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Table of Contents
Chairman’s Letter to Shareholders | 4 |
Portfolio Managers’ Comments | 5 |
Fund Leverage | 8 |
Common Share Information | 10 |
Risk Considerations | 12 |
Performance Overview and Holding Summaries | 13 |
Portfolios of Investments | 17 |
Statement of Assets and Liabilities | 104 |
Statement of Operations | 105 |
Statement of Changes in Net Assets | 106 |
Statement of Cash Flows | 107 |
Financial Highlights | 108 |
Notes to Financial Statements | 111 |
Additional Fund Information | 125 |
Glossary of Terms Used in this Report | 126 |
Reinvest Automatically, Easily and Conveniently | 128 |
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Chairman’s Letter to Shareholders
Dear Shareholders,
Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news and earnings growth, inflation is ticking higher and interest rates are higher amid the Federal Reserve (Fed) rate hikes.
The Trump administration’s early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House’s pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected. Additionally, Brexit negotiations in the U.K. face new uncertainties in light of the reshuffling of Parliament following the June snap election.
Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted a series of interest rate hikes in December 2016, March 2017 and June 2017, a vote of confidence that its employment and inflation targets are generally on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and triggered the U.K.’s Brexit remained in the minority during both March’s Dutch general election and May’s French presidential election, easing the political uncertainty surrounding Germany’s elections later this year.
In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.
Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
June 23, 2017
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Portfolio Managers’ Comments
Nuveen Quality Municipal Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio manager Christopher L. Drahn, CFA, reviews key investment strategies and the six-month performance of these two national Funds.
Effective November 2, 2016, a secondary benchmark (80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index) was added for both NAD and NEA. The secondary benchmark was added to better reflect the Funds’ mandates in conjunction with the Funds’ reorganizations.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2017?
The overall municipal bond market sold off sharply in the first two months of the reporting period following the unexpected U.S. presidential election outcome and concerns that the Trump administration’s tax, regulatory, health care and infrastructure policy might have a negative impact on the demand for, as well as the performance of, municipal bonds. However, as the new administration’s term began, the municipal bond market partially recovered the earlier losses, supported by the market pricing in more realistic expectations about reforms and a better understanding of the limited impact it would have on the municipal market. For the reporting period overall, interest rates rose and credit spreads widened, which were headwinds for municipal bond performance, offsetting a generally positive fundamental backdrop. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. NAD and NEA were active buyers throughout the reporting period, adding bonds from both the new issue and secondary markets across a range of sectors. Both funds, and in particular NAD, extended durations given the market sell-off in November and early December 2016. In addition, NEA’s weightings in single A and BBB rated bonds rose slightly and NAD’s allocation to BBB rated bonds increased marginally. For NAD, exposure to the airport sector increased modestly due to our purchase of some attractively valued airport bonds subject to the alternative minimum tax (AMT). Otherwise, the Funds generally maintained their overall positioning strategies in terms of credit quality exposures and sector allocations. The sell-off also provided opportunities for tax loss swapping, and both Funds executed numerous trades to take advantage of the prevailing market conditions. This strategy involves selling bonds that were bought when interest rates were lower and using the proceeds to buy other bonds (typically at higher yield levels) to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein. |
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
As of April 30, 2017, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NAD and NEA also invested in forward interest rates swaps to help reduce price volatility risk due to movements in U.S. interest rates relative to the Funds’ benchmark. These swaps had a negligible impact on performance during the reporting period. NAD closed its swap position before the end of the reporting period.
How did the Funds perform during the six-month reporting period ended April 30, 2017?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2017. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the six months ended April 30, 2017, the total returns on common share NAV for the two Funds trailed the returns for the national S&P Municipal Bond Index and the secondary benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index.
The Funds’ relative performance was driven largely by their duration and yield curve positioning during the reporting period. Yields on the longer end of the curve rose more than yields on the shorter end, causing longer bonds to underperform. As a result, the Funds’ overweight allocations to the longer end of the yield curve detracted from relative performance for the overall six-month reporting period with November 2016 being the major culprit (as markets more or less stabilized thereafter and performance rebounded). Both NEA and NAD benefited from overweight allocations to the tobacco sector, the top performing sector in the overall municipal bond market in this reporting period. Tobacco securitization bonds were a standout performer in this reporting period as refunding activity reduced supply and created more favorable technical conditions for the sector, and the fundamental outlook for the sector improved after a report that cigarette smoking rates have declined less than forecasted. The Funds’ small holdings in Puerto Rico bonds actually contributed positively to performance. Although Puerto Rico credits in general performed poorly in this reporting period, our selections, which include insured bonds and bonds backed by the U.S. government (and not the Commonwealth of Puerto Rico), fared relatively well. In addition, the use of regulatory leverage was another important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update Involving Puerto Rico
As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.
In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten year term. In May 2017 (subsequent to the close of this reporting period), the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of June 2017 Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
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In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NAD and NEA had limited exposure, which was either insured or investment grade, to Puerto Rico debt, 0.18% and 0.38%, respectively. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund’s portfolio in its entirety. Thus, the current net asset value of a Fund’s shares may be impacted, higher or lower, if the Fund were to change its pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds’ current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Fund’s shares.
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Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a negligible impact on the performance of these Funds over this reporting period.
As of April 30, 2017, the Funds’ percentages of leverage are as shown in the accompanying table.
NAD | NEA | ||
Effective Leverage* | 37.87% | 37.76% | |
Regulatory Leverage* | 34.24% | 34.78% |
* | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
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THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2017, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.
VMTP Shares | VRDP Shares | |||||||||||||||
Series | Shares Issued at Liquidation Preference |
Series | Shares Issued at Liquidation Preference |
Total | ||||||||||||
NAD | 2018 | $ | 407,000,000 | 1 | $ | 236,800,000 | ||||||||||
2019 | $ | 337,000,000 | 2 | $ | 267,500,000 | |||||||||||
2019-1 | $ | 208,500,000 | 3 | $ | 127,700,000 | |||||||||||
$ | 952,500,000 | $ | 632,000,000 | $ | 1,584,500,000 | |||||||||||
NEA | 2018 | $ | 535,000,000 | 1 | $ | 219,000,000 | ||||||||||
2019 | $ | 238,000,000 | 2 | $ | 130,900,000 | |||||||||||
— | 3 | $ | 350,900,000 | |||||||||||||
— | 4 | $ | 489,500,000 | |||||||||||||
— | 5 | $ | 100,000,000 | |||||||||||||
$ | 773,000,000 | $ | 1,290,300,000 | $ | 2,063,300,000 |
Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund’s respective transactions.
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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2017. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
Per Common | |||||||
Share Amounts | |||||||
Monthly Distributions (Ex-Dividend Date) | NAD | NEA | |||||
November 2016 | $ | 0.0715 | $ | 0.0680 | |||
December | 0.0680 | 0.0620 | |||||
January | 0.0680 | 0.0620 | |||||
February | 0.0680 | 0.0620 | |||||
March | 0.0640 | 0.0620 | |||||
April 2017 | 0.0640 | 0.0620 | |||||
Total Distributions from Net Investment Income | $ | 0.4035 | $ | 0.3780 | |||
Yields | |||||||
Market Yield* | 5.55 | % | 5.49 | % | |||
Tax-Equivalent Yield* | 7.71 | % | 7.63 | % |
* | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower. |
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of April 30, 2017, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and negative UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
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COMMON SHARE REPURCHASES
During August 2016, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of April 30, 2017, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
NAD | NEA | ||
Common shares cumulatively repurchased and retired | — | 19,300 | |
Common shares authorized for repurchase | 3,930,000 | 7,890,000 |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of April 30, 2017, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
NAD | NEA | ||||||
Common share NAV | $ | 15.07 | $ | 14.73 | |||
Common share price | $ | 13.83 | $ | 13.54 | |||
Premium/(Discount) to NAV | (8.23 | )% | (8.08 | )% | |||
6-month average premium/(discount) to NAV | (6.66 | )% | (7.72 | )% |
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Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Quality Municipal Income Fund (NAD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NAD.
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEA.
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NAD | |
Nuveen Quality Municipal Income Fund | |
Performance Overview and Holding Summaries as of April 30, 2017 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2017
Cumulative | Average Annual | |||||
6-Month | 1-Year | 5-Year | 10-Year | |||
NAD at Common Share NAV | (1.69)% | (0.93)% | 5.24% | 5.90% | ||
NAD at Common Share Price | 0.35% | (3.96)% | 4.73% | 5.59% | ||
S&P Municipal Bond Index | (0.41)% | 0.57% | 3.33% | 4.29% | ||
NAD Custom Blended Fund Performance Benchmark | (0.33)% | 0.72% | 3.36% | 4.31% |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
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NAD Performance Overview and Holding Summaries as of April 30, 2017 (continued)
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 153.0% |
Corporate Bonds | 0.0% |
Investment Companies | 0.0% |
Short-Term Municipal Bonds | 1.9% |
Other Assets Less Liabilities | 2.5% |
Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 157.4% |
Floating Rate Obligations | (5.4)% |
VMTP Shares, net of deferred offering costs | (31.3)% |
VRDP Shares, net of deferred offering costs | (20.7)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
AAA/U.S. Guaranteed | 12.8% |
AA | 23.7% |
A | 33.4% |
BBB | 18.9% |
BB or Lower | 9.3% |
N/R (not rated) | 1.9% |
N/A (not applicable) | 0.0% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Transportation | 22.4% |
Health Care | 16.8% |
Tax Obligation/Limited | 14.5% |
U.S. Guaranteed | 9.8% |
Tax Obligation/General | 9.5% |
Utilities | 6.0% |
Education and Civic Organizations | 5.3% |
Consumer Staples | 5.2% |
Water and Sewer | 5.1% |
Other | 5.4% |
Total | 100% |
States and Territories | |
(% of total municipal bonds) | |
Illinois | 12.6% |
California | 11.6% |
Texas | 11.6% |
Florida | 5.7% |
New York | 5.3% |
Colorado | 5.0% |
Ohio | 4.6% |
Nevada | 3.0% |
New Jersey | 2.9% |
Pennsylvania | 2.9% |
Washington | 2.8% |
Arizona | 2.1% |
Indiana | 1.9% |
South Carolina | 1.9% |
Massachusetts | 1.8% |
Michigan | 1.7% |
Louisiana | 1.6% |
District of Columbia | 1.5% |
Other | 19.5% |
Total | 100% |
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NEA | |
Nuveen AMT-Free Quality Municipal Income Fund | |
Performance Overview and Holding Summaries as of April 30 ,2017 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2017
Cumulative | Average Annual | |||||
6-Month | 1-Year | 5-Year | 10-Year | |||
NEA at Common Share NAV | (1.57)% | 0.04% | 4.84% | 5.41% | ||
NEA at Common Share Price | 1.29% | (2.31)% | 4.17% | 5.11% | ||
S&P Municipal Bond Index | (0.41)% | 0.57% | 3.33% | 4.29% | ||
NEA Custom Blended Fund Performance Benchmark | (0.33)% | 0.72% | 3.36% | 4.31% |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
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NEA Performance Overview and Holding Summaries as of April 30, 2017 (continued)
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 151.2% |
Corporate Bonds | 0.0% |
Common Stocks | 0.0% |
Short-Term Municipal Bonds | 2.8% |
Other Assets Less Liabilities | 2.1% |
Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 156.1% |
Floating Rate Obligations | (2.9)% |
VMTP Shares, net of deferred offering costs | (20.0)% |
VRDP Shares, net of deferred offering costs | (33.2)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
AAA/U.S. Guaranteed | 12.0% |
AA | 25.4% |
A | 33.1% |
BBB | 19.7% |
BB or Lower | 8.0% |
N/R (not rated) | 1.8% |
N/A (not applicable) | 0.0% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Transportation | 18.7% |
Health Care | 17.6% |
Tax Obligation/Limited | 16.6% |
Tax Obligation/General | 11.2% |
U.S. Guaranteed | 8.0% |
Water and Sewer | 6.6% |
Utilities | 6.6% |
Education and Civic Organizations | 5.8% |
Consumer Staples | 5.5% |
Other | 3.4% |
Total | 100% |
States and Territories | |
(% of total municipal bonds) | |
Illinois | 13.7% |
California | 10.4% |
Texas | 8.4% |
Ohio | 5.6% |
Colorado | 5.3% |
Florida | 5.0% |
New York | 4.6% |
New Jersey | 4.4% |
Nevada | 3.9% |
Pennsylvania | 3.7% |
Michigan | 3.1% |
Indiana | 2.8% |
Washington | 2.5% |
South Carolina | 2.0% |
Georgia | 1.7% |
Massachusetts | 1.7% |
Iowa | 1.5% |
Other | 19.7% |
Total | 100% |
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NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
LONG-TERM INVESTMENTS – 153.0% (98.8% of Total Investments) | |||||||||
MUNICIPAL BONDS – 153.0% (98.8% of Total Investments) | |||||||||
Alabama – 0.5% (0.3% of Total Investments) | |||||||||
Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A: | |||||||||
$ | 4,000 | 5.000%, 10/01/33 – AGM Insured (Alternative Minimum Tax) | 10/27 at 100.00 | A– | $ | 4,505,320 | |||
4,455 | 5.000%, 10/01/34 – AGM Insured (Alternative Minimum Tax) | 10/27 at 100.00 | A– | 4,993,030 | |||||
4,250 | 5.000%, 10/01/35 – AGM Insured (Alternative Minimum Tax) | 10/27 at 100.00 | A– | 4,739,770 | |||||
1,000 | Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured | 7/17 at 100.00 | A2 | 1,003,370 | |||||
1,000 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | A3 | 1,199,100 | |||||
14,705 | Total Alabama | 16,440,590 | |||||||
Alaska – 0.8% (0.5% of Total Investments) | |||||||||
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015: | |||||||||
1,580 | 5.000%, 1/01/24 (Alternative Minimum Tax) | No Opt. Call | Baa2 | 1,795,386 | |||||
3,400 | 5.000%, 1/01/25 (Alternative Minimum Tax) | No Opt. Call | Baa2 | 3,865,460 | |||||
1,000 | 5.000%, 1/01/28 (Alternative Minimum Tax) | 7/25 at 100.00 | Baa2 | 1,112,560 | |||||
1,075 | 5.000%, 1/01/29 (Alternative Minimum Tax) | 7/25 at 100.00 | Baa2 | 1,183,908 | |||||
300 | 5.000%, 1/01/31 (Alternative Minimum Tax) | 7/25 at 100.00 | Baa2 | 325,959 | |||||
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: | |||||||||
1,160 | 4.625%, 6/01/23 | 6/17 at 100.00 | Ba2 | 1,164,849 | |||||
14,500 | 5.000%, 6/01/32 | 7/17 at 100.00 | B3 | 14,104,003 | |||||
1,500 | 5.000%, 6/01/46 | 7/17 at 100.00 | B3 | 1,437,420 | |||||
24,515 | Total Alaska | 24,989,545 | |||||||
Arizona – 3.3% (2.1% of Total Investments) | |||||||||
980 | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 | 3/22 at 100.00 | A– | 1,041,074 | |||||
2,500 | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 5.000%, 12/01/39 | 12/24 at 100.00 | A2 | 2,762,075 | |||||
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A: | |||||||||
1,490 | 5.000%, 7/01/30 | 7/22 at 100.00 | A | 1,611,003 | |||||
2,500 | 5.000%, 7/01/32 | 7/22 at 100.00 | A | 2,693,150 | |||||
2,335 | 5.000%, 7/01/36 | 7/22 at 100.00 | A | 2,495,952 | |||||
2,000 | Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) | 7/17 at 100.00 | A3 (4) | 2,015,260 | |||||
11,795 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 4.000%, 1/01/36 | 1/27 at 100.00 | AA– | 12,003,182 | |||||
2,500 | Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2218, 12.529%,7/01/31 (Pre-refunded 7/01/17) – AGM Insured (IF) | 7/17 at 100.00 | AA– (4) | 2,559,700 | |||||
11,740 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | A+ | 12,776,405 | |||||
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A: | |||||||||
4,650 | 5.000%, 7/01/33 | 7/18 at 100.00 | AA– | 4,845,440 | |||||
8,200 | 5.000%, 7/01/38 | 7/18 at 100.00 | AA– | 8,544,646 | |||||
7,000 | Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured | No Opt. Call | AA | 8,820,840 |
NUVEEN
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17
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Arizona (continued) | |||||||||
$ | 5,000 | Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Tender Option Bond Trust 2016-XF0388, 8.465%, 7/01/38 (IF) (5) | 7/18 at 100.00 | Aa3 | $ | 5,420,300 | |||
1,000 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 | 10/20 at 100.00 | A– | 1,092,120 | |||||
1,000 | Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series 2015, 4.000%, 12/01/38 – AGM Insured | 12/25 at 100.00 | AA | 1,013,780 | |||||
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007: | |||||||||
500 | 5.500%, 12/01/29 | No Opt. Call | BBB+ | 606,810 | |||||
24,765 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 29,021,111 | |||||
1,100 | Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured | 6/24 at 100.00 | A2 | 1,233,595 | |||||
816 | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 | 7/17 at 100.00 | N/R | 777,738 | |||||
91,871 | Total Arizona | 101,334,181 | |||||||
Arkansas – 0.1% (0.0% of Total Investments) | |||||||||
2,055 | Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 4.875%, 12/01/43 | 12/23 at 100.00 | A1 | 2,213,708 | |||||
California – 18.0% (11.6% of Total Investments) | |||||||||
1,500 | ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30 | 5/20 at 100.00 | AA– | 1,718,325 | |||||
185 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured | No Opt. Call | Baa2 | 173,308 | |||||
9,015 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM) | No Opt. Call | Aaa | 8,633,846 | |||||
1,535 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/37 – NPFG Insured | No Opt. Call | A3 | 653,480 | |||||
13,000 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured | 9/17 at 100.00 | A1 | 13,078,000 | |||||
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C: | |||||||||
2,945 | 0.000%, 9/01/27 | No Opt. Call | A2 | 2,067,184 | |||||
7,150 | 0.000%, 9/01/28 – AGM Insured | No Opt. Call | A2 | 4,762,472 | |||||
2,455 | 0.000%, 9/01/32 – AGM Insured | No Opt. Call | A2 | 1,310,258 | |||||
200 | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | A2 | 91,734 | |||||
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4: | |||||||||
10,000 | 5.000%, 4/01/38 | 4/23 at 100.00 | A1 | 11,268,900 | |||||
3,500 | 5.250%, 4/01/53 | 4/23 at 100.00 | A1 | 3,950,835 | |||||
1,055 | Brisbane School District, San Mateo County, California, General Obligation Bonds, Election 2003 Series 2005, 0.000%, 7/01/35 – AGM Insured | No Opt. Call | A2 | 514,534 | |||||
1,640 | Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured | No Opt. Call | A+ | 917,892 | |||||
60 | Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured (ETM) | No Opt. Call | Aa3 (4) | 39,373 | |||||
Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B: | |||||||||
3,685 | 0.000%, 8/01/31 – FGIC Insured | No Opt. Call | A3 | 2,215,643 | |||||
4,505 | 0.000%, 8/01/33 – FGIC Insured | No Opt. Call | A3 | 2,392,741 | |||||
2,820 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 | 7/17 at 100.00 | B– | 2,819,915 |
18
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NUVEEN
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Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
California (continued) | |||||||||
$ | 7,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 | 11/26 at 100.00 | AA– | $ | 7,833,770 | |||
25,520 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016B, 5.000%, 11/15/46 (UB) (5) | 11/26 at 100.00 | Aa3 | 28,559,687 | |||||
5,950 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 | 10/19 at 100.00 | AA– | 6,456,702 | |||||
710 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 | 7/23 at 100.00 | AA– | 794,994 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | |||||||||
825 | 8.498%, 8/15/51 (IF) (5) | 8/22 at 100.00 | Aa3 | 981,206 | |||||
2,140 | 8.498%, 8/15/51 (IF) (5) | 8/22 at 100.00 | Aa3 | 2,545,188 | |||||
790 | 8.492%, 8/15/51 (IF) (5) | 8/22 at 100.00 | Aa3 | 939,444 | |||||
9,545 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.265%, 11/15/48 (IF) | 5/18 at 100.00 | Aa3 | 12,301,214 | |||||
3,250 | California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series 2017A, 5.000%, 2/01/42 | 2/27 at 100.00 | Baa1 | 3,587,643 | |||||
4,000 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A-1, 3.375%, 7/01/25 (Alternative Minimum Tax) | No Opt. Call | A– | 4,174,360 | |||||
810 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) | 11/19 at 100.00 | A+ (4) | 916,928 | |||||
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1: | |||||||||
1,530 | 5.750%, 3/01/30 (Pre-refunded 3/01/20) | 3/20 at 100.00 | A+ (4) | 1,728,334 | |||||
1,000 | 6.000%, 3/01/35 (Pre-refunded 3/01/20) | 3/20 at 100.00 | A+ (4) | 1,136,600 | |||||
815 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 | 11/23 at 100.00 | A+ | 915,327 | |||||
1,585 | California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 | 7/17 at 100.00 | AA– | 1,589,058 | |||||
65 | California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured | 7/17 at 100.00 | AA– | 65,237 | |||||
California State, General Obligation Bonds, Various Purpose Series 2010: | |||||||||
2,100 | 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | 2,329,929 | |||||
3,000 | 5.500%, 3/01/40 | 3/20 at 100.00 | AA– | 3,335,250 | |||||
4,250 | 5.250%, 11/01/40 | 11/20 at 100.00 | AA– | 4,787,965 | |||||
500 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44 | 12/24 at 100.00 | BB | 535,485 | |||||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A: | |||||||||
6,000 | 5.000%, 12/01/46 | 6/26 at 100.00 | BB | 6,377,160 | |||||
3,070 | 5.250%, 12/01/56 | 6/26 at 100.00 | BB | 3,301,325 | |||||
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010: | |||||||||
900 | 6.000%, 10/01/29 | 10/19 at 100.00 | BBB+ | 977,364 | |||||
1,030 | 6.250%, 10/01/39 | 10/19 at 100.00 | BBB+ | 1,121,835 | |||||
2,250 | California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30 | 11/20 at 100.00 | A+ | 2,465,573 | |||||
1,050 | California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (4) | 1,136,604 | |||||
1,000 | California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47 | 8/17 at 100.00 | Baa2 | 1,008,440 | |||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | |||||||||
2,640 | 5.750%, 7/01/30 (6) | 7/17 at 100.00 | CCC | 2,554,570 | |||||
7,230 | 5.500%, 7/01/39 (6) | 7/17 at 100.00 | CCC | 6,503,457 |
NUVEEN
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19
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
California (continued) | |||||||||
$ | 6,025 | California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) | 8/19 at 100.00 | N/R (4) | $ | 6,790,778 | |||
6,550 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured | 7/18 at 100.00 | AA– (4) | 6,924,333 | |||||
4,890 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 – NPFG Insured | No Opt. Call | A3 | 3,777,867 | |||||
1,000 | Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured | No Opt. Call | A2 | 635,260 | |||||
5,000 | Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured | 8/17 at 100.00 | AA (4) | 5,053,550 | |||||
5,045 | Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27 | 11/21 at 61.42 | BBB+ | 2,583,141 | |||||
1,260 | Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 | 12/21 at 100.00 | A+ | 1,527,485 | |||||
5,000 | Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – AGM Insured | 8/17 at 100.00 | AA (4) | 5,055,000 | |||||
2,000 | Dublin Unified School District, Alameda County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/31 – NPFG Insured | 8/17 at 49.41 | AA | 985,440 | |||||
4,000 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44 | 6/24 at 100.00 | Aa1 | 4,567,880 | |||||
3,010 | El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/25 | 8/22 at 100.00 | AA | 2,464,046 | |||||
3,500 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured | No Opt. Call | BBB– | 1,753,500 | |||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | |||||||||
1,480 | 5.750%, 1/15/46 | 1/24 at 100.00 | Ba1 | 1,696,391 | |||||
6,480 | 6.000%, 1/15/49 | 1/24 at 100.00 | Ba1 | 7,444,354 | |||||
1,500 | Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 | 8/21 at 100.00 | AA– | 1,720,380 | |||||
9,930 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 | 6/25 at 100.00 | A+ | 10,993,600 | |||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A: | |||||||||
3,455 | 0.000%, 6/01/24 – AMBAC Insured | No Opt. Call | A+ | 2,837,350 | |||||
3,500 | 0.000%, 6/01/26 – AGM Insured | No Opt. Call | A1 | 2,696,785 | |||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | |||||||||
25,825 | 5.000%, 6/01/33 | 6/17 at 100.00 | B+ | 25,967,036 | |||||
2,825 | 5.750%, 6/01/47 | 6/17 at 100.00 | B3 | 2,831,582 | |||||
8,110 | 5.125%, 6/01/47 | 6/17 at 100.00 | B– | 8,109,432 | |||||
175 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) | 6/17 at 100.00 | N/R (4) | 175,786 | |||||
495 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) | 6/17 at 100.00 | N/R (4) | 496,658 | |||||
2,500 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured | No Opt. Call | AA– | 1,439,625 | |||||
9,740 | Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) | No Opt. Call | AA+ (4) | 11,466,023 | |||||
5,000 | Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured | No Opt. Call | AA | 4,205,300 | |||||
1,045 | Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured | No Opt. Call | A– | 623,928 |
20
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NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
California (continued) | |||||||||
$ | 90 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (Alternative Minimum Tax) | 5/26 at 100.00 | A1 | $ | 100,538 | |||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B: | |||||||||
2,000 | 5.000%, 5/15/41 (Alternative Minimum Tax) | 5/26 at 100.00 | A1 | 2,245,740 | |||||
20,015 | 5.000%, 5/15/46 (Alternative Minimum Tax) | 5/26 at 100.00 | AA– | 22,227,256 | |||||
2,665 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43 | 1/24 at 100.00 | AA– | 3,002,309 | |||||
15,000 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41 | 1/21 at 100.00 | Aa2 | 16,687,800 | |||||
2,000 | Los Rios Community College District, Sacramento County, California, General Obligation Bonds, Series 2009D, 5.375%, 8/01/34 (Pre-refunded 8/01/19) | 8/19 at 100.00 | AA– (4) | 2,196,280 | |||||
250 | Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 | 9/21 at 100.00 | A– | 298,960 | |||||
500 | Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 | 3/20 at 100.00 | A1 | 539,120 | |||||
6,215 | Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31 | 8/24 at 100.00 | AA | 7,682,859 | |||||
5,955 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) | 8/35 at 100.00 | AA | 4,408,129 | |||||
2,700 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34 | No Opt. Call | BBB+ | 3,797,415 | |||||
2,200 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 | No Opt. Call | BBB+ | 3,064,160 | |||||
580 | Natomas Union School District, Sacramento County, California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured | No Opt. Call | A3 | 629,967 | |||||
15,770 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured | No Opt. Call | AA– | 18,933,775 | |||||
3,615 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) | 11/19 at 100.00 | Ba1 (4) | 4,126,667 | |||||
1,410 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 | 11/20 at 100.00 | Ba1 | 1,487,846 | |||||
1,365 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/21 – NPFG Insured | No Opt. Call | A2 | 1,258,940 | |||||
2,000 | Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33 (Pre-refunded 2/01/18) | 2/18 at 100.00 | AA (4) | 2,062,640 | |||||
6,195 | Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2007B, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – AGM Insured (UB) (5) | 8/17 at 100.00 | Aa3 (4) | 6,262,278 | |||||
13,145 | Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (ETM) | No Opt. Call | AA+ (4) | 17,838,554 | |||||
2,500 | Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 | 5/21 at 100.00 | A1 | 2,849,950 | |||||
6,000 | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) | No Opt. Call | A2 (4) | 3,658,080 | |||||
9,900 | Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) | No Opt. Call | AA+ (4) | 11,770,603 | |||||
2,000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41 | No Opt. Call | AA– | 721,740 | |||||
5,000 | Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured (7) | 8/36 at 100.00 | A1 | 4,461,450 | |||||
5,000 | Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured | No Opt. Call | A1 | 4,032,950 |
NUVEEN
|
21
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
California (continued) | |||||||||
$ | 4,615 | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 0.000%, 10/01/38 | No Opt. Call | A | $ | 1,769,391 | |||
330 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 | 6/23 at 100.00 | BBB– | 369,597 | |||||
9,900 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, 5.000%, 5/01/46 (Alternative Minimum Tax) | 5/26 at 100.00 | A+ | 10,998,502 | |||||
660 | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) | 8/19 at 100.00 | A– (4) | 740,843 | |||||
2,000 | San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43 | 8/22 at 29.31 | N/R | 474,160 | |||||
7,660 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/24 (ETM) | No Opt. Call | AA+ (4) | 6,747,158 | |||||
2,000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 | 1/25 at 100.00 | BB+ | 2,165,240 | |||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A: | |||||||||
15,350 | 5.000%, 1/15/44 | 1/25 at 100.00 | BBB– | 16,763,735 | |||||
25,840 | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB– | 28,138,210 | |||||
San Jose, California, Airport Revenue Bonds, Refunding Series 2017A: | |||||||||
5,000 | 5.000%, 3/01/41 (Alternative Minimum Tax) | 3/27 at 100.00 | A– | 5,606,400 | |||||
5,000 | 5.000%, 3/01/47 (Alternative Minimum Tax) | 3/27 at 100.00 | A– | 5,579,950 | |||||
6,660 | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/43 | No Opt. Call | A1 | 1,860,471 | |||||
880 | Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A (4) | 1,065,117 | |||||
2,460 | Santee School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured | No Opt. Call | AA | 1,317,035 | |||||
5,000 | Solano Community College District, Solano and Yolo Counties, California, General Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43 | 8/23 at 100.00 | Aa3 | 5,627,250 | |||||
1,145 | Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2006C, 0.000%, 11/01/30 – AGM Insured | No Opt. Call | A2 | 711,034 | |||||
1,175 | Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2010B, 0.000%, 11/01/35 – AGM Insured | No Opt. Call | A1 | 565,551 | |||||
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011: | |||||||||
1,000 | 6.375%, 12/01/23 | 12/21 at 100.00 | A+ | 1,189,780 | |||||
1,000 | 6.500%, 12/01/24 | 12/21 at 100.00 | A+ | 1,195,240 | |||||
1,000 | 6.625%, 12/01/25 | 12/21 at 100.00 | A+ | 1,197,290 | |||||
1,325 | 6.750%, 12/01/26 | 12/21 at 100.00 | A+ | 1,593,631 | |||||
80 | Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.000%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax) | 7/17 at 100.00 | N/R | 80,087 | |||||
2,410 | Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured | No Opt. Call | AA– | 1,868,690 | |||||
2,000 | West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41 | 8/21 at 100.00 | A+ | 2,227,900 | |||||
3,750 | Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 0.000%, 8/01/36 – AGM Insured (7) | 8/31 at 100.00 | Aa3 | 3,045,488 | |||||
3,000 | Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2007B, 0.000%, 8/01/33 (Pre-refunded 8/01/17) – AMBAC Insured | 8/17 at 45.45 | A+ (4) | 1,360,080 | |||||
4,000 | Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 | 8/21 at 100.00 | Aa2 | 4,508,400 | |||||
544,455 | Total California | 547,503,835 |
22
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Colorado – 7.7% (5.0% of Total Investments) | |||||||||
$ | 1,125 | Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.000%, 12/01/37 – RAAI Insured | 12/17 at 100.00 | A3 | $ | 1,126,080 | |||
3,000 | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured | 12/25 at 100.00 | A3 | 3,303,270 | |||||
4,195 | Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2016C, 4.000%, 12/15/34 | 12/26 at 100.00 | AA | 4,489,111 | |||||
1,000 | Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 | 7/18 at 100.00 | N/R | 1,003,640 | |||||
1,775 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/29 | 12/22 at 103.00 | N/R | 1,900,155 | |||||
2,945 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43 | 8/23 at 100.00 | BB | 3,392,552 | |||||
1,715 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 | 8/26 at 100.00 | A | 1,560,479 | |||||
500 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Liberty Common Charter School, Series 2014A, 5.000%, 1/15/44 | 1/24 at 100.00 | A | 531,880 | |||||
1,000 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Refunding Series 2014, 5.000%, 8/15/30 | 8/24 at 100.00 | A | 1,098,350 | |||||
3,915 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 3.250%, 6/01/46 | 6/26 at 100.00 | A | 3,338,242 | |||||
1,250 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2012A, 4.500%, 9/01/22 | No Opt. Call | A+ | 1,420,213 | |||||
545 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2017, 3.625%, 9/01/31 | 9/27 at 100.00 | A2 | 550,739 | |||||
1,465 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39 | 8/19 at 100.00 | N/R | 1,535,818 | |||||
6,910 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 | 7/19 at 100.00 | BBB+ | 7,180,457 | |||||
2,300 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41 | 2/21 at 100.00 | BBB+ | 2,354,372 | |||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A: | |||||||||
3,020 | 5.250%, 1/01/40 | 1/23 at 100.00 | BBB+ | 3,159,826 | |||||
4,890 | 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | 5,106,431 | |||||
4,600 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | 1/24 at 102.00 | N/R | 4,752,030 | |||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A: | |||||||||
2,670 | 5.000%, 6/01/28 | 6/25 at 100.00 | Baa2 | 2,923,436 | |||||
2,395 | 5.000%, 6/01/40 | 6/25 at 100.00 | Baa2 | 2,508,451 | |||||
220 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 | 6/23 at 100.00 | Baa2 | 232,929 | |||||
665 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/47 | 5/27 at 100.00 | BB+ | 695,796 | |||||
2,240 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005B, 5.250%, 3/01/36 – AGM Insured | 9/18 at 102.00 | Aa3 | 2,362,797 | |||||
1,150 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured | 9/18 at 102.00 | Aa3 | 1,211,468 | |||||
9,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | 1/20 at 100.00 | AA– | 9,616,950 | |||||
625 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 6.000%, 11/15/30 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R (4) | 726,094 |
NUVEEN
|
23
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Colorado (continued) | |||||||||
$ | 735 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%, 5/15/28 | 5/18 at 100.00 | A– | $ | 761,269 | |||
1,545 | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 | 7/17 at 100.00 | Baa2 | 1,548,507 | |||||
1,000 | Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax) | No Opt. Call | A– | 1,051,240 | |||||
2,000 | Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 4.250%, 5/15/37 | 5/21 at 100.00 | Aa2 | 2,076,020 | |||||
3,000 | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, 8/01/44 – AGM Insured | 8/24 at 100.00 | A2 | 3,318,480 | |||||
3,250 | Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 – AGM Insured | 8/26 at 100.00 | A2 | 3,637,953 | |||||
2,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 | 11/22 at 100.00 | A+ | 2,276,360 | |||||
1,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43 (Alternative Minimum Tax) | 11/23 at 100.00 | A | 1,096,680 | |||||
4,515 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 | 11/23 at 100.00 | A | 4,991,558 | |||||
1,820 | Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 8/01/46 | 8/26 at 100.00 | AA– | 1,873,908 | |||||
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016: | |||||||||
2,955 | 5.000%, 12/01/28 | 12/26 at 100.00 | BBB– | 3,400,230 | |||||
2,000 | 5.000%, 12/01/29 | 12/26 at 100.00 | BBB– | 2,280,180 | |||||
2,200 | 5.000%, 12/01/35 | 12/26 at 100.00 | BBB– | 2,430,956 | |||||
1,605 | 5.000%, 12/01/40 | 12/26 at 100.00 | BBB– | 1,762,611 | |||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A: | |||||||||
385 | 0.000%, 9/01/35 | No Opt. Call | BBB+ | 176,638 | |||||
150 | 0.000%, 9/01/37 | No Opt. Call | BBB+ | 61,716 | |||||
75 | 0.000%, 9/01/38 | No Opt. Call | BBB+ | 29,242 | |||||
20 | 0.000%, 9/01/39 | No Opt. Call | BBB+ | 7,380 | |||||
110 | 0.000%, 9/01/41 | No Opt. Call | BBB+ | 36,599 | |||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | |||||||||
1,420 | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | BBB+ | 1,182,888 | |||||
18,380 | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | AA– | 14,017,137 | |||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | |||||||||
1,045 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | BBB+ | 663,732 | |||||
2,175 | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | BBB+ | 1,315,397 | |||||
25,050 | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | BBB+ | 14,466,876 | |||||
23,305 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | AA– | 12,837,091 | |||||
100 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | BBB+ | 52,476 | |||||
12,500 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured | 9/26 at 54.77 | BBB+ | 4,599,000 | |||||
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | |||||||||
385 | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | BBB+ | 257,107 | |||||
60,000 | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | BBB+ | 27,595,200 | |||||
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: | |||||||||
345 | 0.000%, 9/01/28 – NPFG Insured | 9/20 at 63.98 | BBB+ | 197,326 | |||||
13,000 | 0.000%, 9/01/34 – NPFG Insured | 9/20 at 45.40 | BBB+ | 5,144,620 | |||||
14,500 | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | BBB+ | 5,250,450 | |||||
500 | Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 5.500%, 5/01/22 (Alternative Minimum Tax) | 5/21 at 100.00 | Baa2 | 532,800 | |||||
5,000 | Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured | 12/17 at 100.00 | A3 (4) | 5,132,400 |
24
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Colorado (continued) | |||||||||
$ | 1,860 | Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40 | 12/25 at 100.00 | Aa2 | $ | 1,908,974 | |||
Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016: | |||||||||
1,565 | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa3 | 1,661,889 | |||||
2,100 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 2,209,410 | |||||
3,000 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured | 12/19 at 100.00 | AA (4) | 3,388,830 | |||||
6,705 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | 12/25 at 100.00 | N/R | 7,180,652 | |||||
5,715 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | A2 (4) | 6,685,693 | |||||
700 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 | No Opt. Call | BBB+ | 963,613 | |||||
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010: | |||||||||
2,500 | 6.500%, 1/15/30 | 7/20 at 100.00 | Baa3 | 2,809,750 | |||||
3,115 | 6.000%, 1/15/34 | 7/20 at 100.00 | Baa3 | 3,450,859 | |||||
2,615 | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | 2,889,444 | |||||
1,000 | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 | 12/21 at 103.00 | N/R | 1,009,340 | |||||
Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016: | |||||||||
1,050 | 5.000%, 12/01/32 – BAM Insured | 12/26 at 100.00 | Baa2 | 1,183,739 | |||||
1,000 | 4.125%, 12/01/37 – BAM Insured | 12/26 at 100.00 | Baa2 | 1,027,510 | |||||
2,000 | Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured | 12/26 at 100.00 | Baa1 | 2,012,640 | |||||
1,775 | Waterview I Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016, 5.000%, 12/01/41 | 12/26 at 100.00 | A– | 1,970,428 | |||||
309,885 | Total Colorado | 234,496,364 | |||||||
Connecticut – 0.4% (0.3% of Total Investments) | |||||||||
3,430 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H, 5.000%, 7/01/24 – AGM Insured | 7/22 at 100.00 | A2 | 3,865,919 | |||||
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender Option Bond Trust 2016-XG0059: | |||||||||
1,295 | 14.528%, 1/01/32 (IF) (5) | 1/23 at 100.00 | A+ | 1,878,592 | |||||
190 | 14.403%, 1/01/38 (IF) (5) | 1/23 at 100.00 | A+ | 266,521 | |||||
2,500 | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 | 4/20 at 100.00 | N/R | 2,792,000 | |||||
3,565 | Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 4.000%, 4/01/39 | 4/22 at 100.00 | AA | 3,675,872 | |||||
4,480 | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 0.240%, 7/01/31, PIK, (8) | No Opt. Call | N/R | 173,810 | |||||
15,460 | Total Connecticut | 12,652,714 | |||||||
Delaware – 0.3% (0.2% of Total Investments) | |||||||||
7,255 | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 | 6/25 at 100.00 | A1 | 7,861,591 | |||||
District of Columbia – 2.3% (1.5% of Total Investments) | |||||||||
1,440 | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) | 6/17 at 100.00 | AA+ | 1,443,874 | |||||
5,140 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | BBB | 5,799,102 |
NUVEEN
|
25
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
District of Columbia (continued) | |||||||||
$ | 21,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 7/17 at 100.00 | N/R | $ | 2,943,780 | |||
23,745 | District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 – AGM Insured (UB) | No Opt. Call | AA | 27,624,933 | |||||
District of Columbia, General Obligation Bonds, Series 1998B: | |||||||||
5,000 | 6.000%, 6/01/19 – NPFG Insured | No Opt. Call | AA | 5,510,450 | |||||
9,505 | 6.000%, 6/01/20 – NPFG Insured | No Opt. Call | AA | 10,876,667 | |||||
16,400 | Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured | 7/17 at 100.00 | AA+ | 16,443,622 | |||||
82,230 | Total District of Columbia | 70,642,428 | |||||||
Florida – 8.8% (5.7% of Total Investments) | |||||||||
1,480 | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 5.000%, 11/15/37 | 11/23 at 100.00 | BBB | 1,565,352 | |||||
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A: | |||||||||
450 | 5.000%, 9/01/45 | 9/23 at 100.00 | BBB– | 453,375 | |||||
875 | 5.000%, 9/01/48 | 9/23 at 100.00 | BBB– | 880,609 | |||||
1,000 | Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) | 4/19 at 100.00 | A (4) | 1,113,490 | |||||
7,500 | Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, 10/01/45 (Alternative Minimum Tax) | 10/25 at 100.00 | A+ | 8,228,475 | |||||
4,315 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured | 10/21 at 100.00 | A | 4,828,010 | |||||
100 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43 | 6/22 at 100.00 | N/R | 106,610 | |||||
4,165 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/32 | 4/22 at 100.00 | Baa1 | 4,455,009 | |||||
1,150 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 | 4/21 at 100.00 | Baa1 | 1,318,268 | |||||
2,000 | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax) | 10/21 at 100.00 | Aa3 | 2,274,880 | |||||
3,175 | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2010B, 5.000%, 7/01/40 | 7/20 at 101.00 | AA | 3,519,202 | |||||
2,500 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) | 10/19 at 100.00 | AA– (4) | 2,734,225 | |||||
3,890 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 2016A, 5.000%, 10/01/40 (Alternative Minimum Tax) | 10/26 at 100.00 | AA– | 4,348,281 | |||||
6,020 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (Alternative Minimum Tax) | 10/24 at 100.00 | A+ | 6,548,315 | |||||
10,305 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44 | 10/24 at 100.00 | A– | 11,244,402 | |||||
2,290 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 | 10/24 at 100.00 | A+ | 2,554,037 | |||||
8,000 | JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39 | 4/20 at 100.00 | Aa2 | 8,734,560 | |||||
5,075 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/35 | 11/24 at 100.00 | A2 | 5,561,896 | |||||
2,605 | Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17) | 10/17 at 100.00 | BBB+ (4) | 2,651,135 | |||||
1,500 | Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax) | 6/20 at 100.00 | BB+ | 1,539,480 |
26
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Florida (continued) | |||||||||
$ | 9,820 | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured | 2/24 at 100.00 | A1 | $ | 10,842,164 | |||
2,000 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 | 7/27 at 100.00 | BBB | 2,109,380 | |||||
2,930 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42 | 4/23 at 100.00 | A– | 3,168,150 | |||||
8,070 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45 | 4/25 at 100.00 | A– | 8,796,300 | |||||
1,500 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/42 | 8/27 at 100.00 | A+ | 1,670,535 | |||||
13,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport Hub, Series 2007B, 4.500%, 10/01/31 (Pre-refunded 10/01/17) – NPFG Insured | 10/17 at 100.00 | A2 (4) | 13,202,150 | |||||
1,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax) | 10/22 at 100.00 | A | 1,113,590 | |||||
1,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 | 10/24 at 100.00 | A | 1,117,400 | |||||
4,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 5.500%, 10/01/36 (Pre-refunded 10/01/19) | 10/19 at 100.00 | A (4) | 4,419,440 | |||||
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B: | |||||||||
4,000 | 5.000%, 10/01/28 | 10/20 at 100.00 | A | 4,457,120 | |||||
7,890 | 5.000%, 10/01/41 | 10/20 at 100.00 | A | 8,547,632 | |||||
5,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/35 (Alternative Minimum Tax) | 10/24 at 100.00 | A | 5,552,100 | |||||
3,410 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax) | 10/25 at 100.00 | A | 3,793,489 | |||||
2,865 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 | 10/22 at 100.00 | A2 | 3,155,883 | |||||
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012: | |||||||||
3,000 | 5.000%, 7/01/42 | 7/22 at 100.00 | A1 | 3,335,310 | |||||
2,050 | 5.000%, 7/01/42 – AGM Insured | 7/22 at 100.00 | A1 | 2,279,129 | |||||
1,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured | 10/20 at 100.00 | A+ | 1,103,180 | |||||
12,370 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 | 10/22 at 100.00 | Aa3 | 13,717,462 | |||||
4,000 | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40 | 10/20 at 100.00 | A2 | 4,389,640 | |||||
3,000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41 (Pre-refunded 8/01/17) | 8/17 at 100.00 | N/R (4) | 3,034,500 | |||||
2,200 | Okeechobee County, Florida, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 1.550%, 7/01/39 (Mandatory put 7/01/21) | No Opt. Call | A– | 2,174,810 | |||||
1,665 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26 | 10/19 at 100.00 | A | 1,810,688 | |||||
115 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 | 6/22 at 102.00 | N/R | 135,103 | |||||
1,300 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, The Waterford Project, Series 2007, 5.875%, 11/15/37 (Pre-refunded 11/15/17) | 11/17 at 100.00 | A (4) | 1,335,672 | |||||
4,635 | Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond Series 2014B, 5.000%, 9/01/43 | 9/24 at 100.00 | AA– | 5,148,002 | |||||
9,250 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B, 5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured | 7/17 at 100.00 | A3 (4) | 9,317,710 |
NUVEEN
|
27
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Florida (continued) | |||||||||
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007: | |||||||||
$ | 1,000 | 5.000%, 8/15/42 | 8/17 at 100.00 | AA– | $ | 1,006,670 | |||
12,805 | 5.000%, 8/15/42 (UB) (5) | 8/17 at 100.00 | Aa3 | 12,890,410 | |||||
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Refunding Series 2007: | |||||||||
22,000 | 5.000%, 8/15/37 (UB) | 8/17 at 100.00 | Aa3 | 22,157,960 | |||||
7,370 | 5.000%, 8/15/42 (UB) (5) | 8/17 at 100.00 | Aa3 | 7,419,158 | |||||
2,500 | South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 11151, 15.726%, 8/15/42 (IF) | 8/17 at 100.00 | Aa3 | 2,566,700 | |||||
705 | Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30 | 3/24 at 100.00 | BBB+ | 763,092 | |||||
1,500 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44 | 1/24 at 100.00 | A– | 1,610,625 | |||||
700 | Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29 | 9/22 at 100.00 | A+ | 787,094 | |||||
14,610 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 | 7/22 at 100.00 | A | 16,199,860 | |||||
65 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 | 5/17 at 100.00 | N/R | 60,449 | |||||
195 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (7) | 5/19 at 100.00 | N/R | 116,468 | |||||
85 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7) | 5/22 at 100.00 | N/R | 37,572 | |||||
120 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8) | 5/18 at 100.00 | N/R | 1 | |||||
10 | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 | 5/18 at 100.00 | N/R | 10,054 | |||||
195 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40 | 5/17 at 100.00 | N/R | 195,020 | |||||
290 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 | 5/18 at 100.00 | N/R | 178,475 | |||||
180 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8) | 5/18 at 100.00 | N/R | 93,427 | |||||
195 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8) | 5/18 at 100.00 | N/R | 2 | |||||
1,060 | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 | 5/17 at 100.00 | N/R | 1,053,587 | |||||
6,510 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/45 | 6/25 at 100.00 | A– | 7,173,434 | |||||
251,560 | Total Florida | 268,706,208 | |||||||
Georgia – 1.9% (1.2% of Total Investments) | |||||||||
1,820 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 | 7/25 at 100.00 | A+ | 2,085,028 | |||||
835 | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) | 1/19 at 100.00 | A2 (4) | 917,465 | |||||
1,510 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured | 11/19 at 100.00 | A+ | 1,660,849 | |||||
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: | |||||||||
3,065 | 5.000%, 11/01/31 | 5/25 at 100.00 | A+ | 3,603,398 | |||||
5,000 | 5.000%, 11/01/32 | 5/25 at 100.00 | A+ | 5,846,750 |
28
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Georgia (continued) | |||||||||
$ | 5,000 | Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Senior Series 2007A, 5.250%, 7/15/38 (Pre-refunded 7/15/17) – AMBAC Insured | 7/17 at 100.00 | N/R (4) | $ | 5,046,550 | |||
2,000 | Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured | No Opt. Call | A3 | 2,321,140 | |||||
590 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 | 2/20 at 100.00 | A | 633,353 | |||||
1,910 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 2,098,078 | |||||
710 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 | 2/20 at 100.00 | AA– | 760,417 | |||||
2,290 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 2,531,137 | |||||
10,260 | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 | 7/25 at 100.00 | A+ | 11,101,113 | |||||
1,000 | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20 | No Opt. Call | BBB+ | 1,079,170 | |||||
3,035 | Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured | 8/18 at 100.00 | AA (4) | 3,248,239 | |||||
1,550 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured | No Opt. Call | Aa1 | 1,677,441 | |||||
3,265 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/41 | 7/26 at 100.00 | AA– | 3,740,123 | |||||
5,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46 | 10/26 at 100.00 | AA | 5,731,550 | |||||
1,220 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27 | 10/21 at 100.00 | Baa2 | 1,342,488 | |||||
1,425 | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 | 10/21 at 100.00 | AA– | 1,542,862 | |||||
51,485 | Total Georgia | 56,967,151 | |||||||
Guam – 0.1% (0.1% of Total Investments) | |||||||||
765 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 | 1/22 at 100.00 | A | 799,609 | |||||
1,770 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 | 7/20 at 100.00 | BBB– | 1,876,536 | |||||
1,220 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 | 7/23 at 100.00 | BBB– | 1,339,462 | |||||
3,755 | Total Guam | 4,015,607 | |||||||
Hawaii – 0.9% (0.6% of Total Investments) | |||||||||
13,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 | 7/23 at 100.00 | A+ | 14,623,960 | |||||
11,205 | Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative Minimum Tax) | 7/25 at 100.00 | A | 12,331,887 | |||||
24,205 | Total Hawaii | 26,955,847 | |||||||
Idaho – 0.4% (0.3% of Total Investments) | |||||||||
6,560 | Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, Series 2017ID, 5.000%, 12/01/46 | 6/27 at 100.00 | AA– | 7,319,386 | |||||
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016: | |||||||||
1,795 | 5.000%, 9/01/23 | No Opt. Call | BB+ | 1,961,271 | |||||
1,000 | 5.000%, 9/01/29 | 9/26 at 100.00 | BB+ | 1,088,240 |
NUVEEN
|
29
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Idaho (continued) | |||||||||
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A: | |||||||||
$ | 1,155 | 4.750%, 9/01/26 | 9/22 at 100.00 | A3 | $ | 1,259,193 | |||
310 | 5.000%, 9/01/32 | 9/22 at 100.00 | A3 | 334,816 | |||||
10,820 | Total Idaho | 11,962,906 | |||||||
Illinois – 19.3% (12.5% of Total Investments) | |||||||||
3,000 | Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured | 12/21 at 100.00 | AA | 3,218,670 | |||||
6,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 6,208,260 | |||||
1,470 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 | 12/21 at 100.00 | B3 | 1,189,524 | |||||
9,250 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 | 12/25 at 100.00 | B | 8,953,444 | |||||
2,400 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 | 12/26 at 100.00 | B | 2,229,672 | |||||
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1: | |||||||||
10,000 | 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | B+ | 8,960,300 | |||||
10,130 | 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | B+ | 7,572,783 | |||||
7,140 | 0.000%, 12/01/25 – FGIC Insured | No Opt. Call | B+ | 5,045,767 | |||||
4,325 | 0.000%, 12/01/29 – FGIC Insured | No Opt. Call | B+ | 2,420,962 | |||||
4,235 | 0.000%, 12/01/31 – FGIC Insured | No Opt. Call | B+ | 2,111,359 | |||||
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A: | |||||||||
15,000 | 0.000%, 12/01/21 – FGIC Insured | No Opt. Call | B+ | 12,909,600 | |||||
10,000 | 0.000%, 12/01/23 – FGIC Insured | No Opt. Call | B+ | 7,863,700 | |||||
8,845 | 5.500%, 12/01/26 – FGIC Insured | No Opt. Call | B+ | 9,570,467 | |||||
7,900 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | A1 | 8,436,568 | |||||
2,150 | Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24 | 7/17 at 100.00 | Ba3 | 2,156,202 | |||||
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A: | |||||||||
210 | 5.500%, 12/20/19 (Alternative Minimum Tax) | 10/17 at 100.00 | AA– | 210,582 | |||||
1,210 | 5.600%, 12/20/29 (Alternative Minimum Tax) | 10/17 at 100.00 | AA– | 1,211,912 | |||||
1,925 | 5.650%, 12/20/40 (Alternative Minimum Tax) | 10/17 at 100.00 | AA– | 1,927,175 | |||||
2,245 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2015C, 5.000%, 1/01/46 (Alternative Minimum Tax) | 1/25 at 100.00 | A | 2,411,938 | |||||
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | |||||||||
4,115 | 0.000%, 1/01/33 – FGIC Insured | No Opt. Call | BBB– | 1,968,451 | |||||
29,600 | 0.000%, 1/01/38 – FGIC Insured | No Opt. Call | BBB– | 10,814,064 | |||||
7,040 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB– | 7,376,090 | |||||
3,880 | Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured | 7/17 at 100.00 | BBB– | 3,890,127 | |||||
22,750 | Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured | No Opt. Call | AA– | 24,729,476 | |||||
6,280 | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/22 at 100.00 | Ba1 | 6,400,074 | |||||
6,410 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured | No Opt. Call | A3 | 7,438,485 | |||||
1,500 | Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – AMBAC Insured | No Opt. Call | Baa2 | 1,747,995 | |||||
13,310 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | A2 | 14,126,036 |
30
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Illinois (continued) | |||||||||
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002: | |||||||||
$ | 2,785 | 5.500%, 11/01/36 | 11/23 at 100.00 | A | $ | 3,048,990 | |||
700 | 4.500%, 11/01/36 | 11/24 at 100.00 | A | 723,422 | |||||
5,000 | 4.450%, 11/01/36 | 11/25 at 102.00 | A | 5,195,850 | |||||
410 | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 6.000%, 12/01/45 | 12/25 at 100.00 | N/R | 411,451 | |||||
13,955 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2015, 5.000%, 5/01/45 (UB) (5) | 5/25 at 100.00 | Aa2 | 15,334,312 | |||||
2,000 | Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 4.000%, 3/01/38 | 3/26 at 100.00 | A1 | 2,035,740 | |||||
4,985 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/32 | 9/22 at 100.00 | BBB | 5,278,916 | |||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | |||||||||
4,750 | 5.000%, 9/01/39 | 9/24 at 100.00 | BBB | 4,954,108 | |||||
6,000 | 5.000%, 9/01/42 | 9/24 at 100.00 | BBB | 6,223,440 | |||||
4,125 | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 | 11/19 at 100.00 | Aa2 | 4,523,269 | |||||
4,000 | Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB) | 8/18 at 100.00 | AA– | 4,157,880 | |||||
2,120 | Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 (Pre-refunded 2/01/18) – AMBAC Insured | 2/18 at 100.00 | A (4) | 2,193,394 | |||||
3,875 | Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 (Pre-refunded 1/01/18) | 1/18 at 100.00 | A (4) | 3,997,876 | |||||
Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A: | |||||||||
11,520 | 4.000%, 7/01/37 | 7/26 at 100.00 | A+ | 11,440,625 | |||||
6,140 | 4.000%, 7/01/38 | 7/26 at 100.00 | A2 | 6,079,091 | |||||
280 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | 308,319 | |||||
615 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (4) | 700,836 | |||||
1,925 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17) | 11/17 at 100.00 | A (4) | 1,976,937 | |||||
10,745 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 | 11/25 at 100.00 | A | 11,645,646 | |||||
12,125 | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 | 5/20 at 100.00 | AA– | 12,888,024 | |||||
2,500 | Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 5.000%, 2/15/33 | 2/27 at 100.00 | BBB– | 2,677,800 | |||||
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: | |||||||||
50 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 57,450 | |||||
4,995 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | BBB– (4) | 5,739,255 | |||||
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: | |||||||||
415 | 5.500%, 7/01/28 | 7/23 at 100.00 | A– | 474,831 | |||||
390 | 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 446,495 | |||||
100 | Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) | 5/19 at 100.00 | N/R (4) | 110,318 | |||||
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009: | |||||||||
90 | 6.125%, 5/15/25 (Pre-refunded 5/15/19) | 5/19 at 100.00 | N/R (4) | 99,131 | |||||
2,810 | 6.125%, 5/15/25 (Pre-refunded 5/15/19) | 5/19 at 100.00 | BBB– (4) | 3,099,936 |
NUVEEN
|
31
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Illinois (continued) | |||||||||
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B: | |||||||||
$ | 65 | 5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | A2 (4) | $ | 67,800 | |||
1,735 | 5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | A2 (4) | 1,808,980 | |||||
1,000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Refunding Series 2006B, 5.250%, 11/01/35 (Pre-refunded 11/01/18) – NPFG Insured | 11/18 at 100.00 | AA– (4) | 1,064,450 | |||||
1,120 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aaa | 1,243,334 | |||||
4,250 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015B, 5.000%, 11/15/39 | 5/25 at 100.00 | A+ | 4,609,890 | |||||
4,975 | Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17) | 8/17 at 100.00 | N/R (4) | 5,033,606 | |||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A: | |||||||||
4,000 | 6.000%, 8/15/23 | 8/18 at 100.00 | BBB+ | 4,201,600 | |||||
5,000 | 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | 5,157,500 | |||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C: | |||||||||
560 | 5.000%, 8/15/35 | 8/25 at 100.00 | Baa1 | 605,752 | |||||
3,745 | 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 3,955,544 | |||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009: | |||||||||
2,000 | 6.875%, 8/15/38 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 2,260,160 | |||||
3,000 | 7.000%, 8/15/44 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 3,398,370 | |||||
1,000 | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured | 3/20 at 100.00 | A2 | 1,078,570 | |||||
930 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 | 8/20 at 100.00 | AA– | 1,013,291 | |||||
470 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 527,688 | |||||
2,500 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) | 2/21 at 100.00 | Aa3 (4) | 2,891,025 | |||||
500 | Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26 | 7/17 at 100.00 | N/R | 500,595 | |||||
3,000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 | 10/25 at 100.00 | AA– | 3,345,810 | |||||
1,225 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19 (Pre-refunded 7/01/17) | 7/17 at 100.00 | AA– (4) | 1,234,053 | |||||
11,140 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21 at 100.00 | AA+ | 12,000,340 | |||||
5,900 | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 | 5/17 at 100.00 | Baa3 | 5,906,372 | |||||
2,000 | Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36 | 8/17 at 100.00 | Aa1 | 2,007,640 | |||||
1,830 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/32 – AGM Insured | 6/24 at 100.00 | BBB– | 2,000,282 | |||||
Illinois State, General Obligation Bonds, February Series 2014: | |||||||||
3,500 | 5.250%, 2/01/30 | 2/24 at 100.00 | BBB | 3,615,885 | |||||
4,000 | 5.250%, 2/01/31 | 2/24 at 100.00 | BBB | 4,111,840 | |||||
3,200 | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB | 3,276,480 | |||||
2,000 | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB | 2,039,700 | |||||
1,575 | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB | 1,602,641 | |||||
2,000 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB | 2,002,120 | |||||
8,250 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 | 1/26 at 100.00 | BBB | 8,347,845 |
32
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Illinois (continued) | |||||||||
$ | 4,225 | Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/37 | 6/26 at 100.00 | BBB | $ | 3,683,397 | |||
450 | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 | 5/24 at 100.00 | BBB | 450,527 | |||||
1,500 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 | 11/26 at 100.00 | BBB | 1,503,375 | |||||
Illinois State, General Obligation Bonds, October Series 2016: | |||||||||
3,790 | 5.000%, 2/01/26 | No Opt. Call | BBB | 3,971,768 | |||||
3,510 | 5.000%, 2/01/28 | 2/27 at 100.00 | BBB | 3,651,313 | |||||
2,375 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | BBB | 2,461,593 | |||||
Illinois State, General Obligation Bonds, Series 2013: | |||||||||
2,500 | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB | 2,564,700 | |||||
1,520 | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB | 1,577,821 | |||||
1,430 | Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 | 6/21 at 100.00 | AA+ | 1,500,857 | |||||
1,395 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 | 1/23 at 100.00 | AA– | 1,541,838 | |||||
4,685 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 | 7/25 at 100.00 | AA– | 5,205,269 | |||||
4,435 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40 | 1/26 at 100.00 | AA– | 4,942,852 | |||||
1,815 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.366%, 1/01/38 (IF) | 1/23 at 100.00 | Aa3 | 2,579,714 | |||||
1,875 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0052, 15.417%, 1/01/38 (IF) | 1/23 at 100.00 | Aa3 | 2,664,450 | |||||
2,000 | Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured | No Opt. Call | Aa3 | 1,786,380 | |||||
3,000 | Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9) | 7/17 at 100.00 | N/R | 1,314,240 | |||||
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | |||||||||
850 | 5.250%, 1/01/25 (10) | 7/17 at 100.00 | D | 247,843 | |||||
2,750 | 5.250%, 1/01/30 (10) | 7/17 at 100.00 | D | 801,845 | |||||
1,510 | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured | 1/21 at 100.00 | A2 | 1,627,871 | |||||
1,525 | McCook, Illinois, General Obligation Bonds, Series 2008, 5.200%, 12/01/30 | 12/18 at 100.00 | A– | 1,601,372 | |||||
9,000 | McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured | No Opt. Call | Aa2 | 7,782,840 | |||||
1,890 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 | 12/25 at 100.00 | BBB– | 1,880,682 | |||||
5,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53 | 12/25 at 100.00 | BBB– | 5,272,950 | |||||
10,050 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50 | 6/20 at 100.00 | BBB– | 10,275,020 | |||||
1,050 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50 | 6/20 at 100.00 | BBB– | 1,095,003 | |||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A: | |||||||||
6,015 | 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | BBB– | 5,260,118 | |||||
12,250 | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | BBB– | 10,302,495 | |||||
23,575 | 0.000%, 12/15/23 – NPFG Insured | No Opt. Call | BBB– | 19,051,193 | |||||
10,775 | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BBB– | 8,331,338 | |||||
2,685 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 | 6/20 at 100.00 | BBB– | 2,688,678 |
NUVEEN
|
33
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Illinois (continued) | |||||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | |||||||||
$ | 6,765 | 0.000%, 12/15/23 – NPFG Insured | No Opt. Call | BBB– | $ | 5,466,864 | |||
5,000 | 0.000%, 12/15/34 – NPFG Insured | No Opt. Call | BBB– | 2,240,650 | |||||
1,100 | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BBB– | 465,036 | |||||
3,805 | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | BBB– | 1,198,575 | |||||
3,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM) | No Opt. Call | AA+ (4) | 3,812,370 | |||||
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010: | |||||||||
1,550 | 5.250%, 6/01/21 | No Opt. Call | A | 1,768,767 | |||||
4,000 | 6.250%, 6/01/24 | 7/17 at 100.00 | A | 4,014,720 | |||||
800 | 6.000%, 6/01/28 | 6/21 at 100.00 | A– | 911,080 | |||||
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999: | |||||||||
22,650 | 5.750%, 6/01/19 – AGM Insured | No Opt. Call | Aa3 | 24,754,865 | |||||
3,500 | 5.750%, 6/01/23 – AGM Insured | No Opt. Call | Aa3 | 4,151,735 | |||||
2,395 | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured | No Opt. Call | AA | 2,060,898 | |||||
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | |||||||||
2,250 | 5.000%, 3/01/29 | 3/25 at 100.00 | A3 | 2,556,990 | |||||
3,505 | 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | A2 | 3,862,650 | |||||
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013: | |||||||||
1,580 | 6.000%, 10/01/32 | 10/23 at 100.00 | A3 | 1,836,039 | |||||
9,625 | 6.250%, 10/01/38 | 10/23 at 100.00 | A3 | 11,147,868 | |||||
2,745 | 6.000%, 10/01/42 | 10/23 at 100.00 | A3 | 3,119,802 | |||||
4,930 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured | No Opt. Call | A2 | 3,927,780 | |||||
12,775 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured (ETM) | No Opt. Call | Ba1 (4) | 11,134,307 | |||||
2,475 | Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured | No Opt. Call | A2 | 2,415,278 | |||||
622,075 | Total Illinois | 588,297,804 | |||||||
Indiana – 3.0% (1.9% of Total Investments) | |||||||||
6,180 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured | No Opt. Call | A3 | 5,442,108 | |||||
1,555 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/28 | 2/22 at 100.00 | A– | 1,709,551 | |||||
1,050 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 | 10/19 at 100.00 | B– | 1,040,550 | |||||
2,865 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 | 5/23 at 100.00 | A | 3,087,983 | |||||
1,500 | Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) | 3/20 at 100.00 | N/R (4) | 1,663,680 | |||||
7,480 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40 | 6/25 at 100.00 | AA– | 8,387,623 | |||||
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A: | |||||||||
3,015 | 5.000%, 7/01/44 (Alternative Minimum Tax) | 7/23 at 100.00 | BBB | 3,209,739 | |||||
6,545 | 5.000%, 7/01/48 (Alternative Minimum Tax) | 7/23 at 100.00 | BBB | 6,967,742 | |||||
1,500 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 7/01/40 (Alternative Minimum Tax) | 7/23 at 100.00 | BBB | 1,596,885 |
34
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Indiana (continued) | |||||||||
$ | 4,670 | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 | 12/19 at 100.00 | AA– | $ | 5,047,710 | |||
2,500 | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37 | 12/20 at 100.00 | AA– | 2,745,875 | |||||
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014: | |||||||||
1,305 | 5.250%, 9/01/34 (Alternative Minimum Tax) | 9/24 at 100.00 | B– | 1,377,806 | |||||
3,790 | 5.250%, 9/01/40 (Alternative Minimum Tax) | 9/24 at 100.00 | B– | 3,965,553 | |||||
15,900 | 5.000%, 9/01/46 (Alternative Minimum Tax) | 9/24 at 100.00 | B– | 16,275,558 | |||||
5,115 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A, 5.000%, 10/01/41 | 10/26 at 100.00 | A | 5,743,787 | |||||
2,750 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 | 10/21 at 100.00 | A3 | 3,059,733 | |||||
4,500 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 4.000%, 10/01/42 | 10/22 at 100.00 | A2 | 4,563,495 | |||||
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E: | |||||||||
475 | 5.250%, 11/01/25 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | Aa3 (4) | 495,876 | |||||
530 | 5.250%, 11/01/29 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | Aa3 (4) | 553,294 | |||||
2,225 | 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | Aa3 (4) | 2,322,322 | |||||
4,375 | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 | 7/26 at 100.00 | A+ | 4,929,925 | |||||
1,700 | Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36 | 3/18 at 100.00 | Aaa | 1,756,032 | |||||
3,985 | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax) | 1/24 at 100.00 | N/R | 4,773,153 | |||||
85,510 | Total Indiana | 90,715,980 | |||||||
Iowa – 1.7% (1.1% of Total Investments) | |||||||||
1,500 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42 | 8/22 at 100.00 | Ba2 | 1,505,715 | |||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | |||||||||
1,990 | 5.000%, 12/01/19 | No Opt. Call | B– | 2,038,656 | |||||
5,645 | 5.500%, 12/01/22 | 12/18 at 100.00 | B– | 5,743,731 | |||||
1,335 | 5.250%, 12/01/25 | 12/23 at 100.00 | B– | 1,353,930 | |||||
1,710 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26 | 6/18 at 105.00 | B– | 1,744,952 | |||||
3,000 | Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 | 12/19 at 100.00 | A | 3,199,050 | |||||
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | |||||||||
24,420 | 5.500%, 6/01/42 | 7/17 at 100.00 | B2 | 24,419,756 | |||||
12,100 | 5.625%, 6/01/46 | 7/17 at 100.00 | B2 | 12,100,242 | |||||
51,700 | Total Iowa | 52,106,032 | |||||||
Kansas – 0.4% (0.3% of Total Investments) | |||||||||
1,240 | Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.000%, 9/01/26 | 9/21 at 100.00 | Aa3 | 1,418,163 | |||||
1,540 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/29 | 11/19 at 100.00 | AA | 1,685,222 | |||||
610 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29 | 9/17 at 100.00 | A+ | 615,710 | |||||
390 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29 (Pre-refunded 9/01/17) | 9/17 at 100.00 | N/R (4) | 395,565 |
NUVEEN
|
35
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Kansas (continued) | |||||||||
$ | 2,420 | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured | 7/17 at 100.00 | BB+ | $ | 2,420,968 | |||
530 | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 | 4/20 at 100.00 | BBB | 546,536 | |||||
45 | Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) | No Opt. Call | Aaa | 47,052 | |||||
5,000 | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/32 | 9/22 at 100.00 | A3 | 5,570,950 | |||||
11,775 | Total Kansas | 12,700,166 | |||||||
Kentucky – 1.9% (1.2% of Total Investments) | |||||||||
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A: | |||||||||
2,000 | 6.000%, 6/01/30 | 6/20 at 100.00 | Baa3 | 2,211,480 | |||||
5,500 | 6.500%, 3/01/45 | 6/20 at 100.00 | Baa3 | 6,131,345 | |||||
5,510 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 | 8/21 at 100.00 | A3 | 5,799,110 | |||||
1,000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured | 6/18 at 100.00 | A3 | 1,041,100 | |||||
2,730 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 2,884,300 | |||||
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A: | |||||||||
505 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | A3 (4) | 512,171 | |||||
1,785 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | A3 (4) | 1,810,347 | |||||
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: | |||||||||
4,790 | 0.000%, 7/01/43 (7) | 7/31 at 100.00 | Baa3 | 3,975,269 | |||||
3,655 | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa3 | 3,046,114 | |||||
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A: | |||||||||
8,360 | 5.750%, 7/01/49 | 7/23 at 100.00 | Baa3 | 9,192,572 | |||||
585 | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 654,504 | |||||
9,195 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 | 6/21 at 100.00 | A | 10,154,222 | |||||
2,500 | Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc. Project, Refunding & Improvement Series 2008A, 6.000%, 5/01/38 | 5/18 at 100.00 | Baa3 | 2,585,575 | |||||
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011: | |||||||||
5,000 | 6.250%, 3/01/31 | 3/21 at 100.00 | A3 | 5,657,050 | |||||
1,375 | 6.500%, 3/01/41 | 3/21 at 100.00 | A3 | 1,546,738 | |||||
54,490 | Total Kentucky | 57,201,897 | |||||||
Louisiana – 2.4% (1.6% of Total Investments) | |||||||||
5,275 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | 7/23 at 100.00 | N/R | 5,652,479 | |||||
2,665 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39 | 2/25 at 100.00 | AA– | 2,968,890 | |||||
3,130 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured | 12/27 at 100.00 | A2 | 3,536,524 | |||||
1,000 | Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue | 11/17 at 100.00 | Baa3 | 1,022,130 | |||||
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 | |||||||||
5,200 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/44 | 2/24 at 100.00 | A+ | 5,655,780 |
36
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Louisiana (continued) | |||||||||
$ | 1,380 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 | 8/20 at 100.00 | Baa3 | $ | 1,561,028 | |||
8,655 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax) | 7/23 at 100.00 | N/R | 9,326,195 | |||||
845 | Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2016A, 5.000%, 11/01/45 | 11/25 at 100.00 | Baa1 | 898,539 | |||||
7,900 | Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured | 6/17 at 100.00 | A3 (4) | 7,934,128 | |||||
4,305 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) | 5/21 at 100.00 | A3 (4) | 5,217,230 | |||||
330 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 | 7/23 at 100.00 | A3 | 360,901 | |||||
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B: | |||||||||
6,235 | 5.000%, 1/01/40 (Alternative Minimum Tax) | 1/25 at 100.00 | A– | 6,754,625 | |||||
6,895 | 5.000%, 1/01/45 (Alternative Minimum Tax) | 1/25 at 100.00 | A– | 7,450,530 | |||||
1,000 | New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/28 – AGM Insured | 12/22 at 100.00 | A2 | 1,132,750 | |||||
5,350 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 | 6/24 at 100.00 | A– | 5,867,559 | |||||
1,200 | New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 | 12/24 at 100.00 | A– | 1,320,732 | |||||
485 | Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) | No Opt. Call | Baa2 | 510,734 | |||||
5,655 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 | 12/25 at 100.00 | A– | 6,346,437 | |||||
67,505 | Total Louisiana | 73,517,191 | |||||||
Maine – 0.7% (0.4% of Total Investments) | |||||||||
2,775 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 | 7/23 at 100.00 | Baa3 | 2,838,381 | |||||
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A: | |||||||||
3,820 | 4.000%, 7/01/41 | 7/26 at 100.00 | Baa3 | 3,292,114 | |||||
2,800 | 4.000%, 7/01/46 | 7/26 at 100.00 | Baa3 | 2,353,540 | |||||
2,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, Series 2013, 5.000%, 7/01/43 | 7/23 at 100.00 | A+ | 2,221,480 | |||||
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011: | |||||||||
3,000 | 6.750%, 7/01/36 | 7/21 at 100.00 | Ba2 | 3,258,960 | |||||
2,260 | 6.750%, 7/01/41 | 7/21 at 100.00 | Ba2 | 2,452,394 | |||||
1,720 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | A1 | 1,872,392 | |||||
Maine Turnpike Authority, Special Obligation Bonds, Series 2014: | |||||||||
1,290 | 5.000%, 7/01/33 | 7/24 at 100.00 | A– | 1,450,063 | |||||
1,020 | 5.000%, 7/01/34 | 7/24 at 100.00 | A– | 1,141,686 | |||||
20,685 | Total Maine | 20,881,010 | |||||||
Maryland – 0.4% (0.3% of Total Investments) | |||||||||
5,000 | Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 | 1/25 at 100.00 | AA– | 5,597,100 | |||||
2,200 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 – SYNCORA GTY Insured | 6/17 at 100.00 | BB | 2,204,972 | |||||
450 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.000%, 7/01/25 | 7/21 at 100.00 | BBB | 516,488 | |||||
515 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 | 7/19 at 100.00 | BB+ | 528,864 |
NUVEEN
|
37
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Maryland (continued) | |||||||||
$ | 1,790 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 | 7/24 at 100.00 | A3 | $ | 1,947,126 | |||
2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/33 (Pre-refunded 1/01/18) | 1/18 at 100.00 | BBB (4) | 2,063,300 | |||||
11,955 | Total Maryland | 12,857,850 | |||||||
Massachusetts – 2.8% (1.8% of Total Investments) | |||||||||
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A: | |||||||||
1,160 | 5.250%, 7/01/34 (Pre-refunded 7/01/18) | 7/18 at 100.00 | N/R (4) | 1,219,392 | |||||
2,840 | 5.250%, 7/01/34 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AAA | 2,985,408 | |||||
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B: | |||||||||
4,410 | 5.000%, 1/01/32 | 1/20 at 100.00 | A3 | 4,802,225 | |||||
7,500 | 5.000%, 1/01/37 | 1/20 at 100.00 | A3 | 8,113,650 | |||||
650 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37 | 10/17 at 100.00 | N/R | 655,785 | |||||
830 | Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2010, 7.625%, 10/15/37 | 10/20 at 100.00 | N/R | 894,458 | |||||
750 | Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42 (Alternative Minimum Tax) | 11/17 at 100.00 | BB– | 752,903 | |||||
825 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 | 7/25 at 100.00 | BBB | 874,319 | |||||
11,870 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 | 10/26 at 100.00 | A+ | 13,390,310 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option Bond Trust 2016-XG0070: | |||||||||
505 | 14.388%, 10/01/48 (IF) (5) | 10/23 at 100.00 | A1 | 729,069 | |||||
930 | 14.310%, 10/01/48 (IF) (5) | 10/23 at 100.00 | A1 | 1,342,139 | |||||
3,200 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | 3,230,848 | |||||
1,220 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 5.125%, 1/01/25 | 1/23 at 100.00 | BBB– | 1,351,626 | |||||
2,300 | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 | 11/23 at 100.00 | A2 | 2,567,260 | |||||
2,500 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 4.000%, 7/01/41 | 7/26 at 100.00 | BBB+ | 2,443,000 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015: | |||||||||
1,145 | 5.000%, 9/01/40 | 9/25 at 100.00 | BBB | 1,240,676 | |||||
1,280 | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,383,155 | |||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2: | |||||||||
620 | 5.125%, 7/01/33 (Pre-refunded 7/01/18) | 7/18 at 100.00 | A– (4) | 650,541 | |||||
500 | 5.125%, 7/01/38 (Pre-refunded 7/01/18) | 7/18 at 100.00 | A– (4) | 524,630 | |||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A: | |||||||||
3,450 | 5.750%, 7/01/39 | 7/19 at 100.00 | BBB | 3,721,239 | |||||
6,075 | 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 6,681,771 | |||||
2,635 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) | 12/18 at 100.00 | AA– | 2,705,776 | |||||
700 | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 | 7/21 at 100.00 | A3 | 757,078 | |||||
5,930 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 | 5/23 at 100.00 | Aa2 | 6,675,638 |
38
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Massachusetts (continued) | |||||||||
$ | 1,100 | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | A3 | $ | 953,986 | |||
370 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 (Pre-refunded 8/01/17) | 8/17 at 100.00 | AA– (4) | 374,218 | |||||
5,590 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 | 8/17 at 100.00 | AA+ | 5,651,043 | |||||
6,700 | Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 | 7/21 at 100.00 | A+ | 7,454,219 | |||||
77,585 | Total Massachusetts | 84,126,362 | |||||||
Michigan – 2.7% (1.7% of Total Investments) | |||||||||
3,535 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A– | 3,818,366 | |||||
2,435 | Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 (Pre-refunded 7/01/18) – BHAC Insured | 7/18 at 100.00 | A– (4) | 2,564,712 | |||||
1,600 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 (Pre-refunded 7/01/18) – BHAC Insured | 7/18 at 100.00 | AA+ (4) | 1,689,888 | |||||
2,020 | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 | 7/21 at 100.00 | A– | 2,197,013 | |||||
2,235 | Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2001C, 4.750%, 7/01/29 – BHAC Insured | 7/18 at 100.00 | A– | 2,319,237 | |||||
3,665 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41 | 7/21 at 100.00 | AA– | 4,172,346 | |||||
1,500 | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42 | 11/22 at 100.00 | A+ | 1,636,215 | |||||
405 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/37 – AGM Insured | 7/24 at 100.00 | A2 | 449,744 | |||||
2,690 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%, 7/01/32 – AGM Insured | 7/24 at 100.00 | A2 | 3,036,714 | |||||
1,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – NPFG Insured | 7/24 at 100.00 | A3 | 1,094,400 | |||||
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015: | |||||||||
2,500 | 5.000%, 12/01/31 | 6/22 at 100.00 | AA– | 2,808,450 | |||||
3,670 | 5.000%, 12/01/32 | 6/22 at 100.00 | AA– | 4,113,483 | |||||
2,000 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/31 | 10/22 at 100.00 | AAA | 2,303,640 | |||||
500 | Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22 | 7/17 at 100.00 | AAA | 509,105 | |||||
5,000 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 | 11/26 at 100.00 | Aa2 | 5,051,400 | |||||
2,500 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured | 10/19 at 100.00 | AA– | 2,719,075 | |||||
1,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41 | 10/21 at 100.00 | A+ | 1,121,570 | |||||
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I: | |||||||||
5,000 | 5.000%, 4/15/28 | 10/25 at 100.00 | A+ | 5,849,550 | |||||
10,000 | 5.000%, 4/15/34 | 10/25 at 100.00 | A+ | 11,262,100 | |||||
3,495 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A3 (4) | 3,897,205 | |||||
5,200 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 | 6/22 at 100.00 | AA– | 5,548,036 |
NUVEEN
|
39
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Michigan (continued) | |||||||||
$ | 1,165 | Michigan Strategic Fund, Limited Obligation Revenue Bonds, Michigan House of Representatives Facilities, Series 2008A, 5.250%, 10/15/23 (Pre-refunded 10/15/18) – AGC Insured | 10/18 at 100.00 | AA (4) | $ | 1,237,987 | |||
5,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 6/18 at 100.00 | B2 | 5,219,750 | |||||
1,150 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 1,261,355 | |||||
3,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37 | 12/22 at 100.00 | A– | 3,203,070 | |||||
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D: | |||||||||
950 | 5.000%, 12/01/40 | 12/25 at 100.00 | A– | 1,040,155 | |||||
1,200 | 5.000%, 12/01/45 | 12/25 at 100.00 | A– | 1,309,272 | |||||
74,415 | Total Michigan | 81,433,838 | |||||||
Minnesota – 1.8% (1.2% of Total Investments) | |||||||||
310 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.000%, 8/01/36 | 8/26 at 100.00 | BB+ | 276,526 | |||||
1,000 | City of Vergas, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Refunding Series 2016, 4.250%, 8/01/43 | 8/24 at 100.00 | N/R | 876,370 | |||||
1,000 | Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29 | 6/17 at 100.00 | N/R | 1,000,770 | |||||
8,655 | Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) | No Opt. Call | AA+ (4) | 9,967,790 | |||||
500 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A, 4.000%, 7/01/37 | 7/25 at 100.00 | BB+ | 461,430 | |||||
2,000 | Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 | 11/18 at 102.00 | BB+ | 2,063,120 | |||||
6,375 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18) | 11/18 at 100.00 | A2 (4) | 6,926,756 | |||||
3,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2010A, 5.000%, 1/01/35 | 1/20 at 100.00 | AA– | 3,259,410 | |||||
2,295 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C, 5.000%, 1/01/46 | 1/27 at 100.00 | AA– | 2,621,923 | |||||
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D: | |||||||||
470 | 5.000%, 1/01/32 (Alternative Minimum Tax) | 1/27 at 100.00 | A+ | 528,647 | |||||
450 | 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/27 at 100.00 | A+ | 498,735 | |||||
580 | 5.000%, 1/01/37 (Alternative Minimum Tax) | 1/27 at 100.00 | A+ | 639,334 | |||||
750 | 5.000%, 1/01/41 (Alternative Minimum Tax) | 1/27 at 100.00 | A+ | 831,225 | |||||
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017: | |||||||||
1,580 | 4.000%, 3/01/42 (WI/DD, Settling 5/24/17) | 3/27 at 100.00 | Aa2 | 1,636,864 | |||||
3,850 | 4.000%, 3/01/47 (WI/DD, Settling 5/24/17) | 3/27 at 100.00 | Aa2 | 3,972,507 | |||||
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: | |||||||||
700 | 5.000%, 10/01/34 | 10/24 at 100.00 | A2 | 786,604 | |||||
500 | 5.000%, 10/01/35 | 10/24 at 100.00 | A2 | 559,750 | |||||
1,000 | Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18 | No Opt. Call | AA+ | 1,051,190 | |||||
2,000 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aaa | 2,201,120 |
40
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Minnesota (continued) | |||||||||
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A: | |||||||||
$ | 2,205 | 5.500%, 9/01/36 | 9/26 at 100.00 | BB+ | $ | 2,227,293 | |||
2,500 | 5.750%, 9/01/46 | 9/26 at 100.00 | BB+ | 2,534,275 | |||||
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013: | |||||||||
500 | 5.000%, 5/01/33 | 5/23 at 100.00 | N/R | 502,055 | |||||
1,000 | 5.125%, 5/01/48 | 5/23 at 100.00 | N/R | 994,860 | |||||
1,520 | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50 | 12/24 at 100.00 | BBB– | 1,566,390 | |||||
400 | Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 | 3/20 at 102.00 | N/R | 413,880 | |||||
750 | St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/29 | 11/25 at 100.00 | BB+ | 827,160 | |||||
3,835 | Washington County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28 | 8/17 at 100.00 | AAA | 3,847,464 | |||||
2,000 | Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 | 1/24 at 100.00 | Aa3 | 2,214,740 | |||||
51,725 | Total Minnesota | 55,288,188 | |||||||
Mississippi – 0.9% (0.6% of Total Investments) | |||||||||
620 | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | 10/17 at 100.00 | Baa3 | 622,592 | |||||
Mississippi Development Bank, Special Obligation Bonds, City of Jackson General Obligation Street Resurfacing Project, Series 2009: | |||||||||
1,325 | 5.500%, 1/01/23 (Pre-refunded 1/01/19) | 1/19 at 100.00 | Baa2 (4) | 1,424,004 | |||||
850 | 5.800%, 1/01/24 (Pre-refunded 1/01/19) | 1/19 at 100.00 | Baa2 (4) | 917,737 | |||||
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A: | |||||||||
7,500 | 5.000%, 9/01/36 | 9/26 at 100.00 | A– | 8,338,950 | |||||
15,500 | 5.000%, 9/01/46 | 9/26 at 100.00 | A– | 16,924,915 | |||||
25,795 | Total Mississippi | 28,228,198 | |||||||
Missouri – 2.2% (1.4% of Total Investments) | |||||||||
890 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 | 10/18 at 100.00 | Aa3 | 938,087 | |||||
1,000 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/28 | 8/26 at 100.00 | Baa1 | 1,127,390 | |||||
1,500 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38 (Pre-refunded 8/01/18) | 8/18 at 100.00 | Baa1 (4) | 1,587,615 | |||||
2,000 | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 3.625%, 5/01/30 | 5/25 at 100.00 | N/R | 1,877,740 | |||||
500 | Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33 | 11/24 at 100.00 | AA+ | 533,390 | |||||
2,000 | Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 | 10/19 at 100.00 | A– | 2,155,120 | |||||
400 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46 | 4/26 at 100.00 | N/R | 357,108 | |||||
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1: | |||||||||
7,000 | 0.000%, 4/15/27 – AMBAC Insured | No Opt. Call | A1 | 5,075,770 | |||||
5,000 | 0.000%, 4/15/28 – AMBAC Insured | No Opt. Call | A1 | 3,476,500 | |||||
5,000 | 0.000%, 4/15/29 – AMBAC Insured | No Opt. Call | A1 | 3,323,850 |
NUVEEN
|
41
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Missouri (continued) | |||||||||
$ | 1,650 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 | No Opt. Call | A3 | $ | 1,748,555 | |||
1,000 | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/34 | 5/26 at 100.00 | A+ | 1,123,700 | |||||
3,080 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | 5/23 at 100.00 | BBB | 3,338,258 | |||||
1,260 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 | 10/23 at 100.00 | A+ | 1,400,011 | |||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A: | |||||||||
1,045 | 5.000%, 11/15/44 | 11/23 at 100.00 | A2 | 1,134,713 | |||||
11,090 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 12,018,898 | |||||
10,645 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 | 2/26 at 100.00 | BBB+ | 11,223,130 | |||||
400 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of St. Louis Project, Series 2015, 3.500%, 6/15/30 | 6/22 at 100.00 | Baa2 | 389,976 | |||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A: | |||||||||
725 | 4.000%, 10/01/36 | 4/27 at 100.00 | A1 | 747,171 | |||||
3,510 | 5.000%, 10/01/42 | 4/27 at 100.00 | A1 | 3,973,320 | |||||
3,775 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/26 | 4/21 at 100.00 | A2 | 4,187,608 | |||||
1,000 | North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37 | 7/17 at 100.00 | N/R | 1,001,270 | |||||
2,000 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2015, 4.125%, 12/01/38 | 12/21 at 100.00 | AA | 2,045,720 | |||||
490 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (Alternative Minimum Tax) | 7/22 at 100.00 | A– | 505,719 | |||||
575 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | BBB– | 583,027 | |||||
375 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | 9/23 at 100.00 | A– | 419,359 | |||||
67,910 | Total Missouri | 66,293,005 | |||||||
Nebraska – 0.4% (0.2% of Total Investments) | |||||||||
2,300 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32 | 9/22 at 100.00 | BBB+ | 2,494,649 | |||||
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015: | |||||||||
1,635 | 4.125%, 11/01/36 | 11/25 at 100.00 | A– | 1,670,332 | |||||
470 | 5.000%, 11/01/45 | 11/25 at 100.00 | A– | 513,174 | |||||
2,860 | Nebraska Public Power District, General Revenue Bonds, Refunding Series 2007B, 4.650%, 1/01/32 (Pre-refunded 7/01/17) – AGM Insured | 7/17 at 100.00 | AA (4) | 2,879,391 | |||||
University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008: | |||||||||
1,250 | 5.000%, 5/15/33 (Pre-refunded 5/15/18) | 5/18 at 100.00 | AA (4) | 1,303,663 | |||||
2,100 | 5.000%, 5/15/38 (Pre-refunded 5/15/18) | 5/18 at 100.00 | AA (4) | 2,190,153 | |||||
10,615 | Total Nebraska | 11,051,362 | |||||||
Nevada – 4.7% (3.0% of Total Investments) | |||||||||
9,000 | Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa1 (4) | 9,812,610 | |||||
39,625 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | A+ | 44,067,755 |
42
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Nevada (continued) | |||||||||
$ | 2,500 | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2015C, 5.000%, 7/01/26 | No Opt. Call | A+ | $ | 2,990,300 | |||
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A: | |||||||||
5,210 | 5.250%, 7/01/39 – AGM Insured | 1/20 at 100.00 | Aa3 | 5,643,055 | |||||
9,725 | 5.250%, 7/01/42 | 1/20 at 100.00 | A+ | 10,528,091 | |||||
15,000 | Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (5) | 7/17 at 100.00 | A3 (4) | 15,112,050 | |||||
5,800 | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) | 6/19 at 100.00 | BBB+ (4) | 6,634,620 | |||||
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: | |||||||||
9,000 | 5.000%, 6/01/32 | 12/24 at 100.00 | AA | 10,358,730 | |||||
7,835 | 5.000%, 6/01/39 | 12/24 at 100.00 | AA | 8,834,903 | |||||
2,600 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42 | 6/22 at 100.00 | AA | 2,910,206 | |||||
2,280 | North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured | 7/17 at 100.00 | B+ | 2,280,570 | |||||
10,000 | North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured | 7/17 at 100.00 | B+ | 10,002,600 | |||||
10,000 | Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (5) | 7/17 at 100.00 | A3 (4) | 10,077,900 | |||||
2,050 | Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 | 7/21 at 100.00 | AA | 2,292,946 | |||||
130,625 | Total Nevada | 141,546,336 | |||||||
New Hampshire – 0.4% (0.2% of Total Investments) | |||||||||
5,000 | New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) | 10/19 at 100.00 | BBB (4) | 5,596,300 | |||||
3,500 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 4.000%, 7/01/32 | 7/22 at 100.00 | Baa1 | 3,552,185 | |||||
1,110 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 2016-XL0025, 12.729%, 6/01/39 (Pre-refunded 6/01/19) (IF) (5) | 6/19 at 100.00 | Aa1 (4) | 1,402,929 | |||||
9,610 | Total New Hampshire | 10,551,414 | |||||||
New Jersey – 4.5% (2.9% of Total Investments) | |||||||||
905 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | 2/23 at 100.00 | BBB+ | 1,006,432 | |||||
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013: | |||||||||
1,965 | 5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 2,148,177 | |||||
2,805 | 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 3,094,644 | |||||
2,685 | 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) | 1/24 at 100.00 | BBB | 2,940,075 | |||||
6,770 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 – FGIC Insured | No Opt. Call | A3 | 7,957,458 | |||||
2,825 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014UU, 5.000%, 6/15/30 | 6/24 at 100.00 | BBB+ | 2,891,331 | |||||
2,000 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 | 12/26 at 100.00 | BBB+ | 2,140,260 | |||||
555 | New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31 | 6/20 at 100.00 | Baa3 | 601,437 | |||||
6,030 | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | No Opt. Call | BBB+ | 6,389,690 |
NUVEEN
|
43
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
New Jersey (continued) | |||||||||
$ | 900 | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (4) | $ | 1,020,411 | |||
1,480 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | BB+ | 1,518,006 | |||||
8,415 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | 7/26 at 100.00 | A+ | 9,335,096 | |||||
2,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/32 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A+ (4) | 2,345,020 | |||||
1,235 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | BBB | 1,336,431 | |||||
665 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 17.160%, 6/01/30 (IF) (5) | 6/19 at 100.00 | BBB+ | 853,381 | |||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1: | |||||||||
2,020 | 5.000%, 6/15/28 | 6/26 at 100.00 | Baa1 | 2,168,935 | |||||
3,340 | 5.000%, 6/15/29 | 6/26 at 100.00 | Baa1 | 3,559,739 | |||||
1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 | No Opt. Call | BBB+ | 645,850 | |||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C: | |||||||||
21,120 | 0.000%, 12/15/28 – AMBAC Insured | No Opt. Call | BBB+ | 12,799,987 | |||||
10,000 | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | A– | 4,938,500 | |||||
20,000 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | A– | 9,349,600 | |||||
25,000 | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | BBB+ | 10,080,750 | |||||
30,000 | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | BBB+ | 11,411,400 | |||||
4,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18 | No Opt. Call | BBB+ | 4,159,320 | |||||
7,330 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 | 6/21 at 100.00 | BBB+ | 7,693,202 | |||||
1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | 6/22 at 100.00 | BBB+ | 1,001,730 | |||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | |||||||||
1,690 | 5.250%, 6/15/33 | 6/25 at 100.00 | BBB+ | 1,755,589 | |||||
2,840 | 5.000%, 6/15/45 | 6/25 at 100.00 | BBB+ | 2,847,356 | |||||
700 | New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 | 1/19 at 100.00 | A2 | 740,488 | |||||
1,315 | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.537%, 1/01/43 (IF) (5) | 7/22 at 100.00 | A2 | 1,843,551 | |||||
570 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 | 5/23 at 100.00 | A+ | 630,597 | |||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | |||||||||
1,240 | 4.500%, 6/01/23 | 6/17 at 100.00 | Baa2 | 1,247,750 | |||||
7,080 | 4.625%, 6/01/26 | 6/17 at 100.00 | Ba3 | 7,094,585 | |||||
6,420 | 4.750%, 6/01/34 | 6/17 at 100.00 | B3 | 6,285,116 | |||||
2,000 | 5.000%, 6/01/41 | 6/17 at 100.00 | B3 | 1,968,520 | |||||
189,900 | Total New Jersey | 137,800,414 | |||||||
New Mexico – 0.4% (0.2% of Total Investments) | |||||||||
Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A: | |||||||||
880 | 5.125%, 6/01/17 | 5/17 at 100.00 | A3 | 883,256 | |||||
1,295 | 5.125%, 6/01/19 | 7/17 at 100.00 | A3 | 1,299,636 | |||||
2,000 | Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Refunding Series 2010D, 5.900%, 6/01/40 | 6/20 at 100.00 | Baa2 | 2,210,160 |
44
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
New Mexico (continued) | |||||||||
$ | 5,585 | Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured | No Opt. Call | A2 | $ | 6,788,568 | |||
9,760 | Total New Mexico | 11,181,620 | |||||||
New York – 8.1% (5.3% of Total Investments) | |||||||||
3,000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 | 1/27 at 100.00 | BBB– | 3,286,140 | |||||
6,600 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/44 | No Opt. Call | BBB– | 1,995,048 | |||||
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: | |||||||||
4,605 | 6.000%, 7/15/30 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 5,198,354 | |||||
3,065 | 6.250%, 7/15/40 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (4) | 3,480,338 | |||||
490 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 | 7/25 at 100.00 | BBB+ | 540,950 | |||||
3,125 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | 7/23 at 100.00 | A– | 3,417,625 | |||||
5,005 | Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar College, Series 2007, 5.000%, 7/01/46 (Pre-refunded 7/01/17) | 7/17 at 100.00 | AA– (4) | 5,041,336 | |||||
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2015A: | |||||||||
1,680 | 4.125%, 5/01/42 | 5/25 at 100.00 | A– | 1,724,990 | |||||
3,195 | 5.000%, 5/01/43 | 5/25 at 100.00 | A– | 3,503,797 | |||||
600 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/34 | 6/27 at 100.00 | BB+ | 653,562 | |||||
5,325 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41 | 3/21 at 100.00 | Aa1 | 5,883,220 | |||||
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | |||||||||
2,600 | 5.750%, 2/15/47 | 2/21 at 100.00 | A | 2,957,682 | |||||
3,100 | 5.250%, 2/15/47 | 2/21 at 100.00 | A | 3,443,604 | |||||
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A: | |||||||||
2,000 | 5.000%, 2/15/47 – FGIC Insured | 6/17 at 100.00 | A | 2,014,260 | |||||
16,845 | 4.500%, 2/15/47 – NPFG Insured | 6/17 at 100.00 | A2 | 16,878,522 | |||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A: | |||||||||
3,000 | 5.000%, 9/01/39 | 9/24 at 100.00 | A– | 3,332,040 | |||||
1,155 | 4.000%, 9/01/39 – AGM Insured | 9/24 at 100.00 | A– | 1,188,287 | |||||
860 | 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 952,235 | |||||
2,925 | Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.500%, 4/01/24 (Pre-refunded 4/01/19) | 4/19 at 100.00 | A– (4) | 3,175,907 | |||||
10,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32 | No Opt. Call | AA | 5,998,000 | |||||
1,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 | 11/19 at 100.00 | AA | 1,092,370 | |||||
750 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41 | 11/21 at 100.00 | A | 841,125 | |||||
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 | 5/23 at 100.00 | A | 5,540,450 | |||||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007: | |||||||||
500 | 5.750%, 10/01/37 (8) | 10/17 at 102.00 | N/R | 160,810 | |||||
1,000 | 5.875%, 10/01/46 (8) | 10/17 at 102.00 | N/R | 321,620 | |||||
4,755 | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured | 3/19 at 100.00 | A3 | 5,250,756 |
NUVEEN
|
45
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
New York (continued) | |||||||||
$ | 3,400 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 | 12/20 at 100.00 | AA+ | $ | 3,835,200 | |||
2,500 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 | 6/19 at 100.00 | AA+ | 2,711,875 | |||||
5,900 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 | 6/23 at 100.00 | AA+ | 6,570,063 | |||||
500 | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 15.317%, 6/15/39 (IF) | 6/19 at 100.00 | Aa1 | 658,140 | |||||
5,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | 5/23 at 100.00 | Aa1 | 5,675,400 | |||||
2,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1, 5.000%, 5/01/40 | 5/26 at 100.00 | Aa1 | 2,288,220 | |||||
3,760 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1, 5.000%, 2/01/43 | 2/27 at 100.00 | Aa1 | 4,309,674 | |||||
2,060 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 2,353,159 | |||||
5 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 | 7/17 at 100.00 | AA | 5,017 | |||||
2,000 | New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee Secured Refunding Series 2015, 5.000%, 11/15/45 | 11/25 at 100.00 | Aa3 | 2,264,120 | |||||
565 | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 | 7/17 at 100.00 | Baa1 | 565,158 | |||||
25,170 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 26,795,227 | |||||
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011: | |||||||||
1,560 | 5.000%, 11/15/44 | 11/21 at 100.00 | A | 1,720,976 | |||||
4,350 | 5.750%, 11/15/51 | 11/21 at 100.00 | A | 4,958,043 | |||||
7,500 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | BBB+ | 9,110,475 | |||||
5,260 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/31 (Alternative Minimum Tax) | 8/21 at 100.00 | BB– | 5,538,044 | |||||
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: | |||||||||
2,000 | 4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 2,017,320 | |||||
10,800 | 5.000%, 7/01/41 (Alternative Minimum Tax) | 7/24 at 100.00 | Baa3 | 11,645,316 | |||||
10,000 | 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | Baa3 | 10,750,200 | |||||
19,560 | 5.250%, 1/01/50 (Alternative Minimum Tax) | 7/24 at 100.00 | Baa3 | 21,260,155 | |||||
500 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 543,805 | |||||
3,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured | 8/17 at 100.00 | Aa3 (4) | 3,037,590 | |||||
1,310 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax) | 12/23 at 100.00 | AA– | 1,427,153 | |||||
4,320 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38 | 12/23 at 100.00 | AA– | 4,921,776 | |||||
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010: | |||||||||
5,000 | 6.500%, 12/01/28 | 7/17 at 100.00 | BBB | 5,084,000 | |||||
590 | 5.500%, 12/01/31 | 12/20 at 100.00 | BBB | 652,676 | |||||
1,670 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB | 1,882,290 | |||||
3,045 | 6.000%, 12/01/42 | 12/20 at 100.00 | BBB | 3,423,920 | |||||
5,145 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax) | 7/17 at 100.00 | BBB+ | 5,195,421 |
46
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
New York (continued) | |||||||||
$ | 1,170 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 | 12/20 at 100.00 | BBB– | $ | 1,284,215 | |||
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A: | |||||||||
2,750 | 5.000%, 1/01/32 (Alternative Minimum Tax) | 1/26 at 100.00 | Baa1 | 3,078,048 | |||||
3,800 | 5.000%, 1/01/33 (Alternative Minimum Tax) | 1/26 at 100.00 | Baa1 | 4,232,136 | |||||
238,370 | Total New York | 247,667,840 | |||||||
North Carolina – 1.8% (1.2% of Total Investments) | |||||||||
2,850 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.476%, 1/15/47 (Pre-refunded 1/15/18) (IF) (5) | 1/18 at 100.00 | Aa3 (4) | 3,102,824 | |||||
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A: | |||||||||
1,500 | 5.250%, 1/15/24 (Pre-refunded 1/15/18) – AGC Insured | 1/18 at 100.00 | AA– (4) | 1,547,040 | |||||
3,000 | 5.000%, 1/15/47 (Pre-refunded 1/15/18) | 1/18 at 100.00 | AA– (4) | 3,088,740 | |||||
12,250 | Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 5.125%, 4/01/43 | 4/23 at 100.00 | A– | 13,201,211 | |||||
1,500 | North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 6.125%, 6/01/35 (Pre-refunded 6/01/18) | 6/18 at 100.00 | BBB (4) | 1,585,560 | |||||
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015: | |||||||||
3,555 | 5.000%, 12/31/37 (Alternative Minimum Tax) | 6/25 at 100.00 | BBB– | 3,824,931 | |||||
3,480 | 5.000%, 6/30/54 (Alternative Minimum Tax) | 6/25 at 100.00 | BBB– | 3,659,394 | |||||
10,300 | North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 1993B, 6.000%, 1/01/22 – CAPMAC Insured (ETM) (UB) (5) | No Opt. Call | A3 (4) | 12,405,526 | |||||
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A: | |||||||||
5,000 | 5.000%, 10/01/27 | 10/22 at 100.00 | A2 | 5,656,800 | |||||
3,400 | 5.000%, 10/01/31 | 10/22 at 100.00 | A2 | 3,783,044 | |||||
1,570 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 | 10/24 at 102.00 | N/R | 1,641,733 | |||||
500 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/32 | 1/26 at 100.00 | A | 578,755 | |||||
1,900 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | BBB– (4) | 2,049,169 | |||||
50,805 | Total North Carolina | 56,124,727 | |||||||
North Dakota – 0.4% (0.2% of Total Investments) | |||||||||
675 | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R (4) | 790,378 | |||||
6,100 | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | 7,186,349 | |||||
1,875 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32 | 12/21 at 100.00 | Baa1 | 2,016,338 | |||||
700 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 (WI/DD, Settling 5/04/17) | 12/26 at 100.00 | N/R | 699,888 | |||||
9,350 | Total North Dakota | 10,692,953 | |||||||
Ohio – 7.1% (4.6% of Total Investments) | |||||||||
6,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 | 11/26 at 100.00 | Baa1 | 6,590,220 |
NUVEEN
|
47
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Ohio (continued) | |||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | |||||||||
$ | 5,155 | 5.375%, 6/01/24 | 6/17 at 100.00 | Caa1 | $ | 4,963,337 | |||
16,425 | 5.125%, 6/01/24 | 6/17 at 100.00 | Caa1 | 15,814,647 | |||||
17,205 | 5.875%, 6/01/30 | 6/17 at 100.00 | Caa1 | 16,461,056 | |||||
11,785 | 5.750%, 6/01/34 | 6/17 at 100.00 | Caa1 | 11,303,111 | |||||
12,645 | 6.000%, 6/01/42 | 6/17 at 100.00 | B– | 12,431,679 | |||||
2,345 | 6.500%, 6/01/47 | 6/17 at 100.00 | B– | 2,351,472 | |||||
18,640 | 5.875%, 6/01/47 | 6/17 at 100.00 | B– | 18,041,470 | |||||
24,910 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22 at 100.00 | Caa1 | 24,953,343 | |||||
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | |||||||||
7,125 | 5.250%, 11/01/29 | 11/20 at 100.00 | A | 7,873,054 | |||||
3,335 | 5.500%, 11/01/40 | 11/20 at 100.00 | A | 3,684,408 | |||||
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | |||||||||
1,000 | 5.750%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | A (4) | 1,150,390 | |||||
1,665 | 5.500%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R (4) | 1,901,180 | |||||
4,795 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 | 6/23 at 100.00 | Baa2 | 5,029,284 | |||||
760 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 | 7/20 at 100.00 | BBB– | 818,642 | |||||
5,000 | Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A, 5.000%, 8/15/42 | 8/27 at 100.00 | A+ | 5,570,250 | |||||
1,000 | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 | 1/23 at 100.00 | AA | 1,106,910 | |||||
16,820 | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5) | 1/23 at 100.00 | Aa3 | 18,618,226 | |||||
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052: | |||||||||
1,315 | 15.402%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 1,877,347 | |||||
625 | 15.402%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 892,275 | |||||
975 | 15.402%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 1,391,949 | |||||
265 | 15.296%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 377,458 | |||||
8,360 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2015, 5.000%, 8/15/45 | 8/25 at 100.00 | A3 | 9,030,639 | |||||
7,495 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | A1 | 8,643,684 | |||||
1,000 | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.125%, 8/01/31 | 8/21 at 100.00 | A2 | 1,084,310 | |||||
2,695 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 | 7/17 at 100.00 | BBB+ | 2,701,091 | |||||
2,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/33 | 2/23 at 100.00 | Ba2 | 2,088,360 | |||||
3,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory put 9/15/21) | No Opt. Call | CCC+ | 2,795,490 | |||||
1,800 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | Ba1 | 1,867,230 | |||||
1,000 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2011A, 5.375%, 12/01/30 | 12/20 at 100.00 | A2 | 1,110,320 | |||||
4,350 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2015A, 5.000%, 12/01/44 | 6/25 at 100.00 | A2 | 4,806,228 | |||||
1,210 | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015, 5.000%, 12/31/39 (Alternative Minimum Tax) | 6/25 at 100.00 | Baa2 | 1,297,931 |
48
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Ohio (continued) | |||||||||
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1: | |||||||||
$ | 1,500 | 5.250%, 2/15/39 | 2/23 at 100.00 | A+ | $ | 1,702,200 | |||
10,530 | 5.000%, 2/15/48 | 2/23 at 100.00 | A+ | 11,528,665 | |||||
3,710 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) | 2/31 at 100.00 | A+ | 3,452,860 | |||||
1,800 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 2.250%, 7/01/21 | No Opt. Call | A– | 1,777,950 | |||||
135 | Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17 | 7/17 at 100.00 | Aaa | 135,527 | |||||
210,375 | Total Ohio | 217,224,193 | |||||||
Oklahoma – 0.7% (0.5% of Total Investments) | |||||||||
2,000 | Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 | 8/21 at 100.00 | N/R | 2,288,400 | |||||
1,675 | Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) | 8/18 at 100.00 | AA– (4) | 1,768,298 | |||||
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | |||||||||
6,620 | 5.000%, 2/15/37 | 5/17 at 100.00 | A2 | 6,625,958 | |||||
1,290 | 5.000%, 2/15/42 | 5/17 at 100.00 | A2 | 1,291,071 | |||||
3,000 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.625%, 6/01/43 – BAM Insured (Alternative Minimum Tax) | 6/23 at 100.00 | Baa1 | 3,390,810 | |||||
4,985 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, 5.000%, 6/01/45 – BAM Insured (Alternative Minimum Tax) | 6/24 at 100.00 | Baa1 | 5,379,363 | |||||
1,000 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 | 11/25 at 102.00 | BBB– | 1,077,220 | |||||
20,570 | Total Oklahoma | 21,821,120 | |||||||
Oregon – 1.5% (0.9% of Total Investments) | |||||||||
Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D: | |||||||||
835 | 0.000%, 6/15/35 (WI/DD, Settling 5/11/17) | 6/27 at 100.00 | Aa1 | 920,571 | |||||
1,495 | 0.000%, 6/15/36 (WI/DD, Settling 5/11/17) (7) | 6/27 at 100.00 | Aa1 | 1,646,070 | |||||
4,875 | Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles Health System, Inc., Series 2016A, 5.000%, 1/01/48 | 1/26 at 100.00 | A2 | 5,336,419 | |||||
2,000 | Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014C, 5.000%, 4/01/25 | 4/24 at 100.00 | Aa2 | 2,399,820 | |||||
5,940 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 | 6/26 at 100.00 | A1 | 6,655,948 | |||||
1,500 | Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/39 | 7/26 at 100.00 | AA– | 1,705,470 | |||||
Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B: | |||||||||
6,000 | 5.000%, 7/01/42 (Alternative Minimum Tax) | 1/27 at 100.00 | AA– | 6,712,080 | |||||
7,500 | 5.000%, 7/01/47 (Alternative Minimum Tax) | 1/27 at 100.00 | AA– | 8,322,900 | |||||
9,500 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A, 5.000%, 5/15/46 | 5/26 at 100.00 | A+ | 10,472,800 | |||||
39,645 | Total Oregon | 44,172,078 | |||||||
Pennsylvania – 4.4% (2.9% of Total Investments) | |||||||||
1,100 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 | 11/19 at 100.00 | Caa1 | 1,152,162 | |||||
2,000 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.375%, 8/15/29 | 8/19 at 100.00 | A+ | 2,159,040 | |||||
1,960 | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 | 5/21 at 100.00 | A1 | 2,231,460 | |||||
2,570 | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 (Pre-refunded 5/01/21) | 5/21 at 100.00 | N/R (4) | 2,978,142 |
NUVEEN
|
49
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Pennsylvania (continued) | |||||||||
$ | 100 | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 | 1/19 at 100.00 | BBB+ | $ | 107,741 | |||
900 | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (4) | 976,257 | |||||
1,000 | Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30 (Pre-refunded 10/01/18) | 10/18 at 100.00 | BBB (4) | 1,071,450 | |||||
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 | 4,013,800 | |||||
8,385 | 5.000%, 7/01/42 | 7/27 at 100.00 | A | 9,545,903 | |||||
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008: | |||||||||
320 | 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured | 12/18 at 100.00 | A2 (4) | 340,429 | |||||
1,670 | 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured | 12/18 at 100.00 | A2 (4) | 1,776,613 | |||||
510 | Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured | 12/18 at 100.00 | A2 | 537,530 | |||||
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B: | |||||||||
5,400 | 0.000%, 12/01/33 | No Opt. Call | A | 2,805,894 | |||||
11,000 | 0.000%, 12/01/38 | No Opt. Call | A | 4,516,930 | |||||
5,375 | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 | 12/23 at 100.00 | A | 5,924,916 | |||||
1,665 | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) | 8/20 at 100.00 | N/R (4) | 1,886,528 | |||||
3,430 | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | 1/25 at 100.00 | Baa2 | 3,634,840 | |||||
2,000 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 | 11/26 at 100.00 | A– | 2,163,980 | |||||
235 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) | 11/24 at 100.00 | N/R | 250,526 | |||||
400 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) | 7/20 at 100.00 | N/R (4) | 458,552 | |||||
6,250 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006A, 4.650%, 10/01/31 (Pre-refunded 6/20/17) (Alternative Minimum Tax) (UB) (5) | 6/17 at 100.00 | Aa2 (4) | 6,255,063 | |||||
4,310 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 | 12/20 at 100.00 | A2 | 4,810,348 | |||||
940 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 1,080,887 | |||||
16,750 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) | 12/27 at 100.00 | A– | 20,128,140 | |||||
4,305 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 | 6/25 at 100.00 | A | 4,718,366 | |||||
2,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 2014A-1, 5.000%, 12/01/38 | 12/24 at 100.00 | A– | 2,198,420 | |||||
14,500 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured | 6/26 at 100.00 | A2 | 18,107,165 | |||||
6,250 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45 | 12/25 at 100.00 | A– | 6,785,625 | |||||
5,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46 | 12/25 at 100.00 | A3 | 5,405,650 | |||||
1,595 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (4) | 1,773,162 | |||||
1,425 | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) | 8/20 at 100.00 | A– (4) | 1,665,668 |
50
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Pennsylvania (continued) | |||||||||
$ | 2,350 | Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011, 5.500%, 8/01/20 | No Opt. Call | A– | $ | 2,548,458 | |||
9,800 | Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Series 2016, 5.000%, 8/15/38 – BAM Insured | 8/25 at 100.00 | AA | 10,985,016 | |||||
128,995 | Total Pennsylvania | 134,994,661 | |||||||
Puerto Rico – 0.3% (0.2% of Total Investments) | |||||||||
4,300 | Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 | 7/17 at 100.00 | A2 | 4,425,216 | |||||
800 | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Refunding Series 2002D, 5.450%, 7/01/31 – AMBAC Insured | 7/17 at 100.00 | D | 803,952 | |||||
14,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured | No Opt. Call | C | 3,344,040 | |||||
19,100 | Total Puerto Rico | 8,573,208 | |||||||
Rhode Island – 0.5% (0.3% of Total Investments) | |||||||||
7,230 | Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Series 2013, 5.000%, 9/01/43 | 9/23 at 100.00 | AA+ | 8,179,516 | |||||
3,320 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 | 5/26 at 100.00 | BBB+ | 3,528,396 | |||||
34,970 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 | 6/17 at 12.63 | CCC+ | 3,515,534 | |||||
45,520 | Total Rhode Island | 15,223,446 | |||||||
South Carolina – 2.9% (1.9% of Total Investments) | |||||||||
2,500 | Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2011A, 5.000%, 2/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | AA+ (4) | 2,842,900 | |||||
1,950 | Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Refunding Series 2010A, 5.000%, 11/01/37 | 11/20 at 100.00 | AA– | 2,101,203 | |||||
3,180 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/46 | 5/26 at 100.00 | A1 | 3,509,639 | |||||
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– | 13,728,279 | |||||
1,250 | 0.000%, 1/01/31 – AMBAC Insured | No Opt. Call | A3 | 768,925 | |||||
1,640 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Furman University, Refunding Series 2015, 5.000%, 10/01/45 | 10/25 at 100.00 | A1 | 1,842,278 | |||||
875 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured | 8/21 at 100.00 | BBB+ | 1,019,358 | |||||
9,000 | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/56 | 12/26 at 100.00 | A1 | 9,634,680 | |||||
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C: | |||||||||
12,805 | 5.000%, 12/01/39 | 12/24 at 100.00 | A1 | 13,661,783 | |||||
8,830 | 5.000%, 12/01/46 | 12/24 at 100.00 | A1 | 9,396,974 | |||||
5,500 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 | 12/23 at 100.00 | A1 | 5,869,985 | |||||
3,455 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 | 6/24 at 100.00 | A1 | 3,769,094 | |||||
14,765 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 | 12/25 at 100.00 | A1 | 15,989,757 | |||||
5,000 | South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.250%, 7/01/55 (Alternative Minimum Tax) | 7/25 at 100.00 | A+ | 5,459,150 | |||||
92,315 | Total South Carolina | 89,594,005 |
NUVEEN
|
51
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
South Dakota – 0.4% (0.3% 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 | $ | 1,371,734 | |||
1,460 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 | 11/24 at 100.00 | A+ | 1,577,472 | |||||
7,185 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 | 11/25 at 100.00 | A+ | 7,845,014 | |||||
1,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education | 8/18 at 100.00 | AA+ (4) | 1,057,110 | |||||
Program, Series 2008, 5.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured | |||||||||
10,945 | Total South Dakota | 11,851,330 | |||||||
Tennessee – 2.0% (1.3% of Total Investments) | |||||||||
9,460 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | 9,922,310 | |||||
3,125 | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38 | 7/20 at 100.00 | BBB+ | 3,407,750 | |||||
150 | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured | 7/23 at 100.00 | Baa1 (4) | 150,539 | |||||
17,000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A, 5.000%, 1/01/47 | 1/27 at 100.00 | A | 18,826,480 | |||||
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 | Baa1 | 3,325,950 | |||||
3,200 | 5.000%, 11/01/24 | 11/21 at 100.00 | Baa1 | 3,551,776 | |||||
3,400 | 5.000%, 11/01/25 | 11/21 at 100.00 | Baa1 | 3,746,018 | |||||
535 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | A3 | 592,175 | |||||
10,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 10/01/39 (Pre-refunded 10/01/19) | 10/19 at 100.00 | AA (4) | 10,934,400 | |||||
4,000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26 | No Opt. Call | BBB+ | 4,749,840 | |||||
53,870 | Total Tennessee | 59,207,238 | |||||||
Texas – 16.5% (10.6% of Total Investments) | |||||||||
4,280 | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A, 5.000%, 1/01/34 – SYNCORA GTY Insured | 6/17 at 100.00 | Ba1 | 4,286,334 | |||||
3,040 | Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (Alternative Minimum Tax) | 11/24 at 100.00 | A | 3,327,432 | |||||
4,500 | Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (Alternative Minimum Tax) | 11/26 at 100.00 | A | 5,005,125 | |||||
13,705 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 (UB) (5) | 11/25 at 100.00 | AA– | 15,547,774 | |||||
5,000 | Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 5.000%, 11/15/43 | 5/23 at 100.00 | AA– | 5,599,100 | |||||
1,000 | Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 5.000%, 7/10/37 – BAM Insured | 7/23 at 100.00 | A2 | 1,099,860 | |||||
15,000 | Board of Regents of the University of Texas System, Revenue Financing System Bonds, Refunding Series 2016F, 5.000%, 8/15/47 (UB) | No Opt. Call | AAA | 19,287,000 | |||||
3,225 | Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (8) | No Opt. Call | N/R | 32 | |||||
4,670 | Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (8) | No Opt. Call | N/R | 47 |
52
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas (continued) | |||||||||
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012: | |||||||||
$ | 1,000 | 5.000%, 7/01/28 | 7/22 at 100.00 | A2 | $ | 1,132,560 | |||
1,000 | 5.000%, 7/01/29 | 7/22 at 100.00 | A2 | 1,127,100 | |||||
5,500 | Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 | 4/20 at 100.00 | Baa1 | 6,085,530 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A: | |||||||||
765 | 5.000%, 1/01/43 | 1/23 at 100.00 | Baa2 | 822,742 | |||||
1,100 | 5.000%, 1/01/43 – AGM Insured | 1/23 at 100.00 | A2 | 1,180,102 | |||||
1,250 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25 (Pre-refunded 1/01/20) | 1/20 at 100.00 | Baa2 (4) | 1,397,500 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: | |||||||||
1,000 | 6.000%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa2 (4) | 1,166,150 | |||||
3,380 | 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa2 (4) | 3,971,770 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: | |||||||||
2,600 | 5.000%, 1/01/35 | 7/25 at 100.00 | Baa2 | 2,902,484 | |||||
3,035 | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 3,346,998 | |||||
1,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2013, 6.000%, 8/15/43 | 8/23 at 100.00 | BBB | 1,139,590 | |||||
2,500 | Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36 | 1/21 at 100.00 | A1 | 2,753,200 | |||||
2,770 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax) | 11/21 at 100.00 | A | 2,981,379 | |||||
8,100 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax) | 11/22 at 100.00 | A | 8,760,555 | |||||
3,500 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42 | 11/20 at 100.00 | A | 3,846,500 | |||||
10,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax) | 11/21 at 100.00 | A | 10,737,000 | |||||
9,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax) | 11/21 at 100.00 | A | 9,663,300 | |||||
200 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 | 9/24 at 100.00 | BB+ | 210,362 | |||||
6,090 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43 | 10/23 at 100.00 | BBB | 6,654,848 | |||||
9,120 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53 | 10/23 at 100.00 | AA+ | 10,314,994 | |||||
4,105 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 15.548%, 4/01/53 (IF) | 10/23 at 100.00 | AA | 6,257,128 | |||||
2,140 | Grapevine-Colleyville Independent School District, Tarrant and Dallas Counties, Texas, General Obligation Bonds, Capital Appreciation, Refunding Series 1998, 0.000%, 8/15/25 | No Opt. Call | AAA | 1,746,047 | |||||
2,960 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) | 10/22 at 100.00 | B3 | 3,038,174 | |||||
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015: | |||||||||
3,480 | 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 3,803,918 | |||||
1,895 | 4.000%, 12/01/45 | 6/25 at 100.00 | AA | 1,918,498 | |||||
1,615 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/28 | 6/23 at 100.00 | Baa3 | 1,768,990 | |||||
500 | Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligation Series 2014, 5.000%, 11/01/29 | 11/24 at 100.00 | Aa2 | 585,890 |
NUVEEN
|
53
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas (continued) | |||||||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A: | |||||||||
$ | 510 | 0.000%, 11/15/41 – AGM Insured | 11/31 at 62.66 | A2 | $ | 170,952 | |||
1,020 | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | 325,513 | |||||
1,255 | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | 380,679 | |||||
3,305 | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | 953,955 | |||||
4,460 | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | 1,219,765 | |||||
6,500 | 0.000%, 11/15/47 – AGM Insured | 11/31 at 46.45 | A2 | 1,599,650 | |||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: | |||||||||
150 | 0.000%, 11/15/24 – NPFG Insured | No Opt. Call | A3 | 114,282 | |||||
4,440 | 0.000%, 11/15/29 – NPFG Insured | No Opt. Call | A3 | 2,675,233 | |||||
730 | 0.000%, 11/15/30 – NPFG Insured | No Opt. Call | A3 | 418,881 | |||||
7,570 | 0.000%, 11/15/31 – NPFG Insured | No Opt. Call | A3 | 4,138,141 | |||||
600 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/33 | 11/24 at 100.00 | BBB | 670,620 | |||||
1,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/30 | 11/24 at 100.00 | A– | 1,143,060 | |||||
2,305 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/20 – NPFG Insured | No Opt. Call | A2 | 2,153,101 | |||||
3,000 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured | 7/17 at 100.00 | A3 | 3,021,090 | |||||
380 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) | 7/24 at 100.00 | BB– | 405,555 | |||||
3,790 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 (Pre-refunded 5/15/19) – AGC Insured | 5/19 at 100.00 | AA (4) | 4,103,660 | |||||
210 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 – AGC Insured | 5/19 at 100.00 | AA | 226,195 | |||||
3,500 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 | 11/20 at 100.00 | AA | 3,976,770 | |||||
4,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 | 11/21 at 100.00 | AA | 4,486,000 | |||||
225 | Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2007A, 5.000%, 3/01/32 – NPFG Insured | 7/17 at 100.00 | A3 | 225,709 | |||||
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 | 2,496,943 | |||||
4,130 | 0.000%, 9/01/26 – AMBAC Insured | No Opt. Call | A2 | 3,074,331 | |||||
3,130 | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A– | 1,884,730 | |||||
12,030 | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A– | 6,898,844 | |||||
12,030 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured (ETM) | No Opt. Call | Aa1 (4) | 10,897,015 | |||||
4,680 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured | No Opt. Call | AA+ | 4,138,384 | |||||
1,000 | Humble Independent School District, Harris County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/22 (Pre-refunded 2/15/18) – AGC Insured | 2/18 at 100.00 | AA (4) | 1,034,570 | |||||
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 | 8,397,360 | |||||
2,275 | 5.000%, 8/15/40 | 8/25 at 100.00 | AAA | 2,605,125 | |||||
65 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 5.000%, 8/15/23 | 8/17 at 100.00 | AAA | 65,801 | |||||
1,500 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 5.000%, 8/15/23 (Pre-refunded 8/15/17) | 8/17 at 100.00 | N/R (4) | 1,518,780 |
54
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas (continued) | |||||||||
$ | 4,800 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | 11/20 at 100.00 | BBB | $ | 5,197,728 | |||
6,500 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2016, 5.000%, 5/15/46 | 5/26 at 100.00 | A | 7,271,810 | |||||
9,180 | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax) | No Opt. Call | A | 10,897,578 | |||||
2,000 | McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 6.125%, 12/01/38 | 12/25 at 100.00 | Ba2 | 2,181,000 | |||||
1,210 | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) | 10/18 at 103.00 | BB– | 1,268,879 | |||||
1,735 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured | 4/24 at 100.00 | A2 | 1,858,497 | |||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C: | |||||||||
4,030 | 0.000%, 9/01/43 (7) | 9/31 at 100.00 | AA | 4,181,246 | |||||
8,470 | 0.000%, 9/01/45 (7) | 9/31 at 100.00 | AA | 9,572,032 | |||||
2,000 | North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (UB) (5) | 9/21 at 100.00 | AA | 2,303,140 | |||||
205 | North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 | 1/19 at 100.00 | A | 220,404 | |||||
895 | North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (4) | 972,686 | |||||
7,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 | 1/25 at 100.00 | A | 8,592,710 | |||||
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A: | |||||||||
145 | 5.750%, 1/01/40 – AGC Insured | 1/18 at 100.00 | A1 | 149,119 | |||||
270 | 5.750%, 1/01/40 – BHAC Insured | 1/18 at 100.00 | A1 | 277,671 | |||||
1,120 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18) | 1/18 at 100.00 | AA+ (4) | 1,156,691 | |||||
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A: | |||||||||
540 | 5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured | 1/18 at 100.00 | A1 (4) | 557,690 | |||||
415 | 5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured | 1/18 at 100.00 | A1 (4) | 428,595 | |||||
835 | 5.750%, 1/01/40 (Pre-refunded 1/01/18) – BHAC Insured | 1/18 at 100.00 | A1 (4) | 862,355 | |||||
10,260 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 | 1/23 at 100.00 | A | 11,351,254 | |||||
10,625 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18) | 1/18 at 100.00 | A– (4) | 10,973,075 | |||||
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– | 15,114,788 | |||||
1,770 | 5.000%, 1/01/34 | 1/25 at 100.00 | A– | 1,994,206 | |||||
3,500 | Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/34 (Pre-refunded 2/15/18) | 2/18 at 100.00 | AA+ (4) | 3,622,395 | |||||
1,000 | Round Rock Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, School Building Series 2009, 5.000%, 8/01/27 | 8/18 at 100.00 | AA | 1,048,990 | |||||
4,000 | Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (8) | No Opt. Call | N/R | 40 | |||||
4,375 | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XF0389, 8.465%, 11/15/47 (IF) (5) | 11/17 at 100.00 | Aa2 | 4,517,100 | |||||
1,300 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2009B, 5.250%, 9/01/26 – AGC Insured | 9/19 at 100.00 | A2 | 1,396,044 |
NUVEEN
|
55
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas (continued) | |||||||||
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) | $ | 404,047 | |||
4,445 | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | AA– (4) | 5,059,121 | |||||
2,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | 8/26 at 100.00 | AA | 2,239,600 | |||||
650 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 | No Opt. Call | BBB+ | 786,156 | |||||
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 | 6,678,064 | |||||
2,050 | 5.000%, 12/15/26 | 12/22 at 100.00 | BBB | 2,265,353 | |||||
1,000 | 5.000%, 12/15/27 | 12/22 at 100.00 | BBB | 1,100,150 | |||||
12,745 | 5.000%, 12/15/29 | 12/22 at 100.00 | BBB | 13,883,766 | |||||
2,000 | 5.000%, 12/15/31 | 12/22 at 100.00 | BBB | 2,159,460 | |||||
19,735 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, 12/31/50 (Alternative Minimum Tax) | 12/25 at 100.00 | Baa3 | 21,077,177 | |||||
1,620 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 | 12/19 at 100.00 | BBB– | 1,825,837 | |||||
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 | 1,138,500 | |||||
1,000 | 7.000%, 6/30/40 | 6/20 at 100.00 | Baa3 | 1,134,540 | |||||
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013: | |||||||||
1,335 | 7.000%, 12/31/38 (Alternative Minimum Tax) | 9/23 at 100.00 | BBB– | 1,525,077 | |||||
4,040 | 6.750%, 6/30/43 (Alternative Minimum Tax) | 9/23 at 100.00 | BBB– | 4,670,078 | |||||
1,000 | Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured | 8/17 at 100.00 | BBB (4) | 1,012,430 | |||||
3,335 | Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 2015-XF0075, 11.944%, 8/01/39 (IF) | 8/19 at 100.00 | Aaa | 4,118,992 | |||||
9,430 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 | 8/22 at 100.00 | A– | 10,303,501 | |||||
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B: | |||||||||
8,335 | 0.000%, 8/15/36 | 8/24 at 59.60 | A– | 3,705,324 | |||||
10,960 | 5.000%, 8/15/37 | 8/24 at 100.00 | A– | 12,211,632 | |||||
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 | 2,332,617 | |||||
15,750 | 5.000%, 8/15/42 | 8/24 at 100.00 | BBB | 17,195,378 | |||||
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A: | |||||||||
7,714 | 0.000%, 8/15/21 – AMBAC Insured | No Opt. Call | A– | 7,108,447 | |||||
9,980 | 0.000%, 8/15/23 – AMBAC Insured | No Opt. Call | A– | 8,541,483 | |||||
21,170 | 0.000%, 8/15/24 – AMBAC Insured | No Opt. Call | A– | 17,360,459 | |||||
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) | 2,139,948 | |||||
2,020 | 0.000%, 8/15/23 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 1,793,154 | |||||
3,830 | 0.000%, 8/15/24 – AMBAC Insured (ETM) | No Opt. Call | A3 (4) | 3,293,034 | |||||
220 | Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 | 11/20 at 100.00 | BBB | 249,280 | |||||
905 | Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R (4) | 1,078,823 |
56
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas (continued) | |||||||||
$ | 605 | Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax) | 10/17 at 100.00 | CC | $ | 606,785 | |||
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010: | |||||||||
5,165 | 0.000%, 8/15/34 | No Opt. Call | AAA | 2,295,636 | |||||
6,135 | 0.000%, 8/15/37 | No Opt. Call | AAA | 2,284,981 | |||||
517,424 | Total Texas | 500,433,260 | |||||||
Utah – 1.7% (1.1% of Total Investments) | |||||||||
1,000 | Central Utah Water Conservancy District, Water Revenue Bonds, Series 2012C, 5.000%, 10/01/42 | 10/22 at 100.00 | AA+ | 1,126,620 | |||||
26,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, 5.000%, 7/01/47 (Alternative Minimum Tax) | 7/27 at 100.00 | A2 | 29,289,520 | |||||
2,000 | Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/43 | 5/21 at 100.00 | AA+ | 2,192,920 | |||||
5,795 | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Hawthorn Academy Project, Series 2016, 5.000%, 10/15/46 | 4/26 at 100.00 | AA | 6,342,048 | |||||
4,110 | Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 6/15/42 | 6/22 at 100.00 | A+ | 4,475,585 | |||||
4,500 | Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre-refunded 6/15/18) | 6/18 at 100.00 | Aa2 (4) | 4,716,135 | |||||
3,000 | Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured | 6/18 at 100.00 | Aa2 (4) | 3,135,660 | |||||
46,405 | Total Utah | 51,278,488 | |||||||
Virginia – 2.2% (1.4% of Total Investments) | |||||||||
1,000 | Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 | 7/17 at 100.00 | B | 953,380 | |||||
515 | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (7) | 7/28 at 100.00 | BBB | 403,863 | |||||
3,000 | Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 (Pre-refunded 10/01/17) | 10/17 at 100.00 | BBB (4) | 3,053,820 | |||||
1,000 | Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, FHA-Insured Mortgage – Cedar Ridge Project, Series 2007, 4.850%, 10/01/48 (Alternative Minimum Tax) | 7/17 at 100.00 | AA+ | 1,001,390 | |||||
2,400 | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 | 11/22 at 100.00 | A | 2,677,296 | |||||
4,500 | Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2013A, 5.000%, 10/01/30 (Alternative Minimum Tax) | 10/23 at 100.00 | A1 | 5,065,695 | |||||
5,000 | Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39 | 10/20 at 100.00 | A1 | 5,510,650 | |||||
5,625 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 | 4/22 at 100.00 | BBB+ | 5,902,088 | |||||
2,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured | No Opt. Call | A3 | 884,840 | |||||
5,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured Prince William County Industrial Development Authority, Virginia, Health Care Facilities | 10/26 at 100.00 | A3 | 6,394,200 | |||||
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+ | 2,075,100 | |||||
3,000 | 5.000%, 11/01/46 | 11/22 at 100.00 | A+ | 3,231,450 | |||||
6,000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 | 6/17 at 100.00 | B– | 5,761,800 |
NUVEEN
|
57
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Virginia (continued) | |||||||||
$ | 4,535 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) | 1/22 at 100.00 | BBB– | $ | 4,739,166 | |||
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | |||||||||
3,670 | 6.000%, 1/01/37 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 4,129,301 | |||||
14,930 | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 16,332,226 | |||||
64,175 | Total Virginia | 68,116,265 | |||||||
Washington – 4.4% (2.8% of Total Investments) | |||||||||
7,000 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 | 11/26 at 100.00 | Aa1 | 8,056,930 | |||||
11,345 | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 – NPFG Insured | No Opt. Call | Aa3 | 11,014,180 | |||||
2,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/40 | 7/24 at 100.00 | AA– | 2,257,780 | |||||
3,750 | FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) | 6/19 at 100.00 | AA | 4,039,763 | |||||
2,375 | Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids Hydroelectric Project, Refunding Series 2015A, 5.000%, 1/01/41 | 1/26 at 100.00 | Aa3 | 2,665,890 | |||||
2,270 | Port Everett, Washington, Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 | 6/26 at 100.00 | A1 | 2,531,254 | |||||
10,000 | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 5/01/43 | 6/23 at 100.00 | A2 | 10,804,800 | |||||
5,195 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 5,957,782 | |||||
1,590 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 5.000%, 12/01/42 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 1,844,813 | |||||
4,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/32 | 10/22 at 100.00 | AA– | 4,427,240 | |||||
1,000 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 | 10/22 at 100.00 | Aa2 | 1,104,160 | |||||
11,500 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2015A, 5.000%, 10/01/45 (UB) | 4/25 at 100.00 | AA | 12,760,170 | |||||
845 | Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 | 7/19 at 100.00 | Baa1 | 919,056 | |||||
1,155 | Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 1,282,731 | |||||
4,000 | Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) | 7/19 at 100.00 | A3 (4) | 4,409,080 | |||||
3,500 | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (4) | 3,598,070 | |||||
1,935 | Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured | 8/17 at 100.00 | BBB | 1,956,595 | |||||
320 | Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012, 5.000%, 1/01/48 | 1/23 at 100.00 | BBB– | 323,283 | |||||
6,480 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/24 – NPFG Insured | No Opt. Call | AA+ | 5,582,844 | |||||
11,050 | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | 10,669,326 | |||||
3,350 | Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured | No Opt. Call | AA+ | 3,329,867 | |||||
Washington, General Obligation Compound Interest Bonds, Series 1999S-3: | |||||||||
17,650 | 0.000%, 1/01/20 | No Opt. Call | AA+ | 17,041,958 | |||||
18,470 | 0.000%, 1/01/21 | No Opt. Call | AA+ | 17,518,056 | |||||
130,780 | Total Washington | 134,095,628 |
58
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
West Virginia – 0.4% (0.3% of Total Investments) | |||||||||
$ | 1,965 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32 | 9/19 at 100.00 | Baa1 | $ | 2,091,723 | |||
1,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38 | 10/18 at 100.00 | N/R | 1,022,960 | |||||
7,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 | 6/23 at 100.00 | A | 7,839,230 | |||||
2,000 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 | 6/27 at 100.00 | A | 2,210,140 | |||||
11,965 | Total West Virginia | 13,164,053 | |||||||
Wisconsin – 1.6% (1.1% of Total Investments) | |||||||||
2,230 | Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) | 2/19 at 100.00 | A3 (4) | 2,422,694 | |||||
880 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) | 11/24 at 100.00 | N/R | 934,604 | |||||
4,400 | Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-2, 2.875%, 5/01/27 (Alternative Minimum Tax) | 5/26 at 100.00 | A– | 4,324,320 | |||||
5,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36 | 7/23 at 100.00 | A | 5,471,100 | |||||
410 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured | No Opt. Call | A2 | 423,473 | |||||
1,035 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.125%, 4/01/36 | 4/20 at 100.00 | A– | 1,082,817 | |||||
1,685 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2016, 4.000%, 7/01/46 | 7/26 at 100.00 | A– | 1,656,406 | |||||
4,330 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 | 2/20 at 100.00 | Aa3 | 4,722,688 | |||||
4,995 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 | 9/17 at 100.00 | BBB+ | 5,027,517 | |||||
2,750 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 | 10/21 at 100.00 | A+ | 2,999,480 | |||||
1,250 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32 | 2/22 at 100.00 | A– | 1,346,388 | |||||
6,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A, 5.000%, 2/15/46 | 2/26 at 100.00 | A– | 6,408,780 | |||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | |||||||||
6,745 | 6.000%, 5/01/36 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA– (4) | 7,410,597 | |||||
5,100 | 6.250%, 5/01/37 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA– (4) | 5,628,564 | |||||
46,810 | Total Wisconsin | 49,859,428 | |||||||
$ | 4,745,310 | Total Municipal Bonds (cost $4,347,193,000) | 4,656,615,263 |
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) | |||||||||||
$ | 761 | Las Vegas Monorail Company, Senior Interest Bonds, (11), (12) | 5.50% | 7/15/19 | N/R | $ | 472,112 | ||||
204 | Las Vegas Monorail Company, Senior Interest Bonds, (11), (12) | 5.50% | 7/15/55 | N/R | 102,386 | ||||||
$ | 965 | Total Corporate Bonds (cost $81,088) | 574,498 |
NUVEEN
|
59
|
NAD | Nuveen Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Shares | Description (1), (13) | Value | ||||
INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments) | ||||||
8,812 | BlackRock MuniHoldings Fund Inc. | $ | 146,720 | |||
32,524 | Invesco Quality Municipal Income Trust | 405,899 | ||||
Total Investment Companies (cost $530,611) | 552,619 | |||||
Total Long-Term Investments (cost $4,347,804,699) | 4,657,742,380 |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
SHORT-TERM INVESTMENTS – 1.9% (1.2% of Total Investments) | |||||||||
MUNICIPAL BONDS – 1.9% (1.2% of Total Investments) | |||||||||
Illinois – 0.3% (0.1% of Total Investments) | |||||||||
$ | 7,295 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Floater Series 2015-XM0053, 1.150%, 12/01/49 (14) | 12/24 at 100.00 | A-1 | $ | 7,295,000 | |||
Texas – 1.5% (1.0% of Total Investments) | |||||||||
10,100 | Harris County Industrial Development Corporation, Texas, Solid Waste Revenue Bond, Exxon Corporation Project, Variable Rate Demand Obligations, Series 1997, 0.710%, 4/01/32 (14) | 7/17 at 100.00 | A-1+ | 10,100,000 | |||||
20,000 | Lower Neches Valley Authority, Texas, Industrial Development Corporation Exempt Facilities Revenue Bonds, Exxon Mobil Project, Variable Rate Demand Obligations, Series 2001B, 0.780%, 11/01/29 (14) | 7/17 at 100.00 | A-1+ | 20,000,000 | |||||
16,500 | Rockwall Independent School District, Rockwall County, Texas, General Obligation Bonds, School Building, Variable Rate Demand Obligation, Series 2006, 0.900%, 8/01/37 (14) | 7/17 at 100.00 | A-1+ | 16,500,000 | |||||
46,600 | Total Texas | 46,600,000 | |||||||
Utah – 0.1% (0.1% of Total Investments) | |||||||||
3,000 | Murray City, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Variable Rate Demand Obligations, Series 2003D, 0.790%, 5/15/36 (14) | 7/17 at 100.00 | A-1+ | 3,000,000 | |||||
$ | 56,895 | Total Short-Term Investments (cost $56,895,000) | 56,895,000 | ||||||
Total Investments (cost $4,404,699,699) – 154.9% | 4,714,637,380 | ||||||||
Floating Rate Obligations – (5.4)% | (163,300,000 | ) | |||||||
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (31.3)% (15) | (952,457,132 | ) | |||||||
Variable Rate Demand Preferred Shares, net of deferred offering costs – (20.7)% (16) | (629,086,240 | ) | |||||||
Other Assets Less Liabilities – 2.5% | 73,044,031 | ||||||||
Net Assets Applicable to Common Shares – 100% | $ | 3,042,838,039 |
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(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
(5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(6) | The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016. |
(7) | Step-up coupon. The rate shown is the coupon as of the end of the reporting period. |
(8) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
(9) | On January 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 7.125% to 5.700% and again on November 11, 2015, further reduced the security’s interest rate of accrual from 5.700% to 4.275%. |
(10) | On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%. |
(11) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. |
(12) | 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. |
(13) | 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. |
(14) | Investment has a maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
(15) | Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.2%. |
(16) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.3%. |
(ETM) | Escrowed to maturity. |
(IF) | Inverse floating rate investment. |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
PIK | All or a portion of this security is payment-in-kind. |
See accompanying notes to financial statements.
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NEA | ||
Nuveen AMT-Free Quality Municipal Income Fund | ||
Portfolio of Investments | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
LONG-TERM INVESTMENTS – 151.2% (98.2% of Total Investments) | |||||||||
MUNICIPAL BONDS – 151.2% (98.2% of Total Investments) | |||||||||
Alabama – 1.1% (0.7% of Total Investments) | |||||||||
$ | 4,250 | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 5.000%, 2/01/41 | 2/26 at 100.00 | A– | $ | 4,606,915 | |||
Jefferson County, Alabama, General Obligation Warrants, Series 2004A: | |||||||||
1,395 | 5.000%, 4/01/22 – NPFG Insured | 7/17 at 100.00 | A3 | 1,399,701 | |||||
1,040 | 5.000%, 4/01/23 – NPFG Insured | 7/17 at 100.00 | A3 | 1,043,505 | |||||
25,890 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | A3 | 31,044,699 | |||||
4,900 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45 | 4/25 at 100.00 | N/R | 4,909,114 | |||||
37,475 | Total Alabama | 43,003,934 | |||||||
Alaska – 0.8% (0.5% of Total Investments) | |||||||||
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: | |||||||||
17,040 | 5.000%, 6/01/32 | 7/17 at 100.00 | B3 | 16,574,638 | |||||
16,570 | 5.000%, 6/01/46 | 7/17 at 100.00 | B3 | 15,878,700 | |||||
33,610 | Total Alaska | 32,453,338 | |||||||
Arizona – 2.2% (1.4% of Total Investments) | |||||||||
1,460 | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 | 3/22 at 100.00 | A– | 1,550,987 | |||||
Arizona State, Certificates of Participation, Series 2010A: | |||||||||
2,800 | 5.250%, 10/01/28 – AGM Insured | 10/19 at 100.00 | Aa3 | 3,055,052 | |||||
3,500 | 5.000%, 10/01/29 – AGM Insured | 10/19 at 100.00 | Aa3 | 3,793,650 | |||||
7,500 | Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured | 1/20 at 100.00 | A1 | 8,212,575 | |||||
7,115 | Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015B, 5.000%, 7/01/43 – AGM Insured | 7/25 at 100.00 | A2 | 7,958,910 | |||||
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A: | |||||||||
3,000 | 4.000%, 1/01/36 | 1/27 at 100.00 | AA– | 3,052,950 | |||||
10,000 | 5.000%, 1/01/38 (UB) (4) | 1/27 at 100.00 | AA– | 11,335,800 | |||||
10,780 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | A+ | 11,731,656 | |||||
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B: | |||||||||
6,545 | 5.500%, 7/01/37 – FGIC Insured | No Opt. Call | AA | 8,176,865 | |||||
10,000 | 5.500%, 7/01/40 – FGIC Insured | No Opt. Call | AA | 12,621,200 | |||||
11,320 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | No Opt. Call | BBB+ | 13,265,455 | |||||
74,020 | Total Arizona | 84,755,100 | |||||||
Arkansas – 0.1% (0.1% of Total Investments) | |||||||||
5,080 | Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 5/01/28 – ACA Insured | 7/17 at 100.00 | N/R | 4,548,226 | |||||
California – 15.7% (10.2% of Total Investments) | |||||||||
3,500 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured | 10/17 at 100.00 | BBB+ (5) | 3,568,110 | |||||
22,880 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 – NPFG Insured | No Opt. Call | A3 | 12,696,112 |
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Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
California (continued) | |||||||||
$ | 4,225 | Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured | No Opt. Call | AA | $ | 3,026,579 | |||
15,870 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured | No Opt. Call | AA | 14,895,580 | |||||
3,450 | Antelope Valley Joint Union High School District, Los Angeles and Kern Counties, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured | No Opt. Call | A1 | 2,200,893 | |||||
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1: | |||||||||
2,500 | 5.125%, 4/01/39 (Pre-refunded 4/01/19) | 4/19 at 100.00 | Aa3 (5) | 2,697,375 | |||||
2,500 | 5.625%, 4/01/44 (Pre-refunded 4/01/19) | 4/19 at 100.00 | Aa3 (5) | 2,721,150 | |||||
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4: | |||||||||
5,000 | 5.000%, 4/01/38 | 4/23 at 100.00 | A1 | 5,634,450 | |||||
6,500 | 5.250%, 4/01/53 | 4/23 at 100.00 | A1 | 7,337,265 | |||||
10,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2014F-1, 5.000%, 4/01/54 | 4/24 at 100.00 | Aa3 | 11,031,500 | |||||
8,000 | Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009, 0.000%, 8/01/33 | No Opt. Call | AA+ | 4,536,400 | |||||
Burbank Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2015A: | |||||||||
2,250 | 0.000%, 8/01/32 | 2/25 at 100.00 | AA– | 1,845,608 | |||||
1,350 | 0.000%, 8/01/33 | 2/25 at 100.00 | AA– | 1,098,455 | |||||
7,845 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 | 12/18 at 100.00 | B3 | 7,985,269 | |||||
2,910 | California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29 (Pre-refunded 12/01/18) | 12/18 at 100.00 | AA+ (5) | 3,102,497 | |||||
2,090 | California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29 | 12/18 at 100.00 | Aa1 | 2,222,569 | |||||
3,250 | California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H, 5.000%, 5/01/22 (Pre-refunded 5/01/18) – AGM Insured | 5/18 at 100.00 | AA (5) | 3,387,930 | |||||
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 | 2,826,772 | |||||
5,890 | 0.000%, 10/01/24 – NPFG Insured | No Opt. Call | A2 | 4,931,108 | |||||
7,615 | 0.000%, 10/01/25 – NPFG Insured | No Opt. Call | A2 | 6,107,839 | |||||
1,350 | 0.000%, 10/01/39 – NPFG Insured | No Opt. Call | A2 | 523,422 | |||||
3,330 | California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40 | 11/21 at 100.00 | AA– | 3,756,407 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A: | |||||||||
10,000 | 5.000%, 8/15/51 | 8/22 at 100.00 | AA | 11,003,200 | |||||
3,000 | 5.000%, 8/15/51 (UB) (4) | 8/22 at 100.00 | A3 | 3,300,960 | |||||
2,550 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 | 10/19 at 100.00 | AA– | 2,767,158 | |||||
530 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 | 7/23 at 100.00 | AA– | 593,446 | |||||
1,710 | California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40 | 11/21 at 100.00 | Aa3 | 1,911,370 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | |||||||||
525 | 8.498%, 8/15/51 (IF) (4) | 8/22 at 100.00 | Aa3 | 624,404 | |||||
1,285 | 8.498%, 8/15/51 (IF) (4) | 8/22 at 100.00 | Aa3 | 1,528,302 | |||||
485 | 8.492%, 8/15/51 (IF) (4) | 8/22 at 100.00 | Aa3 | 576,747 |
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NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
California (continued) | |||||||||
$ | 5,355 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.265%, 11/15/48 (IF) | 5/18 at 100.00 | AA– | $ | 6,901,310 | |||
2,330 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 | 7/20 at 100.00 | Baa2 | 2,534,364 | |||||
965 | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47 | 10/26 at 100.00 | BBB– | 1,028,642 | |||||
2,930 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 | 11/23 at 100.00 | A+ | 3,290,683 | |||||
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A: | |||||||||
2,540 | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (5) | 2,773,959 | |||||
1,460 | 5.250%, 7/01/21 (Pre-refunded 7/01/19) | 7/19 at 100.00 | AA+ (5) | 1,594,481 | |||||
5,000 | California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 4.000%, 8/01/36 | 8/26 at 100.00 | AA– | 5,204,050 | |||||
5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured | 7/17 at 100.00 | AA– | 5,016 | |||||
California State, General Obligation Bonds, Various Purpose Series 2007: | |||||||||
9,730 | 5.000%, 6/01/37 (Pre-refunded 6/01/17) | 6/17 at 100.00 | AA+ (5) | 9,768,044 | |||||
6,270 | 5.000%, 6/01/37 (Pre-refunded 6/01/17) | 6/17 at 100.00 | AA+ (5) | 6,294,516 | |||||
20,000 | California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 | 11/19 at 100.00 | AA– | 22,420,400 | |||||
California State, General Obligation Bonds, Various Purpose Series 2010: | |||||||||
7,000 | 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | 7,766,430 | |||||
4,250 | 5.250%, 11/01/40 | 11/20 at 100.00 | AA– | 4,787,965 | |||||
10,000 | California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 | 10/21 at 100.00 | AA– | 11,138,500 | |||||
6,270 | California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30 | 11/20 at 100.00 | A+ | 6,870,729 | |||||
10,000 | California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 | 8/20 at 100.00 | AA– | 11,348,700 | |||||
3,000 | California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35 | 7/18 at 100.00 | A3 | 3,148,950 | |||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | |||||||||
3,895 | 5.750%, 7/01/30 (6) | 7/17 at 100.00 | CCC | 3,768,958 | |||||
5,000 | 5.500%, 7/01/35 (6) | 7/17 at 100.00 | CCC | 4,730,200 | |||||
6,000 | 5.500%, 7/01/39 (6) | 7/17 at 100.00 | CCC | 5,397,060 | |||||
1,550 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured | 7/18 at 100.00 | AA– (5) | 1,638,583 | |||||
10,445 | Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured | No Opt. Call | AA | 7,013,400 | |||||
4,775 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) | No Opt. Call | A3 (5) | 3,986,218 | |||||
5,000 | Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured | 8/18 at 100.00 | AA+ (5) | 5,264,800 | |||||
3,330 | Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38 | 8/23 at 100.00 | AA | 3,790,772 | |||||
7,240 | Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured | 8/17 at 56.01 | AA | 4,043,612 | |||||
2,500 | Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured | 7/17 at 100.00 | A | 2,508,100 | |||||
7,775 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured | No Opt. Call | BBB– | 3,895,275 |
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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: | |||||||||
$ | 910 | 6.850%, 1/15/42 | 1/31 at 100.00 | Ba1 | $ | 752,452 | |||
3,350 | 5.750%, 1/15/46 | 1/24 at 100.00 | Ba1 | 3,839,804 | |||||
8,350 | 6.000%, 1/15/49 | 1/24 at 100.00 | Ba1 | 9,592,647 | |||||
30,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) | No Opt. Call | AA+ (5) | 28,563,000 | |||||
3,120 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 9/17 at 100.00 | A | 3,160,186 | |||||
13,500 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured | No Opt. Call | AA | 10,401,883 | |||||
10,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 | 6/22 at 100.00 | B3 | 10,139,200 | |||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | |||||||||
19,725 | 5.000%, 6/01/33 | 6/17 at 100.00 | B3 | 19,833,488 | |||||
940 | 5.750%, 6/01/47 | 6/17 at 100.00 | B3 | 942,190 | |||||
2,850 | 5.125%, 6/01/47 | 6/17 at 100.00 | B– | 2,849,801 | |||||
60 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) | 6/17 at 100.00 | N/R (5) | 60,269 | |||||
2,415 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) | 6/17 at 100.00 | N/R (5) | 2,423,090 | |||||
3,850 | Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 (Pre-refunded 7/15/21) | 7/21 at 100.00 | Aaa | 4,615,188 | |||||
5,000 | Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured | No Opt. Call | AA– | 2,879,250 | |||||
3,040 | Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured | No Opt. Call | AA | 2,652,066 | |||||
350 | La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM) | No Opt. Call | Aaa | 355,404 | |||||
1,500 | Lincoln Unified School District, Placer County, California, Community Facilities District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured | No Opt. Call | N/R | 964,845 | |||||
5,000 | Los Angeles Community College District, California, General Obligation Bonds, Series 2007C, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – FGIC Insured | 8/17 at 100.00 | AA+ (5) | 5,055,100 | |||||
395 | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM) | 7/17 at 100.00 | N/R (5) | 396,288 | |||||
995 | Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM) | 7/17 at 100.00 | Aa3 (5) | 998,821 | |||||
2,495 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34 | 1/19 at 100.00 | Aa2 | 2,682,350 | |||||
10,000 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41 | 1/21 at 100.00 | Aa2 | 11,125,200 | |||||
2,490 | Madera Unified School District, Madera County, California, General Obligation Bonds, Election 2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured | No Opt. Call | A3 | 1,851,215 | |||||
10,335 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) | 8/35 at 100.00 | AA | 7,650,380 | |||||
5,500 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 | No Opt. Call | BBB+ | 7,660,400 | |||||
745 | Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM) | 7/17 at 100.00 | N/R (5) | 837,186 | |||||
14,100 | New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 – AGC Insured | No Opt. Call | Aa3 | 7,170,837 |
NUVEEN
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65
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NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
California (continued) | |||||||||
$ | 3,515 | Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (5) | $ | 4,188,474 | |||
2,500 | Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/29 | No Opt. Call | Aa3 | 1,685,750 | |||||
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995: | |||||||||
3,765 | 7.200%, 8/01/17 – NPFG Insured | No Opt. Call | A3 | 3,824,073 | |||||
5,000 | 7.400%, 8/01/25 – NPFG Insured | No Opt. Call | A3 | 6,003,100 | |||||
1,490 | Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM) | No Opt. Call | Aa1 (5) | 1,856,004 | |||||
1,745 | Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured | 8/32 at 100.00 | AAA | 2,182,768 | |||||
1,000 | Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured | No Opt. Call | AA | 674,300 | |||||
5,000 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 | 11/20 at 100.00 | Ba1 | 5,399,350 | |||||
2,000 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured | No Opt. Call | A2 | 1,648,180 | |||||
10,755 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – NPFG Insured | 8/17 at 100.00 | AA– (5) | 10,871,797 | |||||
9,320 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured | No Opt. Call | A2 | 4,868,488 | |||||
Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A: | |||||||||
1,335 | 5.000%, 9/01/25 | 9/17 at 100.00 | N/R | 1,343,904 | |||||
410 | 5.100%, 9/01/30 | 9/17 at 100.00 | N/R | 412,107 | |||||
5,480 | Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) | No Opt. Call | AA+ (5) | 6,567,616 | |||||
2,000 | Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/47 | 7/17 at 100.00 | Baa2 | 2,007,680 | |||||
1,800 | Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28 | No Opt. Call | A1 | 1,266,768 | |||||
1,000 | Rim of the World Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured | 8/21 at 100.00 | A2 | 1,108,360 | |||||
760 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44 | 6/23 at 100.00 | BBB– | 852,173 | |||||
5,085 | San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) | No Opt. Call | AA+ (5) | 6,028,268 | |||||
2,250 | San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 | 12/21 at 100.00 | Ba2 | 2,622,375 | |||||
1,830 | San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.423%, 8/01/39 (Pre-refunded 8/01/19) (IF) | 8/19 at 100.00 | AA– (5) | 2,561,634 | |||||
4,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 | 5/23 at 100.00 | A+ | 4,399,880 | |||||
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– | 11,570,800 | |||||
32,725 | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB | 35,635,560 | |||||
7,210 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured | No Opt. Call | BBB– | 6,012,203 | |||||
10,000 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured | 7/17 at 100.00 | A3 | 10,035,100 |
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NUVEEN
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Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
California (continued) | |||||||||
$ | 12,580 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured | 8/17 at 100.00 | A3 | $ | 12,654,977 | |||
2,965 | San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured | No Opt. Call | AA– | 2,086,648 | |||||
4,455 | San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | AAA | 4,155,312 | |||||
4,005 | San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured | No Opt. Call | AA+ | 3,159,825 | |||||
15,750 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/39 – AGM Insured | No Opt. Call | AA | 6,285,353 | |||||
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015: | |||||||||
5,000 | 0.000%, 8/01/46 | No Opt. Call | A1 | 1,174,700 | |||||
6,570 | 0.000%, 8/01/47 | No Opt. Call | A1 | 1,450,787 | |||||
2,210 | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23 | 7/17 at 100.00 | B+ | 2,215,702 | |||||
2,630 | Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured | No Opt. Call | A3 | 2,147,106 | |||||
3,900 | West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/19) – AGM Insured | 8/19 at 100.00 | A2 (5) | 4,742,166 | |||||
653,910 | Total California | 608,504,422 | |||||||
Colorado – 8.1% (5.3% of Total Investments) | |||||||||
1,085 | Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured | 7/17 at 100.00 | BBB– | 1,086,790 | |||||
500 | Blue Lake Metropolitan District No. 2 , Lochbuie, Colorado, Limited Tax General Obligation Bonds, Series 2016A, 5.750%, 12/01/46 | 12/21 at 103.00 | N/R | 504,165 | |||||
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017: | |||||||||
1,575 | 5.000%, 12/01/37 | 12/22 at 103.00 | N/R | 1,589,632 | |||||
3,620 | 5.000%, 12/01/47 | 12/22 at 103.00 | N/R | 3,628,398 | |||||
1,250 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 5.375%, 12/01/33 | 12/23 at 100.00 | BBB | 1,391,525 | |||||
115 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 | 12/23 at 100.00 | BB | 117,547 | |||||
6,350 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 | 7/17 at 100.00 | BBB+ | 6,364,732 | |||||
2,295 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41 | 2/21 at 100.00 | BBB+ | 2,349,254 | |||||
5,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | 5,221,300 | |||||
7,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 2016-XG0007, 12.809%, 10/01/41 (Pre-refunded 4/29/18) – AGM Insured (IF) (4) | 4/18 at 100.00 | BBB+ (5) | 8,558,700 | |||||
5,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36 | 12/23 at 100.00 | A+ | 5,546,600 | |||||
750 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2012, 5.125%, 1/01/37 | 5/17 at 100.00 | N/R | 750,473 | |||||
3,050 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | 1/24 at 102.00 | N/R | 3,150,803 | |||||
1,825 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2012, 5.000%, 12/01/42 | 6/22 at 100.00 | Baa2 | 1,871,045 |
NUVEEN
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67
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Colorado (continued) | |||||||||
$ | 1,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 | 6/23 at 100.00 | Baa2 | $ | 1,058,770 | |||
750 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/37 | 5/27 at 100.00 | BB+ | 790,088 | |||||
1,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Refunding Series 2015B, 4.000%, 9/01/34 | 9/25 at 100.00 | A3 | 1,519,065 | |||||
25,750 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | 1/20 at 100.00 | AA– | 27,515,161 | |||||
3,250 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29 | 9/17 at 100.00 | BBB+ | 3,278,990 | |||||
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005: | |||||||||
235 | 5.250%, 6/01/23 | 7/17 at 100.00 | Baa2 | 235,745 | |||||
175 | 5.000%, 6/01/29 | 7/17 at 100.00 | Baa2 | 175,397 | |||||
1,500 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016B, 5.000%, 3/01/41 | 3/27 at 100.00 | A+ | 1,695,240 | |||||
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016: | |||||||||
7,115 | 5.000%, 8/01/41 – AGM Insured | 8/26 at 100.00 | A2 | 7,994,343 | |||||
7,000 | 5.000%, 8/01/46 – AGM Insured | 8/26 at 100.00 | A2 | 7,835,590 | |||||
11,140 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37 | 11/22 at 100.00 | A+ | 12,623,514 | |||||
12,900 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 | 11/23 at 100.00 | A | 14,261,595 | |||||
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016: | |||||||||
3,000 | 5.000%, 12/01/34 | 12/26 at 100.00 | BBB– | 3,330,300 | |||||
2,400 | 5.000%, 12/01/36 | 12/26 at 100.00 | BBB– | 2,643,792 | |||||
1,610 | 5.000%, 12/01/40 | 12/26 at 100.00 | BBB– | 1,768,102 | |||||
13,920 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | BBB+ | 12,563,496 | |||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | |||||||||
6,200 | 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | BBB+ | 5,432,750 | |||||
45,540 | 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | BBB+ | 27,541,681 | |||||
16,635 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | BBB+ | 9,163,057 | |||||
49,250 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | BBB+ | 25,844,430 | |||||
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | |||||||||
9,310 | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | BBB+ | 6,217,311 | |||||
2,900 | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | BBB+ | 1,443,156 | |||||
18,500 | 0.000%, 3/01/36 – NPFG Insured | No Opt. Call | BBB+ | 8,508,520 | |||||
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: | |||||||||
3,800 | 0.000%, 9/01/27 – NPFG Insured | 9/20 at 67.94 | BBB+ | 2,314,428 | |||||
13,300 | 0.000%, 9/01/31 – NPFG Insured | 9/20 at 53.77 | BBB+ | 6,297,284 | |||||
6,250 | 0.000%, 9/01/32 – NPFG Insured | 9/20 at 50.83 | BBB+ | 2,784,125 | |||||
10,000 | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | BBB+ | 3,621,000 | |||||
1,000 | Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016, 5.000%, 12/01/36 | 12/26 at 100.00 | BBB+ | 1,094,410 | |||||
1,000 | Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 2017, 4.000%, 12/01/36 (WI/DD, Settling 5/23/17) | 12/26 at 100.00 | AA+ | 1,043,480 | |||||
1,245 | Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation Limited Tax and Revenue Bonds, Series 2016, 4.375%, 12/01/31 | 12/21 at 103.00 | N/R | 1,146,807 | |||||
17,735 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | 12/25 at 100.00 | BBB | 18,993,121 | |||||
2,640 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | A2 (5) | 3,088,404 |
68
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NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Colorado (continued) | |||||||||
$ | 630 | Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 | 6/20 at 100.00 | A | $ | 694,323 | |||
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010: | |||||||||
15,000 | 6.500%, 1/15/30 | 7/20 at 100.00 | Baa3 | 16,858,500 | |||||
4,150 | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | 4,585,543 | |||||
3,250 | Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 12/01/46 – AGM Insured | 12/26 at 100.00 | AA | 3,566,420 | |||||
4,000 | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 | 11/22 at 100.00 | AA– | 4,447,000 | |||||
14,500 | University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 | 6/24 at 100.00 | AA+ | 16,163,293 | |||||
2,175 | Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, 5.000%, 12/15/30 – AGM Insured | 12/26 at 100.00 | AA | 2,578,419 | |||||
382,170 | Total Colorado | 314,847,614 | |||||||
Connecticut – 0.3% (0.2% of Total Investments) | |||||||||
1,650 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2016Q-1, 5.000%, 7/01/46 | 7/26 at 100.00 | A– | 1,831,781 | |||||
7,165 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 7,928,359 | |||||
8,815 | Total Connecticut | 9,760,140 | |||||||
Delaware – 0.4% (0.2% of Total Investments) | |||||||||
1,000 | Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., Series 2010A, 5.000%, 10/01/40 – NPFG Insured | 10/20 at 100.00 | Aa2 | 1,083,950 | |||||
3,250 | Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32 | 7/23 at 100.00 | BBB– | 3,404,343 | |||||
9,070 | Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 | 6/25 at 100.00 | A1 | 9,828,343 | |||||
13,320 | Total Delaware | 14,316,636 | |||||||
District of Columbia – 1.7% (1.1% of Total Investments) | |||||||||
1,250 | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45 | 10/22 at 100.00 | BB+ | 1,114,650 | |||||
107,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 7/17 at 16.83 | N/R | 14,999,260 | |||||
15,150 | District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured (7) | 4/21 at 100.00 | A | 15,589,954 | |||||
District of Columbia, Revenue Bonds, Georgetown University, Series 2017: | |||||||||
3,500 | 5.000%, 4/01/35 | 4/27 at 100.00 | A | 4,015,970 | |||||
3,500 | 5.000%, 4/01/36 | 4/27 at 100.00 | A | 4,003,195 | |||||
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A: | |||||||||
15,000 | 4.500%, 10/01/30 – AMBAC Insured | 7/17 at 100.00 | A | 15,033,450 | |||||
11,200 | 4.500%, 10/01/30 – AMBAC Insured | 7/17 at 100.00 | AA+ | 11,229,792 | |||||
156,600 | Total District of Columbia | 65,986,271 | |||||||
Florida – 7.6% (5.0% of Total Investments) | |||||||||
2,800 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2016, 5.000%, 9/01/46 | 9/23 at 100.00 | BBB– | 2,819,992 | |||||
2,080 | Brevard County School Board, Florida, Certificates of Participation, Series 2007C, 5.000%, 7/01/21 (Pre-refunded 7/01/17) – AMBAC Insured | 7/17 at 100.00 | Aa3 (5) | 2,095,288 | |||||
2,000 | Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34 (Pre-refunded 10/01/18) | 10/18 at 100.00 | AA+ (5) | 2,122,740 |
NUVEEN
|
69
|
NEA | ||
Nuveen AMT-Free Quality Municipal Income Fund | ||
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Florida (continued) | |||||||||
$ | 11,000 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured | 10/21 at 100.00 | A | $ | 12,307,790 | |||
2,830 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 Clay County, Florida, Utility System Revenue Bonds, Refunding Series 2007: | 9/25 at 100.00 | AA– | 3,130,348 | |||||
1,500 | 5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB) | 11/17 at 100.00 | AA (5) | 1,531,785 | |||||
3,000 | 5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB) | 11/17 at 100.00 | AA (5) | 3,063,570 | |||||
3,010 | Cocoa, Florida, Water and Sewerage System Revenue Bonds, Refunding Series 2003, 5.500%, 10/01/23 – AMBAC Insured | No Opt. Call | AA | 3,487,988 | |||||
3,570 | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013, 6.125%, 11/01/43 | 11/23 at 100.00 | BBB– | 3,994,509 | |||||
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A: | |||||||||
8,555 | 6.000%, 4/01/42 | 4/23 at 100.00 | Baa1 | 9,714,716 | |||||
4,280 | 5.625%, 4/01/43 | 4/23 at 100.00 | Baa1 | 4,757,905 | |||||
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | |||||||||
1,040 | 0.000%, 11/01/25 – NPFG Insured | No Opt. Call | A3 | 784,898 | |||||
1,590 | 0.000%, 11/01/26 – NPFG Insured | No Opt. Call | A3 | 1,149,427 | |||||
2,500 | Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2016-XF2347, 15.623%, 6/01/38 – AGC Insured (IF) (4) | 6/18 at 101.00 | Aa1 | 3,016,200 | |||||
5,000 | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Refunding Series 2008A, 5.000%, 7/01/35 (Pre-refunded 7/01/17) | 7/17 at 101.00 | AA (5) | 5,086,500 | |||||
1,500 | Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series 2009A, 5.000%, 1/15/29 | 1/19 at 100.00 | AAA | 1,594,950 | |||||
2,070 | Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.500%, 6/01/38 (Pre-refunded 6/01/18) – AGM Insured | 6/18 at 100.00 | AA (5) | 2,172,610 | |||||
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+ | 6,390,669 | |||||
12,885 | 5.000%, 10/01/44 | 10/24 at 100.00 | A+ | 14,343,711 | |||||
400 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 | 10/22 at 100.00 | A+ | 451,728 | |||||
1,530 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24 | 11/21 at 100.00 | A2 | 1,707,817 | |||||
2,500 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 | 11/24 at 100.00 | A2 | 2,700,300 | |||||
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 | 4,216,337 | |||||
19,145 | 5.000%, 2/01/44 – AGM Insured | 2/24 at 100.00 | AA | 21,137,801 | |||||
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 | 219,858 | |||||
2,000 | 5.125%, 7/01/38 | 7/27 at 100.00 | BBB | 2,126,220 | |||||
5,035 | 5.125%, 7/01/46 | 7/27 at 100.00 | BBB | 5,310,364 | |||||
1,200 | Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/30 – AGM Insured | 2/21 at 100.00 | A1 | 1,373,484 | |||||
7,390 | Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45 | 4/25 at 100.00 | A– | 8,055,100 | |||||
10,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35 | 7/20 at 100.00 | A2 | 10,989,600 | |||||
1,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 | 10/24 at 100.00 | A | 1,117,400 |
70
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Florida (continued) | |||||||||
$ | 5,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 | 10/19 at 100.00 | A | $ | 5,466,650 | |||
7,500 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41 | 10/20 at 100.00 | A | 8,272,200 | |||||
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 | 3,347,070 | |||||
2,500 | 5.000%, 10/01/27 | 10/20 at 100.00 | A | 2,787,475 | |||||
4,000 | 5.000%, 10/01/35 – AGM Insured | 10/20 at 100.00 | A2 | 4,383,440 | |||||
1,500 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 | 10/26 at 100.00 | A | 1,681,830 | |||||
4,000 | Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1, 5.625%, 7/01/38 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AA (5) | 4,220,840 | |||||
1,850 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 | 10/22 at 100.00 | A2 | 2,037,831 | |||||
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 | 6,177,655 | |||||
3,000 | 5.000%, 7/01/42 | 7/22 at 100.00 | A1 | 3,335,310 | |||||
11,300 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 (Pre-refunded 7/01/18) – AGM Insured | 7/18 at 100.00 | A1 (5) | 11,841,496 | |||||
5,770 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 | 10/22 at 100.00 | A+ | 6,398,526 | |||||
1,665 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26 | 10/19 at 100.00 | A | 1,810,688 | |||||
750 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42 | 4/22 at 100.00 | A | 804,330 | |||||
10,170 | Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured | 10/17 at 100.00 | AA | 10,330,582 | |||||
4,000 | Orlando, Florida, Tourist Development Tax Revenue Bonds, Senior Lien 6th Cent Contract Payments, Series 2008A, 5.250%, 11/01/23 – AGC Insured | 11/17 at 100.00 | BBB | 4,080,560 | |||||
255 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 | 6/22 at 102.00 | N/R | 299,577 | |||||
3,000 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – NPFG Insured | 8/17 at 100.00 | AA– (5) | 3,032,670 | |||||
4,000 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, Series 2009, 5.250%, 10/01/33 | 10/19 at 100.00 | AAA | 4,348,600 | |||||
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B: | |||||||||
5,000 | 5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured | 7/17 at 100.00 | A3 (5) | 5,036,600 | |||||
4,700 | 5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured | 7/17 at 100.00 | A3 (5) | 4,734,404 | |||||
435 | Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured | 9/18 at 100.00 | A1 (5) | 460,008 | |||||
45 | Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured | 9/18 at 100.00 | A1 | 47,362 | |||||
1,385 | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured | 5/18 at 100.00 | A3 | 1,409,224 | |||||
2,490 | Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM) | No Opt. Call | AA– (5) | 2,656,780 | |||||
6,625 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/33 | 5/25 at 100.00 | Aa3 | 6,807,916 | |||||
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007: | |||||||||
3,500 | 5.000%, 8/15/37 | 8/17 at 100.00 | AA– | 3,525,130 | |||||
2,455 | 5.000%, 8/15/42 (UB) (4) | 8/17 at 100.00 | Aa3 | 2,471,375 |
NUVEEN
|
71
|
NEA | ||
Nuveen AMT-Free Quality Municipal Income Fund | ||
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Florida (continued) | |||||||||
$ | 1,200 | Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 10/01/19) – AGC Insured | 10/19 at 100.00 | AA (5) | $ | 1,311,816 | |||
5,000 | Tampa Bay, Florida, Regional Water Supply Authority Utility System Revenue Bonds, Series 2008, 5.000%, 10/01/34 (Pre-refunded 10/01/18) | 10/18 at 100.00 | AA+ (5) | 5,281,500 | |||||
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995: | |||||||||
910 | 5.750%, 10/01/20 – NPFG Insured | No Opt. Call | AA– | 986,850 | |||||
2,785 | 5.750%, 10/01/25 – NPFG Insured | No Opt. Call | AA– | 3,267,724 | |||||
3,300 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22 at 100.00 | Aa2 | 3,672,306 | |||||
4,000 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, 4.000%, 11/15/46 | 5/26 at 100.00 | Aa2 | 4,030,200 | |||||
9,720 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 | 7/22 at 100.00 | A | 10,777,730 | |||||
1,500 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured | 10/21 at 100.00 | A– | 1,677,480 | |||||
2,000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2015B, 5.000%, 10/15/45 | 4/25 at 100.00 | Baa1 | 2,146,500 | |||||
7,400 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/45 | 6/25 at 100.00 | A– | 8,154,134 | |||||
274,365 | Total Florida | 296,083,974 | |||||||
Georgia – 2.7% (1.7% of Total Investments) | |||||||||
6,950 | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – AGM Insured | 1/20 at 100.00 | Aa3 | 7,526,225 | |||||
7,230 | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 | 1/22 at 100.00 | AA– | 7,948,807 | |||||
3,050 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 – AGM Insured | 11/19 at 100.00 | A+ | 3,356,129 | |||||
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: | |||||||||
3,400 | 5.000%, 11/01/33 | 5/25 at 100.00 | A+ | 3,957,124 | |||||
2,040 | 5.000%, 11/01/35 | 5/25 at 100.00 | A+ | 2,352,059 | |||||
5,000 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured | No Opt. Call | A+ | 5,784,450 | |||||
1,535 | Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26 | 8/20 at 100.00 | AA | 1,626,732 | |||||
2,000 | DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 | 9/20 at 100.00 | BBB– | 2,197,140 | |||||
5,725 | Fayette County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | AA– | 6,355,723 | |||||
2,360 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45 | 2/20 at 100.00 | AA– | 2,519,678 | |||||
7,640 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (5) | 8,444,492 | |||||
12,590 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 | 2/25 at 100.00 | AA | 14,676,791 | |||||
7,500 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.250%, 2/15/45 | 2/27 at 100.00 | AA– | 8,640,750 | |||||
7,905 | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 | 7/25 at 100.00 | A2 | 8,553,052 | |||||
3,055 | Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18) | 2/18 at 100.00 | AAA | 3,150,469 |
72
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Georgia (continued) | |||||||||
$ | 1,350 | Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured | No Opt. Call | AA+ | $ | 1,664,928 | |||
2,500 | Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured | 8/18 at 100.00 | AA (5) | 2,675,650 | |||||
8,230 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40 | 10/25 at 100.00 | Baa2 | 8,734,828 | |||||
2,615 | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 | 10/21 at 100.00 | AA– | 2,831,287 | |||||
92,675 | Total Georgia | 102,996,314 | |||||||
Guam – 0.1% (0.1% of Total Investments) | |||||||||
4,060 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 | 7/23 at 100.00 | BBB– | 4,457,555 | |||||
Hawaii – 0.1% (0.1% of Total Investments) | |||||||||
275 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43 | 7/23 at 100.00 | BB | 298,394 | |||||
4,225 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 4.000%, 7/01/40 | 7/25 at 100.00 | A1 | 4,286,685 | |||||
4,500 | Total Hawaii | 4,585,079 | |||||||
Idaho – 0.1% (0.1% of Total Investments) | |||||||||
2,110 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured | 3/22 at 100.00 | A– | 2,251,687 | |||||
2,750 | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | 7/17 at 101.00 | A1 | 2,784,898 | |||||
4,860 | Total Idaho | 5,036,585 | |||||||
Illinois – 21.0% (13.6% of Total Investments) | |||||||||
Bolingbrook, Illinois, General Obligation Refunding Bonds, Refunding Series 2002B: | |||||||||
4,595 | 0.000%, 1/01/32 – FGIC Insured | No Opt. Call | A2 | 2,564,102 | |||||
4,000 | 0.000%, 1/01/34 – FGIC Insured | No Opt. Call | A2 | 2,018,160 | |||||
11,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 11,381,810 | |||||
2,940 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 | 12/21 at 100.00 | B3 | 2,379,048 | |||||
11,450 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 | 12/25 at 100.00 | B | 11,082,913 | |||||
1,785 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 | 12/26 at 100.00 | B | 1,658,319 | |||||
10,510 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured | No Opt. Call | B+ | 9,767,153 | |||||
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A: | |||||||||
19,600 | 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | B+ | 17,562,188 | |||||
1,000 | 5.500%, 12/01/26 – FGIC Insured | No Opt. Call | B+ | 1,082,020 | |||||
3,500 | Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured | 6/21 at 100.00 | A2 | 3,797,255 | |||||
5,785 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | A1 | 6,177,917 | |||||
9,285 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 | 12/24 at 100.00 | AA | 10,165,868 |
NUVEEN
|
73
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Illinois (continued) | |||||||||
$ | 1,985 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2013B, 5.000%, 1/01/26 | 1/23 at 100.00 | A | $ | 2,277,649 | |||
13,100 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured | 1/20 at 100.00 | AA | 14,167,517 | |||||
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | |||||||||
32,170 | 0.000%, 1/01/21 – FGIC Insured | No Opt. Call | BBB– | 28,845,874 | |||||
32,670 | 0.000%, 1/01/22 – FGIC Insured | No Opt. Call | BBB– | 28,073,331 | |||||
22,670 | 0.000%, 1/01/25 – FGIC Insured | No Opt. Call | BBB– | 16,879,629 | |||||
10,565 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB– | 11,069,373 | |||||
5,540 | Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured | 1/18 at 100.00 | BBB– | 5,656,008 | |||||
5,000 | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 | 1/22 at 100.00 | Ba1 | 5,095,600 | |||||
5,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43 | 12/23 at 100.00 | BBB | 5,226,150 | |||||
4,865 | Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | Aa2 | 4,501,439 | |||||
2,575 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured | No Opt. Call | A3 | 2,318,324 | |||||
3,615 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured (ETM) | No Opt. Call | N/R (5) | 3,437,070 | |||||
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A: | |||||||||
3,500 | 5.250%, 11/15/22 | 11/20 at 100.00 | A2 | 3,852,905 | |||||
12,425 | 5.250%, 11/15/33 | 11/20 at 100.00 | A2 | 13,186,777 | |||||
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000: | |||||||||
8,000 | 0.000%, 11/01/18 | No Opt. Call | AAA | 7,815,200 | |||||
15,285 | 0.000%, 11/01/19 | No Opt. Call | AAA | 14,599,009 | |||||
5,265 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36 | 11/23 at 100.00 | A | 5,764,069 | |||||
5,020 | Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42 | 6/22 at 100.00 | Aa2 | 5,421,700 | |||||
4,200 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 | 9/22 at 100.00 | BBB | 4,375,350 | |||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | |||||||||
8,750 | 5.000%, 9/01/39 | 9/24 at 100.00 | BBB | 9,125,988 | |||||
11,030 | 5.000%, 9/01/42 | 9/24 at 100.00 | BBB | 11,440,757 | |||||
1,500 | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 | 11/19 at 100.00 | Aa2 | 1,644,825 | |||||
2,000 | Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB) | 8/18 at 100.00 | AA– | 2,078,940 | |||||
3,040 | Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 (Pre-refunded 2/01/18) – AMBAC Insured | 2/18 at 100.00 | A (5) | 3,145,245 | |||||
2,910 | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 | 5/22 at 100.00 | Baa1 | 3,009,493 | |||||
6,000 | Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 | 4/19 at 100.00 | A1 | 6,350,100 | |||||
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016: | |||||||||
11,165 | 5.000%, 12/01/40 | 6/26 at 100.00 | A3 | 11,929,579 | |||||
9,000 | 5.000%, 12/01/46 | 6/26 at 100.00 | A3 | 9,574,110 | |||||
3,000 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 4.000%, 8/15/33 | 8/22 at 100.00 | Aa2 | 3,108,570 | |||||
1,100 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076, 15.417%, 8/15/43 (IF) | 8/22 at 100.00 | Aa2 | 1,462,824 | |||||
1,575 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | 1,734,296 | |||||
3,460 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (5) | 3,942,912 |
74
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Illinois (continued) | |||||||||
$ | 1,970 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17) | 11/17 at 100.00 | A (5) | $ | 2,023,151 | |||
8,540 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 | 11/25 at 100.00 | A | 9,255,823 | |||||
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C: | |||||||||
3,500 | 5.000%, 2/15/32 | 2/27 at 100.00 | BBB– | 3,769,430 | |||||
1,000 | 5.000%, 2/15/41 | 2/27 at 100.00 | BBB– | 1,050,520 | |||||
27,135 | 4.000%, 2/15/41 | 2/27 at 100.00 | BBB– | 23,933,070 | |||||
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: | |||||||||
85 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (5) | 97,665 | |||||
8,400 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | BBB– (5) | 9,651,600 | |||||
2,215 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 2,535,865 | |||||
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B: | |||||||||
205 | 5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | A2 (5) | 213,829 | |||||
2,995 | 5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | A2 (5) | 3,123,995 | |||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A: | |||||||||
2,250 | 6.000%, 8/15/23 | 8/18 at 100.00 | BBB+ | 2,363,400 | |||||
8,645 | 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | 8,917,318 | |||||
4,135 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 4,367,470 | |||||
8,040 | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured | 8/21 at 100.00 | A2 | 9,140,756 | |||||
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C: | |||||||||
1,000 | 5.500%, 8/15/41 (Pre-refunded 2/15/21) | 2/21 at 100.00 | AA– (5) | 1,156,410 | |||||
2,500 | 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (4) | 2/21 at 100.00 | Aa3 (5) | 2,891,025 | |||||
15,510 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21 at 100.00 | AA– | 16,707,837 | |||||
5,245 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.526%, 7/01/46 (Pre-refunded 7/01/17) (IF) (4) | 7/17 at 100.00 | AA– (5) | 5,322,521 | |||||
4,915 | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 | 5/17 at 100.00 | Baa3 | 4,920,308 | |||||
3,540 | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25 | 7/17 at 100.00 | Baa3 | 3,544,248 | |||||
1,375 | Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A, 6.250%, 4/01/18 – AGM Insured (ETM) | No Opt. Call | AA (5) | 1,438,470 | |||||
1,475 | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 | No Opt. Call | Aa2 | 1,544,546 | |||||
5,000 | Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/39 | 2/24 at 100.00 | BBB | 5,005,300 | |||||
1,750 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 | 1/26 at 100.00 | BBB | 1,770,755 | |||||
5,420 | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 | 5/24 at 100.00 | BBB | 5,426,341 | |||||
5,000 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/34 | 11/26 at 100.00 | BBB | 5,022,500 | |||||
3,510 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/28 | 2/27 at 100.00 | BBB | 3,651,313 | |||||
10,000 | Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured | 1/20 at 100.00 | BBB | 10,618,600 | |||||
2,515 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24 | 8/22 at 100.00 | BBB | 2,628,502 | |||||
2,000 | Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 Illinois State, General Obligation Bonds, Series 2012A: | 9/18 at 100.00 | BBB | 2,004,500 | |||||
2,500 | 5.000%, 3/01/25 | 3/22 at 100.00 | BBB | 2,589,300 | |||||
4,500 | 5.000%, 3/01/27 | 3/22 at 100.00 | BBB | 4,613,085 | |||||
NUVEEN
|
75
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Illinois (continued) | |||||||||
$ | 1,620 | Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 | 7/23 at 100.00 | BBB | $ | 1,681,625 | |||
5,030 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 | 1/23 at 100.00 | AA– | 5,559,458 | |||||
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– | 8,884,320 | |||||
6,500 | 5.000%, 1/01/39 | 1/24 at 100.00 | AA– | 7,210,255 | |||||
10,040 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 | 7/25 at 100.00 | AA– | 11,154,942 | |||||
8,890 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40 | 1/26 at 100.00 | AA– | 9,907,994 | |||||
1,115 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.366%, 1/01/38 (IF) | 1/23 at 100.00 | Aa3 | 1,584,783 | |||||
11,050 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured | No Opt. Call | BBB | 12,848,830 | |||||
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 | 3,070,503 | |||||
1,740 | 0.000%, 11/01/21 – AGM Insured | No Opt. Call | A2 | 1,551,680 | |||||
4,020 | Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB) | No Opt. Call | A2 | 4,548,871 | |||||
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | |||||||||
855 | 5.250%, 1/01/25 (8) | 7/17 at 100.00 | D | 249,301 | |||||
1,750 | 5.250%, 1/01/30 (8) | 7/17 at 100.00 | D | 510,265 | |||||
5,000 | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured | 1/21 at 100.00 | A2 | 5,390,300 | |||||
17,945 | McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured | No Opt. Call | A3 | 16,069,746 | |||||
2,910 | McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured | No Opt. Call | Aa2 | 2,676,880 | |||||
5,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53 | 12/25 at 100.00 | BBB– | 5,272,950 | |||||
15,585 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50 | 6/20 at 100.00 | BBB– | 15,933,948 | |||||
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– | 8,466,480 | |||||
5,355 | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | BBB– | 1,301,586 | |||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A: | |||||||||
9,400 | 0.000%, 12/15/18 – NPFG Insured | No Opt. Call | BBB– | 9,095,910 | |||||
16,570 | 0.000%, 12/15/20 – NPFG Insured | No Opt. Call | BBB– | 15,036,612 | |||||
5,010 | 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | BBB– | 4,381,245 | |||||
23,920 | 0.000%, 12/15/22 – NPFG Insured | No Opt. Call | BBB– | 20,117,198 | |||||
13,350 | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BBB– | 10,322,354 | |||||
5,100 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 – FGIC Insured | No Opt. Call | BBB– | 5,774,781 | |||||
5,180 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM) | No Opt. Call | BBB– (5) | 5,964,459 | |||||
2,330 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 | 6/20 at 100.00 | BBB– | 2,333,192 |
76
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Illinois (continued) | |||||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | |||||||||
$ | 6,500 | 0.000%, 6/15/25 – NPFG Insured (7) | 6/22 at 101.00 | BBB– | $ | 7,320,755 | |||
8,000 | 0.000%, 6/15/26 – NPFG Insured (7) | 6/22 at 101.00 | BBB– | 8,925,840 | |||||
5,725 | 0.000%, 6/15/27 – NPFG Insured (7) | 6/22 at 101.00 | BBB– | 6,358,013 | |||||
3,700 | 0.000%, 6/15/30 – NPFG Insured | No Opt. Call | BBB– | 2,112,552 | |||||
28,000 | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | BBB– | 11,880,400 | |||||
3,280 | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | BBB– | 1,268,573 | |||||
11,715 | 0.000%, 12/15/38 – NPFG Insured | No Opt. Call | BBB– | 4,194,673 | |||||
5,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2012B, 5.000%, 6/15/52 (UB) (4) | 6/22 at 100.00 | BB+ | 4,975,350 | |||||
10,650 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | No Opt. Call | AA+ (5) | 13,533,914 | |||||
Midlothian, Illinois, General Obligation Bonds, Series 2010A: | |||||||||
2,685 | 5.000%, 2/01/30 – AGM Insured | 2/20 at 100.00 | AA | 2,781,955 | |||||
2,080 | 5.250%, 2/01/34 – AGM Insured | 2/20 at 100.00 | AA | 2,166,466 | |||||
17,865 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured | No Opt. Call | AA | 21,191,640 | |||||
2,300 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured | No Opt. Call | Aa3 | 3,050,950 | |||||
4,125 | Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48 | 11/23 at 100.00 | AA | 5,402,430 | |||||
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: | |||||||||
2,000 | 5.000%, 3/01/18 | No Opt. Call | A3 | 2,062,980 | |||||
2,250 | 5.000%, 3/01/29 | 3/25 at 100.00 | A3 | 2,556,990 | |||||
7,000 | 5.000%, 3/01/31 | 3/25 at 100.00 | A3 | 7,857,150 | |||||
2,685 | Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility Series 2010A, 5.250%, 5/01/31 – AGM Insured | 5/20 at 100.00 | AA | 2,942,679 | |||||
2,000 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.250%, 10/01/38 | 10/23 at 100.00 | A3 | 2,316,440 | |||||
4,810 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured | No Opt. Call | A2 | 3,832,175 | |||||
2,550 | Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured | No Opt. Call | A3 | 2,209,550 | |||||
780 | Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) | No Opt. Call | A3 (5) | 708,864 | |||||
1,895 | Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | A2 (5) | 2,292,969 | |||||
867,390 | Total Illinois | 810,890,595 | |||||||
Indiana – 4.3% (2.8% of Total Investments) | |||||||||
6,000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44 | 10/24 at 100.00 | A2 | 6,526,560 | |||||
7,910 | Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 | 11/19 at 100.00 | Aa3 | 8,509,657 | |||||
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 | 5,034,550 | |||||
5,420 | 5.000%, 5/01/42 | 5/23 at 100.00 | A | 5,841,839 | |||||
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A: | |||||||||
3,400 | 5.000%, 12/01/40 | 6/25 at 100.00 | AA– | 3,812,556 | |||||
1,875 | 4.000%, 12/01/40 | 6/25 at 100.00 | AA– | 1,898,250 | |||||
1,500 | Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured | 6/22 at 100.00 | Ba1 | 1,504,815 |
NUVEEN
|
77
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Indiana (continued) | |||||||||
$ | 8,630 | Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana Obligated Group, Series 2012, 5.000%, 3/01/41 | 3/22 at 100.00 | A+ | $ | 9,217,358 | |||
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A: | |||||||||
6,290 | 5.250%, 12/01/38 | 12/19 at 100.00 | AA– | 6,798,735 | |||||
10,000 | 5.250%, 12/01/38 (UB) (4) | 12/19 at 100.00 | Aa3 | 10,808,800 | |||||
2,500 | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37 | 12/20 at 100.00 | AA– | 2,745,875 | |||||
11,000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A, 5.000%, 10/01/46 | 10/26 at 100.00 | A | 12,230,680 | |||||
5,000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 | 10/21 at 100.00 | A3 | 5,563,150 | |||||
5,000 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37 | 10/22 at 100.00 | A2 | 5,547,300 | |||||
13,215 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44 | 10/24 at 100.00 | A | 14,822,076 | |||||
4,320 | Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM) | 7/17 at 100.00 | AA– (5) | 4,335,984 | |||||
22,580 | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 | 7/26 at 100.00 | A+ | 25,444,045 | |||||
3,000 | Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 1/01/31 | 7/21 at 100.00 | A+ | 3,307,410 | |||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | |||||||||
9,255 | 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | A | 7,497,198 | |||||
9,560 | 0.000%, 2/01/26 – AMBAC Insured | No Opt. Call | A | 7,447,336 | |||||
585 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | AA (5) | 629,015 | |||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A: | |||||||||
2,415 | 5.500%, 1/01/38 – AGC Insured | 1/19 at 100.00 | AA | 2,570,816 | |||||
4,025 | 5.500%, 1/01/38 – AGC Insured (UB) | 1/19 at 100.00 | A | 4,284,693 | |||||
975 | 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured (UB) | 1/19 at 100.00 | A1 (5) | 1,048,359 | |||||
2,000 | Michigan City School Building Corporation, Porter and LaPorte Counties, Indiana, First Mortgage Bonds, Series 2007, 5.000%, 1/15/25 (Pre-refunded 7/15/17) – NPFG Insured | 7/17 at 100.00 | A3 (5) | 2,017,920 | |||||
4,300 | Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36 | 3/18 at 100.00 | Aaa | 4,441,728 | |||||
500 | Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47 (Pre-refunded 9/01/17) | 9/17 at 100.00 | N/R (5) | 508,355 | |||||
1,580 | Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured | No Opt. Call | A2 | 1,172,091 | |||||
157,835 | Total Indiana | 165,567,151 | |||||||
Iowa – 2.4% (1.5% of Total Investments) | |||||||||
4,000 | Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36 (Pre-refunded 6/15/20) | 6/20 at 100.00 | A2 (5) | 4,488,680 | |||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013: | |||||||||
2,690 | 5.000%, 12/01/19 | No Opt. Call | B– | 2,755,771 | |||||
7,255 | 5.500%, 12/01/22 | 12/18 at 100.00 | B– | 7,381,890 | |||||
16,130 | 5.250%, 12/01/25 | 12/23 at 100.00 | B– | 16,358,723 | |||||
2,310 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26 | 6/18 at 105.00 | B– | 2,357,216 |
78
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Iowa (continued) | |||||||||
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | |||||||||
$ | 13,950 | 5.375%, 6/01/38 | 7/17 at 100.00 | B2 | $ | 13,950,000 | |||
12,830 | 5.500%, 6/01/42 | 7/17 at 100.00 | B2 | 12,829,872 | |||||
5,675 | 5.625%, 6/01/46 | 7/17 at 100.00 | B2 | 5,675,114 | |||||
16,100 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 6/17 at 100.00 | B2 | 16,100,000 | |||||
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+ | 5,149,649 | |||||
4,000 | 5.000%, 12/01/41 | 12/26 at 100.00 | BBB+ | 4,342,480 | |||||
89,640 | Total Iowa | 91,389,395 | |||||||
Kansas – 0.2% (0.1% of Total Investments) | |||||||||
2,000 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38 | 11/22 at 100.00 | A2 | 2,165,760 | |||||
3,000 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 | 5/22 at 100.00 | AA | 3,406,290 | |||||
2,740 | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured | 7/17 at 100.00 | BB+ | 2,741,096 | |||||
7,740 | Total Kansas | 8,313,146 | |||||||
Kentucky – 1.5% (0.9% of Total Investments) | |||||||||
6,010 | Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured | No Opt. Call | A3 | 4,015,942 | |||||
4,525 | Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45 | 6/20 at 100.00 | Baa3 | 5,044,425 | |||||
2,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42 | 8/21 at 100.00 | A3 | 2,085,360 | |||||
1,000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured | 6/18 at 100.00 | A3 | 1,040,110 | |||||
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A: | |||||||||
1,100 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | A3 (5) | 1,115,620 | |||||
3,900 | 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured | 9/17 at 100.00 | A3 (5) | 3,955,380 | |||||
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: | |||||||||
5,000 | 0.000%, 7/01/43 (7) | 7/31 at 100.00 | Baa3 | 4,149,550 | |||||
8,610 | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa3 | 7,175,660 | |||||
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 | 2,919,411 | |||||
430 | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 481,088 | |||||
4,630 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31 | 6/21 at 100.00 | A | 5,105,131 | |||||
2,980 | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35 | 6/22 at 100.00 | BBB+ | 3,131,354 | |||||
9,635 | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R (5) | 11,262,448 | |||||
4,330 | Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Refunding Series 2013B, 5.000%, 1/01/23 – AGM Insured | 1/20 at 100.00 | A2 | 4,724,636 | |||||
56,805 | Total Kentucky | 56,206,115 | |||||||
Louisiana – 1.9% (1.2% of Total Investments) | |||||||||
8,210 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | 7/23 at 100.00 | N/R | 8,797,508 |
NUVEEN
|
79
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Louisiana (continued) | |||||||||
$ | 670 | Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured | 1/21 at 100.00 | A2 (5) | $ | 782,104 | |||
1,870 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured | 12/27 at 100.00 | A2 | 2,112,876 | |||||
5,000 | Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 – AGM Insured | 10/20 at 100.00 | AA | 5,709,300 | |||||
1,695 | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | A3 | 1,848,482 | |||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016: | |||||||||
1,850 | 4.000%, 5/15/35 | 5/26 at 100.00 | A3 | 1,868,186 | |||||
2,000 | 5.000%, 5/15/47 | 5/26 at 100.00 | A3 | 2,142,520 | |||||
5,750 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) | 5/21 at 100.00 | A3 (5) | 6,968,425 | |||||
13,590 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 | 7/23 at 100.00 | A3 | 14,862,568 | |||||
5,000 | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45 | 5/20 at 100.00 | Aa3 | 5,414,550 | |||||
12,000 | New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015A, 5.000%, 1/01/45 | 1/25 at 100.00 | A– | 13,092,120 | |||||
6,280 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 | 6/24 at 100.00 | A– | 6,887,527 | |||||
1,355 | Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 | 12/25 at 100.00 | A– | 1,520,676 | |||||
65,270 | Total Louisiana | 72,006,842 | |||||||
Maine – 0.4% (0.2% of Total Investments) | |||||||||
7,000 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 | 7/23 at 100.00 | Baa3 | 7,062,440 | |||||
6,300 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/41 | 7/26 at 100.00 | Baa3 | 6,429,717 | |||||
1,050 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41 | 7/21 at 100.00 | Ba2 | 1,139,387 | |||||
14,350 | Total Maine | 14,631,544 | |||||||
Maryland – 0.6% (0.4% of Total Investments) | |||||||||
8,610 | Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 5.000%, 7/01/41 | 1/27 at 100.00 | AA– | 9,805,843 | |||||
3,730 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured | 6/17 at 100.00 | BB | 3,738,430 | |||||
1,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.250%, 7/01/31 | 7/21 at 100.00 | BBB | 1,132,050 | |||||
3,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 | 7/22 at 100.00 | A– | 3,817,310 | |||||
2,575 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28 (Pre-refunded 1/01/18) | 1/18 at 100.00 | BBB (5) | 2,660,825 | |||||
2,000 | Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 5.000%, 12/01/44 | 6/25 at 100.00 | AA– | 2,229,140 | |||||
21,415 | Total Maryland | 23,383,598 | |||||||
Massachusetts – 2.6% (1.7% of Total Investments) | |||||||||
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A: | |||||||||
970 | 5.250%, 7/01/34 (Pre-refunded 7/01/18) | 7/18 at 100.00 | N/R (5) | 1,019,664 | |||||
2,385 | 5.250%, 7/01/34 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AAA | 2,507,112 |
80
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Massachusetts (continued) | |||||||||
$ | 5,500 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 | 1/20 at 100.00 | Aa2 | $ | 6,008,860 | |||
14,375 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 | 1/20 at 100.00 | A+ | 15,551,161 | |||||
1,250 | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41 | 11/23 at 100.00 | A– | 1,390,125 | |||||
1,430 | Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42 | 11/17 at 100.00 | BB– | 1,432,531 | |||||
930 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 | 7/25 at 100.00 | BBB | 985,595 | |||||
3,500 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 | 10/26 at 100.00 | A+ | 3,948,280 | |||||
1,100 | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N, 5.000%, 12/01/46 | 12/26 at 100.00 | A | 1,219,229 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: | |||||||||
8,800 | 5.000%, 1/01/45 | 1/25 at 100.00 | Baa2 | 9,460,440 | |||||
2,070 | 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | 2,089,955 | |||||
2,700 | Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 | 11/23 at 100.00 | A2 | 3,013,740 | |||||
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 | 1,495,313 | |||||
1,545 | 5.000%, 9/01/45 | 9/25 at 100.00 | BBB | 1,669,512 | |||||
3,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | No Opt. Call | A+ | 3,969,540 | |||||
4,500 | Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J-1, 5.000%, 7/01/39 | 7/19 at 100.00 | AA– | 4,816,215 | |||||
3,335 | Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 11.949%, 7/01/34 (IF) | 7/19 at 100.00 | Aa3 | 4,064,765 | |||||
500 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18) | 7/18 at 100.00 | A– (5) | 524,630 | |||||
1,800 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 | 7/20 at 100.00 | BBB– | 1,922,832 | |||||
900 | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 | 7/21 at 100.00 | A3 | 973,386 | |||||
6,840 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 | 5/23 at 100.00 | Aa2 | 7,700,062 | |||||
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A: | |||||||||
3,235 | 5.000%, 8/15/37 (Pre-refunded 8/15/17) – AMBAC Insured | 8/17 at 100.00 | Aa2 (5) | 3,275,502 | |||||
15 | 5.000%, 8/15/37 (Pre-refunded 8/15/17) – AMBAC Insured | 8/17 at 100.00 | Aa2 (5) | 15,188 | |||||
3,335 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2015-XF2187, 11.965%, 8/15/37 (Pre-refunded 8/15/17) – AGM Insured (IF) (4) | 8/17 at 100.00 | Aa2 (5) | 3,460,196 | |||||
7,500 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2016-XF2223, 8.536%, 8/15/24 (IF) | 8/22 at 100.00 | Aa2 | 10,074,300 | |||||
8,050 | Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 | 7/21 at 100.00 | A+ | 8,956,189 | |||||
500 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured | 11/20 at 100.00 | A3 (5) | 564,905 | |||||
91,445 | Total Massachusetts | 102,109,227 | |||||||
Michigan – 4.5% (2.9% of Total Investments) | |||||||||
5,335 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A– | 5,762,654 |
NUVEEN
|
81
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Michigan (continued) | |||||||||
$ | 2,830 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured | No Opt. Call | A3 | $ | 3,382,444 | |||
10,000 | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 | 7/21 at 100.00 | A– | 10,876,300 | |||||
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001: | |||||||||
7,660 | 0.000%, 12/01/21 | No Opt. Call | AAA | 6,993,657 | |||||
7,955 | 0.000%, 12/01/22 | No Opt. Call | AAA | 7,053,460 | |||||
8,260 | 0.000%, 12/01/23 | No Opt. Call | AAA | 7,127,719 | |||||
8,575 | 0.000%, 12/01/24 | No Opt. Call | AAA | 7,177,275 | |||||
10,000 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C, 5.000%, 7/01/35 | 7/26 at 100.00 | A– | 11,201,300 | |||||
27,960 | Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | A | 30,879,022 | |||||
895 | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured | 5/20 at 100.00 | A2 | 961,588 | |||||
1,105 | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured | 5/20 at 100.00 | A2 (5) | 1,235,954 | |||||
405 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/37 – AGM Insured | 7/24 at 100.00 | A2 | 449,744 | |||||
1,300 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 | 7/22 at 100.00 | A– | 1,382,641 | |||||
9,965 | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 | 12/21 at 100.00 | AA– | 11,172,459 | |||||
35 | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (5) | 40,575 | |||||
3,000 | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/31 | 6/22 at 100.00 | AA– | 3,370,140 | |||||
9,000 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 | 11/26 at 100.00 | Aa2 | 9,092,520 | |||||
1,315 | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | BBB | 1,381,934 | |||||
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I: | |||||||||
17,000 | 5.000%, 4/15/31 | 10/25 at 100.00 | A+ | 19,552,040 | |||||
1,615 | 5.000%, 4/15/38 | 10/25 at 100.00 | A+ | 1,797,366 | |||||
11,345 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A3 (5) | 12,650,583 | |||||
2,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 | 6/22 at 100.00 | AA– | 2,133,860 | |||||
4,575 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 6/18 at 100.00 | B2 | 4,776,071 | |||||
5,780 | Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 | 3/22 at 100.00 | A1 | 6,327,135 | |||||
2,500 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29 (Pre-refunded 8/01/19) | 8/19 at 100.00 | A1 (5) | 2,792,000 | |||||
2,300 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) | 9/18 at 100.00 | Aaa | 2,522,709 | |||||
2,200 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45 | 12/25 at 100.00 | A– | 2,400,332 | |||||
164,910 | Total Michigan | 174,493,482 | |||||||
Minnesota – 0.9% (0.6% of Total Investments) | |||||||||
285 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.000%, 8/01/36 | 8/26 at 100.00 | BB+ | 254,226 |
82
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Minnesota (continued) | |||||||||
$ | 4,005 | City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, Series 2016, 5.000%, 10/01/41 | 10/24 at 102.00 | N/R | $ | 3,979,688 | |||
2,130 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 3.500%, 8/01/25 | 8/22 at 100.00 | N/R | 2,047,654 | |||||
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– | 4,014,220 | |||||
5,000 | 5.000%, 1/01/46 | 1/27 at 100.00 | AA– | 5,712,250 | |||||
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A: | |||||||||
1,000 | 5.000%, 12/01/42 | 12/26 at 100.00 | Aa3 | 1,151,200 | |||||
1,355 | 5.000%, 12/01/47 | 12/26 at 100.00 | Aa3 | 1,553,833 | |||||
4,230 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 | 9/24 at 102.00 | BBB– | 4,022,392 | |||||
3,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/30 | 7/25 at 100.00 | A | 3,443,730 | |||||
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | |||||||||
580 | 5.000%, 11/15/21 | No Opt. Call | BB+ | 644,925 | |||||
550 | 5.250%, 11/15/35 | 11/20 at 100.00 | BB+ | 585,998 | |||||
3,595 | 5.000%, 11/15/40 | 11/25 at 100.00 | BB+ | 3,807,608 | |||||
5,315 | 5.000%, 11/15/44 | 11/25 at 100.00 | BB+ | 5,625,449 | |||||
34,545 | Total Minnesota | 36,843,173 | |||||||
Mississippi – 0.4% (0.2% of Total Investments) | |||||||||
9,705 | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | 10/17 at 100.00 | Baa3 | 9,745,567 | |||||
3,855 | Mississippi State, General Obligation Bonds, Refunding Series 2006D, 5.000%, 11/01/21 (Pre-refunded 11/01/17) – NPFG Insured | 11/17 at 100.00 | AA (5) | 3,937,112 | |||||
13,560 | Total Mississippi | 13,682,679 | |||||||
Missouri – 2.2% (1.4% of Total Investments) | |||||||||
2,585 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 | 10/22 at 100.00 | Aa3 | 2,854,254 | |||||
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016: | |||||||||
2,470 | 4.000%, 8/01/33 | 8/26 at 100.00 | Baa1 | 2,500,430 | |||||
4,590 | 5.000%, 8/01/35 | 8/26 at 100.00 | Baa1 | 4,982,675 | |||||
5,140 | 4.000%, 8/01/38 | 8/26 at 100.00 | Baa1 | 5,096,104 | |||||
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 | 5,909,647 | |||||
5,000 | 0.000%, 4/15/31 – AMBAC Insured | No Opt. Call | A1 | 3,031,800 | |||||
1,000 | Kansas City School District, Missouri, Certificates of Participation, Series 2016, 3.000%, 4/01/32 | 4/26 at 100.00 | A | 954,600 | |||||
500 | Kansas City, Missouri, Water Revenue Bonds, Series 2017A, 3.250%, 12/01/34 | 12/26 at 100.00 | Aa2 | 499,435 | |||||
550 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 | No Opt. Call | A3 | 582,852 | |||||
Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016: | |||||||||
1,000 | 4.000%, 11/15/33 | 5/26 at 100.00 | A+ | 1,038,470 | |||||
1,350 | 5.000%, 11/15/35 | 5/26 at 100.00 | A+ | 1,510,299 | |||||
1,400 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/42 | 6/27 at 100.00 | A1 | 1,557,052 | |||||
11,985 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | 5/23 at 100.00 | BBB | 12,989,942 | |||||
17,300 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 18,749,046 |
NUVEEN
|
83
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Missouri (continued) | |||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A: | |||||||||
$ | 1,100 | 5.000%, 2/01/36 | 2/26 at 100.00 | BBB+ | $ | 1,170,499 | |||
2,550 | 5.000%, 2/01/46 | 2/26 at 100.00 | BBB+ | 2,688,491 | |||||
4,685 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A, 5.000%, 10/01/42 | 4/27 at 100.00 | A1 | 5,303,420 | |||||
7,085 | Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/34 | 6/26 at 100.00 | A2 | 8,018,236 | |||||
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 | 1,751,832 | |||||
2,535 | 5.000%, 12/01/32 | 12/25 at 100.00 | AA | 2,897,835 | |||||
220 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | 9/23 at 100.00 | A– | 246,024 | |||||
82,870 | Total Missouri | 84,332,943 | |||||||
Montana – 0.1% (0.1% of Total Investments) | |||||||||
1,475 | Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A, 5.250%, 5/15/47 (WI/DD, Settling 5/18/17) | 5/25 at 102.00 | N/R | 1,511,875 | |||||
2,000 | Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Refunding Series 2016, 5.000%, 2/15/41 | 2/27 at 100.00 | A– | 2,241,620 | |||||
3,475 | Total Montana | 3,753,495 | |||||||
Nebraska – 1.0% (0.6% of Total Investments) | |||||||||
2,620 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | BBB+ | 2,783,593 | |||||
3,000 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Series 2017, 5.000%, 11/15/47 | 5/27 at 100.00 | A1 | 3,343,380 | |||||
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015: | |||||||||
700 | 5.000%, 11/01/45 | 11/25 at 100.00 | A– | 764,302 | |||||
1,400 | 5.000%, 11/01/48 | 11/25 at 100.00 | A– | 1,525,398 | |||||
2,280 | Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 | 11/21 at 100.00 | A– | 2,432,258 | |||||
4,000 | Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 | 9/22 at 100.00 | AA | 4,539,080 | |||||
5,110 | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 4/01/38 | 10/26 at 100.00 | A | 5,733,829 | |||||
5,290 | Nebraska Public Power District, General Revenue Bonds, Refunding Series 2007B, 4.650%, 1/01/32 (Pre-refunded 7/01/17) – AGM Insured | 7/17 at 100.00 | AA (5) | 5,325,866 | |||||
10,000 | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 2/01/42 | 2/22 at 100.00 | AA | 11,119,400 | |||||
34,400 | Total Nebraska | 37,567,106 | |||||||
Nevada – 5.9% (3.9% of Total Investments) | |||||||||
3,000 | Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19) | 7/19 at 100.00 | Aa1 (5) | 3,270,870 | |||||
3,540 | Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2010D, 5.000%, 7/01/24 | 1/20 at 100.00 | AA– | 3,885,150 | |||||
2,600 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured | 7/19 at 100.00 | Aa3 | 2,820,532 | |||||
27,000 | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | A+ | 30,027,240 |
84
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Nevada (continued) | |||||||||
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+ | $ | 3,793,469 | |||
3,695 | 5.000%, 6/01/28 | 6/19 at 100.00 | AA+ | 3,982,065 | |||||
3,880 | 5.000%, 6/01/29 | 6/19 at 100.00 | AA+ | 4,168,051 | |||||
Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B: | |||||||||
4,915 | 5.000%, 7/01/25 | 1/20 at 100.00 | AA+ | 5,391,509 | |||||
4,160 | 5.000%, 7/01/26 | 1/20 at 100.00 | AA+ | 4,560,982 | |||||
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 | 13,284,467 | |||||
35,860 | 5.250%, 7/01/42 | 1/20 at 100.00 | A+ | 38,821,319 | |||||
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 | 2,312,029 | |||||
1,525 | 4.000%, 9/01/27 | 9/26 at 100.00 | N/R | 1,514,218 | |||||
2,660 | 4.000%, 9/01/29 | 9/26 at 100.00 | N/R | 2,610,311 | |||||
2,920 | 4.000%, 9/01/30 | 9/26 at 100.00 | N/R | 2,847,555 | |||||
10,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 5.000%, 6/01/38 | 6/21 at 100.00 | AA | 11,107,400 | |||||
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 | 5,754,850 | |||||
10,000 | 5.000%, 6/01/33 | 12/24 at 100.00 | AA | 11,458,200 | |||||
7,170 | 5.000%, 6/01/39 | 12/24 at 100.00 | Aa1 | 8,085,035 | |||||
11,915 | 5.000%, 6/01/39 (UB) | 12/24 at 100.00 | AA | 13,435,592 | |||||
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond Trust 2015-XF0233: | |||||||||
1,000 | 15.544%, 6/01/39 (IF) | 12/24 at 100.00 | AA | 1,510,480 | |||||
1,250 | 15.443%, 6/01/39 (IF) | 12/24 at 100.00 | AA | 1,888,100 | |||||
1,250 | 15.443%, 6/01/39 (IF) | 12/24 at 100.00 | AA | 1,888,100 | |||||
2,500 | 15.443%, 6/01/39 (IF) | 12/24 at 100.00 | AA | 3,776,200 | |||||
3,995 | 15.335%, 6/01/39 (IF) | 12/24 at 100.00 | AA | 6,033,089 | |||||
4,100 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42 | 6/22 at 100.00 | AA | 4,589,171 | |||||
3,760 | Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured | 6/24 at 49.90 | A3 | 1,308,555 | |||||
5,380 | Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) | 7/17 at 100.00 | A3 (5) | 5,421,803 | |||||
20,000 | Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Refunding Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (4) | 7/17 at 100.00 | A3 (5) | 20,155,800 | |||||
8,540 | Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 | 7/21 at 100.00 | AA | 9,552,075 | |||||
209,700 | Total Nevada | 229,254,217 | |||||||
New Hampshire – 0.2% (0.2% of Total Investments) | |||||||||
8,000 | New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) | 10/19 at 100.00 | BBB (5) | 8,954,080 | |||||
New Jersey – 6.7% (4.4% of Total Investments) | |||||||||
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: | |||||||||
2,675 | 5.000%, 7/01/22 – NPFG Insured | 7/17 at 100.00 | A3 | 2,737,970 | |||||
4,445 | 5.000%, 7/01/23 – NPFG Insured | 7/17 at 100.00 | A3 | 4,549,635 | |||||
1,200 | 5.000%, 7/01/29 – NPFG Insured | 7/17 at 100.00 | A3 | 1,228,248 | |||||
6,050 | 5.250%, 7/01/33 – NPFG Insured | 7/17 at 100.00 | A3 | 6,204,033 | |||||
6,975 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 | 3/21 at 100.00 | BBB+ | 7,243,328 |
NUVEEN
|
85
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
New Jersey (continued) | |||||||||
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014UU: | |||||||||
$ | 5,515 | 5.000%, 6/15/30 | 6/24 at 100.00 | BBB+ | $ | 5,644,492 | |||
5,000 | 5.000%, 6/15/40 | 6/24 at 100.00 | BBB+ | 5,014,550 | |||||
20,890 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB, 5.500%, 6/15/30 | 12/26 at 100.00 | BBB+ | 22,423,953 | |||||
10,600 | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | No Opt. Call | BBB+ | 11,232,290 | |||||
2,020 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | BB+ | 2,071,874 | |||||
2,500 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A, 5.000%, 7/01/37 | 7/27 at 100.00 | A+ | 2,827,725 | |||||
720 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 | 7/23 at 100.00 | A+ | 812,088 | |||||
10,970 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | 7/26 at 100.00 | A+ | 12,169,460 | |||||
695 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | BBB | 752,080 | |||||
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 | 3,274,877 | |||||
7,795 | 5.000%, 6/15/29 | 6/26 at 100.00 | Baa1 | 8,307,833 | |||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A: | |||||||||
5,000 | 0.000%, 12/15/26 | No Opt. Call | BBB+ | 3,229,250 | |||||
16,495 | 0.000%, 12/15/33 | No Opt. Call | BBB+ | 6,883,034 | |||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C: | |||||||||
1,815 | 0.000%, 12/15/26 – AMBAC Insured | No Opt. Call | AA+ | 1,372,685 | |||||
10,000 | 0.000%, 12/15/30 – FGIC Insured | No Opt. Call | A3 | 5,485,600 | |||||
38,000 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | A– | 17,764,240 | |||||
45,000 | 0.000%, 12/15/35 – AMBAC Insured | No Opt. Call | BBB+ | 18,145,350 | |||||
10,000 | 0.000%, 12/15/36 – AMBAC Insured | No Opt. Call | BBB+ | 3,803,800 | |||||
4,500 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured | No Opt. Call | A– | 4,780,980 | |||||
10,500 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured | 12/17 at 100.00 | A2 | 10,728,795 | |||||
5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 | No Opt. Call | BBB+ | 5,390,150 | |||||
2,310 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 | 6/21 at 100.00 | BBB+ | 2,424,461 | |||||
1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | 6/22 at 100.00 | BBB+ | 1,001,730 | |||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA: | |||||||||
5,500 | 5.000%, 6/15/29 | 6/23 at 100.00 | BBB+ | 5,676,165 | |||||
7,500 | 5.500%, 6/15/39 | 6/23 at 100.00 | BBB+ | 7,856,625 | |||||
14,000 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured | No Opt. Call | A2 | 17,156,720 | |||||
5,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36 | 1/19 at 100.00 | A2 | 5,284,000 | |||||
1,315 | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.537%, 1/01/43 (IF) (4) | 7/22 at 100.00 | AA | 1,843,551 | |||||
3,000 | Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | Aa2 | 2,349,450 |
86
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
New Jersey (continued) | |||||||||
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L: | |||||||||
$ | 2,000 | 5.000%, 5/01/38 | 5/23 at 100.00 | A+ | $ | 2,227,720 | |||
910 | 5.000%, 5/01/43 | 5/23 at 100.00 | A+ | 1,006,742 | |||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | |||||||||
1,415 | 4.500%, 6/01/23 | 6/17 at 100.00 | Baa2 | 1,423,844 | |||||
1,785 | 4.625%, 6/01/26 | 6/17 at 100.00 | Ba3 | 1,788,677 | |||||
14,255 | 5.000%, 6/01/29 | 6/17 at 100.00 | B2 | 14,284,365 | |||||
14,425 | 4.750%, 6/01/34 | 6/17 at 100.00 | B3 | 14,121,931 | |||||
8,000 | 5.000%, 6/01/41 | 6/17 at 100.00 | B3 | 7,874,080 | |||||
319,825 | Total New Jersey | 260,398,381 | |||||||
New Mexico – 0.1% (0.1% of Total Investments) | |||||||||
2,725 | Rio Rancho, New Mexico, Water and Wastewater System Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured | 5/19 at 100.00 | A2 | 2,934,525 | |||||
New York – 6.8% (4.4% of Total Investments) | |||||||||
9,880 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 | 1/27 at 100.00 | BBB– | 10,822,354 | |||||
7,000 | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 | No Opt. Call | BBB– | 1,997,170 | |||||
3,000 | Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41 | 4/21 at 100.00 | AAA | 3,364,320 | |||||
7,435 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 (Pre-refunded 7/01/20) – AGM Insured | 7/20 at 100.00 | A2 (5) | 8,415,453 | |||||
12,830 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50 | 7/25 at 100.00 | A– | 14,091,702 | |||||
3,200 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42 | 7/22 at 100.00 | AA– | 3,585,952 | |||||
4,000 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2013A, 5.000%, 7/01/43 | 7/23 at 100.00 | AA– | 4,534,480 | |||||
1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/33 | 6/27 at 100.00 | BB+ | 1,093,630 | |||||
14,075 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015B Group C, 5.000%, 2/15/36 | 2/25 at 100.00 | Aa1 | 16,050,004 | |||||
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | |||||||||
3,400 | 5.750%, 2/15/47 | 2/21 at 100.00 | A | 3,867,738 | |||||
10,115 | 5.250%, 2/15/47 | 2/21 at 100.00 | A | 11,236,147 | |||||
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A: | |||||||||
4,330 | 5.000%, 2/15/47 – FGIC Insured | 6/17 at 100.00 | A | 4,360,873 | |||||
13,150 | 4.500%, 2/15/47 – NPFG Insured | 6/17 at 100.00 | A2 | 13,176,169 | |||||
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– | 1,075,117 | |||||
780 | 5.000%, 9/01/44 | 9/24 at 100.00 | A– | 863,655 | |||||
7,240 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 | 5/21 at 100.00 | A– | 8,028,508 | |||||
15,100 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42 | 9/22 at 100.00 | A– | 16,595,351 | |||||
3,500 | Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/30 | 2/21 at 100.00 | AA | 4,035,605 | |||||
1,000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2013A, 5.000%, 7/01/43 | 7/23 at 100.00 | AA– | 1,120,310 | |||||
2,100 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 | 12/20 at 100.00 | AA+ | 2,368,800 |
NUVEEN
|
87
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
New York (continued) | |||||||||
$ | 4,400 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 | 6/19 at 100.00 | AA+ | $ | 4,772,900 | |||
7,225 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 | 6/23 at 100.00 | AA+ | 8,045,543 | |||||
5,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series EE, 5.000%, 6/15/37 | 6/27 at 100.00 | AA+ | 5,792,050 | |||||
5,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | 5/23 at 100.00 | Aa1 | 5,675,400 | |||||
2,060 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 2,353,159 | |||||
10 | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | 7/17 at 100.00 | AA– | 10,037 | |||||
5 | New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 | 7/17 at 100.00 | AA | 5,021 | |||||
New York City, New York, General Obligation Bonds, Fiscal Series 2002G: | |||||||||
10 | 5.000%, 8/01/17 | 7/17 at 100.00 | AA | 10,034 | |||||
80 | 5.750%, 8/01/18 | 7/17 at 100.00 | AA | 80,318 | |||||
23,920 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 25,464,514 | |||||
6,385 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51 | 11/21 at 100.00 | A | 7,277,495 | |||||
10,000 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 | No Opt. Call | BBB+ | 12,147,300 | |||||
4,045 | New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Tender Option Bond Trust 2016-XL0002, 12.032%, 6/15/26 (IF) (4) | 6/22 at 100.00 | Aaa | 6,036,151 | |||||
35 | New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured | 5/17 at 100.00 | A2 | 35,105 | |||||
8,000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.000%, 1/01/51 (UB) (4) | 1/26 at 100.00 | A3 | 8,815,280 | |||||
2,105 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R (5) | 2,469,376 | |||||
3,925 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38 | 12/23 at 100.00 | AA– | 4,471,753 | |||||
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 | 9,458,267 | |||||
3,710 | 6.000%, 12/01/42 | 12/20 at 100.00 | BBB | 4,171,672 | |||||
9,950 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Tender Option Bond Trust 2016-XL0003, 6.545%, 11/15/21 (IF) (4) | No Opt. Call | AA– | 12,336,010 | |||||
5,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50 | 5/25 at 100.00 | AA– | 5,637,750 | |||||
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A: | |||||||||
10,725 | 0.000%, 11/15/31 | No Opt. Call | A+ | 6,580,860 | |||||
1,105 | 0.000%, 11/15/32 | No Opt. Call | A+ | 648,933 | |||||
245,425 | Total New York | 262,978,266 | |||||||
North Carolina – 1.3% (0.8% of Total Investments) | |||||||||
3,555 | Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2016-XL0012, 12.056%, 7/01/38 (IF) (4) | 7/20 at 100.00 | Aaa | 4,655,273 | |||||
1,775 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.476%, 1/15/47 (Pre-refunded 1/15/18) (IF) (4) | 1/18 at 100.00 | Aa3 (5) | 1,932,460 | |||||
5,550 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/39 (Pre-refunded 1/15/18) | 1/18 at 100.00 | AA– (5) | 5,714,169 |
88
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
North Carolina (continued) | |||||||||
$ | 1,000 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 | 1/21 at 100.00 | AA– | $ | 1,104,780 | |||
9,485 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2015B, 5.000%, 10/01/55 (UB) (4) | 10/25 at 100.00 | Aa1 | 10,699,554 | |||||
3,560 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) | 6/19 at 100.00 | Aa2 (5) | 3,852,561 | |||||
5,000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42 | 6/22 at 100.00 | AA | 5,538,500 | |||||
1,455 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 | 6/22 at 100.00 | A+ | 1,587,827 | |||||
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 | 3,671,778 | |||||
1,500 | 5.000%, 10/01/38 | 10/22 at 100.00 | A2 | 1,650,705 | |||||
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007: | |||||||||
1,495 | 4.500%, 10/01/31 (Pre-refunded 10/01/17) (UB) | 10/17 at 100.00 | N/R (5) | 1,518,382 | |||||
2,505 | 4.500%, 10/01/31 (UB) | 10/17 at 100.00 | Aa3 | 2,531,854 | |||||
2,720 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 | 10/24 at 102.00 | N/R | 2,804,456 | |||||
1,900 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | BBB– (5) | 2,049,169 | |||||
44,800 | Total North Carolina | 49,311,468 | |||||||
North Dakota – 0.4% (0.3% of Total Investments) | |||||||||
5,080 | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R (5) | 5,784,494 | |||||
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+ | 1,766,640 | |||||
3,910 | 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | 4,606,332 | |||||
1,015 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35 | 12/21 at 100.00 | Baa1 | 1,083,919 | |||||
900 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 (WI/DD, Settling 5/04/17) | 12/26 at 100.00 | N/R | 899,856 | |||||
1,420 | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 (9) | 9/23 at 100.00 | N/R | 710,000 | |||||
13,825 | Total North Dakota | 14,851,241 | |||||||
Ohio – 8.6% (5.6% of Total Investments) | |||||||||
6,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 | 11/26 at 100.00 | Baa1 | 6,590,220 | |||||
320 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 | 5/22 at 100.00 | A1 | 340,806 | |||||
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A: | |||||||||
650 | 5.000%, 5/01/33 | 5/22 at 100.00 | A2 | 708,773 | |||||
860 | 4.000%, 5/01/33 | 5/22 at 100.00 | A2 | 877,613 | |||||
800 | 5.000%, 5/01/42 | 5/22 at 100.00 | A2 | 861,928 | |||||
10,000 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & Improvement Series 2015A, 5.000%, 11/01/43 | 11/24 at 100.00 | A2 | 10,948,300 | |||||
9,405 | American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18) | 2/18 at 100.00 | N/R (5) | 9,733,893 | |||||
595 | American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 | 2/18 at 100.00 | A | 612,499 |
NUVEEN
|
89
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Ohio (continued) | |||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | |||||||||
$ | 4,570 | 5.375%, 6/01/24 | 6/17 at 100.00 | Caa1 | $ | 4,400,087 | |||
26,435 | 5.125%, 6/01/24 | 6/17 at 100.00 | Caa1 | 25,452,675 | |||||
9,665 | 5.875%, 6/01/30 | 6/17 at 100.00 | Caa1 | 9,247,085 | |||||
37,175 | 5.750%, 6/01/34 | 6/17 at 100.00 | Caa1 | 35,654,914 | |||||
11,345 | 6.000%, 6/01/42 | 6/17 at 100.00 | B– | 11,153,610 | |||||
1,500 | 6.500%, 6/01/47 | 6/17 at 100.00 | B– | 1,504,140 | |||||
22,450 | 5.875%, 6/01/47 | 6/17 at 100.00 | B– | 21,729,131 | |||||
14,570 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22 at 100.00 | Caa1 | 14,595,352 | |||||
6,000 | Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29 | 11/20 at 100.00 | A | 6,629,940 | |||||
17,540 | Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51 | 6/23 at 100.00 | Aa3 | 19,398,714 | |||||
5,975 | Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 | 6/23 at 100.00 | Baa2 | 6,266,939 | |||||
1,465 | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42 | 5/22 at 100.00 | Aa2 | 1,581,907 | |||||
6,345 | Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 | 11/21 at 100.00 | Aa2 | 6,880,581 | |||||
10,000 | Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 5.500%, 4/01/39 | 4/19 at 100.00 | A2 | 10,589,300 | |||||
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– | 3,556,623 | |||||
6,000 | 5.000%, 1/01/51 | 1/26 at 100.00 | BBB– | 6,221,880 | |||||
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A: | |||||||||
6,920 | 5.000%, 1/01/38 | 1/23 at 100.00 | AA | 7,659,817 | |||||
14,850 | 5.000%, 1/01/38 (UB) (4) | 1/23 at 100.00 | Aa3 | 16,437,614 | |||||
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052: | |||||||||
875 | 15.402%, 1/01/38 (IF) (4) | 1/23 at 100.00 | Aa3 | 1,249,185 | |||||
1,050 | 15.402%, 1/01/38 (IF) (4) | 1/23 at 100.00 | Aa3 | 1,499,022 | |||||
2,305 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | A1 | 2,658,264 | |||||
6,000 | Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured | No Opt. Call | A2 | 7,299,360 | |||||
4,640 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 | 7/17 at 100.00 | BBB+ | 4,650,486 | |||||
21,000 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/49 | 11/24 at 100.00 | AA+ | 23,542,890 | |||||
5,500 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | Ba1 | 5,705,425 | |||||
7,500 | Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 5.500%, 1/01/39 | 1/19 at 100.00 | AA– | 8,008,425 | |||||
19,515 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 | 2/23 at 100.00 | A+ | 21,365,803 | |||||
7,550 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) | 2/31 at 100.00 | A+ | 7,026,710 |
90
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Ohio (continued) | |||||||||
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 | $ | 147,689 | |||
130 | 6.000%, 12/01/42 | 12/22 at 100.00 | BB | 142,770 | |||||
4,190 | Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured | No Opt. Call | Aa3 | 5,093,364 | |||||
3,670 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 | 3/25 at 100.00 | N/R | 3,768,833 | |||||
318,920 | Total Ohio | 331,792,567 | |||||||
Oklahoma – 0.3% (0.2% of Total Investments) | |||||||||
1,675 | Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) | 8/18 at 100.00 | AA– (5) | 1,768,298 | |||||
4,000 | Oklahoma Development Finance Authority, Revenue Bonds, Provident Oklahoma Education Resources Inc.- Cross Village Student Housing Project, Series 2017, 5.000%, 8/01/47 | 8/27 at 100.00 | BBB– | 4,312,680 | |||||
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | |||||||||
2,600 | 5.000%, 2/15/37 | 5/17 at 100.00 | A2 | 2,602,340 | |||||
2,210 | 5.000%, 2/15/42 | 5/17 at 100.00 | A2 | 2,211,834 | |||||
1,125 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 | 11/25 at 102.00 | BBB– | 1,211,873 | |||||
11,610 | Total Oklahoma | 12,107,025 | |||||||
Oregon – 1.0% (0.7% of Total Investments) | |||||||||
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 | 1,526,176 | |||||
1,705 | 5.000%, 6/15/39 | 6/27 at 100.00 | Aa1 | 1,981,517 | |||||
7,420 | Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 | 6/26 at 100.00 | A1 | 8,314,333 | |||||
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A: | |||||||||
6,240 | 5.000%, 10/01/35 | 10/26 at 100.00 | BBB+ | 6,818,011 | |||||
2,260 | 5.000%, 10/01/46 | 10/26 at 100.00 | BBB+ | 2,423,104 | |||||
1,500 | Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32 | 7/22 at 100.00 | AA– | 1,677,060 | |||||
8,890 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2013A, 5.000%, 11/15/38 | 11/23 at 100.00 | Aa1 | 10,294,264 | |||||
5,265 | Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A, 5.000%, 5/15/46 | 5/26 at 100.00 | A+ | 5,804,136 | |||||
34,590 | Total Oregon | 38,838,601 | |||||||
Pennsylvania – 5.7% (3.7% of Total Investments) | |||||||||
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A: | |||||||||
1,250 | 5.500%, 8/15/34 | 8/19 at 100.00 | A+ | 1,350,350 | |||||
3,000 | 5.625%, 8/15/39 | 8/19 at 100.00 | A+ | 3,240,060 | |||||
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 | 2,787,094 | |||||
3,125 | 0.000%, 5/15/23 – AGM Insured | No Opt. Call | A2 | 2,693,594 | |||||
3,135 | 0.000%, 5/15/24 – AGM Insured | No Opt. Call | A2 | 2,616,032 | |||||
3,155 | 0.000%, 5/15/26 – AGM Insured | No Opt. Call | A2 | 2,432,694 | |||||
4,145 | 0.000%, 11/15/26 – AGM Insured | No Opt. Call | A2 | 3,138,470 | |||||
2,800 | 0.000%, 5/15/28 – AGM Insured | No Opt. Call | A2 | 1,993,880 | |||||
3,000 | 0.000%, 11/15/28 – AGM Insured | No Opt. Call | A2 | 2,096,520 | |||||
7,000 | Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 | 5/20 at 100.00 | Aa3 | 7,503,930 |
NUVEEN
|
91
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Pennsylvania (continued) | |||||||||
$ | 2,150 | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 | 6/22 at 100.00 | A2 | $ | 2,321,011 | |||
1,880 | Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19 | 7/17 at 100.00 | Ba1 | 1,886,392 | |||||
26,595 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017, 5.000%, 7/01/42 | 7/27 at 100.00 | A | 30,277,078 | |||||
3,500 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured | 1/20 at 100.00 | A2 | 3,803,590 | |||||
1,050 | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured | No Opt. Call | A1 | 1,286,135 | |||||
4,000 | Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured | 12/21 at 100.00 | A2 | 4,160,800 | |||||
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 | 2,588,454 | |||||
5,180 | 0.000%, 12/01/32 | No Opt. Call | A | 2,856,148 | |||||
9,270 | Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 | 12/23 at 100.00 | A | 10,218,414 | |||||
1,040 | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) | 8/20 at 100.00 | N/R (5) | 1,178,372 | |||||
5,000 | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 | 1/25 at 100.00 | Baa2 | 5,298,600 | |||||
3,000 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 | 11/26 at 100.00 | A– | 3,245,970 | |||||
630 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23, PIK, (9) | 7/17 at 100.00 | N/R | 251,201 | |||||
61 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23, PIK, (9) | 7/17 at 100.00 | N/R | 24,510 | |||||
1,700 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 4.000%, 11/01/32 | 11/22 at 100.00 | Ba1 | 1,513,000 | |||||
5,725 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 | 12/20 at 100.00 | A2 | 6,389,615 | |||||
1,250 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (5) | 1,437,350 | |||||
2,000 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41 | 12/21 at 100.00 | A2 | 2,167,660 | |||||
3,115 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/36 | 12/22 at 100.00 | A2 | 3,445,252 | |||||
16,805 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) | 12/27 at 100.00 | A– | 20,194,232 | |||||
4,105 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2, 5.000%, 6/01/39 | 6/26 at 100.00 | A3 | 4,510,369 | |||||
5,575 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | 6,138,577 | |||||
6,340 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, 5.000%, 12/01/41 | 6/26 at 100.00 | A1 | 7,007,285 | |||||
19,250 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured | 6/26 at 100.00 | A2 | 24,038,823 | |||||
26,765 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (5) | 29,754,651 | |||||
505 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 | 7/22 at 100.00 | Ba1 | 540,941 |
92
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Pennsylvania (continued) | |||||||||
$ | 1,425 | Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) | 8/20 at 100.00 | A– (5) | $ | 1,665,668 | |||
3,410 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM) | No Opt. Call | A1 (5) | 4,220,659 | |||||
3,415 | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured | 8/20 at 100.00 | A1 | 3,742,738 | |||||
1,125 | Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured | 12/21 at 100.00 | AA (5) | 1,316,115 | |||||
1,930 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 | 1/23 at 100.00 | BB+ | 1,868,877 | |||||
206,011 | Total Pennsylvania | 219,201,111 | |||||||
Puerto Rico – 0.6% (0.4% of Total Investments) | |||||||||
625 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/25 – NPFG Insured | 7/17 at 100.00 | C | 632,050 | |||||
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – NPFG Insured | No Opt. Call | C | 1,061,220 | |||||
1,305 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/23 – NPFG Insured | No Opt. Call | A3 | 1,381,682 | |||||
1,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured | No Opt. Call | C | 1,067,070 | |||||
4,300 | Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 | 7/17 at 100.00 | A2 | 4,425,216 | |||||
5,880 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured | 8/20 at 100.00 | C | 6,129,136 | |||||
63,225 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured | No Opt. Call | C | 7,819,668 | |||||
1,190 | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured (ETM) | No Opt. Call | A3 (5) | 1,199,425 | |||||
78,525 | Total Puerto Rico | 23,715,467 | |||||||
Rhode Island – 0.9% (0.6% of Total Investments) | |||||||||
9,500 | Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Refunding Series 2007, 5.000%, 9/01/37 | 9/17 at 100.00 | AA+ | 9,628,155 | |||||
1,315 | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 | 5/26 at 100.00 | BBB+ | 1,397,543 | |||||
202,100 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 | 6/17 at 12.63 | CCC+ | 20,317,113 | |||||
2,235 | Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Revenue Bonds, Series 2016A, 5.000%, 10/01/40 | 4/26 at 100.00 | A | 2,495,467 | |||||
215,150 | Total Rhode Island | 33,838,278 | |||||||
South Carolina – 3.0% (2.0% of Total Investments) | |||||||||
6,820 | Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/46 | 5/26 at 100.00 | A1 | 7,526,961 | |||||
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: | |||||||||
26,955 | 0.000%, 1/01/31 – AMBAC Insured | No Opt. Call | A– | 16,337,965 | |||||
15,420 | 0.000%, 1/01/32 – AMBAC Insured | No Opt. Call | A– | 8,945,605 | |||||
4,610 | Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, 5.000%, 1/01/47 | 1/26 at 100.00 | A3 | 5,079,805 | |||||
375 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured | 8/21 at 100.00 | BBB+ | 436,868 | |||||
10,000 | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/56 | 12/26 at 100.00 | A1 | 10,705,200 |
NUVEEN
|
93
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
South Carolina (continued) | |||||||||
$ | 7,850 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 | 12/24 at 100.00 | A1 | $ | 8,354,049 | |||
6,790 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 | 12/23 at 100.00 | A1 | 7,246,763 | |||||
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A: | |||||||||
2,000 | 5.000%, 12/01/49 | 6/24 at 100.00 | A1 | 2,118,620 | |||||
17,240 | 5.500%, 12/01/54 | 6/24 at 100.00 | A1 | 18,807,288 | |||||
20,035 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 | 12/25 at 100.00 | A1 | 21,696,903 | |||||
4,800 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40 | 10/19 at 100.00 | A | 5,176,896 | |||||
4,500 | Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32 | 4/22 at 100.00 | A2 | 4,940,460 | |||||
127,395 | Total South Carolina | 117,373,383 | |||||||
South Dakota – 0.5% (0.3% of Total Investments) | |||||||||
8,800 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health System, Series 2014, 5.000%, 7/01/44 | 7/24 at 100.00 | A1 | 9,619,016 | |||||
1,510 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 | 11/24 at 100.00 | A+ | 1,631,495 | |||||
8,260 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 | 11/25 at 100.00 | A+ | 9,018,764 | |||||
18,570 | Total South Dakota | 20,269,275 | |||||||
Tennessee – 1.2% (0.8% of Total Investments) | |||||||||
10,670 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 | 1/23 at 100.00 | BBB+ | 11,191,443 | |||||
2,470 | Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/22 – AGM Insured | 10/19 at 100.00 | A2 | 2,689,756 | |||||
770 | Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/22 (Pre-refunded 10/01/19) – AGM Insured | 10/19 at 100.00 | A2 (5) | 841,171 | |||||
2,065 | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 | 8/22 at 100.00 | BBB+ | 2,192,947 | |||||
200 | Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured | 7/23 at 100.00 | Baa1 (5) | 200,718 | |||||
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+ | 5,505,050 | |||||
1,000 | 5.000%, 9/01/47 | 9/26 at 100.00 | BBB+ | 1,083,590 | |||||
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+ | 498,569 | |||||
1,745 | 5.000%, 4/01/36 | 4/27 at 100.00 | BBB+ | 1,913,724 | |||||
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A: | |||||||||
1,160 | 5.000%, 10/01/41 | 10/26 at 100.00 | BBB | 1,275,165 | |||||
2,055 | 5.000%, 10/01/45 | 10/26 at 100.00 | BBB | 2,253,883 | |||||
11,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | A3 | 12,175,570 | |||||
6,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured | 12/17 at 100.00 | N/R | 6,314,640 | |||||
44,580 | Total Tennessee | 48,136,226 |
94
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas – 12.4% (8.0% of Total Investments) | |||||||||
$ | 14,615 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 (UB) (4) | 11/25 at 100.00 | AA– | $ | 16,580,133 | |||
3,035 | Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured | 8/19 at 100.00 | A– | 3,250,060 | |||||
1,000 | Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34 | 7/17 at 100.00 | A2 | 1,006,370 | |||||
2,500 | Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 | 4/20 at 100.00 | Baa1 | 2,766,150 | |||||
1,000 | Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2002, 0.000%, 8/15/32 – FGIC Insured | No Opt. Call | A3 | 594,820 | |||||
1,330 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 1/01/43 | 1/23 at 100.00 | Baa2 | 1,430,388 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: | |||||||||
2,080 | 5.750%, 1/01/31 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa2 (5) | 2,407,018 | |||||
1,000 | 6.000%, 1/01/41 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa2 (5) | 1,166,150 | |||||
6,940 | 6.250%, 1/01/46 (Pre-refunded 1/01/21) | 1/21 at 100.00 | Baa2 (5) | 8,155,055 | |||||
7,750 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 8,546,700 | |||||
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– | 1,910,235 | |||||
1,000 | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 991,650 | |||||
2,500 | Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23 | No Opt. Call | Aaa | 2,240,025 | |||||
10,000 | Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 4.375%, 10/01/32 (Pre-refunded 10/01/17) – AMBAC Insured (UB) | 10/17 at 100.00 | AA+ (5) | 10,150,400 | |||||
6,340 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured | 11/21 at 100.00 | A | 7,007,031 | |||||
160 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 | 9/24 at 100.00 | BB+ | 168,290 | |||||
3,700 | El Paso Independent School District, El Paso County, Texas, General Obligation Bonds, School Building Series 2017, 5.000%, 8/15/42 | 8/26 at 100.00 | Aaa | 4,238,165 | |||||
1,500 | El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33 | 8/20 at 100.00 | A | 1,646,100 | |||||
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B: | |||||||||
16,920 | 5.000%, 4/01/53 | 10/23 at 100.00 | AA+ | 19,137,028 | |||||
15,000 | 5.000%, 4/01/53 (UB) | 10/23 at 100.00 | AA | 16,965,450 | |||||
6,610 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 15.548%, 4/01/53 (IF) | 10/23 at 100.00 | AA | 10,075,425 | |||||
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015: | |||||||||
2,320 | 5.000%, 12/01/45 | 6/25 at 100.00 | AA | 2,535,946 | |||||
2,845 | 4.000%, 12/01/45 | 6/25 at 100.00 | AA | 2,880,278 | |||||
4,040 | Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Options Bond Trust 2015-XF2184, 12.715%, 8/15/28 – AGM Insured (IF) (4) | No Opt. Call | AAA | 7,262,223 | |||||
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 | 400,564 | |||||
2,390 | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | 762,721 | |||||
2,660 | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | 806,858 | |||||
7,260 | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | 2,095,526 | |||||
10,440 | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | 2,855,236 | |||||
7,165 | 0.000%, 11/15/49 – AGM Insured | 11/31 at 41.91 | A2 | 1,586,546 | |||||
3,000 | 0.000%, 11/15/52 – AGM Insured | 11/31 at 35.81 | A2 | 564,420 |
NUVEEN
|
95
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas (continued) | |||||||||
$ | 3,885 | Houston Independent School District Public Facility Corporation, Harris County, Texas, Lease Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured | No Opt. Call | AA | $ | 3,740,517 | |||
4,930 | Houston, Texas, Airport System Revenue Bonds, Refunding Senior Lien Series 2009A, 5.500%, 7/01/39 | 7/18 at 100.00 | AA– | 5,173,838 | |||||
5,500 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured | 7/17 at 100.00 | A3 | 5,538,665 | |||||
4,550 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B, 5.000%, 7/01/31 | 7/22 at 100.00 | A | 5,103,508 | |||||
990 | Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – AGM Insured | No Opt. Call | A | 1,162,983 | |||||
2,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 | 11/20 at 100.00 | AA | 2,272,440 | |||||
6,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 | 11/21 at 100.00 | AA | 6,729,000 | |||||
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 | 1,248,998 | |||||
10,850 | 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | A– | 8,238,405 | |||||
1,715 | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A– | 936,184 | |||||
2,870 | Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 | 8/21 at 100.00 | A | 3,171,178 | |||||
2,340 | Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 3/01/41 – AGM Insured | 3/21 at 100.00 | A1 | 2,591,456 | |||||
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 | 3,120,425 | |||||
4,000 | 4.000%, 8/15/41 | 8/25 at 100.00 | AAA | 4,169,160 | |||||
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008: | |||||||||
195 | 0.000%, 8/15/39 | 8/17 at 27.35 | AAA | 53,060 | |||||
780 | 0.000%, 8/15/41 | 8/17 at 24.20 | AAA | 187,684 | |||||
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008: | |||||||||
4,805 | 0.000%, 8/15/39 (Pre-refunded 8/15/17) | 8/17 at 27.35 | N/R (5) | 1,310,083 | |||||
19,020 | 0.000%, 8/15/41 (Pre-refunded 8/15/17) | 8/17 at 24.20 | N/R (5) | 4,587,814 | |||||
3,000 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 | 11/20 at 100.00 | BBB | 3,248,580 | |||||
8,305 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 | 5/25 at 100.00 | A | 9,239,728 | |||||
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | |||||||||
1,780 | 5.750%, 12/01/33 | 12/25 at 100.00 | Ba2 | 1,934,379 | |||||
1,800 | 6.125%, 12/01/38 | 12/25 at 100.00 | Ba2 | 1,962,900 | |||||
Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2017: | |||||||||
16,285 | 5.000%, 1/01/36 | 1/27 at 100.00 | A3 | 18,020,655 | |||||
10,040 | 5.000%, 1/01/38 – AGM Insured | 1/27 at 100.00 | A2 | 11,187,974 | |||||
850 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communities Crestview Project, Series 2016, 5.000%, 11/15/31 | 11/24 at 102.00 | BB+ | 874,030 | |||||
4,290 | North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured | 12/21 at 100.00 | A2 | 4,671,767 | |||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C: | |||||||||
1,880 | 0.000%, 9/01/43 (7) | 9/31 at 100.00 | AA | 1,950,556 | |||||
7,990 | 0.000%, 9/01/45 (7) | 9/31 at 100.00 | AA | 9,029,579 |
96
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas (continued) | |||||||||
$ | 4,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 | 1/25 at 100.00 | A | $ | 4,910,120 | |||
2,125 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/28 – AGC Insured | No Opt. Call | A1 | 1,494,428 | |||||
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 | 11,351,254 | |||||
12,205 | 5.000%, 1/01/45 | 1/25 at 100.00 | A | 13,522,530 | |||||
3,380 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18) | 1/18 at 100.00 | A– (5) | 3,490,729 | |||||
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– | 7,113,174 | |||||
4,410 | 5.000%, 1/01/34 | 1/25 at 100.00 | A– | 4,968,615 | |||||
4,000 | 5.000%, 1/01/35 | 1/25 at 100.00 | A– | 4,489,240 | |||||
2,250 | Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s University Project, Series 2016, 4.000%, 6/01/36 | 6/26 at 100.00 | Baa2 | 2,232,113 | |||||
1,000 | Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (9) | No Opt. Call | N/R | 10 | |||||
3,170 | Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41 | 10/20 at 100.00 | AA– | 3,489,314 | |||||
2,410 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 | 11/21 at 100.00 | AA– | 2,656,784 | |||||
3,480 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 | 9/23 at 100.00 | A | 3,857,963 | |||||
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010: | |||||||||
430 | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (5) | 489,409 | |||||
5,350 | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | AA– (5) | 6,089,156 | |||||
4,000 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43 | 8/23 at 100.00 | AA– | 4,390,760 | |||||
2,500 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | 8/26 at 100.00 | AA | 2,799,500 | |||||
5,750 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007B, 5.000%, 11/15/47 | 11/17 at 100.00 | AA | 5,843,380 | |||||
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 | 16,298,722 | |||||
7,925 | 5.000%, 12/15/28 | 12/22 at 100.00 | BBB | 8,675,735 | |||||
6,550 | 5.000%, 12/15/30 | 12/22 at 100.00 | BBB | 7,103,606 | |||||
2,340 | 5.000%, 12/15/32 | 12/22 at 100.00 | BBB | 2,516,647 | |||||
2,500 | Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/31 | 4/22 at 100.00 | AAA | 2,879,225 | |||||
17,760 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 | 8/22 at 100.00 | A– | 19,405,109 | |||||
7,345 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37 | 8/24 at 100.00 | A– | 8,183,799 | |||||
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 | 4,054,311 | |||||
1,600 | 5.000%, 8/15/37 | 8/24 at 100.00 | BBB | 1,754,384 | |||||
48,905 | 5.000%, 8/15/42 | 8/24 at 100.00 | BBB | 53,393,012 | |||||
4,000 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured | No Opt. Call | A– | 3,140,480 |
NUVEEN
|
97
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Texas (continued) | |||||||||
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010: | |||||||||
$ | 4,000 | 0.000%, 8/15/32 | 8/20 at 53.57 | AAA | $ | 2,005,200 | |||
5,675 | 0.000%, 8/15/36 | No Opt. Call | AAA | 2,239,979 | |||||
489,160 | Total Texas | 478,477,195 | |||||||
Utah – 0.9% (0.6% of Total Investments) | |||||||||
5,760 | Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured | 3/20 at 100.00 | AA | 6,238,253 | |||||
12,335 | Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 | 8/19 at 100.00 | AA+ | 13,129,867 | |||||
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B: | |||||||||
3,560 | 5.000%, 7/01/42 | 7/27 at 100.00 | A2 | 4,092,576 | |||||
1,975 | 5.000%, 7/01/47 | 7/27 at 100.00 | A2 | 2,260,980 | |||||
2,000 | Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/25 (Pre-refunded 6/15/17) – NPFG Insured | 6/17 at 67.78 | A1 (5) | 1,353,360 | |||||
4,255 | Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre- refunded 6/15/18) | 6/18 at 100.00 | Aa2 (5) | 4,459,368 | |||||
4,250 | Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured | 6/18 at 100.00 | Aa2 (5) | 4,442,185 | |||||
34,135 | Total Utah | 35,976,589 | |||||||
Vermont – 0.4% (0.3% of Total Investments) | |||||||||
5,000 | University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured | 10/17 at 100.00 | Aa3 | 5,078,950 | |||||
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+ | 1,024,440 | |||||
10,000 | 5.000%, 10/01/45 | 10/25 at 100.00 | A+ | 11,078,300 | |||||
16,000 | Total Vermont | 17,181,690 | |||||||
Virginia – 2.1% (1.4% of Total Investments) | |||||||||
430 | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (7) | 7/28 at 100.00 | BBB | 337,206 | |||||
1,800 | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 | 11/22 at 100.00 | A | 2,007,972 | |||||
11,960 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 | 4/22 at 100.00 | BBB+ | 12,549,150 | |||||
18,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (7) | 10/28 at 100.00 | BBB+ | 20,487,420 | |||||
7,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured | No Opt. Call | A3 | 3,096,940 | |||||
32,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured | 10/26 at 100.00 | A3 | 40,922,880 | |||||
2,000 | Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 4.000%, 11/01/33 | 11/22 at 100.00 | A+ | 2,075,100 | |||||
245 | Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 | 7/20 at 100.00 | A1 | 260,719 | |||||
5 | Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A1 (5) | 5,592 | |||||
73,440 | Total Virginia | 81,742,979 | |||||||
Washington – 3.9% (2.5% of Total Investments) | |||||||||
7,000 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 | 11/26 at 100.00 | Aa1 | 8,056,930 |
98
|
NUVEEN
|
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Washington (continued) | |||||||||
$ | 12,235 | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured | No Opt. Call | Aa3 | $ | 9,359,775 | |||
2,575 | King County Public Hospital District 1, Washington, Limited Tax General Obligation Bonds, Refunding Series 2008A, 5.000%, 12/01/37 (Pre-refunded 6/01/18) – AGC Insured | 6/18 at 100.00 | A2 (5) | 2,689,562 | |||||
15,000 | King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 | 1/22 at 100.00 | Aa2 | 16,468,200 | |||||
3,000 | King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured | 7/17 at 100.00 | Aa2 (5) | 3,021,960 | |||||
2,500 | King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 (Pre-refunded 1/01/19) | 1/19 at 100.00 | Aa2 (5) | 2,677,750 | |||||
3,000 | Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/40 | 10/24 at 100.00 | A+ | 3,356,400 | |||||
1,250 | Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 | 12/23 at 100.00 | AA | 1,367,238 | |||||
3,910 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2015A, 5.000%, 5/01/17 | No Opt. Call | AA | 3,911,408 | |||||
12,515 | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 12/01/38 | 6/23 at 100.00 | A+ | 13,810,801 | |||||
5,000 | University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 (Pre-refunded 6/01/17) – AMBAC Insured | 6/17 at 100.00 | AA+ (5) | 5,019,200 | |||||
8,310 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21 at 100.00 | A3 | 9,027,070 | |||||
4,415 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (5) | 5,063,254 | |||||
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– | 4,427,240 | |||||
10,000 | 4.250%, 10/01/40 | 10/22 at 100.00 | AA– | 10,327,500 | |||||
3,135 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30 | 10/22 at 100.00 | Aa2 | 3,531,107 | |||||
8,230 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 | 10/22 at 100.00 | Aa2 | 9,087,237 | |||||
7,000 | Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) | 7/19 at 100.00 | A3 (5) | 7,715,890 | |||||
8,000 | Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2008A, 5.250%, 8/15/34 (Pre-refunded 8/15/18) – AGM Insured | 8/18 at 100.00 | A3 (5) | 8,428,240 | |||||
1,000 | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) | 12/17 at 100.00 | N/R (5) | 1,028,020 | |||||
500 | Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A, 5.000%, 1/01/46 | 1/25 at 102.00 | BB+ | 502,635 | |||||
4,065 | Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%, 1/01/33 (Pre-refunded 1/01/18) | 1/18 at 100.00 | AA+ (5) | 4,178,820 | |||||
9,000 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured | No Opt. Call | AA+ | 6,642,360 | |||||
10,855 | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | 10,481,045 | |||||
146,495 | Total Washington | 150,179,642 | |||||||
West Virginia – 0.7% (0.4% of Total Investments) | |||||||||
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A: | |||||||||
3,000 | 5.375%, 6/01/38 | 6/23 at 100.00 | A | 3,356,700 | |||||
16,845 | 5.500%, 6/01/44 | 6/23 at 100.00 | A | 18,864,545 | |||||
3,000 | West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured | No Opt. Call | N/R | 3,312,240 | |||||
22,845 | Total West Virginia | 25,533,485 |
NUVEEN
|
99
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Wisconsin – 2.1% (1.4% of Total Investments) | |||||||||
$ | 4,100 | University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/38 | 4/23 at 100.00 | AA– | $ | 4,506,966 | |||
10,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 | 5/26 at 100.00 | Aa2 | 10,045,100 | |||||
1,240 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39 | 4/20 at 100.00 | A2 | 1,337,489 | |||||
6,775 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25 | 7/21 at 100.00 | A2 | 7,553,448 | |||||
2,500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2013A, 5.125%, 4/15/31 | 4/23 at 100.00 | A2 | 2,765,100 | |||||
1,015 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42 | 10/22 at 100.00 | AA– | 1,093,764 | |||||
1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 | 10/21 at 100.00 | A+ | 1,090,720 | |||||
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– | 1,099,080 | |||||
1,000 | 5.000%, 2/15/28 | 2/22 at 100.00 | A– | 1,094,440 | |||||
4,735 | 5.000%, 2/15/40 | 2/22 at 100.00 | A– | 5,015,880 | |||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A: | |||||||||
8,500 | 5.000%, 2/15/42 | 2/26 at 100.00 | A– | 9,105,115 | |||||
6,500 | 5.000%, 2/15/46 | 2/26 at 100.00 | A– | 6,942,845 | |||||
7,625 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 | 6/22 at 100.00 | A3 | 8,095,463 | |||||
1,660 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured | No Opt. Call | Aa3 | 1,806,180 | |||||
2,650 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | 8/22 at 100.00 | N/R (5) | 3,118,043 | |||||
9,115 | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33 | 5/19 at 100.00 | AA– | 9,931,795 | |||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | |||||||||
955 | 5.750%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (5) | 1,044,512 | |||||
5,000 | 6.250%, 5/01/37 (Pre-refunded 5/01/19) | 5/19 at 100.00 | AA– (5) | 5,518,200 | |||||
75,370 | Total Wisconsin | 81,164,140 | |||||||
Wyoming – 0.5% (0.3% of Total Investments) | |||||||||
4,080 | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 | 7/19 at 100.00 | A3 | 4,384,694 | |||||
9,626 | Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/37 | 9/23 at 100.00 | BBB– | 10,049,270 | |||||
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B: | |||||||||
2,000 | 5.500%, 12/01/27 | 12/21 at 100.00 | BBB+ | 2,227,980 | |||||
1,000 | 6.000%, 12/01/36 | 12/21 at 100.00 | BBB+ | 1,110,080 | |||||
16,706 | Total Wyoming | 17,772,024 | |||||||
$ | 6,224,912 | Total Municipal Bonds (cost $5,419,704,677) | 5,848,487,534 |
100
|
NUVEEN
|
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) | ||||||||||
$ | 1,117 | Las Vegas Monorail Company, Senior Interest Bonds, (10), (11) | 5.50% | 7/15/19 | N/R | $ | 693,090 | |||
299 | Las Vegas Monorail Company, Senior Interest Bonds, (10), (11) | 5.50% | 7/15/55 | N/R | 150,307 | |||||
$ | 1,416 | Total Corporate Bonds (cost $119,051) | 843,397 |
Shares | Description (1) | Value | ||||||||
COMMON STOCKS – 0.0% (0.0% of Total Investments) | ||||||||||
Airlines – 0.0% (0.0% of Total Investments) | ||||||||||
38,589 | American Airlines Group Inc., (12) | $ | 1,644,663 | |||||||
Total Common Stocks (cost $1,056,972) | 1,644,663 | |||||||||
Total Long-Term Investments (cost $5,420,880,700) | $ | 5,850,975,594 |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
SHORT-TERM INVESTMENTS – 2.8% (1.8% of Total Investments) | |||||||||
MUNICIPAL BONDS – 2.8% (1.8% of Total Investments | |||||||||
Alaska – 0.6% (0.4% of Total Investments) | |||||||||
$ | 22,545 | Valdez, Alaska, Marine Terminal Revenue Bonds, Exxon Pipeline Company Project, Variable Rate Demand Obligations, Series 1993A, 0.760%, 12/01/33 (13) | 7/17 at 100.00 | A-1+ | $ | 22,545,000 | |||
California – 0.3% (0.2% of Total Investments) | |||||||||
8,000 | Los Angeles Department of Water and Power Revenue Bonds, California, Tender Option Bond Obligations, Variable Rate Demand Obligations, 0.550%, 7/01/35 (13) | 7/17 at 100.00 | A-1 | 8,000,000 | |||||
5,500 | Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Tender Option Bond Floaters 11953X, Variable Rate Demand Obligations, 1.000%, 8/01/35 (13) | 8/20 at 100.00 | A-1 | 5,500,000 | |||||
13,500 | Total California | 13,500,000 | |||||||
Illinois – 0.1% (0.1% of Total Investments) | |||||||||
4,200 | Peoria County, Illinois, General Obligation Bonds, Alternate Revenue Source, Tender Option Bond Trust R-14004, Variable Rate Demand Obligations, 1.050%, 12/15/41 (13) | 12/20 at 100.00 | A-1 | 4,200,000 | |||||
Michigan – 0.3% (0.2% of Total Investments) | |||||||||
10,000 | University of Michigan, General Revenue Bonds, Variable Rate Demand Obligations, Refunding Series 2012B, 0.630%, 4/01/42 (13) | 7/17 at 100.00 | A-1+ | 10,000,000 | |||||
Missouri – 0.1% (0.0% of Total Investments) | |||||||||
2,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Variable Rate Demand Obligations, Series 2000B, 0.750%, 3/01/40 (13) | 10/17 at 100.00 | A-1 | 2,000,000 | |||||
New York – 0.3% (0.2% of Total Investments) | |||||||||
12,300 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Variable Rate Demand Obligations, Series BB-2, 0.700%, 6/15/49 (13) | 7/17 at 100.00 | A-1 | 12,300,000 | |||||
Texas – 0.6% (0.4% of Total Investments) | |||||||||
23,100 | Gulf Coast Industrial Development Authority, Texas, Revenue Bonds, ExxonMobil Project, Variable Rate Demand Obligations, Series 2012, 0.740%, 11/01/41 (13) | 7/17 at 100.00 | A-1+ | 23,100,000 |
NUVEEN
|
101
|
NEA | Nuveen AMT-Free Quality Municipal Income Fund | |
Portfolio of Investments (continued) | April 30, 2017 (Unaudited) |
Principal | Optional Call | ||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
Utah – 0.5% (0.3% of Total Investments) | |||||||||
$ | 15,440 | Murray City, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Variable Rate Demand Obligations, Series 2003C, 0.740%, 5/15/36 (13) | 7/17 at 100.00 | A-1+ | $ | 15,440,000 | |||
3,000 | Murray City, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Variable Rate Demand Obligations, Series 2003D, 0.740%, 5/15/36 (13) | 7/17 at 100.00 | A-1+ | 3,000,000 | |||||
18,440 | Total Utah | 18,440,000 | |||||||
$ | 106,085 | Total Short-Term Investments (cost $106,085,000) | 106,085,000 | ||||||
Total Investments (cost $5,526,965,700) – 154.0% | 5,957,060,594 | ||||||||
Floating Rate Obligations – (2.9)% | (113,455,000 | ) | |||||||
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (20.0)% (14) | (772,961,914 | ) | |||||||
Variable Rate Demand Preferred Shares, net of deferred offering costs – (33.2)% (15) | (1,282,145,328 | ) | |||||||
Other Assets Less Liabilities – 2.1% (16) | 80,893,708 | ||||||||
Net Assets Applicable to Common Shares – 100% | $ | 3,869,392,060 |
Investments in Derivatives as of April 30, 2017
Interest Rate Swaps (OTC Uncleared)
Fund | Fixed Rate | Optional | Unrealized | ||||||||||
Notional | Pay/Receive | Floating Rate | Fixed Rate | Payment | Effective | Termination | Termination | Appreciation | |||||
Counterparty | Amount | Floating Rate | Index | (Annualized | ) | Frequency | Date (17) | Date | Date | (Depreciation) | |||
JPMorgan Chase Bank, N.A. | $ | 82,000,000 | Receive | Weekly USD-SIFMA | 2.138 | % | Quarterly | 4/27/18 | 5/27/18 | 4/27/30 | $ | (726,580) | |
JPMorgan Chase Bank, N.A. | 25,400,000 | Receive | Weekly USD-SIFMA | 1.255 | Quarterly | 7/31/17 | 8/31/17 | 7/31/28 | 1,681,710 | ||||
$ | 107,400,000 | $ | 955,130 |
102
|
NUVEEN
|
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions. |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities. |
(6) | The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016. |
(7) | Step-up coupon. The rate shown is the coupon as of the end of the reporting period. |
(8) | On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%. |
(9) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
(10) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. |
(11) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
(12) | On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120– day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period. |
(13) | Investment has a maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. |
(14) | Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.0%. |
(15) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 21.5%. |
(16) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
(17) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract. |
(ETM) | Escrowed to maturity. |
(IF) | Inverse floating rate investment. |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
(WI/DD) | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
USD-SIFMA | United States Dollar-Securities Industry and Financial Market Association. |
PIK | All or a portion of this security is payment-in-kind. |
See accompanying notes to financial statements.
NUVEEN
|
103
|
Statement of | ||
Assets and Liabilities | April 30, 2017 (Unaudited) |
NAD | NEA | ||||||
Assets | |||||||
Long-term investments, at value (cost $4,347,804,699 and $5,420,880,700, respectively) | $ | 4,657,742,380 | $ | 5,850,975,594 | |||
Short-term investments, at value (cost approximates value) | 56,895,000 | 106,085,000 | |||||
Cash | — | 7,169,711 | |||||
Unrealized appreciation on interest rate swaps, net | — | 955,130 | |||||
Receivable for: | |||||||
Dividends and interest | 63,151,028 | 75,117,257 | |||||
Investments sold | 33,889,000 | 19,251,627 | |||||
Other assets | 1,153,380 | 1,754,013 | |||||
Total assets | 4,812,830,788 | 6,061,308,332 | |||||
Liabilities | |||||||
Cash overdraft | 519,340 | — | |||||
Floating rate obligations | 163,300,000 | 113,455,000 | |||||
Payable for: | |||||||
Dividends | 12,249,333 | 15,442,924 | |||||
Interest | 1,608 | 771 | |||||
Investments purchased | 8,838,741 | 3,441,102 | |||||
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $952,500,000 and $773,000,000, respectively) | 952,457,132 | 772,961,914 | |||||
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $632,000,000 and $1,290,300,000, respectively) | 629,086,240 | 1,282,145,328 | |||||
Accrued expenses: | |||||||
Management fees | 2,218,958 | 2,792,572 | |||||
Trustees fees | 665,768 | 873,191 | |||||
Other | 655,629 | 803,470 | |||||
Total liabilities | 1,769,992,749 | 2,191,916,272 | |||||
Net assets applicable to common shares | $ | 3,042,838,039 | $ | 3,869,392,060 | |||
Common shares outstanding | 201,882,267 | 262,776,347 | |||||
Net asset value (“NAV”) per common share outstanding | $ | 15.07 | $ | 14.73 | |||
Net assets applicable to common shares consist of: | |||||||
Common shares, $0.01 par value per share | $ | 2,018,823 | $ | 2,627,763 | |||
Paid-in surplus | 2,779,313,486 | 3,514,798,763 | |||||
Undistributed (Over-distribution of) net investment income | (2,659,939 | ) | (1,548,233 | ) | |||
Accumulated net realized gain (loss) | (45,772,012 | ) | (77,536,257 | ) | |||
Net unrealized appreciation (depreciation) | 309,937,681 | 431,050,024 | |||||
Net assets applicable to common shares | $ | 3,042,838,039 | $ | 3,869,392,060 | |||
Authorized shares: | |||||||
Common | Unlimited | Unlimited | |||||
Preferred | Unlimited | Unlimited |
See accompanying notes to financial statements.
104
|
NUVEEN
|
Statement of | ||
Operations | Six Months Ended April 30, 2017 (Unaudited) |
NAD | NEA | ||||||
Investment Income | $ | 104,342,511 | $ | 131,174,021 | |||
Expenses | |||||||
Management fees | 13,390,052 | 16,799,959 | |||||
Interest expense and amortization of offering costs | 11,557,035 | 12,715,242 | |||||
Liquidity fees | 2,749,680 | 5,198,310 | |||||
Remarketing fees | 317,754 | 598,456 | |||||
Custodian fees | 243,976 | 294,880 | |||||
Trustees fees | 81,186 | 102,593 | |||||
Professional fees | 109,433 | 143,044 | |||||
Shareholder reporting expenses | 140,088 | 173,269 | |||||
Shareholder servicing agent fees | 97,394 | 105,341 | |||||
Stock exchange listing fees | 21,036 | 28,863 | |||||
Investor relations expenses | 205,678 | 264,835 | |||||
Other | 263,109 | 573,448 | |||||
Total expenses | 29,176,421 | 36,998,240 | |||||
Net investment income (loss) | 75,166,090 | 94,175,781 | |||||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) from: | |||||||
Investments | (4,243,647 | ) | (7,998,060 | ) | |||
Swaps | (97,584 | ) | 4,430,000 | ||||
Change in net unrealized appreciation (depreciation) of: | |||||||
Investments | (127,076,954 | ) | (162,359,177 | ) | |||
Swaps | 1,380,160 | 3,279,944 | |||||
Net realized and unrealized gain (loss) | (130,038,025 | ) | (162,647,293 | ) | |||
Net increase (decrease) in net assets applicable to common shares from operations | $ | (54,871,935 | ) | $ | (68,471,512 | ) |
See accompanying notes to financial statements.
NUVEEN
|
105
|
Statement of | ||
Changes in Net Assets | (Unaudited) |
NAD | NEA | ||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||
4/30/17 | 10/31/16 | 4/30/17 | 10/31/16 | ||||||||||
Operations | |||||||||||||
Net investment income (loss) | $ | 75,166,090 | $ | 45,307,287 | $ | 94,175,781 | $ | 73,608,490 | |||||
Net realized gain (loss) from: | |||||||||||||
Investments | (4,243,647 | ) | (11,413,917 | ) | (7,998,060 | ) | 1,687,966 | ||||||
Swaps | (97,584 | ) | — | 4,430,000 | (10,768,831 | ) | |||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||
Investments | (127,076,954 | ) | (47,355,106 | ) | (162,359,177 | ) | (33,319,919 | ) | |||||
Swaps | 1,380,160 | (1,380,160 | ) | 3,279,944 | 4,531,818 | ||||||||
Net increase (decrease) in net assets applicable to common shares from operations | (54,871,935 | ) | (14,841,896 | ) | (68,471,512 | ) | 35,739,524 | ||||||
Distributions to Common Shareholders | |||||||||||||
From net investment income | (81,458,447 | ) | (53,330,854 | ) | (99,329,459 | ) | (80,907,076 | ) | |||||
Decrease in net assets applicable to common shares from distributions to common shareholders | (81,458,447 | ) | (53,330,854 | ) | (99,329,459 | ) | (80,907,076 | ) | |||||
Capital Share Transactions | |||||||||||||
Common shares issued in the reorganizations | — | 2,640,733,876 | — | 2,913,513,674 | |||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions | — | 2,640,733,876 | — | 2,913,513,674 | |||||||||
Net increase (decrease) in net assets applicable to common shares | (136,330,382 | ) | 2,572,561,126 | (167,800,971 | ) | 2,868,346,122 | |||||||
Net assets applicable to common shares at the beginning of period | 3,179,168,421 | 606,607,295 | 4,037,193,031 | 1,168,846,909 | |||||||||
Net assets applicable to common shares at the end of period | $ | 3,042,838,039 | $ | 3,179,168,421 | $ | 3,869,392,060 | $ | 4,037,193,031 | |||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (2,659,939 | ) | $ | 3,632,418 | $ | (1,548,233 | ) | $ | 3,605,445 |
See accompanying notes to financial statements.
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Statement of | ||
Cash Flows | Six Months Ended April 30, 2017 (Unaudited) |
NAD | NEA | ||||||
Cash Flows from Operating Activities: | |||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $ | (54,871,935 | ) | $ | (68,471,512 | ) | |
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 | (597,941,914 | ) | (577,470,505 | ) | |||
Proceeds from sales and maturities of investments | 609,540,034 | 682,236,127 | |||||
Proceeds from (Purchases of) short-term investments, net | 75,185,000 | (26,875,000 | ) | ||||
Proceeds from (Payments for) swap contracts, net | (97,584 | ) | 4,430,000 | ||||
Payment-in-kind distributions | (5,130 | ) | (16,871 | ) | |||
Taxes paid | (1,276 | ) | (3,459 | ) | |||
Amortization (Accretion) of premiums and discounts, net | (3,628,273 | ) | (9,168,270 | ) | |||
Amortization of deferred offering costs | 162,645 | 210,261 | |||||
(Increase) Decrease in: | |||||||
Cash collateral at brokers | 1,356,720 | — | |||||
Receivable for dividends and interest | (945,756 | ) | (427,780 | ) | |||
Receivable for investments sold | (15,383 | ) | 66,343,718 | ||||
Other assets | (40,435 | ) | (10,950 | ) | |||
Increase (Decrease) in: | |||||||
Payable for interest | (1,325,102 | ) | (1,124,094 | ) | |||
Payable for investments purchased | (57,194,060 | ) | (79,015,933 | ) | |||
Payable for offering costs | (184,670 | ) | (255,000 | ) | |||
Payable for variation margin on swap contracts | (33,674 | ) | — | ||||
Accrued management fees | (161,673 | ) | (165,570 | ) | |||
Accrued Trustees fees | (10,456 | ) | (16,165 | ) | |||
Accrued other expenses | (652,790 | ) | (164,653 | ) | |||
Net realized (gain) loss from: | |||||||
Investments | 4,243,647 | 7,998,060 | |||||
Swaps | 97,584 | (4,430,000 | ) | ||||
Change in net unrealized appreciation (depreciation) of: | |||||||
Investments | 127,076,954 | 162,359,177 | |||||
Swaps(1) | — | (3,279,944 | ) | ||||
Net cash provided by (used in) operating activities | 100,552,473 | 152,681,637 | |||||
Cash Flows from Financing Activities: | |||||||
Increase (Decrease) in: | |||||||
Cash overdraft | 519,340 | (6,987,599 | ) | ||||
Floating rate obligations | (23,869,000 | ) | (36,769,000 | ) | |||
Cash distributions paid to common shareholders | (83,643,696 | ) | (101,755,327 | ) | |||
Net cash provided by (used in) financing activities | (106,993,356 | ) | (145,511,926 | ) | |||
Net Increase (Decrease) in Cash | (6,440,883 | ) | 7,169,711 | ||||
Cash at the beginning of period | 6,440,883 | — | |||||
Cash at the end of period | $ | — | $ | 7,169,711 |
Supplemental Disclosure of Cash Flow Information | NAD | NEA | |||||
Cash paid for interest (excluding amortization of offering costs) | $ | 12,719,492 | $ | 13,597,346 |
(1) | Excluding over-the-counter cleared swaps. |
See accompanying notes to financial statements.
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Financial | |
Highlights (Unaudited) |
Selected data for a common share outstanding throughout each period:
Less Distributions to | ||||||||||||||||||||||||||||
Investment Operations | Common Shareholders | Common Share | ||||||||||||||||||||||||||
From | ||||||||||||||||||||||||||||
Beginning | Net | Net | From | Accumu- | ||||||||||||||||||||||||
Common | Investment | Realized/ | Net | lated Net | Ending | |||||||||||||||||||||||
Share | Income | Unrealized | Investment | Realized | Ending | Share | ||||||||||||||||||||||
NAV | (Loss | ) | Gain (Loss | ) | Total | Income | Gains | Total | NAV | Price | ||||||||||||||||||
NAD | ||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||
2017(e) | $ | 15.75 | $ | 0.37 | $ | (0.65 | ) | $ | (0.28 | ) | $ | (0.40 | ) | $ | — | $ | (0.40 | ) | $ | 15.07 | $ | 13.83 | ||||||
2016 | 15.44 | 0.71 | 0.45 | 1.16 | (0.85 | ) | — | (0.85 | ) | 15.75 | 14.19 | |||||||||||||||||
2015 | 15.64 | 0.84 | (0.17 | ) | 0.67 | (0.87 | ) | — | (0.87 | ) | 15.44 | 14.05 | ||||||||||||||||
2014 | 14.42 | 0.87 | 1.25 | 2.12 | (0.90 | ) | — | (0.90 | ) | 15.64 | 14.16 | |||||||||||||||||
2013 | 16.05 | 0.81 | (1.56 | ) | (0.75 | ) | (0.88 | ) | — | (0.88 | ) | 14.42 | 12.92 | |||||||||||||||
2012 | 14.39 | 0.86 | 1.76 | 2.62 | (0.92 | ) | (0.04 | ) | (0.96 | ) | 16.05 | 15.76 | ||||||||||||||||
NEA | ||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||
2017(e) | 15.36 | 0.36 | (0.61 | ) | (0.25 | ) | (0.38 | ) | — | (0.38 | ) | 14.73 | 13.54 | |||||||||||||||
2016 | 14.82 | 0.72 | 0.58 | 1.30 | (0.76 | ) | — | (0.76 | ) | 15.36 | 13.75 | |||||||||||||||||
2015 | 15.13 | 0.77 | (0.28 | ) | 0.49 | (0.80 | ) | — | (0.80 | ) | 14.82 | 13.26 | ||||||||||||||||
2014 | 13.73 | 0.79 | 1.43 | 2.22 | (0.82 | ) | — | (0.82 | ) | 15.13 | 13.75 | |||||||||||||||||
2013 | 15.49 | 0.72 | (1.66 | ) | (0.94 | ) | (0.82 | ) | — | (0.82 | ) | 13.73 | 12.37 | |||||||||||||||
2012 | 14.70 | 0.78 | 0.85 | 1.63 | (0.84 | ) | — | (0.84 | ) | 15.49 | 15.80 |
(a) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
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Common Share Supplemental Data/ | |||||||||||||||||||
Ratios Applicable to Common Shares | |||||||||||||||||||
Common Share | |||||||||||||||||||
Total Returns | Ratios to Average Net Assets(b) | ||||||||||||||||||
Based | |||||||||||||||||||
Based | on | Ending | Net | Portfolio | |||||||||||||||
on | Share | Net | Investment | Turnover | |||||||||||||||
NAV | (a) | Price | (a) | Assets (000 | ) | Expenses | (c) | Income (Loss | ) | Rate | (d) | ||||||||
(1.69 | )% | 0.35 | % | $ | 3,042,838 | 1.95 | %* | 5.03 | %* | 13 | % | ||||||||
7.54 | 6.88 | 3,179,168 | 1.90 | 4.64 | 11 | ||||||||||||||
4.43 | 5.57 | 606,607 | 1.41 | 5.41 | 15 | ||||||||||||||
15.19 | 17.10 | 614,452 | 1.73 | 5.82 | 9 | ||||||||||||||
(4.87 | ) | (12.81 | ) | 566,487 | 1.99 | 5.21 | 11 | ||||||||||||
18.67 | 22.59 | 630,515 | 2.04 | 5.55 | 12 | ||||||||||||||
(1.57 | ) | 1.29 | 3,869,392 | 1.95 | * | 4.96 | * | 10 | |||||||||||
8.84 | 9.33 | 4,037,193 | 1.77 | 4.59 | 12 | ||||||||||||||
3.38 | 2.30 | 1,168,847 | 1.46 | 5.16 | 18 | ||||||||||||||
16.58 | 18.31 | 1,193,109 | 1.60 | 5.48 | 13 | ||||||||||||||
(6.25 | ) | (16.89 | ) | 1,083,339 | 1.97 | 5.14 | 26 | ||||||||||||
11.32 | 20.64 | 344,487 | 2.13 | 5.13 | 26 |
(b) | Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. |
(c) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
NAD | ||||
Year Ended 10/31: | ||||
2017(e) | 0.98 | %* | ||
2016 | 0.90 | |||
2015 | 0.47 | |||
2014 | 0.75 | |||
2013 | 1.03 | |||
2012 | 1.03 |
NEA | ||||
Year Ended 10/31: | ||||
2017(e) | 0.97 | %* | ||
2016 | 0.78 | |||
2015 | 0.50 | |||
2014 | 0.61 | |||
2013 | 0.87 | |||
2012 | 1.07 |
(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, 2017. |
* | Annualized. |
See accompanying notes to financial statements.
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Financial Highlights (Unaudited) (continued)
MTP, | ||||||||||||||||||||||
VMTP and/or | ||||||||||||||||||||||
VRDP Shares | ||||||||||||||||||||||
MTP Shares | VMTP Shares | VRDP Shares | at the End | |||||||||||||||||||
at the End of Period(a) | at the End of Period | at the End of Period | of Period | |||||||||||||||||||
Asset | ||||||||||||||||||||||
Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | Coverage | ||||||||||||||||
Amount | Coverage | Amount | Coverage | Amount | Coverage | Per $1 | ||||||||||||||||
Outstanding | Per $10 | Outstanding | Per $100,000 | Outstanding | Per $100,000 | Liquidation | ||||||||||||||||
(000 | ) | Share | (000 | ) | Share | (000 | ) | Share | Preference | |||||||||||||
NAD | ||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||
2017(b) | $ | — | $ | — | $ | 952,500 | $ | 292,038 | $ | 632,000 | $ | 292,038 | $ | 2.92 | ||||||||
2016 | — | — | 952,500 | 300,642 | 632,000 | 300,642 | 3.01 | |||||||||||||||
2015 | — | — | 265,000 | 328,908 | — | — | — | |||||||||||||||
2014 | — | — | 265,000 | 331,869 | — | — | — | |||||||||||||||
2013 | 144,300 | 31.40 | 120,400 | 314,011 | — | — | 3.14 | |||||||||||||||
2012 | 144,300 | 33.82 | 120,400 | 338,200 | — | — | 3.38 | |||||||||||||||
NEA | ||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||
2017(b) | — | — | 773,000 | 287,534 | 1,290,300 | 287,534 | 2.88 | |||||||||||||||
2016 | — | — | 773,000 | 295,667 | 1,290,300 | 295,667 | 2.96 | |||||||||||||||
2015 | — | — | 151,000 | 333,349 | 349,900 | 333,349 | 3.33 | |||||||||||||||
2014 | — | — | 151,000 | 338,193 | 349,900 | 338,193 | 3.38 | |||||||||||||||
2013 | 83,000 | 31.65 | 67,600 | 316,451 | 349,900 | 316,451 | 3.16 | |||||||||||||||
2012 | 83,000 | 32.87 | 67,600 | 328,743 | — | — | 3.29 |
(a) | The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows: |
2014 | 2013 | 2012 | ||||||||
NAD | ||||||||||
Series 2015 (NAD PRC) | ||||||||||
Ending Market Value per Share | $ | — | $ | 10.06 | $ | 10.10 | ||||
Average Market Value per Share | 10.04 | ^ | 10.08 | 10.09 |
NEA | ||||||||||
Series 2015 (NEA PRCCL) | ||||||||||
Ending Market Value per Share | $ | — | $ | 10.07 | $ | 10.16 | ||||
Average Market Value per Share | 10.05 | ^ | 10.10 | 10.14 |
^ | For the period November 1, 2013 through December 20, 2013. |
(b) | For the six months ended April 30, 2017. |
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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, 2017, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2017 (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 | $ | 8,838,741 | $ | 3,441,102 |
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
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111
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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 Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
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Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Investments in investment companies are valued at their respective net asset value (“NAV”) on valuation date and are generally classified as Level 1.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
NAD | Level 1 | Level 2 | Level 3 | Total | |||||||||
Long-Term Investments: | |||||||||||||
Municipal Bonds* | $ | — | $ | 4,656,615,263 | $ | — | $ | 4,656,615,263 | |||||
Corporate Bonds** | — | — | 574,498 | *** | 574,498 | ||||||||
Investment Companies | 552,619 | — | — | 552,619 | |||||||||
Short-Term Investments: | |||||||||||||
Municipal Bonds* | — | 56,895,000 | — | 56,895,000 | |||||||||
Total | $ | 552,619 | $ | 4,713,510,263 | $ | 574,498 | $ | 4,714,637,380 | |||||
NEA | |||||||||||||
Long-Term Investments: | |||||||||||||
Municipal Bonds* | $ | — | $ | 5,848,487,534 | $ | — | $ | 5,848,487,534 | |||||
Corporate Bonds** | — | — | 843,397 | *** | 843,397 | ||||||||
Common Stocks** | 1,644,663 | — | — | 1,644,663 | |||||||||
Short-Term Investments: | |||||||||||||
Municipal Bonds* | — | 106,085,000 | — | 106,085,000 | |||||||||
Investments in Derivatives: | |||||||||||||
Interest Rate Swaps**** | — | 955,130 | — | 955,130 | |||||||||
Total | $ | 1,644,663 | $ | 5,955,527,664 | $ | 843,397 | $ | 5,958,015,724 |
* | 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. |
**** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
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Notes to Financial Statements (Unaudited) (continued)
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. | |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
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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 | $ | 163,300,000 | $ | 113,455,000 | |||
Floating rate obligations: externally-deposited Inverse Floaters | 107,210,000 | 170,435,000 | |||||
Total | $ | 270,510,000 | $ | 283,890,000 |
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 | $ | 175,047,210 | $ | 130,460,442 | |||
Average annual interest rate and fees | 1.26 | % | 1.28 | % |
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
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Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations — Recourse Trusts | NAD | NEA | |||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $ | 97,515,000 | $ | 70,305,000 | |||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 52,740,000 | 93,185,000 | |||||
Total | $ | 150,255,000 | $ | 163,490,000 |
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 derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).
The amount of the payment obligation is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net).”
Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net)” as described in the preceding paragraph.
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The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.
During the current fiscal period, each Fund invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Funds’ benchmark.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
NAD | NEA | ||||||
Average notional amount of interest rate swap contracts outstanding* | $ | 5,200,000 | $ | 153,266,667 |
* | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
Location on the Statement of Assets and Liabilities | ||||||||||||||||
Asset Derivatives | (Liability) Derivatives | |||||||||||||||
Underlying | Derivative | |||||||||||||||
Risk Exposure | Instrument | Location | Value | Location | Value | |||||||||||
NEA | ||||||||||||||||
Interest rate | Swaps (OTC Uncleared) | Unrealized appreciation on | $ | 1,681,710 | — | $ | — | |||||||||
interest rate swaps, net | ||||||||||||||||
Interest rate | Swaps (OTC Uncleared) | Unrealized appreciation on | (726,580 | ) | — | — | ||||||||||
interest rate swaps, net | ||||||||||||||||
Total | $ | 955,130 | $ | — |
The following table presents the Funds’ swap contracts subject to netting agreements and the collateral delivered related to those swap contracts, as of end of the reporting period.
Gross | Gross | Amounts | Net Unrealized | |||||||||||||||||||
Unrealized | Unrealized | Netted on | Appreciation | Collateral | ||||||||||||||||||
Appreciation on | (Depreciation) on | Statements of | (Depreciation) on | Pledged | ||||||||||||||||||
Interest | Interest | Assets and | Interest | to (from | ) | Net | ||||||||||||||||
Fund | Counterparty | Rate Swaps | ** | Rate Swaps | ** | Liabilities | Rate Swaps | Counterparty | Exposure | |||||||||||||
NEA | JPMorgan Chase Bank, N.A. | $ | 1,681,710 | $ | (726,580 | ) | $ | (726,580 | ) | $ | 955,130 | $ | (955,130 | ) | $ | — | ||||||
** | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
Net Realized | Change in Net Unrealized | ||||||||||||
Underlying | Derivative | Gain (Loss) from | Appreciation (Depreciation) of | ||||||||||
Fund | Risk Exposure | Instrument | Swaps | Swaps | |||||||||
NAD | Interest Rate | Swaps | $ | (97,584 | ) | $ | 1,380,160 | ||||||
NEA | Interest Rate | Swaps | 4,430,000 | 3,279,944 |
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.
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Notes to Financial Statements (Unaudited) (continued)
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Common Share Transactions
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 | ||||||||||
4/30/17 | 10/31/16 | 4/30/17 | 10/31/16 | ||||||||||
Common shares issued in the reorganizations | — | 162,585,915 | — | 183,893,286 |
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The Funds have issued and have outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for each Fund were as follows:
Shares | Liquidation | |||||||||
Fund | Series | Outstanding | Preference | |||||||
NAD | 2019-1 | 2,085 | $ | 208,500,000 | ||||||
2019 | 3,370 | 337,000,000 | ||||||||
2018 | 4,070 | 407,000,000 | ||||||||
NEA | 2019 | 2,380 | 238,000,000 | |||||||
2018 | 5,350 | 535,000,000 |
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. Each Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s series of VMTP Shares are as follows:
Term | Premium | |||||||||
Fund | Series | Redemption Date | Expiration Date | |||||||
NAD | 2019-1 | November 1, 2019 | September 30, 2017 | |||||||
2019 | August 1, 2019 | June 30, 2017 | ||||||||
2018 | December 1, 2018 | August 31, 2016 | ||||||||
NEA | 2019 | June 1, 2019 | May 31, 2017 | |||||||
2018 | December 1, 2018 | August 31, 2016 |
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The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
NAD | NEA | ||||||
Average liquidation preference of VMTP Shares outstanding | $ | 952,500,000 | $ | 773,000,000 | |||
Annualized dividend rate | 1.62 | % | 1.61 | % |
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 cost” 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 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.
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, details of the Funds’ VRDP Shares outstanding 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.
NEA’s Series 5 VRDP Shares are considered to be Special Rate Period VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider. During the period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares will transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, unless the Board approves a subsequent special rate period.
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.
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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 | 0.85 | % | 0.85 | % |
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 periods, where applicable, are noted in the following tables.
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
Year Ended | ||||||||||
October 31, 2016 | ||||||||||
NAD | Series | Shares | Amount | |||||||
VMTP Shares issued in connection with the reorganization | 2017 | 435 | $ | 43,500,000 | ||||||
2018 | 4,070 | 407,000,000 | ||||||||
VMTP Shares issued | 2019-1 | 2,085 | 208,500,000 | |||||||
2019 | 3,370 | 337,000,000 | ||||||||
VMTP Shares exchanged | 2016 | (2,650 | ) | (265,000,000 | ) | |||||
2017 | (435 | ) | (43,500,000 | ) | ||||||
Net increase (decrease) | 6,875 | $ | 687,500,000 |
Year Ended | ||||||||||
October 31, 2016 | ||||||||||
NEA | Series | Shares | Amount | |||||||
VMTP Shares issued in connection with the reorganization | 2018 | 5,350 | $ | 535,000,000 | ||||||
VMTP Shares issued | 2019 | 2,380 | 238,000,000 | |||||||
VMTP Shares exchanged | 2016 | (1,510 | ) | (151,000,000 | ) | |||||
Net increase (decrease) | 6,220 | $ | 622,000,000 |
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
Year Ended | ||||||||||
October 31, 2016 | ||||||||||
NAD | Series | Shares | Amount | |||||||
VRDP Shares issued in connection with the reorganization | 1 | 2,368 | $ | 236,800,000 | ||||||
2 | 2,675 | 267,500,000 | ||||||||
3 | 1,277 | 127,700,000 | ||||||||
Net increase (decrease) | 6,320 | $ | 632,000,000 |
Year Ended | ||||||||||
October 31, 2016 | ||||||||||
NEA | Series | Shares | Amount | |||||||
VRDP Shares issued in connection with the reorganization | 3 | 3,509 | $ | 350,900,000 | ||||||
4 | 4,895 | 489,500,000 | ||||||||
VRDP Shares issued | 5 | 1,000 | 100,000,000 | |||||||
Net increase (decrease) | 9,404 | $ | 940,400,000 |
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5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions) during the current fiscal period were as follows:
NAD | NEA | ||||||
Purchases | $ | 597,941,914 | $ | 577,470,505 | |||
Sales and maturities | 609,540,034 | 682,236,127 |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NEA the AMT applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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.
As of April 30, 2017, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
NAD | NEA | ||||||
Cost of investments | $ | 4,242,948,024 | $ | 5,409,453,859 | |||
Gross unrealized: | |||||||
Appreciation | $ | 341,602,211 | $ | 462,763,901 | |||
Depreciation | (33,212,230 | ) | (28,612,837 | ) | |||
Net unrealized appreciation (depreciation) of investments | $ | 308,389,981 | $ | 434,151,064 |
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, nondeductible reorganization expenses, reorganization adjustments, taxable market discount and expiration of capital loss carryforwards resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2016, the Funds’ last tax year end, as follows:
NAD | NEA | ||||||
Paid-in-surplus | $ | 12,838,718 | $ | 36,204,696 | |||
Undistributed (Over-distribution of) net investment income | 6,752,599 | 9,175,296 | |||||
Accumulated net realized gain (loss) | (19,591,317 | ) | (45,379,992 | ) |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2016, the Funds’ last tax year end, were as follows:
NAD | NEA | ||||||
Undistributed net tax-exempt income1 | $ | 11,709,846 | $ | 12,165,214 | |||
Undistributed net ordinary income2 | — | — | |||||
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 3, 2016, and paid on November 1, 2016. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
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Notes to Financial Statements (Unaudited) (continued)
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2016, was designated for purposes of the dividends paid deduction as follows:
NAD | NEA | ||||||
Distributions from net tax-exempt income | $ | 46,309,674 | $ | 72,826,597 | |||
Distributions from net ordinary income2 | 32,795 | 359,191 | |||||
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, 2016, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
NAD3 | NEA3 | ||||||
Expiration: October 31, 2018 | $ | 76,136 | $ | 3,341,464 | |||
Not subject to expiration | 32,726,521 | 64,837,795 | |||||
Total | $ | 32,802,657 | $ | 68,179,259 |
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, 2016, the Funds’ last tax year end, the Funds’ capital loss carryforwards expired as follows:
NAD | NEA | ||||||
Expired capital loss carryforwards | $ | 12,473,180 | $ | 2,466,776 |
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 | |
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 |
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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 Managed Asset Breakpoint Level* | Effective 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 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, 2017, the complex-level fee for each Fund was 0.1610%. |
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.
During the current fiscal period, the Funds engaged in inter-fund trades pursuant to these procedures as follows:
Inter-Fund Trades | NAD | NEA | |||||
Purchases | $ | 16,417,777 | $ | 16,343,524 | |||
Sales | 16,343,524 | 21,788,622 |
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. On December 31, 2016 (the only date utilized during the current fiscal period), the Funds borrowed the following amounts from the Unsecured Credit Line, at an annualized interest rate of 2.02% on their outstanding balance.
NAD | NEA | ||||||
Outstanding balance at December 31, 2016 | $ | 14,673,732 | $ | 12,157,651 |
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.
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Notes to Financial Statements (Unaudited) (continued)
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 1.25% per annum or (b) the Fed Funds rate plus 1.25% 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, none of the Funds utilized this facility.
9. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03: Interest-Imputation of Interest
The Funds have adopted the disclosure provisions of ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the Statement of Assets and Liabilities as a direct deduction from the carrying amount of the associated debt liability. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented in the Statement of Assets and Liabilities as a deferred charge (i.e., an asset). ASU 2015-03 is limited to simplifying the presentation of debt issuance costs. ASU 2015-03 does not affect the recognition and measurement of debt issuance costs.
Amendments to Regulation S-X
In October 2016, the Securities and Exchange Commission (SEC) adopted new rules and amended existing rules (together, the “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.
Accounting Standards Update 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
During March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
10. Subsequent Events
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. As of the time this shareholder report was prepared, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
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Additional Fund Information
Board of Trustees | |||||
William Adams IV* | Margo Cook** | Jack B. Evans | William C. Hunter | David J. Kundert | Albin F. Moschner |
John K. Nelson | William J. Schneider | Judith M. Stockdale | Carole E. Stone | Terence J. Toth | Margaret L. Wolff |
Robert L. Young*** |
* | Interested Board Member and retired from the Fund’s Board of Trustees effective June 30, 2017. |
** | Interested Board Member. |
*** | Effective July 1, 2017. |
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 | State Street Bank |
Chicago, IL 60606 | One Lincoln Street | 200 East Randolph Drive | & Trust Company | |
Boston, MA 02111 | Chicago, IL 60601 | Nuveen Funds | ||
P.O. Box 43071 | ||||
Providence, RI 02940-3071 | ||||
(800) 257-8787 | ||||
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
NAD | NEA | ||||||
Common shares repurchased | — | — |
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
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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 cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
■ | Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change. |
■ | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. |
■ | Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes. |
■ | Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. |
■ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
■ | NAD and NEA Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter the returns of an 80%/20% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P |
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Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses. | |
■ | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
■ | Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value. |
■ | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940. |
■ | S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
■ | Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. |
■ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
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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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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 management arm 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/cef
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | ![]() |
ESA-B-0417D 184323-INV-B-06/18
(a)
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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)).
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(b)
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There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen AMT-Free Quality Municipal Income Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen AMT-Free Quality Municipal Income Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
The Form N-CSR of the Fund for the period ended April 30, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
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