N-CSRS 1 ncsrs.htm NAD

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09297

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

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

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2019

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.





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Table of Contents
   
Chairman’s Letter to Shareholders 
4 
   
Portfolio Manager’s Comments 
5 
   
Fund Leverage 
7 
   
Common Share Information 
9 
   
Risk Considerations 
11 
   
Performance Overview and Holding Summaries 
12 
   
Portfolios of Investments 
16 
   
Statement of Assets and Liabilities 
103 
   
Statement of Operations 
104 
   
Statement of Changes in Net Assets 
105 
   
Statement of Cash Flows 
106 
   
Financial Highlights 
108 
   
Notes to Financial Statements 
111 
   
Additional Fund Information 
125 
   
Glossary of Terms Used in this Report 
126 
   
Reinvest Automatically, Easily and Conveniently 
128 
 
3

Chairman’s Letter
to Shareholders
Dear Shareholders,
The worries weighing on markets at the end of 2018 appeared to dissipate in early 2019 as positive economic and corporate earnings news, more dovish signals from central banks and trade progress boosted investor confidence. However, political noise and trade disputes have resurfaced in the headlines more recently, knocking stock market indexes off their recent highs and rallying U.S. Treasury bonds and other safe-haven assets. Investors are concerned that increased tariffs and a protracted stalemate between the U.S. and China, Mexico and other trading partners could dampen business and consumer sentiment, weakening spending and potentially impacting the global economy. Additionally, political uncertainty and the risk of policy error appear elevated. In the U.S. in particular, low interest rate levels and the widening federal deficit have constrained the available policy tools for countering recessionary pressures. As the current U.S. economic expansion reaches the 10-year mark this summer, it’s important to note that economic expansions don’t die of old age, but mature economic cycles can be more vulnerable to an exogenous shock.
Until a clearer picture on trade emerges, more bouts of market turbulence are likely in the meantime. While the downside risks warrant careful monitoring, we believe the likelihood of a near-term recession remains low. Global economic growth is moderating, with demand driven by the historically low unemployment in the U.S., Japan and across Europe. Central banks across the developed world continue to emphasize their readiness to adjust policy, and China’s authorities remain committed to keeping economic growth rates steady with fiscal and monetary policy.
The opportunity set may be narrower, but there is still scope for gains in this environment. Patience and maintaining perspective can help you weather periodic market volatility. We encourage you to work with your financial advisor to assess short-term market movements in the context of your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chairman of the Board
June 24, 2019
 
4

Portfolio Manager’s Comments
 
Nuveen Quality Municipal Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio manager Christopher L. Drahn, CFA, reviews key investment strategies and the six-month performance of these two national Funds.
During May 2019 (subsequent to the close of this reporting period), the Board of Trustees approved the merger of the Nuveen Texas Quality Municipal Income Fund (NTX) into the acquiring Fund, the Nuveen Quality Municipal Income Fund (NAD) and the Nuveen North Carolina Quality Municipal Income Fund (NNC) into the acquiring Fund the Nuveen AMT-Free Quality Municipal Income Fund (NEA). In order for each reorganization to occur, it must be approved by shareholders.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2019?
During the six-month reporting period, a significant decline in interest rates along with a tailwind from technical supply-demand conditions drove strong performance in municipal bonds. After raising its benchmark interest rate in December 2018, the Federal Reserve (Fed) subsequently adopted a more dovish tone and downgraded its economic forecast. As markets repriced the possibility of no rate hikes (or a potential rate cut) in 2019, U.S. Treasury yields declined and municipal market yields fell even further. Demand for municipal bonds rose, shifting municipal bond fund flows from outflows at the end of 2018 to exceptionally strong inflows in the first four months of 2019. Renewed interest in the tax advantages of municipal bond investments also boosted demand in the new year. Under the new tax laws, some taxpayers had smaller refunds or larger tax bills than they expected, particularly in high tax states. However, supply has not kept pace with the elevated demand, as issuance volumes remain lower. The tight supply-demand conditions further supported municipal bond prices in this reporting period.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. We remained comfortable with the Funds’ broad positioning, maintaining overweight allocations to lower investment grade credits (and corresponding underweights to high grade bonds). Health care and transportation remained the Funds’ largest sector weights. NAD marginally added to alternative minimum tax (AMT) transportation sector bonds during the reporting period, which continued to offer reasonable incremental yield. (NEA does not invest in AMT bonds.) NAD also bought bonds of the newly named Virgin Trains USA Passenger Project, increasing its net exposure to the project after the old Brightline Passenger Rail Project Bonds were called. The Florida rail system is the country’s first privately owned and operated high-speed train, which currently connects Miami, Ft. Lauderdale and West Palm Beach and plans to add Orlando.
 
 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5

Portfolio Manager’s Comments (continued)
To fund new purchases, we frequently used the proceeds from called or maturing bonds. Additionally, both NAD and NEA also took advantage of prevailing market conditions late in 2018, when interest rates were rising, to sell bonds with lower book yields and reinvest the proceeds into long-term bonds offering higher yield levels. These one-for-one transactions capitalized on the tax loss (which can be used to offset future taxable gains) and helped boost the Funds’ income distribution capabilities.
As of April 30, 2019, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement.
How did the Funds perform during the six-month reporting period ended April 30, 2019?
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, 2019. 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, 2019, the total returns on common share NAV for the two Funds outperformed 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.
Yield curve and duration positioning was the main driver of the Funds’ outperformance in this reporting period. Both Funds benefited from an overweight to longer duration bonds, which were the best performing segment, and an underweight to shorter duration bonds, which underperformed.
Credit rating and sector allocations had an overall neutral impact on relative performance in this reporting period. The weak performance of the tobacco sector, and by extension the single B ratings category (which is dominated by tobacco settlement bonds), was a small detractor for both Funds. The Funds’ overweight allocations to pre-refunded bonds, which lagged along with other shorter-dated, high quality bonds, had a slightly negative impact. NAD and NEA also held underweight allocations to Puerto Rico bonds, which was a drag on relative returns as Puerto Rico bonds performed well amid progress on the Commonwealth’s debt restructuring.
In addition, the use of regulatory leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 1, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution's parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy holdings, shareholders should note that NEA had no exposure to FirstEnergy, while NAD had 0.06% and it should be noted that this exposure is senior lien secured and had a negligible effect on relative performance.
6

Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, 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 in recent years 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 can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
Leverage had a positive impact on the total return performance of the Funds during the reporting period.
As of April 30, 2019, the Funds’ percentages of leverage are as shown in the accompanying table.
     
 
NAD 
NEA 
Effective Leverage* 
38.46% 
38.49% 
Regulatory Leverage* 
36.59% 
36.34% 
*     
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.
 
7

Fund Leverage (continued)
THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2019, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
                   
 
 
Variable Rate
Preferred*
   
Variable Rate
Remarketed Preferred**
       
 
 
Shares
Issued at
Liquidation
Preference
   
Shares
Issued at
Liquidation
Preference
   
Total
 
NAD 
 
$
1,152,500,000
   
$
632,000,000
   
$
1,784,500,000
 
NEA 
 
$
758,000,000
   
$
1,490,300,000
   
$
2,248,300,000
 
*     
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP- VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
**     
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
 
Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on preferred shares and each Fund’s respective transactions.
8

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2019. 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 2018 
 
$
0.0535
   
$
0.0535
 
December 
   
0.0535
     
0.0535
 
January 
   
0.0535
     
0.0535
 
February 
   
0.0535
     
0.0535
 
March 
   
0.0535
     
0.0535
 
April 2019 
   
0.0535
     
0.0535
 
Total Distributions from Net Investment Income 
 
$
0.3210
   
$
0.3210
 
   
Yields 
               
Market Yield* 
   
4.73
%
   
4.82
%
Tax-Equivalent Yield* 
   
6.21
%
   
6.31
%
*     
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 23.8 and 23.7% for NAD and NEA, respectively. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
 
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
COMMON SHARE REPURCHASES
During August 2018, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
9

Common Share Information (continued)
As of April 30, 2019, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
             
 
 
NAD
   
NEA
 
Common shares cumulatively repurchased and retired 
   
17,900
     
75,000
 
Common shares authorized for repurchase 
   
20,190,000
     
26,280,000
 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of April 30, 2019, 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 
 
$
15.32
   
$
14.99
 
Common share price 
 
$
13.57
   
$
13.32
 
Premium/(Discount) to NAV 
   
(11.42
)%
   
(11.14
)%
6-month average premium/(discount) to NAV 
   
(12.17
)%
   
(12.01
)%
 
10

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.
11

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Performance Overview and Holding Summaries as of April 30, 2019 
 
 
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, 2019 
 
 
 
Cumulative 
Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NAD at Common Share NAV 
8.55% 
7.89% 
5.57% 
7.94% 
NAD at Common Share Price 
12.05% 
9.42% 
5.48% 
7.84% 
S&P Municipal Bond Index 
5.36% 
5.84% 
3.55% 
4.74% 
NAD Custom Blended Fund Performance Benchmark 
5.36% 
6.13% 
3.70% 
4.81% 
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.
Common Share Price Performance — Weekly Closing Price
 
 
 
12


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
158.3% 
Corporate Bonds 
0.0% 
Investment Companies 
0.0% 
Short-Term Municipal Bonds 
0.3% 
Other Assets Less Liabilities 
1.8% 
Net Assets Plus Floating Rate Obligations, 
 
AMTP Shares, net of deferred offering costs, 
MFP Shares, net of deferred offering 
 
costs & VRDP Shares, net of deferred 
 
offering costs 
160.4% 
Floating Rate Obligations 
(2.8)% 
AMTP Shares, net of deferred 
 
offering costs 
(17.6)% 
MFP Shares, net of deferred 
 
offering costs 
(19.6)% 
VRDP Shares, net of deferred 
 
offering costs 
(20.4)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.5% 
AAA 
1.3% 
AA 
19.8% 
A 
38.7% 
BBB 
21.5% 
BB or Lower 
7.7% 
N/R (not rated) 
2.5% 
N/A (not applicable) 
0.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
29.7% 
Health Care 
15.8% 
Tax Obligation/Limited 
13.5% 
Tax Obligation/General 
9.1% 
U.S. Guaranteed 
8.5% 
Utilities 
6.4% 
Education and Civic Organizations 
5.2% 
Other 
11.8% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
12.1% 
Texas 
10.4% 
California 
10.4% 
Colorado 
6.5% 
Florida 
6.1% 
Ohio 
5.1% 
New York 
4.7% 
Pennsylvania 
3.2% 
Washington 
2.9% 
New Jersey 
2.8% 
South Carolina 
2.6% 
Missouri 
2.4% 
Arizona 
2.1% 
Louisiana 
2.0% 
Virginia 
2.0% 
Nevada 
1.8% 
Michigan 
1.4% 
Tennessee 
1.4% 
Oregon 
1.3% 
Other 
18.8% 
Total 
100% 
 
13

   
NEA
Nuveen AMT-Free Quality Municipal Income Fund
Performance Overview and Holding Summaries as of April 30, 2019
 
 
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, 2019 
 
 
 
Cumulative 
Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NEA at Common Share NAV 
8.21% 
7.68% 
5.83% 
6.49% 
NEA at Common Share Price 
12.58% 
9.51% 
5.61% 
6.47% 
S&P Municipal Bond Index 
5.36% 
5.84% 
3.55% 
4.74% 
NEA Custom Blended Fund Performance Benchmark 
5.36% 
6.13% 
3.70% 
4.81% 
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.
Common Share Price Performance — Weekly Closing Price
 
 
14


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
157.6% 
Corporate Bonds 
0.0% 
Short-Term Municipal Bonds 
0.2% 
Other Assets Less Liabilities 
1.5% 
Net Assets Plus Floating Rate 
 
Obligations, MFP Shares, net of 
 
deferred offering costs & VRDP 
 
Shares, net of deferred offering costs 
159.3% 
Floating Rate Obligations 
(2.4)% 
MFP Shares, net of deferred 
 
offering costs 
(24.3)% 
VRDP Shares, net of deferred 
 
offering costs 
(32.6)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.7% 
AAA 
2.2% 
AA 
24.0% 
A 
33.8% 
BBB 
20.9% 
BB or Lower 
7.9% 
N/R (not rated) 
2.5% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
19.7% 
Transportation 
18.8% 
Tax Obligation/Limited 
14.8% 
Tax Obligation/General 
12.6% 
U.S. Guaranteed 
8.8% 
Education and Civic Organizations 
6.0% 
Water and Sewer 
5.5% 
Utilities 
5.2% 
Consumer Staples 
5.0% 
Other 
3.6% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
14.2% 
California 
8.0% 
Texas 
8.0% 
Colorado 
6.5% 
Ohio 
5.8% 
Florida 
4.5% 
New York 
4.2% 
Pennsylvania 
4.0% 
New Jersey 
3.8% 
Michigan 
3.5% 
Nevada 
3.3% 
South Carolina 
2.4% 
Missouri 
2.3% 
Indiana 
2.3% 
Washington 
2.2% 
Georgia 
2.1% 
Wisconsin 
2.0% 
Louisiana 
1.9% 
Other 
19.0% 
Total 
100% 
 
15

   
NAD
Nuveen Quality Municipal Income Fund
Portfolio of Investments April 30, 2019 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 158.3% (99.8% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 158.3% (99.8% of Total Investments) 
 
 
 
 
 
Alabama – 1.5% (0.9% of Total Investments) 
 
 
 
 
 
Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A: 
 
 
 
$ 5,000 
 
5.000%, 10/01/33 – AGM Insured (AMT) 
10/27 at 100.00 
BBB+ 
$ 5,764,550 
5,455 
 
5.000%, 10/01/34 – AGM Insured (AMT) 
10/27 at 100.00 
BBB+ 
6,266,104 
5,550 
 
5.000%, 10/01/35 – AGM Insured (AMT) 
10/27 at 100.00 
BBB+ 
6,365,906 
17,500 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 
No Opt. Call 
A3 
22,505,175 
 
 
5.000%, 9/01/46 
 
 
 
4,165 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
5/29 at 100.00 
N/R 
4,468,753 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A (WI/DD, 
 
 
 
 
 
Settling 5/16/19) 
 
 
 
37,670 
 
Total Alabama 
 
 
45,370,488 
 
 
Alaska – 0.7% (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 (AMT) 
No Opt. Call 
Baa2 
1,720,099 
3,400 
 
5.000%, 1/01/25 (AMT) 
No Opt. Call 
Baa2 
3,746,052 
1,000 
 
5.000%, 1/01/28 (AMT) 
7/25 at 100.00 
Baa2 
1,092,320 
1,075 
 
5.000%, 1/01/29 (AMT) 
7/25 at 100.00 
Baa2 
1,168,009 
300 
 
5.000%, 1/01/31 (AMT) 
7/25 at 100.00 
Baa2 
324,396 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2006A: 
 
 
 
205 
 
4.625%, 6/01/23 
5/19 at 100.00 
A3 
205,057 
14,500 
 
5.000%, 6/01/32 
5/19 at 100.00 
B3 
14,499,420 
22,060 
 
Total Alaska 
 
 
22,755,353 
 
 
Arizona – 3.3% (2.1% of Total Investments) 
 
 
 
980 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 
A– 
1,030,196 
 
 
Bonds, Tucson Electric Power Company, Series 2012A, 4.500%, 3/01/30 
 
 
 
2,500 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals 
12/24 at 100.00 
A2 
2,762,250 
 
 
Project, Refunding Series 2014A, 5.000%, 12/01/39 
 
 
 
2,000 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
1/28 at 100.00 
AA– 
2,241,000 
 
 
Math & Science Projects, Series 2018A, 5.000%, 7/01/48 
 
 
 
 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
 
 
 
 
 
Project, Refunding Senior Series 2012A: 
 
 
 
1,490 
 
5.000%, 7/01/30 
7/22 at 100.00 
A 
1,586,969 
2,500 
 
5.000%, 7/01/32 
7/22 at 100.00 
A 
2,654,125 
2,335 
 
5.000%, 7/01/36 
7/22 at 100.00 
A 
2,464,476 
11,795 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
1/27 at 100.00 
AA– 
12,638,814 
 
 
Refunding Series 2016A, 4.000%, 1/01/36 
 
 
 
9,740 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 
7/20 at 100.00 
A+ (4) 
10,120,152 
 
 
Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
12,935 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien 
7/27 at 100.00 
AA– 
14,806,306 
 
 
Series 2017A, 5.000%, 7/01/47 (AMT) 
 
 
 
6,000 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien 
7/28 at 100.00 
AA– 
6,948,120 
 
 
Series 2018, 5.000%, 7/01/48 (AMT) 
 
 
 
7,000 
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion 
No Opt. Call 
AA 
9,749,950 
 
 
Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured 
 
 
 
1,000 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric 
10/20 at 100.00 
A– 
1,041,500 
 
 
Power Company, Series 2010A, 5.250%, 10/01/40 
 
 
 
1,000 
 
Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding 
12/25 at 100.00 
AA 
1,051,310 
 
 
Series 2015, 4.000%, 12/01/38 – AGM Insured 
 
 
 
 
16


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arizona (continued) 
 
 
 
 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy 
 
 
 
 
 
Inc. Prepay Contract Obligations, Series 2007: 
 
 
 
$ 500 
 
5.500%, 12/01/29 
No Opt. Call 
BBB+ 
$ 629,235 
24,765 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
31,229,160 
1,100 
 
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona 
6/24 at 100.00 
A2 
1,235,729 
 
 
University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured 
 
 
 
728 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, 
6/19 at 100.00 
N/R 
719,199 
 
 
Series 2005, 6.000%, 7/01/30 
 
 
 
88,368 
 
Total Arizona 
 
 
102,908,491 
 
 
Arkansas – 0.1% (0.0% of Total Investments) 
 
 
 
2,055 
 
Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 
12/23 at 100.00 
A1 
2,254,499 
 
 
4.875%, 12/01/43 
 
 
 
 
 
California – 16.5% (10.4% of Total Investments) 
 
 
 
1,500 
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured 
5/20 at 100.00 
AA– (4) 
1,569,765 
 
 
Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30 (Pre-refunded 5/15/20) 
 
 
 
 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding 
 
 
 
 
 
Subordinate Lien Series 2004A: 
 
 
 
185 
 
0.000%, 10/01/20 – AMBAC Insured 
No Opt. Call 
Baa2 
178,390 
9,015 
 
0.000%, 10/01/20 – AMBAC Insured (ETM) 
No Opt. Call 
N/R (4) 
8,815,408 
1,535 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 
No Opt. Call 
A– 
808,884 
 
 
1999A, 0.000%, 10/01/37 – NPFG Insured 
 
 
 
 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
 
 
 
 
 
Project, Series 1997C: 
 
 
 
2,945 
 
0.000%, 9/01/27 
No Opt. Call 
A2 
2,407,390 
7,150 
 
0.000%, 9/01/28 – AGM Insured 
No Opt. Call 
A2 
5,650,788 
2,455 
 
0.000%, 9/01/32 – AGM Insured 
No Opt. Call 
A2 
1,642,469 
200 
 
0.000%, 9/01/35 – AGM Insured 
No Opt. Call 
A2 
117,094 
 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
 
 
 
 
 
Series 2013S-4: 
 
 
 
10,000 
 
5.000%, 4/01/38 (Pre-refunded 4/01/23) 
4/23 at 100.00 
A1 (4) 
11,358,100 
3,500 
 
5.250%, 4/01/53 (Pre-refunded 4/01/23) 
4/23 at 100.00 
A1 (4) 
4,008,550 
1,055 
 
Brisbane School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
A2 
624,750 
 
 
Election 2003 Series 2005, 0.000%, 7/01/35 – AGM Insured 
 
 
 
 
 
Byron Unified School District, Contra Costa County, California, General Obligation 
 
 
 
 
 
Bonds, Series 2007B: 
 
 
 
60 
 
0.000%, 8/01/32 (ETM) 
No Opt. Call 
A2 (4) 
43,400 
1,640 
 
0.000%, 8/01/32 
No Opt. Call 
A2 
1,080,563 
 
 
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 
2,523,451 
4,505 
 
0.000%, 8/01/33 – FGIC Insured 
No Opt. Call 
A3 
2,834,816 
2,820 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
6/19 at 100.00 
BBB+ 
2,827,501 
 
 
Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 
 
 
 
7,000 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter 
11/26 at 100.00 
A+ 
8,044,820 
 
 
Health, Refunding Series 2016B, 5.000%, 11/15/46 
 
 
 
22,520 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter 
11/27 at 100.00 
A+ 
26,094,825 
 
 
Health, Refunding Series 2017A, 5.000%, 11/15/48 
 
 
 
2,275 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter 
11/27 at 100.00 
AA– 
2,441,120 
 
 
Health, Series 2018A, 4.000%, 11/15/42 
 
 
 
5,950 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & 
10/19 at 100.00 
AA– 
6,043,712 
 
 
Services, Series 2009B, 5.500%, 10/01/39 
 
 
 
710 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health 
7/23 at 100.00 
AA– 
788,164 
 
 
System, Series 2013A, 5.000%, 7/01/37 
 
 
 
 
17

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2016-XG0049: 
 
 
 
$ 790 
 
7.158%, 8/15/51 , 144A (IF), (6) 
8/22 at 100.00 
AA– 
$ 917,601 
825 
 
7.162%, 8/15/51 , 144A (IF), (6) 
8/22 at 100.00 
AA– 
958,378 
2,140 
 
7.162%, 8/15/51 , 144A (IF), (6) 
8/22 at 100.00 
AA– 
2,485,974 
5,600 
 
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien 
6/28 at 100.00 
BBB+ 
6,398,112 
 
 
Series 2018A, 5.000%, 12/31/43 (AMT) 
 
 
 
3,250 
 
California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, 
2/27 at 100.00 
A– 
3,657,225 
 
 
Series 2017A, 5.000%, 2/01/42 
 
 
 
810 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, 
11/19 at 100.00 
A+ (4) 
829,983 
 
 
Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 
 
 
 
 
 
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) 
1,585,386 
1,000 
 
6.000%, 3/01/35 (Pre-refunded 3/01/20) 
3/20 at 100.00 
A+ (4) 
1,038,250 
815 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, 
11/23 at 100.00 
A+ 
904,169 
 
 
Series 2013I, 5.000%, 11/01/38 
 
 
 
 
 
California State, General Obligation Bonds, Various Purpose Series 2010: 
 
 
 
2,100 
 
5.250%, 3/01/30 
3/20 at 100.00 
AA– 
2,162,937 
3,000 
 
5.500%, 3/01/40 
3/20 at 100.00 
AA– 
3,085,410 
4,250 
 
5.250%, 11/01/40 
11/20 at 100.00 
AA– 
4,452,895 
500 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
543,715 
 
 
Linda University Medical Center, Series 2014A, 5.250%, 12/01/44 
 
 
 
 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
 
 
 
 
 
Linda University Medical Center, Series 2016A: 
 
 
 
6,000 
 
5.000%, 12/01/46, 144A 
6/26 at 100.00 
BB– 
6,524,400 
3,070 
 
5.250%, 12/01/56, 144A 
6/26 at 100.00 
BB– 
3,374,268 
5,480 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/28 at 100.00 
BB– 
6,231,418 
 
 
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
 
 
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+ 
915,750 
1,030 
 
6.250%, 10/01/39 
10/19 at 100.00 
BBB+ 
1,049,055 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
 
 
 
 
 
Charity Health System, Series 2005A: 
 
 
 
2,640 
 
5.750%, 7/01/30 
6/19 at 100.00 
CC 
2,584,349 
7,230 
 
5.500%, 7/01/39 
6/19 at 100.00 
CC 
7,106,945 
6,025 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
N/R (4) 
6,102,662 
 
 
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 
 
 
 
4,890 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, 
No Opt. Call 
Baa2 
4,188,383 
 
 
Series 2006B, 0.000%, 8/01/26 – NPFG Insured 
 
 
 
1,000 
 
Coachella Valley Unified School District, Riverside County, California, General 
No Opt. Call 
A– 
722,690 
 
 
Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured 
 
 
 
5,045 
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
11/21 at 61.42 
AA– (4) 
2,983,108 
 
 
Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27 
 
 
 
 
 
(Pre-refunded 11/01/21) 
 
 
 
1,260 
 
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment 
12/21 at 100.00 
A+ 
1,425,199 
 
 
Project, Subordinate Series 2011A, 7.000%, 12/01/36 
 
 
 
4,000 
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, 
6/24 at 100.00 
Aa1 
4,491,240 
 
 
Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44 
 
 
 
3,010 
 
El Camino Community College District, California, General Obligation Bonds, Election of 
No Opt. Call 
AA+ 
2,653,676 
 
 
2002 Series 2012C, 0.000%, 8/01/25 
 
 
 
3,500 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
BBB– 
2,172,940 
 
 
Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured 
 
 
 
 
18

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
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 
Baa3 
$ 1,703,465 
6,480 
 
6.000%, 1/15/49 
1/24 at 100.00 
Baa3 
7,586,654 
1,500 
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, 
8/21 at 100.00 
AA (4) 
1,646,265 
 
 
California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 
 
 
 
 
 
(Pre-refunded 8/01/21) 
 
 
 
9,930 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/25 at 100.00 
A+ 
11,164,299 
 
 
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
 
 
 
 
 
Asset-Backed Revenue Bonds, Series 2005A: 
 
 
 
1,455 
 
0.000%, 6/01/24 – AMBAC Insured 
No Opt. Call 
A+ 
1,315,509 
3,500 
 
0.000%, 6/01/26 – AGM Insured 
No Opt. Call 
A1 
3,010,735 
3,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
2,944,800 
 
 
Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
5,945 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
5,835,612 
 
 
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
2,500 
 
Huntington Beach Union High School District, Orange County, California, General 
No Opt. Call 
AA– 
1,717,450 
 
 
Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured 
 
 
 
9,740 
 
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage 
No Opt. Call 
AA+ (4) 
10,102,620 
 
 
Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) 
 
 
 
5,000 
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair & 
No Opt. Call 
AA 
4,492,900 
 
 
Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured 
 
 
 
1,045 
 
Lake Tahoe Unified School District, El Dorado County, California, General Obligation 
No Opt. Call 
A– 
738,418 
 
 
Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured 
 
 
 
90 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/26 at 100.00 
AA– 
102,452 
 
 
Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (AMT) 
 
 
 
 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
 
 
 
 
 
Airport, Subordinate Lien Series 2016B: 
 
 
 
2,000 
 
5.000%, 5/15/41 (AMT) 
5/26 at 100.00 
AA– 
2,279,360 
20,015 
 
5.000%, 5/15/46 (AMT) 
5/26 at 100.00 
AA– 
22,723,430 
4,615 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/28 at 100.00 
AA– 
5,390,089 
 
 
Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (AMT) 
 
 
 
2,665 
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, 
1/24 at 100.00 
AA 
2,974,113 
 
 
Series 2014B, 5.000%, 7/01/43 
 
 
 
15,000 
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, 
1/21 at 100.00 
Aa2 
15,800,400 
 
 
Series 2011A, 5.000%, 7/01/41 
 
 
 
2,000 
 
Los Rios Community College District, Sacramento County, California, General Obligation 
8/19 at 100.00 
AA (4) 
2,019,340 
 
 
Bonds, Series 2009D, 5.375%, 8/01/34 (Pre-refunded 8/01/19) 
 
 
 
250 
 
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, 
9/21 at 100.00 
A 
279,555 
 
 
Subordinate Lien Series 2011A, 7.000%, 9/01/31 
 
 
 
500 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
A1 (4) 
516,885 
 
 
California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20) 
 
 
 
6,215 
 
Martinez Unified School District, Contra Costa County, California, General Obligation 
8/24 at 100.00 
AA 
7,436,807 
 
 
Bonds, Series 2011, 5.875%, 8/01/31 
 
 
 
5,955 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
AA 
5,411,547 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 6.250%, 8/01/43, (5) 
 
 
 
2,700 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
No Opt. Call 
BBB+ 
3,979,071 
 
 
Series 2009A, 7.000%, 11/01/34 
 
 
 
2,200 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
No Opt. Call 
BBB+ 
3,246,386 
 
 
Series 2009C, 6.500%, 11/01/39 
 
 
 
290 
 
Natomas Union School District, Sacramento County, California, General Obligation 
No Opt. Call 
Baa2 
304,961 
 
 
Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured 
 
 
 
 
19

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2019 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 14,065 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue 
No Opt. Call 
Baa2 
$ 15,917,360 
 
 
Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured 
 
 
 
3,615 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, 
11/19 at 100.00 
N/R (4) 
3,707,942 
 
 
Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
890 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, 
11/20 at 100.00 
Ba1 (4) 
923,767 
 
 
Series 2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20) 
 
 
 
13,145 
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage 
No Opt. Call 
AA+ (4) 
16,615,411 
 
 
Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (ETM) 
 
 
 
2,500 
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 
5/21 at 100.00 
AA (4) 
2,704,800 
 
 
5.500%, 5/01/32 (Pre-refunded 5/01/21) 
 
 
 
6,000 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates 
No Opt. Call 
A2 (4) 
4,116,060 
 
 
of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) 
 
 
 
7,080 
 
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage 
No Opt. Call 
AA+ (4) 
7,907,440 
 
 
Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) 
 
 
 
2,000 
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
964,920 
 
 
School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41 
 
 
 
5,000 
 
Rialto Unified School District, San Bernardino County, California, General Obligation 
8/36 at 100.00 
A1 
5,347,600 
 
 
Bonds, Series 2011A, 7.350%, 8/01/41 – AGM Insured, (5) 
 
 
 
5,000 
 
Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, 
No Opt. Call 
A1 
4,355,800 
 
 
Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured 
 
 
 
4,615 
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley 
No Opt. Call 
A 
2,297,578 
 
 
Project Area, Series 2011B, 0.000%, 10/01/38 
 
 
 
330 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, 
6/23 at 100.00 
BBB 
362,842 
 
 
Series 2013A, 5.750%, 6/01/48 
 
 
 
14,900 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
5/26 at 100.00 
A+ 
16,927,145 
 
 
International Airport, Second Series 2016B, 5.000%, 5/01/46 (AMT) 
 
 
 
 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
 
 
 
 
 
International Airport, Second Series 2018D: 
 
 
 
11,615 
 
5.000%, 5/01/43 (AMT) 
5/28 at 100.00 
A+ 
13,577,470 
12,285 
 
5.000%, 5/01/48 (AMT) 
5/28 at 100.00 
A+ 
14,292,983 
11,025 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
5/29 at 100.00 
A+ 
12,975,433 
 
 
International Airport, Second Series 2019A, 5.000%, 5/01/49 (AMT) 
 
 
 
660 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
8/19 at 100.00 
A– (4) 
668,270 
 
 
Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) 
 
 
 
2,000 
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public 
8/22 at 29.31 
N/R 
539,580 
 
 
Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43 
 
 
 
2,000 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
1/25 at 100.00 
BBB– 
2,219,440 
 
 
Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
 
 
 
 
 
Revenue Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
15,350 
 
5.000%, 1/15/44 
1/25 at 100.00 
BBB 
17,123,846 
25,840 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB 
28,589,634 
 
 
San Jose, California, Airport Revenue Bonds, Refunding Series 2017A: 
 
 
 
5,000 
 
5.000%, 3/01/41 (AMT) 
3/27 at 100.00 
A– 
5,732,650 
5,000 
 
5.000%, 3/01/47 (AMT) 
3/27 at 100.00 
A– 
5,695,200 
6,660 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 
8/25 at 38.93 
A1 
2,121,610 
 
 
Refunding Series 2015, 0.000%, 8/01/43 
 
 
 
880 
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax 
2/21 at 100.00 
A (4) 
964,260 
 
 
Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) 
 
 
 
2,460 
 
Santee School District, San Diego County, California, General Obligation Bonds, Capital 
No Opt. Call 
AA 
1,616,786 
 
 
Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured 
 
 
 
 
20


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 5,000 
 
Solano Community College District, Solano and Yolo Counties, California, General 
8/23 at 100.00 
Aa3 
$ 5,560,400 
 
 
Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43 
 
 
 
1,145 
 
Southern Kern Unified School District, Kern County, California, General Obligation 
No Opt. Call 
A2 
820,461 
 
 
Bonds, Series 2006C, 0.000%, 11/01/30 – AGM Insured 
 
 
 
1,175 
 
Southern Kern Unified School District, Kern County, California, General Obligation 
No Opt. Call 
A2 
684,473 
 
 
Bonds, Series 2010B, 0.000%, 11/01/35 – AGM Insured 
 
 
 
 
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
 
 
 
 
 
Redevelopment Project, Subordinate Lien Series 2011: 
 
 
 
1,000 
 
6.375%, 12/01/23 (Pre-refunded 12/01/21) 
12/21 at 100.00 
A+ (4) 
1,125,920 
1,000 
 
6.500%, 12/01/24 (Pre-refunded 12/01/21) 
12/21 at 100.00 
A+ (4) 
1,128,800 
1,000 
 
6.625%, 12/01/25 (Pre-refunded 12/01/21) 
12/21 at 100.00 
A+ (4) 
1,131,960 
1,325 
 
6.750%, 12/01/26 (Pre-refunded 12/01/21) 
12/21 at 100.00 
A+ (4) 
1,504,034 
2,410 
 
Victor Elementary School District, San Bernardino County, California, General Obligation 
No Opt. Call 
A+ 
2,037,751 
 
 
Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured 
 
 
 
2,000 
 
West Contra Costa Unified School District, Contra Costa County, California, General 
8/21 at 100.00 
A+ (4) 
2,161,940 
 
 
Obligation Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41 (Pre-refunded 8/01/21) 
 
 
 
3,750 
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, 
8/31 at 100.00 
Aa3 
3,606,112 
 
 
Series 2011B, 7.300%, 8/01/36 – AGM Insured, (5) 
 
 
 
4,000 
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 
8/21 at 100.00 
Aa2 (4) 
4,345,920 
 
 
Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) 
 
 
 
492,185 
 
Total California 
 
 
508,546,799 
 
 
Colorado – 10.3% (6.5% of Total Investments) 
 
 
 
3,000 
 
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding 
12/25 at 100.00 
A3 
3,433,590 
 
 
Series 2015, 5.000%, 12/01/35 – BAM Insured 
 
 
 
4,195 
 
Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, 
12/26 at 100.00 
Aa2 
4,590,588 
 
 
General Obligation Bonds, Series 2016C, 4.000%, 12/15/34 
 
 
 
1,775 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
12/22 at 103.00 
N/R 
1,903,350 
 
 
Improvement Series 2017, 5.000%, 12/01/29, 144A 
 
 
 
2,945 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/23 at 100.00 
BB+ 
3,327,821 
 
 
Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43 
 
 
 
1,715 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/26 at 100.00 
A+ 
1,651,339 
 
 
Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 
 
 
 
500 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
1/24 at 100.00 
A+ 
535,300 
 
 
Liberty Common Charter School, Series 2014A, 5.000%, 1/15/44 
 
 
 
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/24 at 100.00 
A+ 
1,109,330 
 
 
Peak-to-Peak Charter School, Refunding Series 2014, 5.000%, 8/15/30 
 
 
 
3,915 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
6/26 at 100.00 
A+ 
3,575,491 
 
 
Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 
 
 
 
 
 
3.250%, 6/01/46 
 
 
 
1,250 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University 
No Opt. Call 
A+ 
1,353,313 
 
 
Corporation for Atmospheric Research Project, Refunding Series 2012A, 4.500%, 9/01/22 
 
 
 
545 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University 
9/27 at 100.00 
A2 
570,343 
 
 
Corporation for Atmospheric Research Project, Refunding Series 2017, 3.625%, 9/01/31 
 
 
 
 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of 
 
 
 
 
 
Denver, Series 2017A: 
 
 
 
1,200 
 
4.000%, 3/01/36 
3/27 at 100.00 
A1 
1,299,960 
1,600 
 
4.000%, 3/01/37 
3/27 at 100.00 
A1 
1,725,248 
1,465 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes 
8/19 at 100.00 
N/R (4) 
1,486,843 
 
 
Project, Series 2009A, 7.750%, 8/01/39 (Pre-refunded 8/01/19) 
 
 
 
6,765 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
7/19 at 100.00 
BBB+ 
6,808,499 
 
 
Initiatives, Series 2009A, 5.500%, 7/01/34 
 
 
 
2,300 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
2/21 at 100.00 
BBB+ 
2,380,684 
 
 
Initiatives, Series 2011A, 5.000%, 2/01/41 
 
 
 
 
21

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2019 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
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+ 
$ 3,255,439 
4,890 
 
5.250%, 1/01/45 
1/23 at 100.00 
BBB+ 
5,258,070 
4,600 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living 
1/24 at 102.00 
N/R 
4,925,174 
 
 
Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 
 
 
 
270 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/23 at 100.00 
BBB 
297,702 
 
 
Samaritan Society Project, Series 2013, 5.625%, 6/01/43 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
 
 
 
 
 
Samaritan Society Project, Series 2013A: 
 
 
 
2,670 
 
5.000%, 6/01/28 
6/25 at 100.00 
BBB 
3,038,327 
6,425 
 
5.000%, 6/01/40 
6/25 at 100.00 
BBB 
7,052,208 
665 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, 
5/27 at 100.00 
BB+ 
728,335 
 
 
Refunding & Improvement Series 2017A, 5.250%, 5/15/47 
 
 
 
9,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
9,165,510 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
625 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Longterm Care 
11/20 at 100.00 
N/R (4) 
665,575 
 
 
National Obligated Group Project, Series 2010A, 6.000%, 11/15/30 (Pre-refunded 11/15/20) 
 
 
 
1,075 
 
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, 
12/24 at 100.00 
BBB 
1,164,612 
 
 
Senior Lien Series 2017, 5.000%, 12/31/51 
 
 
 
2,000 
 
Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 
5/21 at 100.00 
Aa2 
2,035,360 
 
 
4.250%, 5/15/37 
 
 
 
2,775 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/28 at 100.00 
AA 
3,269,672 
 
 
Revenue Bonds, Refunding Series 2017C, 5.000%, 3/01/43 
 
 
 
2,360 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/28 at 100.00 
AA 
2,518,096 
 
 
Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 
 
 
 
3,000 
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, 
8/24 at 100.00 
A2 
3,349,710 
 
 
8/01/44 – AGM Insured 
 
 
 
7,250 
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 
8/26 at 100.00 
A2 
8,260,867 
2,000 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 
11/22 at 100.00 
AA– 
2,191,120 
 
 
5.000%, 11/15/32 
 
 
 
1,100 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien 
11/23 at 100.00 
A 
1,210,209 
 
 
Series 2013A, 5.250%, 11/15/43 (AMT) 
 
 
 
4,515 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien 
11/23 at 100.00 
A 
4,990,475 
 
 
Series 2013B, 5.000%, 11/15/43 
 
 
 
 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien 
 
 
 
 
 
Series 2018A: 
 
 
 
20,460 
 
5.000%, 12/01/43 (AMT) 
12/28 at 100.00 
A 
23,878,048 
29,230 
 
5.000%, 12/01/48 (AMT) 
12/28 at 100.00 
A+ 
33,963,506 
1,820 
 
Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement 
8/26 at 100.00 
AA– 
1,918,771 
 
 
Series 2016A, 4.000%, 8/01/46 
 
 
 
2,005 
 
Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United 
10/23 at 100.00 
BB 
2,162,553 
 
 
Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (AMT) 
 
 
 
 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center 
 
 
 
 
 
Hotel, Refunding Senior Lien Series 2016: 
 
 
 
2,955 
 
5.000%, 12/01/28 
12/26 at 100.00 
Baa2 
3,370,916 
2,000 
 
5.000%, 12/01/29 
12/26 at 100.00 
BBB– 
2,271,580 
2,635 
 
5.000%, 12/01/35 
12/26 at 100.00 
Baa2 
2,997,550 
1,605 
 
5.000%, 12/01/40 
12/26 at 100.00 
BBB– 
1,798,065 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation 
 
 
 
 
 
Series 2010A: 
 
 
 
385 
 
0.000%, 9/01/35 
No Opt. Call 
BBB+ 
218,984 
150 
 
0.000%, 9/01/37 
No Opt. Call 
BBB+ 
77,762 
75 
 
0.000%, 9/01/38 
No Opt. Call 
BBB+ 
37,258 
20 
 
0.000%, 9/01/39 
No Opt. Call 
BBB+ 
9,499 
110 
 
0.000%, 9/01/41 
No Opt. Call 
BBB+ 
47,933 
 
22


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 
 
 
 
$ 1,420 
 
0.000%, 9/01/23 – NPFG Insured 
No Opt. Call 
BBB+ 
$ 1,288,224 
18,380 
 
0.000%, 9/01/25 – NPFG Insured 
No Opt. Call 
BBB+ 
15,793,750 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
1,045 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
BBB+ 
774,188 
2,175 
 
0.000%, 9/01/30 – NPFG Insured 
No Opt. Call 
BBB+ 
1,540,792 
25,050 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
BBB+ 
16,935,804 
23,305 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
BBB+ 
15,068,547 
100 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
BBB+ 
61,931 
12,500 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 
9/26 at 54.77 
BBB+ 
5,292,875 
 
 
9/01/38 – NPFG Insured 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: 
 
 
 
385 
 
0.000%, 9/01/28 – NPFG Insured 
No Opt. Call 
BBB+ 
297,351 
60,000 
 
0.000%, 3/01/36 – NPFG Insured 
No Opt. Call 
BBB+ 
33,201,000 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: 
 
 
 
345 
 
0.000%, 9/01/28 – NPFG Insured 
9/20 at 63.99 
BBB+ 
213,327 
13,000 
 
0.000%, 9/01/34 – NPFG Insured 
9/20 at 45.40 
BBB+ 
5,672,940 
14,500 
 
0.000%, 3/01/36 – NPFG Insured 
9/20 at 41.72 
A 
5,811,745 
500 
 
Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, 
5/21 at 100.00 
Baa2 
534,075 
 
 
Refunding Series 2011A, 5.500%, 5/01/22 (AMT) 
 
 
 
4,000 
 
Ebert Metropolitan District (In the City and County of Denver, Colorado), Limited Tax 
12/28 at 100.00 
A2 
4,664,640 
 
 
General Obligation Refunding Bonds, Series 2018A-1, 5.000%, 12/01/43 – BAM Insured 
 
 
 
1,860 
 
Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue 
12/25 at 100.00 
Aa2 
1,964,662 
 
 
Bonds, Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40 
 
 
 
 
 
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 
1,706,633 
2,100 
 
5.000%, 12/01/46 
12/26 at 100.00 
Baa3 
2,273,103 
3,000 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/19 at 100.00 
AA (4) 
3,080,940 
 
 
Revenue Bonds, Refunding Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured 
 
 
 
6,705 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/25 at 100.00 
A 
7,383,144 
 
 
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
5,715 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/20 at 100.00 
A2 (4) 
6,116,936 
 
 
Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
700 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado 
No Opt. Call 
A+ 
1,044,225 
 
 
Springs Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project 
 
 
 
 
 
Private Activity Bonds, Series 2010: 
 
 
 
2,500 
 
6.500%, 1/15/30 
7/20 at 100.00 
BBB+ 
2,609,725 
3,115 
 
6.000%, 1/15/34 
7/20 at 100.00 
Baa3 
3,233,432 
2,615 
 
6.000%, 1/15/41 
7/20 at 100.00 
Baa3 
2,714,422 
1,500 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
1,543,410 
 
 
Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
750 
 
Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General 
12/26 at 100.00 
AA 
851,910 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 12/01/36 – 
 
 
 
 
 
AGM Insured 
 
 
 
 
 
Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2016: 
 
 
 
1,050 
 
5.000%, 12/01/32 – BAM Insured 
12/26 at 100.00 
Baa2 
1,207,647 
1,000 
 
4.125%, 12/01/37 – BAM Insured 
12/26 at 100.00 
Baa2 
1,062,110 
2,000 
 
Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General 
12/26 at 100.00 
Baa1 
2,123,020 
 
 
Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured 
 
 
 
368,740 
 
Total Colorado 
 
 
317,947,093 
 
23

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut – 1.4% (0.9% of Total Investments) 
 
 
 
$ 3,430 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart 
7/22 at 100.00 
A2 (4) 
$ 3,784,971 
 
 
University, Series 2012H, 5.000%, 7/01/24 (Pre-refunded 7/01/22) – AGM Insured 
 
 
 
 
 
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, 
 
 
 
 
 
Tender Option Bond Trust 2016-XG0059: 
 
 
 
1,295 
 
10.721%, 1/01/32 , 144A (IF), (6) 
1/23 at 100.00 
A+ 
1,809,516 
190 
 
10.645%, 1/01/38 , 144A (IF), (6) 
1/23 at 100.00 
A+ 
262,211 
 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 
 
 
 
 
 
Series 2018A: 
 
 
 
14,775 
 
5.000%, 1/01/34 
1/28 at 100.00 
A+ 
17,067,046 
6,410 
 
5.000%, 1/01/37 
1/28 at 100.00 
A+ 
7,335,348 
6,000 
 
5.000%, 1/01/38 
1/28 at 100.00 
A+ 
6,846,120 
2,500 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation 
4/20 at 100.00 
N/R (4) 
2,640,750 
 
 
Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (Pre-refunded 4/01/20) 
 
 
 
3,565 
 
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, 
4/22 at 100.00 
AA– 
3,673,519 
 
 
Series 2013A, 4.000%, 4/01/39 
 
 
 
4,949 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate 
No Opt. Call 
N/R 
169,496 
 
 
Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) 
 
 
 
43,114 
 
Total Connecticut 
 
 
43,588,977 
 
 
Delaware – 0.3% (0.2% of Total Investments) 
 
 
 
800 
 
Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, 
12/28 at 100.00 
BBB 
896,104 
 
 
Series 2018, 5.000%, 6/01/48 
 
 
 
7,255 
 
Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 
6/25 at 100.00 
A1 
8,102,964 
 
 
5.000%, 6/01/55 
 
 
 
8,055 
 
Total Delaware 
 
 
8,999,068 
 
 
District of Columbia – 1.6% (1.0% of Total Investments) 
 
 
 
935 
 
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage 
6/19 at 100.00 
AA+ 
937,655 
 
 
Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (AMT) 
 
 
 
4,365 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
No Opt. Call 
A– 
4,801,456 
 
 
Bonds, Series 2001, 6.500%, 5/15/33 
 
 
 
21,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
6/19 at 18.94 
N/R 
3,241,350 
 
 
Bonds, Series 2006A, 0.000%, 6/15/46 
 
 
 
23,745 
 
District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Series 
No Opt. Call 
AA 
25,973,231 
 
 
1998, 5.500%, 10/01/23 – AGM Insured (UB) 
 
 
 
 
 
District of Columbia, General Obligation Bonds, Series 1998B: 
 
 
 
5,000 
 
6.000%, 6/01/19 – NPFG Insured 
No Opt. Call 
AA+ 
5,017,600 
9,505 
 
6.000%, 6/01/20 – NPFG Insured 
No Opt. Call 
AA+ 
9,952,115 
64,550 
 
Total District of Columbia 
 
 
49,923,407 
 
 
Florida – 9.6% (6.1% of Total Investments) 
 
 
 
1,480 
 
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing 
11/23 at 100.00 
BBB 
1,580,418 
 
 
Project, Series 2013A, 5.000%, 11/15/37 
 
 
 
 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
 
 
 
 
 
Academy, Inc. Project, Series 2013A: 
 
 
 
450 
 
5.000%, 9/01/45 
9/23 at 100.00 
BBB 
470,498 
875 
 
5.000%, 9/01/48 
9/23 at 100.00 
BBB 
914,550 
7,500 
 
Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, 
10/25 at 100.00 
A+ 
8,363,250 
 
 
10/01/45 (AMT) 
 
 
 
4,315 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 
10/21 at 100.00 
AA (4) 
4,666,327 
 
 
10/01/41 (Pre-refunded 10/01/21) – AGM Insured 
 
 
 
100 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
6/22 at 100.00 
N/R 
101,847 
 
 
Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43, 144A 
 
 
 
 
24


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 4,165 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova 
4/22 at 100.00 
Baa1 
$ 4,436,308 
 
 
Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/32 
 
 
 
1,150 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova 
4/21 at 100.00 
Baa1 
1,232,260 
 
 
Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 
 
 
 
2,000 
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust 
10/21 at 100.00 
Aa3 
2,161,360 
 
 
Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (AMT) 
 
 
 
 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
 
 
 
 
 
Virgin Trains USA Passenger Rail Project , Series 2019A: 
 
 
 
11,000 
 
6.375%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/26) 
1/20 at 105.00 
N/R 
11,299,530 
11,000 
 
6.500%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/29) 
1/20 at 105.00 
N/R 
11,280,830 
2,500 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding 
10/19 at 100.00 
AA– (4) 
2,535,825 
 
 
Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) 
 
 
 
 
 
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 
 
 
 
 
 
Priority Subordinated Series 2017: 
 
 
 
31,985 
 
5.000%, 10/01/47 (AMT) 
10/27 at 100.00 
A+ 
36,805,779 
8,565 
 
5.000%, 10/01/52 (AMT) 
10/27 at 100.00 
A+ 
9,796,476 
3,890 
 
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 
10/26 at 100.00 
AA– 
4,440,824 
 
 
Series 2016A, 5.000%, 10/01/40 (AMT) 
 
 
 
6,020 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International 
10/24 at 100.00 
A+ 
6,692,855 
 
 
Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (AMT) 
 
 
 
5,000 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International 
10/28 at 100.00 
AA– 
5,807,350 
 
 
Airport, Series 2018E, 5.000%, 10/01/48 (AMT) 
 
 
 
2,290 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International 
10/24 at 100.00 
A+ 
2,582,776 
 
 
Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 
 
 
 
10,305 
 
Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer 
10/24 at 100.00 
A3 
11,484,201 
 
 
Facility Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44 
 
 
 
5,000 
 
Hillsborough County Port District, Florida, Revenue Bonds, Tampa Port Authority Project, 
6/28 at 100.00 
A 
5,694,400 
 
 
Series 2018B, 5.000%, 6/01/46 (AMT) 
 
 
 
 
 
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D: 
 
 
 
2,690 
 
5.000%, 10/01/39 
4/20 at 100.00 
A2 
2,761,473 
5,310 
 
5.000%, 10/01/39 (Pre-refunded 4/01/20) 
4/20 at 100.00 
N/R (4) 
5,471,105 
5,075 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 
11/24 at 100.00 
A2 
5,666,999 
 
 
5.000%, 11/15/35 
 
 
 
1,500 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue 
6/20 at 100.00 
Baa2 
1,529,190 
 
 
Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21, 144A (AMT) 
 
 
 
9,820 
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City 
2/24 at 100.00 
A1 
10,975,814 
 
 
Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured 
 
 
 
2,000 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami 
7/27 at 100.00 
BBB 
2,185,200 
 
 
Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 
 
 
 
2,930 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University 
4/23 at 100.00 
A– 
3,181,921 
 
 
of Miami, Series 2012A, 5.000%, 4/01/42 
 
 
 
8,070 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University 
4/25 at 100.00 
A– 
8,930,988 
 
 
of Miami, Series 2015A, 5.000%, 4/01/45 
 
 
 
12,000 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University 
4/28 at 100.00 
A– 
13,734,600 
 
 
of Miami, Series 2018A, 5.000%, 4/01/53 
 
 
 
1,500 
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus 
8/27 at 100.00 
A+ 
1,711,770 
 
 
Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/42 
 
 
 
1,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, 
10/22 at 100.00 
A 
1,087,930 
 
 
Refunding Series 2012A, 5.000%, 10/01/29 (AMT) 
 
 
 
1,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, 
10/24 at 100.00 
A 
1,130,020 
 
 
Refunding Series 2014B, 5.000%, 10/01/37 
 
 
 
 
25

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, 
 
 
 
 
 
Series 2010B: 
 
 
 
$ 4,000 
 
5.000%, 10/01/28 
10/20 at 100.00 
A 
$ 4,175,000 
7,890 
 
5.000%, 10/01/41 
10/20 at 100.00 
A 
8,205,837 
5,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 
10/24 at 100.00 
A 
5,588,150 
 
 
10/01/35 (AMT) 
 
 
 
3,410 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 
10/25 at 100.00 
A 
3,834,204 
 
 
10/01/38 (AMT) 
 
 
 
2,865 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 
10/22 at 100.00 
A2 
3,122,506 
 
 
2012B, 5.000%, 10/01/37 
 
 
 
3,000 
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding 
7/22 at 100.00 
AA 
3,244,800 
 
 
Series 2012, 5.000%, 7/01/42 
 
 
 
1,000 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 
10/20 at 100.00 
AA (4) 
1,047,330 
 
 
10/01/39 (Pre-refunded 10/01/20) – AGM Insured 
 
 
 
12,370 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
AA– 
13,472,291 
 
 
5.000%, 10/01/42 
 
 
 
4,000 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, 
10/20 at 100.00 
AA 
4,197,560 
 
 
Series 2010, 5.375%, 10/01/40 
 
 
 
1,665 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando 
10/19 at 100.00 
A2 
1,689,359 
 
 
Health, Inc., Series 2009, 5.125%, 10/01/26 
 
 
 
115 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences 
6/22 at 102.00 
N/R 
128,940 
 
 
of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
4,635 
 
Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond 
9/24 at 100.00 
AA– 
5,311,942 
 
 
Series 2014B, 5.000%, 9/01/43 
 
 
 
10,095 
 
Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole 
5/28 at 100.00 
A– 
11,594,814 
 
 
Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42 
 
 
 
 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health 
 
 
 
 
 
Systems of South Florida Obligated Group, Series 2017: 
 
 
 
5,770 
 
5.000%, 8/15/42 
8/27 at 100.00 
A1 
6,624,248 
6,040 
 
5.000%, 8/15/47 
8/27 at 100.00 
A1 
6,905,472 
705 
 
Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment 
3/24 at 100.00 
BBB+ 
782,621 
 
 
Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30, 144A 
 
 
 
1,500 
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central 
1/24 at 100.00 
A– 
1,629,360 
 
 
Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44 
 
 
 
700 
 
Tampa, Florida, Cigarette Tax Allocation Bonds, H Lee Moffitt Cancer Center Project, 
9/22 at 100.00 
A+ 
765,534 
 
 
Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29 
 
 
 
14,610 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding 
7/22 at 100.00 
A2 (4) 
16,098,175 
 
 
Series 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
6/19 at 100.00 
N/R 
195,094 
 
 
Capital Appreciation, Series 2012A-3, 6.610%, 5/01/40, (5) 
 
 
 
85 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
70,950 
 
 
Capital Appreciation, Series 2012A-4, 6.610%, 5/01/40, (5) 
 
 
 
120 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 
6/19 at 100.00 
N/R 
1 
 
 
Series 2007-3, 6.650%, 5/01/40, (7) 
 
 
 
10 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non 
6/19 at 100.00 
N/R 
10,010 
 
 
Performing Parcel Series 2007-1 RMKT, 6.650%, 5/01/40 
 
 
 
290 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
6/19 at 100.00 
N/R 
238,113 
 
 
Series 2015-1, 6.610%, 5/01/40 
 
 
 
180 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
6/19 at 100.00 
N/R 
121,433 
 
 
Series 2015-2, 6.610%, 5/01/40 
 
 
 
 
26


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
6/19 at 100.00 
N/R 
$ 2 
 
 
Series 2015-3, 6.610%, 5/01/40, (7) 
 
 
 
910 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
6/19 at 100.00 
N/R 
911,056 
 
 
5.400%, 5/01/37 
 
 
 
6,510 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson 
6/25 at 100.00 
A– 
7,258,780 
 
 
University Inc. Project, Series 2015, 5.000%, 6/01/45 
 
 
 
270,350 
 
Total Florida 
 
 
297,938,256 
 
 
Georgia – 1.5% (0.9% of Total Investments) 
 
 
 
1,820 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 
7/25 at 100.00 
Aa3 
2,096,258 
 
 
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B: 
 
 
 
525 
 
5.250%, 11/01/34 – AGM Insured 
11/19 at 100.00 
AA– 
534,109 
985 
 
5.250%, 11/01/34 (Pre-refunded 11/01/19) – AGM Insured 
11/19 at 100.00 
AA (4) 
1,002,937 
5,000 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 
5/25 at 100.00 
AA– 
5,802,350 
 
 
5.000%, 11/01/32 
 
 
 
1,760 
 
Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System 
No Opt. Call 
Baa2 
1,980,669 
 
 
Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured 
 
 
 
2,000 
 
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health 
4/27 at 100.00 
A 
2,271,500 
 
 
System, Inc. Project, Series 2017A, 5.000%, 4/01/47 
 
 
 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
 
 
 
 
 
Certificates, Northeast Georgia Health Services Inc., Series 2010A: 
 
 
 
590 
 
5.000%, 2/15/30 
2/20 at 100.00 
A 
603,812 
1,910 
 
5.000%, 2/15/30 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R (4) 
1,960,175 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
 
 
 
 
 
Certificates, Northeast Georgia Health Services Inc., Series 2010B: 
 
 
 
710 
 
5.250%, 2/15/37 
2/20 at 100.00 
AA– 
726,763 
2,290 
 
5.250%, 2/15/37 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R (4) 
2,354,624 
10,260 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, 
7/25 at 100.00 
Baa3 
10,634,387 
 
 
Series 2015A, 5.000%, 7/01/60 
 
 
 
1,000 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 
No Opt. Call 
A– 
1,025,790 
 
 
5.000%, 3/15/20 
 
 
 
1,460 
 
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, 
5/29 at 100.00 
A3 
1,664,225 
 
 
5.000%, 5/15/43 
 
 
 
825 
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, 
No Opt. Call 
N/R (4) 
848,042 
 
 
Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured (ETM) 
 
 
 
3,265 
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third 
7/26 at 100.00 
AA– 
3,794,583 
 
 
Indenture, Series 2015B, 5.000%, 7/01/41 
 
 
 
5,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA+ 
5,819,650 
 
 
Refunding Series 2016A, 5.000%, 10/01/46 
 
 
 
1,220 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/21 at 100.00 
Baa1 
1,307,620 
 
 
Series 2012A, 5.250%, 10/01/27 
 
 
 
1,425 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South 
10/21 at 100.00 
AA– 
1,510,771 
 
 
Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 
 
 
 
42,045 
 
Total Georgia 
 
 
45,938,265 
 
 
Guam – 0.1% (0.1% of Total Investments) 
 
 
 
765 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 
1/22 at 100.00 
BB 
796,992 
1,770 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/20 at 100.00 
BBB– (4) 
1,851,367 
 
 
Series 2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
1,220 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/23 at 100.00 
BBB– 
1,323,639 
 
 
Series 2013, 5.500%, 7/01/43 
 
 
 
3,755 
 
Total Guam 
 
 
3,971,998 
 
27

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Hawaii – 1.6% (1.0% of Total Investments) 
 
 
 
$ 13,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
A1 
$ 14,474,460 
 
 
Health Obligated Group, Series 2013A, 5.500%, 7/01/43 
 
 
 
6,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian 
3/27 at 100.00 
Baa2 
6,129,360 
 
 
Electric Company, Inc. and Subsidiary Projects, Refunding Series 2017B, 4.000%, 3/01/37 (AMT) 
 
 
 
11,205 
 
Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (AMT) 
7/25 at 100.00 
A1 
12,548,031 
10,000 
 
Hawaii State, Airport System Revenue Bonds, Series 2018A, 5.000%, 7/01/48 (AMT) 
7/28 at 100.00 
A1 
11,580,200 
5,000 
 
Hawaii State, General Obligation Bonds, Series 2017FK, 4.000%, 5/01/35 
5/27 at 100.00 
AA 
5,468,250 
45,205 
 
Total Hawaii 
 
 
50,200,301 
 
 
Idaho – 0.7% (0.5% of Total Investments) 
 
 
 
5,000 
 
Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, 
12/27 at 100.00 
AA– 
5,778,050 
 
 
Series 2017A, 5.000%, 12/01/47 
 
 
 
11,205 
 
Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, 
6/27 at 100.00 
AA– 
12,870,960 
 
 
Series 2017ID, 5.000%, 12/01/46 
 
 
 
1,700 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, 
9/26 at 100.00 
BB+ 
1,902,623 
 
 
Refunding Series 2016, 5.000%, 9/01/29 
 
 
 
 
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights 
 
 
 
 
 
Mitigation Series 2012A: 
 
 
 
1,155 
 
4.750%, 9/01/26 
9/22 at 100.00 
A3 
1,253,891 
310 
 
5.000%, 9/01/32 
9/22 at 100.00 
A3 
337,664 
19,370 
 
Total Idaho 
 
 
22,143,188 
 
 
Illinois – 19.2% (12.1% of Total Investments) 
 
 
 
 
 
Bensenville, Illinois, General Obligation Bonds, Series 2011A: 
 
 
 
1,055 
 
5.000%, 12/15/30 – AGM Insured 
12/21 at 100.00 
AA 
1,120,874 
1,945 
 
5.000%, 12/15/30 (Pre-refunded 12/15/21) – AGM Insured 
12/21 at 100.00 
AA (4) 
2,110,811 
6,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A 
6,952,440 
 
 
Series 2016, 6.000%, 4/01/46 
 
 
 
1,470 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
12/21 at 100.00 
B2 
1,499,180 
 
 
Series 2011A, 5.000%, 12/01/41 
 
 
 
9,250 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/25 at 100.00 
BB– 
10,829,622 
 
 
Series 2016A, 7.000%, 12/01/44 
 
 
 
2,400 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/26 at 100.00 
B+ 
2,761,008 
 
 
Series 2016B, 6.500%, 12/01/46 
 
 
 
11,295 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
B+ 
13,692,928 
 
 
Series 2017A, 7.000%, 12/01/46, 144A 
 
 
 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
 
 
 
 
 
Tax Revenues, Series 1998B-1: 
 
 
 
10,000 
 
0.000%, 12/01/20 – FGIC Insured 
No Opt. Call 
B+ 
9,541,200 
10,130 
 
0.000%, 12/01/24 – FGIC Insured 
No Opt. Call 
Baa2 
8,380,144 
7,140 
 
0.000%, 12/01/25 – FGIC Insured 
No Opt. Call 
B+ 
5,675,729 
4,325 
 
0.000%, 12/01/29 – FGIC Insured 
No Opt. Call 
B+ 
2,880,623 
4,235 
 
0.000%, 12/01/31 – FGIC Insured 
No Opt. Call 
B+ 
2,543,922 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
 
 
 
 
 
Tax Revenues, Series 1999A: 
 
 
 
15,000 
 
0.000%, 12/01/21 – FGIC Insured 
No Opt. Call 
B+ 
13,848,750 
10,000 
 
0.000%, 12/01/23 – FGIC Insured 
No Opt. Call 
B+ 
8,588,700 
8,845 
 
5.500%, 12/01/26 – NPFG Insured 
No Opt. Call 
B+ 
9,931,520 
7,900 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A3 
8,317,989 
 
 
5.250%, 12/01/40 
 
 
 
1,594 
 
Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, 
5/19 at 100.00 
Ba3 
1,594,868 
 
 
Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24 
 
 
 
 
28


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, 
 
 
 
 
 
Series 1999A: 
 
 
 
$ 45 
 
5.500%, 12/20/19 (AMT) 
6/19 at 100.00 
N/R 
$ 45,117 
1,210 
 
5.600%, 12/20/29 (AMT) 
6/19 at 100.00 
AA– 
1,212,565 
1,925 
 
5.650%, 12/20/40 (AMT) 
6/19 at 100.00 
AA– 
1,928,272 
 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, 
 
 
 
 
 
Refunding Senior Lien Series 2018A: 
 
 
 
5,450 
 
5.000%, 1/01/48 (AMT) 
1/29 at 100.00 
A 
6,271,315 
10,285 
 
5.000%, 1/01/53 (AMT) 
1/29 at 100.00 
A 
11,754,109 
2,245 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior 
1/25 at 100.00 
A 
2,472,351 
 
 
Lien Series 2015C, 5.000%, 1/01/46 (AMT) 
 
 
 
 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior 
 
 
 
 
 
Lien Series 2017D: 
 
 
 
11,250 
 
5.000%, 1/01/42 (AMT) 
1/27 at 100.00 
A 
12,696,525 
3,000 
 
5.000%, 1/01/47 (AMT) 
1/27 at 100.00 
A 
3,374,760 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
4,115 
 
0.000%, 1/01/33 – FGIC Insured 
No Opt. Call 
BBB– 
2,417,069 
29,600 
 
0.000%, 1/01/38 – FGIC Insured 
No Opt. Call 
BBB– 
13,654,776 
11,675 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 
1/27 at 100.00 
BBB– 
13,320,708 
 
 
6.000%, 1/01/38 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2019A: 
 
 
 
4,000 
 
5.000%, 1/01/44 
1/29 at 100.00 
BBB– 
4,248,560 
3,630 
 
5.500%, 1/01/49 
1/29 at 100.00 
BBB– 
4,010,569 
22,750 
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, 
No Opt. Call 
BBB– 
24,336,585 
 
 
Series 1999, 5.500%, 1/01/23 – FGIC Insured 
 
 
 
6,280 
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 
1/22 at 100.00 
N/R (4) 
6,824,225 
 
 
(Pre-refunded 1/01/22) 
 
 
 
6,410 
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 
No Opt. Call 
Baa2 
7,577,069 
 
 
5.500%, 1/01/30 – NPFG Insured 
 
 
 
1,500 
 
Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – 
No Opt. Call 
Baa2 
1,844,205 
 
 
AMBAC Insured 
 
 
 
4,500 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago 
12/27 at 100.00 
A+ 
5,005,260 
 
 
City Colleges, Series 2017, 5.000%, 12/01/47 
 
 
 
13,310 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 
11/20 at 100.00 
AA– 
13,845,861 
 
 
5.250%, 11/15/33 
 
 
 
 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2018: 
 
 
 
4,800 
 
5.000%, 11/15/34 
11/26 at 100.00 
A2 
5,360,832 
3,250 
 
5.000%, 11/15/35 
11/26 at 100.00 
AA– 
3,618,225 
 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural 
 
 
 
 
 
History, Series 2002RMKT: 
 
 
 
5,000 
 
4.450%, 11/01/36 
11/25 at 102.00 
A2 
5,390,400 
815 
 
4.500%, 11/01/36 
11/24 at 100.00 
A 
860,893 
2,785 
 
5.500%, 11/01/36 
11/23 at 100.00 
A 
3,063,667 
410 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools 
12/25 at 100.00 
N/R 
424,830 
 
 
Belmont School Project, Series 2015A, 6.000%, 12/01/45, 144A 
 
 
 
13,955 
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding 
5/25 at 100.00 
Aa3 
15,518,239 
 
 
Series 2015, 5.000%, 5/01/45 (UB), (6) 
 
 
 
2,000 
 
Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 
3/26 at 100.00 
AA– 
2,109,380 
 
 
4.000%, 3/01/38 
 
 
 
2,500 
 
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, 
2/27 at 100.00 
Aa2 
2,928,475 
 
 
Series 2016C, 5.000%, 2/15/33 
 
 
 
4,985 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 
9/22 at 100.00 
AA+ 
5,421,038 
 
 
5.000%, 9/01/32 
 
 
 
 
29

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: 
 
 
 
$ 4,750 
 
5.000%, 9/01/39 
9/24 at 100.00 
AA+ 
$ 5,273,782 
6,000 
 
5.000%, 9/01/42 
9/24 at 100.00 
AA+ 
6,636,540 
4,125 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 
11/19 at 100.00 
N/R (4) 
4,204,159 
 
 
11/01/39 (Pre-refunded 11/01/19) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding 
 
 
 
 
 
Series 2010A: 
 
 
 
100 
 
6.000%, 5/15/39 
5/20 at 100.00 
A 
102,664 
615 
 
6.000%, 5/15/39 (Pre-refunded 5/15/20) 
5/20 at 100.00 
N/R (4) 
642,103 
10,745 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 
11/25 at 100.00 
A 
11,746,864 
 
 
5.000%, 11/15/45 
 
 
 
12,125 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
AA– 
12,432,005 
 
 
5.125%, 5/15/35 
 
 
 
 
 
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) 
50,863 
4,995 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
5,081,214 
 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, 
 
 
 
 
 
Series 2013A: 
 
 
 
415 
 
5.500%, 7/01/28 
7/23 at 100.00 
A– 
466,834 
390 
 
6.000%, 7/01/43 
7/23 at 100.00 
A– 
437,108 
4,250 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated 
5/25 at 100.00 
A+ 
4,674,235 
 
 
Group, Series 2015B, 5.000%, 11/15/39 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
 
 
 
 
 
Refunding Series 2015C: 
 
 
 
560 
 
5.000%, 8/15/35 
8/25 at 100.00 
Baa1 
622,916 
3,745 
 
5.000%, 8/15/44 
8/25 at 100.00 
Baa1 
4,106,243 
 
 
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) 
2,029,800 
3,000 
 
7.000%, 8/15/44 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
3,045,420 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, 
3/20 at 100.00 
A2 (4) 
1,029,720 
 
 
Inc., Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
 
 
 
 
 
Series 2009B: 
 
 
 
470 
 
5.000%, 8/15/26 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
489,942 
930 
 
5.000%, 8/15/26 
8/20 at 100.00 
AA– 
965,135 
2,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
2/21 at 100.00 
AA– (4) 
2,666,375 
 
 
Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB), (6) 
 
 
 
3,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding 
10/25 at 100.00 
AA+ 
3,378,810 
 
 
Series 2015A, 5.000%, 10/01/46 
 
 
 
11,140 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
11,772,863 
 
 
5.000%, 10/01/51 
 
 
 
2,000 
 
Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., 
5/19 at 100.00 
Aa1 
2,008,940 
 
 
Series 2001, 5.950%, 2/20/36 
 
 
 
1,830 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 
6/24 at 100.00 
BBB– 
2,037,870 
 
 
5.250%, 6/15/32 – AGM Insured 
 
 
 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
3,500 
 
5.250%, 2/01/30 
2/24 at 100.00 
BBB– 
3,741,290 
4,100 
 
5.250%, 2/01/31 
2/24 at 100.00 
BBB– 
4,366,459 
3,200 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB– 
3,399,488 
2,000 
 
5.250%, 2/01/33 
2/24 at 100.00 
BBB– 
2,120,680 
1,575 
 
5.250%, 2/01/34 
2/24 at 100.00 
BBB– 
1,666,901 
2,000 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB– 
2,077,120 
 
30

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 8,250 
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 
1/26 at 100.00 
BBB– 
$ 8,824,200 
1,025 
 
Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/34 
3/22 at 100.00 
BBB– 
1,057,821 
450 
 
Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 
5/24 at 100.00 
BBB– 
468,027 
1,500 
 
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 
11/26 at 100.00 
BBB– 
1,592,100 
 
 
Illinois State, General Obligation Bonds, October Series 2016: 
 
 
 
3,790 
 
5.000%, 2/01/26 
No Opt. Call 
BBB– 
4,149,330 
3,510 
 
5.000%, 2/01/28 
2/27 at 100.00 
BBB– 
3,865,247 
2,375 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 
8/22 at 100.00 
BBB– 
2,501,469 
 
 
Illinois State, General Obligation Bonds, Series 2013: 
 
 
 
2,500 
 
5.250%, 7/01/31 
7/23 at 100.00 
BBB– 
2,646,025 
1,520 
 
5.500%, 7/01/38 
7/23 at 100.00 
BBB– 
1,607,962 
2,020 
 
Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 
6/21 at 100.00 
BBB 
2,038,402 
1,395 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
1,519,462 
 
 
5.000%, 1/01/38 
 
 
 
4,685 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
AA– 
5,293,909 
 
 
5.000%, 1/01/40 
 
 
 
4,435 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 
1/26 at 100.00 
AA– 
5,028,093 
 
 
5.000%, 1/01/40 
 
 
 
1,815 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
A1 
2,463,227 
 
 
2015-XF0051, 11.222%, 1/01/38 , 144A (IF) 
 
 
 
1,875 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
A1 
2,544,169 
 
 
2015-XF0052, 11.217%, 1/01/38 , 144A (IF) 
 
 
 
2,000 
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation 
No Opt. Call 
Aa2 
1,897,540 
 
 
Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured 
 
 
 
1,510 
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate 
1/21 at 100.00 
A2 
1,581,151 
 
 
Revenue Source Series 2011A, 5.250%, 1/01/39 – AGM Insured 
 
 
 
9,000 
 
McHenry County Community Unit School District 200, Woodstock, Illinois, General 
No Opt. Call 
Aa2 
8,269,560 
 
 
Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured 
 
 
 
1,890 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/25 at 100.00 
BBB– 
2,006,500 
 
 
Bonds, Refunding Series 2015B, 5.000%, 6/15/52 
 
 
 
5,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/25 at 100.00 
BBB– 
5,446,850 
 
 
Bonds, Series 2015A, 5.500%, 6/15/53 
 
 
 
1,500 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/27 at 100.00 
BBB– 
1,607,250 
 
 
Bonds, Series 2017A, 5.000%, 6/15/57 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Refunding Bonds, Series 2010A: 
 
 
 
2,585 
 
5.500%, 6/15/50 (Pre-refunded 6/15/20) 
6/20 at 100.00 
BBB– (4) 
2,694,888 
8,055 
 
5.500%, 6/15/50 
6/20 at 100.00 
Ba1 
8,191,371 
1,050 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
6/20 at 100.00 
BBB– 
1,076,009 
 
 
Expansion Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50 
 
 
 
 
 
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 
Baa2 
5,627,454 
12,250 
 
0.000%, 12/15/22 – NPFG Insured 
No Opt. Call 
BBB– 
11,121,530 
23,575 
 
0.000%, 12/15/23 – NPFG Insured 
No Opt. Call 
BBB– 
20,733,034 
10,775 
 
0.000%, 12/15/24 – NPFG Insured 
No Opt. Call 
BBB– 
9,166,292 
2,685 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
6/20 at 100.00 
BBB 
2,715,904 
 
 
Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 
 
 
 
 
31

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (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: 
 
 
 
$ 155 
 
0.000%, 12/15/23 (ETM) 
No Opt. Call 
N/R (4) 
$ 141,839 
6,610 
 
0.000%, 12/15/23 
No Opt. Call 
BBB 
5,813,164 
5,000 
 
0.000%, 12/15/34 – NPFG Insured 
No Opt. Call 
BBB– 
2,779,000 
1,100 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
BBB 
584,804 
3,805 
 
0.000%, 6/15/41 – NPFG Insured 
No Opt. Call 
BBB– 
1,517,092 
2,750 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
AA+ (4) 
3,299,340 
 
 
Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) 
 
 
 
 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, 
 
 
 
 
 
Series 2010: 
 
 
 
1,550 
 
5.250%, 6/01/21 
No Opt. Call 
A 
1,652,315 
800 
 
6.000%, 6/01/28 (Pre-refunded 6/01/21) 
6/21 at 100.00 
N/R (4) 
870,872 
 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
 
 
 
 
 
Illinois, General Obligation Bonds, Series 1999: 
 
 
 
22,650 
 
5.750%, 6/01/19 – AGM Insured 
No Opt. Call 
A2 
22,719,988 
3,500 
 
5.750%, 6/01/23 – AGM Insured 
No Opt. Call 
A2 
3,928,190 
2,395 
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, 
No Opt. Call 
AA 
2,176,648 
 
 
Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – 
 
 
 
 
 
AGM Insured 
 
 
 
 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: 
 
 
 
2,250 
 
5.000%, 3/01/29 
3/25 at 100.00 
A3 
2,557,305 
3,505 
 
5.000%, 3/01/40 – AGM Insured 
3/25 at 100.00 
A2 
3,882,839 
 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013: 
 
 
 
1,580 
 
6.000%, 10/01/32 
10/23 at 100.00 
A– 
1,793,837 
9,625 
 
6.250%, 10/01/38 
10/23 at 100.00 
Baa1 
10,971,152 
2,745 
 
6.000%, 10/01/42 
10/23 at 100.00 
Baa1 
3,093,368 
4,930 
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
A2 
4,451,100 
 
 
Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured 
 
 
 
597,359 
 
Total Illinois 
 
 
595,048,160 
 
 
Indiana – 1.9% (1.2% of Total Investments) 
 
 
 
6,180 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown 
No Opt. Call 
Baa2 
5,745,422 
 
 
Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
1,555 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University 
2/22 at 100.00 
A– 
1,673,569 
 
 
Project, Refunding Series 2012B, 5.000%, 2/01/28 
 
 
 
1,050 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B 
1,056,878 
 
 
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
 
 
 
2,865 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, 
5/23 at 100.00 
A 
3,102,709 
 
 
Series 2012A, 5.000%, 5/01/42 
 
 
 
1,500 
 
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health 
3/20 at 100.00 
N/R (4) 
1,542,555 
 
 
Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) 
 
 
 
7,480 
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation 
6/25 at 100.00 
AA 
8,358,002 
 
 
Group, Refunding 2015A, 5.000%, 12/01/40 
 
 
 
 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
 
 
 
 
 
Project, Series 2013A: 
 
 
 
3,015 
 
5.000%, 7/01/44 (AMT) 
7/23 at 100.00 
BBB+ 
3,254,542 
1,420 
 
5.000%, 7/01/48 (AMT) 
7/23 at 100.00 
BBB+ 
1,529,567 
1,500 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
7/23 at 100.00 
BBB+ 
1,622,610 
 
 
Project, Series 2013B, 5.000%, 7/01/40 (AMT) 
 
 
 
4,170 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding 
12/19 at 100.00 
AA– (4) 
4,257,320 
 
 
Series 2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19) 
 
 
 
2,500 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding 
12/20 at 100.00 
AA– (4) 
2,626,075 
 
 
Series 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) 
 
 
 
 
32


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$ 5,115 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/26 at 100.00 
A 
$ 5,879,641 
 
 
First Lien Green Series 2016A, 5.000%, 10/01/41 
 
 
 
2,750 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/21 at 100.00 
A2 
2,932,243 
 
 
Series 2011B, 5.000%, 10/01/41 
 
 
 
4,500 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/22 at 100.00 
A1 
4,613,715 
 
 
Series 2012A, 4.000%, 10/01/42 
 
 
 
4,375 
 
Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding 
7/26 at 100.00 
A+ 
5,004,431 
 
 
Series 2016A, 5.000%, 1/01/42 
 
 
 
3,985 
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, 
1/24 at 100.00 
N/R 
4,637,384 
 
 
Series 2013, 7.000%, 1/01/44 (AMT) 
 
 
 
53,960 
 
Total Indiana 
 
 
57,836,663 
 
 
Iowa – 1.5% (0.9% of Total Investments) 
 
 
 
1,505 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. 
8/22 at 100.00 
Ba2 
1,557,976 
 
 
Project, Series 2012, 4.750%, 8/01/42 
 
 
 
1,335 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
B– 
1,439,491 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
1,710 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
6/19 at 105.00 
B– 
1,797,347 
 
 
Company Project, Series 2016, 5.875%, 12/01/26, 144A 
 
 
 
1,990 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 105.00 
B+ 
2,134,016 
 
 
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/22) 
 
 
 
3,000 
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding 
12/19 at 100.00 
AAA 
3,060,270 
 
 
Series 2009-2, 5.500%, 12/01/25 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
24,420 
 
5.500%, 6/01/42 
6/19 at 100.00 
B2 
24,175,800 
12,100 
 
5.625%, 6/01/46 
6/19 at 100.00 
B 
11,974,160 
46,060 
 
Total Iowa 
 
 
46,139,060 
 
 
Kansas – 0.3% (0.2% of Total Investments) 
 
 
 
1,240 
 
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation 
9/21 at 100.00 
Aa3 
1,332,789 
 
 
Bonds, Series 2011A, 5.000%, 9/01/26 
 
 
 
 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health 
 
 
 
 
 
System/Sunbelt Obligated Group, Series 2009C: 
 
 
 
35 
 
5.500%, 11/15/29 (Pre-refunded 11/15/19) 
11/19 at 100.00 
N/R (4) 
35,695 
1,505 
 
5.500%, 11/15/29 
11/19 at 100.00 
AA 
1,533,670 
3,965 
 
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, 
7/28 at 100.00 
A 
4,543,692 
 
 
5.000%, 7/01/48 
 
 
 
1,610 
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park 
6/19 at 100.00 
Ba3 
1,612,625 
 
 
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
430 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak 
4/20 at 100.00 
BBB 
439,619 
 
 
Park Mall Project, Series 2010, 5.900%, 4/01/32 
 
 
 
8,785 
 
Total Kansas 
 
 
9,498,090 
 
 
Kentucky – 1.7% (1.1% of Total Investments) 
 
 
 
5,540 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist 
8/21 at 100.00 
Baa1 
5,864,035 
 
 
Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro 
 
 
 
 
 
Medical Health System, Series 2010A: 
 
 
 
2,000 
 
6.000%, 6/01/30 (Pre-refunded 6/01/20) 
6/20 at 100.00 
BB+ (4) 
2,092,760 
5,500 
 
6.500%, 3/01/45 (Pre-refunded 6/01/20) 
6/20 at 100.00 
Baa3 (4) 
5,783,800 
2,730 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
7/25 at 100.00 
Baa2 
2,902,836 
 
 
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 
 
 
 
 
33

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Kentucky (continued) 
 
 
 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: 
 
 
 
$ 4,790 
 
6.750%, 7/01/43, (5) 
7/31 at 100.00 
Baa3 
$ 4,840,199 
3,655 
 
6.875%, 7/01/46, (5) 
7/31 at 100.00 
Baa3 
3,700,395 
 
 
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 
9,123,101 
585 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
641,651 
9,195 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State 
6/21 at 100.00 
A– 
9,672,956 
 
 
Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 
 
 
 
 
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, 
 
 
 
 
 
Improvement and Refunding Series 2011: 
 
 
 
495 
 
6.250%, 3/01/31 (Pre-refunded 3/01/21) 
3/21 at 100.00 
Baa2 (4) 
535,877 
4,505 
 
6.250%, 3/01/31 
3/21 at 100.00 
Baa2 
4,779,445 
1,375 
 
6.500%, 3/01/41 
3/21 at 100.00 
N/R 
1,462,574 
48,730 
 
Total Kentucky 
 
 
51,399,629 
 
 
Louisiana – 3.2% (2.0% of Total Investments) 
 
 
 
4,955 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala 
7/23 at 100.00 
N/R 
5,292,138 
 
 
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
2,665 
 
East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 
2/25 at 100.00 
AA– 
3,036,341 
 
 
5.000%, 2/01/39 
 
 
 
3,130 
 
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue 
12/27 at 100.00 
A2 
3,664,103 
 
 
Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured 
 
 
 
 
 
Lafayette Parish School Board, Louisiana, Sales Tax Revenue Bonds, Series 2018: 
 
 
 
1,500 
 
4.000%, 4/01/40 
4/27 at 100.00 
AA+ 
1,609,905 
4,685 
 
4.000%, 4/01/43 
4/27 at 100.00 
AA+ 
5,000,394 
5,200 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
2/24 at 100.00 
A+ 
5,745,584 
 
 
Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien 
 
 
 
 
 
Series 2014A, 5.000%, 2/01/44 
 
 
 
1,380 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
8/20 at 100.00 
BBB 
1,452,781 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 
 
 
 
8,295 
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
9,082,610 
 
 
(US) LLC Project, Series 2013, 6.500%, 7/01/36, 144A (AMT) 
 
 
 
845 
 
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette 
11/25 at 100.00 
Baa2 
914,104 
 
 
General Medical Center Project, Series 2016A, 5.000%, 11/01/45 
 
 
 
1,830 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/26 at 100.00 
A3 
1,928,363 
 
 
Refunding Series 2016, 4.000%, 5/15/35 
 
 
 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Refunding Series 2017: 
 
 
 
5,000 
 
5.000%, 5/15/42 
5/27 at 100.00 
A3 
5,637,650 
965 
 
5.000%, 5/15/46 
5/27 at 100.00 
A3 
1,085,567 
4,305 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
A3 (4) 
4,741,871 
 
 
Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 
 
 
 
330 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien 
7/23 at 100.00 
A2 
364,033 
 
 
Series 2013A, 5.000%, 7/01/36 
 
 
 
14,000 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2015A, 
5/25 at 100.00 
AA– 
14,772,520 
 
 
4.000%, 5/01/41 
 
 
 
 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 
 
 
 
 
 
Project, Series 2015B: 
 
 
 
6,235 
 
5.000%, 1/01/40 (AMT) 
1/25 at 100.00 
A– 
6,873,215 
6,895 
 
5.000%, 1/01/45 (AMT) 
1/25 at 100.00 
A– 
7,574,433 
4,800 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 
1/27 at 100.00 
A– 
5,377,296 
 
 
Project, Series 2017B, 5.000%, 1/01/48 (AMT) 
 
 
 
 
34

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 1,000 
 
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 
12/22 at 100.00 
A2 
$ 1,101,370 
 
 
12/01/28 – AGM Insured 
 
 
 
5,350 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 
6/24 at 100.00 
A– 
5,754,888 
 
 
5.000%, 6/01/44 
 
 
 
1,200 
 
New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 
12/24 at 100.00 
A– 
1,302,492 
485 
 
Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, 
No Opt. Call 
BBB 
506,282 
 
 
Series 2010, 4.000%, 12/01/40 (Mandatory Put 6/01/22) 
 
 
 
5,655 
 
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 
12/25 at 100.00 
A– 
6,286,664 
 
 
5.000%, 12/01/40 
 
 
 
90,705 
 
Total Louisiana 
 
 
99,104,604 
 
 
Maine – 0.8% (0.5% of Total Investments) 
 
 
 
2,775 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
7/23 at 100.00 
Ba1 
2,971,054 
 
 
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
 
 
 
 
 
Medical Center Obligated Group Issue, Series 2016A: 
 
 
 
3,820 
 
4.000%, 7/01/41 
7/26 at 100.00 
Ba1 
3,867,024 
2,800 
 
4.000%, 7/01/46 
7/26 at 100.00 
Ba1 
2,830,408 
3,245 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth 
7/28 at 100.00 
A+ 
3,733,859 
 
 
Issue, Series 2018A, 5.000%, 7/01/43 
 
 
 
2,000 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, 
7/23 at 100.00 
A+ 
2,205,780 
 
 
Series 2013, 5.000%, 7/01/43 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General 
 
 
 
 
 
Medical Center, Series 2011: 
 
 
 
3,000 
 
6.750%, 7/01/36 
7/21 at 100.00 
Ba3 
3,252,720 
2,260 
 
6.750%, 7/01/41 
7/21 at 100.00 
Ba3 
2,442,021 
1,720 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 
7/20 at 100.00 
A1 
1,776,588 
 
 
5.000%, 7/01/40 
 
 
 
 
 
Maine Turnpike Authority, Special Obligation Bonds, Series 2014: 
 
 
 
1,290 
 
5.000%, 7/01/33 
7/24 at 100.00 
A– 
1,451,676 
1,020 
 
5.000%, 7/01/34 
7/24 at 100.00 
A– 
1,146,031 
23,930 
 
Total Maine 
 
 
25,677,161 
 
 
Maryland – 0.3% (0.2% of Total Investments) 
 
 
 
5,000 
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 
1/25 at 100.00 
AA– 
5,642,900 
450 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy 
7/21 at 100.00 
BBB 
487,377 
 
 
Medical Center, Series 2011, 6.000%, 7/01/25 
 
 
 
515 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson 
7/19 at 100.00 
BB+ 
516,303 
 
 
Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 
 
 
 
1,790 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula 
7/24 at 100.00 
A 
1,974,799 
 
 
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 
 
 
 
1,070 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside 
11/24 at 103.00 
BB 
1,189,883 
 
 
King Farm Project, Series 2017A-1, 5.000%, 11/01/28 
 
 
 
8,825 
 
Total Maryland 
 
 
9,811,262 
 
 
Massachusetts – 1.8% (1.2% of Total Investments) 
 
 
 
 
 
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 
A2 
4,501,111 
7,500 
 
5.000%, 1/01/37 
1/20 at 100.00 
A2 
7,652,475 
650 
 
Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare 
6/19 at 100.00 
N/R 
627,412 
 
 
Project, Series 2007A, 6.750%, 10/15/37 
 
 
 
815 
 
Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare 
10/20 at 100.00 
N/R 
828,716 
 
 
Project, Series 2010, 7.625%, 10/15/37 
 
 
 
 
35

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Massachusetts (continued) 
 
 
 
$ 825 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/25 at 100.00 
BBB 
$ 901,304 
 
 
Green Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
3,500 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 
10/26 at 100.00 
A+ 
4,022,760 
 
 
2016BB-1, 5.000%, 10/01/46 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0070: 
 
 
 
930 
 
10.560%, 10/01/48, 144A (IF), (6) 
10/23 at 100.00 
A+ 
1,322,116 
505 
 
10.607%, 10/01/48, 144A (IF), (6) 
10/23 at 100.00 
A+ 
718,186 
3,200 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 
1/25 at 100.00 
Baa2 
3,356,064 
 
 
4.500%, 1/01/45 
 
 
 
1,220 
 
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, 
1/23 at 100.00 
BBB 
1,334,253 
 
 
Series 2013A, 5.125%, 1/01/25 
 
 
 
2,300 
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 
11/23 at 100.00 
A2 
2,548,170 
 
 
5.000%, 11/01/43 
 
 
 
1,500 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, 
7/26 at 100.00 
BBB+ 
1,541,220 
 
 
Series 2016I, 4.000%, 7/01/41 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Western New England 
 
 
 
 
 
University, Series 2015: 
 
 
 
1,145 
 
5.000%, 9/01/40 
9/25 at 100.00 
BBB 
1,260,542 
1,280 
 
5.000%, 9/01/45 
9/25 at 100.00 
BBB 
1,404,365 
 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk 
 
 
 
 
 
University, Refunding Series 2009A: 
 
 
 
3,190 
 
5.750%, 7/01/39 
7/19 at 100.00 
Baa2 
3,211,437 
6,335 
 
5.750%, 7/01/39 (Pre-refunded 7/01/19) 
7/19 at 100.00 
N/R (4) 
6,378,585 
700 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, 
7/21 at 100.00 
A3 
743,302 
 
 
Series 2011A, 5.125%, 7/01/41 
 
 
 
5,930 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
5/23 at 100.00 
Aa2 
6,518,908 
 
 
Series 2013A, 5.000%, 5/15/43 
 
 
 
1,100 
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior 
No Opt. Call 
A2 
1,001,044 
 
 
Series 1997A, 0.000%, 1/01/24 – NPFG Insured 
 
 
 
6,700 
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking 
7/21 at 100.00 
A+ 
7,078,818 
 
 
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
53,735 
 
Total Massachusetts 
 
 
56,950,788 
 
 
Michigan – 2.3% (1.4% of Total Investments) 
 
 
 
3,535 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A2 
3,828,794 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
2,020 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 
7/21 at 100.00 
A2 
2,148,048 
 
 
5.250%, 7/01/41 
 
 
 
1,000 
 
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – 
3/28 at 100.00 
A2 
1,054,440 
 
 
AGM Insured 
 
 
 
3,665 
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 
7/21 at 100.00 
AA– 
3,938,885 
 
 
5.500%, 7/01/41 
 
 
 
1,500 
 
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, 
11/22 at 100.00 
A+ 
1,609,965 
 
 
Series 2012, 5.000%, 11/15/42 
 
 
 
405 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
A2 
451,875 
 
 
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 
 
 
 
 
 
5.000%, 7/01/37 – AGM Insured 
 
 
 
2,690 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
A2 
3,031,764 
 
 
Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%, 7/01/32 – 
 
 
 
 
 
AGM Insured 
 
 
 
 
36


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan (continued) 
 
 
 
$ 1,000 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
A3 
$ 1,118,690 
 
 
Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – 
 
 
 
 
 
NPFG Insured 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding 
 
 
 
 
 
Series 2015MI: 
 
 
 
2,500 
 
5.000%, 12/01/31 
6/22 at 100.00 
AA– 
2,703,250 
3,670 
 
5.000%, 12/01/32 
6/22 at 100.00 
AA– 
3,966,096 
2,000 
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 
10/22 at 100.00 
AAA 
2,222,900 
 
 
5.000%, 10/01/31 (Pre-refunded 10/01/22) 
 
 
 
5,000 
 
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit 
11/26 at 100.00 
AA+ 
5,260,950 
 
 
Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 
 
 
 
1,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding 
10/21 at 100.00 
AA– 
1,081,450 
 
 
Series 2011-I-A, 5.375%, 10/15/41 
 
 
 
10,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding 
10/25 at 100.00 
AA– 
11,565,100 
 
 
Series 2015-I, 5.000%, 4/15/34 
 
 
 
3,495 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health 
11/19 at 100.00 
N/R (4) 
3,571,890 
 
 
System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
5,200 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, 
6/22 at 100.00 
AA– 
5,526,924 
 
 
Series 2009C, 5.000%, 12/01/48 
 
 
 
5,000 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
5/19 at 100.00 
B2 
4,962,550 
 
 
Bonds, Series 2008A, 6.875%, 6/01/42 
 
 
 
3,000 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
12/22 at 100.00 
A 
3,293,340 
 
 
County Airport, Series 2012A, 5.000%, 12/01/37 
 
 
 
 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
 
 
 
 
 
County Airport, Series 2015D: 
 
 
 
1,325 
 
5.000%, 12/01/40 
12/25 at 100.00 
A 
1,509,440 
1,200 
 
5.000%, 12/01/45 
12/25 at 100.00 
A 
1,360,848 
 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
 
 
 
 
 
County Airport, Series 2017B: 
 
 
 
1,350 
 
5.000%, 12/01/42 (AMT) 
12/27 at 100.00 
A 
1,541,565 
3,140 
 
5.000%, 12/01/47 (AMT) 
12/27 at 100.00 
A 
3,572,441 
1,120 
 
Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/36 
11/25 at 100.00 
A+ 
1,268,590 
64,815 
 
Total Michigan 
 
 
70,589,795 
 
 
Minnesota – 1.7% (1.1% of Total Investments) 
 
 
 
310 
 
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory 
8/26 at 100.00 
BB+ 
309,600 
 
 
Academy, Refunding Series 2016A, 4.000%, 8/01/36 
 
 
 
2,000 
 
Brainerd Independent School District 181, Crow Wing County, Minnesota, General 
2/27 at 100.00 
AAA 
2,141,120 
 
 
Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 
 
 
 
5,000 
 
Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA 
No Opt. Call 
AA+ (4) 
5,106,100 
 
 
Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, 
 
 
 
 
 
Series 1988, 8.450%, 9/01/19 (AMT) (ETM) 
 
 
 
500 
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 
7/25 at 100.00 
BB+ 
498,700 
 
 
Series 2016A, 4.000%, 7/01/37 
 
 
 
5,625 
 
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
2/28 at 100.00 
A– 
6,332,231 
 
 
Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/53 
 
 
 
3,010 
 
Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, 
2/27 at 100.00 
AAA 
3,213,807 
 
 
School Building Series 2018A, 4.000%, 2/01/42 
 
 
 
3,000 
 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/20 at 100.00 
AA– 
3,062,190 
 
 
Senior Lien Series 2010A, 5.000%, 1/01/35 
 
 
 
2,295 
 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/27 at 100.00 
AA– 
2,654,810 
 
 
Senior Lien Series 2016C, 5.000%, 1/01/46 
 
 
 
 
37

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Minnesota (continued) 
 
 
 
 
 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
 
 
 
 
 
Subordinate Lien Series 2016D: 
 
 
 
$ 470 
 
5.000%, 1/01/32 (AMT) 
1/27 at 100.00 
A+ 
$ 549,444 
450 
 
5.000%, 1/01/35 (AMT) 
1/27 at 100.00 
A+ 
520,610 
580 
 
5.000%, 1/01/37 (AMT) 
1/27 at 100.00 
A+ 
667,110 
750 
 
5.000%, 1/01/41 (AMT) 
1/27 at 100.00 
A+ 
854,678 
 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, 
 
 
 
 
 
Refunding Series 2017: 
 
 
 
1,460 
 
4.000%, 3/01/41 
3/27 at 100.00 
Aa2 
1,560,682 
1,700 
 
4.000%, 3/01/47 
3/27 at 100.00 
Aa2 
1,811,163 
2,150 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, 
3/27 at 100.00 
Aa3 
2,285,299 
 
 
Refunding Series 2017, 4.000%, 3/01/48 
 
 
 
910 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 
5/28 at 100.00 
AA 
974,983 
 
 
4.000%, 11/15/48 
 
 
 
2,000 
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health 
7/19 at 100.00 
N/R (4) 
2,013,260 
 
 
Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
1,520 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
12/24 at 100.00 
BBB– 
1,554,823 
 
 
Bonds, Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50 
 
 
 
 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
 
 
 
 
 
Bonds, Hmong College Prep Academy Project, Series 2016A: 
 
 
 
2,205 
 
5.500%, 9/01/36 
9/26 at 100.00 
BB+ 
2,392,800 
2,500 
 
5.750%, 9/01/46 
9/26 at 100.00 
BB+ 
2,709,350 
 
 
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 
510,885 
1,000 
 
5.125%, 5/01/48 
5/23 at 100.00 
N/R 
1,007,360 
2,000 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, 
11/27 at 100.00 
A2 
2,292,040 
 
 
Fairview Health Services, Series 2017A, 5.000%, 11/15/47 
 
 
 
400 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax 
3/20 at 102.00 
N/R 
412,540 
 
 
Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 
 
 
 
750 
 
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, 
11/25 at 100.00 
N/R (4) 
894,810 
 
 
HealthEast Inc., Series 2015A, 5.000%, 11/15/29 (Pre-refunded 11/15/25) 
 
 
 
3,855 
 
West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, 
2/27 at 100.00 
AAA 
4,135,336 
 
 
Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/41 
 
 
 
2,000 
 
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 
1/24 at 100.00 
Aa3 
2,232,820 
 
 
5.000%, 1/01/46 
 
 
 
48,940 
 
Total Minnesota 
 
 
52,698,551 
 
 
Mississippi – 0.8% (0.5% of Total Investments) 
 
 
 
 
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
 
 
 
 
 
Healthcare, Series 2016A: 
 
 
 
7,500 
 
5.000%, 9/01/36 
9/26 at 100.00 
BBB+ 
8,380,275 
15,500 
 
5.000%, 9/01/46 
9/26 at 100.00 
BBB+ 
17,078,520 
23,000 
 
Total Mississippi 
 
 
25,458,795 
 
 
Missouri – 3.8% (2.4% of Total Investments) 
 
 
 
1,000 
 
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 
8/26 at 100.00 
Baa2 
1,112,070 
 
 
2016, 5.000%, 8/01/28 
 
 
 
2,000 
 
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The 
5/25 at 100.00 
N/R 
1,928,600 
 
 
Sarah Community Project, Refunding Series 2016, 3.625%, 5/01/30 
 
 
 
500 
 
Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding 
11/24 at 100.00 
AA+ 
538,320 
 
 
Series 2014A, 4.000%, 11/01/33 
 
 
 
2,000 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, 
10/19 at 100.00 
A– 
2,023,760 
 
 
Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
 
38


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
$ 400 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
4/26 at 100.00 
N/R 
$ 403,240 
 
 
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 
 
 
 
 
 
5.000%, 4/01/46, 144A 
 
 
 
 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, 
 
 
 
 
 
Series 2004B-1: 
 
 
 
7,000 
 
0.000%, 4/15/27 – AMBAC Insured 
No Opt. Call 
A1 
5,680,500 
5,000 
 
0.000%, 4/15/28 – AMBAC Insured 
No Opt. Call 
A1 
3,923,050 
5,000 
 
0.000%, 4/15/29 – AMBAC Insured 
No Opt. Call 
A1 
3,791,200 
4,470 
 
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, 
1/28 at 100.00 
AA 
4,745,039 
 
 
4.000%, 1/01/42 
 
 
 
940 
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson 
No Opt. Call 
A3 
958,086 
 
 
Landing Project, Series 2005A, 6.000%, 6/01/20 
 
 
 
1,000 
 
Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, 
5/26 at 100.00 
A+ 
1,145,600 
 
 
Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/34 
 
 
 
3,080 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
5/23 at 100.00 
BBB 
3,317,807 
 
 
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
1,260 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
10/23 at 100.00 
A+ 
1,407,722 
 
 
Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
CoxHealth, Series 2013A: 
 
 
 
1,045 
 
5.000%, 11/15/44 
11/23 at 100.00 
A2 
1,130,805 
11,090 
 
5.000%, 11/15/48 
11/23 at 100.00 
A2 
11,981,081 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
Mercy Health, Series 2017C: 
 
 
 
5,000 
 
5.000%, 11/15/42 
11/27 at 100.00 
AA– 
5,783,600 
10,000 
 
4.000%, 11/15/47 
11/27 at 100.00 
AA– 
10,506,000 
2,250 
 
5.000%, 11/15/47 
11/27 at 100.00 
AA– 
2,594,993 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
SSM Health Care, Series 2018A: 
 
 
 
2,000 
 
4.000%, 6/01/48 
6/28 at 100.00 
A+ 
2,105,500 
3,500 
 
5.000%, 6/01/48 
6/28 at 100.00 
A+ 
4,013,170 
 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy 
 
 
 
 
 
Hospital, Series 2017A: 
 
 
 
1,250 
 
4.000%, 5/15/42 
5/25 at 102.00 
A+ 
1,289,163 
16,750 
 
4.000%, 5/15/48 
5/25 at 102.00 
A+ 
17,282,817 
11,295 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/26 at 100.00 
BBB 
12,157,034 
 
 
Services Projects, Series 2016B, 5.000%, 2/01/46 
 
 
 
400 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville 
6/22 at 100.00 
Baa2 
404,856 
 
 
University of St Louis Project, Series 2015, 3.500%, 6/15/30 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis 
 
 
 
 
 
University, Series 2017A: 
 
 
 
725 
 
4.000%, 10/01/36 
4/27 at 100.00 
A1 
779,150 
3,510 
 
5.000%, 10/01/42 
4/27 at 100.00 
A1 
4,040,747 
3,775 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, 
4/21 at 100.00 
Baa1 (4) 
4,012,221 
 
 
Series 2011, 5.000%, 4/01/26 (Pre-refunded 4/01/21) 
 
 
 
2,000 
 
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, 
6/27 at 100.00 
A2 
2,304,920 
 
 
MoPEP Facilities, Series 2018, 5.000%, 12/01/43 
 
 
 
1,000 
 
North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, 
6/19 at 100.00 
N/R 
1,000,430 
 
 
Series 2006, 5.000%, 1/01/37 
 
 
 
2,000 
 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
12/21 at 100.00 
AA+ 
2,052,380 
 
 
Participation, Series 2015, 4.125%, 12/01/38 
 
 
 
575 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/22 at 100.00 
N/R (4) 
635,582 
 
 
Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) 
 
 
 
 
39

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
$ 375 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/23 at 100.00 
BB+ 
$ 407,494 
 
 
Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
1,000 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/27 at 100.00 
BB+ 
1,057,130 
 
 
Village Saint Louis Obligated Group, Series 2017, 5.000%, 9/01/48 
 
 
 
490 
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport, 
7/22 at 100.00 
A– 
516,083 
 
 
Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (AMT) 
 
 
 
113,680 
 
Total Missouri 
 
 
117,030,150 
 
 
Montana – 0.2% (0.1% of Total Investments) 
 
 
 
3,315 
 
Montana Facilities Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman 
6/28 at 100.00 
A 
3,823,687 
 
 
Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 
 
 
 
2,090 
 
Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell 
7/28 at 100.00 
BBB 
2,334,133 
 
 
Regional Medical Center, Series 2018B, 5.000%, 7/01/43 
 
 
 
5,405 
 
Total Montana 
 
 
6,157,820 
 
 
Nebraska – 0.2% (0.1% of Total Investments) 
 
 
 
2,300 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
BBB+ 
2,489,474 
 
 
5.000%, 9/01/32 
 
 
 
 
 
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– 
1,710,439 
1,000 
 
5.000%, 11/01/45 
11/25 at 100.00 
A– 
1,090,410 
4,935 
 
Total Nebraska 
 
 
5,290,323 
 
 
Nevada – 2.9% (1.8% of Total Investments) 
 
 
 
39,625 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 
1/20 at 100.00 
A+ 
40,609,681 
 
 
5.750%, 7/01/42 
 
 
 
 
 
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 
5,316,805 
9,725 
 
5.250%, 7/01/42 
1/20 at 100.00 
A+ 
9,918,430 
5,800 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
BBB+ (4) 
5,843,210 
 
 
8.000%, 6/15/30 (Pre-refunded 6/15/19) 
 
 
 
 
 
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+ 
10,348,470 
5,000 
 
5.000%, 6/01/39 
12/24 at 100.00 
AA+ 
5,712,250 
2,600 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 
6/22 at 100.00 
AA+ 
2,809,768 
 
 
5.000%, 6/01/42 
 
 
 
 
 
Nevada System of Higher Education, Community College Revenue Bonds, Series 2017: 
 
 
 
2,400 
 
4.000%, 7/01/41 
7/27 at 100.00 
AA– 
2,520,792 
2,000 
 
4.000%, 7/01/47 
7/27 at 100.00 
AA– 
2,101,000 
1,145 
 
North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System 
6/19 at 100.00 
BB 
1,146,901 
 
 
Series 2006, 5.000%, 10/01/25 – NPFG Insured 
 
 
 
 
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors 
 
 
 
 
 
Authority, Refunding Series 2011: 
 
 
 
95 
 
5.000%, 7/01/32 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (4) 
101,736 
130 
 
5.000%, 7/01/32 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (4) 
139,217 
1,825 
 
5.000%, 7/01/32 
7/21 at 100.00 
Aa2 
1,945,742 
84,555 
 
Total Nevada 
 
 
88,514,002 
 
 
New Hampshire – 0.5% (0.3% of Total Investments) 
 
 
 
5,000 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated 
10/19 at 100.00 
Baa1 (4) 
5,092,650 
 
 
Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
 
40


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Hampshire (continued) 
 
 
 
$ 3,500 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical 
7/22 at 100.00 
Baa1 
$ 3,613,260 
 
 
Center, Series 2012, 4.000%, 7/01/32 
 
 
 
1,110 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth 
6/19 at 100.00 
AA+ (4) 
1,119,957 
 
 
College, Tender Option Bond Trust 2016-XL0025, 10.052%, 6/01/39 , 144A (Pre-refunded 
 
 
 
 
 
6/01/19) (IF), (6) 
 
 
 
4,000 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, 
2/28 at 100.00 
A 
4,701,600 
 
 
Dartmouth-Hitchcock Obligated Group, Series 2018A, 5.000%, 8/01/35 
 
 
 
13,610 
 
Total New Hampshire 
 
 
14,527,467 
 
 
New Jersey – 4.4% (2.8% of Total Investments) 
 
 
 
905 
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 
2/23 at 100.00 
BBB+ 
988,857 
 
 
Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 
 
 
 
 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
 
 
 
 
 
Replacement Project, Series 2013: 
 
 
 
1,965 
 
5.000%, 1/01/31 – AGM Insured (AMT) 
1/24 at 100.00 
BBB 
2,179,932 
1,865 
 
5.125%, 1/01/39 – AGM Insured (AMT) 
1/24 at 100.00 
AA 
2,059,296 
1,585 
 
5.125%, 7/01/42 – AGM Insured (AMT) 
1/24 at 100.00 
BBB 
1,742,834 
2,000 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
12/26 at 100.00 
A– 
2,298,680 
 
 
Refunding Series 2016BBB, 5.500%, 6/15/31 
 
 
 
6,770 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
No Opt. Call 
BBB+ 
8,212,416 
 
 
Series 2005N-1, 5.500%, 9/01/27 – NPFG Insured 
 
 
 
2,825 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
6/24 at 100.00 
BBB+ 
3,056,622 
 
 
Series 2014UU, 5.000%, 6/15/30 
 
 
 
555 
 
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident 
6/20 at 100.00 
N/R (4) 
579,875 
 
 
Group-Montclair Properties LLC, Montclair State University Student Housing Project, 
 
 
 
 
 
Series 2010A, 5.750%, 6/01/31 (Pre-refunded 6/01/20) 
 
 
 
6,030 
 
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit 
No Opt. Call 
BBB+ 
6,903,385 
 
 
Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 
 
 
 
900 
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and 
6/19 at 100.00 
N/R (4) 
904,275 
 
 
Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) 
 
 
 
1,480 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
6/19 at 100.00 
BB+ 
1,484,351 
 
 
Peters University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
8,415 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas 
7/26 at 100.00 
A1 
9,656,802 
 
 
Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 
 
 
 
2,000 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas 
7/21 at 100.00 
N/R (4) 
2,168,260 
 
 
Health Care System, Refunding Series 2011A, 5.625%, 7/01/32 (Pre-refunded 7/01/21) 
 
 
 
1,235 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University 
7/25 at 100.00 
AA 
1,367,553 
 
 
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
665 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender 
6/19 at 100.00 
BBB+ 
674,004 
 
 
Option Bond Trust 2016-XG0001, 13.620%, 6/01/30 , 144A (IF), (6) 
 
 
 
 
 
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 
2,328,858 
3,340 
 
5.000%, 6/15/29 
6/26 at 100.00 
Baa1 
3,830,880 
1,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
BBB+ 
789,730 
 
 
Appreciation Series 2010A, 0.000%, 12/15/26 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
 
 
 
 
 
Series 2006C: 
 
 
 
21,120 
 
0.000%, 12/15/28 – AMBAC Insured 
No Opt. Call 
BBB+ 
15,339,456 
10,000 
 
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
A– 
6,217,100 
20,000 
 
0.000%, 12/15/33 – AGM Insured 
No Opt. Call 
A– 
11,965,800 
25,000 
 
0.000%, 12/15/35 – AMBAC Insured 
No Opt. Call 
BBB+ 
13,269,250 
30,000 
 
0.000%, 12/15/36 – AMBAC Insured 
No Opt. Call 
BBB+ 
15,175,800 
 
41

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$ 7,330 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 
6/21 at 100.00 
BBB+ 
$ 7,749,862 
 
 
Series 2011B, 5.500%, 6/15/31 
 
 
 
1,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 
6/22 at 100.00 
A– 
1,046,360 
 
 
Series 2012A, 5.000%, 6/15/42 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 
 
 
 
 
 
Series 2015AA: 
 
 
 
1,690 
 
5.250%, 6/15/33 
6/25 at 100.00 
BBB+ 
1,868,025 
2,840 
 
5.000%, 6/15/45 
6/25 at 100.00 
BBB+ 
3,039,595 
2,460 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 
1/28 at 100.00 
A2 
2,688,263 
 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: 
 
 
 
835 
 
11.030%, 1/01/43 , 144A (Pre-refunded 7/01/22) (IF), (6) 
7/22 at 100.00 
N/R (4) 
1,160,717 
480 
 
11.030%, 1/01/43 , 144A (IF), (6) 
7/22 at 100.00 
A2 
667,239 
570 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 
5/23 at 100.00 
A+ 
630,705 
 
 
5.000%, 5/01/43 
 
 
 
3,215 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
A– 
3,675,613 
 
 
Bonds, Series 2018A, 5.000%, 6/01/36 
 
 
 
380 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BBB 
396,902 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
172,475 
 
Total New Jersey 
 
 
136,117,297 
 
 
New Mexico – 0.4% (0.3% of Total Investments) 
 
 
 
1,295 
 
Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., 
5/19 at 100.00 
A3 
1,298,458 
 
 
Series 2004A, 5.125%, 6/01/19 
 
 
 
2,000 
 
Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New 
6/20 at 100.00 
Baa2 
2,079,420 
 
 
Mexico San Juan Project, Refunding Series 2010D, 5.900%, 6/01/40 
 
 
 
3,370 
 
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian 
11/27 at 100.00 
Aa3 
3,881,566 
 
 
Healthcare Services, Series 2017A, 5.000%, 8/01/46 
 
 
 
5,100 
 
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, 
No Opt. Call 
A2 
5,894,835 
 
 
Series 1997, 6.000%, 2/01/27 – AGM Insured 
 
 
 
11,765 
 
Total New Mexico 
 
 
13,154,279 
 
 
New York – 7.4% (4.7% of Total Investments) 
 
 
 
 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
 
Bonds, Barclays Center Project, Series 2009: 
 
 
 
4,605 
 
6.000%, 7/15/30 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (4) 
4,750,840 
3,065 
 
6.250%, 7/15/40 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (4) 
3,167,402 
6,600 
 
0.000%, 7/15/44 
No Opt. Call 
BBB– 
2,434,014 
490 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 
7/25 at 100.00 
BBB+ 
564,162 
 
 
Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 
 
 
 
3,125 
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns 
7/23 at 100.00 
A– 
3,416,844 
 
 
University, Series 2013A, 5.000%, 7/01/44 
 
 
 
 
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island 
 
 
 
 
 
Jewish Obligated Group, Series 2015A: 
 
 
 
1,680 
 
4.125%, 5/01/42 
5/25 at 100.00 
A– 
1,765,310 
3,195 
 
5.000%, 5/01/43 
5/25 at 100.00 
A– 
3,543,638 
600 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical 
6/27 at 100.00 
BBB– 
684,864 
 
 
Center Obligated Group, Series 2017, 5.000%, 12/01/34, 144A 
 
 
 
5,325 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/21 at 100.00 
AA+ 
5,622,082 
 
 
General Purpose Series 2011C, 5.000%, 3/15/41 
 
 
 
 
42


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
$ 135 
 
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa2 (4) 
$ 143,837 
2,965 
 
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
3,137,800 
990 
 
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
1,057,162 
1,610 
 
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa2 (4) 
1,729,510 
7,500 
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, 
No Opt. Call 
A 
9,630,600 
 
 
Series 2005, 5.250%, 10/01/35 
 
 
 
 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, 
 
 
 
 
 
Series 2014A: 
 
 
 
1,155 
 
4.000%, 9/01/39 – AGM Insured 
9/24 at 100.00 
A– 
1,210,556 
3,000 
 
5.000%, 9/01/39 
9/24 at 100.00 
A– 
3,363,150 
860 
 
5.000%, 9/01/44 
9/24 at 100.00 
A– 
954,024 
5,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/28 at 100.00 
A– 
5,985,450 
 
 
2018, 5.000%, 9/01/37 
 
 
 
10,000 
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding 
No Opt. Call 
AA 
6,570,600 
 
 
Series 2012A, 0.000%, 11/15/32 
 
 
 
1,000 
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 
11/19 at 100.00 
AA (4) 
1,018,830 
 
 
5.000%, 11/15/34 (Pre-refunded 11/15/19) 
 
 
 
 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, 
 
 
 
 
 
Series 2011A: 
 
 
 
285 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
11/21 at 100.00 
N/R (4) 
309,952 
465 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
11/21 at 100.00 
A (4) 
505,711 
5,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/23 at 100.00 
A 
5,467,100 
 
 
2013A, 5.000%, 11/15/38 
 
 
 
 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
 
 
 
 
 
Bronx Parking Development Company, LLC Project, Series 2007: 
 
 
 
500 
 
3.163%, 10/01/37, (7) 
6/19 at 101.00 
N/R 
327,500 
1,000 
 
3.231%, 10/01/46, (7) 
6/19 at 101.00 
N/R 
655,000 
4,755 
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium 
6/19 at 100.00 
A3 
4,778,823 
 
 
Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured 
 
 
 
3,400 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System 
12/20 at 100.00 
AA+ 
3,589,448 
 
 
Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 
 
 
 
5,900 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/23 at 100.00 
AA+ 
6,533,837 
 
 
General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 
 
 
 
500 
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System 
6/19 at 100.00 
AA+ 
508,280 
 
 
Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 11.130%, 6/15/39 , 144A (IF) 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/23 at 100.00 
Aa1 
5,550,950 
 
 
Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 
 
 
 
2,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/26 at 100.00 
Aa1 
2,309,800 
 
 
Subordinate Fiscal 2017 Series A-1, 5.000%, 5/01/40 
 
 
 
3,760 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
2/27 at 100.00 
Aa1 
4,367,954 
 
 
Subordinate Fiscal 2017 Series E-1, 5.000%, 2/01/43 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/28 at 100.00 
Aa1 
5,940,700 
 
 
Subordinate Fiscal 2018 Series C-3, 5.000%, 5/01/40 
 
 
 
2,060 
 
New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 
12/26 at 100.00 
AA 
2,395,100 
 
 
5.000%, 12/01/41 
 
 
 
5 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 
6/19 at 100.00 
AA 
5,014 
2,000 
 
New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit 
11/25 at 100.00 
Aa3 
2,289,580 
 
 
Fee Secured, Refunding Series 2015, 5.000%, 11/15/45 
 
 
 
540 
 
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 
6/19 at 100.00 
Baa1 
540,184 
 
 
6.500%, 6/01/35 
 
 
 
 
43

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 25,170 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
$ 27,107,335 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
 
 
 
 
 
Center Project, Series 2011: 
 
 
 
1,560 
 
5.000%, 11/15/44 
11/21 at 100.00 
A 
1,667,952 
4,350 
 
5.750%, 11/15/51 
11/21 at 100.00 
A 
4,769,209 
5,260 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/21 at 100.00 
BB– 
5,515,320 
 
 
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding 
 
 
 
 
 
Series 2016, 5.000%, 8/01/31 (AMT) 
 
 
 
3,050 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
1/28 at 100.00 
Baa3 
3,548,461 
 
 
Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, 
 
 
 
 
 
Series 2018, 5.000%, 1/01/34 (AMT) 
 
 
 
 
 
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 (AMT) 
7/24 at 100.00 
BBB 
2,102,980 
10,800 
 
5.000%, 7/01/41 (AMT) 
7/24 at 100.00 
BBB 
11,749,536 
10,000 
 
5.000%, 7/01/46 (AMT) 
7/24 at 100.00 
Baa3 
10,852,800 
19,560 
 
5.250%, 1/01/50 (AMT) 
7/24 at 100.00 
Baa3 
21,369,104 
500 
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital 
7/19 at 100.00 
N/R (4) 
502,890 
 
 
Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19) 
 
 
 
1,310 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
12/23 at 100.00 
AA– 
1,440,633 
 
 
Seventy Eighth Series 2013, 5.000%, 12/01/43 (AMT) 
 
 
 
4,320 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
12/23 at 100.00 
AA– 
4,868,208 
 
 
Seventy Ninth Series 2013, 5.000%, 12/01/38 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
5,000 
 
6.500%, 12/01/28 
6/19 at 100.00 
BBB+ 
5,235,050 
590 
 
5.500%, 12/01/31 
12/20 at 100.00 
BBB+ 
622,692 
1,670 
 
6.000%, 12/01/36 
12/20 at 100.00 
BBB+ 
1,768,463 
3,045 
 
6.000%, 12/01/42 
12/20 at 100.00 
BBB+ 
3,223,072 
1,170 
 
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic 
12/20 at 100.00 
BBB– 
1,230,044 
 
 
Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 
 
 
 
 
 
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel 
 
 
 
 
 
Center Project, Refunding Series 2016A: 
 
 
 
2,835 
 
5.000%, 1/01/29 (AMT) 
1/26 at 100.00 
Baa3 
3,025,512 
2,700 
 
5.000%, 1/01/34 (AMT) 
1/26 at 100.00 
Baa3 
2,834,487 
9,000 
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 
6/27 at 100.00 
B+ 
8,833,680 
218,960 
 
Total New York 
 
 
229,093,036 
 
 
North Carolina – 1.4% (0.9% of Total Investments) 
 
 
 
12,250 
 
Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 
4/23 at 100.00 
A– 
13,374,183 
 
 
5.125%, 4/01/43 
 
 
 
 
 
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot 
 
 
 
 
 
Lanes Project, Series 2015: 
 
 
 
3,555 
 
5.000%, 12/31/37 (AMT) 
6/25 at 100.00 
BBB– 
3,887,499 
3,480 
 
5.000%, 6/30/54 (AMT) 
6/25 at 100.00 
BBB– 
3,758,400 
10,300 
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding 
No Opt. Call 
Baa2 (4) 
11,459,883 
 
 
Series 1993B, 6.000%, 1/01/22 – CAPMAC Insured (ETM) (UB), (6) 
 
 
 
1,570 
 
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue 
10/24 at 102.00 
N/R 
1,698,222 
 
 
Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 
 
 
 
 
 
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 
5,489,750 
3,400 
 
5.000%, 10/01/31 
10/22 at 100.00 
A2 
3,709,502 
 
44

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
North Carolina (continued) 
 
 
 
$ 500 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding 
1/26 at 100.00 
A 
$ 582,720 
 
 
Series 2015A, 5.000%, 1/01/32 
 
 
 
40,055 
 
Total North Carolina 
 
 
43,960,159 
 
 
North Dakota – 0.3% (0.2% of Total Investments) 
 
 
 
675 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/22 at 100.00 
N/R (4) 
741,562 
 
 
Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) 
 
 
 
6,100 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 
11/21 at 100.00 
A+ 
6,780,882 
 
 
2011, 6.250%, 11/01/31 
 
 
 
1,875 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 
12/21 at 100.00 
Baa1 
1,988,081 
 
 
Obligated Group, Series 2012, 5.000%, 12/01/32 
 
 
 
700 
 
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley 
12/26 at 100.00 
N/R 
728,630 
 
 
Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
9,350 
 
Total North Dakota 
 
 
10,239,155 
 
 
Ohio – 8.1% (5.1% of Total Investments) 
 
 
 
6,250 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue 
11/26 at 100.00 
Baa2 
7,079,500 
 
 
Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 
 
 
 
6,000 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 
2/28 at 100.00 
A2 
6,393,240 
 
 
4.000%, 8/01/36 
 
 
 
1,340 
 
Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, 
6/27 at 100.00 
A+ 
1,535,694 
 
 
5.000%, 6/01/45 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2: 
 
 
 
5,000 
 
5.125%, 6/01/24 
5/19 at 100.00 
Caa3 
4,700,150 
4,930 
 
5.375%, 6/01/24 
5/19 at 100.00 
Caa3 
4,676,647 
22,830 
 
5.875%, 6/01/30 
5/19 at 100.00 
Caa3 
21,859,725 
11,785 
 
5.750%, 6/01/34 
5/19 at 100.00 
Caa3 
11,187,736 
12,645 
 
6.000%, 6/01/42 
5/19 at 100.00 
B– 
12,461,647 
18,640 
 
5.875%, 6/01/47 
5/19 at 100.00 
B– 
17,708,373 
10,480 
 
6.500%, 6/01/47 
5/19 at 100.00 
B– 
10,455,058 
24,910 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
Caa1 
24,590,156 
 
 
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Refunding 
 
 
 
 
 
Series 2017: 
 
 
 
3,940 
 
4.000%, 11/15/34 
11/27 at 100.00 
A 
4,163,871 
3,000 
 
4.000%, 11/15/35 
11/27 at 100.00 
A 
3,158,670 
 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: 
 
 
 
7,125 
 
5.250%, 11/01/29 (Pre-refunded 11/01/20) 
11/20 at 100.00 
A (4) 
7,497,352 
1,665 
 
5.500%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
N/R (4) 
1,758,140 
3,335 
 
5.500%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
A (4) 
3,521,560 
1,000 
 
5.750%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
A (4) 
1,059,620 
4,795 
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center 
6/23 at 100.00 
Baa3 
4,959,037 
 
 
Project, Series 2013, 5.000%, 6/15/43 
 
 
 
760 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/20 at 100.00 
BBB 
782,618 
 
 
Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
5,000 
 
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated 
8/27 at 100.00 
A+ 
5,700,850 
 
 
Group Project, Series 2017A, 5.000%, 8/15/42 
 
 
 
1,000 
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien 
1/23 at 100.00 
Aa3 
1,095,850 
 
 
Series 2013A, 5.000%, 1/01/38 
 
 
 
16,820 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, 
1/23 at 100.00 
Aa3 
18,432,197 
 
 
Senior Lien Series 2013A, 5.000%, 1/01/38 (UB), (6) 
 
 
 
 
45

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, 
 
 
 
 
 
Tender Option Bond Trust 2016-XG0052: 
 
 
 
$ 265 
 
11.532%, 1/01/38, 144A (IF), (6) 
1/23 at 100.00 
Aa3 
$ 365,827 
625 
 
11.599%, 1/01/38, 144A (IF), (6) 
1/23 at 100.00 
Aa3 
864,625 
975 
 
11.599%, 1/01/38, 144A (IF), (6) 
1/23 at 100.00 
Aa3 
1,348,815 
1,315 
 
11.599%, 1/01/38, 144A (IF), (6) 
1/23 at 100.00 
Aa3 
1,819,171 
8,360 
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., 
8/25 at 100.00 
Baa1 
9,161,306 
 
 
Refunding Series 2015, 5.000%, 8/15/45 
 
 
 
7,495 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, 
11/21 at 100.00 
BBB (4) 
8,301,462 
 
 
Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
1,000 
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health 
8/21 at 100.00 
A2 
1,064,080 
 
 
Center Project, Refunding Series 2011, 5.125%, 8/01/31 
 
 
 
2,385 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
6/19 at 100.00 
BBB+ 
2,413,191 
 
 
5.000%, 5/01/30 
 
 
 
2,000 
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System 
2/23 at 100.00 
Ba2 
2,112,840 
 
 
Obligated Group Project, Series 2013, 5.000%, 2/15/33 
 
 
 
3,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
3,000,000 
 
 
FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 
 
 
 
 
 
(Mandatory Put 9/15/21), (7) 
 
 
 
1,000 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, 
12/20 at 100.00 
A2 
1,052,980 
 
 
Refunding Series 2011A, 5.375%, 12/01/30 
 
 
 
4,350 
 
Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, 
6/25 at 100.00 
A2 
4,827,282 
 
 
Series 2015A, 5.000%, 12/01/44 
 
 
 
 
 
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+ 
1,667,010 
10,530 
 
5.000%, 2/15/48 
2/23 at 100.00 
Aa3 
11,447,163 
3,710 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
A+ 
3,919,318 
 
 
Convertible Series 2013A-3, 5.800%, 2/15/36, (5) 
 
 
 
 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
 
 
 
 
 
Series 2018A: 
 
 
 
3,375 
 
4.000%, 2/15/38 
2/28 at 100.00 
A+ 
3,582,022 
16,325 
 
5.000%, 2/15/43 
2/28 at 100.00 
A+ 
19,138,940 
241,460 
 
Total Ohio 
 
 
250,863,723 
 
 
Oklahoma – 0.4% (0.2% of Total Investments) 
 
 
 
1,925 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise 
8/21 at 100.00 
N/R 
2,165,356 
 
 
Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 
 
 
 
3,000 
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 
6/23 at 100.00 
Baa1 
3,347,340 
 
 
5.625%, 6/01/43 (AMT) 
 
 
 
4,985 
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, 
6/24 at 100.00 
Baa1 
5,421,187 
 
 
5.000%, 6/01/45 – BAM Insured (AMT) 
 
 
 
1,000 
 
Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, 
11/25 at 102.00 
BBB– 
1,126,790 
 
 
Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 
 
 
 
10,910 
 
Total Oklahoma 
 
 
12,060,673 
 
 
Oregon – 2.1% (1.3% of Total Investments) 
 
 
 
2,435 
 
Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General 
6/27 at 100.00 
AA+ 
2,901,327 
 
 
Obligation Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/36 
 
 
 
4,875 
 
Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint 
1/26 at 100.00 
A2 
5,417,344 
 
 
Charles Health System, Inc., Series 2016A, 5.000%, 1/01/48 
 
 
 
15,440 
 
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, 
6/26 at 100.00 
A+ 
17,413,849 
 
 
5.000%, 6/01/46 
 
 
 
 
46


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Oregon (continued) 
 
 
 
$ 1,500 
 
Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 
7/26 at 100.00 
AA– 
$ 1,726,425 
 
 
5.000%, 7/01/39 
 
 
 
 
 
Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B: 
 
 
 
4,000 
 
5.000%, 7/01/36 (AMT) 
1/27 at 100.00 
AA– 
4,620,120 
1,000 
 
5.000%, 7/01/37 (AMT) 
1/27 at 100.00 
AA– 
1,149,990 
7,645 
 
5.000%, 7/01/42 (AMT) 
1/27 at 100.00 
AA– 
8,735,559 
19,000 
 
5.000%, 7/01/47 (AMT) 
1/27 at 100.00 
AA– 
21,654,680 
2,000 
 
University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 
4/28 at 100.00 
Aa2 
2,348,420 
57,895 
 
Total Oregon 
 
 
65,967,714 
 
 
Pennsylvania – 5.0% (3.2% of Total Investments) 
 
 
 
1,100 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental 
11/19 at 100.00 
B 
1,114,311 
 
 
Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 
 
 
 
 
 
6.750%, 11/01/24 
 
 
 
7,500 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny 
4/28 at 100.00 
A 
8,554,875 
 
 
Health Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 
 
 
 
2,000 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University 
8/19 at 100.00 
A+ 
2,020,400 
 
 
of Pittsburgh Medical Center, Series 2009A, 5.375%, 8/15/29 
 
 
 
 
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65: 
 
 
 
1,960 
 
5.375%, 5/01/31 
5/21 at 100.00 
AA– 
2,093,123 
2,570 
 
5.375%, 5/01/31 (Pre-refunded 5/01/21) 
5/21 at 100.00 
N/R (4) 
2,759,949 
 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
 
 
 
 
 
Settlement, Series 2018: 
 
 
 
345 
 
5.000%, 6/01/34 
6/28 at 100.00 
A 
405,630 
550 
 
5.000%, 6/01/35 
6/28 at 100.00 
A 
644,287 
 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
 
 
 
 
 
Revenue Bonds, Series 2017: 
 
 
 
3,500 
 
5.000%, 7/01/37 
7/27 at 100.00 
A 
4,111,275 
8,385 
 
5.000%, 7/01/42 
7/27 at 100.00 
A 
9,762,907 
 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown 
 
 
 
 
 
Concession, Capital Appreciation Series 2013B: 
 
 
 
5,400 
 
0.000%, 12/01/33 
No Opt. Call 
A 
3,278,016 
11,000 
 
0.000%, 12/01/38 
No Opt. Call 
A 
5,344,350 
5,375 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown 
12/23 at 100.00 
A 
5,985,654 
 
 
Concession, Series 2013A, 5.125%, 12/01/47 
 
 
 
 
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, 
 
 
 
 
 
Thomas Jefferson University, Series 2018A: 
 
 
 
2,400 
 
5.000%, 9/01/35 
9/28 at 100.00 
A2 
2,803,944 
5,210 
 
5.000%, 9/01/43 
9/28 at 100.00 
A2 
5,961,126 
1,665 
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage 
8/20 at 100.00 
N/R (4) 
1,741,207 
 
 
Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 
 
 
 
 
 
(Pre-refunded 8/01/20) 
 
 
 
3,430 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 
1/25 at 100.00 
Ba1 
3,748,510 
 
 
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 
 
 
 
2,000 
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS 
11/26 at 100.00 
A– 
2,244,840 
 
 
Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 
 
 
 
235 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
11/24 at 100.00 
N/R 
247,150 
 
 
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (AMT) 
 
 
 
400 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
N/R (4) 
419,728 
 
 
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
 
 
 
 
 
Bonds, Subordinate Series 2010A1&2: 
 
 
 
940 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
N/R (4) 
996,973 
4,310 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
A2 (4) 
4,571,229 
 
47

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 16,750 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 
12/27 at 100.00 
A 
$ 21,243,857 
 
 
2009E, 6.375%, 12/01/38 
 
 
 
4,305 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 
6/25 at 100.00 
A+ 
4,828,832 
 
 
12/01/45 
 
 
 
2,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 
12/24 at 100.00 
A3 
2,210,500 
 
 
2014A-1, 5.000%, 12/01/38 
 
 
 
14,500 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 
6/26 at 100.00 
A2 
18,157,480 
 
 
6.250%, 6/01/33 – AGM Insured 
 
 
 
6,250 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 
12/25 at 100.00 
A3 
6,940,562 
 
 
5.000%, 12/01/45 
 
 
 
5,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 
12/25 at 100.00 
A3 
5,548,700 
 
 
5.000%, 12/01/46 
 
 
 
1,595 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health 
5/20 at 100.00 
N/R (4) 
1,649,820 
 
 
System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 
 
 
 
 
 
(Pre-refunded 5/15/20) 
 
 
 
8,650 
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 
7/27 at 100.00 
A 
9,874,321 
 
 
7/01/42 (AMT) 
 
 
 
1,425 
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 
8/20 at 100.00 
A– (4) 
1,509,745 
 
 
8/01/41 (Pre-refunded 8/01/20) 
 
 
 
2,350 
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical 
No Opt. Call 
A– (4) 
2,462,659 
 
 
Community Hospital Project, Refunding & Improvement Series 2011, 5.500%, 8/01/20 (ETM) 
 
 
 
10,000 
 
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, 
8/25 at 100.00 
AA 
11,333,100 
 
 
Series 2016, 5.000%, 8/15/38 – BAM Insured 
 
 
 
143,100 
 
Total Pennsylvania 
 
 
154,569,060 
 
 
Puerto Rico – 0.3% (0.2% of Total Investments) 
 
 
 
4,300 
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 
6/19 at 100.00 
A2 
4,470,624 
 
 
4.500%, 12/01/23 
 
 
 
800 
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, 
6/19 at 100.00 
Ca 
800,928 
 
 
Refunding Series 2002D, 5.450%, 7/01/31 – AMBAC Insured 
 
 
 
 
 
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
 
 
 
 
 
Series 2007A Sr. Bond: 
 
 
 
1,091 
 
0.000%, 8/01/42 (8) 
No Opt. Call 
N/R 
898,503 
3,312 
 
0.000%, 8/01/42 (8) 
No Opt. Call 
N/R 
2,906,606 
9,503 
 
Total Puerto Rico 
 
 
9,076,661 
 
 
Rhode Island – 0.5% (0.3% of Total Investments) 
 
 
 
7,230 
 
Rhode Island Health and Educational Building Corporation, Higher Education Facility 
9/23 at 100.00 
AA+ 
8,020,022 
 
 
Revenue Bonds, Brown University, Series 2013, 5.000%, 9/01/43 
 
 
 
3,320 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue 
5/26 at 100.00 
BBB+ 
3,683,573 
 
 
Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 
 
 
 
30,175 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed 
5/19 at 14.18 
CCC+ 
3,103,499 
 
 
Bonds, Series 2007A, 0.000%, 6/01/52 
 
 
 
40,725 
 
Total Rhode Island 
 
 
14,807,094 
 
 
South Carolina – 4.2% (2.6% of Total Investments) 
 
 
 
 
 
Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, 
 
 
 
 
 
Lexington Medical Center, Series 2016: 
 
 
 
7,500 
 
5.000%, 11/01/41 
5/26 at 100.00 
A 
8,252,400 
3,180 
 
5.000%, 11/01/46 
5/26 at 100.00 
A 
3,498,731 
 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 
 
 
 
21,565 
 
0.000%, 1/01/30 – AMBAC Insured 
No Opt. Call 
A– 
15,837,336 
1,250 
 
0.000%, 1/01/31 – AGC Insured 
No Opt. Call 
A3 
894,013 
4,610 
 
Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, 
1/26 at 100.00 
A 
5,198,006 
 
 
5.000%, 1/01/47 
 
 
 
 
48


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Carolina (continued) 
 
 
 
$ 1,640 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
10/25 at 100.00 
A1 
$ 1,881,260 
 
 
Furman University, Refunding Series 2015, 5.000%, 10/01/45 
 
 
 
1,000 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod 
5/28 at 100.00 
AA– 
1,155,710 
 
 
Health Projects, Refunding & Improvement Series 2018, 5.000%, 11/01/43 
 
 
 
875 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto 
8/21 at 100.00 
AA (4) 
969,036 
 
 
Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
9,000 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding 
12/26 at 100.00 
A+ 
10,096,380 
 
 
Series 2016B, 5.000%, 12/01/56 
 
 
 
14,765 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A– 
16,339,097 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
 
 
 
 
 
Series 2014C: 
 
 
 
8,900 
 
5.000%, 12/01/39 
12/24 at 100.00 
A– 
9,835,212 
12,760 
 
5.000%, 12/01/46 
12/24 at 100.00 
A– 
14,054,757 
5,500 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 
12/23 at 100.00 
A– 
6,003,470 
 
 
2013A, 5.125%, 12/01/43 
 
 
 
3,455 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 
6/24 at 100.00 
A+ 
3,838,436 
 
 
2014A, 5.500%, 12/01/54 
 
 
 
5,000 
 
South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.250%, 7/01/55 (AMT) 
7/25 at 100.00 
A+ 
5,583,450 
 
 
South Carolina State Ports Authority, Revenue Bonds, Series 2018: 
 
 
 
14,350 
 
5.000%, 7/01/48 (AMT) 
7/28 at 100.00 
A+ 
16,481,405 
8,000 
 
5.000%, 7/01/55 (AMT) 
7/28 at 100.00 
A+ 
9,066,640 
123,350 
 
Total South Carolina 
 
 
128,985,339 
 
 
South Dakota – 0.8% (0.5% of Total Investments) 
 
 
 
1,300 
 
Deadwood, South Dakota, Sales Tax Revenue Bonds, Series 2009B, 6.250%, 12/01/28 
12/19 at 100.00 
N/R 
1,309,711 
11,320 
 
South Dakota Board of Regents, Housing and Auxiliary Facilities System Revenue Bonds, 
10/27 at 100.00 
Aa3 
11,969,202 
 
 
Series 2017, 4.000%, 4/01/42 
 
 
 
2,685 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional 
9/27 at 100.00 
A1 
2,840,676 
 
 
Health, Refunding Series 2017, 4.000%, 9/01/36 
 
 
 
1,460 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/24 at 100.00 
A+ 
1,607,373 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
7,185 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/25 at 100.00 
A+ 
7,926,995 
 
 
Series 2015, 5.000%, 11/01/45 
 
 
 
23,950 
 
Total South Dakota 
 
 
25,653,957 
 
 
Tennessee – 2.2% (1.4% of Total Investments) 
 
 
 
9,460 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 
1/23 at 100.00 
BBB+ 
10,172,054 
 
 
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
 
 
Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
 
 
 
 
 
Ballad Health, Series 2018A: 
 
 
 
2,000 
 
5.000%, 7/01/36 
7/28 at 100.00 
Baa1 
2,324,820 
7,000 
 
5.000%, 7/01/37 
7/28 at 100.00 
Baa1 
8,071,560 
3,125 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
7/20 at 100.00 
Baa1 (4) 
3,281,000 
 
 
Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38 (Pre-refunded 7/01/20) 
 
 
 
75 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue 
7/23 at 100.00 
N/R (4) 
75,342 
 
 
Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 
 
 
 
 
 
(Pre-refunded 7/01/23) – NPFG Insured 
 
 
 
17,000 
 
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue 
1/27 at 100.00 
A 
19,222,410 
 
 
Bonds, Covenant Health, Refunding Series 2016A, 5.000%, 1/01/47 
 
 
 
 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
 
 
 
 
 
Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012: 
 
 
 
3,000 
 
5.000%, 11/01/23 
11/21 at 100.00 
A3 
3,216,060 
3,200 
 
5.000%, 11/01/24 
11/21 at 100.00 
A3 
3,429,664 
3,400 
 
5.000%, 11/01/25 
11/21 at 100.00 
A3 
3,642,284 
 
49

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tennessee (continued) 
 
 
 
$ 535 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
7/26 at 100.00 
Aa1 
$ 597,847 
 
 
Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 
 
 
 
 
 
5.000%, 7/01/46 
 
 
 
10,000 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
10/19 at 100.00 
AA+ (4) 
10,143,300 
 
 
Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 
 
 
 
 
 
10/01/39 (Pre-refunded 10/01/19) 
 
 
 
4,000 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 
No Opt. Call 
BBB+ 
4,687,480 
 
 
5.250%, 9/01/26 
 
 
 
62,795 
 
Total Tennessee 
 
 
68,863,821 
 
 
Texas – 16.2% (10.2% of Total Investments) 
 
 
 
8,835 
 
Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A, 5.000%, 2/15/43 – 
2/28 at 100.00 
A1 
10,290,478 
 
 
AGM Insured 
 
 
 
3,040 
 
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (AMT) 
11/24 at 100.00 
A 
3,373,184 
4,500 
 
Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (AMT) 
11/26 at 100.00 
A 
5,096,475 
13,705 
 
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 
11/25 at 100.00 
Aa3 
15,565,865 
 
 
11/15/45 (UB), (6) 
 
 
 
5,000 
 
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 
5/23 at 100.00 
AA– 
5,539,500 
 
 
5.000%, 11/15/43 
 
 
 
1,000 
 
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 
7/23 at 100.00 
A2 
1,105,880 
 
 
2014, 5.000%, 7/10/37 – BAM Insured 
 
 
 
 
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012: 
 
 
 
1,000 
 
5.000%, 7/01/28 
7/22 at 100.00 
A+ 
1,089,780 
1,000 
 
5.000%, 7/01/29 
7/22 at 100.00 
A+ 
1,089,460 
5,500 
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
4/20 at 100.00 
Baa1 
5,688,375 
 
 
The Roman Catholic Diocese of Austin, Series 2005B Remarketed, 6.125%, 4/01/45 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien 
 
 
 
 
 
Series 2013A: 
 
 
 
765 
 
5.000%, 1/01/43 
1/23 at 100.00 
A– 
823,630 
1,100 
 
5.000%, 1/01/43 – AGM Insured 
1/23 at 100.00 
A2 
1,190,299 
1,250 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 
1/20 at 100.00 
Baa1 (4) 
1,283,925 
 
 
5.750%, 1/01/25 (Pre-refunded 1/01/20) 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
1,000 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (4) 
1,069,370 
3,380 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (4) 
3,628,261 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: 
 
 
 
2,600 
 
5.000%, 1/01/35 
7/25 at 100.00 
A– 
2,933,034 
3,035 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa1 
3,368,516 
1,000 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea 
8/23 at 100.00 
BBB+ 
1,121,070 
 
 
Public Schools, Series 2013, 6.000%, 8/15/43 
 
 
 
2,500 
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 
1/21 at 100.00 
AA– (4) 
2,641,075 
 
 
5.000%, 1/01/36 (Pre-refunded 1/01/21) 
 
 
 
8,100 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 
11/22 at 100.00 
A+ 
8,729,694 
 
 
2013C, 5.125%, 11/01/43 (AMT) 
 
 
 
16,980 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 
11/22 at 100.00 
A+ 
17,884,864 
 
 
2014B, 4.500%, 11/01/45 (AMT) 
 
 
 
3,500 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 
11/20 at 100.00 
A+ 
3,637,690 
 
 
2010A, 5.000%, 11/01/42 
 
 
 
10,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 
11/21 at 100.00 
A+ 
10,582,200 
 
 
2012E, 5.000%, 11/01/42 (AMT) 
 
 
 
9,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 
11/21 at 100.00 
A+ 
9,523,980 
 
 
5.000%, 11/01/42 (AMT) 
 
 
 
 
50


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 200 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 
9/24 at 100.00 
BBB– 
$ 216,284 
 
 
2014A, 5.250%, 9/01/44 
 
 
 
6,090 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier 
10/23 at 100.00 
BBB 
6,668,428 
 
 
Series 2013A, 5.125%, 10/01/43 
 
 
 
9,120 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
10/23 at 100.00 
AA+ 
9,857,261 
 
 
Lien Series 2013B, 5.000%, 4/01/53 
 
 
 
5,295 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
4/28 at 100.00 
AA 
6,209,764 
 
 
Lien Series 2018A Tela Supported, 5.000%, 10/01/48 
 
 
 
4,105 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender 
10/23 at 100.00 
AA 
5,432,844 
 
 
Option Bond Trust 2015-XF0228, 11.720%, 4/01/53 , 144A (IF), (6) 
 
 
 
2,960 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
10/22 at 100.00 
B3 
2,976,961 
 
 
Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT) 
 
 
 
 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
 
 
 
 
 
Houston Methodist Hospital System, Series 2015: 
 
 
 
1,895 
 
4.000%, 12/01/45 
6/25 at 100.00 
AA 
1,962,348 
3,480 
 
5.000%, 12/01/45 
6/25 at 100.00 
AA 
3,900,836 
1,615 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue 
6/23 at 100.00 
Baa2 
1,715,356 
 
 
Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 
 
 
 
 
 
5.000%, 6/01/28 
 
 
 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation 
 
 
 
 
 
Refunding Senior Lien Series 2014A: 
 
 
 
510 
 
0.000%, 11/15/41 – AGM Insured 
11/31 at 62.66 
A2 
207,891 
1,020 
 
0.000%, 11/15/42 – AGM Insured 
11/31 at 59.73 
A2 
396,658 
1,255 
 
0.000%, 11/15/43 – AGM Insured 
11/31 at 56.93 
A2 
464,664 
3,305 
 
0.000%, 11/15/44 – AGM Insured 
11/31 at 54.25 
A2 
1,166,268 
4,460 
 
0.000%, 11/15/45 – AGM Insured 
11/31 at 51.48 
A2 
1,491,825 
6,500 
 
0.000%, 11/15/47 – AGM Insured 
11/31 at 46.45 
A2 
1,958,190 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: 
 
 
 
150 
 
0.000%, 11/15/24 – NPFG Insured 
No Opt. Call 
BB+ 
126,954 
4,440 
 
0.000%, 11/15/29 – NPFG Insured 
No Opt. Call 
BB+ 
3,117,635 
730 
 
0.000%, 11/15/30 – NPFG Insured 
No Opt. Call 
BB+ 
489,553 
7,570 
 
0.000%, 11/15/31 – NPFG Insured 
No Opt. Call 
BB+ 
4,857,593 
600 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien 
11/24 at 100.00 
BBB+ 
670,158 
 
 
Series 2014C, 5.000%, 11/15/33 
 
 
 
1,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien 
11/24 at 100.00 
A– 
1,134,930 
 
 
Series 2014A, 5.000%, 11/15/30 
 
 
 
2,305 
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior 
No Opt. Call 
A2 
2,239,261 
 
 
Lien Series 2001A, 0.000%, 11/15/20 – NPFG Insured 
 
 
 
7,570 
 
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 
7/28 at 100.00 
A 
8,793,690 
 
 
2018A, 5.000%, 7/01/41 (AMT) 
 
 
 
5,000 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. 
No Opt. Call 
BB 
5,830,550 
 
 
Technical Operations Center Project, Series 2018, 5.000%, 7/15/28 (AMT) 
 
 
 
380 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. 
7/24 at 100.00 
Ba3 
419,744 
 
 
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) 
 
 
 
4,000 
 
Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 
11/21 at 100.00 
AA 
4,286,160 
 
 
5.000%, 11/15/40 
 
 
 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and 
 
 
 
 
 
Entertainment Project, Series 2001B: 
 
 
 
3,250 
 
0.000%, 9/01/25 – AMBAC Insured 
No Opt. Call 
A2 
2,834,975 
4,130 
 
0.000%, 9/01/26 – AMBAC Insured 
No Opt. Call 
A2 
3,499,184 
3,130 
 
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
A 
2,254,758 
12,030 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A 
8,272,670 
 
51

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien 
 
 
 
 
 
Series 1998A: 
 
 
 
$ 4,680 
 
0.000%, 12/01/22 – AGM Insured 
No Opt. Call 
AA+ 
$ 4,380,152 
12,030 
 
0.000%, 12/01/22 – AGM Insured (ETM) 
No Opt. Call 
AA+ (4) 
11,238,426 
 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General 
 
 
 
 
 
Obligation Bonds, Refunding Series 2015A: 
 
 
 
8,000 
 
4.000%, 8/15/37 
8/25 at 100.00 
AAA 
8,575,920 
2,275 
 
5.000%, 8/15/40 
8/25 at 100.00 
AAA 
2,587,790 
4,800 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
BBB+ 
4,992,960 
 
 
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
 
 
 
6,500 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA 
5/26 at 100.00 
A 
7,433,010 
 
 
Transmission Services Corporation Project, Refunding Series 2016, 5.000%, 5/15/46 
 
 
 
9,180 
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, 
No Opt. Call 
A 
11,247,887 
 
 
Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (AMT) 
 
 
 
2,000 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 
12/25 at 100.00 
B1 
2,158,360 
 
 
6.125%, 12/01/38 
 
 
 
2,835 
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, 
10/21 at 105.00 
BB– 
2,958,719 
 
 
Senior Lien Series 2018, 4.625%, 10/01/31, 144A (AMT) 
 
 
 
1,735 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
A2 
1,875,188 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M 
 
 
 
 
 
University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible 
 
 
 
 
 
Capital Appreciation Series 2011C: 
 
 
 
4,030 
 
7.000%, 9/01/43 (Pre-refunded 9/01/31), (5) 
9/31 at 100.00 
N/R (4) 
4,747,098 
8,470 
 
6.750%, 9/01/45 (Pre-refunded 9/01/31), (5) 
9/31 at 100.00 
N/R (4) 
10,884,035 
205 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 
6/19 at 100.00 
A+ 
205,705 
 
 
6.250%, 1/01/39 
 
 
 
7,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital 
1/25 at 100.00 
A+ 
8,596,910 
 
 
Appreciation Series 2008I, 6.500%, 1/01/43 
 
 
 
10,260 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A+ 
11,202,586 
 
 
5.000%, 1/01/40 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, 
 
 
 
 
 
Series 2015A: 
 
 
 
13,355 
 
5.000%, 1/01/33 
1/25 at 100.00 
A 
15,196,654 
1,000 
 
5.000%, 1/01/34 
1/25 at 100.00 
A 
1,135,380 
1,300 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
9/19 at 100.00 
A2 
1,314,014 
 
 
Revenue Bonds, Hendrick Medical Center, Series 2009B, 5.250%, 9/01/26 – AGC Insured 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
 
 
 
 
 
Revenue Bonds, Scott & White Healthcare Project, Series 2010: 
 
 
 
355 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
372,313 
4,445 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
4,661,783 
2,000 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
8/26 at 100.00 
AA 
2,281,900 
 
 
Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
605 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, 
No Opt. Call 
A2 
701,606 
 
 
Senior Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
5,910 
 
5.000%, 12/15/23 
12/22 at 100.00 
BBB 
6,502,005 
2,050 
 
5.000%, 12/15/26 
12/22 at 100.00 
BBB 
2,247,682 
1,000 
 
5.000%, 12/15/27 
12/22 at 100.00 
BBB 
1,094,330 
12,745 
 
5.000%, 12/15/29 
12/22 at 100.00 
BBB 
13,872,168 
2,000 
 
5.000%, 12/15/31 
12/22 at 100.00 
BBB 
2,165,840 
1,620 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE 
12/19 at 100.00 
BBB– 
1,671,872 
 
 
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 
 
 
 
 
 
6.875%, 12/31/39 
 
 
 
 
52


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 19,735 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue 
12/25 at 100.00 
Baa3 
$ 21,509,374 
 
 
Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, 
 
 
 
 
 
12/31/50 (AMT) 
 
 
 
 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue 
 
 
 
 
 
Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013: 
 
 
 
1,335 
 
7.000%, 12/31/38 (AMT) 
9/23 at 100.00 
Baa3 
1,565,675 
4,040 
 
6.750%, 6/30/43 (AMT) 
9/23 at 100.00 
Baa3 
4,679,209 
 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue 
 
 
 
 
 
Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010: 
 
 
 
1,000 
 
7.000%, 6/30/34 
6/20 at 100.00 
Baa3 
1,057,660 
1,000 
 
7.000%, 6/30/40 
6/20 at 100.00 
Baa3 
1,057,070 
3,335 
 
Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond 
8/19 at 100.00 
AAA 
3,412,439 
 
 
Trust 2015-XF0075, 9.146%, 8/01/39, 144A (IF) 
 
 
 
9,430 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First 
8/22 at 100.00 
A– 
10,109,149 
 
 
Tier Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First 
 
 
 
 
 
Tier Refunding Series 2015B: 
 
 
 
8,335 
 
0.000%, 8/15/36 
8/24 at 59.60 
A– 
4,115,823 
10,960 
 
5.000%, 8/15/37 
8/24 at 100.00 
A– 
12,271,145 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second 
 
 
 
 
 
Tier Refunding Series 2015C: 
 
 
 
2,100 
 
5.000%, 8/15/33 
8/24 at 100.00 
BBB 
2,346,288 
15,750 
 
5.000%, 8/15/42 
8/24 at 100.00 
BBB 
17,334,607 
 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier 
 
 
 
 
 
Series 2002A: 
 
 
 
2,285 
 
0.000%, 8/15/21 – AMBAC Insured (ETM) 
No Opt. Call 
A3 (4) 
2,195,771 
7,715 
 
0.000%, 8/15/21 – AMBAC Insured 
No Opt. Call 
A– 
7,382,561 
2,020 
 
0.000%, 8/15/23 – AMBAC Insured (ETM) 
No Opt. Call 
A3 (4) 
1,864,319 
9,980 
 
0.000%, 8/15/23 – AMBAC Insured 
No Opt. Call 
A– 
9,097,968 
3,830 
 
0.000%, 8/15/24 – AMBAC Insured (ETM) 
No Opt. Call 
A3 (4) 
3,440,336 
21,170 
 
0.000%, 8/15/24 – AMBAC Insured 
No Opt. Call 
A– 
18,829,021 
16,600 
 
Texas Water Development Board, Series 2017A, 5.000%, 10/15/42 (UB), (6) 
10/27 at 100.00 
AAA 
19,699,552 
 
 
Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, 
 
 
 
 
 
Westminster Manor, Series 2010: 
 
 
 
115 
 
7.000%, 11/01/30 
11/20 at 100.00 
BBB+ 
119,783 
905 
 
7.000%, 11/01/30 (Pre-refunded 11/01/20) 
11/20 at 100.00 
N/R (4) 
974,911 
485 
 
Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities 
6/19 at 100.00 
CC 
486,562 
 
 
Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (AMT) 
 
 
 
490,395 
 
Total Texas 
 
 
500,561,514 
 
 
Utah – 1.6% (1.0% of Total Investments) 
 
 
 
27,055 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, 5.000%, 
7/27 at 100.00 
A2 
30,884,906 
 
 
7/01/47 (AMT) 
 
 
 
4,500 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, 
7/28 at 100.00 
A2 
5,199,390 
 
 
7/01/48 (AMT) 
 
 
 
2,000 
 
Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 
5/21 at 100.00 
AA+ 
2,112,380 
 
 
5.000%, 5/15/43 
 
 
 
5,795 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Hawthorn 
4/26 at 100.00 
AA 
6,452,443 
 
 
Academy Project, Series 2016, 5.000%, 10/15/46 
 
 
 
 
 
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012: 
 
 
 
1,665 
 
5.000%, 6/15/42 (Pre-refunded 6/15/22) 
6/22 at 100.00 
N/R (4) 
1,832,283 
2,445 
 
5.000%, 6/15/42 
6/22 at 100.00 
A+ 
2,630,844 
43,460 
 
Total Utah 
 
 
49,112,246 
 
53

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Virginia – 3.1% (2.0% of Total Investments) 
 
 
 
$ 1,000 
 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, 
6/19 at 100.00 
B+ 
$ 999,940 
 
 
Series 2006, 5.000%, 9/01/26 
 
 
 
515 
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital 
7/28 at 100.00 
BBB 
480,258 
 
 
Appreciation Series 2012B, 4.875%, 7/15/40, (5) 
 
 
 
1,000 
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, 
5/28 at 100.00 
Aa2 
1,069,510 
 
 
Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB), (6) 
 
 
 
1,000 
 
Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue 
6/19 at 100.00 
AA+ 
1,003,740 
 
 
Bonds, FHA-Insured Mortgage – Cedar Ridge Project, Series 2007, 4.850%, 10/01/48 (AMT) 
 
 
 
12,000 
 
Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads 
1/28 at 100.00 
AA 
14,114,400 
 
 
Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.000%, 7/01/52 
 
 
 
2,400 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours 
11/22 at 100.00 
A (4) 
2,660,904 
 
 
Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) 
 
 
 
5,625 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
4/22 at 100.00 
BBB+ 
5,967,506 
 
 
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
2,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
No Opt. Call 
A3 
1,082,740 
 
 
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, 
 
 
 
 
 
10/01/36 – AGC Insured 
 
 
 
5,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/26 at 100.00 
A3 
6,362,600 
 
 
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, 
 
 
 
 
 
10/01/41 – AGC Insured 
 
 
 
5,000 
 
Metropolitan Washington DC Airports Authority, Virginia, Airport System Revenue Bonds, 
10/20 at 100.00 
AA– 
5,190,900 
 
 
Series 2010A, 5.000%, 10/01/39 
 
 
 
4,500 
 
Metropolitan Washington DC Airports Authority, Virginia, Airport System Revenue Bonds, 
10/23 at 100.00 
AA– 
5,016,285 
 
 
Refunding Series 2013A, 5.000%, 10/01/30 (AMT) 
 
 
 
 
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities 
 
 
 
 
 
Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B: 
 
 
 
2,000 
 
4.000%, 11/01/33 
11/22 at 100.00 
A+ 
2,078,800 
3,000 
 
5.000%, 11/01/46 
11/22 at 100.00 
A+ 
3,215,640 
6,115 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed 
5/19 at 100.00 
B– 
5,943,964 
 
 
Bonds, Series 2007B1, 5.000%, 6/01/47 
 
 
 
 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 
 
 
 
 
 
66 P3 Project, Senior Lien Series 2017: 
 
 
 
8,100 
 
5.000%, 12/31/49 (AMT) 
6/27 at 100.00 
Baa3 
8,889,345 
7,355 
 
5.000%, 12/31/52 (AMT) 
6/27 at 100.00 
BBB 
8,049,974 
4,535 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes 
1/22 at 100.00 
BBB 
4,784,425 
 
 
LLC Project, Series 2012, 5.000%, 1/01/40 (AMT) 
 
 
 
 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
 
 
 
 
 
Crossing, Opco LLC Project, Series 2012: 
 
 
 
3,670 
 
6.000%, 1/01/37 (AMT) 
7/22 at 100.00 
BBB 
4,051,203 
14,930 
 
5.500%, 1/01/42 (AMT) 
7/22 at 100.00 
BBB 
16,132,462 
89,745 
 
Total Virginia 
 
 
97,094,596 
 
 
Washington – 4.7% (2.9% of Total Investments) 
 
 
 
8,000 
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island 
No Opt. Call 
Aa3 
7,987,920 
 
 
Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 – NPFG Insured 
 
 
 
2,000 
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, 
7/24 at 100.00 
AA– 
2,257,220 
 
 
Refunding Series 2014A, 5.000%, 7/01/40 
 
 
 
 
54


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington (continued) 
 
 
 
$ 3,750 
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of 
No Opt. Call 
AA 
$ 3,761,813 
 
 
Information Services Project, Series 2009, 5.500%, 6/01/39 (UB), (6) 
 
 
 
2,375 
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids 
1/26 at 100.00 
Aa3 
2,705,838 
 
 
Hydroelectric Project, Refunding Series 2015A, 5.000%, 1/01/41 
 
 
 
2,270 
 
Port Everett, Washington, Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 
6/26 at 100.00 
A1 
2,593,293 
14,955 
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2017C, 5.000%, 
5/27 at 100.00 
A+ 
17,150,095 
 
 
5/01/42 (AMT) 
 
 
 
 
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2018A: 
 
 
 
6,000 
 
5.000%, 5/01/36 (AMT) 
5/27 at 100.00 
A+ 
6,947,160 
4,515 
 
5.000%, 5/01/43 (AMT) 
5/27 at 100.00 
A+ 
5,140,057 
10,000 
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue 
6/23 at 100.00 
A+ 
10,901,300 
 
 
Bonds, Series 2013A, 5.000%, 5/01/43 
 
 
 
5,195 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical 
12/20 at 100.00 
N/R (4) 
5,505,713 
 
 
Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 
 
 
 
1,590 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical 
12/21 at 100.00 
N/R (4) 
1,723,592 
 
 
Center, Series 2012, 5.000%, 12/01/42 (Pre-refunded 12/01/21) 
 
 
 
4,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & 
10/22 at 100.00 
AA– 
4,371,000 
 
 
Services, Refunding Series 2012A, 5.000%, 10/01/32 
 
 
 
1,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
1,086,560 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
11,500 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
4/25 at 100.00 
Aa2 
12,885,635 
 
 
Series 2015A, 5.000%, 10/01/45 (UB) 
 
 
 
 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington 
 
 
 
 
 
Health Services Association, Series 2009: 
 
 
 
845 
 
6.250%, 7/01/24 
7/19 at 100.00 
Baa1 
850,442 
1,155 
 
6.250%, 7/01/24 (Pre-refunded 7/01/19) 
7/19 at 100.00 
N/R (4) 
1,163,605 
4,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A+ (4) 
4,028,160 
 
 
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 
 
 
 
320 
 
Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement 
1/23 at 100.00 
BBB– 
328,701 
 
 
Community, Refunding Series 2012, 5.000%, 1/01/48 
 
 
 
6,480 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 
No Opt. Call 
AA+ 
5,861,678 
 
 
0.000%, 6/01/24 – NPFG Insured 
 
 
 
11,050 
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured 
No Opt. Call 
AA+ 
10,927,897 
 
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-3: 
 
 
 
17,650 
 
0.000%, 1/01/20 
No Opt. Call 
AA+ 
17,454,967 
18,470 
 
0.000%, 1/01/21 
No Opt. Call 
AA+ 
17,940,465 
137,120 
 
Total Washington 
 
 
143,573,111 
 
 
West Virginia – 1.0% (0.6% of Total Investments) 
 
 
 
1,965 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area 
9/19 at 100.00 
Baa1 
1,985,574 
 
 
Medical Center, Series 2009A, 5.625%, 9/01/32 
 
 
 
1,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, 
5/19 at 100.00 
N/R 
755,280 
 
 
Inc., Series 2008, 6.500%, 10/01/38, (7) 
 
 
 
7,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 
6/23 at 100.00 
A 
7,768,250 
 
 
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
15,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 
6/28 at 100.00 
A 
16,882,350 
 
 
Health System Obligated Group, Series 2018A, 5.000%, 6/01/52 
 
 
 
2,000 
 
West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health 
6/27 at 100.00 
A 
2,245,620 
 
 
System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 
 
 
 
26,965 
 
Total West Virginia 
 
 
29,637,074 
 
55

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin – 1.9% (1.2% of Total Investments) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, 
 
 
 
 
 
Lombard Public Facilities Corporation, First Tier Series 2018A-1: 
 
 
 
$ 34 
 
0.000%, 1/01/47, 144A 
No Opt. Call 
N/R 
$ 1,085 
30 
 
0.000%, 1/01/48, 144A 
No Opt. Call 
N/R 
941 
29 
 
0.000%, 1/01/49, 144A 
No Opt. Call 
N/R 
919 
29 
 
0.000%, 1/01/50, 144A 
No Opt. Call 
N/R 
883 
28 
 
0.000%, 1/01/51, 144A 
No Opt. Call 
N/R 
862 
36 
 
0.000%, 1/01/52, 144A 
No Opt. Call 
N/R 
1,113 
36 
 
0.000%, 1/01/53, 144A 
No Opt. Call 
N/R 
1,091 
35 
 
0.000%, 1/01/54, 144A 
No Opt. Call 
N/R 
1,048 
34 
 
0.000%, 1/01/55, 144A 
No Opt. Call 
N/R 
1,020 
33 
 
0.000%, 1/01/56, 144A 
No Opt. Call 
N/R 
993 
1,619 
 
5.500%, 7/01/56, 144A 
3/28 at 100.00 
N/R 
1,545,090 
37 
 
0.000%, 1/01/57, 144A 
No Opt. Call 
N/R 
1,094 
36 
 
0.000%, 1/01/58, 144A 
No Opt. Call 
N/R 
1,059 
35 
 
0.000%, 1/01/59, 144A 
No Opt. Call 
N/R 
1,025 
34 
 
0.000%, 1/01/60, 144A 
No Opt. Call 
N/R 
999 
34 
 
0.000%, 1/01/61, 144A 
No Opt. Call 
N/R 
980 
33 
 
0.000%, 1/01/62, 144A 
No Opt. Call 
N/R 
947 
32 
 
0.000%, 1/01/63, 144A 
No Opt. Call 
N/R 
922 
31 
 
0.000%, 1/01/64, 144A 
No Opt. Call 
N/R 
896 
31 
 
0.000%, 1/01/65, 144A 
No Opt. Call 
N/R 
878 
33 
 
0.000%, 1/01/66, 144A 
No Opt. Call 
N/R 
942 
401 
 
0.000%, 1/01/67, 144A 
No Opt. Call 
N/R 
11,291 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, 
 
 
 
 
 
Lombard Public Facilities Corporation, Second Tier Series 2018B: 
 
 
 
59 
 
0.000%, 1/01/46, 144A 
No Opt. Call 
N/R 
1,900 
59 
 
0.000%, 1/01/47, 144A 
No Opt. Call 
N/R 
1,858 
58 
 
0.000%, 1/01/48, 144A 
No Opt. Call 
N/R 
1,831 
58 
 
0.000%, 1/01/49, 144A 
No Opt. Call 
N/R 
1,804 
57 
 
0.000%, 1/01/50, 144A 
No Opt. Call 
N/R 
1,766 
62 
 
0.000%, 1/01/51, 144A 
No Opt. Call 
N/R 
1,921 
1,625 
 
3.750%, 7/01/51, 144A 
3/28 at 100.00 
N/R 
1,471,576 
62 
 
0.000%, 1/01/52, 144A 
No Opt. Call 
N/R 
1,896 
61 
 
0.000%, 1/01/53, 144A 
No Opt. Call 
N/R 
1,858 
61 
 
0.000%, 1/01/54, 144A 
No Opt. Call 
N/R 
1,834 
60 
 
0.000%, 1/01/55, 144A 
No Opt. Call 
N/R 
1,798 
59 
 
0.000%, 1/01/56, 144A 
No Opt. Call 
N/R 
1,762 
59 
 
0.000%, 1/01/57, 144A 
No Opt. Call 
N/R 
1,740 
58 
 
0.000%, 1/01/58, 144A 
No Opt. Call 
N/R 
1,706 
57 
 
0.000%, 1/01/59, 144A 
No Opt. Call 
N/R 
1,684 
57 
 
0.000%, 1/01/60, 144A 
No Opt. Call 
N/R 
1,663 
56 
 
0.000%, 1/01/61, 144A 
No Opt. Call 
N/R 
1,629 
56 
 
0.000%, 1/01/62, 144A 
No Opt. Call 
N/R 
1,609 
55 
 
0.000%, 1/01/63, 144A 
No Opt. Call 
N/R 
1,577 
54 
 
0.000%, 1/01/64, 144A 
No Opt. Call 
N/R 
1,557 
54 
 
0.000%, 1/01/65, 144A 
No Opt. Call 
N/R 
1,537 
53 
 
0.000%, 1/01/66, 144A 
No Opt. Call 
N/R 
1,506 
693 
 
0.000%, 1/01/67, 144A 
No Opt. Call 
N/R 
19,522 
880 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
11/24 at 100.00 
N/R 
959,165 
 
 
Company Project, Refunding Series 2014, 5.250%, 4/01/30 (AMT) 
 
 
 
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian 
7/23 at 100.00 
N/R (4) 
5,656,150 
 
 
HealthCare, Inc., Series 2013B, 5.000%, 7/01/36 (Pre-refunded 7/01/23) 
 
 
 
10,225 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
5/26 at 100.00 
Aa2 
11,298,829 
 
 
Alliance Senior Credit Group, Series 2016A, 4.500%, 11/15/39 
 
 
 
 
56


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 1,035 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health 
4/20 at 100.00 
A– 
$ 1,053,992 
 
 
System, Inc., Series 2010B, 5.125%, 4/01/36 
 
 
 
1,685 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health 
7/26 at 100.00 
A– 
1,732,045 
 
 
System, Inc., Series 2016, 4.000%, 7/01/46 
 
 
 
4,330 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital 
2/20 at 100.00 
N/R (4) 
4,460,593 
 
 
of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 (Pre-refunded 2/15/20) 
 
 
 
4,220 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children’s 
8/27 at 100.00 
Aa3 
4,444,799 
 
 
Hospital of Wisconsin, Inc., Series 2017, 4.000%, 8/15/42 
 
 
 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
1,319,713 
 
 
Series 2012B, 5.000%, 2/15/32 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
 
 
 
 
 
Series 2016A: 
 
 
 
12,440 
 
5.000%, 2/15/42 
2/26 at 100.00 
A– 
13,720,698 
6,000 
 
5.000%, 2/15/46 
2/26 at 100.00 
A– 
6,611,340 
2,750 
 
Wisconsin Health and Educational Facilities Authority, Revenues Bonds, Gundersen 
10/21 at 100.00 
A1 
2,923,580 
 
 
Lutheran, Series 2011A, 5.250%, 10/15/39 
 
 
 
56,028 
 
Total Wisconsin 
 
 
57,284,516 
$ 4,808,557 
 
Total Municipal Bonds (cost $4,538,517,806) 
 
 
4,894,893,528 
 
 
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.0% (0.0% of Total Investments) 
 
 
 
 
 
 
Transportation – 0.0% (0.0% of Total Investments) 
 
 
 
 
$ 713 
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (9), (10) 
5.500% 
7/15/19 
N/R 
$ 474,170 
204 
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (9), (10) 
5.500% 
7/15/55 
N/R 
101,708 
$ 917 
 
Total Corporate Bonds (cost $33,500) 
 
 
 
575,878 
 
 
Shares 
 
Description (1), (11) 
 
 
 
Value 
 
 
INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments) 
 
 
 
 
8,812 
 
BlackRock MuniHoldings Fund Inc. 
 
 
 
$ 140,287 
32,524 
 
Invesco Quality Municipal Income Trust 
 
 
 
389,963 
 
 
Total Investment Companies (cost $530,611) 
 
 
 
530,250 
 
 
Total Long-Term Investments (cost $4,539,081,917) 
 
 
 
4,895,999,656 
 
57

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
Texas – 0.3% (0.2% of Total Investments) 
 
 
 
$ 10,330 
 
Lower Neches Valley Authority, Texas, Industrial Development Corporation Exempt Facilities 
5/19 at 100.00 
A-1+ 
$ 10,330,000 
 
 
Revenue Bonds, Exxon Mobil Project, Variable Rate Demand Obligations, Series 2001B-4, 
 
 
 
 
 
2.280%, 3/01/33 (AMT), (12) 
 
 
 
$ 10,330 
 
Total Short-Term Investments (cost $10,330,000) 
 
 
10,330,000 
 
 
Total Investments (cost $4,549,411,917) – 158.6% 
 
 
4,906,329,656 
 
 
Floating Rate Obligations – (2.8)% 
 
 
(86,275,000) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (17.6)% (13) 
 
 
(545,047,940) 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (19.6)% (14) 
 
 
(606,645,400) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (20.4)% (15) 
 
 
(629,708,003) 
 
 
Other Assets Less Liabilities – 1.8% 
 
 
53,964,544 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 3,092,617,857 
 
58


   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(5) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(6) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(7) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(8) 
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments. 
(9) 
The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds. 
(10) 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. 
(11) 
A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. 
(12) 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. 
(13) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.1%. 
(14) 
MuniFund Preferred Shares, net of deferring offering costs as a percentage of Total Investments is 12.4%. 
(15) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.8%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
59

   
NEA
Nuveen AMT-Free Quality Municipal Income Fund
Portfolio of Investments April 30, 2019 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 157.6% (99.9% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 157.6% (99.9% of Total Investments) 
 
 
 
 
 
Alabama – 1.1% (0.7% of Total Investments) 
 
 
 
$ 4,250 
 
Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, 
2/26 at 100.00 
BBB+ 
$ 4,693,658 
 
 
Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 5.000%, 2/01/41 
 
 
 
20,675 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 
No Opt. Call 
A3 
26,588,257 
 
 
5.000%, 9/01/46 
 
 
 
4,900 
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, 
4/25 at 100.00 
N/R 
5,128,340 
 
 
Spring Hill College Project, Series 2015, 5.875%, 4/15/45 
 
 
 
5,310 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
5/29 at 100.00 
N/R 
5,697,258 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A (WI/DD, 
 
 
 
 
 
Settling 5/06/19) 
 
 
 
35,135 
 
Total Alabama 
 
 
42,107,513 
 
 
Alaska – 0.7% (0.4% of Total Investments) 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2006A: 
 
 
 
17,040 
 
5.000%, 6/01/32 
5/19 at 100.00 
B3 
17,039,319 
10,070 
 
5.000%, 6/01/46 
5/19 at 100.00 
B3 
9,856,113 
27,110 
 
Total Alaska 
 
 
26,895,432 
 
 
Arizona – 2.0% (1.3% of Total Investments) 
 
 
 
1,460 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 
A– 
1,534,781 
 
 
Bonds, Tucson Electric Power Company, Series 2012A, 4.500%, 3/01/30 
 
 
 
1,025 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
7/27 at 100.00 
AA– 
1,139,810 
 
 
Math & Science Projects, Series 2017A, 5.000%, 7/01/51 
 
 
 
 
 
Arizona State, Certificates of Participation, Series 2010A: 
 
 
 
2,800 
 
5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
Aa3 
2,842,420 
3,500 
 
5.000%, 10/01/29 – AGM Insured 
10/19 at 100.00 
Aa3 
3,549,420 
7,500 
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured 
1/20 at 100.00 
Aa3 
7,666,575 
7,115 
 
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 
7/25 at 100.00 
A2 
8,082,142 
 
 
2015B, 5.000%, 7/01/43 – AGM Insured 
 
 
 
1,315 
 
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
9/28 at 100.00 
A2 
1,503,321 
 
 
HonorHealth, Series 2019A, 5.000%, 9/01/42 
 
 
 
5,135 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
1/27 at 100.00 
AA– 
5,502,358 
 
 
Refunding Series 2016A, 4.000%, 1/01/36 
 
 
 
7,780 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 
7/20 at 100.00 
A+ (4) 
8,083,654 
 
 
Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion 
 
 
 
 
 
Project, Series 2005B: 
 
 
 
6,545 
 
5.500%, 7/01/37 – FGIC Insured 
No Opt. Call 
AA 
9,115,614 
10,000 
 
5.500%, 7/01/40 – FGIC Insured 
No Opt. Call 
AA 
13,913,400 
3,000 
 
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 
8/28 at 100.00 
AA 
3,547,620 
 
 
5.000%, 8/01/47 
 
 
 
11,080 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy 
No Opt. Call 
BBB+ 
13,972,102 
 
 
Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
68,255 
 
Total Arizona 
 
 
80,453,217 
 
 
Arkansas – 0.1% (0.1% of Total Investments) 
 
 
 
5,080 
 
Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 
6/19 at 100.00 
N/R 
4,987,392 
 
 
5/01/28 – ACA Insured 
 
 
 
 
60


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California – 12.7% (8.0% of Total Investments) 
 
 
 
$ 22,880 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 
No Opt. Call 
A– 
$ 14,863,763 
 
 
1999A, 0.000%, 10/01/32 – NPFG Insured 
 
 
 
4,225 
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, 
No Opt. Call 
AA 
3,419,377 
 
 
Series 2005B, 0.000%, 8/01/28 – AGM Insured 
 
 
 
15,870 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
A2 
15,502,609 
 
 
Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured 
 
 
 
3,450 
 
Antelope Valley Joint Union High School District, Los Angeles and Kern Counties, 
No Opt. Call 
A1 
2,603,301 
 
 
California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured 
 
 
 
 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
 
 
 
 
 
Series 2013S-4: 
 
 
 
5,000 
 
5.000%, 4/01/38 (Pre-refunded 4/01/23) 
4/23 at 100.00 
A1 (4) 
5,679,050 
6,500 
 
5.250%, 4/01/53 (Pre-refunded 4/01/23) 
4/23 at 100.00 
A1 (4) 
7,444,450 
10,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
4/24 at 100.00 
Aa3 
10,975,400 
 
 
Series 2014F-1, 5.000%, 4/01/54 
 
 
 
8,000 
 
Beverly Hills Unified School District, Los Angeles County, California, General 
No Opt. Call 
AA+ 
5,377,280 
 
 
Obligation Bonds, Series 2009, 0.000%, 8/01/33 
 
 
 
 
 
Burbank Unified School District, Los Angeles County, California, General Obligation 
 
 
 
 
 
Bonds, Series 2015A: 
 
 
 
2,250 
 
5.000%, 8/01/32 
2/25 at 100.00 
AA– 
2,093,490 
1,350 
 
5.000%, 8/01/33 
2/25 at 100.00 
AA– 
1,251,612 
7,845 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
5/19 at 100.00 
B2 
7,850,413 
 
 
Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 
 
 
 
 
 
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount 
 
 
 
 
 
University, Series 2001A: 
 
 
 
3,255 
 
0.000%, 10/01/23 – NPFG Insured 
No Opt. Call 
A2 
2,989,880 
5,890 
 
0.000%, 10/01/24 – NPFG Insured 
No Opt. Call 
A2 
5,267,839 
7,615 
 
0.000%, 10/01/25 – NPFG Insured 
No Opt. Call 
A2 
6,625,202 
1,350 
 
0.000%, 10/01/39 – NPFG Insured 
No Opt. Call 
A2 
665,051 
3,330 
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford 
11/21 at 100.00 
AA– (4) 
3,645,717 
 
 
Hospital and Clinics, Series 2008A-2 RMKT, 5.250%, 11/15/40 (Pre-refunded 11/15/21) 
 
 
 
10,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/22 at 100.00 
A+ 
10,749,300 
 
 
Children’s Hospital, Series 2012A, 5.000%, 8/15/51 
 
 
 
3,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/22 at 100.00 
A+ 
3,224,790 
 
 
Children’s Hospital, Series 2012A, 5.000%, 8/15/51 (UB), (6) 
 
 
 
2,550 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & 
10/19 at 100.00 
AA– 
2,590,162 
 
 
Services, Series 2009B, 5.500%, 10/01/39 
 
 
 
530 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health 
7/23 at 100.00 
AA– 
588,348 
 
 
System, Series 2013A, 5.000%, 7/01/37 
 
 
 
1,710 
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 
11/21 at 100.00 
Aa3 
1,833,240 
 
 
2012A, 5.000%, 11/15/40 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2016-XG0049: 
 
 
 
485 
 
7.158%, 8/15/51, 144A (IF), (6) 
8/22 at 100.00 
AA– 
563,337 
525 
 
7.162%, 8/15/51, 144A (IF), (6) 
8/22 at 100.00 
AA– 
609,877 
1,285 
 
7.162%, 8/15/51, 144A (IF), (6) 
8/22 at 100.00 
AA– 
1,492,746 
1,500 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, 
7/27 at 100.00 
BBB– 
1,688,040 
 
 
Refunding Series 2017A, 5.000%, 7/01/42 
 
 
 
2,330 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa2 (4) 
2,443,215 
 
 
2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
965 
 
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 
10/26 at 100.00 
BBB– 
1,063,662 
 
 
2017, 5.000%, 10/15/47 
 
 
 
2,930 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, 
11/23 at 100.00 
A+ 
3,250,571 
 
 
Series 2013I, 5.000%, 11/01/38 
 
 
 
 
61

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A: 
 
 
 
$ 1,460 
 
5.250%, 7/01/21 (Pre-refunded 7/01/19) 
7/19 at 100.00 
AA+ (4) 
$ 1,469,183 
2,540 
 
5.250%, 7/01/21 (Pre-refunded 7/01/19) 
7/19 at 100.00 
AA+ (4) 
2,555,977 
5,000 
 
California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 
8/26 at 100.00 
AA– 
5,433,000 
 
 
4.000%, 8/01/36 
 
 
 
5 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – 
6/19 at 100.00 
AA– 
5,013 
 
 
AMBAC Insured 
 
 
 
20,000 
 
California State, General Obligation Bonds, Various Purpose Series 2009, 
11/19 at 100.00 
AA– 
20,444,200 
 
 
6.000%, 11/01/39 
 
 
 
 
 
California State, General Obligation Bonds, Various Purpose Series 2010: 
 
 
 
7,000 
 
5.250%, 3/01/30 
3/20 at 100.00 
AA– 
7,209,790 
4,250 
 
5.250%, 11/01/40 
11/20 at 100.00 
AA– 
4,452,895 
10,000 
 
California State, General Obligation Bonds, Various Purpose Series 2011, 
10/21 at 100.00 
AA– 
10,750,900 
 
 
5.000%, 10/01/41 
 
 
 
9,130 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/28 at 100.00 
BB– 
10,381,906 
 
 
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
10,000 
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, 
8/20 at 100.00 
A+ (4) 
10,574,800 
 
 
Series 2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20) 
 
 
 
3,000 
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, 
6/19 at 100.00 
A3 
3,011,100 
 
 
Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35 
 
 
 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
 
 
 
 
 
Charity Health System, Series 2005A: 
 
 
 
3,895 
 
5.750%, 7/01/30 
6/19 at 100.00 
CC 
3,812,893 
5,000 
 
5.750%, 7/01/35 
6/19 at 100.00 
CC 
4,906,250 
6,000 
 
5.500%, 7/01/39 
6/19 at 100.00 
CC 
5,897,880 
10,445 
 
Castaic Lake Water Agency, California, Certificates of Participation, Water System 
No Opt. Call 
AA 
8,173,839 
 
 
Improvement Project, Series 1999a, 0.000%, 8/01/29 – AMBAC Insured 
 
 
 
4,775 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, 
No Opt. Call 
Baa2 (4) 
4,253,474 
 
 
Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) 
 
 
 
3,330 
 
Contra Costa Community College District, Contra Costa County, California, General 
8/23 at 100.00 
AA+ 
3,744,951 
 
 
Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38 
 
 
 
7,775 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
BBB– 
4,827,031 
 
 
Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured 
 
 
 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
910 
 
6.850%, 1/15/42, (5) 
1/31 at 100.00 
Baa3 
889,125 
3,350 
 
5.750%, 1/15/46 
1/24 at 100.00 
Baa3 
3,855,816 
8,350 
 
6.000%, 1/15/49 
1/24 at 100.00 
Baa3 
9,776,013 
30,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
AA+ (4) 
29,248,800 
 
 
Series 1995A, 0.000%, 1/01/21 (ETM) 
 
 
 
3,120 
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 
9/19 at 100.00 
A 
3,155,568 
 
 
2005, 5.000%, 9/01/27 – AMBAC Insured 
 
 
 
10,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
B3 
10,180,400 
 
 
Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 
 
 
 
8,150 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
8,000,040 
 
 
Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
10,170 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
9,982,872 
 
 
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
3,850 
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 
7/21 at 100.00 
Aaa 
4,244,933 
 
 
6.125%, 7/15/40 (Pre-refunded 7/15/21) 
 
 
 
5,000 
 
Huntington Beach Union High School District, Orange County, California, General 
No Opt. Call 
AA– 
3,434,900 
 
 
Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured 
 
 
 
3,040 
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair & 
No Opt. Call 
AA 
2,797,560 
 
 
Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured 
 
 
 
 
62

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 1,500 
 
Lincoln Unified School District, Placer County, California, Community Facilities 
No Opt. Call 
N/R 
$ 1,166,490 
 
 
District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured 
 
 
 
195 
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, 
6/19 at 100.00 
N/R (4) 
195,489 
 
 
Second Series 1993, 4.750%, 10/15/20 (ETM) 
 
 
 
995 
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, 
6/19 at 100.00 
N/R (4) 
998,244 
 
 
Series 1994, 5.375%, 2/15/34 (ETM) 
 
 
 
10,000 
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 
1/21 at 100.00 
Aa2 
10,533,600 
 
 
2011A, 5.000%, 7/01/41 
 
 
 
2,490 
 
Madera Unified School District, Madera County, California, General Obligation Bonds, 
No Opt. Call 
Baa2 
2,043,643 
 
 
Election 2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured 
 
 
 
10,335 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
AA 
9,391,828 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 6.250%, 8/01/43, (5) 
 
 
 
5,500 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
No Opt. Call 
BBB+ 
8,115,965 
 
 
Series 2009B, 6.500%, 11/01/39 
 
 
 
555 
 
Mt Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 
No Opt. Call 
N/R (4) 
601,592 
 
 
5.125%, 12/01/23 – AMBAC Insured (ETM) 
 
 
 
14,100 
 
New Haven Unified School District, California, General Obligation Bonds, Refunding 
No Opt. Call 
Aa3 
8,687,715 
 
 
Series 2009, 0.000%, 8/01/34 – AGC Insured 
 
 
 
3,515 
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 
12/21 at 100.00 
N/R (4) 
3,908,469 
 
 
2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21) 
 
 
 
2,500 
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General 
No Opt. Call 
Aa3 
1,928,875 
 
 
Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/29 
 
 
 
4,460 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue 
No Opt. Call 
Baa2 
5,047,382 
 
 
Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured 
 
 
 
 
 
Orange County Water District, California, Revenue Certificates of Participation, 
 
 
 
 
 
Series 2003B: 
 
 
 
1,490 
 
5.000%, 8/15/34 – NPFG Insured (ETM) 
No Opt. Call 
Aa1 (4) 
1,928,075 
1,745 
 
5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured 
8/32 at 100.00 
AAA (4) 
2,317,046 
1,000 
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation 
No Opt. Call 
AA 
775,470 
 
 
Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured 
 
 
 
5,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 
11/20 at 100.00 
Ba1 (4) 
5,330,350 
 
 
2010, 6.000%, 11/01/30 (Pre-refunded 11/01/20) 
 
 
 
2,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, 
No Opt. Call 
BB+ 
1,765,760 
 
 
Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured 
 
 
 
9,320 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 
No Opt. Call 
BB+ 
5,947,465 
 
 
8/01/33 – AGC Insured 
 
 
 
4,060 
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding 
No Opt. Call 
AA+ (4) 
4,576,107 
 
 
Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) 
 
 
 
1,800 
 
Rialto Unified School District, San Bernardino County, California, General Obligation 
No Opt. Call 
A1 
1,443,528 
 
 
Bonds, Series 2011A, 0.000%, 8/01/28 
 
 
 
1,000 
 
Rim of the World Unified School District, San Bernardino County, California, General 
8/21 at 100.00 
A2 (4) 
1,079,810 
 
 
Obligation Bonds, Series 2011C, 5.000%, 8/01/38 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
760 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, 
6/23 at 100.00 
BBB 
836,426 
 
 
Series 2013A, 5.750%, 6/01/44 
 
 
 
3,635 
 
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family 
No Opt. Call 
AA+ (4) 
4,052,298 
 
 
Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) 
 
 
 
2,250 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 
12/21 at 100.00 
BB 
2,498,377 
 
 
2011, 7.500%, 12/01/41 
 
 
 
1,830 
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, 
8/19 at 100.00 
N/R (4) 
1,903,017 
 
 
Tender Option Bond Trust 2015-XF0098, 13.375%, 8/01/39, 144A (Pre-refunded 8/01/19) (IF) 
 
 
 
4,000 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
5/23 at 100.00 
A+ 
4,401,840 
 
 
International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 
 
 
 
 
63

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
 
 
 
 
 
Revenue Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
$ 10,595 
 
5.000%, 1/15/44 
1/25 at 100.00 
BBB 
$ 11,819,358 
32,725 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB 
36,207,267 
7,210 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
No Opt. Call 
Baa2 
6,586,191 
 
 
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
2,965 
 
San Juan Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
A+ 
2,404,022 
 
 
Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured 
 
 
 
4,455 
 
San Mateo County Community College District, California, General Obligation Bonds, 
No Opt. Call 
AAA 
4,290,967 
 
 
Series 2006A, 0.000%, 9/01/21 – NPFG Insured 
 
 
 
4,005 
 
San Mateo Union High School District, San Mateo County, California, General Obligation 
No Opt. Call 
AA+ 
3,437,852 
 
 
Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured 
 
 
 
15,750 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
7,345,170 
 
 
Election Series 2012G, 0.000%, 8/01/39 – AGM Insured 
 
 
 
 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2015: 
 
 
 
5,000 
 
0.000%, 8/01/46 
8/25 at 32.80 
A1 
1,336,800 
6,570 
 
0.000%, 8/01/47 
8/25 at 30.90 
A1 
1,652,027 
1,840 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
5/19 at 100.00 
BB+ 
1,851,077 
 
 
Bonds, Series 2005A-1, 4.750%, 6/01/23 
 
 
 
2,630 
 
Union Elementary School District, Santa Clara County, California, General Obligation 
No Opt. Call 
Baa2 
2,324,526 
 
 
Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured 
 
 
 
3,900 
 
West Hills Community College District, California, General Obligation Bonds, School 
8/21 at 100.00 
A2 (4) 
4,339,335 
 
 
Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 (Pre-refunded 
 
 
 
 
 
8/01/21) – AGM Insured 
 
 
 
529,845 
 
Total California 
 
 
498,892,284 
 
 
Colorado – 10.2% (6.5% of Total Investments) 
 
 
 
500 
 
Blue Lake Metropolitan District No 2 , Lochbuie, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
509,275 
 
 
Obligation Bonds, Series 2016A, 5.750%, 12/01/46 
 
 
 
 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
 
 
 
 
 
Improvement Series 2017: 
 
 
 
1,575 
 
5.000%, 12/01/37, 144A 
12/22 at 103.00 
N/R 
1,644,899 
3,620 
 
5.000%, 12/01/47, 144A 
12/22 at 103.00 
N/R 
3,730,301 
1,060 
 
Centerra Metropolitan District No 1, In the City of Loveland, Larimer County, Colorado, 
12/23 at 103.00 
N/R 
1,099,517 
 
 
Special Revenue Improvement Bonds, Series 2018, 5.250%, 12/01/48 
 
 
 
1,250 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, 
12/23 at 100.00 
BBB– 
1,405,588 
 
 
Refunding Series 2013A, 5.375%, 12/01/33 
 
 
 
115 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, 
12/23 at 100.00 
BB 
121,591 
 
 
Refunding Series 2014, 5.000%, 12/01/43 
 
 
 
1,700 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
7/24 at 100.00 
BB 
1,767,745 
 
 
Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The 
 
 
 
 
 
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: 
 
 
 
2,005 
 
5.000%, 6/01/34 
6/27 at 100.00 
BBB 
2,280,788 
4,615 
 
5.000%, 6/01/35 
6/27 at 100.00 
BBB 
5,232,395 
7,205 
 
5.000%, 6/01/36 
6/27 at 100.00 
BBB 
8,144,532 
8,715 
 
5.000%, 6/01/37 
6/27 at 100.00 
BBB 
9,819,190 
4,105 
 
5.000%, 6/01/42 
6/27 at 100.00 
BBB 
4,572,108 
8,545 
 
5.000%, 6/01/47 
6/27 at 100.00 
BBB 
9,485,890 
6,350 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
6/19 at 100.00 
BBB+ 
6,360,350 
 
 
Initiatives, Series 2006A, 4.500%, 9/01/38 
 
 
 
2,295 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
2/21 at 100.00 
BBB+ 
2,375,509 
 
 
Initiatives, Series 2011A, 5.000%, 2/01/41 
 
 
 
 
64


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 5,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
1/23 at 100.00 
BBB+ 
$ 5,376,350 
 
 
Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
5,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital 
12/23 at 100.00 
A+ 
5,506,050 
 
 
Colorado Project, Series 2013A, 5.000%, 12/01/36 
 
 
 
750 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living 
6/19 at 100.00 
N/R 
751,103 
 
 
Communities Project, Series 2012, 5.125%, 1/01/37 
 
 
 
3,050 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living 
1/24 at 102.00 
N/R 
3,265,605 
 
 
Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 
 
 
 
2,375 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/22 at 100.00 
BBB 
2,504,889 
 
 
Samaritan Society Project, Refunding Series 2012, 5.000%, 12/01/42 
 
 
 
1,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/23 at 100.00 
BBB 
1,102,600 
 
 
Samaritan Society Project, Series 2013, 5.625%, 6/01/43 
 
 
 
750 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, 
5/27 at 100.00 
BB+ 
834,570 
 
 
Refunding & Improvement Series 2017A, 5.250%, 5/15/37 
 
 
 
1,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, 
9/25 at 100.00 
A3 
1,577,475 
 
 
Refunding Series 2015B, 4.000%, 9/01/34 
 
 
 
25,750 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
26,223,542 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
4,145 
 
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, 
12/24 at 100.00 
BBB 
4,490,527 
 
 
Senior Lien Series 2017, 5.000%, 12/31/51 
 
 
 
 
 
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax 
 
 
 
 
 
General Obligation Bonds, Refunding & Improvement Series 2018: 
 
 
 
1,895 
 
5.625%, 12/01/32 
12/23 at 103.00 
N/R 
2,040,138 
2,660 
 
5.875%, 12/01/46 
12/23 at 103.00 
N/R 
2,873,704 
 
 
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise 
 
 
 
 
 
Revenue Bonds, Series 2017B: 
 
 
 
2,000 
 
5.000%, 12/01/42 
12/27 at 100.00 
A+ 
2,311,500 
1,225 
 
5.000%, 12/01/47 
12/27 at 100.00 
A+ 
1,410,600 
1,500 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/27 at 100.00 
A+ 
1,725,465 
 
 
Revenue Bonds, Refunding Series 2016B, 5.000%, 3/01/41 
 
 
 
2,000 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
9/27 at 100.00 
AA 
2,133,940 
 
 
Revenue Bonds, Refunding Series 2017A, 4.000%, 3/01/40 
 
 
 
4,000 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/28 at 100.00 
AA 
4,267,960 
 
 
Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 
 
 
 
5,000 
 
Colorado State, Certificates of Participation, Rural Series 2018A, 4.000%, 12/15/35 
12/28 at 100.00 
AA– 
5,450,800 
 
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016: 
 
 
 
7,115 
 
5.000%, 8/01/41 
8/26 at 100.00 
A2 
8,108,396 
1,000 
 
5.000%, 8/01/46 
8/26 at 100.00 
A2 
1,139,430 
11,140 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 
11/22 at 100.00 
A+ 
12,133,131 
 
 
5.000%, 11/15/37 
 
 
 
12,900 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 
11/23 at 100.00 
A 
14,258,499 
 
 
2013B, 5.000%, 11/15/43 
 
 
 
2,500 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 
12/28 at 100.00 
A 
2,959,600 
 
 
2018B, 5.000%, 12/01/48 
 
 
 
 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center 
 
 
 
 
 
Hotel, Refunding Senior Lien Series 2016: 
 
 
 
5,300 
 
5.000%, 12/01/33 
12/26 at 100.00 
BBB– 
6,039,562 
2,400 
 
5.000%, 12/01/36 
12/26 at 100.00 
Baa2 
2,718,504 
1,800 
 
5.000%, 12/01/40 
12/26 at 100.00 
BBB– 
2,016,522 
365 
 
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado 
12/23 at 103.00 
N/R 
377,662 
 
 
Urban Redevelopment Area, Series 2018A, 5.250%, 12/01/39, 144A 
 
 
 
13,920 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 
No Opt. Call 
BBB+ 
13,244,323 
 
 
9/01/21 – NPFG Insured 
 
 
 
 
65

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
$ 6,200 
 
0.000%, 9/01/22 – NPFG Insured 
No Opt. Call 
BBB+ 
$ 5,761,350 
45,540 
 
0.000%, 9/01/30 – NPFG Insured 
No Opt. Call 
BBB+ 
32,260,991 
16,635 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
BBB+ 
10,755,858 
49,251 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
BBB+ 
30,501,017 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: 
 
 
 
9,310 
 
0.000%, 9/01/28 – NPFG Insured 
No Opt. Call 
BBB+ 
7,190,485 
2,900 
 
0.000%, 9/01/34 – NPFG Insured 
No Opt. Call 
BBB+ 
1,720,512 
18,500 
 
0.000%, 3/01/36 – NPFG Insured 
No Opt. Call 
BBB+ 
10,236,975 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: 
 
 
 
3,800 
 
0.000%, 9/01/27 – NPFG Insured 
9/20 at 67.94 
A 
2,499,108 
13,300 
 
0.000%, 9/01/31 – NPFG Insured 
9/20 at 53.77 
BBB+ 
6,885,011 
6,250 
 
0.000%, 9/01/32 – NPFG Insured 
9/20 at 50.83 
BBB+ 
3,055,688 
10,000 
 
0.000%, 3/01/36 – NPFG Insured 
9/20 at 41.72 
A 
4,008,100 
1,000 
 
Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General 
12/26 at 100.00 
BBB+ 
1,124,330 
 
 
Obligation Bonds, Series 2016, 5.000%, 12/01/36 
 
 
 
1,000 
 
Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 
12/26 at 100.00 
AA+ 
1,089,740 
 
 
2017, 4.000%, 12/01/36 
 
 
 
1,085 
 
North Range Metropolitan District No 2 , In the City of Commerce City, Adams County, 
12/22 at 103.00 
N/R 
1,119,058 
 
 
Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds, 
 
 
 
 
 
Refunding Series 2017A, 5.750%, 12/01/47 
 
 
 
1,245 
 
Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
1,230,135 
 
 
Limited Tax and Revenue Bonds, Series 2016, 4.375%, 12/01/31 
 
 
 
17,735 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/25 at 100.00 
A 
19,528,718 
 
 
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
2,640 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/20 at 100.00 
A2 (4) 
2,825,671 
 
 
Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
 
 
Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and 
 
 
 
 
 
Special Revenue Bonds, Refunding & Improvement Series 2017: 
 
 
 
8,765 
 
5.000%, 12/01/42 
12/27 at 100.00 
AA 
10,130,149 
3,600 
 
5.000%, 12/01/47 
12/27 at 100.00 
A2 
4,145,436 
630 
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 
6/20 at 100.00 
AA– 
652,800 
 
 
5.375%, 6/01/31 
 
 
 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project 
 
 
 
 
 
Private Activity Bonds, Series 2010: 
 
 
 
15,000 
 
6.500%, 1/15/30 
7/20 at 100.00 
BBB+ 
15,658,350 
4,150 
 
6.000%, 1/15/41 
7/20 at 100.00 
Baa3 
4,307,783 
3,250 
 
Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General 
12/26 at 100.00 
AA 
3,636,132 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 12/01/46 – 
 
 
 
 
 
AGM Insured 
 
 
 
4,000 
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 
11/22 at 100.00 
AA– 
4,353,760 
 
 
5.000%, 11/15/42 
 
 
 
14,500 
 
University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 
6/24 at 100.00 
Aa1 (4) 
16,857,700 
 
 
(Pre-refunded 6/01/24) 
 
 
 
2,500 
 
Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General 
12/26 at 100.00 
Baa1 
2,653,775 
 
 
Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured 
 
 
 
2,175 
 
Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, 
12/26 at 100.00 
AA 
2,584,792 
 
 
5.000%, 12/15/30 
 
 
 
446,656 
 
Total Colorado 
 
 
402,165,549 
 
 
Connecticut – 0.3% (0.2% of Total Investments) 
 
 
 
1,650 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield 
7/26 at 100.00 
A– 
1,853,940 
 
 
University, Series 2016Q-1, 5.000%, 7/01/46 
 
 
 
7,165 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac 
7/25 at 100.00 
A– 
7,980,950 
 
 
University, Refunding Series 2015L, 5.000%, 7/01/45 
 
 
 
 
66

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut (continued) 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart 
 
 
 
 
 
University, Series 2017I-1: 
 
 
 
$ 500 
 
5.000%, 7/01/34 
7/27 at 100.00 
A3 
$ 580,230 
2,425 
 
5.000%, 7/01/42 
7/27 at 100.00 
A3 
2,758,826 
11,740 
 
Total Connecticut 
 
 
13,173,946 
 
 
Delaware – 0.4% (0.3% of Total Investments) 
 
 
 
1,000 
 
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services 
10/20 at 100.00 
Aa2 
1,041,320 
 
 
Inc., Series 2010A, 5.000%, 10/01/40 
 
 
 
3,350 
 
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 
7/23 at 100.00 
BBB 
3,616,995 
 
 
2013, 5.000%, 7/01/32 
 
 
 
1,000 
 
Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, 
12/28 at 100.00 
BBB 
1,120,130 
 
 
Series 2018, 5.000%, 6/01/48 
 
 
 
9,070 
 
Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 
6/25 at 100.00 
A1 
10,130,102 
 
 
5.000%, 6/01/55 
 
 
 
14,420 
 
Total Delaware 
 
 
15,908,547 
 
 
District of Columbia – 1.1% (0.7% of Total Investments) 
 
 
 
1,250 
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard 
10/22 at 100.00 
BB+ 
1,267,950 
 
 
Properties LLC Issue, Series 2013, 5.000%, 10/01/45 
 
 
 
107,001 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
6/19 at 18.94 
N/R 
16,515,450 
 
 
Bonds, Series 2006A, 0.000%, 6/15/46 
 
 
 
 
 
District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017: 
 
 
 
3,500 
 
5.000%, 4/01/35 
4/27 at 100.00 
A– 
4,106,200 
3,500 
 
5.000%, 4/01/36 
4/27 at 100.00 
A– 
4,094,335 
15,150 
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 5.000%, 
4/21 at 100.00 
A– (4) 
16,116,873 
 
 
4/01/40 (Pre-refunded 4/01/21) – AMBAC Insured 
 
 
 
130,401 
 
Total District of Columbia 
 
 
42,100,808 
 
 
Florida – 7.1% (4.5% of Total Investments) 
 
 
 
2,800 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
9/23 at 100.00 
BBB 
2,926,364 
 
 
Academy, Inc. Project, Series 2016, 5.000%, 9/01/46 
 
 
 
11,000 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 
10/21 at 100.00 
AA (4) 
11,895,620 
 
 
10/01/41 (Pre-refunded 10/01/21) – AGM Insured 
 
 
 
2,830 
 
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 
9/25 at 100.00 
AA– 
3,189,693 
3,010 
 
Cocoa, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2003, 5.500%, 
No Opt. Call 
AA 
3,315,997 
 
 
10/01/23 – AMBAC Insured 
 
 
 
3,570 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges 
11/23 at 100.00 
BBB– 
3,908,615 
 
 
University, Refunding Series 2013, 6.125%, 11/01/43 
 
 
 
 
 
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University 
 
 
 
 
 
Project, Series 2013A: 
 
 
 
8,555 
 
6.000%, 4/01/42 
4/23 at 100.00 
Baa1 
9,606,495 
4,280 
 
5.625%, 4/01/43 
4/23 at 100.00 
Baa1 
4,704,961 
 
 
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 
 
 
 
1,040 
 
0.000%, 11/01/25 – NPFG Insured 
No Opt. Call 
Baa2 
868,358 
1,590 
 
0.000%, 11/01/26 – NPFG Insured 
No Opt. Call 
Baa2 
1,286,564 
1,500 
 
Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, 
6/19 at 100.00 
AAA 
1,504,020 
 
 
Series 2009A, 5.000%, 1/15/29 
 
 
 
15,000 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International 
10/28 at 100.00 
AA– 
17,759,550 
 
 
Airport, Series 2018F, 5.000%, 10/01/48 (UB) 
 
 
 
 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International 
 
 
 
 
 
Airport, Subordinate Lien Series 2015B: 
 
 
 
5,730 
 
5.000%, 10/01/40 
10/24 at 100.00 
A+ 
6,462,580 
12,885 
 
5.000%, 10/01/44 
10/24 at 100.00 
A+ 
14,497,558 
 
67

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 400 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 
10/22 at 100.00 
A2 
$ 437,560 
 
 
2012, 5.000%, 10/01/30 
 
 
 
1,530 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding 
11/21 at 100.00 
A2 
1,641,843 
 
 
Series 2011, 5.000%, 11/15/24 
 
 
 
2,500 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 
11/24 at 100.00 
A2 
2,753,800 
 
 
5.000%, 11/15/45 
 
 
 
 
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City 
 
 
 
 
 
Center/Historic Convention Village, Series 2015A: 
 
 
 
3,810 
 
5.000%, 2/01/40 – AGM Insured 
2/24 at 100.00 
A1 
4,290,251 
19,145 
 
5.000%, 2/01/44 – AGM Insured 
2/24 at 100.00 
A1 
21,398,366 
 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami 
 
 
 
 
 
Jewish Health System Inc. Project, Series 2017: 
 
 
 
205 
 
5.000%, 7/01/32 
7/27 at 100.00 
BBB 
227,265 
2,000 
 
5.125%, 7/01/38 
7/27 at 100.00 
BBB 
2,201,140 
5,035 
 
5.125%, 7/01/46 
7/27 at 100.00 
BBB 
5,501,241 
1,200 
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 
2/21 at 100.00 
A+ (4) 
1,291,668 
 
 
6.000%, 2/01/30 (Pre-refunded 2/01/21) – AGM Insured 
 
 
 
7,390 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University 
4/25 at 100.00 
A– 
8,178,439 
 
 
of Miami, Series 2015A, 5.000%, 4/01/45 
 
 
 
17,000 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University 
4/28 at 100.00 
A– 
19,457,350 
 
 
of Miami, Series 2018A, 5.000%, 4/01/53 
 
 
 
10,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 
7/20 at 100.00 
A 
10,350,900 
 
 
2010A, 5.000%, 7/01/35 
 
 
 
1,210 
 
Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Doral 
1/28 at 100.00 
BBB– 
1,307,357 
 
 
Academy, Series 2018, 5.000%, 1/15/37 
 
 
 
1,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, 
10/24 at 100.00 
A 
1,130,020 
 
 
Refunding Series 2014B, 5.000%, 10/01/37 
 
 
 
5,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/19 at 100.00 
A2 (4) 
5,080,850 
 
 
2009A, 5.500%, 10/01/41 (Pre-refunded 10/01/19) 
 
 
 
7,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
A2 (4) 
7,894,125 
 
 
2010A-1, 5.375%, 10/01/41 (Pre-refunded 10/01/20) 
 
 
 
 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, 
 
 
 
 
 
Series 2010B: 
 
 
 
3,000 
 
5.000%, 10/01/26 
10/20 at 100.00 
A 
3,136,410 
2,500 
 
5.000%, 10/01/27 
10/20 at 100.00 
A 
2,611,525 
4,000 
 
5.000%, 10/01/35 – AGM Insured 
10/20 at 100.00 
AA 
4,179,000 
1,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 
10/26 at 100.00 
A 
1,727,490 
 
 
10/01/41 
 
 
 
4,715 
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, 
6/27 at 100.00 
Aa3 
5,425,928 
 
 
Series 2017, 5.000%, 6/01/38 
 
 
 
1,850 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 
10/22 at 100.00 
A2 
2,016,278 
 
 
2012B, 5.000%, 10/01/37 
 
 
 
 
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding 
 
 
 
 
 
Series 2012: 
 
 
 
5,500 
 
5.000%, 7/01/31 
7/22 at 100.00 
A1 
6,000,885 
3,000 
 
5.000%, 7/01/42 
7/22 at 100.00 
AA 
3,244,800 
5,770 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
AA– 
6,284,165 
 
 
5.000%, 10/01/42 
 
 
 
1,665 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando 
10/19 at 100.00 
A2 
1,689,359 
 
 
Health, Inc., Series 2009, 5.125%, 10/01/26 
 
 
 
750 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando 
4/22 at 100.00 
A+ 
793,658 
 
 
Health, Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
 
68

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 255 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences 
6/22 at 102.00 
N/R 
$ 285,911 
 
 
of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
4,000 
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, 
10/19 at 100.00 
AAA 
4,059,920 
 
 
Series 2009, 5.250%, 10/01/33 
 
 
 
1,385 
 
Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 
6/19 at 100.00 
A3 
1,386,745 
 
 
2007, 5.000%, 5/01/30 – RAAI Insured 
 
 
 
880 
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 
No Opt. Call 
Aa2 (4) 
896,227 
 
 
1992, 6.000%, 10/01/19 – NPFG Insured (ETM) 
 
 
 
6,625 
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 
5/25 at 100.00 
Aa3 
7,047,344 
 
 
4.000%, 5/01/33 
 
 
 
 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health 
 
 
 
 
 
Systems of South Florida Obligated Group, Series 2017: 
 
 
 
4,595 
 
5.000%, 8/15/42 
8/27 at 100.00 
A1 
5,275,290 
12,325 
 
5.000%, 8/15/47 
8/27 at 100.00 
A1 
14,091,049 
1,200 
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 
10/19 at 100.00 
AA (4) 
1,217,196 
 
 
(Pre-refunded 10/01/19) – AGC Insured 
 
 
 
 
 
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose 
 
 
 
 
 
Bonds, Stadium Project, Series 1995: 
 
 
 
415 
 
5.750%, 10/01/20 – NPFG Insured 
No Opt. Call 
N/R 
430,118 
2,785 
 
5.750%, 10/01/25 – NPFG Insured 
No Opt. Call 
N/R 
3,171,697 
3,300 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
3,577,761 
 
 
5.000%, 11/15/33 
 
 
 
4,000 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, 
5/26 at 100.00 
Aa2 
4,197,560 
 
 
4.000%, 11/15/46 
 
 
 
9,720 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 
7/22 at 100.00 
A2 (4) 
10,710,079 
 
 
2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
1,500 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle 
10/21 at 100.00 
A– (4) 
1,620,300 
 
 
Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded 
 
 
 
 
 
10/15/21) – AGM Insured 
 
 
 
2,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle 
4/25 at 100.00 
A3 
2,216,860 
 
 
Aeronautical University, Series 2015B, 5.000%, 10/15/45 
 
 
 
7,400 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson 
6/25 at 100.00 
A– 
8,251,148 
 
 
University Inc. Project, Series 2015, 5.000%, 6/01/45 
 
 
 
255,350 
 
Total Florida 
 
 
280,613,253 
 
 
Georgia – 3.3% (2.1% of Total Investments) 
 
 
 
6,950 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – 
1/20 at 100.00 
Aa3 
7,084,343 
 
 
AGM Insured 
 
 
 
7,230 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 
1/22 at 100.00 
AA– 
7,716,073 
 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B: 
 
 
 
1,060 
 
5.375%, 11/01/39 – AGM Insured 
11/19 at 100.00 
AA– 
1,078,624 
1,990 
 
5.375%, 11/01/39 (Pre-refunded 11/01/19) – AGM Insured 
11/19 at 100.00 
AA (4) 
2,027,452 
 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: 
 
 
 
3,400 
 
5.000%, 11/01/33 
5/25 at 100.00 
AA– 
3,936,452 
2,040 
 
5.000%, 11/01/35 
5/25 at 100.00 
AA– 
2,351,549 
5,000 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – 
No Opt. Call 
AA– 
5,481,300 
 
 
FGIC Insured 
 
 
 
1,535 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 
8/20 at 100.00 
AA 
1,570,366 
 
 
2007, 4.000%, 8/01/26 
 
 
 
 
69

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Georgia (continued) 
 
 
 
$ 2,000 
 
Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, 
4/27 at 100.00 
A 
$ 2,278,920 
 
 
Wellstar Health System, Series 2017A, 5.000%, 4/01/42 
 
 
 
2,000 
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, 
9/20 at 100.00 
N/R (4) 
2,108,540 
 
 
DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (Pre-refunded 9/01/20) 
 
 
 
5,725 
 
Fayette County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont 
7/26 at 100.00 
AA– 
6,456,197 
 
 
Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 
 
 
 
 
 
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health 
 
 
 
 
 
System, Inc. Project, Series 2017A: 
 
 
 
4,330 
 
5.000%, 4/01/42 
4/27 at 100.00 
A 
4,933,862 
13,620 
 
5.000%, 4/01/47 
4/27 at 100.00 
A 
15,468,915 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
 
 
 
 
 
Certificates, Northeast Georgia Health Services Inc., Series 2010B: 
 
 
 
2,360 
 
5.250%, 2/15/45 
2/20 at 100.00 
AA– 
2,412,911 
7,640 
 
5.250%, 2/15/45 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R (4) 
7,855,601 
12,590 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
2/25 at 100.00 
AA– 
14,529,615 
 
 
Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 
 
 
 
7,500 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
2/27 at 100.00 
AA– 
8,810,250 
 
 
Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.250%, 2/15/45 
 
 
 
7,905 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 
7/25 at 100.00 
Baa3 
8,193,453 
 
 
2015A, 5.000%, 7/01/60 
 
 
 
11,000 
 
Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
4/27 at 100.00 
A 
11,333,850 
 
 
Wellstar Health System Inc., Series 2017A, 4.000%, 4/01/42 
 
 
 
1,350 
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 
No Opt. Call 
AA+ 
1,679,778 
 
 
2/01/27 – BHAC Insured 
 
 
 
1,860 
 
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, 
5/29 at 100.00 
A3 
2,120,177 
 
 
5.000%, 5/15/43 
 
 
 
8,230 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/25 at 100.00 
Baa1 
8,955,228 
 
 
Series 2015, 5.000%, 10/01/40 
 
 
 
2,615 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South 
10/21 at 100.00 
AA– 
2,772,397 
 
 
Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 
 
 
 
119,930 
 
Total Georgia 
 
 
131,155,853 
 
 
Guam – 0.1% (0.1% of Total Investments) 
 
 
 
4,060 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 
BBB– 
4,404,897 
 
 
2013, 5.500%, 7/01/43 
 
 
 
 
 
Hawaii – 0.0% (0.0% of Total Investments) 
 
 
 
275 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
291,074 
 
 
University, Series 2013A, 6.875%, 7/01/43 
 
 
 
 
 
Idaho – 0.1% (0.1% of Total Investments) 
 
 
 
2,110 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, 
3/22 at 100.00 
A– 
2,216,555 
 
 
Series 2012A, 5.000%, 3/01/47 
 
 
 
2,615 
 
Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood 
5/19 at 101.00 
A1 
2,649,230 
 
 
Terrace Project, Series 2002A-1, 7.250%, 3/20/37 
 
 
 
4,725 
 
Total Idaho 
 
 
4,865,785 
 
 
Illinois – 22.5% (14.2% of Total Investments) 
 
 
 
 
 
Board of Regents of Illinois State University, Auxiliary Facilities System Revenue 
 
 
 
 
 
Bonds, Series 2018A: 
 
 
 
1,000 
 
5.000%, 4/01/34 – AGM Insured 
4/28 at 100.00 
A2 
1,147,970 
285 
 
5.000%, 4/01/37 – AGM Insured 
4/28 at 100.00 
A2 
323,791 
1,370 
 
5.000%, 4/01/38 – AGM Insured 
4/28 at 100.00 
A2 
1,553,333 
 
70


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2002B: 
 
 
 
$ 4,595 
 
0.000%, 1/01/32 – FGIC Insured 
No Opt. Call 
A2 
$ 2,958,629 
4,000 
 
0.000%, 1/01/34 – FGIC Insured 
No Opt. Call 
A2 
2,331,000 
11,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A 
12,746,140 
 
 
Series 2016, 6.000%, 4/01/46 
 
 
 
2,940 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
12/21 at 100.00 
B2 
2,998,359 
 
 
Series 2011A, 5.000%, 12/01/41 
 
 
 
5,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
B+ 
5,381,050 
 
 
Refunding Series 2017G, 5.000%, 12/01/34 
 
 
 
6,920 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/28 at 100.00 
B+ 
7,263,578 
 
 
Refunding Series 2018D, 5.000%, 12/01/46 
 
 
 
11,450 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/25 at 100.00 
BB– 
13,405,316 
 
 
Series 2016A, 7.000%, 12/01/44 
 
 
 
1,785 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/26 at 100.00 
B+ 
2,053,500 
 
 
Series 2016B, 6.500%, 12/01/46 
 
 
 
23,535 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
B+ 
28,531,480 
 
 
Series 2017A, 7.000%, 12/01/46, 144A 
 
 
 
10,510 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
No Opt. Call 
B+ 
10,339,318 
 
 
Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured 
 
 
 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
 
 
 
 
 
Tax Revenues, Series 1999A: 
 
 
 
19,600 
 
0.000%, 12/01/20 – FGIC Insured 
No Opt. Call 
B+ 
18,700,752 
1,000 
 
5.500%, 12/01/26 – NPFG Insured 
No Opt. Call 
B+ 
1,122,840 
3,500 
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal 
6/21 at 100.00 
A2 
3,713,080 
 
 
Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 
 
 
 
 
 
5.250%, 6/01/26 – AGM Insured 
 
 
 
5,785 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A3 
6,091,084 
 
 
5.250%, 12/01/40 
 
 
 
9,285 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 
12/24 at 100.00 
AA 
10,262,803 
 
 
5.250%, 12/01/49 
 
 
 
13,100 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third 
1/20 at 100.00 
A2 
13,400,121 
 
 
Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
32,170 
 
0.000%, 1/01/21 – FGIC Insured 
No Opt. Call 
BBB– 
30,833,980 
32,670 
 
0.000%, 1/01/22 – FGIC Insured 
No Opt. Call 
BBB– 
30,402,049 
22,670 
 
0.000%, 1/01/25 – FGIC Insured 
No Opt. Call 
BBB– 
18,897,712 
10,565 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 
1/27 at 100.00 
BBB– 
12,054,242 
 
 
6.000%, 1/01/38 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2019A: 
 
 
 
4,000 
 
5.000%, 1/01/44 
1/29 at 100.00 
BBB– 
4,248,560 
3,630 
 
5.500%, 1/01/49 
1/29 at 100.00 
BBB– 
4,010,569 
5,540 
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC 
6/19 at 100.00 
AA 
5,553,296 
 
 
Insured 
 
 
 
5,000 
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 
1/22 at 100.00 
N/R (4) 
5,433,300 
 
 
(Pre-refunded 1/01/22) 
 
 
 
5,000 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago 
12/23 at 100.00 
BBB 
5,212,300 
 
 
City Colleges, Series 2013, 5.250%, 12/01/43 
 
 
 
4,500 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago 
12/27 at 100.00 
A+ 
5,005,260 
 
 
City Colleges, Series 2017, 5.000%, 12/01/47 
 
 
 
4,865 
 
Cook County Community Consolidated School District 15, Palatine, Illinois, General 
No Opt. Call 
Aa2 
4,708,201 
 
 
Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured 
 
 
 
 
71

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Cook County Community High School District 219, Niles Township, Illinois, General 
 
 
 
 
 
Obligation Capital Appreciation Bonds, Series 2001: 
 
 
 
$ 2,575 
 
0.000%, 12/01/20 – NPFG Insured 
No Opt. Call 
Baa2 
$ 2,466,438 
3,615 
 
0.000%, 12/01/20 – NPFG Insured (ETM) 
No Opt. Call 
N/R (4) 
3,515,696 
 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A: 
 
 
 
3,500 
 
5.250%, 11/15/22 
11/20 at 100.00 
A2 
3,667,930 
12,425 
 
5.250%, 11/15/33 
11/20 at 100.00 
AA– 
12,925,230 
15,285 
 
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000, 
No Opt. Call 
AAA 
15,147,894 
 
 
0.000%, 11/01/19 
 
 
 
 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural 
 
 
 
 
 
History, Series 2002RMKT: 
 
 
 
2,750 
 
3.900%, 11/01/36 
11/27 at 102.00 
A 
2,865,775 
5,265 
 
5.500%, 11/01/36 
11/23 at 100.00 
A 
5,791,816 
5,020 
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 
6/22 at 100.00 
Aa3 
5,337,164 
 
 
5.000%, 6/01/42 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, 
 
 
 
 
 
Series 2016C: 
 
 
 
3,500 
 
5.000%, 2/15/32 
2/27 at 100.00 
Aa2 
4,114,600 
55 
 
4.000%, 2/15/41 (Pre-refunded 2/15/27) 
2/27 at 100.00 
N/R (4) 
62,894 
27,080 
 
4.000%, 2/15/41 
2/27 at 100.00 
Aa2 
28,726,735 
1,000 
 
5.000%, 2/15/41 
2/27 at 100.00 
Aa2 
1,141,350 
4,200 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 
9/22 at 100.00 
AA+ 
4,528,902 
 
 
5.000%, 9/01/38 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: 
 
 
 
8,750 
 
5.000%, 9/01/39 
9/24 at 100.00 
AA+ 
9,714,862 
11,030 
 
5.000%, 9/01/42 
9/24 at 100.00 
AA+ 
12,200,173 
1,500 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 
11/19 at 100.00 
N/R (4) 
1,528,785 
 
 
11/01/39 (Pre-refunded 11/01/19) 
 
 
 
2,910 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 
5/22 at 100.00 
Baa2 
3,064,055 
 
 
5.000%, 5/15/43 
 
 
 
16,165 
 
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 
6/26 at 100.00 
A3 
17,780,530 
 
 
5.000%, 12/01/40 
 
 
 
1,100 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender 
8/22 at 100.00 
AA+ 
1,441,209 
 
 
Option Bond Trust 2015-XF0076, 11.217%, 8/15/43, 144A (IF) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding 
 
 
 
 
 
Series 2010A: 
 
 
 
565 
 
6.000%, 5/15/39 
5/20 at 100.00 
A 
580,052 
3,460 
 
6.000%, 5/15/39 (Pre-refunded 5/15/20) 
5/20 at 100.00 
N/R (4) 
3,612,482 
13,540 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 
11/25 at 100.00 
A 
14,802,470 
 
 
5.000%, 11/15/45 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: 
 
 
 
85 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
86,467 
8,400 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
8,544,984 
2,215 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 
7/23 at 100.00 
A– 
2,482,550 
 
 
2013A, 6.000%, 7/01/43 
 
 
 
4,135 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/25 at 100.00 
Baa1 
4,533,862 
 
 
Refunding Series 2015C, 5.000%, 8/15/44 
 
 
 
5,000 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, 
3/27 at 100.00 
A+ 
5,591,500 
 
 
Inc., Series 2017A, 5.000%, 3/01/47 
 
 
 
8,040 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 
8/21 at 100.00 
A2 
8,693,652 
 
 
8/15/41 – AGM Insured 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
2/21 at 100.00 
AA– (4) 
1,066,550 
 
 
Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) 
 
 
 
 
72


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
2/21 at 100.00 
AA– (4) 
$ 2,666,375 
 
 
Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB), (6) 
 
 
 
15,510 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
16,391,123 
 
 
5.000%, 10/01/51 
 
 
 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
1,600 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB– 
1,699,744 
5,450 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB– 
5,660,152 
1,750 
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 
1/26 at 100.00 
BBB– 
1,871,800 
5,420 
 
Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 
5/24 at 100.00 
BBB– 
5,637,125 
5,000 
 
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/34 
11/26 at 100.00 
BBB– 
5,344,100 
15,000 
 
Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 
11/27 at 100.00 
BBB– 
16,456,050 
3,500 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/25 
No Opt. Call 
BBB– 
3,835,650 
 
 
Illinois State, General Obligation Bonds, October Series 2016: 
 
 
 
3,510 
 
5.000%, 2/01/28 
2/27 at 100.00 
BBB– 
3,865,247 
6,100 
 
5.000%, 2/01/29 
2/27 at 100.00 
BBB– 
6,675,718 
10,000 
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – 
1/20 at 100.00 
BBB 
10,191,300 
 
 
AGM Insured 
 
 
 
2,515 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24 
8/22 at 100.00 
BBB– 
2,661,574 
 
 
Illinois State, General Obligation Bonds, Series 2012A: 
 
 
 
2,500 
 
5.000%, 3/01/25 
3/22 at 100.00 
BBB– 
2,617,700 
4,500 
 
5.000%, 3/01/27 
3/22 at 100.00 
BBB– 
4,700,475 
2,035 
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 
7/23 at 100.00 
BBB– 
2,152,765 
5,030 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
5,478,777 
 
 
5.000%, 1/01/38 
 
 
 
 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B: 
 
 
 
8,000 
 
5.000%, 1/01/38 
1/24 at 100.00 
AA– 
8,905,360 
6,500 
 
5.000%, 1/01/39 
1/24 at 100.00 
AA– 
7,231,055 
10,040 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
AA– 
11,344,899 
 
 
5.000%, 1/01/40 
 
 
 
8,890 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 
1/26 at 100.00 
AA– 
10,078,860 
 
 
5.000%, 1/01/40 
 
 
 
10,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2017A, 
1/28 at 100.00 
AA– 
11,655,500 
 
 
5.000%, 1/01/42 
 
 
 
1,115 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
A1 
1,513,222 
 
 
2015-XF0051, 11.222%, 1/01/38, 144A (IF) 
 
 
 
11,050 
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 
No Opt. Call 
BBB– 
12,820,210 
 
 
11/01/26 – FGIC Insured 
 
 
 
 
 
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation 
 
 
 
 
 
Refunding Bonds, Series 2001B: 
 
 
 
3,230 
 
0.000%, 11/01/19 – AGM Insured 
No Opt. Call 
A2 
3,195,988 
1,740 
 
0.000%, 11/01/21 – AGM Insured 
No Opt. Call 
A2 
1,641,881 
4,020 
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, 
No Opt. Call 
A2 
4,237,683 
 
 
Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB) 
 
 
 
5,000 
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate 
1/21 at 100.00 
A2 
5,235,600 
 
 
Revenue Source Series 2011A, 5.250%, 1/01/39 – AGM Insured 
 
 
 
17,945 
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, 
No Opt. Call 
Baa2 
16,822,720 
 
 
General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured 
 
 
 
2,910 
 
McHenry County Community High School District 154, Marengo, Illinois, Capital 
No Opt. Call 
Aa2 
2,808,936 
 
 
Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured 
 
 
 
5,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BBB– 
5,158,000 
 
 
Bonds, Refunding Series 2012B, 5.000%, 6/15/52 (UB), (6) 
 
 
 
 
73

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 5,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/25 at 100.00 
BBB– 
$ 5,446,850 
 
 
Bonds, Series 2015A, 5.500%, 6/15/53 
 
 
 
2,030 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/27 at 100.00 
BBB– 
2,175,145 
 
 
Bonds, Series 2017A, 5.000%, 6/15/57 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Refunding Bonds, Series 2010A: 
 
 
 
3,790 
 
5.500%, 6/15/50 (Pre-refunded 6/15/20) 
6/20 at 100.00 
BBB– (4) 
3,951,113 
11,795 
 
5.500%, 6/15/50 
6/20 at 100.00 
Ba1 
11,994,689 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Capital Appreciation Refunding Series 2010B-1: 
 
 
 
33,000 
 
0.000%, 6/15/45 – AGM Insured 
No Opt. Call 
BBB– 
11,214,720 
5,355 
 
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
BBB– 
1,742,089 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Refunding Series 1996A: 
 
 
 
16,570 
 
0.000%, 12/15/20 – NPFG Insured 
No Opt. Call 
BBB– 
15,925,593 
5,010 
 
0.000%, 12/15/21 – NPFG Insured 
No Opt. Call 
Baa2 
4,687,206 
23,920 
 
0.000%, 12/15/22 – NPFG Insured 
No Opt. Call 
BBB– 
21,716,490 
13,350 
 
0.000%, 12/15/24 – NPFG Insured 
No Opt. Call 
BBB– 
11,356,845 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Refunding Series 1998A: 
 
 
 
4,340 
 
5.500%, 12/15/23 – FGIC Insured (Pre-refunded 6/15/22) 
No Opt. Call 
BBB– (4) 
4,681,775 
4,435 
 
5.500%, 12/15/23 – FGIC Insured 
No Opt. Call 
BBB– 
4,696,177 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Refunding Series 2010B-2: 
 
 
 
2,330 
 
5.000%, 6/15/50 
6/20 at 100.00 
BBB 
2,356,818 
8,000 
 
5.250%, 6/15/50 
6/20 at 100.00 
BBB 
8,113,760 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Series 2002A: 
 
 
 
1,420 
 
5.700%, 6/15/25 (Pre-refunded 6/15/22) 
6/22 at 101.00 
N/R (4) 
1,606,233 
5,080 
 
5.700%, 6/15/25 
6/22 at 101.00 
BBB– 
5,596,788 
8,000 
 
5.750%, 6/15/26 – NPFG Insured 
6/22 at 101.00 
BBB– 
8,816,160 
1,115 
 
5.750%, 6/15/27 
6/22 at 101.00 
BBB– 
1,225,842 
4,610 
 
5.750%, 6/15/27 (Pre-refunded 6/15/22) 
6/22 at 101.00 
N/R (4) 
5,221,563 
195 
 
0.000%, 6/15/30 (ETM) 
No Opt. Call 
N/R (4) 
150,885 
3,505 
 
0.000%, 6/15/30 
No Opt. Call 
BBB 
2,375,794 
28,000 
 
0.000%, 12/15/35 – AGM Insured 
No Opt. Call 
BBB– 
15,379,560 
3,280 
 
0.000%, 6/15/37 – NPFG Insured 
No Opt. Call 
BBB– 
1,614,974 
11,715 
 
0.000%, 12/15/38 – NPFG Insured 
No Opt. Call 
BBB– 
5,352,935 
9,760 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
AA+ (4) 
11,709,658 
 
 
Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) 
 
 
 
 
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A: 
 
 
 
2,685 
 
5.000%, 2/01/30 – AGM Insured 
2/20 at 100.00 
AA 
2,700,868 
2,080 
 
5.250%, 2/01/34 – AGM Insured 
2/20 at 100.00 
AA 
2,094,539 
17,865 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
A2 
20,050,604 
 
 
Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured 
 
 
 
2,300 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
3,048,466 
 
 
Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured 
 
 
 
4,125 
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial 
11/23 at 100.00 
N/R (4) 
5,164,624 
 
 
Group, Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) 
 
 
 
 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: 
 
 
 
2,250 
 
5.000%, 3/01/29 
3/25 at 100.00 
A3 
2,557,305 
7,000 
 
5.000%, 3/01/31 
3/25 at 100.00 
A3 
7,911,820 
2,685 
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility 
5/20 at 100.00 
AA 
2,770,464 
 
 
Series 2010A, 5.250%, 5/01/31 – AGM Insured 
 
 
 
 
74


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,000 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
Baa1 
$ 2,279,720 
 
 
6.250%, 10/01/38 
 
 
 
4,810 
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
A2 
4,342,757 
 
 
Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured 
 
 
 
 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General 
 
 
 
 
 
Obligation Bonds, Capital Appreciation Series 2004: 
 
 
 
780 
 
0.000%, 11/01/22 – NPFG Insured (ETM) 
No Opt. Call 
Baa2 (4) 
728,567 
2,550 
 
0.000%, 11/01/22 – NPFG Insured 
No Opt. Call 
Baa2 
2,343,705 
1,895 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, 
12/20 at 100.00 
A2 (4) 
2,058,292 
 
 
General Obligation Bonds, Series 2011, 7.250%, 12/01/28 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
897,425 
 
Total Illinois 
 
 
884,417,202 
 
 
Indiana – 3.7% (2.3% of Total Investments) 
 
 
 
6,000 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University 
10/24 at 100.00 
A3 
6,588,300 
 
 
Project, Series 2014, 5.000%, 10/01/44 
 
 
 
7,910 
 
Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health 
11/19 at 100.00 
Aa3 (4) 
8,051,984 
 
 
Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, 
 
 
 
 
 
Series 2012A: 
 
 
 
5,000 
 
4.000%, 5/01/35 
5/23 at 100.00 
A 
5,190,750 
5,420 
 
5.000%, 5/01/42 
5/23 at 100.00 
A 
5,869,697 
 
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation 
 
 
 
 
 
Group, Refunding 2015A: 
 
 
 
1,875 
 
4.000%, 12/01/40 
6/25 at 100.00 
AA 
1,973,194 
3,400 
 
5.000%, 12/01/40 
6/25 at 100.00 
AA 
3,799,092 
8,630 
 
Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana 
3/22 at 100.00 
AA– 
9,186,376 
 
 
Obligated Group, Series 2012, 5.000%, 3/01/41 
 
 
 
6,290 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 
12/19 at 100.00 
AA– (4) 
6,421,713 
 
 
2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19) 
 
 
 
2,500 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 
12/20 at 100.00 
AA– (4) 
2,626,075 
 
 
2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) 
 
 
 
10,000 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009A, 
12/19 at 100.00 
AA– (4) 
10,209,400 
 
 
5.250%, 12/01/38 (Pre-refunded 12/01/19) (UB), (6) 
 
 
 
11,000 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/26 at 100.00 
A 
12,563,760 
 
 
First Lien Green Series 2016A, 5.000%, 10/01/46 
 
 
 
5,000 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/21 at 100.00 
A2 
5,331,350 
 
 
Series 2011B, 5.000%, 10/01/41 
 
 
 
5,000 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/22 at 100.00 
A1 
5,466,650 
 
 
Series 2012A, 5.000%, 10/01/37 
 
 
 
13,215 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/24 at 100.00 
A 
14,878,504 
 
 
Series 2014A, 5.000%, 10/01/44 
 
 
 
5,130 
 
Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, 
10/26 at 100.00 
A+ 
5,859,281 
 
 
First Lien Series 2016A, 5.000%, 10/01/46 
 
 
 
4,320 
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. 
6/19 at 100.00 
N/R (4) 
4,331,318 
 
 
Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM) 
 
 
 
14,100 
 
Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 
7/26 at 100.00 
A+ 
16,128,567 
 
 
2016A, 5.000%, 1/01/42 
 
 
 
3,000 
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 
7/21 at 100.00 
A+ (4) 
3,219,360 
 
 
1/01/31 (Pre-refunded 7/01/21) 
 
 
 
 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
 
 
 
9,255 
 
0.000%, 2/01/25 – AMBAC Insured 
No Opt. Call 
AA 
8,114,414 
9,560 
 
0.000%, 2/01/26 – AMBAC Insured 
No Opt. Call 
AA– 
8,147,319 
 
75

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$ 1,580 
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 
No Opt. Call 
A2 
$ 1,286,610 
 
 
2005Z, 0.000%, 1/15/28 – AGM Insured 
 
 
 
138,185 
 
Total Indiana 
 
 
145,243,714 
 
 
Iowa – 2.3% (1.4% of Total Investments) 
 
 
 
4,000 
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 
6/20 at 100.00 
A2 (4) 
4,156,720 
 
 
6/15/36 (Pre-refunded 6/15/20) 
 
 
 
16,130 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
B– 
17,392,495 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
2,310 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
6/19 at 105.00 
B– 
2,427,995 
 
 
Company Project, Series 2016, 5.875%, 12/01/26, 144A 
 
 
 
2,690 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 105.00 
B+ 
2,884,675 
 
 
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/22) 
 
 
 
3,085 
 
Iowa Finance Authority, Senior Housing Revenue Bonds, Northcrest Inc. Project, Series 
3/24 at 103.00 
BB+ 
3,229,193 
 
 
2018A, 5.000%, 3/01/48 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
13,950 
 
5.375%, 6/01/38 
6/19 at 100.00 
B2 
13,811,895 
12,830 
 
5.500%, 6/01/42 
6/19 at 100.00 
B2 
12,701,700 
5,675 
 
5.625%, 6/01/46 
6/19 at 100.00 
B 
5,615,980 
16,100 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
6/19 at 100.00 
BB– 
16,011,611 
 
 
5.600%, 6/01/34 
 
 
 
 
 
Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note 
 
 
 
 
 
Series 2016: 
 
 
 
4,700 
 
5.000%, 12/01/36 
12/26 at 100.00 
BBB+ 
5,224,050 
5,990 
 
5.000%, 12/01/41 
12/26 at 100.00 
BBB+ 
6,583,669 
87,460 
 
Total Iowa 
 
 
90,039,983 
 
 
Kansas – 0.4% (0.3% of Total Investments) 
 
 
 
2,000 
 
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail 
11/22 at 100.00 
A2 
2,152,920 
 
 
Health Care Inc., Series 2013J, 5.000%, 11/15/38 
 
 
 
3,000 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health 
5/22 at 100.00 
AA 
3,257,130 
 
 
System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 
 
 
 
3,700 
 
Kansas Municipal Energy Agency, Power Project Revenue Bonds, Dogwood Project, Series 
4/26 at 100.00 
AA 
4,156,950 
 
 
2018A, 5.000%, 4/01/38 – BAM Insured 
 
 
 
5,270 
 
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, 
7/28 at 100.00 
A 
6,050,329 
 
 
5.000%, 7/01/43 
 
 
 
1,820 
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park 
6/19 at 100.00 
Ba3 
1,822,966 
 
 
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
15,790 
 
Total Kansas 
 
 
17,440,295 
 
 
Kentucky – 1.0% (0.7% of Total Investments) 
 
 
 
6,010 
 
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton 
No Opt. Call 
Baa2 
4,555,640 
 
 
Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured 
 
 
 
2,000 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist 
8/21 at 100.00 
Baa1 
2,108,040 
 
 
Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42 
 
 
 
1,300 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro 
6/27 at 100.00 
BB+ 
1,423,032 
 
 
Health, Refunding Series 2017A, 5.000%, 6/01/37 
 
 
 
4,525 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro 
6/20 at 100.00 
Baa3 (4) 
4,758,490 
 
 
Medical Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20) 
 
 
 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: 
 
 
 
5,000 
 
6.750%, 7/01/43, (5) 
7/31 at 100.00 
Baa3 
5,052,400 
8,610 
 
6.875%, 7/01/46, (5) 
7/31 at 100.00 
Baa3 
8,716,936 
 
76

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Kentucky (continued) 
 
 
 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Series 2013A: 
 
 
 
$ 2,655 
 
5.750%, 7/01/49 
7/23 at 100.00 
Baa3 
$ 2,897,348 
430 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
471,641 
4,630 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State 
6/21 at 100.00 
A– 
4,860,065 
 
 
Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31 
 
 
 
 
 
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health 
 
 
 
 
 
Initiatives, Series 2012A: 
 
 
 
2,980 
 
5.000%, 12/01/35 
6/22 at 100.00 
BBB+ 
3,175,220 
3,000 
 
5.000%, 12/01/35 
6/22 at 100.00 
N/R 
3,302,520 
41,140 
 
Total Kentucky 
 
 
41,321,332 
 
 
Louisiana – 3.0% (1.9% of Total Investments) 
 
 
 
7,715 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala 
7/23 at 100.00 
N/R 
8,239,929 
 
 
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
4,000 
 
Board of Commissioners of the Port of New Orleans, Louisiana, Port Facility Revenue 
4/28 at 100.00 
A2 
4,614,880 
 
 
Bonds, Refunding Series 2018A, 5.000%, 4/01/48 – AGM Insured 
 
 
 
670 
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson 
1/21 at 100.00 
A2 (4) 
717,047 
 
 
Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
1,870 
 
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue 
12/27 at 100.00 
A2 
2,189,097 
 
 
Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured 
 
 
 
5,000 
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun 
10/20 at 100.00 
AA (4) 
5,271,450 
 
 
Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded 
 
 
 
 
 
10/01/20) – AGM Insured 
 
 
 
1,695 
 
Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship 
7/26 at 100.00 
A3 
1,886,060 
 
 
Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 
 
 
 
 
 
5.000%, 7/01/46 
 
 
 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Refunding Series 2016: 
 
 
 
20 
 
4.000%, 5/15/35 (Pre-refunded 5/15/26) 
5/26 at 100.00 
N/R (4) 
22,796 
2,345 
 
4.000%, 5/15/36 
5/26 at 100.00 
A3 
2,458,357 
20 
 
5.000%, 5/15/47 (Pre-refunded 5/15/26) 
5/26 at 100.00 
N/R (4) 
24,109 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Refunding Series 2017: 
 
 
 
4,000 
 
5.000%, 5/15/42 
5/27 at 100.00 
A3 
4,510,120 
22,625 
 
5.000%, 5/15/46 
5/27 at 100.00 
A3 
25,451,767 
5,750 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
A3 (4) 
6,333,510 
 
 
Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 
 
 
 
1,975 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/25 at 100.00 
A3 
2,159,643 
 
 
Series 2015, 5.000%, 5/15/47 
 
 
 
13,590 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 
7/23 at 100.00 
A2 
14,991,537 
 
 
2013A, 5.000%, 7/01/36 
 
 
 
1,015 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series 
11/27 at 100.00 
AA– 
1,190,859 
 
 
2017C, 5.000%, 5/01/45 
 
 
 
5,000 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 
5/20 at 100.00 
AA– (4) 
5,168,000 
 
 
5/01/45 (Pre-refunded 5/01/20) 
 
 
 
12,000 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 
1/25 at 100.00 
A– 
13,347,240 
 
 
Project, Series 2015A, 5.000%, 1/01/45 
 
 
 
5,000 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 
1/27 at 100.00 
A– 
5,692,350 
 
 
Project, Series 2017A, 5.000%, 1/01/48 
 
 
 
6,280 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 
6/24 at 100.00 
A– 
6,755,270 
 
 
5.000%, 6/01/44 
 
 
 
1,355 
 
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 
12/25 at 100.00 
A– 
1,506,354 
 
 
5.000%, 12/01/40 
 
 
 
 
77

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 5,000 
 
St Tammany Parish Hospital District No 1, Louisiana, Hospital Revenue and Revenue 
7/28 at 100.00 
A+ 
$ 5,704,100 
 
 
Refunding Bonds, St Tammany Parish Hospital Project, Series 2018, 5.000%, 7/01/48 
 
 
 
106,925 
 
Total Louisiana 
 
 
118,234,475 
 
 
Maine – 0.6% (0.4% of Total Investments) 
 
 
 
7,000 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
7/23 at 100.00 
Ba1 
7,423,150 
 
 
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 
 
 
 
6,300 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
7/26 at 100.00 
Ba1 
6,860,007 
 
 
Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/41 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth 
 
 
 
 
 
Issue, Series 2018A: 
 
 
 
3,440 
 
5.000%, 7/01/43 
7/28 at 100.00 
A+ 
3,958,236 
2,935 
 
5.000%, 7/01/48 
7/28 at 100.00 
A+ 
3,363,363 
1,050 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General 
7/21 at 100.00 
Ba3 
1,134,567 
 
 
Medical Center, Series 2011, 6.750%, 7/01/41 
 
 
 
20,725 
 
Total Maine 
 
 
22,739,323 
 
 
Maryland – 1.3% (0.8% of Total Investments) 
 
 
 
 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
3,260 
 
5.000%, 9/01/35 
9/27 at 100.00 
BBB– 
3,691,591 
1,000 
 
5.000%, 9/01/39 
9/27 at 100.00 
BBB– 
1,120,580 
1,645 
 
5.000%, 9/01/46 
9/27 at 100.00 
BBB– 
1,815,636 
8,610 
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 
1/27 at 100.00 
A+ 
9,913,554 
 
 
5.000%, 7/01/41 
 
 
 
1,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy 
7/21 at 100.00 
BBB 
1,082,400 
 
 
Medical Center, Series 2011, 6.250%, 7/01/31 
 
 
 
3,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
7/22 at 100.00 
A– 
3,760,750 
 
 
of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 
 
 
 
4,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
1/28 at 100.00 
A– 
4,205,280 
 
 
of Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 
 
 
 
17,000 
 
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools 
5/28 at 100.00 
AA– 
19,856,340 
 
 
Construction & Revitalization Program, Series 2018A, 5.000%, 5/01/42 
 
 
 
2,000 
 
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 
6/25 at 100.00 
AA– 
2,251,380 
 
 
5.000%, 12/01/44 
 
 
 
1,150 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside 
11/24 at 103.00 
BB 
1,233,007 
 
 
King Farm Project, Series 2017A-1, 5.000%, 11/01/37 
 
 
 
2,100 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, 
11/24 at 103.00 
BB 
2,222,094 
 
 
5.000%, 11/01/42 
 
 
 
45,265 
 
Total Maryland 
 
 
51,152,612 
 
 
Massachusetts – 2.7% (1.7% of Total Investments) 
 
 
 
5,500 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
AA 
5,616,985 
 
 
Commonwealth Contract Assistance Secured, Series 2010B, 5.000%, 1/01/35 
 
 
 
14,375 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
A2 
14,667,244 
 
 
Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 
 
 
 
1,250 
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 
11/23 at 100.00 
A+ 
1,374,675 
 
 
Obligated Group, Series 2013, 5.250%, 11/15/41 
 
 
 
930 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/25 at 100.00 
BBB 
1,016,016 
 
 
Green Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
11,370 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 
10/26 at 100.00 
A+ 
13,068,223 
 
 
2016BB-1, 5.000%, 10/01/46 
 
 
 
3,630 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 
7/28 at 100.00 
Baa1 
4,091,917 
 
 
2018J-2, 5.000%, 7/01/53 
 
 
 
 
78


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Massachusetts (continued) 
 
 
 
$ 1,100 
 
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute 
12/26 at 100.00 
A1 
$ 1,254,506 
 
 
Issue, Series 2016N, 5.000%, 12/01/46 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: 
 
 
 
2,070 
 
4.500%, 1/01/45 
1/25 at 100.00 
Baa2 
2,170,954 
8,800 
 
5.000%, 1/01/45 
1/25 at 100.00 
Baa2 
9,608,896 
2,700 
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 
11/23 at 100.00 
A2 
2,991,330 
 
 
5.000%, 11/01/43 
 
 
 
4,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System 
1/28 at 100.00 
AA– 
4,332,320 
 
 
Issue, Series 2017S-1, 4.000%, 7/01/35 
 
 
 
1,725 
 
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, 
1/29 at 100.00 
BBB+ 
1,974,021 
 
 
5.000%, 7/01/44 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, 
 
 
 
 
 
Series 2015: 
 
 
 
1,380 
 
5.000%, 9/01/40 
9/25 at 100.00 
BBB 
1,519,256 
1,545 
 
5.000%, 9/01/45 
9/25 at 100.00 
BBB 
1,695,112 
3,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call 
AA– 
4,192,410 
 
 
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured 
 
 
 
4,500 
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners 
7/19 at 100.00 
AA– (4) 
4,525,110 
 
 
HealthCare System, Series 2010J-1, 5.000%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
3,335 
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners 
7/19 at 100.00 
Aa3 
3,390,828 
 
 
HealthCare System, Tender Option Trust 2015-XF0047, 9.073%, 7/01/34, 144A (IF) 
 
 
 
1,800 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts 
7/20 at 100.00 
N/R (4) 
1,875,870 
 
 
Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 (Pre-refunded 7/01/20) 
 
 
 
900 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 
7/21 at 100.00 
A3 
955,674 
 
 
2011A, 5.125%, 7/01/41 
 
 
 
6,840 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
5/23 at 100.00 
Aa2 
7,519,280 
 
 
Series 2013A, 5.000%, 5/15/43 
 
 
 
7,500 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender 
8/22 at 100.00 
Aa2 
9,113,325 
 
 
Option Bond Trust 2016-XF2223, 7.136%, 8/15/24, 144A (IF) 
 
 
 
8,050 
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking 
7/21 at 100.00 
A+ 
8,505,147 
 
 
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
500 
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding 
11/20 at 100.00 
A3 (4) 
526,080 
 
 
Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured 
 
 
 
96,800 
 
Total Massachusetts 
 
 
105,985,179 
 
 
Michigan – 5.6% (3.5% of Total Investments) 
 
 
 
5,335 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A2 
5,778,392 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
2,830 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 
No Opt. Call 
A3 
3,445,949 
 
 
5.500%, 7/01/29 – NPFG Insured 
 
 
 
10,000 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 
7/21 at 100.00 
A2 
10,633,900 
 
 
5.250%, 7/01/41 
 
 
 
3,500 
 
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – 
3/28 at 100.00 
A2 
3,690,540 
 
 
AGM Insured 
 
 
 
 
 
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General 
 
 
 
 
 
Obligation Bonds, Devos Place Project, Series 2001: 
 
 
 
7,660 
 
0.000%, 12/01/21 
No Opt. Call 
AAA 
7,304,806 
7,955 
 
0.000%, 12/01/22 
No Opt. Call 
AAA 
7,445,323 
8,260 
 
0.000%, 12/01/23 
No Opt. Call 
AAA 
7,574,915 
8,575 
 
0.000%, 12/01/24 
No Opt. Call 
AAA 
7,691,861 
10,000 
 
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien 
7/26 at 100.00 
A2 
11,624,500 
 
 
Series 2016C, 5.000%, 7/01/35 
 
 
 
 
79

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan (continued) 
 
 
 
$ 27,960 
 
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 
7/26 at 100.00 
A2 
$ 31,996,026 
 
 
2016A, 5.000%, 7/01/46 
 
 
 
 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, 
 
 
 
 
 
Bronson Methodist Hospital, Remarketed Series 2006: 
 
 
 
895 
 
5.250%, 5/15/36 – AGM Insured 
5/20 at 100.00 
A2 
920,561 
1,105 
 
5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured 
5/20 at 100.00 
A2 (4) 
1,145,222 
8,815 
 
Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 
11/29 at 100.00 
A 
9,252,048 
 
 
2019A, 4.000%, 11/15/50 (WI/DD, Settling 5/02/19) 
 
 
 
405 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
A2 
451,875 
 
 
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 
 
 
 
 
 
5.000%, 7/01/37 – AGM Insured 
 
 
 
1,300 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/22 at 100.00 
A+ 
1,390,974 
 
 
Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 
 
 
 
7,000 
 
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
6/26 at 100.00 
AA– 
7,954,450 
 
 
Refunding Series 2016MI, 5.000%, 12/01/45 
 
 
 
12,520 
 
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
12/27 at 100.00 
AA– 
13,516,341 
 
 
Refunding Series 2017A-MI, 4.000%, 12/01/36 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding 
 
 
 
 
 
Series 2011MI: 
 
 
 
35 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (4) 
37,941 
9,965 
 
5.000%, 12/01/39 
12/21 at 100.00 
AA– 
10,656,272 
3,000 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
6/22 at 100.00 
AA– 
3,243,900 
 
 
2015MI, 5.000%, 12/01/31 
 
 
 
10,330 
 
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit 
11/26 at 100.00 
AA+ 
10,869,123 
 
 
Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 
 
 
 
1,315 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 
1/22 at 100.00 
BBB 
1,380,290 
 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding 
 
 
 
 
 
Series 2015-I: 
 
 
 
17,000 
 
5.000%, 4/15/31 
10/25 at 100.00 
AA– 
19,893,910 
1,615 
 
5.000%, 4/15/38 
10/25 at 100.00 
AA– 
1,863,645 
11,345 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health 
11/19 at 100.00 
N/R (4) 
11,594,590 
 
 
System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
2,000 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, 
6/22 at 100.00 
AA– 
2,125,740 
 
 
Series 2009C, 5.000%, 12/01/48 
 
 
 
4,575 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
5/19 at 100.00 
B2 
4,540,733 
 
 
Bonds, Series 2008A, 6.875%, 6/01/42 
 
 
 
4,790 
 
Mona Shores Public Schools, Muskegon County, Michigan, General Obligation Bonds, School 
5/29 at 100.00 
Aa1 
5,598,217 
 
 
Building & Site Series 2019I, 5.000%, 5/01/48 
 
 
 
5,780 
 
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 
3/22 at 100.00 
A1 
6,133,158 
2,500 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
8/19 at 100.00 
N/R (4) 
2,528,850 
 
 
Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29 (Pre-refunded 8/01/19) 
 
 
 
2,200 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
12/25 at 100.00 
A 
2,494,888 
 
 
County Airport, Series 2015D, 5.000%, 12/01/45 
 
 
 
5,000 
 
Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/43 
11/28 at 100.00 
A+ 
5,809,650 
205,565 
 
Total Michigan 
 
 
220,588,590 
 
 
Minnesota – 2.3% (1.4% of Total Investments) 
 
 
 
285 
 
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory 
8/26 at 100.00 
BB+ 
284,632 
 
 
Academy, Refunding Series 2016A, 4.000%, 8/01/36 
 
 
 
4,005 
 
City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, 
10/24 at 102.00 
N/R 
4,152,905 
 
 
Series 2016, 5.000%, 10/01/41 
 
 
 
 
80

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Minnesota (continued) 
 
 
 
 
 
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, 
 
 
 
 
 
Walker Highview Hills LLC Project, Refunding Series 2016A: 
 
 
 
$ 2,130 
 
3.500%, 8/01/25, 144A 
8/22 at 100.00 
N/R 
$ 2,142,950 
1,000 
 
5.000%, 8/01/46, 144A 
8/22 at 100.00 
N/R 
1,025,820 
 
 
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
 
 
 
 
 
Essentia Health Obligated Group, Series 2018A: 
 
 
 
3,000 
 
5.000%, 2/15/48 
2/28 at 100.00 
A– 
3,406,170 
11,000 
 
5.000%, 2/15/53 
2/28 at 100.00 
A– 
12,383,030 
5,240 
 
5.250%, 2/15/53 
2/28 at 100.00 
A– 
6,015,101 
9,840 
 
Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, 
2/27 at 100.00 
AAA 
10,527,324 
 
 
School Building Series 2018A, 4.000%, 2/01/41 
 
 
 
2,800 
 
Itasca County Independent School District 318, Minnesota, General Obligation Bonds, 
2/27 at 100.00 
AAA 
3,040,240 
 
 
Series 2018A, 4.000%, 2/01/37 
 
 
 
 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, 
 
 
 
 
 
Series 2018A: 
 
 
 
2,530 
 
4.000%, 11/15/48 
11/28 at 100.00 
A2 
2,659,435 
3,395 
 
5.000%, 11/15/49 
11/28 at 100.00 
A2 
3,913,518 
 
 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
 
 
 
 
 
Senior Lien Series 2016C: 
 
 
 
3,500 
 
5.000%, 1/01/41 
1/27 at 100.00 
AA– 
4,066,650 
5,000 
 
5.000%, 1/01/46 
1/27 at 100.00 
AA– 
5,783,900 
2,855 
 
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 
12/26 at 100.00 
Aa3 
3,301,294 
 
 
12/01/47 
 
 
 
4,000 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 
5/29 at 100.00 
A2 
4,252,800 
 
 
2019, 4.000%, 5/01/49 
 
 
 
4,170 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
9/24 at 102.00 
BBB– 
4,182,927 
 
 
Bonds, Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 
 
 
 
3,000 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 
7/25 at 100.00 
A2 
3,441,720 
 
 
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/30 
 
 
 
 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, 
 
 
 
 
 
Fairview Health Services, Series 2017A: 
 
 
 
595 
 
4.000%, 11/15/35 
11/27 at 100.00 
A2 
641,166 
1,470 
 
4.000%, 11/15/43 
11/27 at 100.00 
A2 
1,557,024 
850 
 
Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC 
9/27 at 100.00 
N/R 
922,845 
 
 
Project, Refunding Series 2017, 5.000%, 9/01/42 
 
 
 
 
 
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, 
 
 
 
 
 
HealthEast Inc., Series 2015A: 
 
 
 
550 
 
5.250%, 11/15/35 (Pre-refunded 11/15/20) 
11/20 at 100.00 
N/R (4) 
579,909 
3,595 
 
5.000%, 11/15/40 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (4) 
4,289,123 
5,315 
 
5.000%, 11/15/44 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (4) 
6,341,220 
80,125 
 
Total Minnesota 
 
 
88,911,703 
 
 
Mississippi – 0.3% (0.2% of Total Investments) 
 
 
 
11,465 
 
Medical Center Educational Building Corporation, Mississippi, Revenue Bonds, University 
6/27 at 100.00 
Aa2 
12,114,951 
 
 
of Mississippi Medical Center New Facilities & Refinancing Project, Series 2017A, 
 
 
 
 
 
4.000%, 6/01/47 
 
 
 
 
 
Missouri – 3.7% (2.3% of Total Investments) 
 
 
 
2,585 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/22 at 100.00 
Aa2 
2,836,391 
 
 
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 
 
 
 
 
 
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
2,470 
 
4.000%, 8/01/33 
8/26 at 100.00 
Baa2 
2,523,278 
4,590 
 
5.000%, 8/01/35 
8/26 at 100.00 
Baa2 
4,950,407 
640 
 
4.000%, 8/01/38 
8/26 at 100.00 
Baa2 
644,806 
 
81

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
 
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
 
 
 
 
 
Hannibal Regional Healthcare System, Series 2017: 
 
 
 
$ 2,860 
 
5.000%, 10/01/42 
10/27 at 100.00 
BBB+ 
$ 3,229,884 
1,000 
 
5.000%, 10/01/47 
10/27 at 100.00 
BBB+ 
1,126,900 
 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, 
 
 
 
 
 
Series 2004B-1: 
 
 
 
8,150 
 
0.000%, 4/15/27 – AMBAC Insured 
No Opt. Call 
A1 
6,613,725 
5,000 
 
0.000%, 4/15/31 – AMBAC Insured 
No Opt. Call 
A1 
3,482,300 
 
 
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A: 
 
 
 
2,475 
 
4.000%, 1/01/38 
1/28 at 100.00 
AA 
2,672,604 
4,470 
 
4.000%, 1/01/42 
1/28 at 100.00 
AA 
4,745,039 
315 
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson 
No Opt. Call 
A3 
321,061 
 
 
Landing Project, Series 2005A, 6.000%, 6/01/20 
 
 
 
1,350 
 
Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, 
5/26 at 100.00 
A+ 
1,540,850 
 
 
Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/35 
 
 
 
1,400 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
6/27 at 100.00 
A1 
1,596,476 
 
 
Bonds, Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/42 
 
 
 
11,985 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
5/23 at 100.00 
BBB 
12,910,362 
 
 
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
3,665 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
1/25 at 100.00 
AA 
3,834,763 
 
 
BJC Health System, Series 2015A, 4.000%, 1/01/45 
 
 
 
1,500 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
7/26 at 100.00 
AA 
1,580,460 
 
 
BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory 
 
 
 
 
 
Put 1/01/46) 
 
 
 
14,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
1/28 at 100.00 
AA 
14,625,940 
 
 
BJC Health System, Variable Rate Demand Obligation Series 2018D, 4.000%, 1/01/58 (Mandatory 
 
 
 
 
 
Put 1/01/48) (UB), (6) 
 
 
 
17,300 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
18,690,055 
 
 
CoxHealth, Series 2013A, 5.000%, 11/15/48 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
CoxHealth, Series 2019A: 
 
 
 
3,780 
 
4.000%, 11/15/44 
5/29 at 100.00 
A2 
4,007,707 
4,220 
 
4.000%, 11/15/49 
5/29 at 100.00 
A2 
4,450,412 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
Mercy Health, Series 2017C: 
 
 
 
2,220 
 
5.000%, 11/15/42 
11/27 at 100.00 
AA– 
2,567,918 
2,250 
 
5.000%, 11/15/47 
11/27 at 100.00 
AA– 
2,594,993 
3,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
6/24 at 100.00 
A+ 
3,137,400 
 
 
SSM Health Care, Series 2014A, 4.000%, 6/01/33 
 
 
 
10,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy 
5/25 at 102.00 
A+ 
10,313,300 
 
 
Hospital, Series 2017A, 4.000%, 5/15/42 
 
 
 
4,155 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/24 at 100.00 
BBB 
4,443,814 
 
 
Services Projects, Series 2014A, 5.000%, 2/01/35 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
 
 
 
 
 
Services Projects, Series 2016A: 
 
 
 
1,900 
 
5.000%, 2/01/36 
2/26 at 100.00 
BBB 
2,069,442 
2,550 
 
5.000%, 2/01/46 
2/26 at 100.00 
BBB 
2,744,616 
335 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis 
4/29 at 100.00 
A1 
355,659 
 
 
University, Series 2019A, 4.000%, 10/01/48 
 
 
 
7,085 
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, 
6/26 at 100.00 
A2 
8,185,796 
 
 
Prairie State Power Project, Refunding Series 2016A, 5.000%, 12/01/34 
 
 
 
 
82


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
 
 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
 
 
 
 
 
Participation, Refunding Series 2016C: 
 
 
 
$ 1,675 
 
4.000%, 12/01/31 
12/25 at 100.00 
AA+ 
$ 1,810,424 
2,535 
 
5.000%, 12/01/32 
12/25 at 100.00 
AA+ 
2,967,826 
220 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/23 at 100.00 
BB+ 
239,063 
 
 
Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
7,250 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/25 at 103.00 
BB+ 
7,861,537 
 
 
Village Saint Louis Obligated Group, Series 2018A, 5.250%, 9/01/53 
 
 
 
138,930 
 
Total Missouri 
 
 
145,675,208 
 
 
Montana – 0.4% (0.3% of Total Investments) 
 
 
 
1,475 
 
Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran 
5/25 at 102.00 
N/R 
1,541,803 
 
 
Corporation, Series 2017A, 5.250%, 5/15/47 
 
 
 
3,310 
 
Montana Facilities Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman 
6/28 at 100.00 
A 
3,817,919 
 
 
Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 
 
 
 
4,965 
 
Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell 
7/28 at 100.00 
BBB 
5,522,420 
 
 
Regional Medical Center, Series 2018B, 5.000%, 7/01/48 
 
 
 
2,580 
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits Health System 
2/27 at 100.00 
A+ 
2,895,070 
 
 
Obligated Group, Refunding Series 2016, 5.000%, 2/15/41 
 
 
 
1,825 
 
Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, 
8/28 at 100.00 
AA– 
2,137,422 
 
 
Series 2018A, 5.000%, 8/15/48 
 
 
 
14,155 
 
Total Montana 
 
 
15,914,634 
 
 
Nebraska – 0.8% (0.5% of Total Investments) 
 
 
 
2,620 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
A 
2,838,456 
 
 
5.000%, 9/01/42 
 
 
 
3,000 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, 
5/27 at 100.00 
A1 
3,401,670 
 
 
Children’s Hospital Obligated Group, Series 2017, 5.000%, 11/15/47 
 
 
 
 
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
 
 
 
 
 
Methodist Health System, Refunding Series 2015: 
 
 
 
3,500 
 
5.000%, 11/01/45 
11/25 at 100.00 
A– 
3,816,435 
1,400 
 
5.000%, 11/01/48 
11/25 at 100.00 
A– 
1,523,172 
2,280 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, 
11/21 at 100.00 
A– 
2,396,348 
 
 
Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
 
 
 
4,000 
 
Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 
9/22 at 100.00 
AA 
4,374,480 
 
 
Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional 
 
 
 
 
 
Health Services Project, Refunding Series 2017A: 
 
 
 
2,150 
 
5.000%, 7/01/29 
7/27 at 100.00 
BBB 
2,484,626 
2,000 
 
5.000%, 7/01/30 
7/27 at 100.00 
BBB 
2,295,240 
 
 
Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional 
 
 
 
 
 
Health Services Project, Series 2018: 
 
 
 
1,000 
 
5.000%, 7/01/32 
7/25 at 100.00 
BBB 
1,104,000 
820 
 
5.000%, 7/01/33 
7/25 at 100.00 
BBB 
902,705 
2,000 
 
5.000%, 7/01/34 
7/25 at 100.00 
BBB 
2,196,540 
5,110 
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 
10/26 at 100.00 
A 
5,906,751 
 
 
2016A, 5.000%, 4/01/38 
 
 
 
29,880 
 
Total Nebraska 
 
 
33,240,423 
 
 
Nevada – 5.2% (3.3% of Total Investments) 
 
 
 
6,030 
 
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, 
9/27 at 100.00 
BBB+ 
6,659,411 
 
 
Series 2017A, 5.000%, 9/01/47 
 
 
 
2,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 
7/19 at 100.00 
Aa3 
2,010,700 
 
 
7/01/26 – AGM Insured 
 
 
 
 
83

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nevada (continued) 
 
 
 
$ 27,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 
1/20 at 100.00 
A+ 
$ 27,670,950 
 
 
5.750%, 7/01/42 
 
 
 
 
 
Clark County, Nevada, General Obligation Bonds, Limited Tax Bond Bank Additionally 
 
 
 
 
 
Secured by Pledged Revenues, Refunding Series 2009: 
 
 
 
3,520 
 
5.000%, 6/01/27 
6/19 at 100.00 
AA+ 
3,529,258 
3,695 
 
5.000%, 6/01/28 
6/19 at 100.00 
AA+ 
3,704,681 
3,880 
 
5.000%, 6/01/29 
6/19 at 100.00 
AA+ 
3,889,972 
7,525 
 
Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax 
6/28 at 100.00 
AA+ 
8,817,193 
 
 
Additionally Secured by Pledged Revenues, Series 2018A, 5.000%, 5/01/48 
 
 
 
 
 
Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B: 
 
 
 
4,915 
 
5.000%, 7/01/25 
1/20 at 100.00 
AA+ 
5,023,179 
4,160 
 
5.000%, 7/01/26 
1/20 at 100.00 
AA+ 
4,251,270 
 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
 
 
 
 
 
International Airport, Series 2010A: 
 
 
 
12,265 
 
5.250%, 7/01/39 – AGM Insured 
1/20 at 100.00 
Aa3 
12,516,432 
35,860 
 
5.250%, 7/01/42 
1/20 at 100.00 
A+ 
36,573,255 
365 
 
Director of the State of Nevada Department of Business and Industry, Charter School 
12/25 at 100.00 
BB 
384,725 
 
 
Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A 
 
 
 
 
 
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, 
 
 
 
 
 
Refunding Series 2016: 
 
 
 
2,300 
 
4.000%, 9/01/26 
No Opt. Call 
N/R 
2,373,692 
1,525 
 
4.000%, 9/01/27 
9/26 at 100.00 
N/R 
1,552,115 
2,660 
 
4.000%, 9/01/29 
9/26 at 100.00 
N/R 
2,678,381 
2,920 
 
4.000%, 9/01/30 
9/26 at 100.00 
N/R 
2,929,081 
10,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 
6/21 at 100.00 
AA+ 
10,592,600 
 
 
2011C, 5.000%, 6/01/38 
 
 
 
 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2015: 
 
 
 
5,000 
 
5.000%, 6/01/32 
12/24 at 100.00 
AA+ 
5,749,150 
10,000 
 
5.000%, 6/01/33 
12/24 at 100.00 
AA+ 
11,485,200 
6,620 
 
5.000%, 6/01/39 
12/24 at 100.00 
AA+ 
7,563,019 
11,915 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 
12/24 at 100.00 
AA+ 
13,612,292 
 
 
2015, 5.000%, 6/01/39 (UB), (6) 
 
 
 
 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond 
 
 
 
 
 
Trust 2015-XF0233: 
 
 
 
3,995 
 
11.544%, 6/01/39, 144A (IF), (6) 
12/24 at 100.00 
Aa1 
6,269,913 
1,000 
 
11.754%, 6/01/39, 144A (IF), (6) 
12/24 at 100.00 
Aa1 
1,569,790 
1,250 
 
11.651%, 6/01/39, 144A (IF), (6) 
12/24 at 100.00 
Aa1 
1,962,237 
1,250 
 
11.651%, 6/01/39, 144A (IF), (6) 
12/24 at 100.00 
Aa1 
1,962,238 
2,500 
 
11.651%, 6/01/39, 144A (IF), (6) 
12/24 at 100.00 
Aa1 
3,924,475 
4,100 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 
6/22 at 100.00 
AA+ 
4,430,788 
 
 
5.000%, 6/01/42 
 
 
 
 
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors 
 
 
 
 
 
Authority, Refunding Series 2011: 
 
 
 
395 
 
5.000%, 7/01/32 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (4) 
423,006 
530 
 
5.000%, 7/01/32 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (4) 
567,577 
7,615 
 
5.000%, 7/01/32 
7/21 at 100.00 
Aa2 
8,118,808 
186,790 
 
Total Nevada 
 
 
202,795,388 
 
 
New Hampshire – 0.4% (0.2% of Total Investments) 
 
 
 
8,000 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated 
10/19 at 100.00 
Baa1 (4) 
8,148,240 
 
 
Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
1,500 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord 
10/27 at 100.00 
A2 
1,704,540 
 
 
Hospital, Series 2017, 5.000%, 10/01/47 
 
 
 
 
84


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Hampshire (continued) 
 
 
 
 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, 
 
 
 
 
 
Dartmouth-Hitchcock Obligated Group, Series 2018A: 
 
 
 
$ 1,115 
 
5.000%, 8/01/36 
2/28 at 100.00 
A 
$ 1,306,278 
2,935 
 
5.000%, 8/01/37 
2/28 at 100.00 
A 
3,426,965 
13,550 
 
Total New Hampshire 
 
 
14,586,023 
 
 
New Jersey – 6.0% (3.8% of Total Investments) 
 
 
 
20,890 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
12/26 at 100.00 
BBB+ 
24,149,049 
 
 
Refunding Series 2016BBB, 5.500%, 6/15/30 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Series 2014UU: 
 
 
 
5,515 
 
5.000%, 6/15/30 
6/24 at 100.00 
BBB+ 
5,967,175 
5,000 
 
5.000%, 6/15/40 
6/24 at 100.00 
BBB+ 
5,319,650 
1,005 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/27 at 100.00 
BBB+ 
1,090,063 
 
 
2017DDD, 5.000%, 6/15/42 
 
 
 
6,975 
 
New Jersey Economic Development Authority, School Facilities Construction Financing 
3/21 at 100.00 
BBB+ 
7,289,921 
 
 
Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 
 
 
 
10,600 
 
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit 
No Opt. Call 
BBB+ 
12,135,304 
 
 
Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 
 
 
 
6,000 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, 
6/27 at 100.00 
A2 
6,791,460 
 
 
Refunding Series 2017, 5.000%, 6/01/42 – AGM Insured 
 
 
 
2,020 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
6/19 at 100.00 
BB+ 
2,025,939 
 
 
Peters University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
2,500 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack 
7/27 at 100.00 
AA– 
2,922,600 
 
 
Meridian Health Obligated Group, Refunding Series 2017A, 5.000%, 7/01/37 
 
 
 
720 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood 
7/23 at 100.00 
A1 
807,408 
 
 
Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 
 
 
 
10,970 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas 
7/26 at 100.00 
A1 
12,588,843 
 
 
Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 
 
 
 
695 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University 
7/25 at 100.00 
AA 
769,594 
 
 
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue 
 
 
 
 
 
Notes, Series 2016A-1: 
 
 
 
3,050 
 
5.000%, 6/15/28 
6/26 at 100.00 
Baa1 
3,516,345 
7,795 
 
5.000%, 6/15/29 
6/26 at 100.00 
Baa1 
8,940,631 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
 
 
 
 
 
Appreciation Series 2010A: 
 
 
 
5,000 
 
0.000%, 12/15/26 
No Opt. Call 
BBB+ 
3,948,650 
16,495 
 
0.000%, 12/15/33 
No Opt. Call 
BBB+ 
9,589,368 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
 
 
 
 
 
Series 2006C: 
 
 
 
1,815 
 
0.000%, 12/15/26 – BHAC Insured 
No Opt. Call 
AA+ 
1,498,319 
10,000 
 
0.000%, 12/15/30 – FGIC Insured 
No Opt. Call 
A– 
6,766,000 
38,000 
 
0.000%, 12/15/33 – AGM Insured 
No Opt. Call 
A– 
22,735,020 
45,000 
 
0.000%, 12/15/35 – AMBAC Insured 
No Opt. Call 
BBB+ 
23,884,650 
10,000 
 
0.000%, 12/15/36 – AMBAC Insured 
No Opt. Call 
BBB+ 
5,058,600 
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
BBB+ 
5,606,900 
 
 
2010D, 5.000%, 12/15/23 
 
 
 
2,310 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
6/21 at 100.00 
BBB+ 
2,442,317 
 
 
2011B, 5.500%, 6/15/31 
 
 
 
1,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
6/22 at 100.00 
A– 
1,046,360 
 
 
2012A, 5.000%, 6/15/42 
 
 
 
 
85

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 
 
 
 
 
 
Series 2013AA: 
 
 
 
$ 5,500 
 
5.000%, 6/15/29 
6/23 at 100.00 
BBB+ 
$ 5,955,180 
7,500 
 
5.500%, 6/15/39 
6/23 at 100.00 
BBB+ 
8,061,825 
14,000 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – 
No Opt. Call 
A2 
16,931,880 
 
 
AGM Insured 
 
 
 
1,160 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 
1/28 at 100.00 
A2 
1,267,637 
 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: 
 
 
 
810 
 
11.030%, 1/01/43, 144A (Pre-refunded 7/01/22) (IF), (6) 
7/22 at 100.00 
N/R (4) 
1,125,965 
505 
 
11.030%, 1/01/43, 144A (IF), (6) 
7/22 at 100.00 
A 
701,990 
1,500 
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G, 4.000%, 1/01/33 
1/28 at 100.00 
A2 
1,644,570 
3,000 
 
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 
No Opt. Call 
Aa2 
2,623,470 
 
 
9/01/25 – NPFG Insured 
 
 
 
 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L: 
 
 
 
2,000 
 
5.000%, 5/01/38 
5/23 at 100.00 
A+ 
2,215,440 
910 
 
5.000%, 5/01/43 
5/23 at 100.00 
A+ 
1,006,915 
15,235 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BBB+ 
17,066,704 
 
 
Bonds, Series 2018A, 5.250%, 6/01/46 
 
 
 
2,615 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BBB 
2,731,315 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
273,090 
 
Total New Jersey 
 
 
238,223,057 
 
 
New York – 6.7% (4.2% of Total Investments) 
 
 
 
7,000 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
No Opt. Call 
BBB– 
2,476,040 
 
 
Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 
 
 
 
3,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 
4/21 at 100.00 
AAA 
3,175,020 
 
 
2011A, 5.000%, 10/01/41 
 
 
 
7,435 
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, 
7/20 at 100.00 
A2 (4) 
7,774,036 
 
 
Series 2010, 5.500%, 7/01/43 (Pre-refunded 7/01/20) – AGM Insured 
 
 
 
12,830 
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, 
7/25 at 100.00 
A– 
14,281,714 
 
 
Series 2015A, 5.000%, 7/01/50 
 
 
 
3,200 
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/22 at 100.00 
AA– 
3,492,864 
 
 
2012A, 5.000%, 7/01/42 
 
 
 
4,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/23 at 100.00 
AA– 
4,460,320 
 
 
2013A, 5.000%, 7/01/43 
 
 
 
1,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical 
6/27 at 100.00 
BBB– 
1,146,180 
 
 
Center Obligated Group, Series 2017, 5.000%, 12/01/33, 144A 
 
 
 
14,075 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
2/25 at 100.00 
AA+ 
16,117,986 
 
 
General Purpose Series 2015B Group C, 5.000%, 2/15/36 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
445 
 
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa2 (4) 
474,130 
9,670 
 
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
10,233,568 
1,295 
 
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
1,382,853 
2,105 
 
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa2 (4) 
2,261,254 
10,000 
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, 
No Opt. Call 
A 
12,840,800 
 
 
Series 2005, 5.250%, 10/01/35 
 
 
 
 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, 
 
 
 
 
 
Series 2014A: 
 
 
 
1,045 
 
4.000%, 9/01/39 – AGM Insured 
9/24 at 100.00 
A– 
1,095,265 
780 
 
5.000%, 9/01/44 
9/24 at 100.00 
A– 
865,277 
5,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/28 at 100.00 
A– 
5,985,450 
 
 
2018, 5.000%, 9/01/37 
 
 
 
 
86


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 7,240 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
A– (4) 
$ 7,733,768 
 
 
5.000%, 5/01/38 (Pre-refunded 5/01/21) 
 
 
 
15,100 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 
9/22 at 100.00 
A– 
16,328,385 
 
 
5.000%, 9/01/42 
 
 
 
3,500 
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
AA 
3,756,025 
 
 
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/30 
 
 
 
1,000 
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University 
7/23 at 100.00 
AA– (4) 
1,139,440 
 
 
of Rochester Project, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/23) 
 
 
 
2,100 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System 
12/20 at 100.00 
AA+ 
2,217,012 
 
 
Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 
 
 
 
7,225 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/23 at 100.00 
AA+ 
8,001,182 
 
 
General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 
 
 
 
5,000 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/27 at 100.00 
AA+ 
5,917,800 
 
 
General Resolution Revenue Bonds, Fiscal 2017 Series EE, 5.000%, 6/15/37 
 
 
 
3,500 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/27 at 100.00 
AA 
3,820,635 
 
 
Fiscal 2018, Series 2017S-1, 4.000%, 7/15/36 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/23 at 100.00 
Aa1 
5,550,950 
 
 
Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/28 at 100.00 
Aa1 
5,931,550 
 
 
Subordinate Fiscal 2018 Series C-3, 5.000%, 5/01/41 
 
 
 
10,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
8/28 at 100.00 
Aa1 
11,922,500 
 
 
Subordinate Fiscal 2019 Series A-1, 5.000%, 8/01/40 
 
 
 
2,060 
 
New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 
12/26 at 100.00 
AA 
2,395,100 
 
 
5.000%, 12/01/41 
 
 
 
10 
 
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 
6/19 at 100.00 
AA 
10,032 
5 
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 
6/19 at 100.00 
AA 
5,020 
23,920 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
25,761,122 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
6,385 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A 
7,000,322 
 
 
Center Project, Series 2011, 5.750%, 11/15/51 
 
 
 
4,045 
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking 
6/22 at 100.00 
AAA 
5,287,381 
 
 
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority 
 
 
 
 
 
Projects, Tender Option Bond Trust, 9.228%, 6/15/26, 144A (IF), (6) 
 
 
 
10,000 
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, 
1/26 at 100.00 
A– 
11,420,200 
 
 
Series 2016A, 5.250%, 1/01/56 
 
 
 
2,105 
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital 
7/22 at 100.00 
N/R (4) 
2,322,152 
 
 
Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
3,925 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
12/23 at 100.00 
AA– 
4,423,083 
 
 
Seventy Ninth Series 2013, 5.000%, 12/01/38 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
8,550 
 
5.500%, 12/01/31 
12/20 at 100.00 
BBB+ 
9,023,755 
3,710 
 
6.000%, 12/01/42 
12/20 at 100.00 
BBB+ 
3,926,961 
9,950 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
No Opt. Call 
AA– 
11,169,074 
 
 
Refunding Bonds, Tender Option Bond Trust 2016-XL0003, 5.145%, 11/15/21, 144A (IF), (6) 
 
 
 
5,000 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
5/25 at 100.00 
AA– 
5,677,200 
 
 
Refunding Series 2015A, 5.000%, 11/15/50 
 
 
 
 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
 
 
 
 
 
Refunding Subordinate Lien Series 2013A: 
 
 
 
10,725 
 
0.000%, 11/15/31 
No Opt. Call 
A+ 
7,419,984 
1,105 
 
0.000%, 11/15/32 
No Opt. Call 
A+ 
734,814 
 
87

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 5,000 
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 
6/27 at 100.00 
B+ 
$ 4,907,600 
244,040 
 
Total New York 
 
 
261,865,804 
 
 
North Carolina – 1.0% (0.6% of Total Investments) 
 
 
 
3,555 
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond 
7/20 at 100.00 
AAA 
3,936,665 
 
 
Trust 2016-XL0012, 9.278%, 7/01/38, 144A (IF), (6) 
 
 
 
1,000 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/21 at 100.00 
AA– 
1,053,130 
 
 
Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 
 
 
 
3,440 
 
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical 
10/27 at 100.00 
A+ 
3,919,983 
 
 
Center, Series 2017, 5.000%, 10/01/47 
 
 
 
9,485 
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University 
10/25 at 100.00 
AA+ 
10,790,041 
 
 
Project, Refunding Series 2015B, 5.000%, 10/01/55 (UB), (6) 
 
 
 
2,720 
 
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue 
10/24 at 102.00 
N/R 
2,894,733 
 
 
Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 
 
 
 
3,560 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke 
6/19 at 100.00 
N/R (4) 
3,569,505 
 
 
University Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) 
 
 
 
5,000 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke 
6/22 at 100.00 
AA 
5,415,850 
 
 
University Health System, Series 2012A, 5.000%, 6/01/42 
 
 
 
1,455 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant 
6/22 at 100.00 
A+ 
1,562,946 
 
 
Health, Refunding Series 2012A, 5.000%, 6/01/36 
 
 
 
 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
 
 
 
 
 
Refunding Series 2012A: 
 
 
 
3,300 
 
5.000%, 10/01/31 
10/22 at 100.00 
A2 
3,600,399 
1,500 
 
5.000%, 10/01/38 
10/22 at 100.00 
A2 
1,622,145 
35,015 
 
Total North Carolina 
 
 
38,365,397 
 
 
North Dakota – 0.9% (0.6% of Total Investments) 
 
 
 
5,080 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/22 at 100.00 
N/R (4) 
5,503,164 
 
 
Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22) 
 
 
 
 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding 
 
 
 
 
 
Series 2011: 
 
 
 
1,500 
 
6.000%, 11/01/28 
11/21 at 100.00 
A+ 
1,661,025 
3,910 
 
6.250%, 11/01/31 
11/21 at 100.00 
A+ 
4,346,434 
1,015 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 
12/21 at 100.00 
Baa1 
1,072,632 
 
 
Obligated Group, Series 2012, 5.000%, 12/01/35 
 
 
 
4,635 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 
12/27 at 100.00 
Baa1 
5,233,101 
 
 
Obligated Group, Series 2017A, 5.000%, 12/01/42 
 
 
 
900 
 
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley 
12/26 at 100.00 
N/R 
936,810 
 
 
Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
500 
 
Grand Forks, North Dakota, Senior Housing and Nursing Facilities Revenue Bonds, Valley 
No Opt. Call 
N/R 
537,965 
 
 
Homes Obligated Group, Series 2016A, 5.125%, 12/01/24 
 
 
 
 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, 
 
 
 
 
 
Series 2017C: 
 
 
 
11,065 
 
5.000%, 6/01/43 
6/28 at 100.00 
BBB– 
12,158,554 
2,610 
 
5.000%, 6/01/48 
6/28 at 100.00 
BBB– 
2,852,312 
1,420 
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC 
9/23 at 100.00 
N/R 
568,000 
 
 
Project, Series 2013, 7.750%, 9/01/38, (7) 
 
 
 
32,635 
 
Total North Dakota 
 
 
34,869,997 
 
 
Ohio – 9.1% (5.8% of Total Investments) 
 
 
 
 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities 
 
 
 
 
 
Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016: 
 
 
 
3,020 
 
5.250%, 11/15/41 
11/26 at 100.00 
Baa2 
3,425,375 
8,255 
 
5.250%, 11/15/46 
11/26 at 100.00 
Baa2 
9,350,604 
 
88


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 320 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/22 at 100.00 
A1 
$ 340,810 
 
 
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 
 
 
 
 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, 
 
 
 
 
 
Refunding and Improvement Series 2012A: 
 
 
 
860 
 
4.000%, 5/01/33 
5/22 at 100.00 
A2 
887,554 
650 
 
5.000%, 5/01/33 
5/22 at 100.00 
A2 
699,140 
800 
 
5.000%, 5/01/42 
5/22 at 100.00 
A2 
850,928 
10,990 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & 
11/24 at 100.00 
A2 
12,011,850 
 
 
Improvement Series 2015A, 5.000%, 11/01/43 
 
 
 
8,655 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 
2/28 at 100.00 
A2 
9,152,662 
 
 
4.000%, 8/01/38 
 
 
 
2,750 
 
Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, 
6/27 at 100.00 
A+ 
3,152,903 
 
 
5.000%, 6/01/42 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2: 
 
 
 
8,365 
 
5.125%, 6/01/24 
5/19 at 100.00 
Caa3 
7,863,351 
4,370 
 
5.375%, 6/01/24 
5/19 at 100.00 
Caa3 
4,145,426 
22,350 
 
5.875%, 6/01/30 
5/19 at 100.00 
Caa3 
21,400,125 
37,190 
 
5.750%, 6/01/34 
5/19 at 100.00 
Caa3 
35,305,211 
14,555 
 
6.000%, 6/01/42 
5/19 at 100.00 
B– 
14,343,952 
33,485 
 
5.875%, 6/01/47 
5/19 at 100.00 
B– 
31,811,420 
1,500 
 
6.500%, 6/01/47 
5/19 at 100.00 
B– 
1,496,430 
14,570 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
Caa1 
14,382,921 
 
 
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
6,000 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 
11/20 at 100.00 
A (4) 
6,313,560 
 
 
11/01/29 (Pre-refunded 11/01/20) 
 
 
 
 
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation 
 
 
 
 
 
Bonds, School Improvement Series 2014: 
 
 
 
7,060 
 
5.000%, 12/01/51 
6/23 at 100.00 
A1 
7,679,162 
10,480 
 
5.000%, 12/01/51 (Pre-refunded 6/01/23) 
6/23 at 100.00 
N/R (4) 
11,833,282 
5,165 
 
Cuyahoga Community College District, Ohio, General Obligation Bonds, Facilities 
6/26 at 100.00 
AA 
5,539,617 
 
 
Construction & Improvement Series 2018, 4.000%, 12/01/38 
 
 
 
5,975 
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center 
6/23 at 100.00 
Baa3 
6,179,405 
 
 
Project, Series 2013, 5.000%, 6/15/43 
 
 
 
1,465 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
5/22 at 100.00 
Aa2 
1,566,539 
 
 
Improvement Series 2012A, 5.000%, 11/01/42 
 
 
 
6,345 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 
Aa2 
6,756,854 
 
 
5.000%, 11/15/41 
 
 
 
 
 
Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities Project, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,500 
 
5.000%, 1/01/47 
1/27 at 100.00 
BBB– 
1,577,850 
1,120 
 
5.000%, 1/01/52 
1/27 at 100.00 
BBB– 
1,174,387 
 
 
Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & 
 
 
 
 
 
Improvement Series 2016: 
 
 
 
3,425 
 
5.000%, 1/01/46 
1/26 at 100.00 
BBB– 
3,584,674 
6,000 
 
5.000%, 1/01/51 
1/26 at 100.00 
BBB– 
6,261,960 
6,920 
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien 
1/23 at 100.00 
Aa3 
7,583,282 
 
 
Series 2013A, 5.000%, 1/01/38 
 
 
 
14,850 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, 
1/23 at 100.00 
Aa3 
16,273,373 
 
 
Senior Lien Series 2013A, 5.000%, 1/01/38 (UB), (6) 
 
 
 
 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, 
 
 
 
 
 
Tender Option Bond Trust 2016-XG0052: 
 
 
 
875 
 
11.599%, 1/01/38, 144A (IF), (6) 
1/23 at 100.00 
Aa3 
1,210,475 
1,050 
 
11.599%, 1/01/38, 144A (IF), (6) 
1/23 at 100.00 
Aa3 
1,452,570 
 
89

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 2,305 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
BBB (4) 
$ 2,553,018 
 
 
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
5,000 
 
Miami County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network 
8/28 at 100.00 
A2 
5,734,200 
 
 
Obligated Group Project, Refunding Improvement Series 2019, 5.000%, 8/01/45 
 
 
 
6,000 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, 
No Opt. Call 
A2 
7,558,800 
 
 
Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured 
 
 
 
4,105 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
6/19 at 100.00 
BBB+ 
4,153,521 
 
 
5.000%, 5/01/30 
 
 
 
21,000 
 
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding 
11/24 at 100.00 
AA+ 
23,716,350 
 
 
& Improvement Series 2014, 5.000%, 11/15/49 
 
 
 
9,365 
 
Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series 
6/28 at 100.00 
A2 
10,828,843 
 
 
2018A, 5.000%, 12/01/48 
 
 
 
19,515 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien 
2/23 at 100.00 
Aa3 
21,214,756 
 
 
Series 2013A-1, 5.000%, 2/15/48 
 
 
 
7,550 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
A+ 
7,975,971 
 
 
Convertible Series 2013A-3, 5.800%, 2/15/36, (5) 
 
 
 
9,000 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/28 at 100.00 
A+ 
9,462,420 
 
 
Series 2018A, 4.000%, 2/15/46 
 
 
 
 
 
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health 
 
 
 
 
 
System Obligated Group Project, Refunding and Improvement Series 2012: 
 
 
 
135 
 
5.750%, 12/01/32 
12/22 at 100.00 
BB– 
145,660 
130 
 
6.000%, 12/01/42 
12/22 at 100.00 
BB– 
138,395 
4,190 
 
Springboro Community City School District, Warren County, Ohio, General Obligation 
No Opt. Call 
Aa3 
5,113,769 
 
 
Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured 
 
 
 
3,670 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education 
3/25 at 100.00 
N/R 
3,843,885 
 
 
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 
 
 
 
 
 
6.000%, 3/01/45 
 
 
 
342,880 
 
Total Ohio 
 
 
358,047,240 
 
 
Oklahoma – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 
 
 
 
 
 
Project, Series 2018B: 
 
 
 
2,205 
 
5.250%, 8/15/48 
8/28 at 100.00 
BB+ 
2,503,910 
4,080 
 
5.500%, 8/15/52 
8/28 at 100.00 
BB+ 
4,698,569 
3,190 
 
5.500%, 8/15/57 
8/28 at 100.00 
BB+ 
3,661,322 
1,125 
 
Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, 
11/25 at 102.00 
BBB– 
1,267,639 
 
 
Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 
 
 
 
10,600 
 
Total Oklahoma 
 
 
12,131,440 
 
 
Oregon – 1.0% (0.7% of Total Investments) 
 
 
 
 
 
Clackamas Community College District, Oregon, General Obligation Bonds, Deferred 
 
 
 
 
 
Interest Series 2017A: 
 
 
 
760 
 
5.000%, 6/15/38, (5) 
6/27 at 100.00 
Aa1 
837,003 
2,750 
 
5.000%, 6/15/39, (5) 
6/27 at 100.00 
Aa1 
3,025,632 
 
 
Columbia County School District 502 Saint Helens, Oregon, General Obligation Bonds, 
 
 
 
 
 
Series 2017: 
 
 
 
1,310 
 
5.000%, 6/15/38 
6/27 at 100.00 
Aa1 
1,543,468 
1,705 
 
5.000%, 6/15/39 
6/27 at 100.00 
Aa1 
2,005,592 
7,420 
 
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, 
6/26 at 100.00 
A+ 
8,368,573 
 
 
5.000%, 6/01/46 
 
 
 
 
 
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding 
 
 
 
 
 
Series 2016A: 
 
 
 
6,240 
 
5.000%, 10/01/35 
10/26 at 100.00 
BBB+ 
6,954,667 
2,260 
 
5.000%, 10/01/46 
10/26 at 100.00 
BBB+ 
2,481,435 
 
90


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Oregon (continued) 
 
 
 
$ 8,890 
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien 
11/23 at 100.00 
Aa1 
$ 9,980,270 
 
 
Series 2013A, 5.000%, 11/15/38 
 
 
 
5,265 
 
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, 
5/26 at 100.00 
A+ 
5,923,915 
 
 
Refunding Series 2016A, 5.000%, 5/15/46 
 
 
 
36,600 
 
Total Oregon 
 
 
41,120,555 
 
 
Pennsylvania – 6.3% (4.0% of Total Investments) 
 
 
 
15,000 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny 
4/28 at 100.00 
A 
17,109,750 
 
 
Health Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 
 
 
 
 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University 
 
 
 
 
 
of Pittsburgh Medical Center, Series 2009A: 
 
 
 
1,250 
 
5.500%, 8/15/34 
8/19 at 100.00 
A+ 
1,262,575 
3,000 
 
5.625%, 8/15/39 
8/19 at 100.00 
A+ 
3,028,890 
 
 
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water 
 
 
 
 
 
Revenue Bonds, Series 1998: 
 
 
 
3,125 
 
0.000%, 5/15/22 – AGM Insured 
No Opt. Call 
A2 
2,918,687 
3,125 
 
0.000%, 5/15/23 – AGM Insured 
No Opt. Call 
A2 
2,847,969 
3,135 
 
0.000%, 5/15/24 – AGM Insured 
No Opt. Call 
A2 
2,783,911 
3,155 
 
0.000%, 5/15/26 – AGM Insured 
No Opt. Call 
A2 
2,655,406 
4,145 
 
0.000%, 11/15/26 – AGM Insured 
No Opt. Call 
A2 
3,443,086 
2,800 
 
0.000%, 5/15/28 – AGM Insured 
No Opt. Call 
A2 
2,218,384 
3,000 
 
0.000%, 11/15/28 – AGM Insured 
No Opt. Call 
A2 
2,341,590 
1,200 
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany 
11/27 at 100.00 
A 
1,375,368 
 
 
Medical Center Project, Series 2018A, 5.000%, 11/15/42 
 
 
 
 
 
Chester County Health and Education Facilities Authority, Pennsylvania, Health System 
 
 
 
 
 
Revenue Bonds, Jefferson Health System, Series 2010A: 
 
 
 
1,835 
 
5.000%, 5/15/40 
5/20 at 100.00 
AA 
1,882,160 
5,165 
 
5.000%, 5/15/40 (Pre-refunded 5/15/20) 
5/20 at 100.00 
N/R (4) 
5,342,521 
895 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
6/28 at 100.00 
A 
1,052,287 
 
 
Settlement, Series 2018, 5.000%, 6/01/34 
 
 
 
2,150 
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle 
6/22 at 100.00 
A+ 
2,288,438 
 
 
Health System Project, Series 2012A, 5.000%, 6/01/42 
 
 
 
190 
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery 
6/19 at 100.00 
Ba1 
190,519 
 
 
Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19 
 
 
 
26,595 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
7/27 at 100.00 
A 
30,965,356 
 
 
Revenue Bonds, Series 2017, 5.000%, 7/01/42 
 
 
 
3,500 
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 
1/20 at 100.00 
AA (4) 
3,580,080 
 
 
2010E, 5.000%, 1/01/40 (Pre-refunded 1/01/20) – AGM Insured 
 
 
 
1,050 
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue 
No Opt. Call 
A1 
1,305,003 
 
 
Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured 
 
 
 
4,000 
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 
12/21 at 100.00 
A2 
4,140,960 
 
 
4.625%, 12/01/44 – AGM Insured 
 
 
 
4,915 
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement 
6/27 at 100.00 
N/R 
4,980,025 
 
 
Community, Series 2017A, 5.000%, 12/01/47 
 
 
 
 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown 
 
 
 
 
 
Concession, Capital Appreciation Series 2013B: 
 
 
 
4,480 
 
0.000%, 12/01/31 
No Opt. Call 
A 
2,952,275 
5,180 
 
0.000%, 12/01/32 
No Opt. Call 
A 
3,268,891 
9,270 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown 
12/23 at 100.00 
A 
10,323,165 
 
 
Concession, Series 2013A, 5.125%, 12/01/47 
 
 
 
5,410 
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, 
9/28 at 100.00 
A2 
6,182,710 
 
 
Thomas Jefferson University, Series 2018A, 5.000%, 9/01/48 
 
 
 
5,000 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 
1/25 at 100.00 
Ba1 
5,464,300 
 
 
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 
 
 
 
 
91

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 4,710 
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS 
11/26 at 100.00 
A– 
$ 5,286,598 
 
 
Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 
 
 
 
630 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue 
6/19 at 100.00 
N/R 
189,062 
 
 
Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 1.500%, 12/31/23 
 
 
 
133 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue 
No Opt. Call 
N/R 
39,988 
 
 
Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23 
 
 
 
 
 
(cash 5.000%, PIK 5.000%) 
 
 
 
1,700 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing 
11/22 at 100.00 
Ba1 
1,596,640 
 
 
Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 
 
 
 
 
 
4.000%, 11/01/32 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
 
 
 
 
 
Bonds, Subordinate Series 2010A1&2: 
 
 
 
1,250 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
N/R (4) 
1,325,763 
5,725 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
A2 (4) 
6,071,992 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
 
 
 
 
 
Bonds, Subordinate Series 2011B: 
 
 
 
965 
 
5.000%, 12/01/41 
12/21 at 100.00 
A2 
1,019,214 
1,035 
 
5.000%, 12/01/41 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (4) 
1,123,327 
3,115 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
12/22 at 100.00 
A2 
3,343,174 
 
 
Bonds, Subordinate Series 2013A, 5.000%, 12/01/36 
 
 
 
16,805 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 
12/27 at 100.00 
A 
21,313,613 
 
 
2009E, 6.375%, 12/01/38 
 
 
 
5,575 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 
12/25 at 100.00 
A1 
6,289,882 
6,340 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, 
6/26 at 100.00 
A1 
7,217,139 
 
 
5.000%, 12/01/41 
 
 
 
19,250 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 
6/26 at 100.00 
A2 
24,105,620 
 
 
6.250%, 6/01/33 – AGM Insured 
 
 
 
1,445 
 
Philadelphia Authority for Industrial Development Senior Living Facilities, 
7/27 at 100.00 
BB 
1,508,883 
 
 
Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A, 
 
 
 
 
 
5.000%, 7/01/37 
 
 
 
505 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
Ba1 
543,289 
 
 
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 
 
 
 
26,765 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health 
5/20 at 100.00 
N/R (4) 
27,684,913 
 
 
System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 
 
 
 
 
 
(Pre-refunded 5/15/20) 
 
 
 
1,425 
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 
8/20 at 100.00 
A– (4) 
1,509,745 
 
 
8/01/41 (Pre-refunded 8/01/20) 
 
 
 
3,410 
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 
No Opt. Call 
A1 (4) 
4,216,363 
 
 
8/01/27 – AMBAC Insured (ETM) 
 
 
 
3,415 
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax 
8/20 at 100.00 
A1 
3,536,096 
 
 
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured 
 
 
 
1,125 
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 
12/21 at 100.00 
AA (4) 
1,229,580 
 
 
(Pre-refunded 12/01/21) – AGM Insured 
 
 
 
1,930 
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
1/23 at 100.00 
BB+ 
1,972,692 
 
 
Series 2012B, 4.000%, 1/01/33 
 
 
 
229,823 
 
Total Pennsylvania 
 
 
247,027,879 
 
 
Puerto Rico – 0.4% (0.2% of Total Investments) 
 
 
 
625 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 
6/19 at 100.00 
D 
631,931 
 
 
5.000%, 7/01/25 – NPFG Insured 
 
 
 
1,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 
No Opt. Call 
D 
1,067,440 
 
 
7/01/24 – NATIONAL PUB Insured 
 
 
 
 
92


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Puerto Rico (continued) 
 
 
 
$ 1,305 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 
No Opt. Call 
Baa2 
$ 1,382,739 
 
 
5.250%, 7/01/23 – NPFG Insured 
 
 
 
1,000 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
C 
1,096,650 
 
 
5.250%, 7/01/31 – AMBAC Insured 
 
 
 
4,300 
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 
6/19 at 100.00 
A2 
4,470,624 
 
 
4.500%, 12/01/23 
 
 
 
35,439 
 
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
No Opt. Call 
N/R 
6,847,244 
 
 
Series 2007A Sr. Bond, 0.000%, 8/01/54, (8) 
 
 
 
43,669 
 
Total Puerto Rico 
 
 
15,496,628 
 
 
Rhode Island – 0.6% (0.4% of Total Investments) 
 
 
 
1,315 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue 
5/26 at 100.00 
BBB+ 
1,459,006 
 
 
Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 
 
 
 
174,391 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed 
5/19 at 14.18 
CCC+ 
17,936,011 
 
 
Bonds, Series 2007A, 0.000%, 6/01/52 
 
 
 
2,235 
 
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Revenue Bonds, Series 2016A, 
4/26 at 100.00 
A 
2,535,161 
 
 
5.000%, 10/01/40 
 
 
 
177,941 
 
Total Rhode Island 
 
 
21,930,178 
 
 
South Carolina – 3.7% (2.4% of Total Investments) 
 
 
 
3,050 
 
Charleston County Airport District, South Carolina, Airport Revenue Bonds, Series 2019, 
7/29 at 100.00 
A+ 
3,643,286 
 
 
5.000%, 7/01/43 
 
 
 
 
 
Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, 
 
 
 
 
 
Lexington Medical Center, Series 2016: 
 
 
 
1,290 
 
5.000%, 11/01/41 
5/26 at 100.00 
A 
1,419,413 
6,820 
 
5.000%, 11/01/46 
5/26 at 100.00 
A 
7,503,569 
 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 
 
 
 
26,955 
 
0.000%, 1/01/31 – AMBAC Insured 
No Opt. Call 
A– 
18,970,660 
15,420 
 
0.000%, 1/01/32 – AMBAC Insured 
No Opt. Call 
A– 
10,383,982 
 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod 
 
 
 
 
 
Health Projects, Refunding & Improvement Series 2018: 
 
 
 
19,130 
 
5.000%, 11/01/43 
5/28 at 100.00 
AA– 
22,108,732 
6,000 
 
5.000%, 11/01/48 
5/28 at 100.00 
AA– 
6,920,820 
375 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto 
8/21 at 100.00 
AA (4) 
415,301 
 
 
Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
10,000 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding 
12/26 at 100.00 
A+ 
11,218,200 
 
 
Series 2016B, 5.000%, 12/01/56 
 
 
 
20,035 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A– 
22,170,931 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
 
 
 
 
 
Series 2014C: 
 
 
 
3,850 
 
5.000%, 12/01/39 
12/24 at 100.00 
A– 
4,254,558 
4,000 
 
5.000%, 12/01/46 
12/24 at 100.00 
A– 
4,405,880 
6,790 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 
12/23 at 100.00 
A– 
7,411,557 
 
 
2013A, 5.125%, 12/01/43 
 
 
 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, 
 
 
 
 
 
Series 2014A: 
 
 
 
2,000 
 
5.000%, 12/01/49 
6/24 at 100.00 
A– 
2,182,680 
17,240 
 
5.500%, 12/01/54 
6/24 at 100.00 
A+ 
19,153,295 
4,500 
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Refunding 
4/22 at 100.00 
A3 
4,792,905 
 
 
Revenue Bonds, Series 2012A, 5.000%, 4/15/32 
 
 
 
147,455 
 
Total South Carolina 
 
 
146,955,769 
 
93

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Dakota – 0.9% (0.6% of Total Investments) 
 
 
 
 
 
Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, 
 
 
 
 
 
Series 2017: 
 
 
 
$ 3,000 
 
5.000%, 11/01/42 
11/26 at 100.00 
BB 
$ 3,075,360 
3,150 
 
5.125%, 11/01/47 
11/26 at 100.00 
BB 
3,241,791 
8,800 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health 
7/24 at 100.00 
A1 
9,602,384 
 
 
System, Series 2014, 5.000%, 7/01/44 
 
 
 
4,930 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, 
7/27 at 100.00 
A1 
5,564,984 
 
 
Refunding Series 2017, 5.000%, 7/01/46 
 
 
 
3,565 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/24 at 100.00 
A+ 
3,924,851 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
8,260 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/25 at 100.00 
A+ 
9,113,010 
 
 
Series 2015, 5.000%, 11/01/45 
 
 
 
31,705 
 
Total South Dakota 
 
 
34,522,380 
 
 
Tennessee – 1.1% (0.7% of Total Investments) 
 
 
 
10,670 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 
1/23 at 100.00 
BBB+ 
11,473,131 
 
 
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
2,180 
 
Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
7/28 at 100.00 
A 
2,538,785 
 
 
Ballad Health, Series 2018A, 5.000%, 7/01/35 
 
 
 
2,065 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
8/22 at 100.00 
Baa1 
2,180,970 
 
 
Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 
 
 
 
95 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue 
7/23 at 100.00 
N/R (4) 
95,433 
 
 
Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 
 
 
 
 
 
(Pre-refunded 7/01/23) – NPFG Insured 
 
 
 
 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
 
 
 
 
 
University Health System, Inc., Series 2016: 
 
 
 
5,000 
 
5.000%, 9/01/36 
9/26 at 100.00 
BBB 
5,583,350 
1,000 
 
5.000%, 9/01/47 
9/26 at 100.00 
BBB 
1,102,900 
 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
 
 
 
 
 
University Health System, Inc., Series 2017: 
 
 
 
445 
 
5.000%, 4/01/31 
4/27 at 100.00 
BBB 
500,403 
1,745 
 
5.000%, 4/01/36 
4/27 at 100.00 
BBB 
1,933,320 
 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
 
 
 
 
 
Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A: 
 
 
 
2,225 
 
5.000%, 10/01/41 
10/26 at 100.00 
BBB 
2,477,093 
1,000 
 
5.000%, 10/01/45 
10/26 at 100.00 
BBB 
1,110,450 
11,000 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
7/26 at 100.00 
Aa1 
12,292,170 
 
 
Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 
 
 
 
 
 
5.000%, 7/01/46 
 
 
 
2,120 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
No Opt. Call 
N/R 
2,154,174 
 
 
Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 
 
 
 
 
 
1996, 6.000%, 12/01/19 – AMBAC Insured 
 
 
 
39,545 
 
Total Tennessee 
 
 
43,442,179 
 
 
Texas – 12.6% (8.0% of Total Investments) 
 
 
 
18,000 
 
Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A, 5.000%, 2/15/48 – 
2/28 at 100.00 
A1 
20,854,980 
 
 
AGM Insured 
 
 
 
14,615 
 
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 
11/25 at 100.00 
Aa3 
16,599,425 
 
 
11/15/45 (UB), (6) 
 
 
 
3,035 
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 
8/19 at 100.00 
A– 
3,066,261 
 
 
2010, 5.500%, 8/15/49 – AGM Insured 
 
 
 
2,500 
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
4/20 at 100.00 
Baa1 
2,585,625 
 
 
The Roman Catholic Diocese of Austin, Series 2005B Remarketed, 6.125%, 4/01/45 
 
 
 
 
94


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 1,000 
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, 
No Opt. Call 
Baa2 
$ 671,840 
 
 
Refunding Series 2002, 0.000%, 8/15/32 – FGIC Insured 
 
 
 
1,330 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 
1/23 at 100.00 
A– 
1,431,931 
 
 
2013A, 5.000%, 1/01/43 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
2,080 
 
5.750%, 1/01/31 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (4) 
2,215,803 
1,000 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (4) 
1,069,370 
6,940 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (4) 
7,449,743 
7,750 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
Baa1 
8,601,647 
 
 
5.000%, 1/01/45 
 
 
 
 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift 
 
 
 
 
 
Education Charter School, Series 2013A: 
 
 
 
1,925 
 
4.350%, 12/01/42 
12/22 at 100.00 
BBB– 
1,938,899 
1,000 
 
4.400%, 12/01/47 
12/22 at 100.00 
BBB– 
1,006,880 
2,500 
 
Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, 
No Opt. Call 
Aaa 
2,329,900 
 
 
Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23 
 
 
 
6,340 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding & 
11/21 at 100.00 
A+ 
6,745,570 
 
 
Improvement Series 2012C, 5.000%, 11/01/45 
 
 
 
160 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 
9/24 at 100.00 
BBB– 
173,027 
 
 
2014A, 5.250%, 9/01/44 
 
 
 
3,700 
 
El Paso Independent School District, El Paso County, Texas, General Obligation Bonds, 
8/26 at 100.00 
Aaa 
4,251,226 
 
 
School Building Series 2017, 5.000%, 8/15/42 
 
 
 
1,500 
 
El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 
8/20 at 100.00 
A 
1,561,410 
 
 
5.250%, 8/15/33 
 
 
 
16,920 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
10/23 at 100.00 
AA 
18,287,813 
 
 
Lien Series 2013B, 5.000%, 4/01/53 
 
 
 
5,295 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
4/28 at 100.00 
AA 
6,209,764 
 
 
Lien Series 2018A Tela Supported, 5.000%, 10/01/48 
 
 
 
15,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series 
10/23 at 100.00 
AA 
16,212,600 
 
 
2013B, 5.000%, 11/01/44 (UB), (6) 
 
 
 
6,610 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender 
10/23 at 100.00 
AA 
8,748,137 
 
 
Option Bond Trust 2015-XF0228, 11.720%, 4/01/53, 144A (IF), (6) 
 
 
 
 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
 
 
 
 
 
Houston Methodist Hospital System, Series 2015: 
 
 
 
2,845 
 
4.000%, 12/01/45 
6/25 at 100.00 
AA 
2,946,111 
2,320 
 
5.000%, 12/01/45 
6/25 at 100.00 
AA 
2,600,558 
 
 
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2018A: 
 
 
 
13,890 
 
5.000%, 8/15/43 
2/28 at 100.00 
Aa2 
16,362,003 
2,000 
 
4.000%, 8/15/48 
2/28 at 100.00 
Aa2 
2,128,760 
4,040 
 
Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender 
No Opt. Call 
AAA 
7,413,885 
 
 
Options Bond Trust 2015-XF2184, 9.960%, 8/15/28 – AGM Insured, 144A (IF), (6) 
 
 
 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation 
 
 
 
 
 
Refunding Senior Lien Series 2014A: 
 
 
 
1,195 
 
0.000%, 11/15/41 – AGM Insured 
11/31 at 62.66 
A2 
487,118 
2,390 
 
0.000%, 11/15/42 – AGM Insured 
11/31 at 59.73 
A2 
929,423 
2,660 
 
0.000%, 11/15/43 – AGM Insured 
11/31 at 56.93 
A2 
984,865 
7,260 
 
0.000%, 11/15/44 – AGM Insured 
11/31 at 54.25 
A2 
2,561,909 
10,440 
 
0.000%, 11/15/45 – AGM Insured 
11/31 at 51.48 
A2 
3,492,076 
7,165 
 
0.000%, 11/15/49 – AGM Insured 
11/31 at 41.91 
A2 
1,942,646 
3,000 
 
0.000%, 11/15/52 – AGM Insured 
11/31 at 35.81 
A2 
692,730 
3,885 
 
Houston Independent School District Public Facility Corporation, Harris County, Texas, Lease 
No Opt. Call 
AA 
3,860,175 
 
 
Revenue Bonds, Cesar E Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured 
 
 
 
 
95

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: 
 
 
 
$ 2,000 
 
5.000%, 7/01/43 
7/28 at 100.00 
A1 
$ 2,362,520 
2,710 
 
5.000%, 7/01/48 
7/28 at 100.00 
A1 
3,188,098 
4,550 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B, 
7/22 at 100.00 
A 
4,961,457 
 
 
5.000%, 7/01/31 
 
 
 
990 
 
Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 
No Opt. Call 
A 
1,132,778 
 
 
7/01/24 – AGM Insured 
 
 
 
6,000 
 
Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 
11/21 at 100.00 
AA 
6,429,240 
 
 
5.000%, 11/15/40 
 
 
 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and 
 
 
 
 
 
Entertainment Project, Series 2001B: 
 
 
 
1,495 
 
0.000%, 9/01/23 – AGM Insured 
No Opt. Call 
A2 
1,369,689 
10,850 
 
0.000%, 9/01/25 – AMBAC Insured 
No Opt. Call 
A 
9,405,322 
1,715 
 
0.000%, 9/01/32 – AMBAC Insured 
No Opt. Call 
A 
1,122,056 
2,870 
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, 
8/21 at 100.00 
A+ 
3,048,026 
 
 
Refunding Series 2012A, 5.000%, 8/01/46 
 
 
 
2,340 
 
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 
3/21 at 100.00 
Aa3 
2,465,728 
 
 
5.000%, 3/01/41 – AGM Insured 
 
 
 
 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General 
 
 
 
 
 
Obligation Bonds, Refunding Series 2015A: 
 
 
 
2,725 
 
5.000%, 8/15/40 
8/25 at 100.00 
AAA 
3,099,660 
4,000 
 
4.000%, 8/15/41 
8/25 at 100.00 
AAA 
4,235,960 
3,000 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
BBB+ 
3,120,600 
 
 
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
 
 
 
8,305 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA 
5/25 at 100.00 
A 
9,365,050 
 
 
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 
 
 
 
 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
 
 
 
1,780 
 
5.750%, 12/01/33 
12/25 at 100.00 
B1 
1,914,586 
1,800 
 
6.125%, 12/01/38 
12/25 at 100.00 
B1 
1,942,524 
 
 
Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding 
 
 
 
 
 
Series 2017: 
 
 
 
16,285 
 
5.000%, 1/01/36 
1/27 at 100.00 
A3 
18,404,656 
10,040 
 
5.000%, 1/01/38 – AGM Insured 
1/27 at 100.00 
A2 
11,369,597 
 
 
Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien 
 
 
 
 
 
Series 2018: 
 
 
 
2,100 
 
5.000%, 9/15/43 
9/25 at 100.00 
BBB– 
2,289,609 
1,815 
 
5.000%, 9/15/48 
9/25 at 100.00 
BBB– 
1,974,992 
850 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility 
11/24 at 102.00 
BB+ 
911,634 
 
 
Revenue Bonds, Methodist Retirement Communities Crestview Project, Series 2016, 
 
 
 
 
 
5.000%, 11/15/31 
 
 
 
4,290 
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
A2 
4,611,578 
 
 
12/15/36 – AGM Insured 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible 
 
 
 
 
 
Capital Appreciation Series 2011C: 
 
 
 
1,880 
 
7.000%, 9/01/43 (Pre-refunded 9/01/31), (5) 
9/31 at 100.00 
N/R (4) 
2,214,527 
7,990 
 
6.750%, 9/01/45 (Pre-refunded 9/01/31), (5) 
9/31 at 100.00 
N/R (4) 
10,267,230 
4,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital 
1/25 at 100.00 
A+ 
4,912,520 
 
 
Appreciation Series 2008I, 6.500%, 1/01/43 
 
 
 
2,125 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
A1 
1,750,214 
 
 
0.000%, 1/01/28 – AGC Insured 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B: 
 
 
 
10,260 
 
5.000%, 1/01/40 
1/23 at 100.00 
A+ 
11,202,586 
12,205 
 
5.000%, 1/01/45 
1/25 at 100.00 
A+ 
13,648,485 
5,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2018, 
1/28 at 100.00 
A 
5,763,450 
 
 
5.000%, 1/01/48 
 
 
 
 
96


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, 
 
 
 
 
 
Series 2015A: 
 
 
 
$ 6,285 
 
5.000%, 1/01/33 
1/25 at 100.00 
A 
$ 7,151,701 
4,000 
 
5.000%, 1/01/34 
1/25 at 100.00 
A 
4,541,520 
4,000 
 
5.000%, 1/01/35 
1/25 at 100.00 
A 
4,532,240 
2,250 
 
Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint 
6/26 at 100.00 
Baa2 
2,311,628 
 
 
Edward’s University Project, Series 2016, 4.000%, 6/01/36 
 
 
 
3,170 
 
Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist 
10/20 at 100.00 
AA– (4) 
3,320,036 
 
 
University, Series 2010, 5.000%, 10/01/41 (Pre-refunded 10/01/20) 
 
 
 
2,410 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
11/21 at 100.00 
AA– 
2,575,663 
 
 
Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 
 
 
 
3,480 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
9/23 at 100.00 
A 
3,861,791 
 
 
Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
 
 
 
 
 
Revenue Bonds, Scott & White Healthcare Project, Series 2010: 
 
 
 
430 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
450,971 
5,350 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
5,610,920 
4,000 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
8/23 at 100.00 
AA– 
4,371,480 
 
 
Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43 
 
 
 
2,500 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
8/26 at 100.00 
AA 
2,852,375 
 
 
Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
14,815 
 
5.000%, 12/15/27 
12/22 at 100.00 
BBB 
16,212,499 
7,925 
 
5.000%, 12/15/28 
12/22 at 100.00 
A3 
8,651,643 
6,550 
 
5.000%, 12/15/30 
12/22 at 100.00 
BBB 
7,108,191 
2,340 
 
5.000%, 12/15/32 
12/22 at 100.00 
BBB 
2,528,487 
2,500 
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement 
4/22 at 100.00 
AAA 
2,717,800 
 
 
Series 2012A, 5.000%, 4/01/31 
 
 
 
17,760 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First 
8/22 at 100.00 
A– 
19,039,075 
 
 
Tier Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
7,345 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First 
8/24 at 100.00 
A– 
8,223,682 
 
 
Tier Refunding Series 2015B, 5.000%, 8/15/37 
 
 
 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second 
 
 
 
 
 
Tier Refunding Series 2015C: 
 
 
 
3,650 
 
5.000%, 8/15/33 
8/24 at 100.00 
BBB 
4,078,072 
1,600 
 
5.000%, 8/15/37 
8/24 at 100.00 
BBB 
1,773,040 
48,905 
 
5.000%, 8/15/42 
8/24 at 100.00 
BBB 
53,825,332 
4,000 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A– 
3,462,600 
 
 
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
473,525 
 
Total Texas 
 
 
496,099,228 
 
 
Utah – 0.9% (0.6% of Total Investments) 
 
 
 
5,760 
 
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 
3/20 at 100.00 
AA (4) 
5,924,218 
 
 
2010A, 5.000%, 3/01/33 (Pre-refunded 3/01/20) – AGC Insured 
 
 
 
12,335 
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 
8/19 at 100.00 
AA+ (4) 
12,456,006 
 
 
8/15/41 (Pre-refunded 8/15/19) 
 
 
 
 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B: 
 
 
 
3,560 
 
5.000%, 7/01/42 
7/27 at 100.00 
A+ 
4,147,827 
1,975 
 
5.000%, 7/01/47 
7/27 at 100.00 
A2 
2,293,330 
4,000 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, 
7/28 at 100.00 
A2 
4,709,200 
 
 
5.000%, 7/01/48 
 
 
 
 
97

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Utah (continued) 
 
 
 
 
 
Utah Charter School Finance Authority, Charter School Revenue Bonds, Utah Charter 
 
 
 
 
 
Academies Project, Series 2018: 
 
 
 
$ 1,000 
 
5.000%, 10/15/38 
10/27 at 100.00 
AA 
$ 1,141,400 
2,320 
 
5.000%, 10/15/43 
10/27 at 100.00 
AA 
2,628,769 
2,040 
 
5.000%, 10/15/48 
10/27 at 100.00 
AA 
2,302,446 
32,990 
 
Total Utah 
 
 
35,603,196 
 
 
Vermont – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
University of Vermont and State Agricultural College, Revenue Bonds, Refunding 
 
 
 
 
 
Series 2015: 
 
 
 
1,000 
 
4.000%, 10/01/40 
10/25 at 100.00 
A+ 
1,052,800 
10,000 
 
5.000%, 10/01/45 
10/25 at 100.00 
A+ 
11,442,600 
11,000 
 
Total Vermont 
 
 
12,495,400 
 
 
Virginia – 2.3% (1.4% of Total Investments) 
 
 
 
430 
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital 
7/28 at 100.00 
BBB 
400,992 
 
 
Appreciation Series 2012B, 4.875%, 7/15/40, (5) 
 
 
 
4,000 
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, 
5/28 at 100.00 
AA+ 
4,278,040 
 
 
Inova Health System, Series 2018A, 4.000%, 5/15/48 (UB), (6) 
 
 
 
1,800 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours 
11/22 at 100.00 
A (4) 
1,995,678 
 
 
Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) 
 
 
 
11,960 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
4/22 at 100.00 
BBB+ 
12,688,245 
 
 
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
7,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
No Opt. Call 
A3 
3,789,590 
 
 
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, 
 
 
 
 
 
10/01/36 – AGC Insured 
 
 
 
32,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/26 at 100.00 
A3 
40,720,640 
 
 
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, 
 
 
 
 
 
10/01/41 – AGC Insured 
 
 
 
18,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
23,409,360 
 
 
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 
 
 
 
2,000 
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities 
11/22 at 100.00 
A+ 
2,078,800 
 
 
Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 
 
 
 
 
 
4.000%, 11/01/33 
 
 
 
 
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion 
 
 
 
 
 
Health System Obligated Group, Series 2005B: 
 
 
 
5 
 
5.000%, 7/01/38 (Pre-refunded 7/01/20) 
7/20 at 100.00 
A1 (4) 
5,192 
245 
 
5.000%, 7/01/38 
7/20 at 100.00 
A1 
252,164 
77,440 
 
Total Virginia 
 
 
89,618,701 
 
 
Washington – 3.5% (2.2% of Total Investments) 
 
 
 
7,000 
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle 
11/26 at 100.00 
Aa1 
8,154,230 
 
 
Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 
 
 
 
12,235 
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island 
No Opt. Call 
Aa3 
10,502,646 
 
 
Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured 
 
 
 
4,200 
 
King County Public Hospital District 1, Washington, Limited Tax General Obligation 
12/26 at 100.00 
A– 
4,822,902 
 
 
Bonds, Refunding Series 2016, 5.000%, 12/01/36 
 
 
 
6,575 
 
King County Public Hospital District 1, Washington, Limited Tax General Obligation 
12/28 at 100.00 
A2 
7,520,156 
 
 
Bonds, Refunding Series 2018, 5.000%, 12/01/43 
 
 
 
15,000 
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 
1/22 at 100.00 
AA+ 
15,976,500 
3,000 
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 
10/24 at 100.00 
AA– 
3,363,840 
 
 
5.000%, 4/01/40 
 
 
 
 
98

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington (continued) 
 
 
 
$ 1,250 
 
Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 
12/23 at 100.00 
AA 
$ 1,364,025 
 
 
2014, 5.000%, 12/01/44 
 
 
 
12,515 
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue 
6/23 at 100.00 
A+ 
13,698,669 
 
 
Bonds, Series 2013A, 5.000%, 12/01/38 
 
 
 
5,250 
 
Tacoma, Washington, Sewer Revenue Bonds, Series 2018, 4.000%, 12/01/48 
12/28 at 100.00 
Aa2 
5,639,498 
8,310 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
1/21 at 100.00 
A2 
8,705,888 
 
 
Research Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
4,415 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical 
12/20 at 100.00 
N/R (4) 
4,679,061 
 
 
Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 
 
 
 
 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & 
 
 
 
 
 
Services, Refunding Series 2012A: 
 
 
 
4,000 
 
5.000%, 10/01/32 
10/22 at 100.00 
AA– 
4,371,000 
10,000 
 
4.250%, 10/01/40 
10/22 at 100.00 
AA– 
10,295,600 
3,135 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
3,439,879 
 
 
Refunding Series 2012B, 5.000%, 10/01/30 
 
 
 
8,230 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
8,942,389 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
7,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A+ (4) 
7,049,280 
 
 
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 
 
 
 
500 
 
Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, 
1/25 at 102.00 
BB+ 
534,060 
 
 
Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A, 5.000%, 
 
 
 
 
 
1/01/46, 144A 
 
 
 
9,000 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 
No Opt. Call 
AA+ 
7,307,730 
 
 
6/01/28 – FGIC Insured 
 
 
 
10,855 
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured 
No Opt. Call 
AA+ 
10,735,052 
132,470 
 
Total Washington 
 
 
137,102,405 
 
 
West Virginia – 1.0% (0.6% of Total Investments) 
 
 
 
 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 
 
 
 
 
 
Health System Obligated Group, Refunding & Improvement Series 2013A: 
 
 
 
3,000 
 
5.375%, 6/01/38 
6/23 at 100.00 
A 
3,323,400 
16,845 
 
5.500%, 6/01/44 
6/23 at 100.00 
A 
18,693,739 
9,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 
6/28 at 100.00 
A 
10,129,410 
 
 
Health System Obligated Group, Series 2018A, 5.000%, 6/01/52 
 
 
 
3,500 
 
West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health 
6/27 at 100.00 
A 
3,929,835 
 
 
System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 
 
 
 
3,000 
 
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail 
No Opt. Call 
N/R 
3,194,850 
 
 
and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured 
 
 
 
35,345 
 
Total West Virginia 
 
 
39,271,234 
 
99

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin – 3.2% (2.0% of Total Investments) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, 
 
 
 
 
 
Lombard Public Facilities Corporation, Second Tier Series 2018B: 
 
 
 
$ 43 
 
0.000%, 1/01/46, 144A 
No Opt. Call 
N/R 
$ 1,374 
42 
 
0.000%, 1/01/47, 144A 
No Opt. Call 
N/R 
1,345 
42 
 
0.000%, 1/01/48, 144A 
No Opt. Call 
N/R 
1,325 
42 
 
0.000%, 1/01/49, 144A 
No Opt. Call 
N/R 
1,306 
41 
 
0.000%, 1/01/50, 144A 
No Opt. Call 
N/R 
1,278 
45 
 
0.000%, 1/01/51, 144A 
No Opt. Call 
N/R 
1,390 
1,176 
 
3.750%, 7/01/51, 144A 
3/28 at 100.00 
N/R 
1,064,849 
45 
 
0.000%, 1/01/52, 144A 
No Opt. Call 
N/R 
1,372 
44 
 
0.000%, 1/01/53, 144A 
No Opt. Call 
N/R 
1,345 
44 
 
0.000%, 1/01/54, 144A 
No Opt. Call 
N/R 
1,327 
43 
 
0.000%, 1/01/55, 144A 
No Opt. Call 
N/R 
1,301 
43 
 
0.000%, 1/01/56, 144A 
No Opt. Call 
N/R 
1,275 
42 
 
0.000%, 1/01/57, 144A 
No Opt. Call 
N/R 
1,259 
42 
 
0.000%, 1/01/58, 144A 
No Opt. Call 
N/R 
1,234 
42 
 
0.000%, 1/01/59, 144A 
No Opt. Call 
N/R 
1,218 
41 
 
0.000%, 1/01/60, 144A 
No Opt. Call 
N/R 
1,203 
41 
 
0.000%, 1/01/61, 144A 
No Opt. Call 
N/R 
1,179 
40 
 
0.000%, 1/01/62, 144A 
No Opt. Call 
N/R 
1,164 
40 
 
0.000%, 1/01/63, 144A 
No Opt. Call 
N/R 
1,141 
39 
 
0.000%, 1/01/64, 144A 
No Opt. Call 
N/R 
1,126 
39 
 
0.000%, 1/01/65, 144A 
No Opt. Call 
N/R 
1,112 
38 
 
0.000%, 1/01/66, 144A 
No Opt. Call 
N/R 
1,090 
501 
 
0.000%, 1/01/67, 144A 
No Opt. Call 
N/R 
14,126 
 
 
Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman 
 
 
 
 
 
Charter School, Series 2018A: 
 
 
 
6,000 
 
5.000%, 6/15/38, 144A 
6/26 at 100.00 
BBB– 
6,433,560 
2,335 
 
5.000%, 6/15/48, 144A 
6/26 at 100.00 
BBB– 
2,488,760 
4,100 
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 
4/23 at 100.00 
AA– 
4,450,919 
 
 
2013A, 5.000%, 4/01/38 
 
 
 
5,140 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
5/26 at 100.00 
Aa2 
5,513,472 
 
 
Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/34 
 
 
 
1,240 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health 
4/20 at 100.00 
Aa3 (4) 
1,286,512 
 
 
Care, Inc., Series 2010A, 5.625%, 4/15/39 (Pre-refunded 4/01/20) 
 
 
 
6,775 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health 
7/21 at 100.00 
Aa3 (4) 
7,271,472 
 
 
Care, Inc., Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) 
 
 
 
2,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health 
4/23 at 100.00 
Aa3 (4) 
2,830,075 
 
 
Care, Inc., Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/01/23) 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters 
 
 
 
 
 
of Christian Charity Sponsored Ministry, Series 2017A: 
 
 
 
1,000 
 
5.000%, 9/01/30 
9/27 at 100.00 
BBB– 
1,139,640 
1,110 
 
5.000%, 9/01/31 
9/27 at 100.00 
BBB– 
1,253,323 
1,100 
 
5.000%, 9/01/32 
9/27 at 100.00 
BBB– 
1,236,213 
1,725 
 
5.000%, 9/01/33 
9/27 at 100.00 
BBB– 
1,930,120 
1,775 
 
5.000%, 9/01/34 
9/27 at 100.00 
BBB– 
1,976,090 
1,910 
 
5.000%, 9/01/35 
9/27 at 100.00 
BBB– 
2,117,541 
2,065 
 
5.000%, 9/01/36 
9/27 at 100.00 
BBB– 
2,280,607 
1,015 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health 
10/22 at 100.00 
AA– 
1,086,649 
 
 
Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42 
 
 
 
18,410 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic 
2/27 at 100.00 
A– 
20,430,866 
 
 
Health System, Inc., Series 2017C, 5.000%, 2/15/47 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
 
 
 
 
 
Series 2012B: 
 
 
 
1,000 
 
5.000%, 2/15/27 
2/22 at 100.00 
A– 
1,066,840 
1,000 
 
5.000%, 2/15/28 
2/22 at 100.00 
A– 
1,065,450 
4,735 
 
5.000%, 2/15/40 
2/22 at 100.00 
A– 
4,931,929 
 
100


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 8,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/26 at 100.00 
A– 
$ 9,366,065 
 
 
Series 2016A, 5.000%, 2/15/46 
 
 
 
2,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/26 at 100.00 
A– 
2,256,620 
 
 
Series 2016B, 5.000%, 2/15/35 
 
 
 
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of 
11/26 at 100.00 
AA– 
5,703,050 
 
 
Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 
 
 
 
7,625 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, 
6/22 at 100.00 
A3 
8,076,629 
 
 
Inc., Series 2012, 5.000%, 6/01/39 
 
 
 
1,165 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital 
No Opt. Call 
A1 
1,235,086 
 
 
Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured 
 
 
 
2,650 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health 
8/22 at 100.00 
N/R (4) 
2,930,078 
 
 
Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s 
 
 
 
 
 
Communities Inc., Series 2018A: 
 
 
 
2,500 
 
5.000%, 9/15/45 
9/23 at 100.00 
BBB– 
2,592,100 
5,455 
 
5.000%, 9/15/50 
9/23 at 100.00 
BBB– 
5,644,889 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenues Bonds, Gundersen 
10/21 at 100.00 
A1 
1,063,120 
 
 
Lutheran, Series 2011A, 5.250%, 10/15/39 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, 
 
 
 
 
 
Benevolent Corporation Cedar Community, Series 2017: 
 
 
 
1,110 
 
5.000%, 6/01/37 
6/25 at 103.00 
N/R 
1,168,719 
955 
 
5.000%, 6/01/41 
6/25 at 103.00 
N/R 
998,204 
10,230 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, 
12/24 at 100.00 
A1 
11,231,517 
 
 
ThedaCare Inc., Series 2015, 5.000%, 12/15/44 
 
 
 
115,680 
 
Total Wisconsin 
 
 
124,161,454 
 
 
Wyoming – 0.4% (0.3% of Total Investments) 
 
 
 
4,080 
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
7/19 at 100.00 
A 
4,111,783 
 
 
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
 
 
 
9,625 
 
Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding 
9/23 at 100.00 
BB+ 
10,071,408 
 
 
Series 2013A, 5.000%, 9/01/37 
 
 
 
 
 
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St John’s Medical 
 
 
 
 
 
Center Project, Series 2011B: 
 
 
 
2,000 
 
5.500%, 12/01/27 
12/21 at 100.00 
A– 
2,140,820 
1,000 
 
6.000%, 12/01/36 
12/21 at 100.00 
A– 
1,080,310 
16,705 
 
Total Wyoming 
 
 
17,404,321 
$ 6,323,310 
 
Total Municipal Bonds (cost $5,722,724,831) 
 
 
6,204,171,027 
 
 
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.0% (0.0% of Total Investments) 
 
 
 
 
 
 
Transportation – 0.0% (0.0% of Total Investments) 
 
 
 
 
$ 1,047 
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (9), (10) 
5.500% 
7/15/19 
N/R 
$ 696,111 
300 
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (9), (10) 
5.500% 
7/15/55 
N/R 
149,312 
$ 1,347 
 
Total Corporate Bonds (cost $49,188) 
 
 
 
845,423 
 
 
Total Long-Term Investments (cost $5,722,774,019) 
 
 
 
$ 6,205,016,450 
 
101

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2019 (Unaudited) 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
Alaska – 0.0% (0.0% of Total Investments) 
 
 
 
$ 800 
 
Valdez, Alaska, Marine Terminal Revenue Bonds, Exxon Pipeline Company Project, Variable Rate 
5/19 at 100.00 
A-1+ 
$ 800,000 
 
 
Demand Obligations, Series 1993C, 2.250%, 12/01/33, (11) 
 
 
 
 
 
Minnesota – 0.2% (0.1% of Total Investments) 
 
 
 
6,275 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligations, 
5/19 at 100.00 
A-1+ 
6,275,000 
 
 
Mayo Clinic Series 2008A, 2.200%, 11/15/38, (11) 
 
 
 
$ 7,075 
 
Total Short-Term Investments (cost $7,075,000) 
 
 
7,075,000 
 
 
Total Investments (cost $5,729,849,019)–157.8% 
 
 
6,212,091,450 
 
 
Floating Rate Obligations – (2.4)% 
 
 
(94,660,000) 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (24.3)% (12) 
 
 
(955,771,702) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (32.6)% (13) 
 
 
(1,283,080,774) 
 
 
Other Assets Less Liabilities – 1.5% 
 
 
59,136,497 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 3,937,715,471 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(5) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(6) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(7) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(8) 
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments. 
(9) 
The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds. 
(10) 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. 
(11) 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. 
(12) 
MuniFund Preferred Shares, net of deferring offering costs as a percentage of Total Investments is 15.4%. 
(13) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.7%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
ETM 
Escrowed to maturity 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
102

Statement of Assets and Liabilities
April 30, 2019 (Unaudited)
             
 
 
NAD
   
NEA
 
Assets 
           
Long-term investments, at value (cost $4,539,081,917 and $5,722,774,019, respectively) 
 
$
4,895,999,656
   
$
6,205,016,450
 
Short-term investments, at value (cost approximates value) 
   
10,330,000
     
7,075,000
 
Cash 
   
1,439,461
     
71,174
 
Receivable for: 
               
Dividends and interest 
   
65,254,349
     
79,895,718
 
Investments sold 
   
5,450,000
     
10,750,000
 
Other assets 
   
1,211,997
     
1,936,805
 
Total assets 
   
4,979,685,463
     
6,304,745,147
 
Liabilities 
               
Floating rate obligations 
   
86,275,000
     
94,660,000
 
Payable for: 
               
Dividends 
   
10,289,250
     
13,387,907
 
Interest 
   
1,206,289
     
 
Investments purchased 
   
4,175,171
     
14,477,953
 
Offering costs 
   
109,456
     
1,056,500
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering 
               
costs (liquidation preference $545,500,000 and $—, respectively) 
   
545,047,940
     
 
MuniFund Preferred (“MFP”) Shares, net of deferred offering 
               
costs (liquidation preference $607,000,000 and $958,000,000, respectively) 
   
606,645,400
     
955,771,702
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs 
               
(liquidation preference $632,000,000 and $1,290,300,000, respectively) 
   
629,708,003
     
1,283,080,774
 
Accrued expenses: 
               
Management fees 
   
2,254,836
     
2,842,870
 
Trustees fees 
   
813,526
     
1,067,290
 
Other 
   
542,735
     
684,680
 
Total liabilities 
   
1,887,067,606
     
2,367,029,676
 
Net assets applicable to common shares 
 
$
3,092,617,857
   
$
3,937,715,471
 
Common shares outstanding 
   
201,864,367
     
262,720,647
 
Net asset value (“NAV”) per common share outstanding 
 
$
15.32
   
$
14.99
 
   
Net assets applicable to common shares consist of: 
               
Common shares, $0.01 par value per share 
 
$
2,018,644
   
$
2,627,206
 
Paid-in-surplus 
   
2,778,291,060
     
3,509,296,932
 
Total distributable earnings 
   
312,308,153
     
425,791,333
 
Net assets applicable to common shares 
 
$
3,092,617,857
   
$
3,937,715,471
 
Authorized shares: 
               
Common 
 
Unlimited
   
Unlimited
 
Preferred 
 
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
103

 
Statement of Operations 
 
Six Months Ended April 30, 2019 (Unaudited) 
 
 
 
 
 
 
 
NAD
   
NEA
 
Investment Income 
 
$
105,125,959
   
$
133,981,179
 
Expenses 
               
Management fees 
   
13,415,111
     
16,934,634
 
Interest expense and amortization of offering costs 
   
20,929,968
     
24,147,050
 
Liquidity fees 
   
2,740,161
     
5,304,293
 
Remarketing fees 
   
317,756
     
652,429
 
Custodian fees 
   
248,555
     
297,185
 
Trustees fees 
   
74,149
     
93,943
 
Professional fees 
   
117,882
     
183,080
 
Shareholder reporting expenses 
   
115,647
     
146,385
 
Shareholder servicing agent fees 
   
55,097
     
61,860
 
Stock exchange listing fees 
   
28,038
     
36,491
 
Investor relations expenses 
   
59,068
     
76,375
 
Other 
   
90,392
     
118,768
 
Total expenses 
   
38,191,824
     
48,052,493
 
Net investment income (loss) 
   
66,934,135
     
85,928,686
 
Realized and Unrealized Gain (Loss) 
               
Net realized gain (loss) from Investments 
   
(1,342,032
)
   
(1,735,899
)
Change in net unrealized appreciation (depreciation) of Investments 
   
181,089,305
     
218,081,628
 
Net realized and unrealized gain (loss) 
   
179,747,273
     
216,345,729
 
Net increase (decrease) in net assets applicable to common shares from operations 
 
$
246,681,408
   
$
302,274,415
 
 
See accompanying notes to financial statements.
104

Statement of Changes in Net Assets
(Unaudited)
                         
 
 
NAD
   
NEA
 
 
 
Six Months
Ended
4/30/19
   
Year Ended
10/31/18
   
Six Months
Ended
4/30/19
   
Year Ended
10/31/18
 
Operations 
                       
Net investment income (loss) 
 
$
66,934,135
   
$
138,877,139
   
$
85,928,686
   
$
179,555,130
 
Net realized gain (loss) from: 
                               
Investments 
   
(1,342,032
)
   
(6,103,105
)
   
(1,735,899
)
   
8,500,454
 
Swaps 
   
     
     
     
1,220,000
 
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
   
181,089,305
     
(192,714,707
)
   
218,081,628
     
(251,685,230
)
Swaps 
   
     
     
     
1,158,822
 
Net increase (decrease) in net assets applicable to common shares 
                               
from operations 
   
246,681,408
     
(59,940,673
)
   
302,274,415
     
(61,250,824
)
Distributions to Common Shareholders 
                               
Dividends 
   
(64,798,461
)
   
(139,137,258
)
   
(84,333,328
)
   
(178,160,720
)
Decrease in net assets applicable to common shares from distributions 
                               
to common shareholders 
   
(64,798,461
)
   
(139,137,258
)
   
(84,333,328
)
   
(178,160,720
)
Capital Share Transactions 
                               
Cost of shares repurchased and retired 
   
     
(221,079
)
   
     
(675,211
)
Net increase (decrease) in net assets applicable to common shares from 
                               
capital share transactions 
   
     
(221,079
)
   
     
(675,211
)
Net increase (decrease) in net assets applicable to common shares 
   
181,882,947
     
(199,299,010
)
   
217,941,087
     
(240,086,755
)
Net assets applicable to common shares at the beginning of period 
   
2,910,734,910
     
3,110,033,920
     
3,719,774,384
     
3,959,861,139
 
Net assets applicable to common shares at the end of period 
 
$
3,092,617,857
   
$
2,910,734,910
   
$
3,937,715,471
   
$
3,719,774,384
 
 
See accompanying notes to financial statements.
105

 
Statement of Cash Flows 
 
Six Months Ended April 30, 2019 (Unaudited) 
 
 
 
 
 
 
 
NAD
   
NEA
 
Cash Flows from Operating Activities: 
           
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations 
 
$
246,681,408
   
$
302,274,415
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to 
               
common shares from operations to net cash provided by (used in) operating activities: 
               
Purchases of investments 
   
(209,838,510
)
   
(288,486,021
)
Proceeds from sales and maturities of investments 
   
229,719,089
     
320,286,377
 
Proceeds from (Purchases of) short-term investments, net 
   
(10,330,000
)
   
(7,075,000
)
Payment-in-kind distributions 
   
(19,636
)
   
(5,587
)
Taxes paid 
   
(23,605
)
   
(62,872
)
Amortization (Accretion) of premiums and discounts, net 
   
(2,934,968
)
   
(7,994,610
)
Amortization of deferred offering costs 
   
204,945
     
409,359
 
(Increase) Decrease in: 
               
Receivable for dividends and interest 
   
(617,735
)
   
(18,652
)
Receivable for investments sold 
   
11,680,870
     
7,198,152
 
Other assets 
   
128,737
     
117,118
 
Increase (Decrease) in: 
               
Payable for interest 
   
(139,694
)
   
(178,520
)
Payable for investments purchased 
   
(21,450,933
)
   
(17,593,489
)
Payable for offering costs 
   
109,456
     
1,056,500
 
Accrued management fees 
   
(12,824
)
   
(26,552
)
Accrued Trustees fees 
   
(40,081
)
   
(53,093
)
Accrued other expenses 
   
(15,259
)
   
(31,320
)
Net realized (gain) loss from investments 
   
1,342,032
     
1,735,899
 
Change in net unrealized appreciation (depreciation) of investments 
   
(181,089,305
)
   
(218,081,628
)
Net cash provided by (used in) operating activities 
   
63,353,987
     
93,470,476
 
Cash Flows from Financing Activities: 
               
Proceeds from AMTP Shares issued, at liquidation preference 
   
545,500,000
     
 
(Payments for) VMTP Shares redeemed, at liquidation preference 
   
(545,500,000
)
   
 
(Payments for) deferred offering cost 
   
(470,000
)
   
(1,540,000
)
(Repayments of) floating rate obligations 
   
(1,500,000
)
   
(9,750,000
)
Cash distributions paid to common shareholders 
   
(64,759,664
)
   
(84,305,166
)
Net cash provided by (used in) financing activities 
   
(66,729,664
)
   
(95,595,166
)
Net Increase (Decrease) in Cash 
   
(3,375,677
)
   
(2,124,690
)
Cash at the beginning of period 
   
4,815,138
     
2,195,864
 
Cash at the end of period 
 
$
1,439,461
   
$
71,174
 
   
Supplemental Disclosure of Cash Flow Information 
 
NAD
   
NEA
 
Cash paid for interest (excluding amortization of offering costs) 
 
$
20,867,005
   
$
23,918,309
 
 
See accompanying notes to financial statements.
106


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107

Financial Highlights (Unaudited)
 
Selected data for a common share outstanding throughout each period: 
 
 
 
 
 
                                               
 
       
Investment Operations
   
Less Distributions
to Common Shareholders
   
Common Share
 
 
 
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated Net
Realized
Gains
   
Total
   
Discount
per
Share
Repurchased
and Retired
   
Ending
NAV
   
Ending
Share
Price
 
NAD
 
Year Ended 10/31:
 
2019(e) 
 
$
14.42
   
$
0.33
   
$
0.89
   
$
1.22
   
$
(0.32
)
 
$
   
$
(0.32
)
 
$
   
$
15.32
   
$
13.57
 
2018 
   
15.41
     
0.69
     
(0.99
)
   
(0.30
)
   
(0.69
)
   
     
(0.69
)
   
*
   
14.42
     
12.41
 
2017 
   
15.75
     
0.73
     
(0.29
)
   
0.44
     
(0.78
)
   
     
(0.78
)
   
     
15.41
     
13.86
 
2016 
   
15.44
     
0.71
     
0.45
     
1.16
     
(0.85
)
   
     
(0.85
)
   
     
15.75
     
14.19
 
2015 
   
15.64
     
0.84
     
(0.17
)
   
0.67
     
(0.87
)
   
     
(0.87
)
   
     
15.44
     
14.05
 
2014 
   
14.42
     
0.87
     
1.25
     
2.12
     
(0.90
)
   
     
(0.90
)
   
     
15.64
     
14.16
 
   
NEA
 
Year Ended 10/31:
 
2019(e) 
   
14.16
     
0.33
     
0.82
     
1.15
     
(0.32
)
   
     
(0.32
)
   
     
14.99
     
13.32
 
2018 
   
15.07
     
0.68
     
(0.91
)
   
(0.23
)
   
(0.68
)
   
     
(0.68
)
   
*
   
14.16
     
12.13
 
2017 
   
15.36
     
0.71
     
(0.26
)
   
0.45
     
(0.74
)
   
     
(0.74
)
   
     
15.07
     
13.57
 
2016 
   
14.82
     
0.72
     
0.58
     
1.30
     
(0.76
)
   
     
(0.76
)
   
     
15.36
     
13.75
 
2015 
   
15.13
     
0.77
     
(0.28
)
   
0.49
     
(0.80
)
   
     
(0.80
)
   
     
14.82
     
13.26
 
2014 
   
13.73
     
0.79
     
1.43
     
2.22
     
(0.82
)
   
     
(0.82
)
   
     
15.13
     
13.75
 
 
   
(a) 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. 
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. 
 
108


                                 
           
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
         
Ratios to Average Net Assets(b)
       
   
Based
on
NAV(a)
   
Based
on
Share
Price(a)
   
Ending
Net
Assets (000)
   
Expenses(c)
   
Net
Investment
Income (Loss)
   
Portfolio
Turnover
Rate(d)
 
   
   
 
8.55
%
   
12.05
%
 
$
3,092,618
     
2.57
%**
   
4.51
%**
   
4
%
 
(2.03
)
   
(5.69
)
   
2,910,735
     
2.34
     
4.57
     
20
 
 
3.01
     
3.26
     
3,110,034
     
1.95
     
4.84
     
18
 
 
7.54
     
6.88
     
3,179,168
     
1.90
     
4.64
     
11
 
 
4.43
     
5.57
     
606,607
     
1.41
     
5.41
     
15
 
 
15.19
     
17.10
     
614,452
     
1.73
     
5.82
     
9
 
   
   
   
 
8.21
     
12.58
     
3,937,715
     
2.54
**
   
4.54
**
   
5
 
 
(1.62
)
   
(5.84
)
   
3,719,774
     
2.29
     
4.63
     
11
 
 
3.16
     
4.21
     
3,959,861
     
1.94
     
4.80
     
15
 
 
8.84
     
9.33
     
4,037,193
     
1.77
     
4.59
     
12
 
 
3.38
     
2.30
     
1,168,847
     
1.46
     
5.16
     
18
 
 
16.58
     
18.31
     
1,193,109
     
1.60
     
5.48
     
13
 
 
   
(b) 
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. 
(c) 
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: 
 
         
NAD 
 
 
NEA 
 
Year Ended 10/31: 
 
Year Ended 10/31: 
2019(e) 
1.62%** 
 
2019(e) 
1.59%** 
2018 
1.39 
 
2018 
1.35 
2017 
1.00 
 
2017 
1.00 
2016 
0.90 
 
2016 
0.78 
2015 
0.47 
 
2015 
0.50 
2014 
0.75 
 
2014 
0.61 
 
   
(d) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. 
(e) 
For the six months ended April 30, 2019. 
* 
Rounds to less than $0.01 per share. 
** 
Annualized. 
 
See accompanying notes to financial statements.
109

Financial Highlights (Unaudited) (continued)
                                                                   
 
 
AMTP Shares
at the End of Period
   
MFP Shares
at the End of Period
   
MTP Shares
at the End of Period(a)
   
VMTP Shares
at the End of Period
   
VRDP Shares
at the End of Period
   
AMTP,
MFP, MTP,
VMTP and/or
VRDP Shares
at the End
of Period
 
 
 
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$100,000
Share(c)
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $10
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per
$100,000
Share
   
Asset
Coverage
Per $1
Liquidation
Preference
 
NAD
 
Year Ended 10/31:
 
2019(b) 
 
$
545,500
   
$
273,304
   
$
607,000
   
$
273,304
   
$
   
$
   
$
   
$
   
$
632,000
   
$
273,304
   
$
2.73
 
2018 
   
     
     
607,000
     
263,112
     
     
     
545,500
     
263,112
     
632,000
     
263,112
     
2.63
 
2017 
   
     
     
     
     
     
     
952,500
     
296,279
     
632,000
     
296,279
     
2.96
 
2016 
   
     
     
     
     
     
     
952,500
     
300,642
     
632,000
     
300,642
     
3.01
 
2015 
   
     
     
     
     
     
     
265,000
     
328,908
     
     
     
 
2014 
   
     
     
     
     
     
     
265,000
     
331,869
     
     
     
 
   
NEA
 
Year Ended 10/31:
 
2019(b) 
   
     
     
958,000
     
275,142
     
     
     
     
     
1,290,300
     
275,142
     
2.75
 
2018 
   
     
     
958,000
     
265,448
     
     
     
     
     
1,290,300
     
265,448
     
2.65
 
2017 
   
     
     
     
     
     
     
773,000
     
291,919
     
1,290,300
     
291,919
     
2.92
 
2016 
   
     
     
     
     
     
     
773,000
     
295,667
     
1,290,300
     
295,667
     
2.96
 
2015 
   
     
     
     
     
     
     
151,000
     
333,349
     
349,900
     
333,349
     
3.33
 
2014 
   
     
     
     
     
     
     
151,000
     
338,193
     
349,900
     
338,193
     
3.38
 
 
   
(a) 
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows: 
 
       
 
 
2014
 
NAD 
     
Series 2015 (NAD PRC) 
     
Ending Market Value per Share 
 
$
 
Average Market Value per Share 
 
10.04
^
       
NEA 
       
Series 2015 (NEA PRCCL) 
       
Ending Market Value per Share 
 
$
 
Average Market Value per Share 
 
10.05
^
 
   
(b) 
For the six months ended April 30, 2019. 
(c) 
NEA’s Series D MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share. 
^ 
For the period November 1, 2013 through December 20, 2013. 
 
See accompanying notes to financial statements.
110

Notes to
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
·
Nuveen Quality Municipal Income Fund (NAD)
·
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NAD and NEA were organized as Massachusetts business trusts on January 15, 1999 and July 29, 2002, respectively.
The end of the reporting period for the Funds is April 30, 2019, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2019 (the ”current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of NEA the alternative minimum tax (“AMT”) applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
             
 
 
NAD
   
NEA
 
Outstanding when-issued/delayed delivery purchase commitments 
 
$
4,165,000
   
$
14,477,953
 
 
Investment Income
Investment income is comprised of dividend and interest income. Dividend income is recorded on the ex-dividend date. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes is recorded on an accrual basis. Interest income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
111

Notes to Financial Statements (Unaudited) (continued)
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (“the Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
112


Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Investments in investment companies are valued at their respective net asset value (“NAV”) on valuation date and are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
                         
NAD 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments: 
                       
Municipal Bonds* 
 
$
   
$
4,894,893,528
   
$
   
$
4,894,893,528
 
Corporate Bonds** 
   
     
     
575,878
***
   
575,878
 
Investment Companies 
   
530,250
     
     
     
530,250
 
Short-Term Investments: 
                               
Municipal Bonds* 
   
     
10,330,000
     
     
10,330,000
 
Total 
 
$
530,250
   
$
4,905,223,528
   
$
575,878
   
$
4,906,329,656
 
   
NEA 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
6,204,171,027
   
$
   
$
6,204,171,027
 
Corporate Bonds** 
   
     
     
845,423
***
   
845,423
 
Short-Term Investments: 
                               
Municipal Bonds* 
   
     
7,075,000
     
     
7,075,000
 
Total 
 
$
   
$
6,211,246,027
   
$
845,423
   
$
6,212,091,450
 
   
* 
Refer to the Fund’s Portfolio of Investments for state classifications. 
** 
Refer to the Fund’s Portfolio of Investments for industry classifications. 
*** 
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. 
 
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the
113

Notes to Financial Statements (Unaudited) (continued)
short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
             
Floating Rate Obligations Outstanding 
 
NAD
   
NEA
 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
86,275,000
   
$
94,660,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
   
61,720,000
     
121,350,000
 
Total 
 
$
147,995,000
   
$
216,010,000
 
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
             
Self-Deposited Inverse Floaters 
 
NAD
   
NEA
 
Average floating rate obligations outstanding 
 
$
87,211,464
   
$
96,143,425
 
Average annual interest rate and fees 
   
2.21
%
   
2.19
%
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
114

 
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, NAD and NEA had outstanding borrowings under such liquidity facilities in the amount of $3,369,936 and $188,464, respectively, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
             
Floating Rate Obligations — Recourse Trusts 
 
NAD
   
NEA
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
59,845,000
   
$
84,145,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
   
42,480,000
     
102,540,000
 
Total 
 
$
102,325,000
   
$
186,685,000
 
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
115

Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:
                         
 
 
NAD
   
NEA
 
 
 
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
4/30/19
   
10/31/18
   
4/30/19
   
10/31/18
 
Common shares: 
                       
Repurchased and retired 
   
     
(17,900
)
   
     
(55,700
)
Weighted average common share: 
                               
Price per share repurchased and retired 
   
   
$
12.33
     
   
$
12.10
 
Discount per share repurchased and retired 
   
     
14.96
%
   
     
14.89
%
 
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
NAD has issued and has outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publically available.
As of the end of the reporting period, NAD had $545,047,940 of AMTP Shares at liquidation preference, net of deferred offering costs. Further details of NAD's AMTP Shares outstanding as of the end of the reporting period, were as follows:
       
 
 
Shares 
Liquidation 
Fund 
Series 
Outstanding 
Preference 
NAD 
2028 
3,370 
$337,000,000 
 
2028-1 
2,085 
$208,500,000 
 
The Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s AMTP Shares are as follows:
             
 
Liquidation 
 
Notice 
 
Term 
Premium 
Fund 
Preference 
 
Period 
Series 
Redemption Date 
Expiration Date 
NAD 
$337,000,000 
 
360-day 
2028 
December 1, 2028* 
November 30, 2019 
 
$208,500,000 
 
360-day 
2028-1 
December 1, 2028* 
November 30, 2019 
 
*  Subject to early termination by either the Fund or the holder. 
 
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
  NAD*
Average liquidation preference of AMTP Shares outstanding 
545,500,000 
Annualized dividend rate 
2.53% 
 
*  For the period December 13, 2018 (first issuance of shares) through April 30, 2019. 
 
116


AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
NAD incurred offering costs of $470,000 in connection with its offering of AMTP Shares, which were recorded as deferred charges and are amortized over the life of the shares. These offering costs are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
MuniFund Preferred Shares
The Funds have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 ($1,000 for NEA’s Series D) liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.
The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.
·
Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
·
Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
·
Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, Shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
117

Notes to Financial Statements (Unaudited) (continued)
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
NEA incurred offering costs of $1,540,000 in connection with its offering of MFP Shares, which were recorded as a deferred charges and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
In conjunction with NEA’s redemption of MFP shares, deferred costs of $122,524 were expensed during the current fiscal period, as the redemption was deemed an extinguishment of debt.
As of the end of the reporting period, NAD and NEA had $606,645,400 and $955,771,702 of MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:
             
 
 
Shares 
Liquidation 
Term 
 
Mode 
Fund 
Series 
Outstanding 
Preference 
Redemption Date 
Mode 
Termination Date 
NAD 
A 
6,070 
$607,000,000 
1/03/28 
VRM 
1/03/28* 
NEA 
A 
1,850 
$185,000,000 
2/03/48 
VRM 
2/03/48* 
 
B 
3,350 
335,000,000 
3/02/28 
VRM 
3/02/28* 
 
C 
2,380 
238,000,000 
3/02/28 
VRM 
3/02/28* 
 
D 
200,000 
200,000,000 
3/01/29 
VRRM 
N/A 
 
*  Subject to earlier termination by either the Fund or the holder. 
 
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Funds during the current fiscal period were as follows:
     
 
NAD 
NEA 
Average liquidation preference of MFP Shares outstanding 
$607,000,000 
$958,000,000 
Annualized dividend rate 
2.42% 
2.48% 
 
Variable Rate MuniFund Term Preferred Shares
The following Fund had issued and had outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
On December 13, 2018, NAD redeemed all of its outstanding Series 2019 and Series 2019-1 VMTP Shares. The Fund’s VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of AMTP Shares (as described above in Adjustable Rate MuniFund Term Preferred Shares).
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
   
 
NAD* 
Average liquidation preference of VMTP Shares outstanding 
$545,500,000 
Annualized dividend rate 
2.64% 
 
*  For the period November 1, 2018 through December 12, 2018. 
 
VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with each Fund’s initial offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP“) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
118


Variable Rate Demand Preferred Shares
The Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, NAD and NEA had $629,708,003 and $1,283,080,774 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:
         
 
 
Shares 
Liquidation 
 
Fund 
Series 
Outstanding 
Preference 
Maturity 
NAD 
1 
2,368 
$236,800,000 
September 11, 2026 
 
2 
2,675 
267,500,000 
September 11, 2026 
 
3 
1,277 
127,700,000 
September 11, 2026 
NEA 
1 
2,190 
$219,000,000 
June 1, 2040 
 
2 
1,309 
130,900,000 
December 1, 2040 
 
3 
3,509 
350,900,000 
March 1, 2040 
 
4 
4,895 
489,500,000 
September 11, 2026 
 
5 
1,000 
100,000,000 
October 1, 2046 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
     
 
NAD 
NEA 
Average liquidation preference of VRDP Shares outstanding 
$632,000,000 
$1,290,300,000 
Annualized dividend rate 
1.78% 
1.71% 
 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
                   
 
 
Six Months Ended
April 30, 2019
 
NAD 
 
Series
   
Shares
   
Amount
 
AMTP Shares issued 
   
2028
     
3,370
   
$
337,000,000
 
 
   
2028-1
     
2,085
     
208,500,000
 
Net increase (decrease) 
           
5,455
   
$
545,500,000
 
 
119

Notes to Financial Statements (Unaudited) (continued)
Transactions in MFP Shares for the Funds, where applicable, were as follows:
                   
 
 
Year Ended
October 31, 2018
 
NAD 
 
Series
   
Shares
   
Amount
 
MFP Shares issued 
     
A
   
6,070
   
$
607,000,000
 
 
 
Six Months Ended
April 30, 2019
 
NEA 
 
Series
   
Shares
   
Amount
 
MFP Share issued 
     
D
   
200,000
   
$
200,000,000
 
MFP Share redeemed 
     
B
   
(2,000
)
   
(200,000,000
)
Net increase (decrease) 
           
198,000
   
$
 
 
 
Year Ended
October 31, 2018
 
NEA 
 
Series
   
Shares
   
Amount
 
MFP Shares issued 
     
A
   
1,850
   
$
185,000,000
 
 
     
B
   
5,350
     
535,000,000
 
 
     
C
   
2,380
     
238,000,000
 
Net increase (decrease) 
           
9,580
   
$
958,000,000
 
 
Transactions VMTP Shares for the Funds, where applicable, were as follows:
                   
 
 
Six Months Ended
April 30, 2019
 
NAD 
 
Series
   
Shares
   
Amount
 
VMTP Shares redeemed 
   
2019
     
(3,370
)
 
$
(337,000,000
)
 
   
2019-1
     
(2,085
)
   
(208,500,000
)
Net increase (decrease) 
           
(5,455
)
 
$
(545,500,000
)
 
 
Year Ended
October 31, 2018
 
NAD 
 
Series
   
Shares
   
Amount
 
VMTP Shares redeemed 
   
2018
     
(4,070
)
 
$
(407,000,000
)
 
 
Year Ended
October 31, 2018
 
NEA 
 
Series
   
Shares
   
Amount
 
VMTP Shares redeemed 
   
2019
     
(2,380
)
 
$
(238,000,000
)
 
   
2018
     
(5,350
)
   
(535,000,000
)
Net increase (decrease) 
           
(7,730
)
 
$
(773,000,000
)
 
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
             
 
 
NAD
   
NEA
 
Purchases 
 
$
209,838,510
   
$
288,486,021
 
Sales and maturities 
   
229,719,089
     
320,286,377
 
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NEA the AMT applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
120


For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of April 30, 2019.
             
 
 
NAD
   
NEA
 
Tax cost of investments 
 
$
4,457,912,261
   
$
5,626,256,345
 
Gross unrealized: 
               
Appreciation 
 
$
369,169,130
   
$
497,746,466
 
Depreciation 
   
(7,026,153
)
   
(6,572,147
)
Net unrealized appreciation (depreciation) of investments 
 
$
362,142,977
   
$
491,174,319
 
 
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, expiration of capital loss carryforwards and taxable market discount resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2018, the Funds’ last tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2018, the Funds’ last tax year end, were as follows:
             
 
 
NAD
   
NEA
 
Undistributed net tax-exempt income1 
 
$
348,904
   
$
1,712,028
 
Undistributed net ordinary income2 
   
562,276
     
1,519,642
 
Undistributed net long-term capital gains 
   
     
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2018, and paid on November 1, 2018. 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 
 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2018 was designated for purposes of the dividends paid deduction as follows:
             
 
 
NAD
   
NEA
 
Distributions from net tax-exempt income 
 
$
173,386,092
   
$
217,103,284
 
Distributions from net ordinary income2 
   
951,380
     
1,182,494
 
Distributions from net long-term capital gains 
   
     
 
   
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of October 31, 2018, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
             
 
 
NAD3
   
NEA3
 
Not subject to expiration: 
           
Short-term 
 
$
26,606,543
   
$
21,964,832
 
Long-term 
   
13,193,467
     
32,217,521
 
Total 
 
$
39,800,010
   
$
54,182,353
 
   
3
A portion of NAD’s and NEA’s capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations.
 
As of October 31, 2018, the Funds’ last tax year end, the Funds’ capital loss carryforwards expired as follows:
             
 
 
NAD
   
NEA
 
Expired capital loss carryforwards 
 
$
76,136
   
$
3,341,464
 

During the Funds’ last tax year ended October 31, 2018, NEA utilized $9,964,617 of its capital loss carryforward.
 
121

Notes to Financial Statements (Unaudited) (continued)
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
       
Averaged Daily Managed Assets* 
 
Fund-Level Fee Rate
 
For the first $125 million 
   
0.4500
%
For the next $125 million 
   
0.4375
 
For the next $250 million 
   
0.4250
 
For the next $500 million 
   
0.4125
 
For the next $1 billion 
   
0.4000
 
For the next $3 billion 
   
0.3750
 
For managed assets over $5 billion 
   
0.3625
 
 
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:
       
Complex-Level Eligible Asset Breakpoint Level* 
 
Effective Complex-Level Fee Rate at Breakpoint Level
 
$55 billion 
   
0.2000
%
$56 billion 
   
0.1996
 
$57 billion 
   
0.1989
 
$60 billion 
   
0.1961
 
$63 billion 
   
0.1931
 
$66 billion 
   
0.1900
 
$71 billion 
   
0.1851
 
$76 billion 
   
0.1806
 
$80 billion 
   
0.1773
 
$91 billion 
   
0.1691
 
$125 billion 
   
0.1599
 
$200 billion 
   
0.1505
 
$250 billion 
   
0.1469
 
$300 billion 
   
0.1445
 
   
*     
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2019, the complex-level fee for each Fund was 0.1580%.
 
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
122


During the current fiscal period, the Funds engaged in inter-fund trades pursuant to these procedures as follows: 
           
Inter-Fund Trades 
 
NAD
   
NEA
 
Purchases 
 
$
2,126,800
   
$
10,351,658
 
Sales 
   
9,443,930
     
4,381,871
 
 
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the Funds utilized this facility. The Funds’ maximum outstanding balance during the utilization period was as follows:
             
 
 
NAD
   
NEA
 
Maximum outstanding balance 
 
$
11,764,511
   
$
16,918,764
 
 
During the Funds’ utilization periods, during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
             
 
 
NAD
   
NEA
 
Average daily balance outstanding 
 
$
11,764,511
   
$
16,918,764
 
Average annual interest rate 
   
3.50
%
   
3.50
%
 
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
123

Notes to Financial Statements (Unaudited) (continued)
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. During the current reporting period, management early implemented this guidance. This implementation did not have a material impact on the Funds’ financial statements.
10. Subsequent Events
Fund Merger
During May 2019, the Board approved a merger for each Fund included in this report (the “Mergers”). The Mergers are intended to create larger funds with lower operating expenses and increased trading volume on the exchange for common shares. The proposed Mergers are as follows:
     
 
Target Funds
Acquiring Funds
  Nuveen Texas Quality Municipal Income Fund (NTX)
NAD
  Nuveen North Carolina Quality Municipal Income Fund (NNC) NEA
 
The Mergers are subject to customary conditions, including shareholder approval at annual shareholder meetings.
Upon the closing of the Mergers, the Target Funds will transfer their assets to the Acquiring Funds in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Funds of the liabilities of the Target Funds. The Target Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds will become shareholders of the Acquiring Funds. Holders of common shares of the Target Funds will receive newly issued common shares of the Acquiring Funds, the aggregate NAV of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the Mergers (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Holders of preferred shares of the Target Funds will receive on a one-for-one basis newly issued preferred shares of the Acquiring Funds, in exchange for preferred shares of the Target Funds held immediately prior to each Merger.
124

Additional Fund
Information
             
Board of Trustees 
 
 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
Judith M. Stockdale 
Carole E. Stone 
Terence J. Toth 
Margaret L. Wolff 
Robert L. Young 
 
 
 
* Interested Board Member. 
 
 
Fund Manager 
Custodian 
Legal Counsel 
 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
& Trust Company 
Chicago, IL 60603 
 
KPMG LLP 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
 
200 East Randolph Street 
Company, N.A. 
 
Boston, MA 02111 
 
 
Chicago, IL 60601 
250 Royall Street 
 
 
 
 
 
 
Canton, MA 02021 
 
 
 
 
 
 
(800) 257-8787 

Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

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

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

Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
     
 
NAD 
NEA 
Common shares repurchased 
 
 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

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Glossary of Terms Used in this Report
·
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
·
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumula- tive performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
·
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
·
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
·
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the under- lying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
·
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
126

 

·
NAD and NEA Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter the returns of an 80%/20% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the perform- ance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.
·
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receiv- ables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
·
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
·
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
·
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
·
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
·
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
127

Reinvest Automatically, Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
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Notes
 
129

Notes
 
130

Notes
 
131

 
 
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
 
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

ESA-B-0419D 863543-INV-B-06/20



 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.
 
(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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

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

(a)(4)
Change in the registrant’s independent public accountant. Not applicable.
 
(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.



 
SIGNATURES

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

(Registrant) Nuveen Quality Municipal Income Fund

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

Date: July 8, 2019
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: July 8, 2019
 
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)

Date: July 8, 2019