293,130  
  10,850   0.000%, 9/01/25 – AMBAC Insured No Opt. Call   A–   8,615,876  
  1,715   0.000%, 9/01/32 – AMBAC Insured No Opt. Call   A–   970,879  
  2,870   Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 8/21 at 100.00   A+   3,064,557  
  2,340   Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 3/01/41 – AGM Insured 3/21 at 100.00   Aa3   2,497,505  
      Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A:            
  2,725   5.000%, 8/15/40 8/25 at 100.00   AAA   3,094,456  
  4,000   4.000%, 8/15/41 8/25 at 100.00   AAA   4,153,560  
  3,000   Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 11/20 at 100.00   BBB+   3,203,790  
  8,305   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 5/25 at 100.00   A   9,032,684  
      McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:            
  1,780   5.750%, 12/01/33 12/25 at 100.00   B1   1,870,157  
  1,800   6.125%, 12/01/38 12/25 at 100.00   B1   1,904,274  
      Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2017:            
  16,285   5.000%, 1/01/36 1/27 at 100.00   A3   17,841,195  
  10,040   5.000%, 1/01/38 – AGM Insured 1/27 at 100.00   A2   11,069,903  
  850   New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communities Crestview Project, Series 2016, 5.000%, 11/15/31 11/24 at 102.00   BB+   894,608  
  4,290   North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured 12/21 at 100.00   A2   4,624,877  
      North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:            
  1,880   0.000%, 9/01/43 (Pre-refunded 9/01/31) (7) 9/31 at 100.00   N/R (5)   2,031,227  
  7,990   0.000%, 9/01/45 (Pre-refunded 9/01/31) (7) 9/31 at 100.00   N/R (5)   9,450,172  
  4,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 1/25 at 100.00   A   4,802,240  
  2,125   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/28 – AGC Insured No Opt. Call   A1   1,568,038  
      North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B:            
  10,260   5.000%, 1/01/40 1/23 at 100.00   A   11,095,369  
  12,205   5.000%, 1/01/45 1/25 at 100.00   A   13,299,300  

 

96

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:            
$ 6,285   5.000%, 1/01/33 1/25 at 100.00   A– $ 6,974,779  
  4,000   5.000%, 1/01/34 1/25 at 100.00   A–   4,416,200  
  4,000   5.000%, 1/01/35 1/25 at 100.00   A–   4,406,160  
  2,250   Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s University Project, Series 2016, 4.000%, 6/01/36 6/26 at 100.00   Baa2   2,274,750  
  1,000   Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (8) 7/18 at 100.00   N/R   10  
  3,170   Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41 (Pre-refunded 10/01/20) 10/20 at 100.00   AA– (5)   3,394,531  
  2,410   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 11/21 at 100.00   AA–   2,590,654  
  3,480   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 9/23 at 100.00   A   3,792,643  
      Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:            
  430   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (5)   463,252  
  5,350   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (5)   5,776,234  
  4,000   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43 8/23 at 100.00   AA–   4,371,840  
  2,500   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 8/26 at 100.00   AA   2,792,350  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  14,815   5.000%, 12/15/27 12/22 at 100.00   BBB   16,197,536  
  7,925   5.000%, 12/15/28 12/22 at 100.00   BBB   8,643,005  
  6,550   5.000%, 12/15/30 12/22 at 100.00   BBB   7,113,889  
  2,340   5.000%, 12/15/32 12/22 at 100.00   BBB   2,530,944  
  2,500   Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/31 4/22 at 100.00   AAA   2,742,375  
  17,760   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   19,118,640  
  7,345   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37 8/24 at 100.00   A–   8,039,543  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:            
  3,650   5.000%, 8/15/33 8/24 at 100.00   BBB   3,990,801  
  1,600   5.000%, 8/15/37 8/24 at 100.00   BBB   1,736,176  
  48,905   5.000%, 8/15/42 8/24 at 100.00   BBB   52,837,940  
  4,000   Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured No Opt. Call   A–   3,229,120  
      Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010:            
  4,000   0.000%, 8/15/32 8/20 at 53.57   AAA   2,039,560  
  4,275   0.000%, 8/15/36 No Opt. Call   AAA   1,719,405  
  490,310   Total Texas         496,140,368  
      Utah – 0.9% (0.6% of Total Investments)            
  5,760   Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 (Pre-refunded 3/01/20) – AGC Insured 3/20 at 100.00   AA (5)   6,075,302  
  12,335   Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 8/19 at 100.00   AA+   12,795,712  
      Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B:            
  3,560   5.000%, 7/01/42 7/27 at 100.00   A2   4,023,049  
  1,975   5.000%, 7/01/47 7/27 at 100.00   A2   2,225,252  

 

97

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utah (continued)            
$ 4,255   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre-refunded 6/15/18) 6/18 at 100.00   Aa2 (5) $ 4,272,786  
  4,250   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured 6/18 at 100.00   Aa2 (5)   4,266,490  
  32,135   Total Utah         33,658,591  
      Vermont – 0.3% (0.1% of Total Investments)            
      University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2015:            
  1,000   4.000%, 10/01/40 10/25 at 100.00   A+   1,025,150  
  10,000   5.000%, 10/01/45 10/25 at 100.00   A+   11,151,400  
  11,000   Total Vermont         12,176,550  
      Virginia – 2.2% (1.4% of Total Investments)            
  430   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (7) 7/28 at 100.00   BBB   368,213  
  1,800   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 11/22 at 100.00   A   1,979,028  
  11,960   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   12,691,474  
  18,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (7) 10/28 at 100.00   BBB+   22,545,720  
  7,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured No Opt. Call   A3   3,273,760  
  32,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured 10/26 at 100.00   A3   40,272,640  
  2,000   Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 4.000%, 11/01/33 11/22 at 100.00   A+   2,056,380  
  245   Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 7/20 at 100.00   A1   255,863  
  5   Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20) 7/20 at 100.00   A1 (5)   5,320  
  73,440   Total Virginia         83,448,398  
      Washington – 3.5% (2.2% of Total Investments)            
  7,000   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 11/26 at 100.00   Aa1   7,970,060  
  12,235   Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured No Opt. Call   Aa3   9,459,123  
  2,575   King County Public Hospital District 1, Washington, Limited Tax General Obligation Bonds, Refunding Series 2008A, 5.000%, 12/01/37 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   A2 (5)   2,581,747  
  4,200   King County Public Hospital District 1, Washington, Limited Tax General Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/36 12/26 at 100.00   A   4,693,080  
  15,000   King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 1/22 at 100.00   AA+   16,038,300  
  2,500   King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 (Pre-refunded 1/01/19) 1/19 at 100.00   AA+ (5)   2,557,100  
  3,000   Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/40 10/24 at 100.00   A+   3,292,560  
  1,250   Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 12/23 at 100.00   AA   1,351,513  
  12,515   Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 12/01/38 6/23 at 100.00   A+   13,606,058  
  8,310   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A3   8,831,203  

 

98

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Washington (continued)            
$ 4,415   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (5) $ 4,794,690  
      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–   4,394,280  
  10,000   4.250%, 10/01/40 10/22 at 100.00   AA–   10,266,900  
  3,135   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30 10/22 at 100.00   Aa2   3,439,910  
  8,230   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 10/22 at 100.00   Aa2   8,916,135  
  7,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 7/19 at 100.00   A3 (5)   7,324,450  
  8,000   Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2008A, 5.250%, 8/15/34 (Pre-refunded 8/15/18) – AGM Insured 8/18 at 100.00   Aa3 (5)   8,081,120  
  500   Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A, 5.000%, 1/01/46, 144A 1/25 at 102.00   BB+   522,120  
  9,000   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured No Opt. Call   AA+   6,633,180  
  10,855   Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured No Opt. Call   AA+   10,492,769  
  133,720   Total Washington         135,246,298  
      West Virginia – 0.7% (0.4% of Total Investments)            
      West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A:            
  3,000   5.375%, 6/01/38 6/23 at 100.00   A   3,300,690  
  16,845   5.500%, 6/01/44 6/23 at 100.00   A   18,523,604  
  3,000   West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured No Opt. Call   N/R   3,266,430  
  22,845   Total West Virginia         25,090,724  
      Wisconsin – 3.4% (2.2% of Total Investments)            
      Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A.:            
  6,000   5.000%, 6/15/38 6/26 at 100.00   BBB–   6,382,260  
  2,335   5.000%, 6/15/48 6/26 at 100.00   BBB–   2,467,231  
      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 – ACA Insured, 144A No Opt. Call   N/R   1,296  
  42   0.000%, 1/01/47 – ACA Insured, 144A No Opt. Call   N/R   1,276  
  42   0.000%, 1/01/48 – ACA Insured, 144A No Opt. Call   N/R   1,266  
  42   0.000%, 1/01/49 – ACA Insured, 144A No Opt. Call   N/R   1,256  
  41   0.000%, 1/01/50 – ACA Insured, 144A No Opt. Call   N/R   1,237  
  45   0.000%, 1/01/51 – ACA Insured, 144A No Opt. Call   N/R   1,354  
  1,176   3.750%, 7/01/51 – ACA Insured, 144A 3/28 at 100.00   N/R   1,167,153  
  45   0.000%, 1/01/52 – ACA Insured, 144A No Opt. Call   N/R   1,344  
  44   0.000%, 1/01/53 – ACA Insured, 144A No Opt. Call   N/R   1,325  
  44   0.000%, 1/01/54 – ACA Insured, 144A No Opt. Call   N/R   1,315  
  43   0.000%, 1/01/55 – ACA Insured, 144A No Opt. Call   N/R   1,296  
  43   0.000%, 1/01/56 – ACA Insured, 144A No Opt. Call   N/R   1,277  
  42   0.000%, 1/01/57 – ACA Insured, 144A No Opt. Call   N/R   1,267  
  42   0.000%, 1/01/58 – ACA Insured, 144A No Opt. Call   N/R   1,248  
  42   0.000%, 1/01/59 – ACA Insured, 144A No Opt. Call   N/R   1,238  
  41   0.000%, 1/01/60 – ACA Insured, 144A No Opt. Call   N/R   1,228  
  41   0.000%, 1/01/61 – ACA Insured, 144A No Opt. Call   N/R   1,209  
  40   0.000%, 1/01/62 – ACA Insured, 144A No Opt. Call   N/R   1,200  
  40   0.000%, 1/01/63 – ACA Insured, 144A No Opt. Call   N/R   1,181  
  39   0.000%, 1/01/64 – ACA Insured, 144A No Opt. Call   N/R   1,171  
  39   0.000%, 1/01/65 – ACA Insured, 144A No Opt. Call   N/R   1,162  
  38   0.000%, 1/01/66 – ACA Insured, 144A No Opt. Call   N/R   1,143  
  501   0.000%, 1/01/67 – ACA Insured, 144A No Opt. Call   N/R   14,878  

 

99

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)
   

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
$ 4,100   University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/38 4/23 at 100.00   AA– $ 4,493,559  
  5,140   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/34 5/26 at 100.00   Aa2   5,271,481  
  1,240   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39 4/20 at 100.00   A2   1,303,922  
  6,775   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25 7/21 at 100.00   A2   7,295,117  
  2,500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2013A, 5.125%, 4/15/31 4/23 at 100.00   A2   2,711,625  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A:            
  1,000   5.000%, 9/01/30 9/27 at 100.00   BBB+   1,109,230  
  1,110   5.000%, 9/01/31 9/27 at 100.00   BBB+   1,225,695  
  1,100   5.000%, 9/01/32 9/27 at 100.00   BBB+   1,209,175  
  1,725   5.000%, 9/01/33 9/27 at 100.00   BBB+   1,886,253  
  1,775   5.000%, 9/01/34 9/27 at 100.00   BBB+   1,929,283  
  1,910   5.000%, 9/01/35 9/27 at 100.00   BBB+   2,072,904  
  2,065   5.000%, 9/01/36 9/27 at 100.00   BBB+   2,236,085  
  1,015   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42 10/22 at 100.00   AA–   1,079,300  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 10/21 at 100.00   A1   1,069,530  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:            
  1,000   5.000%, 2/15/27 2/22 at 100.00   A–   1,077,720  
  1,000   5.000%, 2/15/28 2/22 at 100.00   A–   1,076,600  
  4,735   5.000%, 2/15/40 2/22 at 100.00   A–   5,013,844  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A:            
  6,375   5.000%, 2/15/42 2/26 at 100.00   A–   6,921,848  
  6,500   5.000%, 2/15/46 2/26 at 100.00   A–   7,039,305  
  2,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016B, 5.000%, 2/15/35 2/26 at 100.00   A–   2,185,700  
  13,475   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2017C, 5.000%, 2/15/47 2/27 at 100.00   A–   14,567,957  
  5,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 11/26 at 100.00   AA–   5,558,800  
  7,625   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 6/22 at 100.00   A3   8,032,480  
  1,420   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured No Opt. Call   A1   1,504,064  
  2,650   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 8/22 at 100.00   N/R (5)   2,936,942  

 

100

 

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s Communities Inc., Series 2018A:            
$ 1,500   5.000%, 9/15/45 9/23 at 100.00   BBB– $ 1,554,165  
  5,455   5.000%, 9/15/50 9/23 at 100.00   BBB–   5,638,724  
      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   1,155,455  
  955   5.000%, 6/01/41 6/25 at 103.00   N/R   990,182  
  10,230   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc., Series 2015, 5.000%, 12/15/44 12/24 at 100.00   A1   10,948,248  
      Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:            
  955   5.750%, 5/01/33 (Pre-refunded 5/01/19) 5/19 at 100.00   N/R (5)   992,312  
  9,115   5.750%, 5/01/33 (Pre-refunded 5/01/19) 5/19 at 100.00   AA– (5)   9,471,123  
  124,445   Total Wisconsin         131,616,439  
      Wyoming – 0.5% (0.3% of Total Investments)            
  4,080   Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 7/19 at 100.00   A3   4,252,339  
     
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
           
  9,625   Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/37 9/23 at 100.00   BB+   9,882,372  
      Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:            
  2,000   5.500%, 12/01/27 12/21 at 100.00   BBB+   2,143,200  
  1,000   6.000%, 12/01/36 12/21 at 100.00   BBB+   1,087,630  
  16,705   Total Wyoming         17,365,541  
$ 6,357,802   Total Municipal Bonds (cost $5,699,705,864)         6,070,238,977  

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)                
      Transportation – 0.0% (0.0% of Total Investments)                
$ 1,082   Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 5.500%   7/15/19   N/R $ 691,916  
  299   Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 5.500%   7/15/55   N/R   149,574  
$ 1,381   Total Corporate Bonds (cost $84,119)             841,490  
      Total Long-Term Investments (cost $5,699,789,983)             6,071,080,467  

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.6% (0.4% of Total Investments)            
      MUNICIPAL BONDS – 0.6% (0.4% of Total Investments)            
      Mississippi – 0.1% (0.0% of Total Investments)            
$ 2,500   Mississippi Business Finance Corporation, Gulf Opportunity Zone Industrial Development Revenue Bonds, Chevron U.S.A. Inc. Project, Variable Rate Demand Obligations, Series 2010I, 0.950%, 11/01/35 (12) 8/18 at 100.00   A-1+ $ 2,500,000  

 

 

101

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)
   

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York – 0.5% (0.4% of Total Investments)            
$ 21,035   New York City, New York, General Obligation Bonds, Variable Rate Demand Obligations, Fiscal 2018 Series B-5, 1.560%, 10/01/46 (12) 7/18 at 100.00   VMIG-1 $ 21,035,000  
$ 23,535   Total Short-Term Investments (cost $23,535,000)         23,535,000  
      Total Investments (cost $5,723,324,983) – 159.4%         6,094,615,467  
      Floating Rate Obligations – (2.3)%         (87,010,000 )
      MuniFund Term Preferred Shares, net of deferred offering costs – (25.0)% (13)         (957,117,615 )
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (33.6)% (14)         (1,282,611,906 )
      Other Assets Less Liabilities – 1.5%         55,003,097  
      Net Assets Applicable to Common Shares – 100%       $ 3,822,879,043  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(7) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(8) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(9) On July 1, 2017, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.000% to 2.000%.
(10) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(11) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(12) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(13) MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 15.7%.
(14) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 21.0%.
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 registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

 

See accompanying notes to financial statements.

102

 

 

Statement of Assets and Liabilities

April 30, 2018 (Unaudited)

 

      NAD     NEA  
Assets              
Long-term investments, at value (cost $4,570,341,404 and $5,699,789,983, respectively)   $ 4,824,757,861   $ 6,071,080,467  
Short-term investments, at value (cost approximates value)     5,450,000     23,535,000  
Cash         3,559,281  
Receivable for:              
Dividends and interest     66,015,631     79,237,237  
Investments sold     24,188,513     14,881,106  
Other assets     1,231,327     1,964,049  
Total assets     4,921,643,332     6,194,257,140  
Liabilities              
Cash overdraft     1,788,482      
Floating rate obligations     107,360,000     87,010,000  
Payable for:              
Dividends     11,002,354     14,444,809  
Interest     1,145,759      
Investments purchased     19,017,948     24,877,863  
Offering costs     176,370     453,798  
MuniFund Term Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $607,000,000 and $958,000,000, respectively)     606,702,738     957,117,615  
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $545,500,000 and $—, respectively)     545,479,487      
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $632,000,000 and $1,290,300,000, respectively)     629,397,121     1,282,611,906  
Accrued expenses:              
Management fees     2,252,839     2,831,588  
Trustees fees     748,501     981,620  
Other     813,250     1,048,898  
Total liabilities     1,925,884,849     2,371,378,097  
Net assets applicable to common shares   $ 2,995,758,483   $ 3,822,879,043  
Common shares outstanding     201,882,267     262,776,347  
Net asset value (“NAV”) per common share outstanding   $ 14.84   $ 14.55  
Net assets applicable to common shares consist of:              
Common shares, $0.01 par value per share   $ 2,018,823   $ 2,627,763  
Paid-in surplus     2,778,838,522     3,513,792,827  
Undistributed (Over-distribution of) net investment income     (6,299,816 )   (6,832,406 )
Accumulated net realized gain (loss)     (33,215,503 )   (57,999,625 )
Net unrealized appreciation (depreciation)     254,416,457     371,290,484  
Net assets applicable to common shares   $ 2,995,758,483   $ 3,822,879,043  
Authorized shares:              
Common     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited  

See accompanying notes to financial statements.

103

 

Statement of Operations

Six Months Ended April 30, 2018 (Unaudited)

 

      NAD     NEA  
Investment Income   $ 104,194,258   $ 132,535,329  
Expenses              
Management fees     13,487,811     16,989,704  
Interest expense and amortization of offering costs     16,639,985     18,710,487  
Liquidity fees     2,750,889     5,550,557  
Remarketing fees     317,756     643,734  
Custodian fees     235,716     287,442  
Trustees fees     63,128     81,231  
Professional fees     142,304     145,366  
Shareholder reporting expenses     132,443     162,794  
Shareholder servicing agent fees     66,147     79,742  
Stock exchange listing fees     28,050     36,503  
Investor relations expenses     159,572     203,604  
Other     104,034     127,018  
Total expenses     34,127,835     43,018,182  
Net investment income (loss)     70,066,423     89,517,147  
Realized and Unrealized Gain (Loss)              
Net realized gain (loss) from:              
Investments     887,758     8,306,146  
Swaps         1,220,000  
Change in net unrealized appreciation (depreciation) of:              
Investments     (114,126,684 )   (144,555,549 )
Swaps         1,158,822  
Net realized and unrealized gain (loss)     (113,238,926 )   (133,870,581 )
Net increase (decrease) in net assets applicable to common shares from operations   $ (43,172,503 ) $ (44,353,434 )

See accompanying notes to financial statements.

104

 

Statement of Changes in Net Assets (Unaudited)

 

      NAD     NEA  
      Six Months           Six Months      
      Ended     Year Ended     Ended     Year Ended  
      4/30/18     10/31/17     4/30/18     10/31/17  
Operations                          
Net investment income (loss)   $ 70,066,423   $ 148,139,555   $ 89,517,147   $ 186,851,157  
Net realized gain (loss) from:                          
Investments     887,758     7,281,041     8,306,146     384,047  
Swaps         (97,584 )   1,220,000     5,855,000  
Change in net unrealized appreciation (depreciation) of:                          
Investments     (114,126,684 )   (68,471,494 )   (144,555,549 )   (76,608,038 )
Swaps         1,380,160     1,158,822     1,165,992  
Net increase (decrease) in net assets applicable to common shares from operations     (43,172,503 )   88,231,678     (44,353,434 )   117,648,158  
Distributions to Common Shareholders                          
From net investment income     (71,102,934 )   (157,366,179 )   (92,628,662 )   (194,980,050 )
Decrease in net assets applicable to common shares from distributions to common shareholders     (71,102,934 )   (157,366,179 )   (92,628,662 )   (194,980,050 )
Net increase (decrease) in net assets applicable to common shares     (114,275,437 )   (69,134,501 )   (136,982,096 )   (77,331,892 )
Net assets applicable to common shares at the beginning of period     3,110,033,920     3,179,168,421     3,959,861,139     4,037,193,031  
Net assets applicable to common shares at the end of period   $ 2,995,758,483   $ 3,110,033,920   $ 3,822,879,043   $ 3,959,861,139  
Undistributed (Over-distribution of) net investment income at the end of period   $ (6,299,816 ) $ (5,263,305 ) $ (6,832,406 ) $ (3,720,891 )

See accompanying notes to financial statements.

105

 

Statement of Cash Flows

Six Months Ended April 30, 2018 (Unaudited)

 

      NAD     NEA  
Cash Flows from Operating Activities:              
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ (43,172,503 ) $ (44,353,434 )
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     (610,014,743 )   (520,400,746 )
Proceeds from sales and maturities of investments     377,579,109     268,535,875  
Proceeds from (Purchases of) short-term investments, net     56,230,000     69,000,000  
Payment-in-kind distributions     (4,363 )   (5,317 )
Taxes paid     (34,903 )   (42,219 )
Amortization (Accretion) of premiums and discounts, net     (3,451,445 )   (9,550,166 )
Amortization of deferred offering costs     175,634     267,995  
(Increase) Decrease in:              
Receivable for dividends and interest     (3,447,667 )   (3,155,901 )
Receivable for investments sold     (13,436,262 )   3,533,894  
Other assets     (940 )   (28,659 )
Increase (Decrease) in:              
Payable for interest     (371,472 )   (1,213,292 )
Payable for investments purchased     9,084,509     15,485,787  
Payable for offering costs     176,370     453,798  
Accrued management fees     (42,298 )   (72,054 )
Accrued Trustees fees     (25,113 )   (32,550 )
Accrued other expenses     124,348     (112,136 )
Net realized (gain) loss from investments     (887,758 )   (8,306,146 )
Change in net unrealized appreciation (depreciation) of:              
Investments     114,126,684     144,555,549  
Swaps         (1,158,822 )
Net cash provided by (used in) operating activities     (117,392,813 )   (86,598,544 )
Cash Flows from Financing Activities:              
Proceeds from MFP Shares issued, at liquidation preference     607,000,000     958,000,000  
(Payments for) VMTP Shares redeemed, at liquidation preference     (407,000,000 )   (773,000,000 )
(Payments for) deferred offering costs     (305,000 )   (890,000 )
Increase (Decrease) in:              
Cash overdraft     1,788,482      
Floating rate obligations     (12,920,000 )   (1,840,000 )
Cash distributions paid to common shareholders     (71,588,859 )   (92,628,434 )
Net cash provided by (used in) financing activities     116,974,623     89,641,566  
Net Increase (Decrease) in Cash     (418,190 )   3,043,022  
Cash at the beginning of period     418,190     516,259  
Cash at the end of period   $   $ 3,559,281  
               
Supplemental Disclosure of Cash Flow Information     NAD     NEA  
Cash paid for interest (excluding amortization of offering costs)   $ 16,835,823   $ 19,659,073  

See accompanying notes to financial statements.

106

 

 

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107

 

Financial Highlights (Unaudited) 

Selected data for a common share outstanding throughout each period:

 

            Investment Operations     Less Distributions
to Common Shareholders
    Common Share  
      Beginning
Common
Share
NAV
    Net
Investment
Income
(Loss
)    Net
Realized/
Unrealized
Gain (Loss
)    Total     From
Net
Investment
Income
    From
Accumu-
lated Net
Realized
Gains
    Total     Ending
NAV
    Ending
Share
Price
 
NAD                                                        
Year Ended 10/31:                                                        
2018(e)   $ 15.41   $ 0.35   $ (0.57 ) $ (0.22 ) $ (0.35 ) $   $ (0.35 ) $ 14.84   $ 13.04  
2017     15.75     0.73     (0.29 )   0.44     (0.78 )       (0.78 )   15.41     13.86  
2016     15.44     0.71     0.45     1.16     (0.85 )       (0.85 )   15.75     14.19  
2015     15.64     0.84     (0.17 )   0.67     (0.87 )       (0.87 )   15.44     14.05  
2014     14.42     0.87     1.25     2.12     (0.90 )       (0.90 )   15.64     14.16  
2013     16.05     0.81     (1.56 )   (0.75 )   (0.88 )       (0.88 )   14.42     12.92  
                                                         
NEA                                                        
Year Ended 10/31:                                                        
2018(e)     15.07     0.34     (0.51 )   (0.17 )   (0.35 )       (0.35 )   14.55     12.79  
2017     15.36     0.71     (0.26 )   0.45     (0.74 )       (0.74 )   15.07     13.57  
2016     14.82     0.72     0.58     1.30     (0.76 )       (0.76 )   15.36     13.75  
2015     15.13     0.77     (0.28 )   0.49     (0.80 )       (0.80 )   14.82     13.26  
2014     13.73     0.79     1.43     2.22     (0.82 )       (0.82 )   15.13     13.75  
2013     15.49     0.72     (1.66 )   (0.94 )   (0.82 )       (0.82 )   13.73     12.37  

 

(a) Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
  Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

 

108

 

 

            Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
          Ratios to Average Net Assets(b)        
Based
on
NAV
(a)    Based
on
Share
Price
(a)    Ending
Net
Assets (000
)    Expenses (c)    Net
Investment
Income (Loss
)    Portfolio
Turnover
Rate
(d) 
                                 
(1.44 )%   (3.42 )% $ 2,995,758     2.24 %*   4.60 %*   8 %
3.01     3.26     3,110,034     1.95     4.84     18  
7.54     6.88     3,179,168     1.90     4.64     11  
4.43     5.57     606,607     1.41     5.41     15  
15.19     17.10     614,452     1.73     5.82     9  
(4.87 )   (12.81 )   566,487     1.99     5.21     11  
                                 
                                 
(1.13 )   (3.20 )   3,822,879     2.22 *   4.61 *   4  
3.16     4.21     3,959,861     1.94     4.80     15  
8.84     9.33     4,037,193     1.77     4.59     12  
3.38     2.30     1,168,847     1.46     5.16     18  
16.58     18.31     1,193,109     1.60     5.48     13  
(6.25 )   (16.89 )   1,083,339     1.97     5.14     26  

 

(b) Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NAD        
Year Ended 10/31:        
2018(e)     1.29 %*
2017     1.00  
2016     0.90  
2015     0.47  
2014     0.75  
2013     1.03  

 

NEA        
Year Ended 10/31:        
2018(e)     1.28 %*
2017     1.00  
2016     0.78  
2015     0.50  
2014     0.61  
2013     0.87  

 

(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e) For the six months ended April 30, 2018.
* Annualized.

 

See accompanying notes to financial statements.

109

 

Financial Highlights (Unaudited) (continued)

 

      MFP Shares
at the End of Period
    MTP Shares
at the End of Period(a)
    VMTP Shares
at the End of Period
    VRDP Shares
at the End of Period
    MFP, MTP,
VMTP and/or
VRDP Shares
at the End
of Period
 
      Aggregate
Amount
Outstanding
(000
)    Asset
Coverage
Per $100,000
Share
    Aggregate
Amount
Outstanding
(000
)    Asset
Coverage
Per $10
Share
    Aggregate
Amount
Outstanding
(000
)    Asset
Coverage
Per $100,000
Share
    Aggregate
Amount
Outstanding
(000
  Asset
Coverage
Per $100,000
Share
    Asset
Coverage
Per $1
Liquidation
Preference
 
NAD                                                        
Year Ended 10/31:                                                        
2018(b)   $ 607,000   $ 267,877   $   $   $ 545,500   $ 267,877   $ 632,000   $ 267,877   $ 2.68  
2017                     952,500     296,279     632,000     296,279     2.96  
2016                     952,500     300,642     632,000     300,642     3.01  
2015                     265,000     328,908              
2014                     265,000     331,869              
2013             144,300     31.40     120,400     314,011             3.14  
                                                         
NEA                                                        
Year Ended 10/31:                                                        
2018(b)   $ 958,000   $ 270,034                     1,290,300     270,034     2.70  
2017                     773,000     291,919     1,290,300     291,919     2.92  
2016                     773,000     295,667     1,290,300     295,667     2.96  
2015                     151,000     333,349     349,900     333,349     3.33  
2014                     151,000     338,193     349,900     338,193     3.38  
2013             83,000     31.65     67,600     316,451     349,900     316,451     3.16  

 

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

 

      2014     2013  
NAD              
Series 2015 (NAD PRC)              
Ending Market Value per Share   $   $ 10.06  
Average Market Value per Share     10.04 ^   10.08  
               
NEA              
Series 2015 (NEA PRCCL)              
Ending Market Value per Share   $   $ 10.07  
Average Market Value per Share     10.05 ^   10.10  

 

(b) For the six months ended April 30, 2018.
^ For the period November 1, 2013 through December 20, 2013.

 

See accompanying notes to financial statements.

110

 

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

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

 

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

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

The end of the reporting period for the Funds is April 30, 2018, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2018 (the “current fiscal period”).

Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of NEA the alternative minimum tax (“AMT”) applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.

Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

 

      NAD     NEA  
Outstanding when-issued/delayed delivery purchase commitments   $ 17,149,546   $ 16,429,188  

Investment Income
Dividend income is recorded on the ex-dividend date. Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. 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.

111

 

Notes to Financial Statements (Unaudited) (continued)

Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (“the Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

  Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
  Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
  Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

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Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

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

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

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

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

 

NAD     Level 1     Level 2     Level 3     Total  
Long-Term Investments:                          
Municipal Bonds*   $   $ 4,823,670,825   $   $ 4,823,670,825  
Corporate Bonds**             573,200 ***   573,200  
Investment Companies     513,836             513,836  
Short-Term Investments:                          
Municipal Bonds*         5,450,000         5,450,000  
Total   $ 513,836   $ 4,829,120,825   $ 573,200   $ 4,830,207,861  
NEA                          
Long-Term Investments:                          
Municipal Bonds*   $   $ 6,070,238,977   $   $ 6,070,238,977  
Corporate Bonds**             841,490 ***   841,490  
Short-Term Investments:                          
Municipal Bonds*         23,535,000         23,535,000  
Total   $   $ 6,093,773,977   $ 841,490   $ 6,094,615,467  

 

* Refer to the Fund’s Portfolio of Investments for state classifications.
** Refer to the Fund’s Portfolio of Investments for industry classifications.
*** Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

 

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by

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Notes to Financial Statements (Unaudited) (continued)

the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 

  (i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
  (ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment

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Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

 

Floating Rate Obligations Outstanding     NAD     NEA  
Floating rate obligations: self-deposited Inverse Floaters   $ 107,360,000   $ 87,010,000  
Floating rate obligations: externally-deposited Inverse Floaters     66,720,000     128,850,000  
Total   $ 174,080,000   $ 215,860,000  

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   $ 111,500,110   $ 87,599,613  
Average annual interest rate and fees     1.83 %   1.83 %

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, NAD had outstanding borrowings under such liquidity facilities in the amount of $1,486,242, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for NEA as of the end of the reporting period.

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.

115

 

Notes to Financial Statements (Unaudited) (continued)

As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

 

Floating Rate Obligations — Recourse Trusts     NAD     NEA  
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters   $ 67,680,000   $ 55,305,000  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters     35,165,000     60,225,000  
Total   $ 102,845,000   $ 115,530,000  

Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

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

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

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

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

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

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

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

 

      NEA  
Average notional amount of interest rate swap contracts outstanding*   $ 54,666,667  

 

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

 

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

 

Fund     Underlying
Risk Exposure
    Derivative
Instrument
    Net Realized
Gain (Loss) from
Swaps
    Change in Net Unrealized
Appreciation (Depreciation) of
Swaps
 
NEA     Interest rate     Swaps     1,220,000     1,158,822  

Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Common Share Transactions
The Funds did not have any transactions in shares during the current and prior fiscal period.

Preferred Shares

MuniFund Preferred Shares
The Funds have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.

The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.

117

 

Notes to Financial Statements (Unaudited) (continued)

 

Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
   
  Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
   

Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

 

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.

   
Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, Shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
   
  The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement Operations.

 

For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

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.

NAD and NEA incurred offering costs of $305,000 and $890,000, respectively in connection with their offering of MFP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

As of the end of the reporting period, NAD and NEA had $606,702,738 and $957,117,615 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:

 

Fund     Series     Shares
Outstanding
    Liquidation
Preference
    Term
Redemption Date
    Mode     Mode
Termination Date
 
NAD     A     6,070   $ 607,000,000     1/03/28     VRM     1/03/28 *
NEA     A     1,850   $ 185,000,000     2/03/48     VRM     2/03/48 *
      B     5,350     535,000,000     3/02/28     VRM     3/02/28 *
      C     2,380     238,000,000     3/02/28     VRM     3/02/28 *

 

* Subject to earlier termination by either the Fund or the holder.

 

118

 

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

 

      NAD **   NEA ***
Average liquidation preference of MFP Shares outstanding   $ 607,000,000   $ 496,085,366  
Annualized dividend rate     2.02 %   2.31 %

 

** For the period January 29, 2018 (first issuance of shares) through April 30,2018.
*** For the period February 8, 2018 (first issuance of shares) through April 30,2018.

 

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

On January 29, 2018, NAD redeemed all of its outstanding Series 2018 VMTP Shares and on March 29, 2018, NEA redeemed all of its outstanding Series 2018 and Series 2019 VMTP Shares. Each Fund’s VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of MFP Shares (as described above in MuniFund Preferred Shares).

As of the end of the reporting period, NAD had $545,479,487 VMTP Shares outstanding, at liquidation preference, net of deferred offering costs. Further details of NAD’s VMTP Shares outstanding as of the end of the reporting period, were as follows:

 

            Shares     Liquidation  
Fund     Series     Outstanding     Preference  
NAD     2019-1     2,085   $ 208,500,000  
      2019     3,370     337,000,000  

The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s series of VMTP Shares are as follows:

 

            Term     Premium  
Fund     Series     Redemption Date     Expiration Date  
NAD     2019-1     November 1, 2019     September 30, 2017  
      2019     August 1, 2019     June 30, 2017  

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

 

      NAD     NEA *
Average liquidation preference of VMTP Shares outstanding   $ 745,627,072   $ 773,000,000  
Annualized dividend rate     2.16 %   2.07 %

 

* For the period November 1, 2017 through March 29, 2018.

 

VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.

Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

119

 

Notes to Financial Statements (Unaudited) (continued)

Costs incurred in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

In conjunction with NAD and NEA’s redemption of VMTP Shares, the remaining deferred cost of $6,130 and $19,656, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.

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

As of the end of the reporting period, NAD and NEA had $629,397,121 and $1,282,611,906 VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:

 

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

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

Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

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

 

      NAD     NEA  
Average liquidation preference of VRDP Shares outstanding   $ 632,000,000   $ 1,290,300,000  
Annualized dividend rate     1.40 %   1.34 %

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.

120

 

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 MFP Shares for the Funds, where applicable, were as follows:

 

      Six Months Ended
April 30, 2018
 
NAD     Series     Shares     Amount  
MFP Shares issued     A     6,070   $ 607,000,000  

 

      Six Months Ended
April 30, 2018
 
NEA     Series     Shares     Amount  
MFP Shares issued     A     1,850   $ 185,000,000  
      B     5,350     535,000,000  
      C     2,380     238,000,000  
Net increase (decrease)           9,580   $ 958,000,000  

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

 

      Six Months Ended
April 30, 2018
 
NAD     Series     Shares     Amount  
VMTP Shares redeemed     2018     (4,070 ) $ (407,000,000 )

 

      Six Months Ended
April 30, 2018
 
NEA     Series     Shares     Amount  
VMTP Shares redeemed     2019     (2,380 ) $ (238,000,000 )
      2018     (5,350 )   (535,000,000 )
Net increase (decrease)           (7,730 ) $ (773,000,000 )

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

 

      NAD     NEA  
Purchases   $ 610,014,743   $ 520,400,746  
Sales and maturities     377,579,109     268,535,875  

6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NEA the AMT applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

121

 

Notes to Financial Statements (Unaudited) (continued)

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of April 30, 2018.

 

      NAD     NEA  
Tax cost of investments   $ 4,461,645,728   $ 5,627,773,211  
Gross unrealized:              
Appreciation   $ 287,363,043   $ 394,886,527  
Depreciation     (26,160,177 )   (15,054,744 )
Net unrealized appreciation (depreciation) of investments   $ 261,202,866   $ 379,831,783  

Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, nondeductible reorganization expenses and taxable market discount resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2017, the Funds’ last tax year end, as follows:

 

      NAD     NEA  
Paid-in-surplus   $ (441,337 ) $ (967,176 )
Undistributed (Over-distribution of) net investment income     330,901     802,557  
Accumulated net realized gain (loss)     110,436     164,619  

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2017, the Funds’ last tax year end, were as follows:

 

      NAD     NEA  
Undistributed net tax-exempt income1   $ 470,897   $ 1,946,150  
Undistributed net ordinary income2     1,083,823     1,328,672  
Undistributed net long-term capital gains          

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 2, 2017, and paid on November 1, 2017.
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

 

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2017, was designated for purposes of the dividends paid deduction as follows:

 

      NAD     NEA  
Distribution from net tax-exempt income   $ 181,705,862   $ 222,447,569  
Distribution from net ordinary income2          
Distribution from net long-term capital gains          

 

2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

 

As of October 31, 2017, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

 

      NAD3     NEA3  
Expiration: October 31, 2018   $ 76,136   $ 3,341,464  
Not subject to expiration     33,974,946     64,146,970  
Total   $ 34,051,082   $ 67,488,434  

 

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

 

During the Funds’ last tax year ended, October 31, 2017, NEA utilized $690,825 of its capital loss carryforward.

122

 

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

 

Averaged Daily Managed Assets*     Fund-Level Fee Rate  
For the first $125 million     0.4500 %
For the next $125 million     0.4375  
For the next $250 million     0.4250  
For the next $500 million     0.4125  
For the next $1 billion     0.4000  
For the next $3 billion     0.3750  
For managed assets over $5 billion     0.3625  

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:

 

Complex-Level Eligible Asset Breakpoint Level*     Effective Complex-Level Fee Rate at Breakpoint Level  
$55 billion     0.2000 %
$56 billion     0.1996  
$57 billion     0.1989  
$60 billion     0.1961  
$63 billion     0.1931  
$66 billion     0.1900  
$71 billion     0.1851  
$76 billion     0.1806  
$80 billion     0.1773  
$91 billion     0.1691  
$125 billion     0.1599  
$200 billion     0.1505  
$250 billion     0.1469  
$300 billion     0.1445  

 

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2018, the complex-level fee for each Fund was 0.1595%.

 

Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.

123

 

Notes to Financial Statements (Unaudited) (continued)

During the current fiscal period, the Funds engaged in inter-fund trades pursuant to these procedures as follows:

 

Inter-Fund Trades     NAD     NEA  
Purchases   $ 22,540,888   $ 19,317,002  
Sales     23,277,409     22,950,531  

8. Borrowing Arrangements

Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $3 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2018 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, NEA utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:

 

      NEA  
Maximum outstanding balance   $ 30,100,000  

During the Fund’s utilization periods, during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

 

      NEA  
Average daily balance outstanding   $ 19,194,307  
Average annual interest rate     2.57 %

During the current fiscal period, NAD did not utilize this facility.

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

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The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

9. New Accounting Pronouncements

FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.

FASB ASU 2016-18: Statement of Cash Flows – Restricted Cash (“ASU 2016-18”)
The FASB has issued ASU 2016-18, which will require entities to include the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the beginning and ending cash balances in the Statement of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is currently evaluating the implications of ASU 2016-18, if any.

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Additional Fund Information

 

Board of Trustees          
Margo Cook*
Judith M. Stockdale
Jack B. Evans
Carole E. Stone
William C. Hunter
Terence J. Toth
Albin F. Moschner
Margaret L. Wolff
John K. Nelson
Robert L. Young
William J. Schneider

 

 

* Interested Board Member.

 

 

  

Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank
& Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Independent Registered
Public Accounting Firm
KPMG LLP
200 East Randolph Street
Chicago, IL 60601
Transfer Agent and
Shareholder Services
Computershare Trust
Company, N.A.
250 Royall Street
Canton, MA 02021
(800) 257-8787

 

 

 

Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

 

 

 

Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

 

 

 

 

CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

 

 

 

Common Share Repurchases

Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 

      NAD     NEA  
Common shares repurchased          

 

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

 

126

 

Glossary of Terms Used in this Report

 

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

 

127

 

Glossary of Terms Used in this Report (continued)

 

NAD and NEA Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter the returns of an 80%/20% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

 

128

 

Reinvest Automatically, Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. 

 

 

Nuveen Closed-End Funds Automatic Reinvestment Plan

Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

129

 

Notes

130

 

Notes

131

 

Nuveen:
Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

 

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com ESA-B-0418D 527615-INV-B-06/19

 

 

 

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. 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)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.



 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Quality Municipal Income Fund

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

Date: July 9, 2018
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: July 9, 2018
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 9, 2018