UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21213
Nuveen AMT-Free Quality Municipal Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2017
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
| Chairman’s Letter to Shareholders | 4 |
| Portfolio Managers’ Comments | 5 |
| Fund Leverage | 8 |
| Common Share Information | 10 |
| Risk Considerations | 12 |
| Performance Overview and Holding Summaries | 13 |
| Portfolios of Investments | 17 |
| Statement of Assets and Liabilities | 104 |
| Statement of Operations | 105 |
| Statement of Changes in Net Assets | 106 |
| Statement of Cash Flows | 107 |
| Financial Highlights | 108 |
| Notes to Financial Statements | 111 |
| Additional Fund Information | 125 |
| Glossary of Terms Used in this Report | 126 |
| Reinvest Automatically, Easily and Conveniently | 128 |
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Chairman’s Letter to Shareholders
Dear Shareholders,
Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news and earnings growth, inflation is ticking higher and interest rates are higher amid the Federal Reserve (Fed) rate hikes.
The Trump administration’s early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House’s pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected. Additionally, Brexit negotiations in the U.K. face new uncertainties in light of the reshuffling of Parliament following the June snap election.
Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted a series of interest rate hikes in December 2016, March 2017 and June 2017, a vote of confidence that its employment and inflation targets are generally on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and triggered the U.K.’s Brexit remained in the minority during both March’s Dutch general election and May’s French presidential election, easing the political uncertainty surrounding Germany’s elections later this year.
In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.
Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. 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
June 23, 2017
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Portfolio Managers’ Comments
Nuveen Quality Municipal Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio manager Christopher L. Drahn, CFA, reviews key investment strategies and the six-month performance of these two national Funds.
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.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2017?
The overall municipal bond market sold off sharply in the first two months of the reporting period following the unexpected U.S. presidential election outcome and concerns that the Trump administration’s tax, regulatory, health care and infrastructure policy might have a negative impact on the demand for, as well as the performance of, municipal bonds. However, as the new administration’s term began, the municipal bond market partially recovered the earlier losses, supported by the market pricing in more realistic expectations about reforms and a better understanding of the limited impact it would have on the municipal market. For the reporting period overall, interest rates rose and credit spreads widened, which were headwinds for municipal bond performance, offsetting a generally positive fundamental backdrop. 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. NAD and NEA were active buyers throughout the reporting period, adding bonds from both the new issue and secondary markets across a range of sectors. Both funds, and in particular NAD, extended durations given the market sell-off in November and early December 2016. In addition, NEA’s weightings in single A and BBB rated bonds rose slightly and NAD’s allocation to BBB rated bonds increased marginally. For NAD, exposure to the airport sector increased modestly due to our purchase of some attractively valued airport bonds subject to the alternative minimum tax (AMT). Otherwise, the Funds generally maintained their overall positioning strategies in terms of credit quality exposures and sector allocations. The sell-off also provided opportunities for tax loss swapping, and both Funds executed numerous trades to take advantage of the prevailing market conditions. This strategy involves selling bonds that were bought when interest rates were lower and using the proceeds to buy other bonds (typically at higher yield levels) to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities.
| Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein. |
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (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.
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.
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Portfolio Managers’ Comments (continued)
As of April 30, 2017, 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 due to movements in U.S. interest rates relative to the Funds’ benchmark. These swaps had a negligible impact on performance during the reporting period. NAD closed its swap position before the end of the reporting period.
How did the Funds perform during the six-month reporting period ended April 30, 2017?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2017. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the six months ended April 30, 2017, the total returns on common share NAV for the two Funds trailed the returns for the national S&P Municipal Bond Index and the secondary benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index.
The Funds’ relative performance was driven largely by their duration and yield curve positioning during the reporting period. Yields on the longer end of the curve rose more than yields on the shorter end, causing longer bonds to underperform. As a result, the Funds’ overweight allocations to the longer end of the yield curve detracted from relative performance for the overall six-month reporting period with November 2016 being the major culprit (as markets more or less stabilized thereafter and performance rebounded). Both NEA and NAD benefited from overweight allocations to the tobacco sector, the top performing sector in the overall municipal bond market in this reporting period. Tobacco securitization bonds were a standout performer in this reporting period as refunding activity reduced supply and created more favorable technical conditions for the sector, and the fundamental outlook for the sector improved after a report that cigarette smoking rates have declined less than forecasted. The Funds’ small holdings in Puerto Rico bonds actually contributed positively to performance. Although Puerto Rico credits in general performed poorly in this reporting period, our selections, which include insured bonds and bonds backed by the U.S. government (and not the Commonwealth of Puerto Rico), fared relatively well. In addition, the use of regulatory leverage was another important 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: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.
In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten year term. In May 2017 (subsequent to the close of this reporting period), the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of June 2017 Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
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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, 0.18% and 0.38%, 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 in default and rated Caa3/D/D 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 its 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 they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Fund’s shares.
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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 negligible impact on the performance of these Funds over this reporting period.
As of April 30, 2017, the Funds’ percentages of leverage are as shown in the accompanying table.
| NAD | NEA | ||
| Effective Leverage* | 37.87% | 37.76% | |
| Regulatory Leverage* | 34.24% | 34.78% |
| * | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
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THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2017, 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.
| VMTP Shares | VRDP Shares | |||||||||||||||
| Series | Shares Issued at Liquidation Preference |
Series | Shares Issued at Liquidation Preference |
Total | ||||||||||||
| NAD | 2018 | $ | 407,000,000 | 1 | $ | 236,800,000 | ||||||||||
| 2019 | $ | 337,000,000 | 2 | $ | 267,500,000 | |||||||||||
| 2019-1 | $ | 208,500,000 | 3 | $ | 127,700,000 | |||||||||||
| $ | 952,500,000 | $ | 632,000,000 | $ | 1,584,500,000 | |||||||||||
| NEA | 2018 | $ | 535,000,000 | 1 | $ | 219,000,000 | ||||||||||
| 2019 | $ | 238,000,000 | 2 | $ | 130,900,000 | |||||||||||
| — | 3 | $ | 350,900,000 | |||||||||||||
| — | 4 | $ | 489,500,000 | |||||||||||||
| — | 5 | $ | 100,000,000 | |||||||||||||
| $ | 773,000,000 | $ | 1,290,300,000 | $ | 2,063,300,000 | |||||||||||
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.
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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2017. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
| Per Common | |||||||
| Share Amounts | |||||||
| Monthly Distributions (Ex-Dividend Date) | NAD | NEA | |||||
| November 2016 | $ | 0.0715 | $ | 0.0680 | |||
| December | 0.0680 | 0.0620 | |||||
| January | 0.0680 | 0.0620 | |||||
| February | 0.0680 | 0.0620 | |||||
| March | 0.0640 | 0.0620 | |||||
| April 2017 | 0.0640 | 0.0620 | |||||
| Total Distributions from Net Investment Income | $ | 0.4035 | $ | 0.3780 | |||
| Yields | |||||||
| Market Yield* | 5.55 | % | 5.49 | % | |||
| Tax-Equivalent Yield* | 7.71 | % | 7.63 | % | |||
| * | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower. |
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of April 30, 2017, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and negative UNII balances for 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.
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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 April 30, 2017, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
| NAD | NEA | ||
| Common shares cumulatively repurchased and retired | — | 19,300 | |
| Common shares authorized for repurchase | 3,930,000 | 7,890,000 |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of April 30, 2017, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
| NAD | NEA | ||||||
| Common share NAV | $ | 15.07 | $ | 14.73 | |||
| Common share price | $ | 13.83 | $ | 13.54 | |||
| Premium/(Discount) to NAV | (8.23 | )% | (8.08 | )% | |||
| 6-month average premium/(discount) to NAV | (6.66 | )% | (7.72 | )% |
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Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Quality Municipal Income Fund (NAD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NAD.
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEA.
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| NAD | |
| Nuveen Quality Municipal Income Fund | |
| Performance Overview and Holding Summaries as of April 30, 2017 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2017
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||
| NAD at Common Share NAV | (1.69)% | (0.93)% | 5.24% | 5.90% | ||
| NAD at Common Share Price | 0.35% | (3.96)% | 4.73% | 5.59% | ||
| S&P Municipal Bond Index | (0.41)% | 0.57% | 3.33% | 4.29% | ||
| NAD Custom Blended Fund Performance Benchmark | (0.33)% | 0.72% | 3.36% | 4.31% | ||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
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NAD Performance Overview and Holding Summaries as of April 30, 2017 (continued)
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 153.0% |
| Corporate Bonds | 0.0% |
| Investment Companies | 0.0% |
| Short-Term Municipal Bonds | 1.9% |
| Other Assets Less Liabilities | 2.5% |
| Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 157.4% |
| Floating Rate Obligations | (5.4)% |
| VMTP Shares, net of deferred offering costs | (31.3)% |
| VRDP Shares, net of deferred offering costs | (20.7)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 12.8% |
| AA | 23.7% |
| A | 33.4% |
| BBB | 18.9% |
| BB or Lower | 9.3% |
| N/R (not rated) | 1.9% |
| N/A (not applicable) | 0.0% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Transportation | 22.4% |
| Health Care | 16.8% |
| Tax Obligation/Limited | 14.5% |
| U.S. Guaranteed | 9.8% |
| Tax Obligation/General | 9.5% |
| Utilities | 6.0% |
| Education and Civic Organizations | 5.3% |
| Consumer Staples | 5.2% |
| Water and Sewer | 5.1% |
| Other | 5.4% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| Illinois | 12.6% |
| California | 11.6% |
| Texas | 11.6% |
| Florida | 5.7% |
| New York | 5.3% |
| Colorado | 5.0% |
| Ohio | 4.6% |
| Nevada | 3.0% |
| New Jersey | 2.9% |
| Pennsylvania | 2.9% |
| Washington | 2.8% |
| Arizona | 2.1% |
| Indiana | 1.9% |
| South Carolina | 1.9% |
| Massachusetts | 1.8% |
| Michigan | 1.7% |
| Louisiana | 1.6% |
| District of Columbia | 1.5% |
| Other | 19.5% |
| Total | 100% |
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| NEA | |
| Nuveen AMT-Free Quality Municipal Income Fund | |
| Performance Overview and Holding Summaries as of April 30 ,2017 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2017
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||
| NEA at Common Share NAV | (1.57)% | 0.04% | 4.84% | 5.41% | ||
| NEA at Common Share Price | 1.29% | (2.31)% | 4.17% | 5.11% | ||
| S&P Municipal Bond Index | (0.41)% | 0.57% | 3.33% | 4.29% | ||
| NEA Custom Blended Fund Performance Benchmark | (0.33)% | 0.72% | 3.36% | 4.31% | ||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
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NEA Performance Overview and Holding Summaries as of April 30, 2017 (continued)
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 151.2% |
| Corporate Bonds | 0.0% |
| Common Stocks | 0.0% |
| Short-Term Municipal Bonds | 2.8% |
| Other Assets Less Liabilities | 2.1% |
| Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 156.1% |
| Floating Rate Obligations | (2.9)% |
| VMTP Shares, net of deferred offering costs | (20.0)% |
| VRDP Shares, net of deferred offering costs | (33.2)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 12.0% |
| AA | 25.4% |
| A | 33.1% |
| BBB | 19.7% |
| BB or Lower | 8.0% |
| N/R (not rated) | 1.8% |
| N/A (not applicable) | 0.0% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Transportation | 18.7% |
| Health Care | 17.6% |
| Tax Obligation/Limited | 16.6% |
| Tax Obligation/General | 11.2% |
| U.S. Guaranteed | 8.0% |
| Water and Sewer | 6.6% |
| Utilities | 6.6% |
| Education and Civic Organizations | 5.8% |
| Consumer Staples | 5.5% |
| Other | 3.4% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| Illinois | 13.7% |
| California | 10.4% |
| Texas | 8.4% |
| Ohio | 5.6% |
| Colorado | 5.3% |
| Florida | 5.0% |
| New York | 4.6% |
| New Jersey | 4.4% |
| Nevada | 3.9% |
| Pennsylvania | 3.7% |
| Michigan | 3.1% |
| Indiana | 2.8% |
| Washington | 2.5% |
| South Carolina | 2.0% |
| Georgia | 1.7% |
| Massachusetts | 1.7% |
| Iowa | 1.5% |
| Other | 19.7% |
| Total | 100% |
|
16
|
NUVEEN
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 153.0% (98.8% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 153.0% (98.8% of Total Investments) | |||||||||
| Alabama – 0.5% (0.3% of Total Investments) | |||||||||
| Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A: | |||||||||
| $ | 4,000 | 5.000%, 10/01/33 – AGM Insured (Alternative Minimum Tax) | 10/27 at 100.00 | A– | $ | 4,505,320 | |||
| 4,455 | 5.000%, 10/01/34 – AGM Insured (Alternative Minimum Tax) | 10/27 at 100.00 | A– | 4,993,030 | |||||
| 4,250 | 5.000%, 10/01/35 – AGM Insured (Alternative Minimum Tax) | 10/27 at 100.00 | A– | 4,739,770 | |||||
| 1,000 | Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured | 7/17 at 100.00 | A2 | 1,003,370 | |||||
| 1,000 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | A3 | 1,199,100 | |||||
| 14,705 | Total Alabama | 16,440,590 | |||||||
| Alaska – 0.8% (0.5% of Total Investments) | |||||||||
| Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015: | |||||||||
| 1,580 | 5.000%, 1/01/24 (Alternative Minimum Tax) | No Opt. Call | Baa2 | 1,795,386 | |||||
| 3,400 | 5.000%, 1/01/25 (Alternative Minimum Tax) | No Opt. Call | Baa2 | 3,865,460 | |||||
| 1,000 | 5.000%, 1/01/28 (Alternative Minimum Tax) | 7/25 at 100.00 | Baa2 | 1,112,560 | |||||
| 1,075 | 5.000%, 1/01/29 (Alternative Minimum Tax) | 7/25 at 100.00 | Baa2 | 1,183,908 | |||||
| 300 | 5.000%, 1/01/31 (Alternative Minimum Tax) | 7/25 at 100.00 | Baa2 | 325,959 | |||||
| Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: | |||||||||
| 1,160 | 4.625%, 6/01/23 | 6/17 at 100.00 | Ba2 | 1,164,849 | |||||
| 14,500 | 5.000%, 6/01/32 | 7/17 at 100.00 | B3 | 14,104,003 | |||||
| 1,500 | 5.000%, 6/01/46 | 7/17 at 100.00 | B3 | 1,437,420 | |||||
| 24,515 | Total Alaska | 24,989,545 | |||||||
| Arizona – 3.3% (2.1% of Total Investments) | |||||||||
| 980 | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 | 3/22 at 100.00 | A– | 1,041,074 | |||||
| 2,500 | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 5.000%, 12/01/39 | 12/24 at 100.00 | A2 | 2,762,075 | |||||
| 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 | 1,611,003 | |||||
| 2,500 | 5.000%, 7/01/32 | 7/22 at 100.00 | A | 2,693,150 | |||||
| 2,335 | 5.000%, 7/01/36 | 7/22 at 100.00 | A | 2,495,952 | |||||
| 2,000 | Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) | 7/17 at 100.00 | A3 (4) | 2,015,260 | |||||
| 11,795 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 4.000%, 1/01/36 | 1/27 at 100.00 | AA– | 12,003,182 | |||||
| 2,500 | Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2218, 12.529%,7/01/31 (Pre-refunded 7/01/17) – AGM Insured (IF) | 7/17 at 100.00 | AA– (4) | 2,559,700 | |||||
| 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+ | 12,776,405 | |||||
| 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– | 4,845,440 | |||||
| 8,200 | 5.000%, 7/01/38 | 7/18 at 100.00 | AA– | 8,544,646 | |||||
| 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 | 8,820,840 |
|
NUVEEN
|
17
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Arizona (continued) | |||||||||
| $ | 5,000 | Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Tender Option Bond Trust 2016-XF0388, 8.465%, 7/01/38 (IF) (5) | 7/18 at 100.00 | Aa3 | $ | 5,420,300 | |||
| 1,000 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 | 10/20 at 100.00 | A– | 1,092,120 | |||||
| 1,000 | Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series 2015, 4.000%, 12/01/38 – AGM Insured | 12/25 at 100.00 | AA | 1,013,780 | |||||
| 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+ | 606,810 | |||||
| 24,765 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 29,021,111 | |||||
| 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 | 1,233,595 | |||||
| 816 | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 | 7/17 at 100.00 | N/R | 777,738 | |||||
| 91,871 | Total Arizona | 101,334,181 | |||||||
| 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 | 2,213,708 | |||||
| California – 18.0% (11.6% 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– | 1,718,325 | |||||
| 185 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured | No Opt. Call | Baa2 | 173,308 | |||||
| 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 | 8,633,846 | |||||
| 1,535 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/37 – NPFG Insured | No Opt. Call | A3 | 653,480 | |||||
| 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 | 13,078,000 | |||||
| Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C: | |||||||||
| 2,945 | 0.000%, 9/01/27 | No Opt. Call | A2 | 2,067,184 | |||||
| 7,150 | 0.000%, 9/01/28 – AGM Insured | No Opt. Call | A2 | 4,762,472 | |||||
| 2,455 | 0.000%, 9/01/32 – AGM Insured | No Opt. Call | A2 | 1,310,258 | |||||
| 200 | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | A2 | 91,734 | |||||
| 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 | 11,268,900 | |||||
| 3,500 | 5.250%, 4/01/53 | 4/23 at 100.00 | A1 | 3,950,835 | |||||
| 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 | 514,534 | |||||
| 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+ | 917,892 | |||||
| 60 | Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured (ETM) | No Opt. Call | Aa3 (4) | 39,373 | |||||
| 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 | 2,215,643 | |||||
| 4,505 | 0.000%, 8/01/33 – FGIC Insured | No Opt. Call | A3 | 2,392,741 | |||||
| 2,820 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 | 7/17 at 100.00 | B– | 2,819,915 |
|
18
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 7,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 | 11/26 at 100.00 | AA– | $ | 7,833,770 | |||
| 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 | Aa3 | 28,559,687 | |||||
| 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– | 6,456,702 | |||||
| 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– | 794,994 | |||||
| California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | |||||||||
| 825 | 8.498%, 8/15/51 (IF) (5) | 8/22 at 100.00 | Aa3 | 981,206 | |||||
| 2,140 | 8.498%, 8/15/51 (IF) (5) | 8/22 at 100.00 | Aa3 | 2,545,188 | |||||
| 790 | 8.492%, 8/15/51 (IF) (5) | 8/22 at 100.00 | Aa3 | 939,444 | |||||
| 9,545 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.265%, 11/15/48 (IF) | 5/18 at 100.00 | Aa3 | 12,301,214 | |||||
| 3,250 | California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series 2017A, 5.000%, 2/01/42 | 2/27 at 100.00 | Baa1 | 3,587,643 | |||||
| 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– | 4,174,360 | |||||
| 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) | 916,928 | |||||
| California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1: | |||||||||
| 1,530 | 5.750%, 3/01/30 (Pre-refunded 3/01/20) | 3/20 at 100.00 | A+ (4) | 1,728,334 | |||||
| 1,000 | 6.000%, 3/01/35 (Pre-refunded 3/01/20) | 3/20 at 100.00 | A+ (4) | 1,136,600 | |||||
| 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+ | 915,327 | |||||
| 1,585 | California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 | 7/17 at 100.00 | AA– | 1,589,058 | |||||
| 65 | California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured | 7/17 at 100.00 | AA– | 65,237 | |||||
| California State, General Obligation Bonds, Various Purpose Series 2010: | |||||||||
| 2,100 | 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | 2,329,929 | |||||
| 3,000 | 5.500%, 3/01/40 | 3/20 at 100.00 | AA– | 3,335,250 | |||||
| 4,250 | 5.250%, 11/01/40 | 11/20 at 100.00 | AA– | 4,787,965 | |||||
| 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 | 535,485 | |||||
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A: | |||||||||
| 6,000 | 5.000%, 12/01/46 | 6/26 at 100.00 | BB | 6,377,160 | |||||
| 3,070 | 5.250%, 12/01/56 | 6/26 at 100.00 | BB | 3,301,325 | |||||
| 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+ | 977,364 | |||||
| 1,030 | 6.250%, 10/01/39 | 10/19 at 100.00 | BBB+ | 1,121,835 | |||||
| 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+ | 2,465,573 | |||||
| 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) | 1,136,604 | |||||
| 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 | 1,008,440 | |||||
| California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | |||||||||
| 2,640 | 5.750%, 7/01/30 (6) | 7/17 at 100.00 | CCC | 2,554,570 | |||||
| 7,230 | 5.500%, 7/01/39 (6) | 7/17 at 100.00 | CCC | 6,503,457 |
|
NUVEEN
|
19
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 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) | $ | 6,790,778 | |||
| 6,550 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured | 7/18 at 100.00 | AA– (4) | 6,924,333 | |||||
| 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 | 3,777,867 | |||||
| 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 | 635,260 | |||||
| 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) | 5,053,550 | |||||
| 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+ | 2,583,141 | |||||
| 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+ | 1,527,485 | |||||
| 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) | 5,055,000 | |||||
| 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 | 985,440 | |||||
| 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 | 4,567,880 | |||||
| 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 | 2,464,046 | |||||
| 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– | 1,753,500 | |||||
| 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 | 1,696,391 | |||||
| 6,480 | 6.000%, 1/15/49 | 1/24 at 100.00 | Ba1 | 7,444,354 | |||||
| 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– | 1,720,380 | |||||
| 9,930 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 | 6/25 at 100.00 | A+ | 10,993,600 | |||||
| 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+ | 2,837,350 | |||||
| 3,500 | 0.000%, 6/01/26 – AGM Insured | No Opt. Call | A1 | 2,696,785 | |||||
| Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | |||||||||
| 25,825 | 5.000%, 6/01/33 | 6/17 at 100.00 | B+ | 25,967,036 | |||||
| 2,825 | 5.750%, 6/01/47 | 6/17 at 100.00 | B3 | 2,831,582 | |||||
| 8,110 | 5.125%, 6/01/47 | 6/17 at 100.00 | B– | 8,109,432 | |||||
| 175 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) | 6/17 at 100.00 | N/R (4) | 175,786 | |||||
| 495 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) | 6/17 at 100.00 | N/R (4) | 496,658 | |||||
| 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– | 1,439,625 | |||||
| 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) | 11,466,023 | |||||
| 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 | 4,205,300 | |||||
| 1,045 | Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured | No Opt. Call | A– | 623,928 |
|
20
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 90 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (Alternative Minimum Tax) | 5/26 at 100.00 | A1 | $ | 100,538 | |||
| Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B: | |||||||||
| 2,000 | 5.000%, 5/15/41 (Alternative Minimum Tax) | 5/26 at 100.00 | A1 | 2,245,740 | |||||
| 20,015 | 5.000%, 5/15/46 (Alternative Minimum Tax) | 5/26 at 100.00 | AA– | 22,227,256 | |||||
| 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– | 3,002,309 | |||||
| 15,000 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41 | 1/21 at 100.00 | Aa2 | 16,687,800 | |||||
| 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) | 2,196,280 | |||||
| 250 | Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 | 9/21 at 100.00 | A– | 298,960 | |||||
| 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 | 539,120 | |||||
| 6,215 | Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31 | 8/24 at 100.00 | AA | 7,682,859 | |||||
| 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 | 4,408,129 | |||||
| 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+ | 3,797,415 | |||||
| 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+ | 3,064,160 | |||||
| 580 | Natomas Union School District, Sacramento County, California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured | No Opt. Call | A3 | 629,967 | |||||
| 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 | AA– | 18,933,775 | |||||
| 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) | 4,126,667 | |||||
| 1,410 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 | 11/20 at 100.00 | Ba1 | 1,487,846 | |||||
| 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 | 1,258,940 | |||||
| 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) | 2,062,640 | |||||
| 6,195 | Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2007B, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – AGM Insured (UB) (5) | 8/17 at 100.00 | Aa3 (4) | 6,262,278 | |||||
| 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) | 17,838,554 | |||||
| 2,500 | Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 | 5/21 at 100.00 | A1 | 2,849,950 | |||||
| 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) | 3,658,080 | |||||
| 9,900 | 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) | 11,770,603 | |||||
| 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– | 721,740 | |||||
| 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 | 4,461,450 | |||||
| 5,000 | Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured | No Opt. Call | A1 | 4,032,950 |
|
NUVEEN
|
21
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| 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 | $ | 1,769,391 | |||
| 330 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 | 6/23 at 100.00 | BBB– | 369,597 | |||||
| 9,900 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, 5.000%, 5/01/46 (Alternative Minimum Tax) | 5/26 at 100.00 | A+ | 10,998,502 | |||||
| 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) | 740,843 | |||||
| 2,000 | San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43 | 8/22 at 29.31 | N/R | 474,160 | |||||
| 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) | 6,747,158 | |||||
| 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+ | 2,165,240 | |||||
| San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A: | |||||||||
| 15,350 | 5.000%, 1/15/44 | 1/25 at 100.00 | BBB– | 16,763,735 | |||||
| 25,840 | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB– | 28,138,210 | |||||
| San Jose, California, Airport Revenue Bonds, Refunding Series 2017A: | |||||||||
| 5,000 | 5.000%, 3/01/41 (Alternative Minimum Tax) | 3/27 at 100.00 | A– | 5,606,400 | |||||
| 5,000 | 5.000%, 3/01/47 (Alternative Minimum Tax) | 3/27 at 100.00 | A– | 5,579,950 | |||||
| 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 | 1,860,471 | |||||
| 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) | 1,065,117 | |||||
| 2,460 | Santee School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured | No Opt. Call | AA | 1,317,035 | |||||
| 5,000 | Solano Community College District, Solano and Yolo Counties, California, General Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43 | 8/23 at 100.00 | Aa3 | 5,627,250 | |||||
| 1,145 | Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2006C, 0.000%, 11/01/30 – AGM Insured | No Opt. Call | A2 | 711,034 | |||||
| 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 | 565,551 | |||||
| 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+ | 1,189,780 | |||||
| 1,000 | 6.500%, 12/01/24 | 12/21 at 100.00 | A+ | 1,195,240 | |||||
| 1,000 | 6.625%, 12/01/25 | 12/21 at 100.00 | A+ | 1,197,290 | |||||
| 1,325 | 6.750%, 12/01/26 | 12/21 at 100.00 | A+ | 1,593,631 | |||||
| 80 | 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) | 7/17 at 100.00 | N/R | 80,087 | |||||
| 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– | 1,868,690 | |||||
| 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+ | 2,227,900 | |||||
| 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 | 3,045,488 | |||||
| 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) | 1,360,080 | |||||
| 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 | 4,508,400 | |||||
| 544,455 | Total California | 547,503,835 |
|
22
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado – 7.7% (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 | $ | 1,126,080 | |||
| 3,000 | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured | 12/25 at 100.00 | A3 | 3,303,270 | |||||
| 4,195 | Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2016C, 4.000%, 12/15/34 | 12/26 at 100.00 | AA | 4,489,111 | |||||
| 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 | 1,003,640 | |||||
| 1,775 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/29 | 12/22 at 103.00 | N/R | 1,900,155 | |||||
| 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 | 3,392,552 | |||||
| 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 | 1,560,479 | |||||
| 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 | 531,880 | |||||
| 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 | 1,098,350 | |||||
| 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 | 3,338,242 | |||||
| 1,250 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2012A, 4.500%, 9/01/22 | No Opt. Call | A+ | 1,420,213 | |||||
| 545 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2017, 3.625%, 9/01/31 | 9/27 at 100.00 | A2 | 550,739 | |||||
| 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 | 1,535,818 | |||||
| 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+ | 7,180,457 | |||||
| 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+ | 2,354,372 | |||||
| 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+ | 3,159,826 | |||||
| 4,890 | 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | 5,106,431 | |||||
| 4,600 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | 1/24 at 102.00 | N/R | 4,752,030 | |||||
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A: | |||||||||
| 2,670 | 5.000%, 6/01/28 | 6/25 at 100.00 | Baa2 | 2,923,436 | |||||
| 2,395 | 5.000%, 6/01/40 | 6/25 at 100.00 | Baa2 | 2,508,451 | |||||
| 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 | Baa2 | 232,929 | |||||
| 665 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/47 | 5/27 at 100.00 | BB+ | 695,796 | |||||
| 2,240 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005B, 5.250%, 3/01/36 – AGM Insured | 9/18 at 102.00 | Aa3 | 2,362,797 | |||||
| 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 | 1,211,468 | |||||
| 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– | 9,616,950 | |||||
| 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) | 726,094 |
|
NUVEEN
|
23
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado (continued) | |||||||||
| $ | 735 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%, 5/15/28 | 5/18 at 100.00 | A– | $ | 761,269 | |||
| 1,545 | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 | 7/17 at 100.00 | Baa2 | 1,548,507 | |||||
| 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– | 1,051,240 | |||||
| 2,000 | Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 4.250%, 5/15/37 | 5/21 at 100.00 | Aa2 | 2,076,020 | |||||
| 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 | 3,318,480 | |||||
| 3,250 | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 – AGM Insured | 8/26 at 100.00 | A2 | 3,637,953 | |||||
| 2,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 | 11/22 at 100.00 | A+ | 2,276,360 | |||||
| 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 | 1,096,680 | |||||
| 4,515 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 | 11/23 at 100.00 | A | 4,991,558 | |||||
| 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– | 1,873,908 | |||||
| Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016: | |||||||||
| 2,955 | 5.000%, 12/01/28 | 12/26 at 100.00 | BBB– | 3,400,230 | |||||
| 2,000 | 5.000%, 12/01/29 | 12/26 at 100.00 | BBB– | 2,280,180 | |||||
| 2,200 | 5.000%, 12/01/35 | 12/26 at 100.00 | BBB– | 2,430,956 | |||||
| 1,605 | 5.000%, 12/01/40 | 12/26 at 100.00 | BBB– | 1,762,611 | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A: | |||||||||
| 385 | 0.000%, 9/01/35 | No Opt. Call | BBB+ | 176,638 | |||||
| 150 | 0.000%, 9/01/37 | No Opt. Call | BBB+ | 61,716 | |||||
| 75 | 0.000%, 9/01/38 | No Opt. Call | BBB+ | 29,242 | |||||
| 20 | 0.000%, 9/01/39 | No Opt. Call | BBB+ | 7,380 | |||||
| 110 | 0.000%, 9/01/41 | No Opt. Call | BBB+ | 36,599 | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | |||||||||
| 1,420 | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | BBB+ | 1,182,888 | |||||
| 18,380 | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | AA– | 14,017,137 | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | |||||||||
| 1,045 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | BBB+ | 663,732 | |||||
| 2,175 | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | BBB+ | 1,315,397 | |||||
| 25,050 | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | BBB+ | 14,466,876 | |||||
| 23,305 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | AA– | 12,837,091 | |||||
| 100 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | BBB+ | 52,476 | |||||
| 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+ | 4,599,000 | |||||
| E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | |||||||||
| 385 | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | BBB+ | 257,107 | |||||
| 60,000 | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | BBB+ | 27,595,200 | |||||
| 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+ | 197,326 | |||||
| 13,000 | 0.000%, 9/01/34 – NPFG Insured | 9/20 at 45.40 | BBB+ | 5,144,620 | |||||
| 14,500 | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | BBB+ | 5,250,450 | |||||
| 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 | 532,800 | |||||
| 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) | 5,132,400 |
|
24
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado (continued) | |||||||||
| $ | 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 | $ | 1,908,974 | |||
| Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016: | |||||||||
| 1,565 | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa3 | 1,661,889 | |||||
| 2,100 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 2,209,410 | |||||
| 3,000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | AA (4) | 3,388,830 | |||||
| 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 | N/R | 7,180,652 | |||||
| 5,715 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | A2 (4) | 6,685,693 | |||||
| 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+ | 963,613 | |||||
| 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 | 2,809,750 | |||||
| 3,115 | 6.000%, 1/15/34 | 7/20 at 100.00 | Baa3 | 3,450,859 | |||||
| 2,615 | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | 2,889,444 | |||||
| 1,000 | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 | 12/21 at 103.00 | N/R | 1,009,340 | |||||
| Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016: | |||||||||
| 1,050 | 5.000%, 12/01/32 – BAM Insured | 12/26 at 100.00 | Baa2 | 1,183,739 | |||||
| 1,000 | 4.125%, 12/01/37 – BAM Insured | 12/26 at 100.00 | Baa2 | 1,027,510 | |||||
| 2,000 | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured | 12/26 at 100.00 | Baa1 | 2,012,640 | |||||
| 1,775 | Waterview I Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016, 5.000%, 12/01/41 | 12/26 at 100.00 | A– | 1,970,428 | |||||
| 309,885 | Total Colorado | 234,496,364 | |||||||
| Connecticut – 0.4% (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 | 3,865,919 | |||||
| Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender Option Bond Trust 2016-XG0059: | |||||||||
| 1,295 | 14.528%, 1/01/32 (IF) (5) | 1/23 at 100.00 | A+ | 1,878,592 | |||||
| 190 | 14.403%, 1/01/38 (IF) (5) | 1/23 at 100.00 | A+ | 266,521 | |||||
| 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 | 2,792,000 | |||||
| 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 | 3,675,872 | |||||
| 4,480 | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 0.240%, 7/01/31, PIK, (8) | No Opt. Call | N/R | 173,810 | |||||
| 15,460 | Total Connecticut | 12,652,714 | |||||||
| Delaware – 0.3% (0.2% of Total Investments) | |||||||||
| 7,255 | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 | 6/25 at 100.00 | A1 | 7,861,591 | |||||
| District of Columbia – 2.3% (1.5% of Total Investments) | |||||||||
| 1,440 | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) | 6/17 at 100.00 | AA+ | 1,443,874 | |||||
| 5,140 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | BBB | 5,799,102 |
|
NUVEEN
|
25
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| District of Columbia (continued) | |||||||||
| $ | 21,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 7/17 at 100.00 | N/R | $ | 2,943,780 | |||
| 23,745 | District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 – AGM Insured (UB) | No Opt. Call | AA | 27,624,933 | |||||
| District of Columbia, General Obligation Bonds, Series 1998B: | |||||||||
| 5,000 | 6.000%, 6/01/19 – NPFG Insured | No Opt. Call | AA | 5,510,450 | |||||
| 9,505 | 6.000%, 6/01/20 – NPFG Insured | No Opt. Call | AA | 10,876,667 | |||||
| 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 | 7/17 at 100.00 | AA+ | 16,443,622 | |||||
| 82,230 | Total District of Columbia | 70,642,428 | |||||||
| Florida – 8.8% (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 | 1,565,352 | |||||
| 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– | 453,375 | |||||
| 875 | 5.000%, 9/01/48 | 9/23 at 100.00 | BBB– | 880,609 | |||||
| 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) | 1,113,490 | |||||
| 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+ | 8,228,475 | |||||
| 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 | 4,828,010 | |||||
| 100 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43 | 6/22 at 100.00 | N/R | 106,610 | |||||
| 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 | 4,455,009 | |||||
| 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 | 1,318,268 | |||||
| 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 | 2,274,880 | |||||
| 3,175 | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2010B, 5.000%, 7/01/40 | 7/20 at 101.00 | AA | 3,519,202 | |||||
| 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) | 2,734,225 | |||||
| 3,890 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 2016A, 5.000%, 10/01/40 (Alternative Minimum Tax) | 10/26 at 100.00 | AA– | 4,348,281 | |||||
| 6,020 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (Alternative Minimum Tax) | 10/24 at 100.00 | A+ | 6,548,315 | |||||
| 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– | 11,244,402 | |||||
| 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+ | 2,554,037 | |||||
| 8,000 | JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39 | 4/20 at 100.00 | Aa2 | 8,734,560 | |||||
| 5,075 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/35 | 11/24 at 100.00 | A2 | 5,561,896 | |||||
| 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) | 2,651,135 | |||||
| 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+ | 1,539,480 |
|
26
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Florida (continued) | |||||||||
| $ | 9,820 | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured | 2/24 at 100.00 | A1 | $ | 10,842,164 | |||
| 2,000 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 | 7/27 at 100.00 | BBB | 2,109,380 | |||||
| 2,930 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42 | 4/23 at 100.00 | A– | 3,168,150 | |||||
| 8,070 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45 | 4/25 at 100.00 | A– | 8,796,300 | |||||
| 1,500 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/42 | 8/27 at 100.00 | A+ | 1,670,535 | |||||
| 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) | 13,202,150 | |||||
| 1,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax) | 10/22 at 100.00 | A | 1,113,590 | |||||
| 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 | 1,117,400 | |||||
| 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) | 4,419,440 | |||||
| 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 | 4,457,120 | |||||
| 7,890 | 5.000%, 10/01/41 | 10/20 at 100.00 | A | 8,547,632 | |||||
| 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 | 5,552,100 | |||||
| 3,410 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax) | 10/25 at 100.00 | A | 3,793,489 | |||||
| 2,865 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 | 10/22 at 100.00 | A2 | 3,155,883 | |||||
| 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 | 3,335,310 | |||||
| 2,050 | 5.000%, 7/01/42 – AGM Insured | 7/22 at 100.00 | A1 | 2,279,129 | |||||
| 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+ | 1,103,180 | |||||
| 12,370 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 | 10/22 at 100.00 | Aa3 | 13,717,462 | |||||
| 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 | 4,389,640 | |||||
| 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) | 3,034,500 | |||||
| 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– | 2,174,810 | |||||
| 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 | 1,810,688 | |||||
| 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 | 135,103 | |||||
| 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) | 1,335,672 | |||||
| 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– | 5,148,002 | |||||
| 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) | 9,317,710 |
|
NUVEEN
|
27
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Florida (continued) | |||||||||
| South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007: | |||||||||
| $ | 1,000 | 5.000%, 8/15/42 | 8/17 at 100.00 | AA– | $ | 1,006,670 | |||
| 12,805 | 5.000%, 8/15/42 (UB) (5) | 8/17 at 100.00 | Aa3 | 12,890,410 | |||||
| South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Refunding Series 2007: | |||||||||
| 22,000 | 5.000%, 8/15/37 (UB) | 8/17 at 100.00 | Aa3 | 22,157,960 | |||||
| 7,370 | 5.000%, 8/15/42 (UB) (5) | 8/17 at 100.00 | Aa3 | 7,419,158 | |||||
| 2,500 | South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 11151, 15.726%, 8/15/42 (IF) | 8/17 at 100.00 | Aa3 | 2,566,700 | |||||
| 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+ | 763,092 | |||||
| 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– | 1,610,625 | |||||
| 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+ | 787,094 | |||||
| 14,610 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 | 7/22 at 100.00 | A | 16,199,860 | |||||
| 65 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 | 5/17 at 100.00 | N/R | 60,449 | |||||
| 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 | 116,468 | |||||
| 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 | 37,572 | |||||
| 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 Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 | 5/18 at 100.00 | N/R | 10,054 | |||||
| 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 | 195,020 | |||||
| 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 | 178,475 | |||||
| 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 | 93,427 | |||||
| 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 | |||||
| 1,060 | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 | 5/17 at 100.00 | N/R | 1,053,587 | |||||
| 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– | 7,173,434 | |||||
| 251,560 | Total Florida | 268,706,208 | |||||||
| 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+ | 2,085,028 | |||||
| 835 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) | 1/19 at 100.00 | A2 (4) | 917,465 | |||||
| 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+ | 1,660,849 | |||||
| Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: | |||||||||
| 3,065 | 5.000%, 11/01/31 | 5/25 at 100.00 | A+ | 3,603,398 | |||||
| 5,000 | 5.000%, 11/01/32 | 5/25 at 100.00 | A+ | 5,846,750 |
|
28
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Georgia (continued) | |||||||||
| $ | 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) | $ | 5,046,550 | |||
| 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 | 2,321,140 | |||||
| 590 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 | 2/20 at 100.00 | A | 633,353 | |||||
| 1,910 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 2,098,078 | |||||
| 710 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 | 2/20 at 100.00 | AA– | 760,417 | |||||
| 2,290 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 2,531,137 | |||||
| 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 | A+ | 11,101,113 | |||||
| 1,000 | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20 | No Opt. Call | BBB+ | 1,079,170 | |||||
| 3,035 | Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured | 8/18 at 100.00 | AA (4) | 3,248,239 | |||||
| 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 | 1,677,441 | |||||
| 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– | 3,740,123 | |||||
| 5,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46 | 10/26 at 100.00 | AA | 5,731,550 | |||||
| 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 | 1,342,488 | |||||
| 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– | 1,542,862 | |||||
| 51,485 | Total Georgia | 56,967,151 | |||||||
| 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 | 799,609 | |||||
| 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– | 1,876,536 | |||||
| 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– | 1,339,462 | |||||
| 3,755 | Total Guam | 4,015,607 | |||||||
| 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+ | 14,623,960 | |||||
| 11,205 | Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative Minimum Tax) | 7/25 at 100.00 | A | 12,331,887 | |||||
| 24,205 | Total Hawaii | 26,955,847 | |||||||
| Idaho – 0.4% (0.3% of Total Investments) | |||||||||
| 6,560 | Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, Series 2017ID, 5.000%, 12/01/46 | 6/27 at 100.00 | AA– | 7,319,386 | |||||
| Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016: | |||||||||
| 1,795 | 5.000%, 9/01/23 | No Opt. Call | BB+ | 1,961,271 | |||||
| 1,000 | 5.000%, 9/01/29 | 9/26 at 100.00 | BB+ | 1,088,240 |
|
NUVEEN
|
29
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Idaho (continued) | |||||||||
| Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A: | |||||||||
| $ | 1,155 | 4.750%, 9/01/26 | 9/22 at 100.00 | A3 | $ | 1,259,193 | |||
| 310 | 5.000%, 9/01/32 | 9/22 at 100.00 | A3 | 334,816 | |||||
| 10,820 | Total Idaho | 11,962,906 | |||||||
| Illinois – 19.3% (12.5% 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 | 3,218,670 | |||||
| 6,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 6,208,260 | |||||
| 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 | 1,189,524 | |||||
| 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 | 8,953,444 | |||||
| 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 | 2,229,672 | |||||
| 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+ | 8,960,300 | |||||
| 10,130 | 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | B+ | 7,572,783 | |||||
| 7,140 | 0.000%, 12/01/25 – FGIC Insured | No Opt. Call | B+ | 5,045,767 | |||||
| 4,325 | 0.000%, 12/01/29 – FGIC Insured | No Opt. Call | B+ | 2,420,962 | |||||
| 4,235 | 0.000%, 12/01/31 – FGIC Insured | No Opt. Call | B+ | 2,111,359 | |||||
| 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+ | 12,909,600 | |||||
| 10,000 | 0.000%, 12/01/23 – FGIC Insured | No Opt. Call | B+ | 7,863,700 | |||||
| 8,845 | 5.500%, 12/01/26 – FGIC Insured | No Opt. Call | B+ | 9,570,467 | |||||
| 7,900 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | A1 | 8,436,568 | |||||
| 2,150 | Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24 | 7/17 at 100.00 | Ba3 | 2,156,202 | |||||
| Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A: | |||||||||
| 210 | 5.500%, 12/20/19 (Alternative Minimum Tax) | 10/17 at 100.00 | AA– | 210,582 | |||||
| 1,210 | 5.600%, 12/20/29 (Alternative Minimum Tax) | 10/17 at 100.00 | AA– | 1,211,912 | |||||
| 1,925 | 5.650%, 12/20/40 (Alternative Minimum Tax) | 10/17 at 100.00 | AA– | 1,927,175 | |||||
| 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 | 2,411,938 | |||||
| Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | |||||||||
| 4,115 | 0.000%, 1/01/33 – FGIC Insured | No Opt. Call | BBB– | 1,968,451 | |||||
| 29,600 | 0.000%, 1/01/38 – FGIC Insured | No Opt. Call | BBB– | 10,814,064 | |||||
| 7,040 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB– | 7,376,090 | |||||
| 3,880 | Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured | 7/17 at 100.00 | BBB– | 3,890,127 | |||||
| 22,750 | Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured | No Opt. Call | AA– | 24,729,476 | |||||
| 6,280 | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/22 at 100.00 | Ba1 | 6,400,074 | |||||
| 6,410 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured | No Opt. Call | A3 | 7,438,485 | |||||
| 1,500 | Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – AMBAC Insured | No Opt. Call | Baa2 | 1,747,995 | |||||
| 13,310 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | A2 | 14,126,036 |
|
30
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002: | |||||||||
| $ | 2,785 | 5.500%, 11/01/36 | 11/23 at 100.00 | A | $ | 3,048,990 | |||
| 700 | 4.500%, 11/01/36 | 11/24 at 100.00 | A | 723,422 | |||||
| 5,000 | 4.450%, 11/01/36 | 11/25 at 102.00 | A | 5,195,850 | |||||
| 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 | 411,451 | |||||
| 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 | Aa2 | 15,334,312 | |||||
| 2,000 | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 4.000%, 3/01/38 | 3/26 at 100.00 | A1 | 2,035,740 | |||||
| 4,985 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/32 | 9/22 at 100.00 | BBB | 5,278,916 | |||||
| Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | |||||||||
| 4,750 | 5.000%, 9/01/39 | 9/24 at 100.00 | BBB | 4,954,108 | |||||
| 6,000 | 5.000%, 9/01/42 | 9/24 at 100.00 | BBB | 6,223,440 | |||||
| 4,125 | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 | 11/19 at 100.00 | Aa2 | 4,523,269 | |||||
| 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 | AA– | 4,157,880 | |||||
| 2,120 | Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 (Pre-refunded 2/01/18) – AMBAC Insured | 2/18 at 100.00 | A (4) | 2,193,394 | |||||
| 3,875 | Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 (Pre-refunded 1/01/18) | 1/18 at 100.00 | A (4) | 3,997,876 | |||||
| Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A: | |||||||||
| 11,520 | 4.000%, 7/01/37 | 7/26 at 100.00 | A+ | 11,440,625 | |||||
| 6,140 | 4.000%, 7/01/38 | 7/26 at 100.00 | A2 | 6,079,091 | |||||
| 280 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | 308,319 | |||||
| 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) | 700,836 | |||||
| 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) | 1,976,937 | |||||
| 10,745 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 | 11/25 at 100.00 | A | 11,645,646 | |||||
| 12,125 | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 | 5/20 at 100.00 | AA– | 12,888,024 | |||||
| 2,500 | Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 5.000%, 2/15/33 | 2/27 at 100.00 | BBB– | 2,677,800 | |||||
| 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) | 57,450 | |||||
| 4,995 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | BBB– (4) | 5,739,255 | |||||
| Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: | |||||||||
| 415 | 5.500%, 7/01/28 | 7/23 at 100.00 | A– | 474,831 | |||||
| 390 | 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 446,495 | |||||
| 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) | 110,318 | |||||
| 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) | 99,131 | |||||
| 2,810 | 6.125%, 5/15/25 (Pre-refunded 5/15/19) | 5/19 at 100.00 | BBB– (4) | 3,099,936 |
|
NUVEEN
|
31
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| 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) | $ | 67,800 | |||
| 1,735 | 5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | A2 (4) | 1,808,980 | |||||
| 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) | 1,064,450 | |||||
| 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 | 1,243,334 | |||||
| 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+ | 4,609,890 | |||||
| 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) | 5,033,606 | |||||
| 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+ | 4,201,600 | |||||
| 5,000 | 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | 5,157,500 | |||||
| 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 | 605,752 | |||||
| 3,745 | 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 3,955,544 | |||||
| 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) | 2,260,160 | |||||
| 3,000 | 7.000%, 8/15/44 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 3,398,370 | |||||
| 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 | 1,078,570 | |||||
| 930 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 | 8/20 at 100.00 | AA– | 1,013,291 | |||||
| 470 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 527,688 | |||||
| 2,500 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) | 2/21 at 100.00 | Aa3 (4) | 2,891,025 | |||||
| 500 | Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26 | 7/17 at 100.00 | N/R | 500,595 | |||||
| 3,000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 | 10/25 at 100.00 | AA– | 3,345,810 | |||||
| 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) | 1,234,053 | |||||
| 11,140 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21 at 100.00 | AA+ | 12,000,340 | |||||
| 5,900 | 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 | 5,906,372 | |||||
| 2,000 | Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36 | 8/17 at 100.00 | Aa1 | 2,007,640 | |||||
| 1,830 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/32 – AGM Insured | 6/24 at 100.00 | BBB– | 2,000,282 | |||||
| Illinois State, General Obligation Bonds, February Series 2014: | |||||||||
| 3,500 | 5.250%, 2/01/30 | 2/24 at 100.00 | BBB | 3,615,885 | |||||
| 4,000 | 5.250%, 2/01/31 | 2/24 at 100.00 | BBB | 4,111,840 | |||||
| 3,200 | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB | 3,276,480 | |||||
| 2,000 | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB | 2,039,700 | |||||
| 1,575 | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB | 1,602,641 | |||||
| 2,000 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB | 2,002,120 | |||||
| 8,250 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 | 1/26 at 100.00 | BBB | 8,347,845 |
|
32
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| $ | 4,225 | Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/37 | 6/26 at 100.00 | BBB | $ | 3,683,397 | |||
| 450 | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 | 5/24 at 100.00 | BBB | 450,527 | |||||
| 1,500 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 | 11/26 at 100.00 | BBB | 1,503,375 | |||||
| Illinois State, General Obligation Bonds, October Series 2016: | |||||||||
| 3,790 | 5.000%, 2/01/26 | No Opt. Call | BBB | 3,971,768 | |||||
| 3,510 | 5.000%, 2/01/28 | 2/27 at 100.00 | BBB | 3,651,313 | |||||
| 2,375 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | BBB | 2,461,593 | |||||
| Illinois State, General Obligation Bonds, Series 2013: | |||||||||
| 2,500 | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB | 2,564,700 | |||||
| 1,520 | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB | 1,577,821 | |||||
| 1,430 | Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 | 6/21 at 100.00 | AA+ | 1,500,857 | |||||
| 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– | 1,541,838 | |||||
| 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– | 5,205,269 | |||||
| 4,435 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40 | 1/26 at 100.00 | AA– | 4,942,852 | |||||
| 1,815 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.366%, 1/01/38 (IF) | 1/23 at 100.00 | Aa3 | 2,579,714 | |||||
| 1,875 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0052, 15.417%, 1/01/38 (IF) | 1/23 at 100.00 | Aa3 | 2,664,450 | |||||
| 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 | 1,786,380 | |||||
| 3,000 | Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9) | 7/17 at 100.00 | N/R | 1,314,240 | |||||
| Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | |||||||||
| 850 | 5.250%, 1/01/25 (10) | 7/17 at 100.00 | D | 247,843 | |||||
| 2,750 | 5.250%, 1/01/30 (10) | 7/17 at 100.00 | D | 801,845 | |||||
| 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 | 1,627,871 | |||||
| 1,525 | McCook, Illinois, General Obligation Bonds, Series 2008, 5.200%, 12/01/30 | 12/18 at 100.00 | A– | 1,601,372 | |||||
| 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 | 7,782,840 | |||||
| 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– | 1,880,682 | |||||
| 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– | 5,272,950 | |||||
| 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– | 10,275,020 | |||||
| 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– | 1,095,003 | |||||
| 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– | 5,260,118 | |||||
| 12,250 | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | BBB– | 10,302,495 | |||||
| 23,575 | 0.000%, 12/15/23 – NPFG Insured | No Opt. Call | BBB– | 19,051,193 | |||||
| 10,775 | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BBB– | 8,331,338 | |||||
| 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– | 2,688,678 |
|
NUVEEN
|
33
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | |||||||||
| $ | 6,765 | 0.000%, 12/15/23 – NPFG Insured | No Opt. Call | BBB– | $ | 5,466,864 | |||
| 5,000 | 0.000%, 12/15/34 – NPFG Insured | No Opt. Call | BBB– | 2,240,650 | |||||
| 1,100 | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BBB– | 465,036 | |||||
| 3,805 | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | BBB– | 1,198,575 | |||||
| 3,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM) | No Opt. Call | AA+ (4) | 3,812,370 | |||||
| Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | |||||||||
| 1,550 | 5.250%, 6/01/21 | No Opt. Call | A | 1,768,767 | |||||
| 4,000 | 6.250%, 6/01/24 | 7/17 at 100.00 | A | 4,014,720 | |||||
| 800 | 6.000%, 6/01/28 | 6/21 at 100.00 | A– | 911,080 | |||||
| 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 | 24,754,865 | |||||
| 3,500 | 5.750%, 6/01/23 – AGM Insured | No Opt. Call | Aa3 | 4,151,735 | |||||
| 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 | 2,060,898 | |||||
| Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | |||||||||
| 2,250 | 5.000%, 3/01/29 | 3/25 at 100.00 | A3 | 2,556,990 | |||||
| 3,505 | 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | A2 | 3,862,650 | |||||
| University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013: | |||||||||
| 1,580 | 6.000%, 10/01/32 | 10/23 at 100.00 | A3 | 1,836,039 | |||||
| 9,625 | 6.250%, 10/01/38 | 10/23 at 100.00 | A3 | 11,147,868 | |||||
| 2,745 | 6.000%, 10/01/42 | 10/23 at 100.00 | A3 | 3,119,802 | |||||
| 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 | 3,927,780 | |||||
| 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 | Ba1 (4) | 11,134,307 | |||||
| 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 | 2,415,278 | |||||
| 622,075 | Total Illinois | 588,297,804 | |||||||
| Indiana – 3.0% (1.9% 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 | 5,442,108 | |||||
| 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– | 1,709,551 | |||||
| 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– | 1,040,550 | |||||
| 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 | 3,087,983 | |||||
| 1,500 | Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) | 3/20 at 100.00 | N/R (4) | 1,663,680 | |||||
| 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– | 8,387,623 | |||||
| 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 | 3,209,739 | |||||
| 6,545 | 5.000%, 7/01/48 (Alternative Minimum Tax) | 7/23 at 100.00 | BBB | 6,967,742 | |||||
| 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 | 1,596,885 |
|
34
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Indiana (continued) | |||||||||
| $ | 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– | $ | 5,047,710 | |||
| 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– | 2,745,875 | |||||
| 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– | 1,377,806 | |||||
| 3,790 | 5.250%, 9/01/40 (Alternative Minimum Tax) | 9/24 at 100.00 | B– | 3,965,553 | |||||
| 15,900 | 5.000%, 9/01/46 (Alternative Minimum Tax) | 9/24 at 100.00 | B– | 16,275,558 | |||||
| 5,115 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A, 5.000%, 10/01/41 | 10/26 at 100.00 | A | 5,743,787 | |||||
| 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 | 3,059,733 | |||||
| 4,500 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 4.000%, 10/01/42 | 10/22 at 100.00 | A2 | 4,563,495 | |||||
| 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) | 495,876 | |||||
| 530 | 5.250%, 11/01/29 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | Aa3 (4) | 553,294 | |||||
| 2,225 | 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | Aa3 (4) | 2,322,322 | |||||
| 4,375 | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 | 7/26 at 100.00 | A+ | 4,929,925 | |||||
| 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 | 1,756,032 | |||||
| 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 | 4,773,153 | |||||
| 85,510 | Total Indiana | 90,715,980 | |||||||
| Iowa – 1.7% (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 | 1,505,715 | |||||
| Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | |||||||||
| 1,990 | 5.000%, 12/01/19 | No Opt. Call | B– | 2,038,656 | |||||
| 5,645 | 5.500%, 12/01/22 | 12/18 at 100.00 | B– | 5,743,731 | |||||
| 1,335 | 5.250%, 12/01/25 | 12/23 at 100.00 | B– | 1,353,930 | |||||
| 1,710 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26 | 6/18 at 105.00 | B– | 1,744,952 | |||||
| 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 | 3,199,050 | |||||
| Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | |||||||||
| 24,420 | 5.500%, 6/01/42 | 7/17 at 100.00 | B2 | 24,419,756 | |||||
| 12,100 | 5.625%, 6/01/46 | 7/17 at 100.00 | B2 | 12,100,242 | |||||
| 51,700 | Total Iowa | 52,106,032 | |||||||
| 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 | 9/21 at 100.00 | Aa3 | 1,418,163 | |||||
| 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 | 1,685,222 | |||||
| 610 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29 | 9/17 at 100.00 | A+ | 615,710 | |||||
| 390 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29 (Pre-refunded 9/01/17) | 9/17 at 100.00 | N/R (4) | 395,565 |
|
NUVEEN
|
35
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Kansas (continued) | |||||||||
| $ | 2,420 | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured | 7/17 at 100.00 | BB+ | $ | 2,420,968 | |||
| 530 | 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 | 546,536 | |||||
| 45 | 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 | 47,052 | |||||
| 5,000 | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/32 | 9/22 at 100.00 | A3 | 5,570,950 | |||||
| 11,775 | Total Kansas | 12,700,166 | |||||||
| Kentucky – 1.9% (1.2% of Total Investments) | |||||||||
| Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A: | |||||||||
| 2,000 | 6.000%, 6/01/30 | 6/20 at 100.00 | Baa3 | 2,211,480 | |||||
| 5,500 | 6.500%, 3/01/45 | 6/20 at 100.00 | Baa3 | 6,131,345 | |||||
| 5,510 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 | 8/21 at 100.00 | A3 | 5,799,110 | |||||
| 1,000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured | 6/18 at 100.00 | A3 | 1,041,100 | |||||
| 2,730 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 2,884,300 | |||||
| Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A: | |||||||||
| 505 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | A3 (4) | 512,171 | |||||
| 1,785 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | A3 (4) | 1,810,347 | |||||
| Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: | |||||||||
| 4,790 | 0.000%, 7/01/43 (7) | 7/31 at 100.00 | Baa3 | 3,975,269 | |||||
| 3,655 | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa3 | 3,046,114 | |||||
| Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A: | |||||||||
| 8,360 | 5.750%, 7/01/49 | 7/23 at 100.00 | Baa3 | 9,192,572 | |||||
| 585 | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 654,504 | |||||
| 9,195 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 | 6/21 at 100.00 | A | 10,154,222 | |||||
| 2,500 | Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc. Project, Refunding & Improvement Series 2008A, 6.000%, 5/01/38 | 5/18 at 100.00 | Baa3 | 2,585,575 | |||||
| Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011: | |||||||||
| 5,000 | 6.250%, 3/01/31 | 3/21 at 100.00 | A3 | 5,657,050 | |||||
| 1,375 | 6.500%, 3/01/41 | 3/21 at 100.00 | A3 | 1,546,738 | |||||
| 54,490 | Total Kentucky | 57,201,897 | |||||||
| Louisiana – 2.4% (1.6% of Total Investments) | |||||||||
| 5,275 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | 7/23 at 100.00 | N/R | 5,652,479 | |||||
| 2,665 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39 | 2/25 at 100.00 | AA– | 2,968,890 | |||||
| 3,130 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured | 12/27 at 100.00 | A2 | 3,536,524 | |||||
| 1,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue | 11/17 at 100.00 | Baa3 | 1,022,130 | |||||
| Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 | |||||||||
| 5,200 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/44 | 2/24 at 100.00 | A+ | 5,655,780 |
|
36
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Louisiana (continued) | |||||||||
| $ | 1,380 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 | 8/20 at 100.00 | Baa3 | $ | 1,561,028 | |||
| 8,655 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax) | 7/23 at 100.00 | N/R | 9,326,195 | |||||
| 845 | Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2016A, 5.000%, 11/01/45 | 11/25 at 100.00 | Baa1 | 898,539 | |||||
| 7,900 | Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured | 6/17 at 100.00 | A3 (4) | 7,934,128 | |||||
| 4,305 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) | 5/21 at 100.00 | A3 (4) | 5,217,230 | |||||
| 330 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 | 7/23 at 100.00 | A3 | 360,901 | |||||
| New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B: | |||||||||
| 6,235 | 5.000%, 1/01/40 (Alternative Minimum Tax) | 1/25 at 100.00 | A– | 6,754,625 | |||||
| 6,895 | 5.000%, 1/01/45 (Alternative Minimum Tax) | 1/25 at 100.00 | A– | 7,450,530 | |||||
| 1,000 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/28 – AGM Insured | 12/22 at 100.00 | A2 | 1,132,750 | |||||
| 5,350 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 | 6/24 at 100.00 | A– | 5,867,559 | |||||
| 1,200 | New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 | 12/24 at 100.00 | A– | 1,320,732 | |||||
| 485 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) | No Opt. Call | Baa2 | 510,734 | |||||
| 5,655 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 | 12/25 at 100.00 | A– | 6,346,437 | |||||
| 67,505 | Total Louisiana | 73,517,191 | |||||||
| Maine – 0.7% (0.4% of Total Investments) | |||||||||
| 2,775 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 | 7/23 at 100.00 | Baa3 | 2,838,381 | |||||
| Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A: | |||||||||
| 3,820 | 4.000%, 7/01/41 | 7/26 at 100.00 | Baa3 | 3,292,114 | |||||
| 2,800 | 4.000%, 7/01/46 | 7/26 at 100.00 | Baa3 | 2,353,540 | |||||
| 2,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, Series 2013, 5.000%, 7/01/43 | 7/23 at 100.00 | A+ | 2,221,480 | |||||
| Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011: | |||||||||
| 3,000 | 6.750%, 7/01/36 | 7/21 at 100.00 | Ba2 | 3,258,960 | |||||
| 2,260 | 6.750%, 7/01/41 | 7/21 at 100.00 | Ba2 | 2,452,394 | |||||
| 1,720 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | A1 | 1,872,392 | |||||
| Maine Turnpike Authority, Special Obligation Bonds, Series 2014: | |||||||||
| 1,290 | 5.000%, 7/01/33 | 7/24 at 100.00 | A– | 1,450,063 | |||||
| 1,020 | 5.000%, 7/01/34 | 7/24 at 100.00 | A– | 1,141,686 | |||||
| 20,685 | Total Maine | 20,881,010 | |||||||
| Maryland – 0.4% (0.3% of Total Investments) | |||||||||
| 5,000 | Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 | 1/25 at 100.00 | AA– | 5,597,100 | |||||
| 2,200 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 – SYNCORA GTY Insured | 6/17 at 100.00 | BB | 2,204,972 | |||||
| 450 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.000%, 7/01/25 | 7/21 at 100.00 | BBB | 516,488 | |||||
| 515 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 | 7/19 at 100.00 | BB+ | 528,864 |
|
NUVEEN
|
37
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Maryland (continued) | |||||||||
| $ | 1,790 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 | 7/24 at 100.00 | A3 | $ | 1,947,126 | |||
| 2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/33 (Pre-refunded 1/01/18) | 1/18 at 100.00 | BBB (4) | 2,063,300 | |||||
| 11,955 | Total Maryland | 12,857,850 | |||||||
| Massachusetts – 2.8% (1.8% of Total Investments) | |||||||||
| Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A: | |||||||||
| 1,160 | 5.250%, 7/01/34 (Pre-refunded 7/01/18) | 7/18 at 100.00 | N/R (4) | 1,219,392 | |||||
| 2,840 | 5.250%, 7/01/34 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AAA | 2,985,408 | |||||
| Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B: | |||||||||
| 4,410 | 5.000%, 1/01/32 | 1/20 at 100.00 | A3 | 4,802,225 | |||||
| 7,500 | 5.000%, 1/01/37 | 1/20 at 100.00 | A3 | 8,113,650 | |||||
| 650 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37 | 10/17 at 100.00 | N/R | 655,785 | |||||
| 830 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2010, 7.625%, 10/15/37 | 10/20 at 100.00 | N/R | 894,458 | |||||
| 750 | Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42 (Alternative Minimum Tax) | 11/17 at 100.00 | BB– | 752,903 | |||||
| 825 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 | 7/25 at 100.00 | BBB | 874,319 | |||||
| 11,870 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 | 10/26 at 100.00 | A+ | 13,390,310 | |||||
| Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option Bond Trust 2016-XG0070: | |||||||||
| 505 | 14.388%, 10/01/48 (IF) (5) | 10/23 at 100.00 | A1 | 729,069 | |||||
| 930 | 14.310%, 10/01/48 (IF) (5) | 10/23 at 100.00 | A1 | 1,342,139 | |||||
| 3,200 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | 3,230,848 | |||||
| 1,220 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 5.125%, 1/01/25 | 1/23 at 100.00 | BBB– | 1,351,626 | |||||
| 2,300 | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 | 11/23 at 100.00 | A2 | 2,567,260 | |||||
| 2,500 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 4.000%, 7/01/41 | 7/26 at 100.00 | BBB+ | 2,443,000 | |||||
| Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015: | |||||||||
| 1,145 | 5.000%, 9/01/40 | 9/25 at 100.00 | BBB | 1,240,676 | |||||
| 1,280 | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,383,155 | |||||
| Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2: | |||||||||
| 620 | 5.125%, 7/01/33 (Pre-refunded 7/01/18) | 7/18 at 100.00 | A– (4) | 650,541 | |||||
| 500 | 5.125%, 7/01/38 (Pre-refunded 7/01/18) | 7/18 at 100.00 | A– (4) | 524,630 | |||||
| Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A: | |||||||||
| 3,450 | 5.750%, 7/01/39 | 7/19 at 100.00 | BBB | 3,721,239 | |||||
| 6,075 | 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 6,681,771 | |||||
| 2,635 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) | 12/18 at 100.00 | AA– | 2,705,776 | |||||
| 700 | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 | 7/21 at 100.00 | A3 | 757,078 | |||||
| 5,930 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 | 5/23 at 100.00 | Aa2 | 6,675,638 |
|
38
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Massachusetts (continued) | |||||||||
| $ | 1,100 | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | A3 | $ | 953,986 | |||
| 370 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 (Pre-refunded 8/01/17) | 8/17 at 100.00 | AA– (4) | 374,218 | |||||
| 5,590 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 | 8/17 at 100.00 | AA+ | 5,651,043 | |||||
| 6,700 | Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 | 7/21 at 100.00 | A+ | 7,454,219 | |||||
| 77,585 | Total Massachusetts | 84,126,362 | |||||||
| Michigan – 2.7% (1.7% of Total Investments) | |||||||||
| 3,535 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A– | 3,818,366 | |||||
| 2,435 | Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 (Pre-refunded 7/01/18) – BHAC Insured | 7/18 at 100.00 | A– (4) | 2,564,712 | |||||
| 1,600 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 (Pre-refunded 7/01/18) – BHAC Insured | 7/18 at 100.00 | AA+ (4) | 1,689,888 | |||||
| 2,020 | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 | 7/21 at 100.00 | A– | 2,197,013 | |||||
| 2,235 | Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2001C, 4.750%, 7/01/29 – BHAC Insured | 7/18 at 100.00 | A– | 2,319,237 | |||||
| 3,665 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41 | 7/21 at 100.00 | AA– | 4,172,346 | |||||
| 1,500 | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42 | 11/22 at 100.00 | A+ | 1,636,215 | |||||
| 405 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/37 – AGM Insured | 7/24 at 100.00 | A2 | 449,744 | |||||
| 2,690 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%, 7/01/32 – AGM Insured | 7/24 at 100.00 | A2 | 3,036,714 | |||||
| 1,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – NPFG Insured | 7/24 at 100.00 | A3 | 1,094,400 | |||||
| Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015: | |||||||||
| 2,500 | 5.000%, 12/01/31 | 6/22 at 100.00 | AA– | 2,808,450 | |||||
| 3,670 | 5.000%, 12/01/32 | 6/22 at 100.00 | AA– | 4,113,483 | |||||
| 2,000 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/31 | 10/22 at 100.00 | AAA | 2,303,640 | |||||
| 500 | Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22 | 7/17 at 100.00 | AAA | 509,105 | |||||
| 5,000 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 | 11/26 at 100.00 | Aa2 | 5,051,400 | |||||
| 2,500 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured | 10/19 at 100.00 | AA– | 2,719,075 | |||||
| 1,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41 | 10/21 at 100.00 | A+ | 1,121,570 | |||||
| Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I: | |||||||||
| 5,000 | 5.000%, 4/15/28 | 10/25 at 100.00 | A+ | 5,849,550 | |||||
| 10,000 | 5.000%, 4/15/34 | 10/25 at 100.00 | A+ | 11,262,100 | |||||
| 3,495 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A3 (4) | 3,897,205 | |||||
| 5,200 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 | 6/22 at 100.00 | AA– | 5,548,036 |
|
NUVEEN
|
39
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Michigan (continued) | |||||||||
| $ | 1,165 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Michigan House of Representatives Facilities, Series 2008A, 5.250%, 10/15/23 (Pre-refunded 10/15/18) – AGC Insured | 10/18 at 100.00 | AA (4) | $ | 1,237,987 | |||
| 5,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 6/18 at 100.00 | B2 | 5,219,750 | |||||
| 1,150 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 1,261,355 | |||||
| 3,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37 | 12/22 at 100.00 | A– | 3,203,070 | |||||
| Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D: | |||||||||
| 950 | 5.000%, 12/01/40 | 12/25 at 100.00 | A– | 1,040,155 | |||||
| 1,200 | 5.000%, 12/01/45 | 12/25 at 100.00 | A– | 1,309,272 | |||||
| 74,415 | Total Michigan | 81,433,838 | |||||||
| Minnesota – 1.8% (1.2% of Total Investments) | |||||||||
| 310 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.000%, 8/01/36 | 8/26 at 100.00 | BB+ | 276,526 | |||||
| 1,000 | City of Vergas, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Refunding Series 2016, 4.250%, 8/01/43 | 8/24 at 100.00 | N/R | 876,370 | |||||
| 1,000 | Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29 | 6/17 at 100.00 | N/R | 1,000,770 | |||||
| 8,655 | Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) | No Opt. Call | AA+ (4) | 9,967,790 | |||||
| 500 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A, 4.000%, 7/01/37 | 7/25 at 100.00 | BB+ | 461,430 | |||||
| 2,000 | Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 | 11/18 at 102.00 | BB+ | 2,063,120 | |||||
| 6,375 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A2 (4) | 6,926,756 | |||||
| 3,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2010A, 5.000%, 1/01/35 | 1/20 at 100.00 | AA– | 3,259,410 | |||||
| 2,295 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C, 5.000%, 1/01/46 | 1/27 at 100.00 | AA– | 2,621,923 | |||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D: | |||||||||
| 470 | 5.000%, 1/01/32 (Alternative Minimum Tax) | 1/27 at 100.00 | A+ | 528,647 | |||||
| 450 | 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/27 at 100.00 | A+ | 498,735 | |||||
| 580 | 5.000%, 1/01/37 (Alternative Minimum Tax) | 1/27 at 100.00 | A+ | 639,334 | |||||
| 750 | 5.000%, 1/01/41 (Alternative Minimum Tax) | 1/27 at 100.00 | A+ | 831,225 | |||||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017: | |||||||||
| 1,580 | 4.000%, 3/01/42 (WI/DD, Settling 5/24/17) | 3/27 at 100.00 | Aa2 | 1,636,864 | |||||
| 3,850 | 4.000%, 3/01/47 (WI/DD, Settling 5/24/17) | 3/27 at 100.00 | Aa2 | 3,972,507 | |||||
| Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: | |||||||||
| 700 | 5.000%, 10/01/34 | 10/24 at 100.00 | A2 | 786,604 | |||||
| 500 | 5.000%, 10/01/35 | 10/24 at 100.00 | A2 | 559,750 | |||||
| 1,000 | Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18 | No Opt. Call | AA+ | 1,051,190 | |||||
| 2,000 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 2,201,120 |
|
40
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Minnesota (continued) | |||||||||
| Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A: | |||||||||
| $ | 2,205 | 5.500%, 9/01/36 | 9/26 at 100.00 | BB+ | $ | 2,227,293 | |||
| 2,500 | 5.750%, 9/01/46 | 9/26 at 100.00 | BB+ | 2,534,275 | |||||
| Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013: | |||||||||
| 500 | 5.000%, 5/01/33 | 5/23 at 100.00 | N/R | 502,055 | |||||
| 1,000 | 5.125%, 5/01/48 | 5/23 at 100.00 | N/R | 994,860 | |||||
| 1,520 | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50 | 12/24 at 100.00 | BBB– | 1,566,390 | |||||
| 400 | Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 | 3/20 at 102.00 | N/R | 413,880 | |||||
| 750 | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/29 | 11/25 at 100.00 | BB+ | 827,160 | |||||
| 3,835 | Washington County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28 | 8/17 at 100.00 | AAA | 3,847,464 | |||||
| 2,000 | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 | 1/24 at 100.00 | Aa3 | 2,214,740 | |||||
| 51,725 | Total Minnesota | 55,288,188 | |||||||
| Mississippi – 0.9% (0.6% of Total Investments) | |||||||||
| 620 | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | 10/17 at 100.00 | Baa3 | 622,592 | |||||
| Mississippi Development Bank, Special Obligation Bonds, City of Jackson General Obligation Street Resurfacing Project, Series 2009: | |||||||||
| 1,325 | 5.500%, 1/01/23 (Pre-refunded 1/01/19) | 1/19 at 100.00 | Baa2 (4) | 1,424,004 | |||||
| 850 | 5.800%, 1/01/24 (Pre-refunded 1/01/19) | 1/19 at 100.00 | Baa2 (4) | 917,737 | |||||
| Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A: | |||||||||
| 7,500 | 5.000%, 9/01/36 | 9/26 at 100.00 | A– | 8,338,950 | |||||
| 15,500 | 5.000%, 9/01/46 | 9/26 at 100.00 | A– | 16,924,915 | |||||
| 25,795 | Total Mississippi | 28,228,198 | |||||||
| Missouri – 2.2% (1.4% of Total Investments) | |||||||||
| 890 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 | 10/18 at 100.00 | Aa3 | 938,087 | |||||
| 1,000 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/28 | 8/26 at 100.00 | Baa1 | 1,127,390 | |||||
| 1,500 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38 (Pre-refunded 8/01/18) | 8/18 at 100.00 | Baa1 (4) | 1,587,615 | |||||
| 2,000 | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 3.625%, 5/01/30 | 5/25 at 100.00 | N/R | 1,877,740 | |||||
| 500 | Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33 | 11/24 at 100.00 | AA+ | 533,390 | |||||
| 2,000 | Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 | 10/19 at 100.00 | A– | 2,155,120 | |||||
| 400 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46 | 4/26 at 100.00 | N/R | 357,108 | |||||
| Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1: | |||||||||
| 7,000 | 0.000%, 4/15/27 – AMBAC Insured | No Opt. Call | A1 | 5,075,770 | |||||
| 5,000 | 0.000%, 4/15/28 – AMBAC Insured | No Opt. Call | A1 | 3,476,500 | |||||
| 5,000 | 0.000%, 4/15/29 – AMBAC Insured | No Opt. Call | A1 | 3,323,850 |
|
NUVEEN
|
41
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Missouri (continued) | |||||||||
| $ | 1,650 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 | No Opt. Call | A3 | $ | 1,748,555 | |||
| 1,000 | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/34 | 5/26 at 100.00 | A+ | 1,123,700 | |||||
| 3,080 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | 5/23 at 100.00 | BBB | 3,338,258 | |||||
| 1,260 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 | 10/23 at 100.00 | A+ | 1,400,011 | |||||
| Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A: | |||||||||
| 1,045 | 5.000%, 11/15/44 | 11/23 at 100.00 | A2 | 1,134,713 | |||||
| 11,090 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 12,018,898 | |||||
| 10,645 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 | 2/26 at 100.00 | BBB+ | 11,223,130 | |||||
| 400 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of St. Louis Project, Series 2015, 3.500%, 6/15/30 | 6/22 at 100.00 | Baa2 | 389,976 | |||||
| Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A: | |||||||||
| 725 | 4.000%, 10/01/36 | 4/27 at 100.00 | A1 | 747,171 | |||||
| 3,510 | 5.000%, 10/01/42 | 4/27 at 100.00 | A1 | 3,973,320 | |||||
| 3,775 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/26 | 4/21 at 100.00 | A2 | 4,187,608 | |||||
| 1,000 | North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37 | 7/17 at 100.00 | N/R | 1,001,270 | |||||
| 2,000 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2015, 4.125%, 12/01/38 | 12/21 at 100.00 | AA | 2,045,720 | |||||
| 490 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (Alternative Minimum Tax) | 7/22 at 100.00 | A– | 505,719 | |||||
| 575 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | BBB– | 583,027 | |||||
| 375 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | 9/23 at 100.00 | A– | 419,359 | |||||
| 67,910 | Total Missouri | 66,293,005 | |||||||
| Nebraska – 0.4% (0.2% of Total Investments) | |||||||||
| 2,300 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32 | 9/22 at 100.00 | BBB+ | 2,494,649 | |||||
| Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015: | |||||||||
| 1,635 | 4.125%, 11/01/36 | 11/25 at 100.00 | A– | 1,670,332 | |||||
| 470 | 5.000%, 11/01/45 | 11/25 at 100.00 | A– | 513,174 | |||||
| 2,860 | Nebraska Public Power District, General Revenue Bonds, Refunding Series 2007B, 4.650%, 1/01/32 (Pre-refunded 7/01/17) – AGM Insured | 7/17 at 100.00 | AA (4) | 2,879,391 | |||||
| University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008: | |||||||||
| 1,250 | 5.000%, 5/15/33 (Pre-refunded 5/15/18) | 5/18 at 100.00 | AA (4) | 1,303,663 | |||||
| 2,100 | 5.000%, 5/15/38 (Pre-refunded 5/15/18) | 5/18 at 100.00 | AA (4) | 2,190,153 | |||||
| 10,615 | Total Nebraska | 11,051,362 | |||||||
| Nevada – 4.7% (3.0% of Total Investments) | |||||||||
| 9,000 | Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa1 (4) | 9,812,610 | |||||
| 39,625 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | A+ | 44,067,755 |
|
42
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Nevada (continued) | |||||||||
| $ | 2,500 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2015C, 5.000%, 7/01/26 | No Opt. Call | A+ | $ | 2,990,300 | |||
| Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A: | |||||||||
| 5,210 | 5.250%, 7/01/39 – AGM Insured | 1/20 at 100.00 | Aa3 | 5,643,055 | |||||
| 9,725 | 5.250%, 7/01/42 | 1/20 at 100.00 | A+ | 10,528,091 | |||||
| 15,000 | Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (5) | 7/17 at 100.00 | A3 (4) | 15,112,050 | |||||
| 5,800 | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) | 6/19 at 100.00 | BBB+ (4) | 6,634,620 | |||||
| Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: | |||||||||
| 9,000 | 5.000%, 6/01/32 | 12/24 at 100.00 | AA | 10,358,730 | |||||
| 7,835 | 5.000%, 6/01/39 | 12/24 at 100.00 | AA | 8,834,903 | |||||
| 2,600 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42 | 6/22 at 100.00 | AA | 2,910,206 | |||||
| 2,280 | North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured | 7/17 at 100.00 | B+ | 2,280,570 | |||||
| 10,000 | North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured | 7/17 at 100.00 | B+ | 10,002,600 | |||||
| 10,000 | Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (5) | 7/17 at 100.00 | A3 (4) | 10,077,900 | |||||
| 2,050 | Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 | 7/21 at 100.00 | AA | 2,292,946 | |||||
| 130,625 | Total Nevada | 141,546,336 | |||||||
| New Hampshire – 0.4% (0.2% of Total Investments) | |||||||||
| 5,000 | New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) | 10/19 at 100.00 | BBB (4) | 5,596,300 | |||||
| 3,500 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 4.000%, 7/01/32 | 7/22 at 100.00 | Baa1 | 3,552,185 | |||||
| 1,110 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 2016-XL0025, 12.729%, 6/01/39 (Pre-refunded 6/01/19) (IF) (5) | 6/19 at 100.00 | Aa1 (4) | 1,402,929 | |||||
| 9,610 | Total New Hampshire | 10,551,414 | |||||||
| New Jersey – 4.5% (2.9% of Total Investments) | |||||||||
| 905 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | 2/23 at 100.00 | BBB+ | 1,006,432 | |||||
| New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013: | |||||||||
| 1,965 | 5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 2,148,177 | |||||
| 2,805 | 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 3,094,644 | |||||
| 2,685 | 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 2,940,075 | |||||
| 6,770 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 – FGIC Insured | No Opt. Call | A3 | 7,957,458 | |||||
| 2,825 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014UU, 5.000%, 6/15/30 | 6/24 at 100.00 | BBB+ | 2,891,331 | |||||
| 2,000 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 | 12/26 at 100.00 | BBB+ | 2,140,260 | |||||
| 555 | New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31 | 6/20 at 100.00 | Baa3 | 601,437 | |||||
| 6,030 | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | No Opt. Call | BBB+ | 6,389,690 |
|
NUVEEN
|
43
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New Jersey (continued) | |||||||||
| $ | 900 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (4) | $ | 1,020,411 | |||
| 1,480 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | BB+ | 1,518,006 | |||||
| 8,415 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | 7/26 at 100.00 | A+ | 9,335,096 | |||||
| 2,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A+ (4) | 2,345,020 | |||||
| 1,235 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | BBB | 1,336,431 | |||||
| 665 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 17.160%, 6/01/30 (IF) (5) | 6/19 at 100.00 | BBB+ | 853,381 | |||||
| New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1: | |||||||||
| 2,020 | 5.000%, 6/15/28 | 6/26 at 100.00 | Baa1 | 2,168,935 | |||||
| 3,340 | 5.000%, 6/15/29 | 6/26 at 100.00 | Baa1 | 3,559,739 | |||||
| 1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 | No Opt. Call | BBB+ | 645,850 | |||||
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C: | |||||||||
| 21,120 | 0.000%, 12/15/28 – AMBAC Insured | No Opt. Call | BBB+ | 12,799,987 | |||||
| 10,000 | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | A– | 4,938,500 | |||||
| 20,000 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | A– | 9,349,600 | |||||
| 25,000 | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | BBB+ | 10,080,750 | |||||
| 30,000 | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | BBB+ | 11,411,400 | |||||
| 4,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18 | No Opt. Call | BBB+ | 4,159,320 | |||||
| 7,330 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 | 6/21 at 100.00 | BBB+ | 7,693,202 | |||||
| 1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | 6/22 at 100.00 | BBB+ | 1,001,730 | |||||
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | |||||||||
| 1,690 | 5.250%, 6/15/33 | 6/25 at 100.00 | BBB+ | 1,755,589 | |||||
| 2,840 | 5.000%, 6/15/45 | 6/25 at 100.00 | BBB+ | 2,847,356 | |||||
| 700 | New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 | 1/19 at 100.00 | A2 | 740,488 | |||||
| 1,315 | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.537%, 1/01/43 (IF) (5) | 7/22 at 100.00 | A2 | 1,843,551 | |||||
| 570 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 | 5/23 at 100.00 | A+ | 630,597 | |||||
| Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | |||||||||
| 1,240 | 4.500%, 6/01/23 | 6/17 at 100.00 | Baa2 | 1,247,750 | |||||
| 7,080 | 4.625%, 6/01/26 | 6/17 at 100.00 | Ba3 | 7,094,585 | |||||
| 6,420 | 4.750%, 6/01/34 | 6/17 at 100.00 | B3 | 6,285,116 | |||||
| 2,000 | 5.000%, 6/01/41 | 6/17 at 100.00 | B3 | 1,968,520 | |||||
| 189,900 | Total New Jersey | 137,800,414 | |||||||
| New Mexico – 0.4% (0.2% of Total Investments) | |||||||||
| Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A: | |||||||||
| 880 | 5.125%, 6/01/17 | 5/17 at 100.00 | A3 | 883,256 | |||||
| 1,295 | 5.125%, 6/01/19 | 7/17 at 100.00 | A3 | 1,299,636 | |||||
| 2,000 | Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Refunding Series 2010D, 5.900%, 6/01/40 | 6/20 at 100.00 | Baa2 | 2,210,160 |
|
44
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New Mexico (continued) | |||||||||
| $ | 5,585 | Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured | No Opt. Call | A2 | $ | 6,788,568 | |||
| 9,760 | Total New Mexico | 11,181,620 | |||||||
| New York – 8.1% (5.3% of Total Investments) | |||||||||
| 3,000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 | 1/27 at 100.00 | BBB– | 3,286,140 | |||||
| 6,600 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/44 | No Opt. Call | BBB– | 1,995,048 | |||||
| Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: | |||||||||
| 4,605 | 6.000%, 7/15/30 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 5,198,354 | |||||
| 3,065 | 6.250%, 7/15/40 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 3,480,338 | |||||
| 490 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 | 7/25 at 100.00 | BBB+ | 540,950 | |||||
| 3,125 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | 7/23 at 100.00 | A– | 3,417,625 | |||||
| 5,005 | Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar College, Series 2007, 5.000%, 7/01/46 (Pre-refunded 7/01/17) | 7/17 at 100.00 | AA– (4) | 5,041,336 | |||||
| Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2015A: | |||||||||
| 1,680 | 4.125%, 5/01/42 | 5/25 at 100.00 | A– | 1,724,990 | |||||
| 3,195 | 5.000%, 5/01/43 | 5/25 at 100.00 | A– | 3,503,797 | |||||
| 600 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/34 | 6/27 at 100.00 | BB+ | 653,562 | |||||
| 5,325 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41 | 3/21 at 100.00 | Aa1 | 5,883,220 | |||||
| Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | |||||||||
| 2,600 | 5.750%, 2/15/47 | 2/21 at 100.00 | A | 2,957,682 | |||||
| 3,100 | 5.250%, 2/15/47 | 2/21 at 100.00 | A | 3,443,604 | |||||
| Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A: | |||||||||
| 2,000 | 5.000%, 2/15/47 – FGIC Insured | 6/17 at 100.00 | A | 2,014,260 | |||||
| 16,845 | 4.500%, 2/15/47 – NPFG Insured | 6/17 at 100.00 | A2 | 16,878,522 | |||||
| Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A: | |||||||||
| 3,000 | 5.000%, 9/01/39 | 9/24 at 100.00 | A– | 3,332,040 | |||||
| 1,155 | 4.000%, 9/01/39 – AGM Insured | 9/24 at 100.00 | A– | 1,188,287 | |||||
| 860 | 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 952,235 | |||||
| 2,925 | Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.500%, 4/01/24 (Pre-refunded 4/01/19) | 4/19 at 100.00 | A– (4) | 3,175,907 | |||||
| 10,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32 | No Opt. Call | AA | 5,998,000 | |||||
| 1,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 | 11/19 at 100.00 | AA | 1,092,370 | |||||
| 750 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41 | 11/21 at 100.00 | A | 841,125 | |||||
| 5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 | 5/23 at 100.00 | A | 5,540,450 | |||||
| New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007: | |||||||||
| 500 | 5.750%, 10/01/37 (8) | 10/17 at 102.00 | N/R | 160,810 | |||||
| 1,000 | 5.875%, 10/01/46 (8) | 10/17 at 102.00 | N/R | 321,620 | |||||
| 4,755 | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured | 3/19 at 100.00 | A3 | 5,250,756 |
|
NUVEEN
|
45
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New York (continued) | |||||||||
| $ | 3,400 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 | 12/20 at 100.00 | AA+ | $ | 3,835,200 | |||
| 2,500 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 | 6/19 at 100.00 | AA+ | 2,711,875 | |||||
| 5,900 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 | 6/23 at 100.00 | AA+ | 6,570,063 | |||||
| 500 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 15.317%, 6/15/39 (IF) | 6/19 at 100.00 | Aa1 | 658,140 | |||||
| 5,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | 5/23 at 100.00 | Aa1 | 5,675,400 | |||||
| 2,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1, 5.000%, 5/01/40 | 5/26 at 100.00 | Aa1 | 2,288,220 | |||||
| 3,760 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1, 5.000%, 2/01/43 | 2/27 at 100.00 | Aa1 | 4,309,674 | |||||
| 2,060 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 2,353,159 | |||||
| 5 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 | 7/17 at 100.00 | AA | 5,017 | |||||
| 2,000 | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee Secured Refunding Series 2015, 5.000%, 11/15/45 | 11/25 at 100.00 | Aa3 | 2,264,120 | |||||
| 565 | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 | 7/17 at 100.00 | Baa1 | 565,158 | |||||
| 25,170 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 26,795,227 | |||||
| New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011: | |||||||||
| 1,560 | 5.000%, 11/15/44 | 11/21 at 100.00 | A | 1,720,976 | |||||
| 4,350 | 5.750%, 11/15/51 | 11/21 at 100.00 | A | 4,958,043 | |||||
| 7,500 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | BBB+ | 9,110,475 | |||||
| 5,260 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/31 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 5,538,044 | |||||
| New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: | |||||||||
| 2,000 | 4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 2,017,320 | |||||
| 10,800 | 5.000%, 7/01/41 (Alternative Minimum Tax) | 7/24 at 100.00 | Baa3 | 11,645,316 | |||||
| 10,000 | 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | Baa3 | 10,750,200 | |||||
| 19,560 | 5.250%, 1/01/50 (Alternative Minimum Tax) | 7/24 at 100.00 | Baa3 | 21,260,155 | |||||
| 500 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 543,805 | |||||
| 3,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured | 8/17 at 100.00 | Aa3 (4) | 3,037,590 | |||||
| 1,310 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax) | 12/23 at 100.00 | AA– | 1,427,153 | |||||
| 4,320 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38 | 12/23 at 100.00 | AA– | 4,921,776 | |||||
| Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010: | |||||||||
| 5,000 | 6.500%, 12/01/28 | 7/17 at 100.00 | BBB | 5,084,000 | |||||
| 590 | 5.500%, 12/01/31 | 12/20 at 100.00 | BBB | 652,676 | |||||
| 1,670 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB | 1,882,290 | |||||
| 3,045 | 6.000%, 12/01/42 | 12/20 at 100.00 | BBB | 3,423,920 | |||||
| 5,145 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax) | 7/17 at 100.00 | BBB+ | 5,195,421 |
|
46
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New York (continued) | |||||||||
| $ | 1,170 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 | 12/20 at 100.00 | BBB– | $ | 1,284,215 | |||
| Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A: | |||||||||
| 2,750 | 5.000%, 1/01/32 (Alternative Minimum Tax) | 1/26 at 100.00 | Baa1 | 3,078,048 | |||||
| 3,800 | 5.000%, 1/01/33 (Alternative Minimum Tax) | 1/26 at 100.00 | Baa1 | 4,232,136 | |||||
| 238,370 | Total New York | 247,667,840 | |||||||
| North Carolina – 1.8% (1.2% of Total Investments) | |||||||||
| 2,850 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.476%, 1/15/47 (Pre-refunded 1/15/18) (IF) (5) | 1/18 at 100.00 | Aa3 (4) | 3,102,824 | |||||
| Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A: | |||||||||
| 1,500 | 5.250%, 1/15/24 (Pre-refunded 1/15/18) – AGC Insured | 1/18 at 100.00 | AA– (4) | 1,547,040 | |||||
| 3,000 | 5.000%, 1/15/47 (Pre-refunded 1/15/18) | 1/18 at 100.00 | AA– (4) | 3,088,740 | |||||
| 12,250 | Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 5.125%, 4/01/43 | 4/23 at 100.00 | A– | 13,201,211 | |||||
| 1,500 | North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 6.125%, 6/01/35 (Pre-refunded 6/01/18) | 6/18 at 100.00 | BBB (4) | 1,585,560 | |||||
| North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015: | |||||||||
| 3,555 | 5.000%, 12/31/37 (Alternative Minimum Tax) | 6/25 at 100.00 | BBB– | 3,824,931 | |||||
| 3,480 | 5.000%, 6/30/54 (Alternative Minimum Tax) | 6/25 at 100.00 | BBB– | 3,659,394 | |||||
| 10,300 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 1993B, 6.000%, 1/01/22 – CAPMAC Insured (ETM) (UB) (5) | No Opt. Call | A3 (4) | 12,405,526 | |||||
| North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A: | |||||||||
| 5,000 | 5.000%, 10/01/27 | 10/22 at 100.00 | A2 | 5,656,800 | |||||
| 3,400 | 5.000%, 10/01/31 | 10/22 at 100.00 | A2 | 3,783,044 | |||||
| 1,570 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 | 10/24 at 102.00 | N/R | 1,641,733 | |||||
| 500 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/32 | 1/26 at 100.00 | A | 578,755 | |||||
| 1,900 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | BBB– (4) | 2,049,169 | |||||
| 50,805 | Total North Carolina | 56,124,727 | |||||||
| North Dakota – 0.4% (0.2% of Total Investments) | |||||||||
| 675 | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R (4) | 790,378 | |||||
| 6,100 | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | 7,186,349 | |||||
| 1,875 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32 | 12/21 at 100.00 | Baa1 | 2,016,338 | |||||
| 700 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 (WI/DD, Settling 5/04/17) | 12/26 at 100.00 | N/R | 699,888 | |||||
| 9,350 | Total North Dakota | 10,692,953 | |||||||
| Ohio – 7.1% (4.6% of Total Investments) | |||||||||
| 6,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 | 11/26 at 100.00 | Baa1 | 6,590,220 |
|
NUVEEN
|
47
|
| NAD | Nuveen Quality Municipal Income Fund | |
| Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Ohio (continued) | |||||||||
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | |||||||||
| $ | 5,155 | 5.375%, 6/01/24 | 6/17 at 100.00 | Caa1 | $ | 4,963,337 | |||
| 16,425 | 5.125%, 6/01/24 | 6/17 at 100.00 | Caa1 | 15,814,647 | |||||
| 17,205 | 5.875%, 6/01/30 | 6/17 at 100.00 | Caa1 | 16,461,056 | |||||
| 11,785 | 5.750%, 6/01/34 | 6/17 at 100.00 | Caa1 | 11,303,111 | |||||
| 12,645 | 6.000%, 6/01/42 | 6/17 at 100.00 | B– | 12,431,679 | |||||
| 2,345 | 6.500%, 6/01/47 | 6/17 at 100.00 | B– | 2,351,472 | |||||
| 18,640 | 5.875%, 6/01/47 | 6/17 at 100.00 | B– | 18,041,470 | |||||
| 24,910 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22 at 100.00 | Caa1 | 24,953,343 | |||||
| Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | |||||||||
| 7,125 | 5.250%, 11/01/29 | 11/20 at 100.00 | A | 7,873,054 | |||||
| 3,335 | 5.500%, 11/01/40 | 11/20 at 100.00 | A | 3,684,408 | |||||
| Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | |||||||||
| 1,000 | 5.750%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | A (4) | 1,150,390 | |||||
| 1,665 | 5.500%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R (4) | 1,901,180 | |||||
| 4,795 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 | 6/23 at 100.00 | Baa2 | 5,029,284 | |||||
| 760 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 | 7/20 at 100.00 | BBB– | 818,642 | |||||
| 5,000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A, 5.000%, 8/15/42 | 8/27 at 100.00 | A+ | 5,570,250 | |||||
| 1,000 | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 | 1/23 at 100.00 | AA | 1,106,910 | |||||
| 16,820 | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5) | 1/23 at 100.00 | Aa3 | 18,618,226 | |||||
| JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052: | |||||||||
| 1,315 | 15.402%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 1,877,347 | |||||
| 625 | 15.402%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 892,275 | |||||
| 975 | 15.402%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 1,391,949 | |||||
| 265 | 15.296%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 377,458 | |||||
| 8,360 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2015, 5.000%, 8/15/45 | 8/25 at 100.00 | A3 | 9,030,639 | |||||
| 7,495 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | A1 | 8,643,684 | |||||
| 1,000 | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.125%, 8/01/31 | 8/21 at 100.00 | A2 | 1,084,310 | |||||
| 2,695 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 | 7/17 at 100.00 | BBB+ | 2,701,091 | |||||
| 2,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/33 | 2/23 at 100.00 | Ba2 | 2,088,360 | |||||
| 3,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory put 9/15/21) | No Opt. Call | CCC+ | 2,795,490 | |||||
| 1,800 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | Ba1 | 1,867,230 | |||||
| 1,000 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2011A, 5.375%, 12/01/30 | 12/20 at 100.00 | A2 | 1,110,320 | |||||
| 4,350 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2015A, 5.000%, 12/01/44 | 6/25 at 100.00 | A2 | 4,806,228 | |||||
| 1,210 | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015, 5.000%, 12/31/39 (Alternative Minimum Tax) | 6/25 at 100.00 | Baa2 | 1,297,931 |
|
48
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Ohio (continued) | |||||||||
| Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1: | |||||||||
| $ | 1,500 | 5.250%, 2/15/39 | 2/23 at 100.00 | A+ | $ | 1,702,200 | |||
| 10,530 | 5.000%, 2/15/48 | 2/23 at 100.00 | A+ | 11,528,665 | |||||
| 3,710 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) | 2/31 at 100.00 | A+ | 3,452,860 | |||||
| 1,800 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 2.250%, 7/01/21 | No Opt. Call | A– | 1,777,950 | |||||
| 135 | Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17 | 7/17 at 100.00 | Aaa | 135,527 | |||||
| 210,375 | Total Ohio |