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Table of Contents

Chairman's Letter to Shareholders

Dear Shareholders,

After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy's strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year winds down, 2016 looks on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.

A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed's intentions since then has been a strong influence on the markets throughout 2016. After remaining on hold for a year, the Fed judged that the economy's modest growth, the return to "full" employment and an uptick in inflation were sufficient to raise the target rate at the December 2016 meeting.

Global conditions continue to look subdued by comparison. Investors continue to adjust to the idea of a slower Chinese economy, which has helped commodity prices stabilize and lift global inflation expectations. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced a new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.

Since the election, U.S. stocks have rallied strongly on expectations that the Republican controlled Congress and Trump administration will pursue more business friendly policies. But the details have yet to be seen. Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook (not just in the U.S. but also in Europe), we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Board
December 22, 2016

Portfolio Manager's Comments

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio manager Christopher L. Drahn, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these two national Funds. Chris has managed NAD and NEA since 2016.

Effective May 31, 2016, Thomas C. Spalding, CFA, retired from NAM and Christopher L. Drahn, CFA, has taken over portfolio management responsibilities for NAD. In addition, effective August 2016, Chris has assumed portfolio management responsibilities for NEA.

Effective February 5, 2016, the investment policy changed for NAD and NEA. Under the new policy, each Fund may invest up to 35% of its assets in municipal securities rated BBB and below or judged by the portfolio manager to be of comparable quality.

Effective November 2, 2016, a secondary benchmark (80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index) was added for both NAD and NEA. The secondary benchmark was added to better reflect the Funds' mandates in conjunction with the Funds' reorganizations.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.

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

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

Portfolio Manager's Comments (continued)

FUND REORGANIZATIONS

During February 2016, the Board of Directors/Trustees of the Nuveen Closed-End Funds approved a series of reorganizations for certain Funds (the Target Funds) to create two, larger-national Funds (the Acquiring Funds), which are included in this report.

The approved reorganizations are as follows:

During August 2016, the reorganizations were approved by shareholders and became effective before the opening of business on September 12, 2016.

See Notes to Financial Statements, Note 1 — General Information and Significant Accounting Policies, Fund Reorganizations for further information.

What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2016?

The restrained pace of growth that has defined the U.S. economic recovery since 2009 continued in the twelve-month reporting period. Growth over the previous four calendar quarters averaged below 2% (annualized), as measured by real gross domestic product (GDP), which is the value of goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes. For most of the reporting period, consumer spending remained healthy but was offset by the drag from the inventory cycle, lackluster business spending and weak net exports. As a result, GDP growth stayed below 1.5% from the fourth quarter of 2015 through the second quarter of 2016. However, decent consumer spending, an inventory turnaround and a short-term jump in exports contributed to a more robust gain of 3.2% in the third quarter, as reported by the "second" estimate of the Bureau of Economic Analysis.

Consumers, whose purchases comprise the largest component of the U.S. economy, benefited from employment growth and firming wages over the twelve-month reporting period. As reported by the Bureau of Labor Statistics, the unemployment rate was little changed at 4.9% in October 2016 from 5.0% in October 2015, and job gains averaged slightly above 200,000 per month for the past twelve months. Although consumer spending gains were rather muted in the latter half of 2015, spending surged in the second quarter of 2016. Although inflation began to accelerate slightly in the reporting period, the overall level remained low, which also contributed to consumers' willingness to buy. The Consumer Price Index (CPI) rose 1.6% over the twelve-month reporting period ended October 2016 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.1% during the same period, slightly above the Fed's unofficial longer term inflation objective of 2.0%.

The housing market was another bright spot in the economy. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.5% annual gain in September 2016 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 4.3% and 5.1%, respectively.

However, business investment remained soft over the reporting period. Corporate earnings growth continued to be constrained by diminished demand expectations amid sluggish U.S. and global growth, the impact of falling commodity prices and a strong U.S. dollar. Additionally, a murky outlook kept capital spending muted. Concerns about financial market turbulence in early 2016, the U.K.'s "Brexit" vote to leave the European Union (EU) and the U.S. presidential election weighed on business sentiment throughout the reporting period.

The consistent growth of the economy prompted the U.S. Federal Reserve (Fed) to raise the Fed funds role from the zero bound range to a range of 0.25% to 0.50% in December 2015. The widely anticipated move had little impact on the financial markets. Over the remainder of the reporting period, speculation on the timing of future rate hikes drove short-term swings in the markets, including falling bond yields, rallies in the U.S. dollar and bouts of volatility in stock prices. For most of 2016, the Fed kept this rate unchanged due to concerns ranging from low inflation in the U.S. to weakening growth prospects globally and the U.K.'s Brexit vote. However, the third quarter's strong GDP report and an uptick in inflation boosted expectations that the Fed would likely increase the target rate at the December 2016 meeting. As anticipated, subsequent to the close of the reporting period, the Fed raised the rate to a range of 0.50% to 0.75%.

Other market-moving events during the reporting period included a spike in volatility in January and February 2016 triggered by deteriorating sentiment about China's economy, another sharp downturn in oil prices and concerns about central bank policy both in the U.S. and around the world. The Brexit referendum on June 23 also caught investors off guard. In response, U.K. sterling fell to 30-year lows and global equities tumbled while perceived safe-haven assets such as gold, the U.S. dollar and government bonds saw large inflows. However, the markets stabilized fairly quickly post-Brexit vote, buoyed by reassurances from global central banks and a perception that the temporary price rout presented an attractive buying opportunity. Following a relatively calm July and August 2016, volatility resumed in the final months of the reporting period. Investors worried whether central banks were reaching the limits of their effectiveness as global growth continues to stagnate. The health of the European banking sector came into question, renewing concerns about the potential to trigger a wider crisis. Political uncertainty increased leading up to the November U.S. presidential election, and after the close of the reporting period, the unexpected win of Donald Trump contributed to an initial sell-off across global markets. However, after digesting the "shock", U. S. equities rallied strongly and global developed market stocks pared their losses, while emerging markets, fixed income and gold remained lower.

The broad municipal bond market performed well during the twelve-month reporting period, supported by falling interest rates, a favorable supply-demand balance and generally improving credit fundamentals. Although interest rates began to drift higher in the final month of the reporting period in anticipation of a possible Fed rate hike in December, they still ended at lower than where they started the reporting period. The largest declines were in longer-dated bond yields, while yields on the short end (zero to four years) of the yield curve increased, driven by anticipation of new money market fund regulations that triggered volatility in short-term rates. This caused the municipal yield curve to flatten over the reporting period.

The demand for municipal bonds continued to outpace supply. During the reporting period, municipal bond gross issuance nationwide totaled $435.6 billion, a 2.9% gain from the issuance for the twelve-month period ended October 31, 2015. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this has been an overall positive technical factor on municipal bond investment performance.

While supply has tightened, investor demand for municipal bonds has risen. Municipal bond mutual funds reported net inflows in 2015, and the inflows for the first four months of 2016 had already exceeded 2015's total volume for the year. The bouts of heightened volatility across other risky assets, uncertainty about the Fed's rate increases and the low to negative yields of European

Portfolio Manager's Comments (continued)

and Asian bonds have bolstered the appeal of municipal bonds' risk-adjusted returns and tax-equivalent yields. The municipal bond market is less directly influenced by the Fed's rate adjustments and its demand base is largely comprised of U.S. investors, factors which have helped municipal bonds deliver relatively attractive returns with less volatility than other market segments.

The fundamental backdrop also remained favorable for municipal bonds. Despite the U.S. economy's rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.

What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2016?

Municipal market conditions remained favorable over the reporting period, supported by positive technical factors, stable credit fundamentals for municipal issuers and a backdrop of moderate economic growth and low inflation. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.

Our trading activity continued to focus on pursuing the Funds' investment objectives. Due to the Fund reorganizations, the credit quality composition of NAD and NEA shifted from the beginning of the reporting period (pre-Fund mergers) to the end of the reporting period (post-Fund mergers). The Funds' weightings in A rated and BBB rated credits increased meaningfully, while the AA allocations of both Funds decreased considerably. Even with these shifts, the Funds current holdings remained within their new investment policy that took effect in February 2016, which allows the Funds to invest up to 35% of assets in municipal securities rated BBB and below or those we judge to be of comparable quality. As such, no outright sales were needed to keep the Funds within their investment mandates after the reorganizations.

The proceeds from call activity and maturing bonds provided sufficient cash to fund new purchases. For NEA and NAD, we also invested the proceeds from incremental preferred share offerings that were conducted as part of the overall management of the Fund's leverage. NAD bought credits issued for the Greater Orlando Aviation Authority, Boston University, Salem Health in Oregon and Saint Barnabas Health in New Jersey. NEA's additions included bonds issued for the Great Lakes Water Authority in Michigan, Marshfield Clinic in Wisconsin and Presence Health in Illinois.

As of October 31, 2016, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NAD and NEA also invested in forward interest rates swaps to help reduce price volatility risk to movements in U.S. interest rates relative to the Funds' benchmark. Although these swaps had a negative impact on performance, the two Funds' overall duration positioning was a positive contributor to performance during this reporting period.

How did the Funds perform during the twelve-month reporting period ended October 31, 2016?

The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year, five-year and ten-year periods ended October 31, 2016. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.

For the twelve months ended October 31, 2016, the total returns on common share NAV for the two Funds outperformed the returns for the national S&P Municipal Bond Index and the new secondary benchmark, referred to as the NAD and NCA Custom Blended Fund Performance Benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index. For the same period, NAD slightly underperformed the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average and NEA outperformed the Lipper average.

The largest contributor to the Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve, which was advantageous in this reporting period as longer maturity bonds generally outperformed shorter bonds as the yield curve flattened.

Credit ratings exposure was a secondary driver of the Funds' performance during this reporting period. The incremental income component coupled with strong investor demand for higher yielding securities continued to support the outperformance of lower rated municipal bonds over this reporting period. The Funds were positioned with overweight allocations to the lower quality categories (especially A, BBB and B rated), which outperformed the broad market, and underweight allocations to the highest quality categories (AAA and AA rated), which underperformed the broad market. The Funds' tilt toward lower quality bonds was beneficial to performance.

Sector allocations had a marginal impact on relative performance during this reporting period. The Funds benefited from their allocations to the stronger performing sectors tobacco and health care, but gains were partially offset by exposure to pre-refunded bonds, which lagged over this reporting period and detracted from relative results.

In addition, the use of regulatory leverage was an important positive factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.

An Update Involving Puerto Rico

As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.

In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NAD and NEA had limited exposure, which was either insured or investment grade, to Puerto Rico debt, 0.22% and 0.43%, respectively. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.

A Note About Investment Valuations

The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but may do so in the future. Thus there is an increased risk that the organization acting as each Fund's pricing service may change, or that the Funds' pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

Fund Leverage

IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE

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

As of October 31, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

THE FUNDS' REGULATORY LEVERAGE

As of October 31, 2016, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

During the current reporting period, NAD refinanced all of its outstanding Series 2016 and Series 2017 VMTP Shares with the issuance of new Series 2019 and Series 2019-1 VMTP Shares, respectively. In conjuction with this refinancing NAD issued an additional $72,000,000 and $165,000,000 Series 2019 and Series 2019-1 VMTP Shares at liquidation preference, respectively, to be invested in accordance with the Fund's investment policies.

During the current reporting period, NEA refinanced all of its outstanding Series 2016 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjuction with this refinancing NEA issued an additional $87,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.

During the current reporting period, NEA issued $100,000,000 Series 5 VRDP Shares at liquidation preference, which will be used to invest in additional municipal securities in accordance with its investment objectives and policies.

Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund's respective transactions.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds' distributions is current as of October 31, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.

During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

 

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

As of October 31, 2016, the Funds had positive UNII balances for tax and financial reporting purposes.

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

COMMON SHARE REPURCHASES

During August 2016, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of October 31, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

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

OTHER COMMON SHARE INFORMATION

As of October 31, 2016, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

Risk Considerations

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

Nuveen Quality Municipal Income Fund (NAD) (formerly known as Nuveen Dividend Advantage Municipal Fund)

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

Nuveen AMT-Free Quality Municipal Income Fund (NEA) (formerly known as Nuveen AMT-Free Municipal Income Fund)

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

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

Average Annual Total Returns as of October 31, 2016

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

 

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

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

 

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

Average Annual Total Returns as of October 31, 2016

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

 

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

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Shareholder Meeting Report

The annual meeting of shareholders was held in the offices of Nuveen Investments on June 16, 2016 for NEA, NAD, NMO, NPP, NPM, NPI, NQS, NPF and NQM; at this meeting the shareholders were asked to vote to approve an Agreement and Plan of Reorganization, to approve Issuance of Additional Common Shares and to elect Board Members. The meeting was subsequently adjourned to July 19, 2016 and additionally adjourned to August 19, 2016 for NEA, NPP, NPM, NPI, NQS and NQM.

Shareholder Meeting Report (continued)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
Nuveen Quality Municipal Income Fund (formerly known as Nuveen Dividend Advantage Municipal Fund)
Nuveen AMT-Free Quality Municipal Income Fund (formerly known as Nuveen AMT-Free Municipal Income Fund):

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income Fund (the "Funds") as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statements of cash flows for the year then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through October 31, 2013 were audited by other auditors whose report dated December 27, 2013 expressed an unqualified opinion on those financial highlights.

 We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, their cash flows for the year then ended and the financial highlights for each of the years in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP
Chicago, Illinois
December 29, 2016

NAD
	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			LONG-TERM INVESTMENTS – 150.9% (97.3% of Total Investments)
			MUNICIPAL BONDS – 150.9% (97.3% of Total Investments)
			Alabama – 0.5% (0.3% of Total Investments)
$	2,010		Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (Pre-refunded 11/15/16)	11/16 at 100.00		Aa2 (4)		$	2,013,317
	11,790		Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/43 (Pre-refunded 1/01/17) – BHAC Insured	1/17 at 100.00		AA+ (4)			11,864,631
	500		Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama,Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 3.000%, 2/01/29	2/26 at 100.00		A–			495,465
	1,000		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured	1/17 at 100.00		A2			1,005,510
	1,000		Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46	No Opt. Call		A3			1,261,130
	16,300		Total Alabama						16,640,053
			Alaska – 0.5% (0.3% of Total Investments)
			Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
	1,160		4.625%, 6/01/23	1/17 at 100.00		Ba1			1,178,200
	14,500		5.000%, 6/01/32	1/17 at 100.00		B3			14,230,155
	1,500		5.000%, 6/01/46	1/17 at 100.00		B3			1,426,650
	17,160		Total Alaska						16,835,005
			Arizona – 2.9% (1.9% of Total Investments)
	980		Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30	3/22 at 100.00		BBB+			1,081,332
	2,500		Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/39	12/24 at 100.00		A2			2,894,350
			Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A:
	1,490		5.000%, 7/01/30	7/22 at 100.00		A			1,654,004
	2,500		5.000%, 7/01/32	7/22 at 100.00		A			2,762,800
	2,335		5.000%, 7/01/36	7/22 at 100.00		A			2,563,830
	2,000		Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32	7/17 at 100.00		A3			2,041,440
	2,500		Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2216, 13.060%, 7/01/31 – AGM Insured (IF)	7/17 at 100.00		AA–			2,736,600
	11,740		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40	7/20 at 100.00		A+			13,042,788
			Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A:
	4,650		5.000%, 7/01/33	7/18 at 100.00		AA–			4,935,463
	8,200		5.000%, 7/01/38	7/18 at 100.00		AA–			8,703,398
	7,000		Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured	No Opt. Call		AA			9,484,790
	5,000		Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Tender Option Bond Trust 2016-XF0388, 8.531%, 7/01/38 (IF) (5)	7/18 at 100.00		AA–			5,613,900
	1,000		Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40	10/20 at 100.00		BBB+			1,109,670
	1,000		Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, RefundingSeries 2015, 4.000%, 12/01/38 – AGM Insured	No Opt. Call		AA			1,052,920

 

NUVEEN

23

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Arizona (continued)
			Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007:
$	500		5.500%, 12/01/29	No Opt. Call		BBB+		$	628,860
	24,765		5.000%, 12/01/37	No Opt. Call		BBB+			29,773,969
	1,100		Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured	6/24 at 100.00		A2			1,275,692
	860		Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30	1/17 at 100.00		N/R			858,727
	80,120		Total Arizona						92,214,533
			Arkansas – 0.1% (0.0% of Total Investments)
	2,055		Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 4.875%, 12/01/43	12/23 at 100.00		A1			2,283,948
			California – 17.3% (11.2% of Total Investments)
	1,500		ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30	5/20 at 100.00		AA–			1,720,050
	185		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured	No Opt. Call		Baa2			173,367
	9,015		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM)	No Opt. Call		Aaa			8,587,238
	1,535		Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/37 – NPFG Insured	No Opt. Call		A3			728,511
	13,000		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured	9/17 at 100.00		A1			13,261,560
			Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C:
	2,945		0.000%, 9/01/27	No Opt. Call		A2			2,169,346
	7,150		0.000%, 9/01/28 – AGM Insured	No Opt. Call		A2			5,010,005
	2,455		0.000%, 9/01/32 – AGM Insured	No Opt. Call		A2			1,463,254
	200		0.000%, 9/01/35 – AGM Insured	No Opt. Call		A2			104,338
	1,000		Arcadia Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/33 – AGM Insured	2/17 at 44.77		AA			445,950
			Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4:
	10,000		5.000%, 4/01/38	4/23 at 100.00		A1			11,699,500
	3,500		5.250%, 4/01/53	4/23 at 100.00		A1			4,129,195
	1,055		Brisbane School District, San Mateo County, California, General Obligation Bonds, Election 2003 Series 2005, 0.000%, 7/01/35 – AGM Insured	No Opt. Call		A2			543,990
	1,640		Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured	No Opt. Call		A+			953,955
	60		Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured (ETM)	No Opt. Call		Aa3 (4)			41,303
			Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:
	3,685		0.000%, 8/01/31 – FGIC Insured	No Opt. Call		A3			2,141,132
	4,505		0.000%, 8/01/33 – FGIC Insured	No Opt. Call		A3			2,392,155
	2,820		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26	1/17 at 100.00		B–			2,820,338
	25,520		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016B, 5.000%, 11/15/46 (UB) (5)	11/26 at 100.00		AA–			29,991,359
	2,000		California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2016B, 5.000%, 8/15/55	8/26 at 100.00		AA–			2,312,960

 

24

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			California (continued)
$	5,950		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39	10/19 at 100.00		AA–		$	6,637,463
	710		California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37	7/23 at 100.00		AA–			816,940
			California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:
	825		8.563%, 8/15/51 (IF) (5)	8/22 at 100.00		AA–			1,056,462
	2,140		8.563%, 8/15/51 (IF) (5)	8/22 at 100.00		AA–			2,740,398
	790		8.557%, 8/15/51 (IF) (5)	8/22 at 100.00		AA–			1,011,445
			California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A:
	3,335		5.000%, 11/15/42 (Pre-refunded 11/15/16)	11/16 at 100.00		AA– (4)			3,340,603
	5,285		5.250%, 11/15/46 (Pre-refunded 11/15/16)	11/16 at 100.00		AA– (4)			5,294,354
	9,545		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.476%, 11/15/48 (IF)	5/18 at 100.00		AA–			12,943,115
	4,000		California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A-1, 3.375%, 7/01/25 (Alternative Minimum Tax)	No Opt. Call		A–			4,285,960
	810		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)	11/19 at 100.00		A+ (4)			939,697
			California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1:
	1,530		5.750%, 3/01/30	3/20 at 100.00		A+			1,755,690
	1,000		6.000%, 3/01/35	3/20 at 100.00		A+			1,156,080
	815		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38	11/23 at 100.00		A+			961,724
	4,300		California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30	2/17 at 100.00		AA–			4,336,378
	65		California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured	1/17 at 100.00		AA–			65,242
			California State, General Obligation Bonds, Various Purpose Series 2010:
	2,100		5.250%, 3/01/30	3/20 at 100.00		AA–			2,367,624
	3,000		5.500%, 3/01/40	3/20 at 100.00		AA–			3,408,810
	4,250		5.250%, 11/01/40	11/20 at 100.00		AA–			4,884,015
	500		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44	12/24 at 100.00		BB			554,255
			California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
	6,330		5.000%, 12/01/41	6/26 at 100.00		BB			7,069,914
	3,070		5.250%, 12/01/56	6/26 at 100.00		BB			3,438,032
			California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010:
	900		6.000%, 10/01/29	10/19 at 100.00		BBB+			1,005,489
	1,030		6.250%, 10/01/39	10/19 at 100.00		BBB+			1,158,554
	2,250		California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30	11/20 at 100.00		A+			2,540,408
	1,050		California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19)	1/19 at 100.00		N/R (4)			1,162,592
	1,000		California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47	8/17 at 100.00		Baa2			1,021,140
			California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	2,640		5.500%, 7/01/30 (6)	1/17 at 100.00		CCC			2,621,520
	7,230		5.250%, 7/01/39 (6)	1/17 at 100.00		CCC			7,184,017
	6,025		California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)	8/19 at 100.00		N/R (4)			6,977,733

 

NUVEEN

25

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			California (continued)
$	6,550		California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured	7/18 at 100.00		A1 (4)		$	7,086,183
	4,890		Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 – NPFG Insured	No Opt. Call		A3			3,834,347
	1,000		Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured	No Opt. Call		A2			626,910
	5,000		Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured	8/17 at 100.00		AA (4)			5,160,300
	5,045		Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27	11/21 at 61.42		BBB–			2,586,773
	1,260		Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36	12/21 at 100.00		A+			1,582,006
	5,000		Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – AGM Insured	8/17 at 100.00		AA (4)			5,163,000
	2,000		Dublin Unified School District, Alameda County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/31 – NPFG Insured	8/17 at 49.41		AA			975,840
	4,000		East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44	6/24 at 100.00		Aa1			4,772,120
	3,010		El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/25	8/22 at 100.00		AA			2,472,173
	3,500		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured	No Opt. Call		BBB–			1,886,360
			Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
	1,480		5.750%, 1/15/46	1/24 at 100.00		Ba1			1,735,626
	6,480		6.000%, 1/15/49	1/24 at 100.00		Ba1			7,689,427
	25,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 (ETM)	No Opt. Call		AA+ (4)			24,973,500
	1,500		Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35	8/21 at 100.00		AA–			1,771,290
	2,000		Glendale Redevelopment Agency, California, Tax Allocation Bonds, Central Glendale Redevelopment Project, Series 2010, 5.500%, 12/01/24 (Pre-refunded 12/01/16)	12/16 at 100.00		A3 (4)			2,008,160
	9,930		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45	6/25 at 100.00		A+			11,504,203
			Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
	3,455		0.000%, 6/01/24 – AMBAC Insured	No Opt. Call		A+			2,940,896
	3,500		0.000%, 6/01/26 – AGM Insured	No Opt. Call		A1			2,841,125
			Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	4,680		4.500%, 6/01/27	6/17 at 100.00		B3			4,691,185
	25,825		5.000%, 6/01/33	6/17 at 100.00		B–			25,554,354
	3,000		5.750%, 6/01/47	6/17 at 100.00		B–			2,974,650
	8,110		5.125%, 6/01/47	6/17 at 100.00		B–			7,861,347
	2,500		Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured	No Opt. Call		AA–			1,496,475
	9,740		Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)	No Opt. Call		AA+ (4)			11,815,984
	2,000		Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2015C, 5.000%, 11/01/38	5/26 at 100.00		AA–			2,385,040
	5,000		Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured	No Opt. Call		AA			4,207,600

 

26

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			California (continued)
$	1,045		Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured	No Opt. Call		A1		$	642,038
	90		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (Alternative Minimum Tax)	5/26 at 100.00		A1			105,160
	2,665		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43	1/24 at 100.00		AA–			3,107,177
	15,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41	1/21 at 100.00		Aa2			17,184,450
	2,000		Los Rios Community College District, Sacramento County, California, General Obligation Bonds, Series 2009D, 5.375%, 8/01/34 (Pre-refunded 8/01/19)	8/19 at 100.00		AA– (4)			2,239,420
	250		Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31	9/21 at 100.00		A–			308,518
	500		Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36	3/20 at 100.00		A1			552,855
	6,215		Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31	8/24 at 100.00		AA			8,008,027
	5,955		Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7)	8/35 at 100.00		AA			4,922,701
	2,700		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34	No Opt. Call		BBB+			3,954,150
	2,200		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39	No Opt. Call		BBB+			3,067,570
	760		Natomas Union School District, Sacramento County, California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured	No Opt. Call		A3			824,836
	15,770		Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured	No Opt. Call		A3			19,400,885
	3,615		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19)	11/19 at 100.00		Ba1 (4)			4,208,113
	1,410		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21	11/20 at 100.00		Ba1			1,528,905
	1,365		Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/21 – NPFG Insured	No Opt. Call		A2			1,246,600
	2,000		Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33 (Pre-refunded 2/01/18)	2/18 at 100.00		AA (4)			2,104,620
	6,195		Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2007B, 5.000%, 8/01/37 – AGM Insured (UB) (5)	8/17 at 100.00		Aa3			6,396,957
	13,145		Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (ETM)	No Opt. Call		AA+ (4)			18,395,376
	2,500		Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32	5/21 at 100.00		A1			2,907,150
	6,000		Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM)	No Opt. Call		A2 (4)			3,841,020
	10,540		Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)	No Opt. Call		AA+ (4)			12,721,042
	2,000		Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41	No Opt. Call		AA–			810,900
	5,000		Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured (7)	8/36 at 100.00		A1			4,673,950
	5,000		Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured	No Opt. Call		A1			4,119,400

 

NUVEEN

27

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			California (continued)
$	4,615		Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 0.000%, 10/01/38	No Opt. Call		A		$	1,965,159
	330		Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48	6/23 at 100.00		BBB–			382,345
	660		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19)	8/19 at 100.00		A–(4)			758,531
	2,000		San Francisco, California, Community Facilities District6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43	8/22 at 29.31		N/R			473,200
	7,660		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/24 (ETM)	No Opt. Call		AA+ (4)			6,806,599
	2,000		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44	1/25 at 100.00		BB+			2,273,640
			San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
	15,350		5.000%, 1/15/44	1/25 at 100.00		BBB–			17,497,004
	25,840		5.000%, 1/15/50	1/25 at 100.00		BBB–			29,311,862
	6,660		San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/43	No Opt. Call		A1			1,954,710
	880		Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21)	2/21 at 100.00		A (4)			1,070,687
	2,460		Santee School District, County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured	No Opt. Call		AA			1,390,540
	5,000		Solano Community College District, Solano and Yolo Counties, California, General Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43	8/23 at 100.00		AA–			5,883,850
	1,145		Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2006C, 0.000%, 11/01/30 – AGM Insured	No Opt. Call		A2			734,987
	1,175		Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2010B, 0.000%, 11/01/35 – AGM Insured	No Opt. Call		A1			598,745
			Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011:
	1,000		6.375%, 12/01/23	12/21 at 100.00		A+			1,220,680
	1,000		6.500%, 12/01/24	12/21 at 100.00		A+			1,226,720
	1,000		6.625%, 12/01/25	12/21 at 100.00		A+			1,228,400
	1,325		6.750%, 12/01/26	12/21 at 100.00		A+			1,635,620
	85		Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.000%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax)	12/16 at 100.00		N/R			85,116
	2,410		Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured	No Opt. Call		AA–			1,858,761
	2,000		West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41	8/21 at 100.00		A+			2,292,680
	3,750		Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 0.000%, 8/01/36 – AGM Insured (7)	8/31 at 100.00		Aa3			3,159,075
	3,000		Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2007B, 0.000%, 8/01/33 (Pre-refunded 8/01/17) – AMBAC Insured	8/17 at 45.45		A+ (4)			1,355,460
	4,000		Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47	8/21 at 100.00		Aa2			4,654,520
	540,965		Total California						553,112,745
			Colorado – 7.8% (5.0% of Total Investments)
	1,125		Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.000%, 12/01/37 – RAAI Insured	12/17 at 100.00		A3			1,133,134

 

28

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Colorado (continued)
$	3,000		Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured	12/25 at 100.00		Baa2		$	3,427,740
	1,000		Brighton Crossing Metropolitan District 4,Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax,Refunding Series 2013, 7.000%, 12/01/23	7/18 at 100.00		N/R			1,013,300
	2,945		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43	8/23 at 100.00		BB			3,509,498
	1,715		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46	8/26 at 100.00		A			1,649,881
	500		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Liberty Common Charter School, Series 2014A, 5.000%, 1/15/44	1/24 at 100.00		A			552,405
	1,000		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Refunding Series 2014, 5.000%, 8/15/30	8/24 at 100.00		A			1,138,700
	3,915		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 3.250%, 6/01/46	6/26 at 100.00		A			3,649,172
	1,250		Colorado Educational and Cultural Facilities Authority, Revenue and Refunding Bonds, University Corporation for Atmospheric Research Project, Series 2012A, 4.500%, 9/01/22	No Opt. Call		A+			1,447,575
	1,465		Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39	8/19 at 100.00		N/R			1,571,623
	6,910		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34	7/19 at 100.00		BBB+			7,618,275
	2,300		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41	2/21 at 100.00		BBB+			2,498,927
			Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A:
	3,020		5.250%, 1/01/40	1/23 at 100.00		BBB+			3,393,514
	4,890		5.250%, 1/01/45	1/23 at 100.00		BBB+			5,456,898
	1,400		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/31	1/24 at 102.00		N/R			1,570,968
			Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A:
	2,670		5.000%, 6/01/28	No Opt. Call		BBB+			3,074,291
	2,395		5.000%, 6/01/40	No Opt. Call		BBB+			2,647,146
	220		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43	6/23 at 100.00		BBB+			253,906
	2,090		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System,Series 2005B, 5.250%, 3/01/36 – AGM Insured	9/18 at 102.00		Aa3			2,248,359
	1,150		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured	9/18 at 102.00		Aa3			1,235,181
	9,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40	1/20 at 100.00		AA–			9,838,710
	625		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 6.000%, 11/15/30 (Pre-refunded 11/15/20)	11/20 at 100.00		N/R (4)			741,913
	1,500		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42	5/17 at 100.00		A–			1,528,725
	750		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%, 5/15/28	5/18 at 100.00		A–			795,915
	1,545		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29	1/17 at 100.00		BBB+			1,548,986
	1,000		Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax)	No Opt. Call		A–			1,073,500
	2,000		Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 4.250%, 5/15/37	5/21 at 100.00		Aa2			2,128,940

 

NUVEEN

29

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Colorado (continued)
$	3,000		Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, 8/01/44 – AGM Insured	8/24 at 100.00		A2		$	3,465,870
	2,000		Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32	11/22 at 100.00		A+			2,363,420
	1,000		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43 (Alternative Minimum Tax)	11/23 at 100.00		A			1,126,930
	4,515		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43	11/23 at 100.00		A			5,142,450
	1,820		Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 8/01/46	8/26 at 100.00		AA–			1,939,483
			Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016:
	2,200		5.000%, 12/01/35 (WI/DD, Settling 11/08/16)	12/26 at 100.00		BBB–			2,479,840
	685		5.000%, 12/01/40 (WI/DD, Settling 11/08/16)	12/26 at 100.00		BBB–			769,652
	4,030		Denver School District 1, Colorado, General Obligation Bonds, Series 2012B, 4.000%, 12/01/16	No Opt. Call		AA			4,041,365
			Denver, Colorado, Airport System Revenue Bonds, Series 2006:
	4,060		5.000%, 11/15/23 (Pre-refunded 12/19/16) – FGIC Insured	12/16 at 100.00		A1 (4)			4,094,348
	6,800		5.000%, 11/15/24 (Pre-refunded 12/19/16) – FGIC Insured	12/16 at 100.00		A1 (4)			6,824,956
	8,940		5.000%, 11/15/25 (Pre-refunded 12/19/16) – FGIC Insured	12/16 at 100.00		A1 (4)			9,015,632
			E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A:
	385		0.000%, 9/01/35	No Opt. Call		BBB			196,831
	150		0.000%, 9/01/37	No Opt. Call		BBB			69,972
	75		0.000%, 9/01/38	No Opt. Call		BBB			33,371
	20		0.000%, 9/01/39	No Opt. Call		BBB			8,536
	110		0.000%, 9/01/41	No Opt. Call		BBB			43,259
			E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
	1,420		0.000%, 9/01/23 – NPFG Insured	No Opt. Call		BBB			1,209,244
	18,380		0.000%, 9/01/25 – NPFG Insured	No Opt. Call		BBB			14,602,359
			E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	1,045		0.000%, 9/01/29 – NPFG Insured	No Opt. Call		BBB			701,634
	2,175		0.000%, 9/01/30 – NPFG Insured	No Opt. Call		BBB			1,399,721
	25,050		0.000%, 9/01/31 – NPFG Insured	No Opt. Call		BBB			15,516,972
	23,305		0.000%, 9/01/32 – NPFG Insured	No Opt. Call		BBB			13,869,039
	100		0.000%, 9/01/33 – NPFG Insured	No Opt. Call		BBB			57,117
	12,500		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured	9/26 at 54.77		BBB			4,689,750
			E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
	385		0.000%, 9/01/28 – NPFG Insured	No Opt. Call		BBB			271,028
	60,000		0.000%, 3/01/36 – NPFG Insured	No Opt. Call		BBB			30,706,800
			E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
	345		0.000%, 9/01/28 – NPFG Insured	9/20 at 63.98		BBB			193,631
	13,000		0.000%, 9/01/34 – NPFG Insured	9/20 at 45.40		BBB			5,110,300
	14,500		0.000%, 3/01/36 – NPFG Insured	9/20 at 41.72		BBB			5,221,885
	500		Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 5.500%, 5/01/22 (Alternative Minimum Tax)	5/21 at 100.00		Baa2			546,680
	5,000		Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured	12/17 at 100.00		A3 (4)			5,250,350
	1,860		Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40	12/25 at 100.00		Aa2			1,984,006
	5,000		Metropolitan Wastewater Reclamation District, Colorado, Sewer Revenue Bonds, Series 2012A, 5.000%, 4/01/17	No Opt. Call		Aa1			5,091,200

 

30

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Colorado (continued)
			Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016:
$	1,065		5.000%, 12/01/36	12/26 at 100.00		Baa3		$	1,189,317
	2,600		5.000%, 12/01/46	12/26 at 100.00		Baa3			2,873,000
	6,705		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45	12/25 at 100.00		BBB			7,553,853
	5,715		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured	12/20 at 100.00		BBB(4)			6,838,283
	3,000		Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured	12/19 at 100.00		BBB(4)			3,468,900
	700		Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38	No Opt. Call		BBB+			983,010
			Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
	2,500		6.500%, 1/15/30	7/20 at 100.00		Baa3			2,900,275
	3,115		6.000%, 1/15/34	7/20 at 100.00		Baa3			3,551,193
	2,615		6.000%, 1/15/41	7/20 at 100.00		Baa3			2,976,158
	1,500		Waterview I Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016, 5.000%, 12/01/41	12/26 at 100.00		A–			1,728,300
	315,250		Total Colorado						248,847,102
			Connecticut – 0.5% (0.3% of Total Investments)
	3,430		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H, 5.000%, 7/01/24 – AGM Insured	7/22 at 100.00		A2			3,971,631
			Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender Option Bond Trust 2016-XG0059:
	1,295		14.987%, 1/01/32 (IF) (5)	1/23 at 100.00		A+			2,050,736
	190		14.856%, 1/01/38 (IF) (5)	1/23 at 100.00		A+			292,908
	1,930		Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16	No Opt. Call		AA–			1,941,387
	2,500		Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39	4/20 at 100.00		N/R			2,898,825
	3,565		Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 4.000%, 4/01/39	4/22 at 100.00		AA			3,765,709
	4,348		Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31, PIK (8)	No Opt. Call		N/R			169,446
	17,258		Total Connecticut						15,090,642
			Delaware – 0.3% (0.2% of Total Investments)
	7,255		Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55	6/25 at 100.00		A1			8,239,866
			District of Columbia – 2.5% (1.6% of Total Investments)
	1,580		District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)	12/16 at 100.00		AA+			1,584,614
	5,750		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33	No Opt. Call		BBB			6,937,317
	21,000		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46	1/17 at 100.00		N/R			2,686,950
	23,745		District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 – AGM Insured (UB)	No Opt. Call		AA			28,737,624
			District of Columbia, General Obligation Bonds, Series 1998B:
	5,000		6.000%, 6/01/19 – NPFG Insured	No Opt. Call		AA			5,629,800
	9,505		6.000%, 6/01/20 – NPFG Insured	No Opt. Call		AA			11,117,428

 

NUVEEN

31

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			District of Columbia (continued)
$	5,625		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53	4/22 at 100.00		BBB+		$	6,254,212
	2,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured	No Opt. Call		A3			936,940
	16,400		Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured	1/17 at 100.00		AA+			16,450,020
	90,605		Total District of Columbia						80,334,905
			Florida – 8.9% (5.7% of Total Investments)
	1,480		Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 5.000%, 11/15/37	11/23 at 100.00		BBB			1,627,600
			Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:
	450		5.000%, 9/01/45	9/23 at 100.00		BBB–			465,759
	875		5.000%, 9/01/48	9/23 at 100.00		BBB–			904,365
	1,000		Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19)	4/19 at 100.00		A (4)			1,144,200
	7,500		Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, 10/01/45 (Alternative Minimum Tax)	10/25 at 100.00		A+			8,514,975
	4,315		Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured	10/21 at 100.00		A			4,972,865
	100		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43	No Opt. Call		N/R			109,545
	4,165		Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/32	4/22 at 100.00		Baa1			4,684,834
	1,150		Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31	4/21 at 100.00		Baa1			1,353,654
	2,000		Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax)	10/21 at 100.00		Aa3			2,326,520
	3,175		Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2010B, 5.000%, 7/01/40	No Opt. Call		AA			3,593,306
	2,500		Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19)	10/19 at 100.00		AA– (4)			2,789,400
	11,705		Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 2016A, 5.000%, 10/01/46 (Alternative Minimum Tax)	10/26 at 100.00		AA–			13,482,872
	5,020		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (Alternative Minimum Tax)	10/24 at 100.00		A+			5,617,581
	10,305		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44	10/24 at 100.00		A–			11,880,841
	2,290		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40	10/24 at 100.00		A+			2,629,676
	8,000		JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39	4/20 at 100.00		Aa2			8,921,280
	2,735		Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/35	11/24 at 100.00		A2			3,111,610
	2,605		Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)	10/17 at 100.00		BBB+ (4)			2,707,038
	1,500		Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax)	6/20 at 100.00		BB			1,567,950
	9,820		Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured	2/24 at 100.00		A1			11,221,314

 

32

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Florida (continued)
$	2,930		Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42	No Opt. Call		A–		$	3,258,805
	8,070		Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45	4/25 at 100.00		A–			9,314,394
	13,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport Hub, Series 2007B, 4.500%, 10/01/31 (Pre-refunded 10/01/17) – NPFG Insured	10/17 at 100.00		A2 (4)			13,431,080
	1,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax)	No Opt. Call		A			1,138,310
	1,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37	10/24 at 100.00		A			1,166,810
	4,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 5.500%, 10/01/36 (Pre-refunded 10/01/19)	10/19 at 100.00		A (4)			4,511,800
			Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B:
	4,000		5.000%, 10/01/28	10/20 at 100.00		A			4,540,760
	7,890		5.000%, 10/01/41	10/20 at 100.00		A			8,722,316
	5,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/35 (Alternative Minimum Tax)	10/24 at 100.00		A			5,677,300
	3,010		Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax)	10/25 at 100.00		A			3,424,838
	2,865		Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37	10/22 at 100.00		A2			3,251,546
			Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012:
	3,000		5.000%, 7/01/42	7/22 at 100.00		A1			3,445,050
	2,050		5.000%, 7/01/42 – AGM Insured	7/22 at 100.00		A1			2,376,709
	1,000		Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured	10/20 at 100.00		A+			1,125,630
	12,370		Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42	10/22 at 100.00		A+			14,200,141
	4,000		North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40	10/20 at 100.00		A2			4,492,800
	3,000		Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41 (Pre-refunded 8/01/17)	8/17 at 100.00		N/R (4)			3,102,300
	2,200		Okeechobee County, Florida, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 1.550%, 7/01/39 (Mandatory put 7/01/21)	No Opt. Call		A–			2,184,072
	1,665		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26	10/19 at 100.00		A			1,827,321
	5,000		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45	10/26 at 100.00		A			5,209,950
	115		Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34	6/22 at 102.00		N/R			139,087
	1,300		Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, The Waterford Project, Series 2007, 5.875%, 11/15/37 (Pre-refunded 11/15/17)	11/17 at 100.00		A (4)			1,368,809
	4,635		Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond Series 2014B, 5.000%, 9/01/43	9/24 at 100.00		AA–			5,337,063
	9,250		Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B, 5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured	7/17 at 100.00		A3 (4)			9,513,070
	22,000		South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/37 (UB)	8/17 at 100.00		AA–			22,536,140
	1,000		South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/42	8/17 at 100.00		AA–			1,023,730
	20,175		South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB), (5)	8/17 at 100.00		AA–			20,653,752

 

NUVEEN

33

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Florida (continued)
$	2,500		South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 11151, 16.304%, 8/15/42 (IF)	8/17 at 100.00		AA–		$	2,737,300
	705		Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30	3/24 at 100.00		BBB+			785,624
	1,500		Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44	1/24 at 100.00		A–			1,694,955
	700		Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29	9/22 at 100.00		A+			809,081
	14,610		Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42	No Opt. Call		A			16,511,638
	65		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (7)	5/17 at 100.00		N/R			52,629
	195		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (7)	5/19 at 100.00		N/R			118,180
	85		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7)	5/22 at 100.00		N/R			38,241
	120		Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8)	5/18 at 100.00		N/R			1
	10		Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40	5/18 at 100.00		N/R			10,154
	195		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40	5/17 at 100.00		N/R			195,770
	290		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40	5/18 at 100.00		N/R			181,734
	180		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8)	5/18 at 100.00		N/R			95,612
	195		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8)	5/18 at 100.00		N/R			2
	1,105		Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37	1/17 at 100.00		N/R			1,104,889
	6,510		Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/45	6/25 at 100.00		A–			7,435,722
	257,180		Total Florida						282,372,300
			Georgia – 1.9% (1.2% of Total Investments)
	1,820		Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40	7/25 at 100.00		A+			2,167,129
	865		Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31	1/19 at 100.00		A2			968,489
	1,510		Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured	11/19 at 100.00		A+			1,686,036
			Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015:
	3,065		5.000%, 11/01/31	5/25 at 100.00		A+			3,671,410
	5,000		5.000%, 11/01/32	5/25 at 100.00		A+			5,960,300
	5,000		Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Senior Series 2007A, 5.250%, 7/15/38 (Pre-refunded 7/15/17) – AMBAC Insured	7/17 at 100.00		N/R (4)			5,157,000
	2,000		Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured	No Opt. Call		A3			2,376,100
			East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A:
	4,360		5.000%, 2/01/30 – SYNCORA GTY Insured	1/17 at 100.00		N/R			4,366,060
	1,480		5.000%, 2/01/34 – SYNCORA GTY Insured	1/17 at 100.00		N/R			1,481,880

 

34

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Georgia (continued)
$	2,500		Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30	2/20 at 100.00		A		$	2,747,150
	3,000		Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37	2/20 at 100.00		AA–			3,289,680
	10,260		Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60	7/25 at 100.00		A2			11,803,309
	265		Georgia Municipal Electric Authority, Project One Special Obligation Bonds, Fourth Crossover Series 1997E, 6.500%, 1/01/20	No Opt. Call		A			285,326
	1,000		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20	No Opt. Call		BBB+			1,092,550
	3,035		Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured	8/18 at 100.00		BB+			3,285,570
	1,550		Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured	No Opt. Call		Aa1			1,713,928
	3,265		Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/41	7/26 at 100.00		AA–			3,881,693
	1,220		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27	10/21 at 100.00		Baa2			1,398,449
	1,425		Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41	10/21 at 100.00		AA–			1,577,703
	52,620		Total Georgia						58,909,762
			Guam – 0.1% (0.1% of Total Investments)
	765		Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31	1/22 at 100.00		A–			835,778
	1,770		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40	7/20 at 100.00		BBB–			1,919,866
	1,220		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43	7/23 at 100.00		BBB–			1,387,201
	3,755		Total Guam						4,142,845
			Hawaii – 0.9% (0.6% of Total Investments)
	13,000		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43	7/23 at 100.00		A			15,254,330
			Hawaii State, Airport System Revenue Bonds, Series 2015A:
	2,500		5.000%, 7/01/41 (Alternative Minimum Tax)	7/25 at 100.00		A			2,858,475
	8,205		5.000%, 7/01/45 (Alternative Minimum Tax)	7/25 at 100.00		A			9,348,121
	23,705		Total Hawaii						27,460,926
			Idaho – 0.2% (0.1% of Total Investments)
			Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016:
	1,795		5.000%, 9/01/23	No Opt. Call		BB+			2,056,047
	1,000		5.000%, 9/01/29	9/26 at 100.00		BB+			1,148,970
			Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A:
	1,155		4.750%, 9/01/26	9/22 at 100.00		Baa1			1,294,097
	310		5.000%, 9/01/32	9/22 at 100.00		Baa1			344,168
	4,260		Total Idaho						4,843,282
			Illinois – 18.3% (11.8% of Total Investments)
	3,000		Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured	12/21 at 100.00		AA			3,296,280
	1,470		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41	12/21 at 100.00		B3			1,308,388
	9,250		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44	12/25 at 100.00		B			9,836,635

 

NUVEEN

35

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Illinois (continued)
$	2,400		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46	12/26 at 100.00		B		$	2,465,520
			Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
	10,000		0.000%, 12/01/20 – FGIC Insured	No Opt. Call		B+			8,734,300
	10,130		0.000%, 12/01/24 – FGIC Insured	No Opt. Call		B+			7,392,266
	7,140		0.000%, 12/01/25 – FGIC Insured	No Opt. Call		B+			4,940,309
	4,325		0.000%, 12/01/29 – FGIC Insured	No Opt. Call		B+			2,382,902
	4,235		0.000%, 12/01/31 – FGIC Insured	No Opt. Call		B+			2,085,356
			Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
	15,000		0.000%, 12/01/21 – FGIC Insured	No Opt. Call		B+			12,586,050
	10,000		0.000%, 12/01/23 – FGIC Insured	No Opt. Call		B+			7,671,400
	8,845		5.500%, 12/01/26 – FGIC Insured	No Opt. Call		B+			10,182,541
	7,900		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40	12/21 at 100.00		A1			8,728,157
	2,404		Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24	3/17 at 100.00		Ba3			2,435,595
			Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:
	285		5.500%, 12/20/19 (Alternative Minimum Tax)	4/17 at 100.00		AA–			285,789
	1,210		5.600%, 12/20/29 (Alternative Minimum Tax)	4/17 at 100.00		AA–			1,212,214
	1,925		5.650%, 12/20/40 (Alternative Minimum Tax)	4/17 at 100.00		AA–			1,927,791
	2,245		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2015C, 5.000%, 1/01/46 (Alternative Minimum Tax)	1/25 at 100.00		A			2,494,083
			Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
	4,115		0.000%, 1/01/33 – FGIC Insured	No Opt. Call		BBB–			1,937,177
	29,600		0.000%, 1/01/38 – FGIC Insured	No Opt. Call		BBB–			10,767,592
	3,880		Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured	1/17 at 100.00		BBB–			3,892,688
	22,750		Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured	No Opt. Call		BBB–			25,112,360
	6,280		Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41	1/22 at 100.00		Ba1			6,537,480
	6,410		Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured	No Opt. Call		A3			7,663,988
	1,500		Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – AMBAC Insured	No Opt. Call		Baa2			1,832,130
	13,310		Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33	11/20 at 100.00		A2			14,419,921
			Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:
	2,785		5.500%, 11/01/36	11/23 at 100.00		A			3,113,519
	700		4.500%, 11/01/36	11/24 at 100.00		A			726,187
	4,000		4.450%, 11/01/36	11/25 at 102.00		A			4,212,840
	410		Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 6.000%, 12/01/45	12/25 at 100.00		N/R			417,228
	13,955		Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2015, 5.000%, 5/01/45 (UB) (5)	5/25 at 100.00		AA			15,945,402
	2,000		Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 4.000%, 3/01/38	3/26 at 100.00		A1			2,100,120
	4,985		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/32	9/22 at 100.00		BBB			5,438,037
			Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:
	4,750		5.000%, 9/01/39	9/24 at 100.00		BBB			5,222,292
	6,000		5.000%, 9/01/42	9/24 at 100.00		BBB			6,583,680

 

36

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Illinois (continued)
$	4,125		Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39	11/19 at 100.00		Aa2		$	4,656,547
	4,000		Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)	8/18 at 100.00		A+			4,246,720
	2,120		Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured	2/18 at 100.00		A			2,213,238
	3,875		Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37	1/18 at 100.00		Baa2			4,046,391
	1,750		Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26	No Opt. Call		AA–			1,774,973
			Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A:
	11,520		4.000%, 7/01/37	7/26 at 100.00		A2			12,012,595
	6,140		4.000%, 7/01/38	7/26 at 100.00		A2			6,387,135
	345		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39	5/20 at 100.00		A			392,489
	615		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20)	5/20 at 100.00		N/R (4)			719,083
	1,925		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17)	11/17 at 100.00		A (4)			2,023,425
	10,745		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45	11/25 at 100.00		A			12,202,882
	12,125		Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35	5/20 at 100.00		AA–			13,170,660
	2,670		Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 5.000%, 2/15/36	2/27 at 100.00		BBB–			2,939,403
			Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:
	50		7.750%, 8/15/34 (Pre-refunded 8/15/19)	8/19 at 100.00		N/R (4)			58,955
	4,995		7.750%, 8/15/34 (Pre-refunded 8/15/19)	8/19 at 100.00		BBB– (4)			5,913,830
			Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:
	415		5.500%, 7/01/28	7/23 at 100.00		A–			488,355
	390		6.000%, 7/01/43	7/23 at 100.00		A–			464,225
	100		Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation,Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)	5/19 at 100.00		N/R (4)			112,743
			Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation,Refunding Series 2009:
	90		6.125%, 5/15/25 (Pre-refunded 5/15/19)	5/19 at 100.00		N/R (4)			101,469
	2,810		6.125%, 5/15/25 (Pre-refunded 5/15/19)	5/19 at 100.00		BBB– (4)			3,168,078
			Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B:
	65		5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured	5/18 at 100.00		A2 (4)			69,095
	1,735		5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured	5/18 at 100.00		A2 (4)			1,844,305
	1,000		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Refunding Series 2006B, 5.250%, 11/01/35 (Pre-refunded 11/01/18) – NPFG Insured	11/18 at 100.00		AA– (4)			1,086,060
	1,120		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19)	5/19 at 100.00		Aaa			1,276,218
	4,250		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015B, 5.000%, 11/15/39	5/25 at 100.00		A+			4,877,428
	4,975		Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17)	8/17 at 100.00		N/R (4)			5,150,170
			Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A:
	4,000		6.000%, 8/15/23	8/18 at 100.00		BBB+			4,295,000
	5,000		5.500%, 8/15/30	8/18 at 100.00		BBB+			5,251,200

 

NUVEEN

37

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Illinois (continued)
			Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:
$	560		5.000%, 8/15/35	8/25 at 100.00		Baa1		$	633,685
	3,745		5.000%, 8/15/44	8/25 at 100.00		Baa1			4,168,148
			Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:
	2,000		6.875%, 8/15/38 (Pre-refunded 8/15/19)	8/19 at 100.00		N/R (4)			2,323,540
	3,000		7.000%, 8/15/44 (Pre-refunded 8/15/19)	8/19 at 100.00		N/R (4)			3,495,600
	1,000		Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured	3/20 at 100.00		A2			1,101,890
	1,400		Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26	8/20 at 100.00		AA–			1,562,806
	2,500		Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5)	2/21 at 100.00		AA–			2,955,800
	500		Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26	1/17 at 100.00		N/R			500,820
	3,000		Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46	10/25 at 100.00		AA–			3,420,000
	1,225		Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19 (Pre-refunded 7/01/17)	7/17 at 100.00		AA– (4)			1,259,337
	11,140		Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51	10/21 at 100.00		AA–			12,305,355
	5,915		Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34	5/17 at 100.00		Baa3			5,971,429
	2,000		Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36	2/17 at 100.00		Aa1			2,008,400
	1,830		Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/32 – AGM Insured	6/24 at 100.00		BBB			2,067,369
			Illinois State, General Obligation Bonds, February Series 2014:
	3,500		5.250%, 2/01/30	2/24 at 100.00		BBB			3,816,435
	4,000		5.250%, 2/01/31	2/24 at 100.00		BBB			4,348,440
	3,200		5.250%, 2/01/32	2/24 at 100.00		BBB			3,466,144
	2,000		5.250%, 2/01/33	2/24 at 100.00		BBB			2,158,480
	1,575		5.250%, 2/01/34	2/24 at 100.00		BBB			1,699,803
	2,000		5.000%, 2/01/39	2/24 at 100.00		BBB			2,072,400
	4,225		Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/37	6/26 at 100.00		BBB			3,948,643
			Illinois State, General Obligation Bonds, May Series 2014:
	1,305		5.000%, 5/01/36	5/24 at 100.00		BBB			1,359,640
	1,950		5.000%, 5/01/39	5/24 at 100.00		BBB			2,022,794
	3,510		Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 (WI/DD, Settling 11/02/16)	2/27 at 100.00		BBB			3,816,599
	2,375		Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25	8/22 at 100.00		BBB			2,550,774
			Illinois State, General Obligation Bonds, Series 2012A:
	3,600		4.000%, 1/01/26	1/22 at 100.00		BBB			3,640,068
	415		5.000%, 3/01/37	3/22 at 100.00		BBB			427,492
			Illinois State, General Obligation Bonds, Series 2013:
	2,500		5.250%, 7/01/31	7/23 at 100.00		BBB			2,713,125
	1,520		5.500%, 7/01/38	7/23 at 100.00		BBB			1,663,336
	1,430		Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25	6/21 at 100.00		AA+			1,535,062
	1,395		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38	1/23 at 100.00		AA–			1,593,969
	4,685		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40	7/25 at 100.00		AA–			5,418,437

 

38

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Illinois (continued)
$	4,435		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40	1/26 at 100.00		AA–		$	5,110,362
	1,815		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.850%, 1/01/38 (IF)	1/23 at 100.00		AA–			2,851,220
	1,875		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0052, 15.930%, 1/01/38 (IF)	1/23 at 100.00		AA–			2,944,725
	2,000		Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured	No Opt. Call		Aa3			1,782,660
	3,000		Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9)	1/17 at 100.00		N/R			1,319,700
			Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
	850		5.250%, 1/01/25 (10)	1/17 at 100.00		D			254,915
	2,750		5.250%, 1/01/30 (10)	1/17 at 100.00		D			824,725
	1,510		Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured	1/21 at 100.00		A2			1,670,136
	1,525		McCook, Illinois, General Obligation Bonds, Series 2008, 5.200%, 12/01/30	12/18 at 100.00		BBB			1,627,846
	9,000		McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured	No Opt. Call		Aa2			7,806,510
	1,890		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52	12/25 at 100.00		BBB–			2,061,820
	5,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53	12/25 at 100.00		BBB–			5,686,600
	10,050		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50	6/20 at 100.00		BBB–			10,706,667
	1,050		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50	6/20 at 100.00		BBB			1,118,933
			Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A:
	6,015		0.000%, 12/15/21 – NPFG Insured	No Opt. Call		BBB			5,111,427
	12,250		0.000%, 12/15/22 – NPFG Insured	No Opt. Call		BBB			10,011,067
	23,575		0.000%, 12/15/23 – NPFG Insured	No Opt. Call		BBB			18,437,536
	10,775		0.000%, 12/15/24 – NPFG Insured	No Opt. Call		BBB			8,038,904
	2,685		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50	6/20 at 100.00		BBB–			2,807,758
			Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
	6,765		0.000%, 12/15/23 – NPFG Insured	No Opt. Call		BBB			5,290,771
	5,000		0.000%, 12/15/34 – NPFG Insured	No Opt. Call		BBB			2,266,050
	1,100		0.000%, 12/15/35 – NPFG Insured	No Opt. Call		BBB			472,791
	3,805		0.000%, 6/15/41 – NPFG Insured	No Opt. Call		BBB			1,249,258
	3,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)	No Opt. Call		AA+ (4)			3,922,230
			Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
	1,550		5.250%, 6/01/21	No Opt. Call		A			1,797,674
	4,000		6.250%, 6/01/24	1/17 at 100.00		A			4,045,720
	800		6.000%, 6/01/28	6/21 at 100.00		A–			940,168
			Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999:
	22,650		5.750%, 6/01/19 – AGM Insured	No Opt. Call		Aa3			25,322,020
	3,500		5.750%, 6/01/23 – AGM Insured	No Opt. Call		Aa3			4,255,545
	2,395		Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured	No Opt. Call		AA			2,057,497

 

NUVEEN

39

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	Portfolio of Investments (continued)	October 31, 2016

 

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Illinois (continued)
			Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015:
$	2,250		5.000%, 3/01/29	3/25 at 100.00		A3		$	2,654,370
	3,505		5.000%, 3/01/40 – AGM Insured	3/25 at 100.00		A2			4,004,462
			University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013:
	1,580		6.000%, 10/01/32	10/23 at 100.00		A3			1,897,533
	9,625		6.250%, 10/01/38	10/23 at 100.00		A3			11,588,885
	2,745		6.000%, 10/01/42	10/23 at 100.00		A3			3,243,629
	4,930		Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured	No Opt. Call		A2			4,047,283
	12,775		Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured (ETM)	No Opt. Call		A2 (4)			11,255,286
	2,475		Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured	No Opt. Call		A2			2,389,662
	603,644		Total Illinois						581,731,054
			Indiana – 3.4% (2.2% of Total Investments)
	6,180		Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured	No Opt. Call		A3			5,466,704
	1,555		Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/28	2/22 at 100.00		A–			1,759,871
	1,050		Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39	10/19 at 100.00		B–			1,023,068
	2,865		Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42	5/23 at 100.00		A			3,205,591
	1,500		Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20)	3/20 at 100.00		BBB– (4)			1,697,115
	7,480		Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40	6/25 at 100.00		AA–			8,709,039
			Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A:
	3,015		5.000%, 7/01/44 (Alternative Minimum Tax)	7/23 at 100.00		BBB			3,325,032
	6,545		5.000%, 7/01/48 (Alternative Minimum Tax)	7/23 at 100.00		BBB			7,176,920
	1,500		Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 7/01/40 (Alternative Minimum Tax)	7/23 at 100.00		BBB			1,668,495
	4,670		Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38	12/19 at 100.00		AA–			5,177,769
	2,500		Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37	12/20 at 100.00		AA–			2,820,925
			Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
	1,305		5.250%, 9/01/34 (Alternative Minimum Tax)	9/24 at 100.00		B			1,410,235
	3,790		5.250%, 9/01/40 (Alternative Minimum Tax)	9/24 at 100.00		B			4,068,262
	15,900		5.000%, 9/01/46 (Alternative Minimum Tax)	9/24 at 100.00		B			16,808,208
	1,880		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A, 5.000%, 10/01/46	10/26 at 100.00		A			2,179,428
	2,750		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41	10/21 at 100.00		A3			3,146,935
			Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E:
	475		5.250%, 11/01/25 (Pre-refunded 5/01/18) – AGM Insured	5/18 at 100.00		Aa3 (4)			506,269
	530		5.250%, 11/01/29 (Pre-refunded 5/01/18) – AGM Insured	5/18 at 100.00		Aa3 (4)			564,890
	2,225		5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured	5/18 at 100.00		Aa3 (4)			2,370,782

 

40

NUVEEN

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Indiana (continued)
			Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007:
$	2,060		5.500%, 3/01/37 (Pre-refunded 3/01/17)	3/17 at 100.00		N/R (4)		$	2,093,084
	1,940		5.500%, 3/01/37 (Pre-refunded 3/01/17)	3/17 at 100.00		A+ (4)			1,963,610
	2,860		Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0068, 7.254%, 7/01/32 (Alternative Minimum Tax) (IF)	1/17 at 100.00		Aaa			2,925,351
	7,875		Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42	7/26 at 100.00		A+			9,130,511
	10,900		Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured	1/17 at 100.00		A1 (4)			10,977,935
	1,700		Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36	3/18 at 100.00		Aaa			1,791,307
	3,985		Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)	1/24 at 100.00		N/R			4,956,384
	99,035		Total Indiana						106,923,720
			Iowa – 1.6% (1.1% of Total Investments)
	1,500		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42	8/22 at 100.00		Ba2			1,544,760
			Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
	3,700		5.000%, 12/01/19	No Opt. Call		B–			3,805,561
	5,645		5.500%, 12/01/22	12/18 at 100.00		B–			5,727,135
	1,335		5.250%, 12/01/25	12/23 at 100.00		B–			1,396,503
	3,000		Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25	12/19 at 100.00		A			3,266,790
			Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
	24,420		5.500%, 6/01/42	1/17 at 100.00		B2			24,418,291
	12,100		5.625%, 6/01/46	1/17 at 100.00		B2			11,970,288
	51,700		Total Iowa						52,129,328
			Kansas – 0.4% (0.3% of Total Investments)
	1,240		Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.000%, 9/01/26 (Pre-refunded 9/01/21)	9/21 at 100.00		Aa3 (4)			1,452,003
	1,540		Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/29	11/19 at 100.00		AA			1,731,437
	1,000		Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29	9/17 at 100.00		A+			1,025,960
	2,755		Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured	1/17 at 100.00		BB+			2,759,601
	550		Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32	4/20 at 100.00		BBB			579,046
	80		Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)	No Opt. Call		Aaa			83,755
	5,000		Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/32	No Opt. Call		A3			5,732,850
	30		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital	12/16 at 76.41		A– (4)			22,907
			Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 (Mandatory put)
	12,195		Total Kansas						13,387,559

 

NUVEEN

41

NAD	Nuveen Quality Municipal Income Fund
	(formerly Nuveen Dividend Advantage Municipal Fund)
	<