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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09297

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

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

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

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2016

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.




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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Manager's Comments
5
   
Fund Leverage
10
   
Common Share Information
12
   
Risk Considerations
14
   
Performance Overview and Holding Summaries
15
   
Shareholder Meeting Report
19
   
Report of Independent Registered Public Accounting Firm
22
   
Portfolios of Investments
23
   
Statement of Assets and Liabilities
111
   
Statement of Operations
112
   
Statement of Changes in Net Assets
113
   
Statement of Cash Flows
114
   
Financial Highlights
116
   
Notes to Financial Statements
119
   
Additional Fund Information
137
   
Glossary of Terms Used in this Report
138
   
Reinvest Automatically, Easily and Conveniently
140
   
Annual Investment Management Agreement Approval Process
141
   
Board Members and Officers
148

NUVEEN
3


Chairman's Letter to Shareholders
Dear Shareholders,
After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy's strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year winds down, 2016 looks on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.
A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed's intentions since then has been a strong influence on the markets throughout 2016. After remaining on hold for a year, the Fed judged that the economy's modest growth, the return to "full" employment and an uptick in inflation were sufficient to raise the target rate at the December 2016 meeting.
Global conditions continue to look subdued by comparison. Investors continue to adjust to the idea of a slower Chinese economy, which has helped commodity prices stabilize and lift global inflation expectations. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced a new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.
Since the election, U.S. stocks have rallied strongly on expectations that the Republican controlled Congress and Trump administration will pursue more business friendly policies. But the details have yet to be seen. Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook (not just in the U.S. but also in Europe), we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 22, 2016

4
NUVEEN


Portfolio Manager's Comments
Nuveen Quality Municipal Income Fund (NAD)
(formerly Nuveen Dividend Advantage Municipal Fund)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
(formerly Nuveen AMT-Free Municipal Income Fund)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio manager Christopher L. Drahn, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these two national Funds. Chris has managed NAD and NEA since 2016.
Effective May 31, 2016, Thomas C. Spalding, CFA, retired from NAM and Christopher L. Drahn, CFA, has taken over portfolio management responsibilities for NAD. In addition, effective August 2016, Chris has assumed portfolio management responsibilities for NEA.
Effective February 5, 2016, the investment policy changed for NAD and NEA. Under the new policy, each Fund may invest up to 35% of its assets in municipal securities rated BBB and below or judged by the portfolio manager to be of comparable quality.
Effective November 2, 2016, a secondary benchmark (80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index) was added for both NAD and NEA. The secondary benchmark was added to better reflect the Funds' mandates in conjunction with the Funds' reorganizations.
 
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. Ratings are not covered by the report of independent registered public accounting firm.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

NUVEEN
5


Portfolio Manager's Comments (continued)
FUND REORGANIZATIONS
During February 2016, the Board of Directors/Trustees of the Nuveen Closed-End Funds approved a series of reorganizations for certain Funds (the Target Funds) to create two, larger-national Funds (the Acquiring Funds), which are included in this report.
The approved reorganizations are as follows:

Target Funds
Symbol
 
Acquiring Fund
Symbol
 
Nuveen Premier Municipal Income Fund, Inc.
NPF
 
Nuveen Dividend Advantage Municipal Fund,
NAD
 
Nuveen Premium Income Municipal Fund, Inc.
NPI
 
renamed Nuveen Quality Municipal Income Fund
   
Nuveen Select Quality Municipal Fund, Inc.
NQS
       
Nuveen Investment Quality Municipal Fund, Inc.
NQM
       
Nuveen Performance Plus Municipal Fund, Inc.
NPP
 
Nuveen AMT-Free Municipal Income Fund,
NEA
 
Nuveen Municipal Market Opportunity Fund, Inc.
NMO
 
renamed Nuveen AMT-Free Quality Municipal Income Fund
   
Nuveen Premium Income Municipal Fund 2, Inc.
NPM
       
During August 2016, the reorganizations were approved by shareholders and became effective before the opening of business on September 12, 2016.
See Notes to Financial Statements, Note 1 — General Information and Significant Accounting Policies, Fund Reorganizations for further information.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2016?
The restrained pace of growth that has defined the U.S. economic recovery since 2009 continued in the twelve-month reporting period. Growth over the previous four calendar quarters averaged below 2% (annualized), as measured by real gross domestic product (GDP), which is the value of goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes. For most of the reporting period, consumer spending remained healthy but was offset by the drag from the inventory cycle, lackluster business spending and weak net exports. As a result, GDP growth stayed below 1.5% from the fourth quarter of 2015 through the second quarter of 2016. However, decent consumer spending, an inventory turnaround and a short-term jump in exports contributed to a more robust gain of 3.2% in the third quarter, as reported by the "second" estimate of the Bureau of Economic Analysis.
Consumers, whose purchases comprise the largest component of the U.S. economy, benefited from employment growth and firming wages over the twelve-month reporting period. As reported by the Bureau of Labor Statistics, the unemployment rate was little changed at 4.9% in October 2016 from 5.0% in October 2015, and job gains averaged slightly above 200,000 per month for the past twelve months. Although consumer spending gains were rather muted in the latter half of 2015, spending surged in the second quarter of 2016. Although inflation began to accelerate slightly in the reporting period, the overall level remained low, which also contributed to consumers' willingness to buy. The Consumer Price Index (CPI) rose 1.6% over the twelve-month reporting period ended October 2016 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.1% during the same period, slightly above the Fed's unofficial longer term inflation objective of 2.0%.
The housing market was another bright spot in the economy. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.5% annual gain in September 2016 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 4.3% and 5.1%, respectively.

6
NUVEEN


However, business investment remained soft over the reporting period. Corporate earnings growth continued to be constrained by diminished demand expectations amid sluggish U.S. and global growth, the impact of falling commodity prices and a strong U.S. dollar. Additionally, a murky outlook kept capital spending muted. Concerns about financial market turbulence in early 2016, the U.K.'s "Brexit" vote to leave the European Union (EU) and the U.S. presidential election weighed on business sentiment throughout the reporting period.
The consistent growth of the economy prompted the U.S. Federal Reserve (Fed) to raise the Fed funds role from the zero bound range to a range of 0.25% to 0.50% in December 2015. The widely anticipated move had little impact on the financial markets. Over the remainder of the reporting period, speculation on the timing of future rate hikes drove short-term swings in the markets, including falling bond yields, rallies in the U.S. dollar and bouts of volatility in stock prices. For most of 2016, the Fed kept this rate unchanged due to concerns ranging from low inflation in the U.S. to weakening growth prospects globally and the U.K.'s Brexit vote. However, the third quarter's strong GDP report and an uptick in inflation boosted expectations that the Fed would likely increase the target rate at the December 2016 meeting. As anticipated, subsequent to the close of the reporting period, the Fed raised the rate to a range of 0.50% to 0.75%.
Other market-moving events during the reporting period included a spike in volatility in January and February 2016 triggered by deteriorating sentiment about China's economy, another sharp downturn in oil prices and concerns about central bank policy both in the U.S. and around the world. The Brexit referendum on June 23 also caught investors off guard. In response, U.K. sterling fell to 30-year lows and global equities tumbled while perceived safe-haven assets such as gold, the U.S. dollar and government bonds saw large inflows. However, the markets stabilized fairly quickly post-Brexit vote, buoyed by reassurances from global central banks and a perception that the temporary price rout presented an attractive buying opportunity. Following a relatively calm July and August 2016, volatility resumed in the final months of the reporting period. Investors worried whether central banks were reaching the limits of their effectiveness as global growth continues to stagnate. The health of the European banking sector came into question, renewing concerns about the potential to trigger a wider crisis. Political uncertainty increased leading up to the November U.S. presidential election, and after the close of the reporting period, the unexpected win of Donald Trump contributed to an initial sell-off across global markets. However, after digesting the "shock", U. S. equities rallied strongly and global developed market stocks pared their losses, while emerging markets, fixed income and gold remained lower.
The broad municipal bond market performed well during the twelve-month reporting period, supported by falling interest rates, a favorable supply-demand balance and generally improving credit fundamentals. Although interest rates began to drift higher in the final month of the reporting period in anticipation of a possible Fed rate hike in December, they still ended at lower than where they started the reporting period. The largest declines were in longer-dated bond yields, while yields on the short end (zero to four years) of the yield curve increased, driven by anticipation of new money market fund regulations that triggered volatility in short-term rates. This caused the municipal yield curve to flatten over the reporting period.
The demand for municipal bonds continued to outpace supply. During the reporting period, municipal bond gross issuance nationwide totaled $435.6 billion, a 2.9% gain from the issuance for the twelve-month period ended October 31, 2015. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this has been an overall positive technical factor on municipal bond investment performance.
While supply has tightened, investor demand for municipal bonds has risen. Municipal bond mutual funds reported net inflows in 2015, and the inflows for the first four months of 2016 had already exceeded 2015's total volume for the year. The bouts of heightened volatility across other risky assets, uncertainty about the Fed's rate increases and the low to negative yields of European

NUVEEN
7

Portfolio Manager's Comments (continued)
and Asian bonds have bolstered the appeal of municipal bonds' risk-adjusted returns and tax-equivalent yields. The municipal bond market is less directly influenced by the Fed's rate adjustments and its demand base is largely comprised of U.S. investors, factors which have helped municipal bonds deliver relatively attractive returns with less volatility than other market segments.
The fundamental backdrop also remained favorable for municipal bonds. Despite the U.S. economy's rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2016?
Municipal market conditions remained favorable over the reporting period, supported by positive technical factors, stable credit fundamentals for municipal issuers and a backdrop of moderate economic growth and low inflation. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
Our trading activity continued to focus on pursuing the Funds' investment objectives. Due to the Fund reorganizations, the credit quality composition of NAD and NEA shifted from the beginning of the reporting period (pre-Fund mergers) to the end of the reporting period (post-Fund mergers). The Funds' weightings in A rated and BBB rated credits increased meaningfully, while the AA allocations of both Funds decreased considerably. Even with these shifts, the Funds current holdings remained within their new investment policy that took effect in February 2016, which allows the Funds to invest up to 35% of assets in municipal securities rated BBB and below or those we judge to be of comparable quality. As such, no outright sales were needed to keep the Funds within their investment mandates after the reorganizations.
The proceeds from call activity and maturing bonds provided sufficient cash to fund new purchases. For NEA and NAD, we also invested the proceeds from incremental preferred share offerings that were conducted as part of the overall management of the Fund's leverage. NAD bought credits issued for the Greater Orlando Aviation Authority, Boston University, Salem Health in Oregon and Saint Barnabas Health in New Jersey. NEA's additions included bonds issued for the Great Lakes Water Authority in Michigan, Marshfield Clinic in Wisconsin and Presence Health in Illinois.
As of October 31, 2016, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NAD and NEA also invested in forward interest rates swaps to help reduce price volatility risk to movements in U.S. interest rates relative to the Funds' benchmark. Although these swaps had a negative impact on performance, the two Funds' overall duration positioning was a positive contributor to performance during this reporting period.
How did the Funds perform during the twelve-month reporting period ended October 31, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year, five-year and ten-year periods ended October 31, 2016. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the twelve months ended October 31, 2016, the total returns on common share NAV for the two Funds outperformed the returns for the national S&P Municipal Bond Index and the new secondary benchmark, referred to as the NAD and NCA Custom Blended Fund Performance Benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index. For the same period, NAD slightly underperformed the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average and NEA outperformed the Lipper average.

8
NUVEEN


The largest contributor to the Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve, which was advantageous in this reporting period as longer maturity bonds generally outperformed shorter bonds as the yield curve flattened.
Credit ratings exposure was a secondary driver of the Funds' performance during this reporting period. The incremental income component coupled with strong investor demand for higher yielding securities continued to support the outperformance of lower rated municipal bonds over this reporting period. The Funds were positioned with overweight allocations to the lower quality categories (especially A, BBB and B rated), which outperformed the broad market, and underweight allocations to the highest quality categories (AAA and AA rated), which underperformed the broad market. The Funds' tilt toward lower quality bonds was beneficial to performance.
Sector allocations had a marginal impact on relative performance during this reporting period. The Funds benefited from their allocations to the stronger performing sectors tobacco and health care, but gains were partially offset by exposure to pre-refunded bonds, which lagged over this reporting period and detracted from relative results.
In addition, the use of regulatory leverage was an important positive factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NAD and NEA had limited exposure, which was either insured or investment grade, to Puerto Rico debt, 0.22% and 0.43%, respectively. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but may do so in the future. Thus there is an increased risk that the organization acting as each Fund's pricing service may change, or that the Funds' pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

NUVEEN
9


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of these Funds over this reporting period.
As of October 31, 2016, the Funds' percentages of leverage are as shown in the accompanying table.
 
NAD
 
NEA
 
Effective Leverage*
37.58%
 
37.35%
 
Regulatory Leverage*
33.26%
 
33.82%
 

*
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. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

10
NUVEEN

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

   
VMTP Shares
 
VRDP Shares
     
         
Shares
         
Shares
       
         
Issued at
         
Issued at
       
         
Liquidation
         
Liquidation
       
   
Series
   
Preference
   
Series
   
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
 

*
VMTP Shares and VRDP Shares issued in connection with the reorganization
During the current reporting period, NAD refinanced all of its outstanding Series 2016 and Series 2017 VMTP Shares with the issuance of new Series 2019 and Series 2019-1 VMTP Shares, respectively. In conjuction with this refinancing NAD issued an additional $72,000,000 and $165,000,000 Series 2019 and Series 2019-1 VMTP Shares at liquidation preference, respectively, to be invested in accordance with the Fund's investment policies.
During the current reporting period, NEA refinanced all of its outstanding Series 2016 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjuction with this refinancing NEA issued an additional $87,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
During the current reporting period, NEA issued $100,000,000 Series 5 VRDP Shares at liquidation preference, which will be used to invest in additional municipal securities in accordance with its investment objectives and policies.
Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund's respective transactions.

NUVEEN
11


Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of October 31, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

     
Per Common
Share Amounts
     
Monthly Distributions (Ex-Dividend Date)
   
NAD
   
NEA
 
November 2015
 
$
0.0710
 
$
0.0625
 
December
   
0.0710
   
0.0625
 
January
   
0.0710
   
0.0625
 
February
   
0.0710
   
0.0625
 
March
   
0.0710
   
0.0625
 
April
   
0.0710
   
0.0625
 
May
   
0.0710
   
0.0625
 
June
   
0.0695
   
0.0625
 
July
   
0.0695
   
0.0625
 
August
   
0.0695
   
0.0625
 
September
   
0.0695
   
0.0625
 
October 2016
   
0.0715
   
0.0680
 
Total Monthly Per Share Distributions
 
$
0.8465
 
$
0.7555
 
Ordinary Income Distribution**
 
$
0.0005
 
$
0.0044
 
Total Distributions from Net Investment Income
 
$
0.8470
 
$
0.7599
 

Yields
       
Market Yield***
6.05
5.93
Tax-Equivalent Yield***
8.40
8.24

*
In connection with NAD's and NEA's reorganizations, each Fund declared a dividend of $0.0177 and $0.0165 per common share, respectively, with an ex-dividend date of September 9, 2016, payable on October 3, 2016 and a dividend of $0.0518 and $0.0460 per common share, respectively, with an ex-dividend date of September 20, 2016, payable on October 3, 2016.
**
Distribution paid in December 2015.
***
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 is lower.
 
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2016, the Funds had positive UNII balances for tax and financial reporting purposes.

12
NUVEEN


All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
COMMON SHARE REPURCHASES
During August 2016, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 
NAD
 
NEA
 
Common shares cumulatively repurchased and retired
0
 
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 October 31, 2016, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

     
NAD
   
NEA
 
Common share NAV
 
$
15.75
 
$
15.36
 
Common share price
 
$
14.19
 
$
13.75
 
Premium/(Discount) to NAV
   
(9.90
)%
 
(10.48
)%
12-month average premium/(discount) to NAV
   
(6.60
)%
 
(7.84
)%

NUVEEN
13


Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Quality Municipal Income Fund (NAD) (formerly known as Nuveen Dividend Advantage Municipal Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NAD.
Nuveen AMT-Free Quality Municipal Income Fund (NEA) (formerly known as Nuveen AMT-Free Municipal Income Fund)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NEA.

14
NUVEEN


NAD
 
 
Nuveen Quality Municipal Income Fund
 
(formerly known as Nuveen Dividend Advantage Municipal Fund)
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Average Annual
 
1-Year
5-Year
10-Year
 
NAD at Common Share NAV
7.54%
7.87%
6.24%
 
NAD at Common Share Price
6.88%
7.15%
5.67%
 
S&P Municipal Bond Index
4.53%
4.57%
4.53%
 
NAD Custom Blended Fund Performance Benchmark
5.25%
5.08%
4.62%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
7.63%
8.07%
6.10%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
NUVEEN
15


NAD
Performance Overview and Holding Summaries as of October 31, 2016 (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
150.9%
Corporate Bonds
0.0%
Investment Companies
0.0%
Short-Term Municipal Bonds
4.2%
Other Assets Less Liabilities
0.7%
Net Assets Plus Floating Rate Obligations, VRDP Shares, at Liquidation Preference & VMTP Shares, at Liquidation Preference
155.8%
Floating Rate Obligations
(5.9)%
VRDP Shares, at Liquidation Preference
(19.9)%
VMTP Shares, at Liquidation Preference
(30.0)%
Net Assets
100%

Portfolio Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
16.3%
AA
21.8%
A
31.9%
BBB
19.4%
BB or Lower
8.9%
N/R (not rated)
1.7%
N/A (not applicable)
0.0%
Total
100%

Portfolio Composition
 
(% of total investments)1
 
Transportation
20.3%
Health Care
17.9%
Tax Obligation/Limited
14.4%
U.S. Guaranteed
11.1%
Tax Obligation/General
10.4%
Utilities
5.9%
Water and Sewer
5.5%
Education and Civic Organizations
5.2%
Other
9.3%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
Illinois
12.2%
Texas
12.0%
California
11.2%
New York
6.2%
Florida
5.9%
Colorado
5.0%
Ohio
4.7%
New Jersey
3.1%
Nevada
2.9%
Pennsylvania
2.7%
Washington
2.5%
Indiana
2.2%
South Carolina
2.0%
Michigan
2.0%
Louisiana
1.9%
Arizona
1.9%
Massachusetts
1.9%
Other
19.7%
Total
100%

1
Excluding investments in derivatives.
 
16
NUVEEN


NEA
 
 
Nuveen AMT-Free Quality Municipal Income Fund
 
(formerly known as Nuveen AMT-Free Municipal Income Fund)
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Average Annual
 
1-Year
5-Year
10-Year
 
NEA at Common Share NAV
8.84%
6.48%
5.79%
 
NEA at Common Share Price
9.33%
5.82%
5.37%
 
S&P Municipal Bond Index
4.53%
4.57%
4.53%
 
NEA Custom Blended Fund Performance Benchmark
5.25%
5.08%
4.62%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
7.63%
8.07%
6.10%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
NUVEEN
17


NEA
Performance Overview and Holding Summaries as of October 31, 2016 (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
151.4%
Corporate Bonds
0.0%
Common Stocks
0.1%
Short-Term Municipal Bonds
2.0%
Other Assets Less Liabilities
1.3%
Net Assets Plus Floating Rate Obligations, VRDP Shares, at Liquidation Preference & VMTP Shares, at Liquidation Preference
154.8%
Floating Rate Obligations
(3.7)%
VRDP Shares, at Liquidation Preference
(32.0)%
VMTP Shares, at Liquidation Preference
(19.1)%
Net Assets
100%

Portfolio Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
13.8%
AA
23.2%
A
34.3%
BBB
18.9%
BB or Lower
8.0%
N/R (not rated)
1.8%
N/A (not applicable)
0.0%
Total
100%

Portfolio Composition
 
(% of total investments)1
 
Transportation
18.8%
Health Care
17.7%
Tax Obligation/Limited
15.7%
Tax Obligation/General
11.7%
U.S. Guaranteed
9.2%
Water and Sewer
6.7%
Utilities
6.4%
Education and Civic Organizations
6.0%
Consumer Staples
5.5%
Other
2.3%
Total
100%

States and Territories
 
(% of municipal bonds)
 
Illinois
13.6%
California
11.1%
Texas
8.5%
Ohio
5.6%
Florida
5.5%
Colorado
4.9%
New York
4.8%
New Jersey
4.3%
Nevada
3.8%
Pennsylvania
3.5%
Indiana
3.0%
Michigan
2.8%
Washington
2.5%
South Carolina
2.3%
Massachusetts
1.9%
Louisiana
1.6%
Georgia
1.5%
Other
18.8%
Total
100%

1
Excluding investments in derivatives.


18
NUVEEN


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

   
NEA
   
NAD
 
       
Common and
 
Preferred
       
Common and
     
       
Preferred
 
shares
       
Preferred
     
       
shares voting
 
voting
       
shares voting
     
   
Common
 
together
 
together
   
Common
 
together
 
Preferred
 
   
Shares
 
as a class
 
as a class
   
Shares
 
as a class
 
shares
 
To approve an Agreement and Plan of Reorganization
                           
For
 
 
 
4,233
   
 
 
2,650
 
Against
 
 
 
   
 
 
 
Abstain
 
 
 
   
 
 
 
BNV
 
 
 
   
 
 
 
Total
 
 
 
4,233
   
 
 
2,650
 
To approve issuance of additional common shares
                           
For
 
36,835,002
 
36,837,725
 
   
18,605,408
 
18,608,058
 
 
Against
 
3,564,681
 
3,564,681
 
   
1,145,746
 
1,145,746
 
 
Abstain
 
1,704,689
 
1,704,689
 
   
808,468
 
808,468
 
 
Total
 
42,104,372
 
42,107,095
 
   
20,559,622
 
20,562,272
 
 
Approval of the Board Members was reached as follows:
                           
William Adams IV
                           
For
 
 
 
   
 
 
 
Withhold
 
 
 
   
 
 
 
Total
 
 
 
   
 
 
 
Jack B. Evans
                           
For
 
     
   
 
 
 
Withhold
 
 
 
   
 
 
 
Total
 
 
 
   
 
 
 
David J. Kundert
                           
For
 
 
 
   
 
 
 
Withhold
 
 
 
   
 
 
 
Total
 
 
 
   
 
 
 
John K. Nelson
                           
For
 
 
 
   
 
 
 
Withhold
 
 
 
   
 
 
 
Total
 
 
 
   
 
 
 
William C. Hunter
                           
For
 
 
 
4,233
   
 
 
2,650
 
Withhold
 
 
 
   
 
 
 
Total
 
 
 
4,233
   
 
 
2,650
 
William J. Schneider
                           
For
 
 
 
4,233
   
 
 
2,650
 
Withhold
 
 
 
   
 
 
 
Total
 
 
 
4,233
   
 
 
2,650
 
Judith M. Stockdale
                           
For
 
 
66,012,348
 
   
 
34,458,546
 
 
Withhold
 
 
3,937,978
 
   
 
1,201,293
 
 
Total
 
 
69,950,326
 
   
 
35,659,839
 
 
Carole E. Stone
                           
For
 
 
66,114,359
 
   
 
34,457,475
 
 
Withhold
 
 
3,835,967
 
   
 
1,202,364
 
 
Total
 
 
69,950,326
 
   
 
35,659,839
 
 
Terence J. Toth
                           
For
 
 
 
   
 
 
 
Withhold
 
 
 
   
 
 
 
Total
 
 
 
   
 
 
 
Margaret L. Wolff
                           
For
 
 
66,037,704
 
   
 
34,453,423
 
 
Withhold
 
 
3,912,622
 
   
 
1,206,416
 
 
Total
 
 
69,950,326
 
   
 
35,659,839
 
 

NUVEEN
19


Shareholder Meeting Report (continued)

   
NMO
   
NPP
   
NPM
   
NPI
 
   
Common and
       
Common and
       
Common and
       
Common and
     
   
Preferred
       
Preferred
       
Preferred
       
Preferred
     
   
shares voting
       
shares voting
       
shares voting
       
shares voting
     
   
together
 
Preferred
   
together
 
Preferred
   
together
 
Preferred
   
together
 
Preferred
 
   
as a class
 
shares
   
as a class
 
shares
   
as a class
 
shares
   
as a class
 
shares
 
To approve an Agreement and Plan of Reorganization
                                       
For
 
23,962,660
 
2,786
   
30,769,238
 
5,350
   
35,695,110
 
3,483
   
33,280,834
 
4,070
 
Against
 
2,605,486
 
   
2,236,400
 
   
2,627,127
 
   
1,854,612
 
 
Abstain
 
908,887
 
   
1,404,155
 
   
1,527,585
 
   
1,324,616
 
 
BNV
 
14,194,987
 
   
21,804,024
 
   
24,465,910
 
   
20,971,605
 
 
Total
 
41,672,020
 
2,786
   
56,213,817
 
5,350
   
64,315,732
 
3,483
   
57,431,667
 
4,070
 
To approve issuance of additional common shares
                                       
For
 
 
   
 
   
 
   
 
 
Against
 
 
   
 
   
 
   
 
 
Abstain
 
 
   
 
   
 
   
 
 
Total
 
 
   
 
   
 
   
 
 
Approval of the Board Members was reached as follows:
                                       
William Adams IV
                                       
For
 
37,649,454
 
   
53,261,135
 
   
60,607,984
 
   
53,840,527
 
 
Withhold
 
3,291,941
 
   
1,781,953
 
   
2,206,509
 
   
2,230,024
 
 
Total
 
40,941,395
 
   
55,043,088
 
   
62,814,493
 
   
56,070,551
 
 
Jack B. Evans
                                       
For
 
37,658,784
 
   
53,267,929
 
   
60,588,982
 
   
53,783,347
 
 
Withhold
 
3,282,611
 
   
1,775,159
 
   
2,225,511
 
   
2,287,204
 
 
Total
 
40,941,395
 
   
55,043,088
 
   
62,814,493
 
   
56,070,551
 
 
David J. Kundert
                                       
For
 
37,601,286
 
   
53,255,667
 
   
60,525,893
 
   
53,775,957
 
 
Withhold
 
3,340,109
 
   
1,787,421
 
   
2,288,600
 
   
2,294,594
 
 
Total
 
40,941,395
 
   
55,043,088
 
   
62,814,493
 
   
56,070,551
 
 
John K. Nelson
                                       
For
 
37,599,553
 
   
53,283,745
 
   
60,604,055
 
   
53,813,162
 
 
Withhold
 
3,341,842
 
   
1,759,343
 
   
2,210,438
 
   
2,257,389
 
 
Total
 
40,941,395
 
   
55,043,088
 
   
62,814,493
 
   
56,070,551
 
 
William C. Hunter
                                       
For
 
 
2,786
   
 
5,350
   
 
3,483
   
 
4,070
 
Withhold
 
 
   
 
   
 
   
 
 
Total
 
 
2,786
   
 
5,350
   
 
3,483
   
 
4,070
 
William J. Schneider
                                       
For
 
 
2,786
   
 
5,350
   
 
3,483
   
 
4,070
 
Withhold
 
 
   
 
   
 
   
 
 
Total
 
 
2,786
   
 
5,350
   
 
3,483
   
 
4,070
 
Judith M. Stockdale
                                       
For
 
37,669,024
 
   
53,213,090
 
   
60,592,123
 
   
53,715,138
 
 
Withhold
 
3,272,371
 
   
1,829,998
 
   
2,222,370
 
   
2,355,413
 
 
Total
 
40,941,395
 
   
55,043,088
 
   
62,814,493
 
   
56,070,551
 
 
Carole E. Stone
                                       
For
 
37,660,928
 
   
53,193,970
 
   
60,587,487
 
   
53,729,451
 
 
Withhold
 
3,280,467
 
   
1,849,118
 
   
2,227,006
 
   
2,341,100
 
 
Total
 
40,941,395
 
   
55,043,088
 
   
62,814,493
 
   
56,070,551
 
 
Terence J. Toth
                                       
For
 
37,578,146
 
   
53,261,771
 
   
60,570,095
 
   
53,784,291
 
 
Withhold
 
3,363,249
 
   
1,781,317
 
   
2,244,398
 
   
2,286,260
 
 
Total
 
40,941,395
 
   
55,043,088
 
   
62,814,493
 
   
56,070,551
 
 
Margaret L. Wolff
                                       
For
 
37,613,419
 
   
53,215,892
 
   
60,633,357
 
   
53,725,462
 
 
Withhold
 
3,327,976
 
   
1,827,196
 
   
2,181,136
 
   
2,345,089
 
 
Total
 
40,941,395
 
   
55,043,088
 
   
62,814,493
 
   
56,070,551
 
 

20
NUVEEN


   
NQS
   
NPF
   
NQM
 
   
Common and
       
Common and
       
Common and
 
Preferred
 
   
Preferred
       
Preferred
       
Preferred
 
shares
 
   
shares voting
       
shares voting
       
shares voting
 
voting
 
   
together
 
Preferred
   
together
 
Preferred
   
together
 
together
 
   
as a class
 
shares
   
as a class
 
shares
   
as a class
 
as a class
 
To approve an Agreement and Plan of Reorganization
                             
For
 
17,962,024
 
1,751
   
9,947,001
 
1,277
   
21,399,463
 
2,283
 
Against
 
3,090,730
 
   
980,446
 
   
1,750,268
 
 
Abstain
 
639,369
 
   
433,988
 
   
1,007,253
 
 
BNV
 
10,195,307
 
   
7,068,589
 
   
14,401,899
 
 
Total
 
31,887,430
 
1,751
   
18,430,024
 
1,277
   
38,558,883
 
2,283
 
To approve issuance of additional common shares
                             
For
 
 
   
 
   
 
 
Against
 
 
   
 
   
 
 
Abstain
 
 
   
 
   
 
 
Total
 
 
   
 
   
 
 
Approval of the Board Members was reached as follows:
                             
William Adams IV
                             
For
 
28,197,184
 
   
17,328,904
 
   
35,803,243
 
 
Withhold
 
3,081,179
 
   
837,521
 
   
1,470,666
 
 
Total
 
31,278,363
 
   
18,166,425
 
   
37,273,909
 
 
Jack B. Evans
                             
For
 
28,182,950
 
   
17,307,078
 
   
35,765,630
 
 
Withhold
 
3,095,413
 
   
859,347
 
   
1,508,279
 
 
Total
 
31,278,363
 
   
18,166,425
 
   
37,273,909
 
 
David J. Kundert
                             
For
 
28,158,686
 
   
17,226,213
 
   
35,755,797
 
 
Withhold
 
3,119,677
 
   
940,212
 
   
1,518,112
 
 
Total
 
31,278,363
 
   
18,166,425
 
   
37,273,909
 
 
John K. Nelson
                             
For
 
28,200,433
 
   
17,302,933
 
   
35,799,033
 
 
Withhold
 
3,077,930
 
   
863,492
 
   
1,474,876
 
 
Total
 
31,278,363
 
   
18,166,425
 
   
37,273,909
 
 
William C. Hunter
                             
For
 
 
1,751
   
 
1,277
   
 
2,285
 
Withhold
 
 
   
 
   
 
 
Total
 
 
1,751
   
 
1,277
   
 
2,285
 
William J. Schneider
                             
For
 
 
1,751
   
 
1,277
   
 
2,285
 
Withhold
 
 
   
 
   
 
 
Total
 
 
1,751
   
 
1,277
   
 
2,285
 
Judith M. Stockdale
                             
For
 
28,165,882
 
   
17,258,243
 
   
35,799,423
 
 
Withhold
 
3,112,481
 
   
908,182
 
   
1,474,486
 
 
Total
 
31,278,363
 
   
18,166,425
 
   
37,273,909
 
 
Carole E. Stone
                             
For
 
28,175,643
 
   
17,272,749
 
   
35,792,712
 
 
Withhold
 
3,102,720
 
   
893,676
 
   
1,481,197
 
 
Total
 
31,278,363
 
   
18,166,425
 
   
37,273,909
 
 
Terence J. Toth
                             
For
 
28,188,415
 
   
17,304,721
 
   
35,768,409
 
 
Withhold
 
3,089,948
 
   
861,704
 
   
1,505,500
 
 
Total
 
31,278,363
 
   
18,166,425
 
   
37,273,909
 
 
Margaret L. Wolff
                             
For
 
28,173,267
 
   
17,303,913
 
   
35,815,011
 
 
Withhold
 
3,105,096
 
   
862,512
 
   
1,458,898
 
 
Total
 
31,278,363
 
   
18,166,425
 
   
37,273,909
 
 

NUVEEN
21


Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Nuveen Quality Municipal Income Fund (formerly known as Nuveen Dividend Advantage Municipal Fund)
Nuveen AMT-Free Quality Municipal Income Fund (formerly known as Nuveen AMT-Free Municipal Income Fund):
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income Fund (the "Funds") as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statements of cash flows for the year then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through October 31, 2013 were audited by other auditors whose report dated December 27, 2013 expressed an unqualified opinion on those financial highlights.
 We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, their cash flows for the year then ended and the financial highlights for each of the years in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
December 29, 2016

22
NUVEEN

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


 

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


 

NUVEEN 23




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


 

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


 

24 NUVEEN




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


 

NUVEEN 25




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

 

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


 

26 NUVEEN




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


 

NUVEEN 27




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


 

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


 

28 NUVEEN




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


 

NUVEEN 29




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


 

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


 

30 NUVEEN




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


 

NUVEEN 31




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


 

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


 

32 NUVEEN




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


 

NUVEEN 33




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


 

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


 

34 NUVEEN




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


 

NUVEEN 35




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


 

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


 

36 NUVEEN




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


 

NUVEEN 37




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


 

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


 

38 NUVEEN




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


 

NUVEEN 39




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


 

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


 

40 NUVEEN




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


 

NUVEEN 41




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Kentucky – 1.9% (1.2% of Total Investments)              
      Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2016:              
$ 1,635   5.000%, 1/01/25 No Opt. Call   A2   $ 1,974,099  
  600   5.000%, 1/01/29 1/26 at 100.00   A2     712,986  
      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     2,243,920  
  5,500   6.500%, 3/01/45 6/20 at 100.00   Baa3     6,224,185  
  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     5,980,774  
  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     1,061,510  
  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     3,056,672  
      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)     522,827  
  1,785   5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured 9/17 at 100.00   A3 (4)     1,848,011  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:              
  4,790   0.000%, 7/01/43 (7) 7/31 at 100.00   Baa3     4,085,056  
  3,655   0.000%, 7/01/46 (7) 7/31 at 100.00   Baa3     3,127,583  
      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     9,690,160  
  585   6.000%, 7/01/53 7/23 at 100.00   Baa3     688,346  
  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     10,406,901  
  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     2,631,700  
      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     5,764,200  
  1,375   6.500%, 3/01/41 3/21 at 100.00   A3     1,579,669  
  56,725   Total Kentucky           61,598,599  
      Louisiana – 3.0% (1.9% 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     5,842,115  
  2,665   East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39 2/25 at 100.00   AA–     3,091,986  
  1,000   Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 11/17 at 100.00   Baa3     1,050,940  
  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+     5,923,736  
  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     1,585,965  
  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     9,638,121  
  485   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     540,552  
  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)     8,121,516  


 

42 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Louisiana (continued)              
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:              
$ 3,625   5.375%, 5/15/43 5/17 at 100.00   Baa1   $ 3,693,875  
  13,625   5.500%, 5/15/47 5/17 at 100.00   Baa1     13,891,369  
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:              
  1,375   5.375%, 5/15/43 (Pre-refunded 5/15/17) 5/17 at 100.00   N/R (4)     1,409,705  
  5,175   5.500%, 5/15/47 (Pre-refunded 5/15/17) 5/17 at 100.00   N/R (4)     5,309,084  
  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   Baa1 (4)     5,370,918  
  330   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 7/23 at 100.00   A3     372,788  
      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–     7,021,358  
  5,140   5.000%, 1/01/45 (Alternative Minimum Tax) 1/25 at 100.00   A–     5,768,673  
  1,000   New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/28 – AGM Insured 12/22 at 100.00   A2     1,170,180  
  5,350   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 6/24 at 100.00   A–     6,109,753  
  1,200   New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 12/24 at 100.00   A–     1,355,484  
  485   Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) No Opt. Call   BBB     530,973  
  5,655   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 12/25 at 100.00   A–     6,504,607  
  86,060   Total Louisiana           94,303,698  
      Maine – 0.7% (0.5% of Total Investments)              
  2,000   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     2,210,080  
      Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A:              
  4,525   4.000%, 7/01/41 7/26 at 100.00   Baa3     4,465,361  
  2,800   4.000%, 7/01/46 7/26 at 100.00   Baa3     2,735,600  
  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+     2,292,000  
      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     3,362,880  
  2,260   6.750%, 7/01/41 7/21 at 100.00   Ba2     2,530,296  
  1,720   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A1     1,911,505  
      Maine Turnpike Authority, Special Obligation Bonds, Series 2014:              
  1,290   5.000%, 7/01/33 No Opt. Call   A–     1,502,927  
  1,020   5.000%, 7/01/34 No Opt. Call   A–     1,184,516  
  20,615   Total Maine           22,195,165  
      Maryland – 0.5% (0.3% of Total Investments)              
  2,100   Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement, Series 2012, 5.000%, 4/01/17 No Opt. Call   Aa1     2,138,199  
  5,000   Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 1/25 at 100.00   AA–     5,793,900  
  2,200   Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 – SYNCORA GTY Insured 1/17 at 100.00   BB     2,205,918  
  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     530,249  


 

NUVEEN 43




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Maryland (continued)              
$ 515   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 7/20 at 100.00   BB+   $ 542,244  
  1,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 7/24 at 100.00   A     1,710,105  
  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)     2,115,080  
  13,765   Total Maryland           15,035,695  
      Massachusetts – 2.9% (1.9% of Total Investments)              
      Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option Bond Trust 2016-XG0070:              
  505   15.291%, 10/01/48 (IF) (5) 10/23 at 100.00   A+     810,545  
  930   15.206%, 10/01/48 (IF) (5) 10/23 at 100.00   A+     1,491,999  
      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)     1,244,773  
  2,840   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   AAA     3,047,547  
      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     4,904,361  
  7,500   5.000%, 1/01/37 1/20 at 100.00   A3     8,276,850  
  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     666,055  
  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     924,354  
  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–     759,285  
  825   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 No Opt. Call   BBB     912,557  
  8,370   Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 (WI/DD, Settling 11/08/16) 10/26 at 100.00   A+     9,762,852  
  3,200   Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 1/25 at 100.00   Baa2     3,432,512  
  1,220   Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 5.125%, 1/01/25 1/23 at 100.00   BBB–     1,387,347  
  2,300   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00   A2     2,660,755  
  2,500   Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Healthcare, Refunding Series 2016I, 4.000%, 7/01/41 7/26 at 100.00   BBB+     2,563,450  
      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     1,294,915  
  1,280   5.000%, 9/01/45 9/25 at 100.00   BBB     1,441,318  
  3,365   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 (Pre-refunded 12/19/16) – AGC Insured 12/16 at 100.00   A3 (4)     3,376,407  
      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)     663,815  
  500   5.125%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)     535,335  
  9,525   Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 7/19 at 100.00   BBB     10,445,210  
  2,660   Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) 12/18 at 100.00   AA–     2,772,970  


 

44 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Massachusetts (continued)              
$ 700   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 7/21 at 100.00   A3   $ 778,155  
  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     6,900,741  
  1,100   Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured No Opt. Call   A3     965,030  
  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)     382,565  
  5,590   Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 8/17 at 100.00   AA+     5,772,178  
  5,535   Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 (Pre-refunded 2/01/17) – AGM Insured 2/17 at 100.00   AA+ (4)     5,588,025  
  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+     7,661,852  
  83,010   Total Massachusetts           91,423,758  
      Michigan – 3.0% (2.0% 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–     3,952,377  
  2,500   Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30 (Pre-refunded 3/01/17) 3/17 at 103.00   AA (4)     2,608,650  
  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)     2,609,955  
  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)     1,721,536  
  2,020   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 7/21 at 100.00   A–     2,219,233  
  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–     2,342,347  
  3,000   Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 1/17 at 100.00   BB     2,985,060  
  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–     4,292,595  
  1,500   Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42 11/22 at 100.00   A+     1,678,185  
  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     460,983  
  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     3,103,695  
  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     1,130,910  
      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–     2,888,600  
  3,670   5.000%, 12/01/32 6/22 at 100.00   AA–     4,225,821  
  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     2,356,420  
  1,640   Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22 1/17 at 100.00   AAA     1,672,931  
  5,000   Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-7, 5.000%, 11/15/47 (WI/DD, Settling 11/03/16) 11/26 at 100.00   Aa2     5,827,850  


 

NUVEEN 45




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Michigan (continued)              
$ 2,500   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured No Opt. Call   AA–   $ 2,767,050  
  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+     1,149,220  
      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+     6,064,950  
  10,000   5.000%, 4/15/34 10/25 at 100.00   A+     11,766,500  
  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)     3,986,152  
  4,090   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 12/16 at 100.00   AA–     4,103,252  
  1,275   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) 12/16 at 100.00   Aa2 (4)     1,279,514  
  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–     5,716,828  
  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)     1,263,804  
  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     5,127,850  
  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     1,304,641  
  3,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37 No Opt. Call   A–     3,354,300  
      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–     1,100,889  
  1,200   5.000%, 12/01/45 12/25 at 100.00   A–     1,383,372  
  86,420   Total Michigan           96,445,470  
      Minnesota – 1.2% (0.8% 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+     306,643  
  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     976,490  
  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     1,008,480  
  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)     10,239,730  
  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+     481,565  
  2,000   Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 11/20 at 100.00   BBB–     2,124,500  
  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)     7,109,272  
  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–     3,327,420  
      Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A:              
  700   5.000%, 10/01/34 10/24 at 100.00   A2     815,136  
  500   5.000%, 10/01/35 10/24 at 100.00   A2     580,305  
  1,000   Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18 No Opt. Call   AA+     1,072,160  


 

46 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Minnesota (continued)              
$ 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   $ 2,251,880  
      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     531,605  
  1,000   5.125%, 5/01/48 5/23 at 100.00   N/R     1,058,590  
  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–     1,628,391  
  495   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16) 11/16 at 100.00   A (4)     495,866  
  400   Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 No Opt. Call   N/R     423,464  
  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+     861,660  
  3,835   Washington County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28 8/17 at 100.00   AAA     3,880,138  
  35,540   Total Minnesota           39,173,295  
      Mississippi – 0.8% (0.5% 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 4/17 at 100.00   Baa3     642,153  
      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)     1,453,512  
  850   5.800%, 1/01/24 (Pre-refunded 1/01/19) 1/19 at 100.00   Baa2 (4)     937,899  
      Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A:              
  12,500   5.000%, 9/01/41 9/26 at 100.00   A–     14,009,375  
  7,500   5.000%, 9/01/46 9/26 at 100.00   A–     8,366,025  
  22,795   Total Mississippi           25,408,964  
      Missouri – 2.0% (1.3% 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     955,290  
  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)     1,623,630  
  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     1,961,240  
  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+     549,885  
  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–     2,195,640  
  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     385,312  
      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     5,198,340  
  5,000   0.000%, 4/15/28 – AMBAC Insured No Opt. Call   A1     3,581,000  
  5,000   0.000%, 4/15/29 – AMBAC Insured No Opt. Call   A1     3,442,450  
  1,650   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 No Opt. Call   A3     1,776,522  
  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     3,431,582  


 

NUVEEN 47




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Missouri (continued)              
$ 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+   $ 1,445,119  
      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     1,174,956  
  11,090   5.000%, 11/15/48 11/23 at 100.00   A2     12,419,691  
  4,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 (WI/DD, Settling 11/04/16) 2/26 at 100.00   BBB+     4,448,360  
  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     408,312  
  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     4,275,791  
  5,025   Missouri Highways and Transportation Commission, State Road Revenue Bonds, Refunding Senior Lien Series 2010C, 5.000%, 2/01/17 No Opt. Call   AAA     5,080,225  
  1,000   North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37 1/17 at 100.00   N/R     1,003,280  
  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     2,109,660  
  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–     515,289  
      Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A:              
  3,605   5.000%, 12/15/31 (Pre-refunded 12/15/16) 12/16 at 100.00   A2 (4)     3,623,818  
  1,395   5.000%, 12/15/31 (Pre-refunded 12/15/16) – NPFG Insured 12/16 at 100.00   A2 (4)     1,400,859  
  575   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 No Opt. Call   BBB–     602,031  
  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–     435,990  
  65,055   Total Missouri           64,044,272  
    Nebraska – 1.1% (0.7% of Total Investments)              
  1,500  
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32
9/22 at 100.00
  BBB+    
1,697,970
 
  1,580   Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16 (ETM) No Opt. Call   N/R (4)     1,582,654  
      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–     1,715,883  
  470   5.000%, 11/01/45 11/25 at 100.00   A–     531,974  
  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     5,980,897  
  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)     2,935,075  
  6,100   Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured 2/17 at 100.00   A2     6,153,863  
  2,135   Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 2016-XF2220, 18.353%, 2/01/49 – BHAC Insured (IF) 2/17 at 100.00   AA+     3,245,157  
  7,990   Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured 1/17 at 100.00   BBB+ (4)     8,046,809  
      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)     1,329,550  
  2,100   5.000%, 5/15/38 (Pre-refunded 5/15/18) 5/18 at 100.00   AA (4)     2,233,644  
  32,730   Total Nebraska           35,453,476  


 

48 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Nevada – 4.6% (2.9% 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)   $ 10,005,210  
  39,625   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 1/20 at 100.00   A+     45,011,226  
  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+     3,106,550  
      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   A1     5,762,416  
  9,725   5.250%, 7/01/42 1/20 at 100.00   A+     10,749,820  
  15,000   Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, 5.250%, 7/01/31 – BHAC Insured (UB) (5) 7/17 at 100.00   A3     15,352,200  
  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)     6,827,818  
      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     10,834,470  
  7,835   5.000%, 6/01/39 12/24 at 100.00   AA     9,260,422  
  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     2,998,190  
  2,280   North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured 1/17 at 100.00   B+     2,281,801  
  10,000   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 1/17 at 100.00   B+     10,008,000  
  10,000   Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 – BHAC Insured (UB) (5) 7/17 at 100.00   A3     10,234,800  
  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     2,339,357  
  130,625   Total Nevada           144,772,280  
      New Hampshire – 0.3% (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)     5,729,300  
  3,500   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 4.000%, 7/01/32 No Opt. Call   Baa1     3,624,635  
  1,110   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 2016-XL0025, 13.189%, 6/01/39 (IF) (5) 6/19 at 100.00   AA+     1,472,559  
  9,610   Total New Hampshire           10,826,494  
      New Jersey – 4.8% (3.1% 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+     1,046,343  
      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     2,243,873  
  2,805   5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB     3,186,704  
  2,685   5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB     3,041,112  
  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     8,341,655  
  1,500   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 3/21 at 100.00   BBB+     1,632,660  
  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     616,644  
  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)     1,047,303  


 

NUVEEN 49




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      New Jersey (continued)              
$ 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+   $ 1,547,458  
  8,415   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 (WI/DD, Settling 11/02/16) 7/26 at 100.00   A+     9,676,493  
  16,840   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/35 1/17 at 39.39   A+     6,590,166  
  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)     2,406,000  
  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     1,400,539  
  665   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 17.970%, 6/01/30 (IF) (5) 6/19 at 100.00   A     930,947  
      New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1&2:              
  2,020   5.000%, 6/15/28 (WI/DD, Settling 11/02/16) 6/26 at 100.00   A3     2,264,804  
  3,340   5.000%, 6/15/29 (WI/DD, Settling 11/02/16) 6/26 at 100.00   A3     3,733,452  
  1,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 No Opt. Call   BBB+     684,410  
  4,705   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 No Opt. Call   BBB+     5,234,124  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:              
  21,120   0.000%, 12/15/28 – AMBAC Insured No Opt. Call   BBB+     13,427,885  
  10,000   0.000%, 12/15/32 – AGM Insured No Opt. Call   A–     5,293,200  
  20,000   0.000%, 12/15/33 – AGM Insured No Opt. Call   A–     10,007,600  
  25,000   0.000%, 12/15/35 – AMBAC Insured No Opt. Call   BBB+     11,196,750  
  30,000   0.000%, 12/15/36 – AMBAC Insured No Opt. Call   BBB+     12,757,200  
  4,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18 No Opt. Call   BBB+     4,259,360  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B:              
  7,330   5.500%, 6/15/31 6/21 at 100.00   BBB+     8,229,538  
  2,000   5.000%, 6/15/42 No Opt. Call   BBB+     2,126,940  
  3,710   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 No Opt. Call   BBB+     3,991,626  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:              
  1,690   5.250%, 6/15/33 6/25 at 100.00   BBB+     1,896,383  
  2,840   5.000%, 6/15/45 6/25 at 100.00   BBB+     3,081,911  
  700   New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 1/19 at 100.00   A2     754,026  
  1,315   New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.996%, 1/01/43 (IF) (5) 7/22 at 100.00   A     2,051,702  
  570   Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 5/23 at 100.00   A+     661,303  
      Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:              
  1,250   4.500%, 6/01/23 6/17 at 100.00   BB     1,267,763  
  7,080   4.625%, 6/01/26 6/17 at 100.00   B+     7,113,276  
  6,420   4.750%, 6/01/34 6/17 at 100.00   B–     6,185,413  
  2,000   5.000%, 6/01/41 6/17 at 100.00   B–     1,883,960  
  206,810   Total New Jersey           151,810,523  
      New Mexico – 0.4% (0.2% of Total Investments)              
      Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A: 5.125%, 6/01/17              
  880   5.125%, 6/01/17 1/17 at 100.00   A3     883,309  
  1,295   5.125%, 6/01/19 1/17 at 100.00   A3     1,299,701  


 

50 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      New Mexico (continued)              
$ 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  $ 2,259,140  
  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     6,969,186  
  9,760   Total New Mexico           11,411,336  
      New York – 7.6% (4.9% 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–     3,444,330  
  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–     1,997,886  
      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)     5,319,005  
  3,065   6.250%, 7/15/40 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)     3,564,288  
  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+     564,882  
  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–     3,530,187  
  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 7/17 at 100.00   AA–     5,137,132  
      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–     1,777,524  
  3,195   5.000%, 5/01/43 5/25 at 100.00   A–     3,654,537  
  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     6,041,159  
      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     3,040,154  
  3,100   5.250%, 2/15/47 2/21 at 100.00   A     3,544,292  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:              
  2,000   5.000%, 2/15/47 – FGIC Insured 2/17 at 100.00   A     2,024,000  
  16,845   4.500%, 2/15/47 – NPFG Insured 2/17 at 100.00   A2     17,026,926  
      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–     3,463,500  
  1,155   4.000%, 9/01/39 – AGM Insured 9/24 at 100.00   A–     1,231,738  
  860   5.000%, 9/01/44 9/24 at 100.00   A–     991,563  
  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)     3,239,964  
  10,000   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32 No Opt. Call   AA     6,249,000  
  1,000   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 11/19 at 100.00   AA     1,115,610  
  2,500   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26 11/22 at 100.00   A     2,996,175  
  750   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41 11/21 at 100.00   A     868,050  
  5,000   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 5/23 at 100.00   A     5,775,800  
      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 100.00   N/R     161,190  
  1,000   5.875%, 10/01/46 (8) 10/17 at 102.00   N/R     322,380  


 

NUVEEN 51




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      New York (continued)              
$ 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   $ 5,389,602  
  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+     3,943,116  
  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 No Opt. Call   AA+     2,762,875  
  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+     6,849,605  
  500   New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 16.028%, 6/15/39 (IF) 6/19 at 100.00   AA+     697,420  
  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     5,863,450  
  5   New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 No Opt. Call   AA     5,019  
  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     2,331,820  
  565   New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 1/17 at 100.00   Baa1     565,237  
  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     28,408,120  
      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     1,770,428  
  4,350   5.750%, 11/15/51 No Opt. Call   A     5,107,639  
  7,500   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 No Opt. Call   BBB+     9,508,875  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:              
  3,970   5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–     4,347,269  
  1,290   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–     1,379,939  
      New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:              
  4,910   5.000%, 7/01/41 (Alternative Minimum Tax) 7/24 at 100.00   Baa3     5,378,807  
  1,995   4.000%, 7/01/41 (Alternative Minimum Tax) 7/24 at 100.00   Baa3     2,042,601  
  11,130   5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   Baa3     12,170,766  
  14,600   4.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   Baa3     14,702,054  
  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)     554,620  
  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)     3,102,240  
  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–     1,486,771  
  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–     5,115,528  
      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 1/17 at 100.00   BBB     5,148,400  
  590   5.500%, 12/01/31 12/20 at 100.00   BBB     672,311  
  1,670   6.000%, 12/01/36 12/20 at 100.00   BBB     1,942,978  
  3,045   6.000%, 12/01/42 12/20 at 100.00   BBB     3,533,235  
  10,000   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) 12/16 at 100.00   BBB+     10,298,000  
  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–     1,314,413  


 

52 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      New York (continued)              
      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   $ 3,149,850  
  3,800   5.000%, 1/01/33 (Alternative Minimum Tax) 1/26 at 100.00   Baa1     4,329,834  
  227,580   Total New York           240,954,094  
      North Carolina – 1.9% (1.2% of Total Investments)              
  2,850   Charlotte-Mecklenberg Hospital Authority,North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.764%, 1/15/47 (IF) (5) 1/18 at 100.00   AA–     3,280,977  
  1,050   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2007A, 5.000%, 1/15/31 (Pre-refunded 1/15/17) 1/17 at 100.00   AA– (4)     1,059,282  
      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)     1,580,115  
  3,000   5.000%, 1/15/47 (Pre-refunded 1/15/18) 1/18 at 100.00   AA– (4)     3,151,260  
  12,250   Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 5.125%, 4/01/43 4/23 at 100.00   A–     13,603,992  
  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)     1,624,245  
      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–     3,981,529  
  3,480   5.000%, 6/30/54 (Alternative Minimum Tax) 6/25 at 100.00   BBB–     3,805,102  
  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     12,778,180  
      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     5,809,500  
  3,400   5.000%, 10/01/31 10/22 at 100.00   A2     3,887,356  
  1,570   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 (WI/DD, Settling 11/10/16) 10/24 at 102.00   N/R     1,748,760  
  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     598,650  
  1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured 1/19 at 100.00   BBB–     2,061,272  
  51,855   Total North Carolina           58,970,220  
      North Dakota – 0.3% (0.2% of Total Investments)              
  675   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) 7/22 at 100.00   N/R (4)     811,013  
  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+     7,324,514  
  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     2,064,000  
  8,650   Total North Dakota           10,199,527  


 

NUVEEN 53




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Ohio – 6.7% (4.3% of Total Investments)              
      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   $ 5,093,552  
  16,425   5.125%, 6/01/24 6/17 at 100.00   Caa1     15,569,257  
  14,305   5.875%, 6/01/30 6/17 at 100.00   Caa1     13,556,133  
  11,785   5.750%, 6/01/34 6/17 at 100.00   Caa1     11,046,434  
  8,645   6.000%, 6/01/42 6/17 at 100.00   B–     8,293,667  
  2,345   6.500%, 6/01/47 6/17 at 100.00   B–     2,321,784  
  18,640   5.875%, 6/01/47 6/17 at 100.00   B–     17,642,201  
  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     24,333,832  
      Butler County, Ohio,Hospital Facilities Revenue Bonds, UC Health, Series 2010:              
  7,125   5.250%, 11/01/29 11/20 at 100.00   A     8,159,550  
  1,000   5.750%, 11/01/40 11/20 at 100.00   A     1,158,710  
  5,000   5.500%, 11/01/40 11/20 at 100.00   A     5,743,250  
  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     5,224,057  
  760   Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 7/21 at 100.00   BBB–     837,360  
      JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A:              
  1,000   5.000%, 1/01/38 1/23 at 100.00   Aa3     1,144,480  
  16,820   5.000%, 1/01/38 (UB) (5) 1/23 at 100.00   Aa3     19,250,154  
      JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052:              
  1,315   15.641%, 1/01/38 (IF) (5) 1/23 at 100.00   AA     2,074,965  
  625   15.641%, 1/01/38 (IF) (5) 1/23 at 100.00   AA     986,200  
  975   15.641%, 1/01/38 (IF) (5) 1/23 at 100.00   AA     1,538,472  
  265   15.532%, 1/01/38 (IF) (5) 1/23 at 100.00   AA     416,978  
  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     9,453,237  
  1,400   Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40 12/20 at 100.00   Caa1     1,350,132  
  7,495   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 11/21 at 100.00   Aa3     8,937,038  
  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     1,112,340  
  3,480   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 1/17 at 100.00   BBB+     3,488,874  
  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     2,159,840  
  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   B1     2,953,980  
  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   BBB–     1,972,404  
  3,750   Ohio Higher Educational Facilities Commission,Revenue Bonds, University Hospitals Health System Inc., Tender Option Bond Trust 2015-XF2176, 13.534%, 1/15/46 – AMBAC Insured (IF) 1/17 at 100.00   A2     3,821,850  
  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     1,137,330  
  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     4,958,043  
  2,450   Ohio Higher Educational Facility Commission, Revenue Bonds, Case Western Reserve University Project, Refunding Series 2016, 5.000%, 12/01/40 (WI/DD, Settling 11/30/16) 12/26 at 100.00   A1     2,856,896  


 

54 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Ohio (continued)              
$ 3,080   Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Refunding Series 2016A, 4.000%, 1/15/46 1/26 at 100.00   A   $ 3,176,897  
  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     1,347,492  
      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+     1,746,210  
  10,530   5.000%, 2/15/48 2/23 at 100.00   A+     11,858,570  
  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+     3,561,452  
  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–     1,785,366  
  135   Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17 12/16 at 100.00   Aa1     135,555  
  203,940   Total Ohio           212,204,542  
      Oklahoma – 1.4% (0.9% 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     2,381,600  
      Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Refunding Series 2015A:              
  1,000   5.000%, 8/15/26 8/25 at 100.00   AA–     1,234,340  
  1,750   5.000%, 8/15/28 8/25 at 100.00   AA–     2,126,758  
  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)     1,804,930  
      Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:              
  6,620   5.000%, 2/15/37 2/17 at 100.00   A2     6,689,245  
  1,290   5.000%, 2/15/42 2/17 at 100.00   A2     1,303,197  
      Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:              
  220   5.000%, 2/15/37 (Pre-refunded 2/15/17) 2/17 at 100.00   N/R (4)     222,726  
  45   5.000%, 2/15/42 (Pre-refunded 2/15/17) 2/17 at 100.00   N/R (4)     45,558  
  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     3,512,130  
  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     5,542,273  
      Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006:              
  2,705   5.000%, 12/15/36 (Pre-refunded 12/15/16) 12/16 at 100.00   AA+ (4)     2,717,605  
  15,315   5.000%, 12/15/36 (Pre-refunded 12/15/16) (UB) (5) 12/16 at 100.00   AA+ (4)     15,386,367  
  231   Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390, 7.989%, 12/15/36 (IF) (5) 12/16 at 100.00   AA+     232,957  
  40,836   Total Oklahoma           43,199,686  
      Oregon – 0.8% (0.5% of Total Investments)              
  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     2,453,400  
  3,500   Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2015D, 5.000%, 4/01/29 4/25 at 100.00   Aa2     4,288,375  
  5,940   Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 (WI/DD, Settling 11/10/16) 6/26 at 100.00   A1     6,782,827  
  9,500   Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A, 5.000%, 5/15/46 (WI/DD, Settling 11/01/16) 5/26 at 100.00   A+     10,824,775  
  20,940   Total Oregon           24,349,377  


 

NUVEEN 55




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

 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Pennsylvania – 4.1% (2.7% 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   $ 1,101,232  
  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+     2,213,480  
  1,960   Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 5/21 at 100.00   A1     2,271,405  
  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)     3,046,735  
  1,980   Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 3/17 at 100.00   BBB–     1,988,257  
  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+     109,866  
  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)     998,703  
  4,550   Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A, 4.000%, 6/01/32 6/26 at 100.00   A2     4,877,418  
  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)     1,097,190  
      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)     347,213  
  1,670   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)     1,812,017  
  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     547,108  
      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     2,972,646  
  11,000   0.000%, 12/01/38 No Opt. Call   A     5,040,750  
  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     6,130,886  
  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)     1,927,754  
  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     3,799,274  
  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     259,099  
  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)     468,428  
  6,250   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006A, 4.350%, 10/01/31 (Alternative Minimum Tax) (UB) (5) 1/17 at 100.00   AA+     6,256,625  
  5,130   Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 (Pre-refunded 12/01/16) – AGM Insured 12/16 at 100.00   A2 (4)     5,144,980  
  5,250   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds,Series 2010A, 5.500%, 12/01/34 12/20 at 100.00   A2     6,004,477  
  16,750   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) 12/27 at 100.00   A–     20,721,927  
  4,305   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 6/25 at 100.00   A     4,892,848  
  2,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 2014A-1, 5.000%, 12/01/38 12/24 at 100.00   A–     2,275,940  
  14,500   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured 6/26 at 100.00   A2     18,806,355  


 

56 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Pennsylvania (continued)              
$ 6,250   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45 12/25 at 100.00   A–   $ 7,010,062  
  5,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46 12/25 at 100.00   A3     5,603,950  
  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)     1,809,735  
  1,425   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 8/20 at 100.00   A–     1,677,880  
  2,350   Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.500%, 8/01/20 No Opt. Call   A–     2,587,467  
  6,000   Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Series 2016, 5.000%, 8/15/42 – BAM Insured 8/25 at 100.00   AA     6,880,860  
  122,970   Total Pennsylvania           130,682,567  
      Puerto Rico – 0.4% (0.2% of Total Investments)              
  4,300   Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 1/17 at 100.00   A2     4,433,730  
  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     803,768  
      Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:              
  14,000   0.000%, 8/01/42 – FGIC Insured No Opt. Call   C     3,355,520  
  23,890   0.000%, 8/01/54 – AMBAC Insured No Opt. Call   C     2,636,023  
  42,990   Total Puerto Rico           11,229,041  
      Rhode Island – 0.6% (0.4% 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+     8,462,643  
  2,005   Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, University of Rhode Island Auxiliary Enterprise, Refunding Series 2016B, 5.000%, 9/15/30 9/26 at 100.00   A+     2,404,155  
  3,150   Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/34 5/26 at 100.00   BBB+     3,611,507  
  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+     3,300,119  
  47,355   Total Rhode Island           17,778,424  
      South Carolina – 3.1% (2.0% of Total Investments)              
  2,500   Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2011A, 5.000%, 2/01/41 2/21 at 100.00   AA+     2,840,850  
  750   Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning, South Carolina, Revenue Bonds, Wofford College, Series 2007A, 4.500%, 4/01/30 (Pre-refunded 4/01/17) 4/17 at 100.00   A– (4)     761,850  
  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–     2,150,889  
  6,180   Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/41 5/26 at 100.00   A1     7,128,877  
      Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:              
  21,565   0.000%, 1/01/30 – AMBAC Insured No Opt. Call   A–     14,280,559  
  1,250   0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A3     806,750  
  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     1,896,299  
  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+     1,051,225  
  9,000   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/55 6/25 at 100.00   A1     10,135,350  


 

NUVEEN 57




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      South Carolina (continued)              
      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   $ 14,849,958  
  8,830   5.000%, 12/01/46 12/24 at 100.00   A1     10,116,354  
  5,500   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 12/23 at 100.00   A1     6,389,735  
  3,455   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00   A1     4,075,380  
  14,765   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 12/25 at 100.00   A1     17,427,572  
  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+     5,655,800  
  96,065   Total South Carolina           99,567,448  
      South Dakota – 0.2% (0.1% 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     1,396,005  
  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+     1,641,449  
  2,185   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A+     2,496,887  
  1,000   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured 8/18 at 100.00   AA+ (4)     1,079,710  
  5,945   Total South Dakota           6,614,051  
      Tennessee – 1.4% (0.9% of Total Investments)              
  9,460   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+     10,556,698  
  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+     3,505,219  
  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)     151,598  
  6,100   Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40 (Pre-refunded 1/01/17) 1/17 at 31.68   A (4)     1,918,328  
      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     3,407,070  
  3,200   5.000%, 11/01/24 11/21 at 100.00   Baa1     3,640,704  
  3,400   5.000%, 11/01/25 11/21 at 100.00   Baa1     3,846,114  
  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     618,599  
  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)     11,145,400  
  4,000   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26 No Opt. Call   BBB+     4,910,480  
  42,970   Total Tennessee           43,700,210  
      Texas – 18.1% (11.7% 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 1/17 at 100.00   Ba1     4,296,178  
  3,040   Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (Alternative Minimum Tax) 11/24 at 100.00   A     3,429,728  
  13,705   Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) 11/25 at 100.00   AA–     15,931,514  


 

58 NUVEEN




  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Texas (continued)              
$ 5,000   Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 5.000%, 11/15/43 5/23 at 100.00   AA–   $ 5,792,150  
  1,000   Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 5.000%, 7/10/37 – BAM Insured 7/23 at 100.00   A2     1,135,970  
  15,000   Board of Regents of the University of Texas System, Revenue Financing System Bonds, Series 2016F, 5.000%, 8/15/47 (UB) No Opt. Call   AAA     20,524,200  
  13,875   Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2006F, 4.250%, 8/15/36 (Pre-refunded 2/15/17) 2/17 at 100.00   AAA     14,017,774  
  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     111,166  
  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     160,975  
      Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012:              
  1,000   5.000%, 7/01/28 7/22 at 100.00   A2     1,166,950  
  1,000   5.000%, 7/01/29 7/22 at 100.00   A2     1,161,980  
  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     6,218,300  
      Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A:              
  765   5.000%, 1/01/43 1/23 at 100.00   Baa2     844,629  
  1,100   5.000%, 1/01/43 – AGM Insured 1/23 at 100.00   A2     1,223,629  
  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)     1,428,913  
      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)     1,193,370  
  3,380   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)     4,067,796  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:              
  2,600   5.000%, 1/01/35 7/25 at 100.00   Baa2     2,964,338  
  1,000   5.000%, 1/01/40 7/25 at 100.00   Baa2     1,133,640  
  2,035   5.000%, 1/01/45 7/25 at 100.00   Baa2     2,290,555  
  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     1,199,260  
  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     2,825,075  
  2,770   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax) No Opt. Call   A     3,088,079  
  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     9,116,874  
  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     3,932,985  
  10,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax) No Opt. Call   A     11,123,400  
  9,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax) No Opt. Call   A     10,078,290  
  200   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 9/24 at 100.00   BB+     214,186  
  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     1,811,788  
  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     6,784,077  
  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+     10,569,168  


 

NUVEEN 59




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


 

  Principal     Optional Call            
  Amount (000)   Description (1) Provisions (2)   Ratings (3)     Value  
      Texas (continued)              
$ 4,105   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 16.059%, 4/01/53 (IF) 10/23 at 100.00   AA–   $ 6,714,877  
  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     3,122,593  
      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     4,011,709  
  1,895   4.000%, 12/01/45 6/25 at 100.00   AA     1,990,508  
  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     1,812,773  
  3,070   Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 (Pre-refunded 2/15/17) – NPFG Insured 2/17 at 100.00   AA+ (4)     3,110,524  
  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     603,265  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:              
  510   0.000%, 11/15/41 – AGM Insured 11/31 at 62.66   A2     181,509  
  1,020   0.000%, 11/15/42 – AGM Insured 11/31 at 59.73   A2     345,556  
  1,255   0.000%, 11/15/43 – AGM Insured 11/31 at 56.93   A2     402,943  
  3,305   0.000%, 11/15/44 – AGM Insured 11/31 at 54.25   A2     1,012,652  
  4,460   0.000%, 11/15/45 – AGM Insured 11/31 at 51.48   A2     1,294,738  
  6,500   0.000%, 11/15/47 – AGM Insured 11/31 at 46.45   A2     1,697,800  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:              
  150   0.000%, 11/15/24 – NPFG Insured No Opt. Call   A3     114,570  
  4,440   0.000%, 11/15/29 – NPFG Insured No Opt. Call   A3     2,795,424  
  730   0.000%, 11/15/30 – NPFG Insured No Opt. Call   A3     440,540  
  7,570   0.000%, 11/15/31 – NPFG Insured No Opt. Call   A3     4,342,303  
  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     686,064  
  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–     1,176,360  
  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     2,143,212  
  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     3,081,420  
  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   B1     426,022  
  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)     4,186,282  
  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     230,885  
  3,500   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 No Opt. Call   AA     4,044,670  
  4,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 11/21 at 100.00   AA     4,623,320  
  225   Houston, Texas, General Obligation Bonds, Series 2007A, 5.000%, 3/01/32 – NPFG Insured 3/17 at 100.00   A3     228,022  
  875   Houston, Texas, General Obligation Bonds, Series 2007A, 5.000%, 3/01/32 (Pre-refunded 3/01/17) – NPFG Insured 3/17 at 100.00   A3 (4)     887,600  


 

60 NUVEEN




 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Texas (continued)            
      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   $ 2,537,405  
  4,130   0.000%, 9/01/26 – AMBAC Insured No Opt. Call A2     3,139,419  
  3,130   0.000%, 9/01/30 – AMBAC Insured No Opt. Call A–     2,036,378  
  12,030   0.000%, 9/01/31 – AMBAC Insured No Opt. Call A–     7,365,367  
  12,030   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured (ETM) No Opt. Call AA+ (4)     10,912,413  
  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+     4,214,808  
  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)     1,056,970  
      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     8,697,600  
  2,275   5.000%, 8/15/40 8/25 at 100.00 AAA     2,677,971  
  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     67,153  
  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)     1,550,160  
  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     5,357,472  
  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     11,345,929  
  2,000   McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 6.125%, 12/01/38 12/25 at 100.00 Ba2     2,300,400  
  5,000   Midland Independent School District, Midland County, Texas, General Obligation Bonds, School Building Series 2007, 5.000%, 2/15/32 (Pre-refunded 2/15/17) 2/17 at 100.00 AAA     5,062,400  
  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–     1,279,139  
  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     1,919,170  
      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–     4,217,838  
  8,470   0.000%, 9/01/45 (7) 9/31 at 100.00 AA–     9,624,292  
  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–     2,357,600  
  205   North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 1/19 at 100.00 A     225,539  
  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)     996,574  
  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     8,943,410  
      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     152,305  
  270   5.750%, 1/01/40 – BHAC Insured 1/18 at 100.00 A1     283,603  
  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)     1,184,030  

 

NUVEEN 61


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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Texas (continued)            
      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)   $ 570,872  
  415   5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured 1/18 at 100.00 A1 (4)     438,726  
  835   5.750%, 1/01/40 (Pre-refunded 1/01/18) – BHAC Insured 1/18 at 100.00 A1 (4)     882,737  
  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     11,754,985  
  1,380   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2016A, 5.000%, 1/01/27 1/24 at 100.00 A     1,657,145  
  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)     11,232,431  
      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–     15,560,311  
  1,770   5.000%, 1/01/34 1/25 at 100.00 A–     2,055,253  
  11,000   Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 7.060%, 2/15/32 (IF) 2/17 at 100.00 AA–     11,197,340  
  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)     3,699,850  
  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     1,067,160  
  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     137,880  
  4,375   Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XF0389, 8.531%, 11/15/47 (IF) (5) 11/17 at 100.00 AA     4,685,100  
  125   Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Tender Option Bond Trust 2016-XF0387, 15.772%, 2/15/36 (IF) (5) 2/17 at 100.00 AA     131,210  
  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     1,426,971  
      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)     412,915  
  4,445   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00 AA– (4)     5,170,157  
  1,370   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42 5/26 at 100.00 AA–     1,454,830  
  13,170   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Refunding Series 2007A, 5.000%, 2/15/36 (Pre-refunded 2/15/17) 2/17 at 100.00 AA (4)     13,333,571  
  22,630   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 2/17 at 100.00 AA     22,911,065  
  600   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Northwest Senior Housing-Edgemere Project, Series 2006A, 6.000%, 11/15/26 11/16 at 100.00 BBB     601,854  
  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+     799,351  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  5,910   5.000%, 12/15/23 No Opt. Call BBB     6,900,752  
  2,050   5.000%, 12/15/26 No Opt. Call BBB     2,345,467  
  1,000   5.000%, 12/15/27 No Opt. Call BBB     1,139,860  
  12,745   5.000%, 12/15/29 No Opt. Call BBB     14,357,880  
  2,000   5.000%, 12/15/31 No Opt. Call BBB     2,243,520  
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016:            
  7,470   5.000%, 12/31/50 (Alternative Minimum Tax) 12/25 at 100.00 Baa3     8,264,659  
  10,210   5.000%, 12/31/55 (Alternative Minimum Tax) 12/25 at 100.00 Baa3     11,205,067  

 

62 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Texas (continued)            
$ 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–   $ 1,884,433  
      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     1,177,830  
  1,000   7.000%, 6/30/40 6/20 at 100.00 Baa3     1,181,530  
      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–     1,656,121  
  4,040   6.750%, 6/30/43 (Alternative Minimum Tax) 9/23 at 100.00 BBB–     4,944,354  
  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)     1,033,760  
  2,985   Texas State, General Obligation Bonds, Series 2008, Trust 3213, 12.613%, 4/01/33 (IF) 4/17 at 100.00 Aaa     4,157,150  
  3,200   Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2007, 4.750%, 4/01/29 (Pre-refunded 4/01/17) 4/17 at 100.00 AAA     3,254,016  
  3,335   Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 2015-XF0075, 12.258%, 8/01/39 (IF) 8/19 at 100.00 AAA     4,352,075  
  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–     10,687,490  
      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–     3,856,855  
  4,710   5.000%, 8/15/37 8/24 at 100.00 A–     5,419,750  
      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     2,416,449  
  5,000   5.000%, 8/15/37 8/24 at 100.00 BBB     5,712,150  
  10,750   5.000%, 8/15/42 8/24 at 100.00 BBB     12,185,125  
      Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:            
  7,715   0.000%, 8/15/21 – AMBAC Insured No Opt. Call A–     7,088,156  
  9,980   0.000%, 8/15/23 – AMBAC Insured No Opt. Call A–     8,618,429  
  21,170   0.000%, 8/15/24 – AMBAC Insured No Opt. Call A–     17,522,832  
      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)     2,133,276  
  2,020   0.000%, 8/15/23 – AMBAC Insured (ETM) No Opt. Call A3 (4)     1,805,456  
  3,830   0.000%, 8/15/24 – AMBAC Insured (ETM) No Opt. Call A3 (4)     3,332,751  
  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     256,139  
  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)     1,111,983  
  3,000   Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17) 2/17 at 100.00 AAA     3,032,400  
  655   Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities Program 4/17 at 100.00 Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax)   CC     657,089  
      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     2,296,049  
  6,135   0.000%, 8/15/37 No Opt. Call AAA     2,284,490  
  578,450   Total Texas         576,747,480  

 

NUVEEN 63


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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Utah – 0.7% (0.5% 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+   $ 1,161,750  
  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+     2,251,680  
  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     6,574,428  
  4,110   Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 6/15/42 6/22 at 100.00 A+     4,638,793  
  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)     4,819,815  
  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)     3,201,150  
  20,405   Total Utah         22,647,616  
      Virginia – 1.9% (1.3% of Total Investments)            
  1,000   Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 1/17 at 100.00 B     982,460  
  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     413,890  
  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)     3,120,930  
  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) 4/17 at 100.00 AA+     1,013,380  
  2,400   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 No Opt. Call A–     2,753,256  
  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     5,188,770  
  5,000   Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39 10/20 at 100.00 A1     5,636,250  
  5,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured 10/26 at 100.00 A3     6,847,150  
  3,000   Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 5.000%, 11/01/46 11/22 at 100.00 A+     3,335,070  
  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–     5,639,820  
  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–     4,861,747  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  4,470   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00 BBB     5,216,579  
  14,930   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00 BBB     16,791,622  
  55,350   Total Virginia         61,800,924  
      Washington – 3.9% (2.5% of Total Investments)            
  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     10,943,387  
  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–     2,336,160  
  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     4,125,300  
  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     10,973,500  

 

64 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Washington (continued)            
$ 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)   $ 6,102,930  
  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)     1,887,076  
  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–     4,603,720  
  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     1,136,100  
  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     13,329,075  
  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     941,051  
  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)     1,315,302  
  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)     4,528,880  
  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 12/04/17) 12/17 at 100.00 N/R (4)     3,683,225  
  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     1,998,042  
  320   Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012, 5.000%, 1/01/48 No Opt. Call BBB–     336,010  
  2,000   Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Refunding Series 2009R-2010C, 5.000%, 1/01/17 No Opt. Call AA+     2,014,760  
  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+     5,613,624  
  11,050   Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured No Opt. Call AA+     10,607,447  
  3,350   Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured No Opt. Call AA+     3,312,212  
      Washington, General Obligation Compound Interest Bonds, Series 1999S-3:            
  17,650   0.000%, 1/01/20 No Opt. Call AA+     16,943,118  
  18,470   0.000%, 1/01/21 No Opt. Call AA+     17,380,085  
  121,135   Total Washington         124,111,004  
      West Virginia – 0.3% (0.2% 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 A3     2,147,961  
  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     1,049,040  
  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     8,113,000  
  9,965   Total West Virginia         11,310,001  
      Wisconsin – 2.1% (1.3% of Total Investments)            
  2,230   Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) 2/19 at 100.00 A3 (4)     2,476,839  
  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     966,680  
  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–     4,445,716  
  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     5,656,400  

 

NUVEEN 65


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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Wisconsin (continued)            
$ 8,675   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   $ 9,153,860  
  7,620   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2006A, 5.000%, 11/15/36 (Pre-refunded 11/15/16) 11/16 at 100.00 Aa2 (4)     7,632,725  
  600   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     620,802  
  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–     1,106,415  
  2,685   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–     2,713,891  
  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     4,845,010  
  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+     5,091,553  
  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+     3,098,342  
  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–     1,406,175  
  3,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 4.000%, 2/15/38 8/25 at 100.00 A3     3,143,790  
  6,745   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36 5/19 at 100.00 AA–     7,524,722  
  5,100   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37 (Pre-refunded 5/01/19) 5/19 at 100.00 AA– (4)     5,764,224  
  61,295   Total Wisconsin         65,647,144  
      Wyoming – 0.1% (0.1% of Total Investments)            
  4,750   Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) No Opt. Call BBB     4,767,290  
$ 4,818,028   Total Municipal Bonds (cost $4,359,394,139)         4,795,883,246  

 

  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)                  
$ 767   Las Vegas Monorail Company, Senior Interest Bonds, PIK, (11), (12) 5.500%   7/15/19   N/R   $ 467,714  
  204   Las Vegas Monorail Company, Senior Interest Bonds, (11), (12) 5.500%   7/15/55   N/R     101,797  
$ 971   Total Corporate Bonds (cost $87,037)               569,511  
                         
  Shares   Description (1), (13)               Value  
      INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments)                  
  8,812   BlackRock MuniHoldings Fund Inc.             $ 147,601  
  32,524   Invesco Quality Municipal Income Trust               426,064  
      Total Investment Companies (cost $530,611)               573,665  
      Total Long-Term Investments (cost $4,360,011,787)               4,797,026,422  

 

66 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      SHORT-TERM INVESTMENTS – 4.2% (2.7% of Total Investments)            
      MUNICIPAL BONDS – 4.2% (2.7% of Total Investments)            
      Illinois – 0.7% (0.4% 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, 0.880%, 12/01/49 (14) 12/24 at 100.00 A-1   $ 7,295,000  
  14,310   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds, Tender Option Bond Floater 2016-ZF0480, 0.660%, 7/01/17 No Opt. Call A-1     14,310,000  
  21,605   Total Illinois         21,605,000  
      Florida – 0.3% (0.2% of Total Investments)            
  10,000   Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Tender Option Bond Floater 2008-2539, 0.680%, 1/01/17 No Opt. Call Aa2     10,000,000  
      Ohio – 0.6% (0.4% of Total Investments)            
  16,070   Ohio State Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Variable Rate Demand Obligations, Series 2013-B1, 0.470%, 1/01/39 (14) 1/17 at 100.00 A-1+     16,070,000  
  3,060   Ohio State, General Obligation Bonds, Higher Education, Series 2015C, 2.000%, 11/01/16 No Opt. Call AA+     3,060,000  
  19,130   Total Ohio         19,130,000  
      New York – 2.0% (1.3% of Total Investments)            
  23,860   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Variable Rate Demand Obligations, Series 2008BB-1, 0.140%, 6/15/39 (14) 1/17 at 100.00 A-1     23,860,000  
  20,985   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Variable Rate Demand Obligations, Subordinate Fiscal 2014 Series A-4, 0.480%, 11/01/43 (14) 1/17 at 100.00 A-1     20,985,000  
  20,000   New York City, New York, General Obligation Bonds, Variable Rate Demand Obligations, Fiscal 2015 Series F-6, 0.520%, 6/01/44 (14) 1/17 at 100.00 A-1     20,000,000  
  64,845   Total New York         64,845,000  
      Texas – 0.5% (0.4% of Total Investments)            
  16,500   Rockwall Independent School District, Rockwall County, Texas, General Obligation Bonds, School Building Variable Rate Demand Obligation Series 2006, 0.600%, 8/01/37 (14) 1/17 at 100.00 A-1     16,500,000  
$ 132,080   Total Short-Term Investments (cost $132,080,000)         132,080,000  
      Total Investments (cost $4,492,091,787) – 155.1%         4,929,106,422  
      Floating Rate Obligations – (5.9)%         (187,169,000 ) 
      Variable Rate Demand Preferred Shares, at liquidation preference – (19.9)% (15)         (632,000,000 ) 
      Variable Rate MuniFund Term Preferred Shares, at liquidation preference – (30.0)% (16)         (952,500,000 ) 
      Other Assets Less Liabilities – 0.7% (17)         21,730,999  
      Net Assets Applicable to Common Shares – 100%       $ 3,179,168,421  

 

NUVEEN 67


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

Investments in Derivatives as of October 31, 2016

Interest Rate Swaps

 

                                        Variation        
          Fund         Fixed Rate       Optional         Margin     Unrealized  
      Notional   Pay/Receive   Floating Rate   Fixed Rate   Payment   Effective   Termination   Termination     Receivable/     Appreciation  
Counterparty     Amount Floating Rate   Index   (Annualized)   Frequency   Date (18)   Date   Date     (Payable)     (Depreciation)  
LCH. Clearnet Ltd*   $ 15,600,000   Receive   3-Month USD-LIBOR-ICE   2.560% Semi-Annually   1/13/17   12/13/25   1/13/31   $  (33,674 ) $  (1,380,160 )

 

* Citigroup Global Markets Inc. is the clearing broker for this transaction.

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(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. Ratings are not covered by the report of independent registered public accounting firm.
(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 is not accruing income for either senior interest corporate bond.
(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 Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 12.8%.
(16) Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 19.3%.
(17) 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.
(18) 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-LIBOR-ICE United States Dollar-London Inter-Bank Offered Rate-Intercontinental Exchange.
PIK All or a portion of this security is payment-in-kind.

 

See accompanying notes to financial statements.

 

68 NUVEEN


NEA    
  Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      LONG-TERM INVESTMENTS – 151.5% (98.7% of Total Investments)            
      MUNICIPAL BONDS – 151.4% (98.7% of Total Investments)            
      Alabama – 1.4% (0.9% of Total Investments)            
$ 12,000   Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/39 – BHAC Insured (UB) 1/17 at 100.00 AA–   $ 12,075,960  
  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–     4,823,495  
      Jefferson County, Alabama, General Obligation Warrants, Series 2004A:            
  1,395   5.000%, 4/01/22 – NPFG Insured 1/17 at 100.00 A3     1,395,684  
  1,040   5.000%, 4/01/23 – NPFG Insured 1/17 at 100.00 A3     1,040,374  
  25,890   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 No Opt. Call A3     32,650,656  
  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     4,994,570  
  49,475   Total Alabama         56,980,739  
      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 1/17 at 100.00 B3     16,722,886  
  16,570   5.000%, 6/01/46 1/17 at 100.00 B3     15,759,727  
  33,610   Total Alaska         32,482,613  
      Arizona – 2.1% (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 BBB+     1,610,964  
      Arizona State, Certificates of Participation, Series 2010A:            
  2,800   5.250%, 10/01/28 – AGM Insured 10/19 at 100.00 Aa3     3,110,184  
  3,500   5.000%, 10/01/29 – AGM Insured 10/19 at 100.00 Aa3     3,858,575  
  7,500   Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured 1/20 at 100.00 A1     8,252,400  
  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     8,282,145  
  10,000   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2016A, 5.000%, 1/01/38 (WI/DD, Settling 11/17/16) (UB) (5) 1/27 at 100.00 AA–     11,686,900  
  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+     11,976,257  
      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     8,772,263  
  10,000   5.500%, 7/01/40 – FGIC Insured No Opt. Call AA     13,633,900  
  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+     13,609,583  
  71,020   Total Arizona         84,793,171  
      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 1/17 at 100.00 N/R     4,600,448  
      California – 16.1% (10.5% 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+ (4)     3,651,445  

 

NUVEEN 69


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      California (continued)            
$ 22,880   Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 – NPFG Insured No Opt. Call A3   $ 13,430,789  
  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     3,256,757  
  15,870   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured No Opt. Call A2     14,894,471  
  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     2,280,277  
      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 (4)     2,752,575  
  2,500   5.625%, 4/01/44 (Pre-refunded 4/01/19) 4/19 at 100.00 Aa3 (4)     2,782,375  
      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     5,849,750  
  6,500   5.250%, 4/01/53 4/23 at 100.00 A1     7,668,505  
  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     11,485,600  
  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+     4,910,640  
      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–     1,871,415  
  1,350   0.000%, 8/01/33 2/25 at 100.00 AA–     1,116,518  
  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     8,054,383  
  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+ (4)     3,160,609  
  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     2,268,402  
  3,250   California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 5.000%, 5/01/22 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00 AA (4)     3,457,935  
  10,420   California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2008H, 2016U-7, 5.000%, 6/01/46 No Opt. Call AAA     14,641,871  
      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     2,853,984  
  5,890   0.000%, 10/01/24 – NPFG Insured No Opt. Call A2     5,016,690  
  7,615   0.000%, 10/01/25 – NPFG Insured No Opt. Call A2     6,251,458  
  1,350   0.000%, 10/01/39 – NPFG Insured No Opt. Call A2     603,396  
  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–     3,879,283  
      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     11,402,800  
  3,000   5.000%, 8/15/51 (UB) (5) 8/22 at 100.00 AA–     3,420,840  
  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–     2,844,627  
  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–     609,829  
  1,710   California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40 11/21 at 100.00 Aa3     1,932,813  

 

70 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      California (continued)            
      California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:            
$ 525   8.563%, 8/15/51 (IF) (5) 8/22 at 100.00 AA–   $ 672,294  
  1,285   8.563%, 8/15/51 (IF) (5) 8/22 at 100.00 AA–     1,645,520  
  485   8.557%, 8/15/51 (IF) (5) 8/22 at 100.00 AA–     620,950  
  5,355   California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.476%, 11/15/48 (IF) 5/18 at 100.00 AA–     7,261,434  
  2,330   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 7/20 at 100.00 Baa2     2,549,533  
  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+     3,457,488  
      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+ (4)     2,830,093  
  1,460   5.250%, 7/01/21 (Pre-refunded 7/01/19) 7/19 at 100.00 AA+ (4)     1,626,747  
  5   California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 1/17 at 100.00 AA–     5,017  
      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+ (4)     9,973,347  
  6,270   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00 AA+ (4)     6,426,813  
  20,000   California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 11/19 at 100.00 AA–     22,841,600  
      California State, General Obligation Bonds, Various Purpose Series 2010:            
  7,000   5.250%, 3/01/30 3/20 at 100.00 AA–     7,892,080  
  4,250   5.250%, 11/01/40 11/20 at 100.00 AA–     4,884,015  
  10,000   California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 10/21 at 100.00 AA–     11,546,500  
  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+     7,079,269  
  10,000   California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 8/20 at 100.00 AA–     11,691,500  
  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     3,190,050  
      California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:            
  3,895   5.500%, 7/01/30 (6) 1/17 at 100.00 CCC     3,867,735  
  5,000   5.500%, 7/01/35 (6) 1/17 at 100.00 CCC     4,966,750  
  6,000   5.250%, 7/01/39 (6) 1/17 at 100.00 CCC     5,961,840  
  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 A1 (4)     1,676,883  
  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     7,213,839  
  4,775   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – NPFG Insured (ETM) No Opt. Call A3 (4)     4,054,739  
  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 (4)     5,363,400  
  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     3,950,812  
  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     4,018,779  
  2,500   Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured 1/17 at 100.00 A     2,508,950  
  7,775   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured No Opt. Call BBB–     4,190,414  

 

NUVEEN 71


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  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   $ 774,383  
  3,350   5.750%, 1/15/46 1/24 at 100.00 Ba1     3,928,612  
  8,350   6.000%, 1/15/49 1/24 at 100.00 Ba1     9,908,444  
  30,000   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) (5) No Opt. Call AA+ (4)     28,393,800  
  3,120   Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured 3/17 at 100.00 A     3,158,688  
  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 A1     10,958,625  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  22,760   4.500%, 6/01/27 6/17 at 100.00 B3     22,814,396  
  14,725   5.000%, 6/01/33 6/17 at 100.00 B–     14,570,682  
  1,000   5.750%, 6/01/47 6/17 at 100.00 B–     991,550  
  2,850   5.125%, 6/01/47 6/17 at 100.00 B–     2,762,619  
  10,000   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37 6/22 at 100.00 B–     9,993,300  
  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     4,742,776  
  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–     2,992,950  
  3,040   Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured No Opt. Call AA     2,649,542  
  680   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     705,840  
  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     984,210  
  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+ (4)     5,163,000  
  395   Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM) 1/17 at 100.00 N/R (4)     396,386  
  995   Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM) 1/17 at 100.00 N/R (4)     999,030  
  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     2,721,022  
  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     11,456,300  
  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     1,830,250  
  10,335   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 8/35 at 100.00 AA     8,543,428  
  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+     7,668,925  
  835   Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM) 1/17 at 100.00 N/R (4)     943,408  
  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     7,923,918  
  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 (4)     4,325,875  
  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     1,715,800  

 

72 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      California (continued)            
      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   $ 3,943,009  
  5,000   7.400%, 8/01/25 – NPFG Insured No Opt. Call A3     6,151,200  
      Orange County Water District, California, Revenue Certificates of Participation, Series 2003B:            
  1,745   5.000%, 8/15/34 – NPFG Insured (ETM) No Opt. Call AAA     2,266,406  
  1,490   5.000%, 8/15/34 – NPFG Insured (ETM) No Opt. Call Aa1 (4)     1,917,719  
  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     703,790  
  920   Palmdale, California, Certificates of Participation, Park Improvement & Avenue Construction, Series 2002, 5.000%, 9/01/32 – NPFG Insured 1/17 at 100.00 A1     922,714  
  5,000   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 11/20 at 100.00 Ba1     5,562,850  
  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     1,655,300  
  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 A2 (4)     11,105,613  
  9,320   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, - 0.000%, 8/01/33 AGC Insured No Opt. Call A2     5,115,002  
      Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A:            
  1,420   5.000%, 9/01/25 9/17 at 100.00 N/R     1,437,196  
  435   5.100%, 9/01/30 9/17 at 100.00 N/R     440,107  
  5,805   Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) (5) No Opt. Call AA+ (4)     7,062,769  
  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     2,038,460  
  1,800   Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28 No Opt. Call A1     1,271,034  
  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     1,139,980  
  760   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44 6/23 at 100.00 BBB–     881,045  
  5,415   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+ (4)     6,516,140  
  2,250   San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 12/21 at 100.00 Ba2     2,728,125  
  1,830   San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.903%, 8/01/39 (IF) 8/19 at 100.00 AA–     2,730,817  
  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+     4,586,160  
      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–     12,076,923  
  32,725   5.000%, 1/15/50 1/25 at 100.00 BBB–     37,121,931  
  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–     6,134,556  
  10,000   San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured 1/17 at 100.00 BBB     10,038,600  
  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 BBB     12,821,536  
  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–     2,130,768  

 

NUVEEN 73


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      California (continued)            
$ 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   $ 4,156,159  
  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+     3,150,613  
  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     7,033,635  
      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     1,233,000  
  6,570   0.000%, 8/01/47 No Opt. Call A1     1,525,226  
  2,210   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23 1/17 at 100.00 B2     2,225,868  
  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     2,134,902  
  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 – AGM Insured 8/21 at 100.00 A2     4,751,994  
  675,815   Total California         651,047,334  
      Colorado – 7.5% (4.9% of Total Investments)            
  3,220   Adams and Weld Counties School District 27J, Brighton, Colorado, General Obligation Bonds, Series 2015, 5.000%, 12/01/40 12/25 at 100.00 AA–     3,784,627  
  1,085   Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, - 10/01/40 – SYNCORA GTY Insured 1/17 at 100.00 BBB–     1,087,268  
  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     1,433,425  
  115   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 12/23 at 100.00 BB     121,809  
  6,350   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 1/17 at 100.00 BBB+     6,367,208  
  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+     2,493,495  
  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+     5,579,650  
  7,500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 2016-XG0007, 13.524%, 10/01/41 – AGM Insured (IF), (5) 4/18 at 100.00 A–     9,092,250  
  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+     5,707,400  
  1,500   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     1,655,370  
  425   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 6/23 at 100.00 BBB+     490,501  
  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–     28,149,642  
  2,055   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42 5/17 at 100.00 A–     2,094,353  
  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+     3,326,180  
      Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005:            
  450   5.250%, 6/01/23 1/17 at 100.00 BBB+     451,512  
  175   5.000%, 6/01/29 1/17 at 100.00 BBB+     175,452  
  9,750   Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 – AGM Insured 8/26 at 100.00 A2     11,414,423  

 

74 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Colorado (continued)            
$ 11,140   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37 11/22 at 100.00 A+   $ 13,101,531  
  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     14,692,713  
      Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016:            
  3,000   5.000%, 12/01/34 (WI/DD, Settling 11/08/16) 12/26 at 100.00 BBB–     3,389,760  
  2,400   5.000%, 12/01/36 (WI/DD, Settling 11/08/16) 12/26 at 100.00 BBB–     2,700,936  
  530   5.000%, 12/01/40 (WI/DD, Settling 11/08/16) 12/26 at 100.00 BBB–     595,497  
  13,920   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured No Opt. Call BBB     12,684,878  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  6,200   0.000%, 9/01/22 – NPFG Insured No Opt. Call BBB     5,529,532  
  45,540   0.000%, 9/01/30 – NPFG Insured No Opt. Call BBB     29,307,267  
  16,635   0.000%, 9/01/32 – NPFG Insured No Opt. Call BBB     9,899,655  
  49,250   0.000%, 9/01/33 – NPFG Insured No Opt. Call BBB     28,130,122  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:            
  9,310   0.000%, 9/01/28 – NPFG Insured No Opt. Call BBB     6,553,961  
  2,900   0.000%, 9/01/34 – NPFG Insured No Opt. Call BBB     1,585,401  
  18,500   0.000%, 3/01/36 – NPFG Insured No Opt. Call BBB     9,467,930  
      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     2,273,274  
  13,300   0.000%, 9/01/31 – NPFG Insured 9/20 at 53.77 BBB     6,220,144  
  6,250   0.000%, 9/01/32 – NPFG Insured 9/20 at 50.83 BBB     2,758,500  
  10,000   0.000%, 3/01/36 – NPFG Insured 9/20 at 41.72 BBB     3,601,300  
  1,245   Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation Limited Tax and Revenue Bonds, Series 2016, 4.375%, 12/01/31 12/21 at 103.00 N/R     1,210,763  
  17,735   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00 BBB     19,980,251  
  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 BBB (4)     3,158,892  
  630   Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 6/20 at 100.00 A     709,657  
      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     17,401,650  
  4,150   6.000%, 1/15/41 7/20 at 100.00 Baa3     4,723,156  
  4,000   University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 11/22 at 100.00 AA–     4,576,520  
  14,500   University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 6/24 at 100.00 Aa2     16,762,000  
  360,645   Total Colorado         304,439,855  
      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–     1,923,554  
  8,485   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 5.000%, 7/01/45 7/25 at 100.00 A–     9,687,834  
  10,135   Total Connecticut         11,611,388  
      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     1,111,260  
  3,250   Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32 7/23 at 100.00 BBB–     3,504,410  

 

NUVEEN 75


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Delaware (continued)            
$ 9,070   Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 6/25 at 100.00 A1   $ 10,301,252  
  13,320   Total Delaware         14,916,922  
      District of Columbia – 1.8% (1.2% 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+     1,258,363  
  107,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 1/17 at 100.00 N/R     13,690,650  
  15,150   District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 - AMBAC Insured (7) 4/21 at 100.00 A3     15,438,759  
  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+     13,297,846  
  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     3,279,290  
      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 1/17 at 100.00 A     15,038,850  
  11,200   4.500%, 10/01/30 – AMBAC Insured 1/17 at 100.00 AA+     11,234,160  
  168,560   Total District of Columbia         73,237,918  
      Florida – 8.4% (5.5% of Total Investments)            
  450   Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured No Opt. Call A3     451,926  
  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–     2,896,936  
  255   Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM) No Opt. Call Baa1 (4)     255,533  
  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 (4)     2,139,571  
  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+ (4)     2,165,940  
  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     12,677,060  
  2,830   City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 9/25 at 100.00 AA–     3,254,387  
      Clay County, Florida, Utility System Revenue Bonds, Refunding Series 2007:            
  1,500   5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB) 11/17 at 100.00 AA (4)     1,564,185  
  3,000   5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB) 11/17 at 100.00 AA (4)     3,128,370  
  3,010   Cocoa, Florida, Water and Sewerage System Revenue Bonds, Refunding Series 2003, 5.500%, 10/01/23 – AMBAC Insured No Opt. Call AA     3,516,914  
  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–     4,151,946  
      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     10,141,354  
  4,280   5.625%, 4/01/43 4/23 at 100.00 Baa1     4,958,294  
      Florida Municipal Loan Council, Revenue Bonds, Series 2000B:            
  1,040   0.000%, 11/01/25 – NPFG Insured No Opt. Call A3     798,450  
  1,590   0.000%, 11/01/26 – NPFG Insured No Opt. Call A3     1,175,487  
  2,500   Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 16.332%, 6/01/38 – AGC Insured (IF) (5) 6/18 at 101.00 AAA     3,221,050  
  14,985   Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 – FGIC Insured (UB) 1/17 at 100.00 AA     15,036,099  

 

76 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Florida (continued)            
$ 5,000   Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Refunding Series 2008A, 5.000%, 7/01/35 No Opt. Call AA   $ 5,180,600  
  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     1,620,210  
  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 BBB+ (4)     2,219,226  
      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+     6,579,931  
  12,885   5.000%, 10/01/44 10/24 at 100.00 A+     14,776,647  
  400   Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 10/22 at 100.00 A+     468,588  
  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     1,766,324  
  2,500   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 11/24 at 100.00 A2     2,791,375  
  4,000   Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 - NPFG Insured 4/17 at 100.00 A2     4,057,520  
      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     4,361,764  
  19,145   5.000%, 2/01/44 – AGM Insured 2/24 at 100.00 A1     21,876,991  
  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 A     1,413,180  
  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–     8,529,538  
  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     11,234,500  
  1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 10/24 at 100.00 A     1,166,810  
  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     5,591,450  
  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     8,472,300  
      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     3,411,720  
  2,500   5.000%, 10/01/27 10/20 at 100.00 A     2,840,025  
  4,000   5.000%, 10/01/35 – AGM Insured 10/20 at 100.00 A2     4,479,880  
  15,660   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 10/26 at 100.00 A     18,299,650  
  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 (4)     4,316,400  
  1,850   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 10/22 at 100.00 A2     2,099,602  
      Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012:            
  5,500   5.000%, 7/01/31 No Opt. Call A1     6,421,470  
  3,000   5.000%, 7/01/42 7/22 at 100.00 A1     3,445,050  
  11,300   Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured 7/18 at 100.00 A1     11,981,164  
  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+     6,623,671  
  1,665   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26 10/19 at 100.00 A     1,827,321  

 

NUVEEN 77


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Florida (continued)            
$ 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   $ 805,628  
  8,475   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45 10/26 at 100.00 A     8,830,865  
  10,170   Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured No Opt. Call AA–     10,516,085  
  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     4,152,400  
  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     308,410  
  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– (4)     3,097,020  
  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     4,438,560  
      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 (4)     5,142,200  
  4,700   5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00 A3 (4)     4,833,668  
  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 (4)     469,809  
  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     48,297  
  1,635   Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured 5/18 at 100.00 A3     1,685,374  
  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– (4)     2,713,079  
  6,625   South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/33 5/25 at 100.00 Aa3     7,037,009  
  3,500   South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/37 8/17 at 100.00 AA–     3,585,295  
  2,455   South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5) 8/17 at 100.00 AA–     2,513,257  
  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 (4)     1,305,396  
  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+ (4)     5,392,100  
      Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995:            
  1,025   5.750%, 10/01/20 – NPFG Insured No Opt. Call AA–     1,109,727  
  2,785   5.750%, 10/01/25 – NPFG Insured No Opt. Call AA–     3,348,238  
  3,300   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 5/22 at 100.00 Aa2     3,756,720  
  9,720   Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 No Opt. Call A     10,985,155  
  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–     1,713,825  
  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     2,253,780  
  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–     8,452,280  
  305,815   Total Florida         337,880,586  

 

78 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Georgia – 2.3% (1.5% 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   $ 7,678,916  
  7,230   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 1/22 at 100.00 AA–     8,217,184  
  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+     3,408,131  
      Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015:            
  3,400   5.000%, 11/01/33 5/25 at 100.00 A+     4,035,834  
  2,040   5.000%, 11/01/35 5/25 at 100.00 A+     2,406,119  
  5,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured No Opt. Call A+     6,039,000  
  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     1,657,340  
  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–     2,278,240  
  3,000   East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A, 5.000%, 2/01/30 – SYNCORA GTY Insured 1/17 at 100.00 N/R     3,004,170  
  10,000   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45 2/41 at 100.00 AA–     10,922,300  
  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–     15,159,997  
  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     9,094,070  
  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     3,215,204  
  1,350   Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured No Opt. Call AA+     1,732,131  
  2,500   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured 8/18 at 100.00 BB+     2,706,400  
  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     9,181,717  
  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–     2,895,223  
  82,450   Total Georgia         93,631,976  
      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–     4,616,423  
      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+     312,532  
  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     4,475,627  
  4,500   Total Hawaii         4,788,159  
      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–     2,321,338  
  2,780   Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 1/17 at 100.00 A1     2,816,362  
  4,890   Total Idaho         5,137,700  

 

NUVEEN 79


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Illinois – 20.7% (13.5% 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   $ 2,656,783  
  4,000   0.000%, 1/01/34 – FGIC Insured No Opt. Call A2     2,144,320  
  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     2,616,776  
  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     12,176,159  
  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     1,833,731  
  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+     9,521,745  
      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+     17,119,228  
  1,000   5.500%, 12/01/26 – FGIC Insured No Opt. Call B+     1,151,220  
  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     3,886,645  
  5,785   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 12/21 at 100.00 A1     6,391,442  
  9,285   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 No Opt. Call AA     10,574,501  
  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     2,338,906  
  13,100   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 1/20 at 100.00 A2     14,463,448  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  32,170   0.000%, 1/01/21 – FGIC Insured No Opt. Call BBB–     27,913,909  
  32,670   0.000%, 1/01/22 – FGIC Insured No Opt. Call BBB–     27,232,078  
  22,670   0.000%, 1/01/25 – FGIC Insured No Opt. Call BBB–     16,464,541  
  820   Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured 12/16 at 100.00 BBB–     822,878  
  5,540   Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured 1/18 at 100.00 BBB     5,717,557  
  5,000   Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 1/22 at 100.00 Ba1     5,205,000  
  4,735   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 A+     5,279,004  
  4,865   Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured No Opt. Call Aa2 (4)     4,476,092  
  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     2,287,166  
  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 (4)     3,420,115  
      Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A:            
  3,500   5.250%, 11/15/22 11/20 at 100.00 A2     3,941,945  
  12,425   5.250%, 11/15/33 11/20 at 100.00 A2     13,461,121  
      DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:            
  8,000   0.000%, 11/01/18 No Opt. Call AAA     7,770,320  
  15,285   0.000%, 11/01/19 No Opt. Call AAA     14,583,571  
  13,720   Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured No Opt. Call Aa3     13,685,426  
  8,140   Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured (ETM) No Opt. Call Aa3 (4)     8,129,662  

 

80 NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Illinois (continued)            
$ 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   $ 5,886,059  
  5,020   Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42 No Opt. Call AA     5,581,587  
  4,200   Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 9/22 at 100.00 BBB     4,539,990  
      Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:            
  8,750   5.000%, 9/01/39 9/24 at 100.00 BBB     9,620,013  
  11,030   5.000%, 9/01/42 9/24 at 100.00 BBB     12,102,998  
  1,500   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 11/19 at 100.00 Aa2     1,693,290  
  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 A+     2,123,360  
  3,040   Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured 2/18 at 100.00 A     3,173,699  
  1,750   Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26 No Opt. Call AA–     1,774,973  
  2,910   Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 5/22 at 100.00 Baa1     3,118,181  
  6,000   Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 4/19 at 100.00 A1     6,489,960  
  20,000   Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/46 6/26 at 100.00 A3     22,519,600  
  3,000   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 4.000%, 8/15/33 No Opt. Call Aa2     3,196,020  
  1,100   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076, 15.930%, 8/15/43 (IF) 8/22 at 100.00 Aa2     1,596,408  
  1,930   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 5/20 at 100.00 A     2,195,664  
  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 (4)     4,045,570  
  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 (4)     2,070,726  
  8,540   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 11/25 at 100.00 A     9,698,707  
      Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C:            
  3,995   5.000%, 2/15/36 2/27 at 100.00 BBB–     4,398,096  
  1,000   5.000%, 2/15/41 2/27 at 100.00 BBB–     1,091,990  
  27,135   4.000%, 2/15/41 2/27 at 100.00 BBB–     26,012,968  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  85   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00 N/R (4)     100,224  
  8,400   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00 BBB– (4)     9,945,180  
  2,215   Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 7/23 at 100.00 A–     2,636,559  
      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 (4)     217,915  
  2,995   5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00 A2 (4)     3,183,685  
      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+     2,415,937  
  8,645   5.500%, 8/15/30 8/18 at 100.00 BBB+     9,079,325  
  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     4,602,214  

 

NUVEEN 81


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Illinois (continued)            
$ 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   $ 9,433,171  
  1,000   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) 2/21 at 100.00 AA– (4)     1,182,320  
  2,500   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5) 2/21 at 100.00 AA–     2,955,800  
  15,510   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00 AA–     17,132,501  
  5,245   Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.642%, 7/01/46 (IF) (5) 7/17 at 100.00 AA–     5,539,035  
  4,930   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     4,977,032  
  3,540   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25 11/16 at 100.00 Baa3     3,547,009  
  2,670   Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A, 6.250%, 4/01/18 – AGM Insured (ETM) No Opt. Call AA (4)     2,799,575  
  2,010   Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 No Opt. Call Aa2     2,100,108  
  6,500   Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured 2/17 at 100.00 A1 (4)     6,570,200  
  5,000   Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/39 2/24 at 100.00 BBB     5,181,000  
  11,050   Illinois State , General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured No Opt. Call BBB+     13,179,335  
      Illinois State, General Obligation Bonds, May Series 2014:            
  1,700   5.000%, 5/01/36 5/24 at 100.00 BBB     1,771,179  
  5,420   5.000%, 5/01/39 5/24 at 100.00 BBB     5,622,329  
  3,510   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 (WI/DD, Settling 11/02/16) 2/27 at 100.00 BBB     3,816,599  
  10,000   Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured 1/20 at 100.00 BBB+     10,724,700  
  2,515   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24 8/22 at 100.00 BBB     2,718,765  
  2,000   Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 9/18 at 100.00 BBB     2,053,440  
      Illinois State, General Obligation Bonds, Series 2012A:            
  2,500   5.000%, 3/01/25 3/22 at 100.00 BBB     2,678,650  
  4,500   5.000%, 3/01/27 3/22 at 100.00 BBB     4,766,850  
  1,620   Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 7/23 at 100.00 BBB     1,772,766  
  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–     5,747,429  
      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–     9,230,800  
  6,500   5.000%, 1/01/39 1/24 at 100.00 AA–     7,490,860  
  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–     11,611,762  
  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–     10,243,769  
  1,115   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.850%, 1/01/38 (IF) 1/23 at 100.00 AA–     1,751,576  
      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     3,049,863  
  1,740   0.000%, 11/01/21 – AGM Insured No Opt. Call A2     1,547,521  

 

82 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Illinois (continued)            
$ 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   $ 4,637,834  
      Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:            
  855   5.250%, 1/01/25 (8) 1/17 at 100.00 D     256,415  
  1,750   5.250%, 1/01/30 (8) 1/17 at 100.00 D     524,825  
  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     5,530,250  
  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     16,030,986  
  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     2,670,158  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 (UB) (5) 6/22 at 100.00 BBB–     5,298,250  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53 12/25 at 100.00 BBB–     5,686,600  
  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–     16,603,324  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:            
  33,000   0.000%, 6/15/45 – AGM Insured No Opt. Call BBB     9,168,720  
  5,355   0.000%, 6/15/46 – AGM Insured No Opt. Call BBB     1,418,593  
      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     8,936,298  
  16,570   0.000%, 12/15/20 – NPFG Insured No Opt. Call BBB     14,627,665  
  5,010   0.000%, 12/15/21 – NPFG Insured No Opt. Call BBB     4,257,398  
  23,920   0.000%, 12/15/22 – NPFG Insured No Opt. Call BBB     19,548,142  
  13,350   0.000%, 12/15/24 – NPFG Insured No Opt. Call BBB     9,960,034  
  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     5,874,996  
  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 (4)     6,161,610  
  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–     2,436,528  
      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     7,316,400  
  8,000   0.000%, 6/15/26 – NPFG Insured (7) 6/22 at 101.00 BBB     8,903,520  
  5,725   0.000%, 6/15/27 – NPFG Insured (7) 6/22 at 101.00 BBB     6,331,793  
  3,700   0.000%, 6/15/30 – NPFG Insured No Opt. Call BBB     2,054,684  
  28,000   0.000%, 12/15/35 – AGM Insured No Opt. Call BBB     12,079,760  
  3,280   0.000%, 6/15/37 – NPFG Insured No Opt. Call BBB     1,300,914  
  11,715   0.000%, 12/15/38 – NPFG Insured No Opt. Call BBB     4,325,412  
  10,650   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM) No Opt. Call AA+ (4)     13,923,916  
      Midlothian, Illinois, General Obligation Bonds, Series 2010A:            
  2,685   5.000%, 2/01/30 – AGM Insured 2/20 at 100.00 AA     2,823,680  
  2,080   5.250%, 2/01/34 – AGM Insured 2/20 at 100.00 AA     2,205,237  
  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 Aa3     21,721,518  
  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     3,155,968  

 

NUVEEN 83


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Illinois (continued)            
$ 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   $ 5,575,144  
  3,000   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 (Pre-refunded 3/01/17) – NPFG Insured 3/17 at 100.00 A3 (4)     3,042,900  
      Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015:            
  2,000   5.000%, 3/01/18 No Opt. Call A3     2,101,380  
  2,250   5.000%, 3/01/29 3/25 at 100.00 A3     2,654,370  
  7,000   5.000%, 3/01/31 3/25 at 100.00 A3     8,109,080  
  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     3,004,971  
  2,000   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.250%, 10/01/38 10/23 at 100.00 A3     2,408,080  
  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     3,948,769  
  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     2,206,183  
  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 (4)     708,724  
  1,895   Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 – AGM Insured 12/20 at 100.00 A2     2,249,119  
  876,970   Total Illinois         835,352,279  
      Indiana – 4.7% (3.0% of Total Investments)            
  5,000   Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2006A, 5.000%, 7/15/26 (Pre-refunded 1/15/17) – AGM Insured 1/17 at 100.00 AA+ (4)     5,043,550  
  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     6,749,880  
  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     8,720,617  
      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     5,169,200  
  5,420      5.000%, 5/01/42 5/23 at 100.00 A     6,064,330  
      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–     3,958,654  
  1,875   4.000%, 12/01/40 6/25 at 100.00 AA–     1,965,225  
  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 BBB–     1,568,460  
  8,630   Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana Obligated Group, Series 2012, 5.000%, 3/01/41 No Opt. Call A+     9,432,158  
      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     6,973,912  
  10,000   5.250%, 12/01/38 (UB) (5) 12/19 at 100.00 AA–     11,087,300  
  2,500   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37 12/20 at 100.00 AA–     2,820,925  
  16,115   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     18,831,344  
  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     5,721,700  
  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     5,760,650  

 

84 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Indiana (continued)            
$ 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   $ 15,246,013  
  4,320   Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM) 1/17 at 100.00 AA– (4)     4,336,891  
      Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007:            
  1,545   5.500%, 3/01/37 (Pre-refunded 3/01/17) 3/17 at 100.00 N/R (4)     1,569,813  
  1,455   5.500%, 3/01/37 (Pre-refunded 3/01/17) 3/17 at 100.00 A+ (4)     1,472,707  
  16,080   Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 7/26 at 100.00 A+     18,643,634  
  10,810   Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured 1/17 at 100.00 A1 (4)     10,887,292  
  3,000   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 1/01/31 No Opt. Call A+     3,393,300  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:            
  9,255   0.000%, 2/01/25 – AMBAC Insured No Opt. Call A     7,706,453  
  9,560   0.000%, 2/01/26 – AMBAC Insured No Opt. Call A     7,701,345  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:            
  3,000   5.500%, 1/01/38 – AGC Insured 1/19 at 100.00 AA     3,294,030  
  5,000   5.500%, 1/01/38 – AGC Insured (UB) 1/19 at 100.00 A2     5,490,050  
  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 (4)     2,060,460  
  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     4,530,953  
  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 (4)     520,965  
  1,580   Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured No Opt. Call A2     1,210,912  
  175,260   Total Indiana         187,932,723  
      Iowa – 2.1% (1.4% 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 (4)     4,581,200  
      Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:            
  5,000   5.000%, 12/01/19 No Opt. Call B–     5,142,650  
  7,255   5.500%, 12/01/22 12/18 at 100.00 B–     7,360,560  
  16,130   5.250%, 12/01/25 12/23 at 100.00 B–     16,873,109  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  13,950   5.375%, 6/01/38 1/17 at 100.00 B2     13,948,884  
  12,830   5.500%, 6/01/42 1/17 at 100.00 B2     12,829,102  
  5,675   5.625%, 6/01/46 1/17 at 100.00 B2     5,614,164  
  16,100   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 6/17 at 100.00 B2     16,178,246  
      Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016:            
  700   5.000%, 12/01/36 12/26 at 100.00 BBB+     798,126  
  2,000   5.000%, 12/01/41 12/26 at 100.00 BBB+     2,265,700  
  83,640   Total Iowa         85,591,741  
      Kansas – 0.2% (0.2% of Total Investments)            
  630   Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 – AMBAC Insured 1/17 at 100.00 A+     635,468  
  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     2,214,180  

 

NUVEEN 85


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Kansas (continued)            
$ 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   $ 3,499,200  
  3,125   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 1/17 at 100.00 BB+     3,130,219  
  30   Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 (Pre-refunded 12/01/16) 12/16 at 76.41 A- (4)     22,907  
  8,785   Total Kansas         9,501,974  
      Kentucky – 1.4% (0.9% of Total Investments)            
  6,010   Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured No Opt. Call A3     4,120,516  
  4,300   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     4,866,181  
  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     2,148,000  
  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     1,060,060  
      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 (4)     1,138,830  
  3,900   5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured 9/17 at 100.00 A3 (4)     4,037,670  
      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     4,264,150  
  8,610   0.000%, 7/01/46 (7) 7/31 at 100.00 Baa3     7,367,577  
      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     3,077,437  
  430   6.000%, 7/01/53 7/23 at 100.00 Baa3     505,964  
  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     5,233,752  
  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 A–     3,281,814  
  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 (4)     11,570,479  
  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     4,805,434  
  56,580   Total Kentucky         57,477,864  
      Louisiana – 2.1% (1.4% 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     9,092,657  
  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 (4)     799,558  
  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     5,659,550  
  1,695   Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship 7/26 at 100.00 A3     1,928,741  
      Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 5.000%, 7/01/46            

 

86 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Louisiana (continued)            
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016:            
$ 5,350   4.000%, 5/15/35 5/26 at 100.00 Baa1   $ 5,629,645  
  5,885   4.000%, 5/15/41 5/26 at 100.00 Baa1     6,124,225  
  2,000   5.000%, 5/15/47 5/26 at 100.00 Baa1     2,259,460  
  1,960   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 5/17 at 100.00 Baa1     1,998,318  
  745   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17) 5/17 at 100.00 N/R (4)     764,303  
  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 Baa1 (4)     7,173,700  
  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     15,352,079  
  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     5,560,800  
  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–     13,559,400  
  6,280   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 6/24 at 100.00 A–     7,171,823  
  1,355   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 12/25 at 100.00 A–     1,558,575  
  75,490   Total Louisiana         84,632,834  
      Maine – 0.2% (0.1% of Total Investments)            
  1,010   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     1,107,202  
  5,250   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00 Baa3     5,775,525  
  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     1,175,580  
  7,310   Total Maine         8,058,307  
      Maryland – 0.3% (0.2% of Total Investments)            
  3,730   Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured 1/17 at 100.00 BB     3,740,034  
  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     1,163,450  
  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–     3,950,660  
  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 (4)     2,730,607  
  2,000   Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 5.000%, 12/01/44 6/25 at 100.00 AA–     2,326,980  
  12,805   Total Maryland         13,911,731  
      Massachusetts – 2.9% (1.9% 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 (4)     1,040,888  
  2,385   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00 AAA     2,559,296  
  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     6,140,145  
  14,375   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 1/20 at 100.00 A3     15,863,962  
  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–     1,441,388  

 

NUVEEN 87


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Massachusetts (continued)            
$ 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–   $ 1,449,505  
  930   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 No Opt. Call BBB     1,028,701  
      Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N:            
  1,235   5.000%, 12/01/41 12/26 at 100.00 A     1,447,926  
  3,000   5.000%, 12/01/46 12/26 at 100.00 A     3,505,860  
      Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:            
  8,800   5.000%, 1/01/45 1/25 at 100.00 Baa2     9,836,200  
  2,070   4.500%, 1/01/45 1/25 at 100.00 Baa2     2,220,406  
  2,700   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00 A2     3,123,495  
      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     1,560,683  
  1,545   5.000%, 9/01/45 9/25 at 100.00 BBB     1,739,716  
  3,000   Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured No Opt. Call A+     4,191,780  
  4,500   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39 7/19 at 100.00 AA–     4,929,975  
  3,335   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 12.264%, 7/01/34 (IF) 7/19 at 100.00 AA–     4,335,300  
  6,725   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 (Pre-refunded 12/19/16) – AGC Insured 12/16 at 100.00 A3 (4)     6,747,798  
  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- (4)     535,335  
  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–     1,986,498  
  900   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 7/21 at 100.00 A3     1,000,485  
  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     7,959,708  
      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 (4)     3,345,119  
  15   5.000%, 8/15/37 (Pre-refunded 8/15/17) – AMBAC Insured 8/17 at 100.00 Aa2 (4)     15,509  
  3,335   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2015-XF2187, 12.279%, 8/15/37 – AGM Insured (IF) (5) 8/17 at 100.00 Aa2     3,674,570  
  7,500   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2016-XF2223, 8.632%, 8/15/24 (IF) 8/22 at 100.00 Aa2     10,526,100  
  5,120   Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 (Pre-refunded 2/01/17) – AGM Insured 2/17 at 100.00 AA+ (4)     5,169,050  
  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+     9,205,658  
  500   Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured 11/20 at 100.00 A3     567,830  
  102,925   Total Massachusetts         117,148,886  
      Michigan – 4.3% (2.8% 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–     5,964,903  
  4,250   Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23 (Pre-refunded 3/01/17) 3/17 at 103.00 AA (4)     4,427,650  

 

88 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Michigan (continued)            
$ 7,000   Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.250%, 11/01/35 (Pre-refunded 3/01/17) 3/17 at 103.00 AA (4)   $ 7,313,460  
  2,830   Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured No Opt. Call A3     3,515,086  
  10,000   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 7/21 at 100.00 A–     10,986,300  
      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     7,009,513  
  7,955   0.000%, 12/01/22 No Opt. Call AAA     7,104,054  
  8,260   0.000%, 12/01/23 No Opt. Call AAA     7,202,968  
  8,575   0.000%, 12/01/24 No Opt. Call AAA     7,293,981  
  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–     11,540,000  
  17,460   Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2016A, 5.000%, 7/01/46 7/26 at 100.00 A–     19,852,369  
  2,000   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     2,208,360  
  1,200   Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 1/17 at 100.00 BB     1,194,024  
  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     460,983  
  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–     1,429,532  
  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–     11,517,746  
  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 (4)     41,577  
  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–     3,466,320  
  1,315   Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 1/22 at 100.00 BBB     1,417,741  
      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+     20,210,790  
  1,615   5.000%, 4/15/38 10/25 at 100.00 A+     1,884,947  
  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 (4)     12,939,313  
  2,045   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 12/16 at 100.00 AA–     2,051,626  
  455   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) 12/16 at 100.00 Aa2 (4)     456,611  
  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–     2,198,780  
  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     4,691,983  
  5,780   Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 No Opt. Call A1     6,463,427  
  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 (4)     2,866,625  
  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     2,609,281  
  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–     2,536,182  
  160,360   Total Michigan         172,856,132  

 

NUVEEN 89


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Minnesota – 0.8% (0.5% 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+   $ 281,913  
  4,005   City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, Series 2016, 5.000%, 10/01/41 10/24 at 102.00 N/R     4,170,126  
  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     2,100,670  
  5,000   Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007, 5.250%, 5/01/37 5/17 at 100.00 Baa1     5,082,700  
  2,580   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 1/01/17 – NPFG Insured (ETM) No Opt. Call A3 (4)     2,598,473  
  1,535   Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/47 10/26 at 100.00 A2     1,796,257  
  2,350   Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 4.000%, 2/01/42 2/25 at 100.00 A1     2,481,788  
  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–     4,157,244  
      St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A:            
  580   5.000%, 11/15/21 No Opt. Call BB+     669,018  
  550   5.250%, 11/15/35 11/20 at 100.00 BB+     601,447  
  3,595   5.000%, 11/15/40 11/25 at 100.00 BB+     4,025,969  
  4,315   5.000%, 11/15/44 11/25 at 100.00 BB+     4,818,086  
  31,155   Total Minnesota         32,783,691  
      Mississippi – 0.3% (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 4/17 at 100.00 Baa3     10,051,760  
  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 (4)     4,020,765  
  13,560   Total Mississippi         14,072,525  
      Missouri – 2.1% (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     2,959,747  
      Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2016:            
  2,470   4.000%, 8/01/33 8/26 at 100.00 Baa1     2,593,055  
  4,590   5.000%, 8/01/35 8/26 at 100.00 Baa1     5,299,981  
  5,140   4.000%, 8/01/38 8/26 at 100.00 Baa1     5,322,573  
      Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:            
  8,150   0.000%, 4/15/27 – AMBAC Insured No Opt. Call A1     6,052,353  
  5,000   0.000%, 4/15/31 – AMBAC Insured No Opt. Call A1     3,184,650  
  1,500   Kansas City School District, Missouri, Certificates of Participation, Series 2016, 3.000%, 4/01/32 4/26 at 100.00 A     1,433,670  
  550   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 No Opt. Call A3     592,174  
  1,000   Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016, 4.000%, 11/15/33 5/26 at 100.00 A+     1,081,120  
  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     13,353,088  
  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     19,374,270  
  1,305   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/33 (WI/DD, Settling 11/04/16) 2/26 at 100.00 BBB+     1,478,748  

 

90 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Missouri (continued)            
$ 7,085   Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/40 6/26 at 100.00 A2   $ 8,257,426  
  3,000   Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/32 (Pre-refunded 1/01/17) – AMBAC Insured 1/17 at 100.00 AA+ (4)     3,021,900  
      Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A:            
  7,300   5.000%, 12/15/31 (Pre-refunded 12/15/16) 12/16 at 100.00 A2 (4)     7,338,106  
  2,830   5.000%, 12/15/31 (Pre-refunded 12/15/16) – NPFG Insured 12/16 at 100.00 A2 (4)     2,841,886  
  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–     255,781  
  82,010   Total Missouri         84,440,528  
      Nebraska – 1.4% (0.9% 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+     2,934,112  
      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–     792,302  
  1,400   5.000%, 11/01/48 11/25 at 100.00 A–     1,582,728  
  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 No Opt. Call A–     2,503,964  
  4,000   Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 9/22 at 100.00 AA     4,721,880  
  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 (4)     5,428,863  
  11,690   Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured 2/17 at 100.00 A2     11,793,223  
  5,130   Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43 (Pre-refunded 2/01/17) 2/17 at 100.00 AA (4)     5,185,404  
  10,000   Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 2/01/42 2/22 at 100.00 AA     11,444,800  
  1,915   Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 2016-XF2219, 18.353%, 2/01/49 – BHAC Insured (IF) 2/17 at 100.00 A+     2,910,762  
  8,000   Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured 1/17 at 100.00 BBB+ (4)     8,056,880  
  53,025   Total Nebraska         57,354,918  
      Nevada – 5.9% (3.8% 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 (4)     3,335,070  
  3,540   Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2010D, 5.000%, 7/01/24 No Opt. Call AA–     3,952,021  
  2,600   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 - AGM Insured 7/19 at 100.00 A1     2,851,290  
  27,000   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009: 1/20 at 100.00 A+     30,670,110  
  3,520   5.000%, 6/01/27 6/19 at 100.00 AA     3,859,539  
  3,695   5.000%, 6/01/28 6/19 at 100.00 AA     4,051,420  
  3,880   5.000%, 6/01/29 6/19 at 100.00 AA     4,237,620  
      Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B:            
  4,915   5.000%, 7/01/25 1/20 at 100.00 AA     5,495,167  
  4,160   5.000%, 7/01/26 1/20 at 100.00 AA     4,646,928  
      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 A1     13,565,458  
  35,860   5.250%, 7/01/42 1/20 at 100.00 A+     39,638,927  

 

NUVEEN 91


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Nevada (continued)            
      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   $ 2,423,602  
  1,525   4.000%, 9/01/27 9/26 at 100.00 N/R     1,587,464  
  2,660   4.000%, 9/01/29 9/26 at 100.00 N/R     2,739,667  
  2,920   4.000%, 9/01/30 9/26 at 100.00 N/R     2,995,307  
      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     6,019,150  
  10,000   5.000%, 6/01/33 12/24 at 100.00 AA     11,989,200  
  7,170   5.000%, 6/01/39 12/24 at 100.00 Aa1     8,474,438  
  11,915   Las Vegas Valley Water District, Nevada, General Obligation Bonds Series 2015, 5.000%, 6/01/39 (UB) 12/24 at 100.00 AA     14,082,696  
      Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond Trust 2015-XF0233:            
  1,000   16.055%, 6/01/39 (IF) 12/24 at 100.00 AA     1,727,720  
  1,250   16.153%, 6/01/39 (IF) 12/24 at 100.00 AA     2,159,650  
  1,250   16.153%, 6/01/39 (IF) 12/24 at 100.00 AA     2,159,650  
  2,500   16.153%, 6/01/39 (IF) 12/24 at 100.00 AA     4,319,300  
  3,995   16.244%, 6/01/39 (IF) 12/24 at 100.00 AA     6,900,404  
  10,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38 6/21 at 100.00 AA     11,417,400  
  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     4,727,915  
  3,760   Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured 6/24 at 49.90 A3     1,339,237  
  5,380   Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 7/17 at 100.00 A3     5,493,249  
  20,000   Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 – BHAC Insured (UB) (5) 7/17 at 100.00 A3     20,469,600  
  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     9,745,421  
  209,700   Total Nevada         237,074,620  
      New Hampshire – 0.2% (0.1% 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 (4)     9,166,880  
      New Jersey – 6.6% (4.3% of Total Investments)            
      New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:            
  2,675   5.000%, 7/01/22 – NPFG Insured 1/17 at 100.00 A3     2,743,320  
  4,445   5.000%, 7/01/23 – NPFG Insured 1/17 at 100.00 A3     4,558,525  
  1,200   5.000%, 7/01/29 – NPFG Insured 1/17 at 100.00 A3     1,230,648  
  6,050   5.250%, 7/01/33 – NPFG Insured 1/17 at 100.00 A3     6,216,436  
      New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG:            
  4,000   5.000%, 9/01/22 3/21 at 100.00 BBB+     4,353,760  
  6,975   5.000%, 9/01/24 3/21 at 100.00 BBB+     7,548,415  
  3,300   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/25 3/23 at 100.00 BBB+     3,679,335  
  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+     2,112,072  
  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+     841,975  

 

92 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      New Jersey (continued)            
$ 10,970   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 (WI/DD, Settling 11/02/16) 7/26 at 100.00 A+   $ 12,614,513  
  18,400   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/37 1/17 at 35.47 A+     6,483,608  
  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     788,158  
      New Jersey Transportation Trust Fund Authority, Federal Highway REimbursement Revenue Notes, Series 2016A-1&2:            
  3,050   5.000%, 6/15/28 (WI/DD, Settling 11/02/16) 6/26 at 100.00 A3     3,419,630  
  7,795   5.000%, 6/15/29 (WI/DD, Settling 11/02/16) 6/26 at 100.00 A3     8,713,251  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A:            
  5,000   0.000%, 12/15/26 No Opt. Call BBB+     3,422,050  
  16,495   0.000%, 12/15/33 No Opt. Call BBB+     7,615,741  
  3,425   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 No Opt. Call BBB+     3,810,175  
      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+     1,409,674  
  10,000   0.000%, 12/15/30 – FGIC Insured No Opt. Call A3     5,824,200  
  38,000   0.000%, 12/15/33 – AGM Insured No Opt. Call A–     19,014,440  
  45,000   0.000%, 12/15/35 – AMBAC Insured No Opt. Call BBB+     20,154,150  
  10,000   0.000%, 12/15/36 – AMBAC Insured No Opt. Call BBB+     4,252,400  
  4,500   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured No Opt. Call A–     4,872,060  
  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     10,874,115  
  5,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 No Opt. Call BBB+     5,648,450  
  2,310   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 6/21 at 100.00 BBB+     2,593,483  
  9,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38 No Opt. Call BBB+     9,697,500  
  6,400   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 No Opt. Call BBB+     6,885,824  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA:            
  5,500   5.000%, 6/15/29 6/23 at 100.00 BBB+     6,076,675  
  7,500   5.500%, 6/15/39 6/23 at 100.00 BBB+     8,426,625  
  4,200   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 4.750%, 6/15/38 6/25 at 100.00 BBB+     4,481,316  
  5,065   New Jersey Turnpike Authority, Revenue Bonds, Growth and Income Securities, Series 2004B, 5.150%, 1/01/35 (Pre-refunded 1/01/17) – AMBAC Insured 1/17 at 100.00 A2 (4)     5,102,886  
  14,000   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured No Opt. Call A2     17,779,720  
  5,000   New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36 1/19 at 100.00 A2     5,381,600  
  1,315   New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.996%, 1/01/43 (IF) (5) 7/22 at 100.00 A     2,051,702  
  3,000   Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured No Opt. Call Aa3     2,397,300  
      Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L:            
  2,000   5.000%, 5/01/38 5/23 at 100.00 A+     2,336,120  
  910   5.000%, 5/01/43 5/23 at 100.00 A+     1,055,764  

 

NUVEEN 93


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      New Jersey (continued)            
      Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:            
$ 1,425   4.500%, 6/01/23 6/17 at 100.00 BB   $ 1,445,249  
  1,785   4.625%, 6/01/26 6/17 at 100.00 B+     1,793,390  
  14,255   5.000%, 6/01/29 6/17 at 100.00 B     14,256,283  
  14,425   4.750%, 6/01/34 6/17 at 100.00 B–     13,897,910  
  8,000   5.000%, 6/01/41 6/17 at 100.00 B–     7,535,840  
  328,120   Total New Jersey         265,396,288  
      New Mexico – 0.1% (0.0% of Total Investments)            
  2,725   Rio Rancho, New Mexico, Water and Wastewater System Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured 5/19 at 100.00 A2     2,985,238  
      New York – 7.1% (4.6% 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–     11,343,327  
  7,000   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 No Opt. Call BBB–     2,018,170  
  510   Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program, Gateway-Longview Inc., Series 1998A, 5.500%, 7/01/18 – AMBAC Insured 1/17 at 100.00 N/R     511,428  
  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     3,466,530  
  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 (4)     8,510,696  
  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–     14,534,209  
  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–     3,695,104  
  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–     4,634,400  
  10,000   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2016A Group A, 5.000%, 2/15/37 8/26 at 100.00 Aa1     11,880,300  
      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     3,975,586  
  10,115   5.250%, 2/15/47 2/21 at 100.00 A     11,564,682  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:            
  4,330   5.000%, 2/15/47 – FGIC Insured 2/17 at 100.00 A     4,381,960  
  13,150   4.500%, 2/15/47 – NPFG Insured 2/17 at 100.00 A2     13,292,020  
      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–     1,114,430  
  780   5.000%, 9/01/44 9/24 at 100.00 A–     899,324  
  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–     8,084,256  
  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–     17,304,449  
  2,500   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26 11/22 at 100.00 A     2,996,175  
  1,858   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 (Pre-refunded 11/15/16) – AGM Insured (UB) 11/16 at 100.00 AA (4)     1,860,887  
  11,742   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB) 11/16 at 100.00 AA     11,759,395  
  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     4,102,035  

 

94 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      New York (continued)            
$ 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–   $ 1,140,740  
  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+     2,435,454  
  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 No Opt. Call AA+     4,862,660  
  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+     8,387,864  
  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     5,863,450  
  10   New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 1/17 at 100.00 AA–     10,041  
  5   New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 1/17 at 100.00 AA     5,023  
      New York City, New York, General Obligation Bonds, Fiscal Series 2002G:            
  10   5.000%, 8/01/17 1/17 at 100.00 AA     10,037  
  80   5.750%, 8/01/18 1/17 at 100.00 AA     80,346  
  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     26,997,308  
  6,385   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51 No Opt. Call A     7,497,075  
  10,000   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 No Opt. Call BBB+     12,678,500  
  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, 12.456%, 6/15/26 (IF) (5) 6/22 at 100.00 AAA     6,425,280  
  50   New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured 11/16 at 100.00 A2     50,153  
  8,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.000%, 1/01/51 (UB) (5) 1/26 at 100.00 A–     9,170,080  
  10,000   New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2007B, 5.000%, 3/15/37 (Pre-refunded 3/15/17) 3/17 at 100.00 Aa1 (4)     10,161,200  
  2,105   Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 7/22 at 100.00 N/R (4)     2,536,820  
  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–     4,647,789  
      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     9,742,810  
  3,710   6.000%, 12/01/42 12/20 at 100.00 BBB     4,304,861  
  9,950   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Tender Option Bond Trust 2016-XL0003, 6.674%, 11/15/21 (IF) (5) No Opt. Call AA–     12,598,690  
  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–     5,780,900  
      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+     6,811,984  
  1,105   0.000%, 11/15/32 No Opt. Call A+     675,022  
  259,915   Total New York         284,803,450  
      North Carolina – 1.2% (0.8% of Total Investments)            
  3,555   Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2016-XL0012, 12.369%, 7/01/38 (IF) (5) 7/20 at 100.00 AAA     4,924,030  

 

NUVEEN 95


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      North Carolina (continued)            
$ 1,775   Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.764%, 1/15/47 (IF) (5) 1/18 at 100.00 AA–   $ 2,043,415  
  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– (4)     5,829,831  
  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–     1,125,270  
  9,485   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015B, 5.000%, 10/01/55 (UB) (5) 10/25 at 100.00 AA+     11,137,572  
  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 (4)     3,922,052  
  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     5,695,050  
  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+     1,639,800  
      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     3,773,022  
  1,500   5.000%, 10/01/38 10/22 at 100.00 A2     1,706,355  
  1,495   North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17) (UB) 10/17 at 100.00 N/R (4)     1,546,951  
  2,505   North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (UB) 10/17 at 100.00 AA–     2,571,984  
  1,310   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 (WI/DD, Settling 11/10/16) 10/24 at 102.00 N/R     1,435,354  
  1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured 1/19 at 100.00 BBB–     2,061,272  
  43,390   Total North Carolina         49,411,958  
      North Dakota – 0.4% (0.2% 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 (4)     5,910,936  
      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+     1,783,080  
  3,910   6.250%, 11/01/31 11/21 at 100.00 A+     4,694,893  
  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     1,112,278  
  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     851,787  
  12,925   Total North Dakota         14,352,974  
      Ohio – 8.6% (5.6% of Total Investments)            
  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     351,149  
      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     734,448  
  860   4.000%, 5/01/33 5/22 at 100.00 A2     899,749  
  800   5.000%, 5/01/42 5/22 at 100.00 A2     893,896  
  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 (4)     9,937,981  
  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     623,971  

 

96 NUVEEN


  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   $ 4,515,526  
  29,190   5.125%, 6/01/24 6/17 at 100.00 Caa1     27,669,201  
  9,665   5.875%, 6/01/30 6/17 at 100.00 Caa1     9,159,037  
  37,175   5.750%, 6/01/34 6/17 at 100.00 Caa1     34,845,243  
  8,590   6.000%, 6/01/42 6/17 at 100.00 B–     8,240,902  
  1,500   6.500%, 6/01/47 6/17 at 100.00 B–     1,485,150  
  22,450   5.875%, 6/01/47 6/17 at 100.00 B–     21,248,251  
  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     14,232,996  
  6,000   Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29 11/20 at 100.00 A     6,871,200  
  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     20,056,815  
  10,000   Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Series 2006, 4.250%, 12/01/32 (Pre-refunded 12/01/16) – AGM Insured 12/16 at 100.00 AA (4)     10,029,800  
  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     6,509,643  
  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     1,630,604  
  6,345   Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 11/21 at 100.00 Aa2     7,072,454  
  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     10,859,800  
  4,200   Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & Improvement Series 2016, 5.000%, 1/01/46 1/26 at 100.00 BBB–     4,571,574  
  7,775   Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 (Pre-refunded 12/01/16) – AMBAC Insured 12/16 at 100.00 A1 (4)     7,797,470  
  4,605   Hamilton County, Ohio, Sales Tax Revenue Bonds, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured (UB) (5) 12/16 at 100.00 A1     4,618,308  
      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     7,919,802  
  14,850   5.000%, 1/01/38 (UB) (5) 1/23 at 100.00 AA     16,995,528  
      JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052:            
  875   15.641%, 1/01/38 (IF) (5) 1/23 at 100.00 AA     1,380,680  
  1,050   15.641%, 1/01/38 (IF) (5) 1/23 at 100.00 AA     1,656,816  
  2,305   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 11/21 at 100.00 Aa3     2,748,482  
  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     7,670,160  
  5,990   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 1/17 at 100.00 BBB+     6,005,275  
  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+     24,471,300  
  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 BBB–     6,026,790  
  2,550   Ohio Higher Educational Facility Commission, Revenue Bonds, Case Western Reserve University Project, Refunding Series 2016, 5.000%, 12/01/40 (WI/DD, Settling 11/30/16) 12/26 at 100.00 A1     2,973,504  
  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–     8,172,375  

 

NUVEEN 97


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Ohio (continued)            
$ 6,000   Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Refunding Series 2016A, 5.000%, 1/15/46 1/26 at 100.00 A   $ 6,898,860  
  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+     21,977,208  
  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+     7,247,698  
      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     153,098  
  130   6.000%, 12/01/42 12/22 at 100.00 BB     148,009  
  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     5,294,484  
  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     3,800,946  
  329,975   Total Ohio         346,396,183  
      Oklahoma – 0.5% (0.4% 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– (4)     1,804,930  
      Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:            
  2,600   5.000%, 2/15/37 2/17 at 100.00 A2     2,627,196  
  2,210   5.000%, 2/15/42 2/17 at 100.00 A2     2,232,608  
      Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:            
  140   5.000%, 2/15/37 (Pre-refunded 2/15/17) 2/17 at 100.00 N/R (4)     141,735  
  75   5.000%, 2/15/42 (Pre-refunded 2/15/17) 2/17 at 100.00 N/R (4)     75,929  
  9,435   Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 (Pre-refunded 1/01/17) – FGIC Insured 1/17 at 100.00 A2 (4)     9,494,629  
      Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390:            
  5,460   Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) (5) 12/16 at 100.00 Aa2     5,485,443  
  99   Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390, 7.989%, 12/15/36 (IF) (5) 12/16 at 100.00 Aa2     99,839  
  21,694   Total Oklahoma         21,962,309  
      Oregon – 0.9% (0.6% of Total Investments)            
  4,010   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     4,645,505  
  7,420   Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 (WI/DD, Settling 11/10/16) 6/26 at 100.00 A1     8,472,824  
  8,500   Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A, 5.000%, 10/01/35 (WI/DD, Settling 11/16/16) 10/26 at 100.00 BBB+     9,666,795  
  1,500   Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32 No Opt. Call AA–     1,742,520  
  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     10,704,093  
  30,320   Total Oregon         35,231,737  
      Pennsylvania – 5.3% (3.5% 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+     1,383,863  
  3,000   5.625%, 8/15/39 8/19 at 100.00 A+     3,325,380  

 

98 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Pennsylvania (continued)            
      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   $ 2,797,344  
  3,125   0.000%, 5/15/23 – AGM Insured No Opt. Call A2     2,712,437  
  3,135   0.000%, 5/15/24 – AGM Insured No Opt. Call A2     2,643,745  
  3,155   0.000%, 5/15/26 – AGM Insured No Opt. Call A2     2,487,875  
  4,145   0.000%, 11/15/26 – AGM Insured No Opt. Call A2     3,223,235  
  2,800   0.000%, 5/15/28 – AGM Insured No Opt. Call A2     2,049,600  
  3,000   0.000%, 11/15/28 – AGM Insured No Opt. Call A2     2,153,610  
  500   Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 3/17 at 100.00 BBB–     502,085  
  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     7,686,280  
  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     2,398,153  
  1,880   Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19 1/17 at 100.00 Ba1     1,887,088  
  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     3,883,145  
  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     1,338,550  
  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     4,257,640  
      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     2,712,237  
  5,180   0.000%, 12/01/32 No Opt. Call A     2,999,997  
  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     10,573,640  
  50   Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 – FGIC Insured No Opt. Call A3     50,221  
  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 (4)     1,204,122  
  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     5,538,300  
  6,575   Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke’s University Health Network Project, Refunding Series 2016A, 4.000%, 8/15/40 8/26 at 100.00 A–     6,732,734  
  630   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23, PIK (5), (9) 1/17 at 100.00 N/R     282,585  
  45   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23, PIK (5), (9) 1/17 at 100.00 N/R     20,007  
  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     1,662,617  
  13,125   Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 (Pre-refunded 12/01/16) – AGM Insured 12/16 at 100.00 A2 (4)     13,163,325  
  6,975   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 12/20 at 100.00 A2     7,977,377  
  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     2,230,160  
  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     3,553,779  

 

NUVEEN 99


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Pennsylvania (continued)            
$ 16,805   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) 12/27 at 100.00 A–   $ 20,789,970  
  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     4,656,178  
  2,620  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45
12/25 at 100.00 A1     2,995,787  
      Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1:            
  6,385   5.000%, 12/01/41 6/26 at 100.00 A1     7,349,710  
  5,135   5.000%, 12/01/46 6/26 at 100.00 A1     5,883,426  
  19,250   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured 6/26 at 100.00 A2     24,967,057  
  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 (4)     30,368,372  
  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     559,181  
  1,425   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 8/20 at 100.00 A–     1,677,880  
  3,410   Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM) No Opt. Call A1 (4)     4,379,940  
  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     3,818,790  
  1,125   Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured 12/21 at 100.00 AA     1,290,904  
  1,930   Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 No Opt. Call BB+     1,948,740  
  198,875   Total Pennsylvania         214,117,066  
      Puerto Rico – 0.7% (0.4% of Total Investments)            
  625   Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/25 – NPFG Insured 1/17 at 100.00 C     632,925  
  1,000   Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – NPFG Insured No Opt. Call C     1,083,840  
  1,305   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/23 – NPFG Insured No Opt. Call A3     1,441,151  
  1,000   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured No Opt. Call CC     1,058,730  
  4,300   Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 1/17 at 100.00 A2     4,433,730  
  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     6,250,381  
      Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:            
  25,000   0.000%, 8/01/47 – AMBAC Insured No Opt. Call C     4,226,250  
  64,335   0.000%, 8/01/54 – AMBAC Insured No Opt. Call C     7,098,724  
  1,190   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured No Opt. Call A3     1,227,794  
  104,635   Total Puerto Rico         27,453,525  
      Rhode Island – 0.8% (0.5% 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+     9,827,370  
  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+     1,490,316  
  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+     19,072,177  
  212,915   Total Rhode Island         30,389,863  

 

100 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      South Carolina – 3.5% (2.3% of Total Investments)            
      Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006:            
$ 8,000   5.000%, 12/01/24 (Pre-refunded 12/01/16) 12/16 at 100.00 AA (4)   $ 8,028,560  
  1,955   5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured 12/16 at 100.00 AA (4)     1,961,979  
  6,820   Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/41 5/26 at 100.00 A1     7,867,143  
      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–     17,131,789  
  15,420   0.000%, 1/01/32 – AMBAC Insured No Opt. Call A–     9,407,279  
  4,610   Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, 5.000%, 1/01/47 1/26 at 100.00 A3     5,288,223  
  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+     450,525  
  3,000   South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/16 No Opt. Call A1     3,010,950  
  2,250   South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Refunding Series 2006C, 5.000%, 1/01/21 (Pre-refunded 1/01/17) – AGM Insured 1/17 at 100.00 A1 (4)     2,265,885  
  10,000   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/55 6/25 at 100.00 A1     11,261,500  
  9,850   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 12/24 at 100.00 A1     11,284,948  
  6,790   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 12/23 at 100.00 A1     7,888,418  
  17,240   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00 A1     20,335,614  
  20,035   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 12/25 at 100.00 A1     23,647,912  
  4,800   South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40 10/19 at 100.00 A     5,290,032  
  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     5,049,630  
  142,600   Total South Carolina         140,170,387  
      South Dakota – 0.5% (0.4% of Total Investments)            
  5,555   Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Refunding Series 2016, 5.000%, 11/01/46 11/26 at 100.00 BB     5,736,037  
  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     9,980,960  
  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+     1,697,663  
  3,260   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 11/25 at 100.00 A+     3,725,332  
  19,125   Total South Dakota         21,139,992  
      Tennessee – 1.1% (0.7% of Total Investments)            
  10,670   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00 BBB+     11,906,973  
  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     2,752,519  
  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 (4)     857,487  
  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+     2,262,765  

 

NUVEEN 101


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Tennessee (continued)            
$ 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 (4)   $ 202,130  
  5,000   Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2016, 5.000%, 9/01/36 (WI/DD, Settling 11/17/16) 9/26 at 100.00 BBB+     5,667,800  
      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     1,330,880  
  2,055   5.000%, 10/01/45 10/26 at 100.00 BBB     2,348,372  
      Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A:            
  7,440   5.000%, 7/01/40 7/26 at 100.00 A3     8,663,359  
  1,435   5.000%, 7/01/46 7/26 at 100.00 A3     1,659,233  
  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     6,427,380  
  39,265   Total Tennessee         44,078,898  
      Texas – 13.1% (8.5% of Total Investments)            
  14,615   Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) 11/25 at 100.00 AA–     16,989,353  
  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–     3,311,306  
  5,835   Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2006F, 4.250%, 8/15/36 (Pre-refunded 2/15/17) 2/17 at 100.00 AAA     5,895,042  
  1,000   Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34 7/17 at 100.00 A2     1,025,790  
  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     2,826,500  
  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     630,280  
  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     1,468,440  
      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 (4)     2,461,139  
  1,000   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00 Baa2 (4)     1,193,370  
  6,940   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00 Baa2 (4)     8,352,221  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:            
  4,380   5.000%, 1/01/40 7/25 at 100.00 Baa2     4,965,343  
  3,250   5.000%, 1/01/45 7/25 at 100.00 Baa2     3,658,135  
      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–     1,968,505  
  1,000   4.400%, 12/01/47 12/22 at 100.00 BBB–     1,022,560  
  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     2,268,250  
  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+ (4)     10,335,600  
  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     7,207,249  
  160   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 9/24 at 100.00 BB+     171,349  
  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     1,684,080  

 

102 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Texas (continued)            
      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+   $ 19,608,588  
  15,000   5.000%, 4/01/53 (UB) 10/23 at 100.00 AA+     17,383,500  
  6,610   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 16.059%, 4/01/53 (IF) 10/23 at 100.00 AA–     10,812,506  
      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     2,674,473  
  2,845   4.000%, 12/01/45 6/25 at 100.00 AA     2,988,388  
      Harris County Hospital District, Texas, Revenue Bonds, Series 2007A:            
  5,625   5.250%, 2/15/42 (Pre-refunded 2/15/17) – NPFG Insured 2/17 at 100.00 A2 (4)     5,699,250  
  12,070   5.250%, 2/15/42 (Pre-refunded 2/15/17) – NPFG Insured 2/17 at 100.00 AA+ (4)     12,229,324  
  4,040   Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Options Bond Trust 2015-XF2184, 13.017%, 8/15/28 – AGM Insured (IF) (5) No Opt. Call AAA     7,706,906  
      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     425,301  
  2,390   0.000%, 11/15/42 – AGM Insured 11/31 at 59.73 A2     809,684  
  2,660   0.000%, 11/15/43 – AGM Insured 11/31 at 56.93 A2     854,046  
  7,260   0.000%, 11/15/44 – AGM Insured 11/31 at 54.25 A2     2,224,464  
  10,440   0.000%, 11/15/45 – AGM Insured 11/31 at 51.48 A2     3,030,732  
  7,165   0.000%, 11/15/49 – AGM Insured 11/31 at 41.91 A2     1,683,560  
  3,000   0.000%, 11/15/52 – AGM Insured 11/31 at 35.81 A2     598,350  
  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     3,713,128  
  4,930   Houston, Texas, Airport System Revenue Bonds, Refunding Senior Lien Series 2009A, 5.500%, 7/01/39 7/18 at 100.00 AA–     5,284,664  
  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     5,649,270  
  990   Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – AGM Insured No Opt. Call A     1,191,673  
  2,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 No Opt. Call AA     2,311,240  
  6,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 11/21 at 100.00 AA     6,934,980  
      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     1,255,471  
  10,850   0.000%, 9/01/25 – AMBAC Insured No Opt. Call A–     8,522,892  
  1,715   0.000%, 9/01/32 – AMBAC Insured No Opt. Call A–     1,004,836  
  4,550   Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31 7/22 at 100.00 A     5,248,698  
  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     3,257,766  
  3,035   Irving Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding Series 2015A, 0.000%, 2/15/17 No Opt. Call AAA     3,028,718  
  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     2,661,586  
      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     3,207,679  
  4,000   4.000%, 8/15/41 8/25 at 100.00 AAA     4,326,160  

 

NUVEEN 103


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Texas (continued)            
      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   $ 52,732  
  780   0.000%, 8/15/41 8/17 at 24.20 AAA     186,420  
      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 (4)     1,302,732  
  19,020   0.000%, 8/15/41 (Pre-refunded 8/15/17) 8/17 at 24.20 N/R (4)     4,562,137  
  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     3,348,420  
  3,305   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     3,810,401  
  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     7,559,695  
      McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:            
  1,780   5.750%, 12/01/33 12/25 at 100.00 Ba2     2,038,581  
  1,800   6.125%, 12/01/38 12/25 at 100.00 Ba2     2,070,360  
  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+     954,389  
  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     4,804,714  
      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–     1,967,627  
  7,990   0.000%, 9/01/45 (7) 9/31 at 100.00 AA–     9,078,877  
  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     5,110,520  
  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     1,499,761  
      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     11,754,985  
  12,205   5.000%, 1/01/45 1/25 at 100.00 A     14,094,822  
  2,455   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2016A, 5.000%, 1/01/27 1/24 at 100.00 A     2,948,038  
  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- (4)     3,573,235  
      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–     7,322,842  
  4,410   5.000%, 1/01/34 1/25 at 100.00 A–     5,120,716  
  4,000   5.000%, 1/01/35 1/25 at 100.00 A–     4,631,960  
  7,630   Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/15/32 (Pre-refunded 2/15/17) 2/17 at 100.00 Aaa     7,725,222  
  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     2,393,685  
  1,000   Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (9) 1/17 at 100.00 N/R     34,470  
  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–     3,568,247  
  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–     2,726,481  
  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     3,991,769  

 

104 NUVEEN


  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:            
$ 430   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00 N/R (4)   $ 500,150  
  5,350   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00 AA– (4)     6,222,799  
  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–     4,543,120  
  2,000   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42 5/26 at 100.00 AA–     2,123,840  
  13,170   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Refunding Series 2007A, 5.000%, 2/15/36 (Pre-refunded 2/15/17) 2/17 at 100.00 AA (4)     13,333,571  
  7,100   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 2/17 at 100.00 AA     7,188,182  
  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     5,953,780  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  14,815   5.000%, 12/15/27 No Opt. Call BBB     16,887,026  
  7,925   5.000%, 12/15/28 No Opt. Call BBB     8,956,518  
  6,550   5.000%, 12/15/30 No Opt. Call BBB     7,367,112  
  2,340   5.000%, 12/15/32 No Opt. Call BBB     2,610,972  
  3,755   Texas State, General Obligation Bonds, Series 2008, Trust 3213, 12.613%, 4/01/33 (IF) 4/17 at 100.00 N/R     5,229,513  
  2,500   Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/31 No Opt. Call AAA     2,937,925  
  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–     20,128,296  
  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–     8,451,818  
      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     4,200,018  
  18,400   5.000%, 8/15/37 8/24 at 100.00 BBB     21,020,712  
  32,105   5.000%, 8/15/42 8/24 at 100.00 BBB     36,391,017  
  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–     3,193,520  
  2,315   Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17) 2/17 at 100.00 AAA     2,340,002  
  2,710   Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41 11/21 at 100.00 Ba1     2,950,241  
      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     2,005,960  
  5,675   0.000%, 8/15/36 No Opt. Call AAA     2,239,809  
  525,715   Total Texas         528,772,084  
      Utah – 0.7% (0.5% 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     6,363,821  
  12,335   Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 8/19 at 100.00 AA+     13,337,095  
  2,000   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/25 – NPFG Insured No Opt. Call A1     1,347,520  
  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 (4)     4,557,403  
  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 (4)     4,534,963  
  28,600   Total Utah         30,140,802  

 

NUVEEN 105


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      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   $ 5,178,150  
      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+     1,071,240  
  10,000   5.000%, 10/01/45 10/25 at 100.00 A+     11,512,100  
  16,000   Total Vermont         17,761,490  
      Virginia – 1.7% (1.1% 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     345,578  
  1,800   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 No Opt. Call A–     2,064,942  
  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+     21,222,360  
  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     43,821,760  
  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     267,312  
  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 (4)     5,708  
  52,480   Total Virginia         67,727,660  
      Washington – 3.9% (2.5% of Total Investments)            
  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     9,555,780  
  970   Cowlitz County, Washington, Special Sewerage Revenue Refunding Bonds, CSOB Wastewater Treatment Facilities, Series 2002, 5.500%, 11/01/16 – FGIC Insured No Opt. Call A1     970,281  
  2,575   King County Public Hospital District 1, Washington, General Obligation Bonds, Refunding Limited Tax Series 2008A, 5.000%, 12/01/37 – AGC Insured No Opt. Call A2     2,722,908  
  15,000   King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 1/22 at 100.00 Aa2     16,935,900  
  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 (4)     3,086,340  
  5,000   King County, Washington, Sewer Revenue Bonds, Series 2008, Tender Option Bond Trust 2016-XG0012, 12.289%, 1/01/31 – AGM Insured (IF) (5) 1/17 at 100.00 Aa2     5,107,500  
  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 (4)     2,730,800  
  3,000   Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/40 10/24 at 100.00 A+     3,474,900  
  1,250   Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 12/23 at 100.00 AA     1,332,750  
  3,910   Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2015A, 5.000%, 5/01/17 No Opt. Call AA     3,994,769  
  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 A2     13,787,775  
  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+ (4)     5,125,950  
  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     9,266,730  
  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 (4)     5,186,610  
      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–     4,603,720  
  10,000   4.250%, 10/01/40 10/22 at 100.00 AA–     10,633,800  

 

106 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Washington (continued)            
$ 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   $ 3,626,976  
  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     9,350,103  
  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 (4)     7,925,540  
  8,000   Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2008A, 5.250%, 8/15/34 (Pre-refunded 8/15/18) – AGM Insured 8/18 at 100.00 Aa3 (4)     8,623,520  
  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 12/04/17) 12/17 at 100.00 N/R (4)     1,052,350  
  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+     556,370  
  1,500   Washington State, General Obligation Bonds, Various Purpose Series 2017A, 5.000%, 8/01/40 8/26 at 100.00 AA+     1,779,810  
  3,000   Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Refunding Series 2009R-2010C, 5.000%, 1/01/17 No Opt. Call AA+     3,022,140  
  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+ (4)     4,264,022  
  9,000   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured No Opt. Call AA+     6,965,820  
  10,855   Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured No Opt. Call AA+     10,420,257  
  149,965   Total Washington         156,103,421  
      West Virginia – 0.6% (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     3,474,120  
  16,845   5.500%, 6/01/44 6/23 at 100.00 A     19,523,355  
  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     3,364,230  
  22,845   Total West Virginia         26,361,705  
      Wisconsin – 2.1% (1.3% 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 A+     4,672,811  
  12,725   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     13,427,420  
  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     1,372,271  
  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     7,747,348  
  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     2,840,275  
  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–     1,128,934  
  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+     1,126,670  
      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–     1,150,170  
  1,000   5.000%, 2/15/28 2/22 at 100.00 A–     1,145,100  
  4,735   5.000%, 2/15/40 2/22 at 100.00 A–     5,227,677  
  15,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A, 5.000%, 2/15/42 2/26 at 100.00 A–     16,726,350  

 

NUVEEN 107


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      Wisconsin (continued)            
$ 4,360   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 6/22 at 100.00 A3   $ 4,829,921  
  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     1,816,555  
  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 AA (4)     3,203,081  
  10,070   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33 5/19 at 100.00 AA–     11,174,981  
  5,000   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37 (Pre-refunded 5/01/19) 5/19 at 100.00 AA– (4)     5,651,200  
  74,830   Total Wisconsin         83,240,764  
      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     4,526,147  
  9,625   Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/37 9/23 at 100.00 BBB–     10,425,319  
      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+     2,282,720  
  1,000   6.000%, 12/01/36 12/21 at 100.00 BBB+     1,143,220  
  16,705   Total Wyoming         18,377,406  
$ 6,380,569   Total Municipal Bonds (cost $5,522,775,274)         6,113,898,065  

 

  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)                
$ 1,126   Las Vegas Monorail Company, Senior Interest Bonds, PIK, (10), (11) 5.500%   7/15/19 N/R   $ 686,633  
  299   Las Vegas Monorail Company, Senior Interest Bonds, (10), (11) 5.500%   7/15/55 N/R     149,442  
$ 1,425   Total Corporate Bonds (cost $127,784)             836,075  
                       
  Shares   Description (1)             Value  
      COMMON STOCKS – 0.1% (0.0% of Total Investments)                
      Airlines – 0.1% (0.0% of Total Investments)                
  53,589   American Airlines Group Inc., (12)           $ 2,175,713  
      Total Common Stocks (cost $1,552,724)             2,175,713  
      Total Long-Term Investments (cost $5,524,455,782)           $ 6,116,909,853  

 

108 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2) Ratings (3)     Value  
      SHORT-TERM INVESTMENTS – 2.0% (1.3% of Total Investments)            
      MUNICIPAL BONDS – 2.0% (1.3% of Total Investments)            
      Arizona – 0.1% (0.1% of Total Investments)            
$ 5,000   Phoenix Industrial Development Authority, Arizona, Health Care Facilities Revenue Bonds, Mayo Clinic, Variable Rate Demand Obligations, Series 2014B, 0.450%, 11/15/52 (13) 1/17 at 100.00 A-1+   $ 5,000,000  
      California – 0.9% (0.6% of Total Investments)            
  5,520   Burbank Unified School District, Los Angeles County, California, General Obligation Bonds, Tender Option Bond Floater 2016-XF2292, Variable Rate Demand Obligations, 0.790%, 8/01/31, 144A (13) 8/23 at 100.00 A-1     5,520,000  
  25,550   Elsinore Valley Municipal Water District, California, Certificates of Participation, Tender Option Bond Floater 2007-0069, Variable Rate Demand Obligations, 0.090%, 7/01/34, 144A (13) 7/17 at 100.00 Aa2     25,550,000  
  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, 0.670%, 8/01/35 (13) 8/20 at 100.00 A-1     5,500,000  
  36,570   Total California         36,570,000  
      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, 0.720%, 12/15/41 (13) 12/20 at 100.00 A-1     4,200,000  
      Louisiana – 0.3% (0.2% of Total Investments)            
  12,440   East Baton Rouge Parish, Louisiana, Pollution Control Revenue Bonds, Exxon Project, Series 1989 Variable Rate Demand Obligation Refunding, 0.430%, 11/01/19 (13) 1/17 at 100.00 A-1+     12,440,000  
      Minnesota – 0.1% (0.0% of Total Investments)            
  3,000   Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Allina Health System, Series 2007C1, Variable Rate Demand Obligations, 0.570%, 11/15/34 (13) 1/17 at 100.00 A-1+     3,000,000  
      Missouri – 0.1% (0.1% of Total Investments)            
  5,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2000B, Variable Rate Demand Obligations, 0.470%, 3/01/40 (13) 4/17 at 100.00 A-1     5,000,000  
      New York – 0.3% (0.2% of Total Investments)            
  10,000   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2005B-2, Variable Rate Demand Obligations, 0.440%, 1/01/32 (13) 1/17 at 100.00 A-1+     10,000,000  
      Ohio – 0.1% (0.0% of Total Investments)            
  3,000   Ohio State, General Obligation Bonds, Higher Education, Series 2015C, 2.000%, 11/01/16 No Opt. Call AA+     3,000,000  
$ 79,210   Total Short-Term Investments (cost $79,210,000)         79,210,000  
      Total Investments (cost $5,603,665,782) – 153.5%         6,196,119,853  
      Floating Rate Obligations – (3.7)%         (150,224,000 ) 
      Variable Rate Demand Preferred Shares, at Liquidation Preference – (32.0)% (14)         (1,290,300,000 ) 
      Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (19.1)% (15)         (773,000,000 ) 
      Other Assets Less Liabilities – 1.3% (16)         54,597,178  
      Net Assets Applicable to Common Shares – 100%       $ 4,037,193,031  

 

NUVEEN 109


NEA Nuveen AMT-Free Quality Municipal Income Fund  
  (formerly Nuveen AMT-Free Municipal Income Fund)  
  Portfolio of Investments (continued) October 31, 2016

Investments in Derivatives as of October 31, 2016

Interest Rate Swaps

 

          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 (16)   Date   Date     (Depreciation)  
JPMorgan Chase   $ 150,800,000   Receive   Weekly USD-SIFMA   1.544%   Quarterly   4/13/17   5/14/17   4/13/27   $  (2,769,451)  
Bank, N.A.                                          
JPMorgan Chase     25,400,000   Receive   Weekly USD-SIFMA   1.255   Quarterly   7/31/17   8/31/17   7/31/28     444,637  
Bank, N.A.                                          
    $ 176,200,000                               $  (2,324,814)  

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(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. Ratings are not covered by the report of independent registered public accounting firm.
(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 ratings of such securities.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or 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) 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 is not accruing income for either senior interest corporate bond.
(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 Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 20.8%.
(15) Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 12.5%.
(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.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
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.

 

110 NUVEEN


Statement of
   
 
Assets and Liabilities
October 31, 2016

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)
 
(NEA
)
Assets
             
Long-term investments, at value (cost $4,360,011,787 and $5,524,455,782, respectively)
 
$
4,797,026,422
 
$
6,116,909,853
 
Short-term investments, at value (cost approximates value)
   
132,080,000
   
79,210,000
 
Cash
   
6,440,883
   
 
Cash collateral at brokers(1)
   
1,356,720
   
 
Receivable for:
             
Dividends and interest
   
62,205,272
   
74,689,477
 
Investments sold
   
33,873,617
   
85,595,345
 
Deferred offering costs
   
3,119,273
   
8,403,019
 
Other assets
   
1,112,945
   
1,743,063
 
Total assets
   
5,037,215,132
   
6,366,550,757
 
Liabilities
             
Cash overdraft
   
   
6,987,599
 
Floating rate obligations
   
187,169,000
   
150,224,000
 
Unrealized depreciation on interest rate swaps, net
   
   
2,324,814
 
Payable for:
             
Dividends
   
14,434,582
   
17,868,792
 
Interest
   
1,326,710
   
1,124,865
 
Investments purchased
   
66,032,801
   
82,457,035
 
Offering Costs
   
184,670
   
255,000
 
Variation margin on swap contracts
   
33,674
   
 
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
   
952,500,000
   
773,000,000
 
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
   
632,000,000
   
1,290,300,000
 
Accrued expenses:
             
Management fees
   
2,380,631
   
2,958,142
 
Trustees Fees
   
676,224
   
889,356
 
Other
   
1,308,419
   
968,123
 
Total liabilities
   
1,858,046,711
   
2,329,357,726
 
Net assets applicable to common shares
 
$
3,179,168,421
 
$
4,037,193,031
 
Common shares outstanding
   
201,882,267
   
262,776,347
 
Net asset value ("NAV") per common share outstanding
 
$
15.75
 
$
15.36
 
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
   
2,779,314,762
   
3,514,802,222
 
Undistributed (Over-distribution of) net investment income
   
3,632,418
   
3,605,445
 
Accumulated net realized gain (loss)
   
(41,432,057
)
 
(73,971,656
)
Net unrealized appreciation (depreciation)
   
435,634,475
   
590,129,257
 
Net assets applicable to common shares
 
$
3,179,168,421
 
$
4,037,193,031
 
Authorized shares:
             
Common
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
 

(1)
Cash pledged to collateralize the net payment obligations for investments in derivatives.
See accompanying notes to financial statements.

NUVEEN
111


Statement of
   
 
Operations
Year Ended October 31, 2016

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)
 
(NEA
)
Investment Income
 
$
63,824,421
 
$
102,018,248
 
Expenses
             
Management fees
   
8,589,644
   
14,024,979
 
Interest expense and amortization of offering costs
   
7,910,546
   
7,942,615
 
Liquidity fees
   
759,915
   
4,081,566
 
Remarketing fees
   
87,778
   
472,456
 
Custodian fees
   
145,788
   
227,772
 
Trustees fees
   
37,333
   
61,401
 
Professional fees
   
62,719
   
130,311
 
Shareholder reporting expenses
   
162,153
   
237,430
 
Shareholder servicing agent fees
   
49,340
   
81,273
 
Stock exchange listing fees
   
12,604
   
25,300
 
Investor relations expenses
   
135,312
   
220,142
 
Reorganization expenses
   
470,000
   
780,014
 
Other
   
94,002
   
124,499
 
Total expenses
   
18,517,134
   
28,409,758
 
Net investment income (loss)
   
45,307,287
   
73,608,490
 
Realized and Unrealized Gain(Loss)
             
Net realized gain (loss) from:
             
Investments
   
(11,413,917
)
 
1,687,966
 
Swaps
   
   
(10,768,831
)
Change in net unrealized appreciation (depreciation) of:
             
Investments
   
(47,355,106
)
 
(33,319,919
)
Swaps
   
(1,380,160
)
 
4,531,818
 
Net realized and unrealized gain (loss)
   
(60,149,183
)
 
(37,868,966
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
(14,841,896
)
$
35,739,524
 
See accompanying notes to financial statements.

112
NUVEEN


Statement of
 
 
Changes in Net Assets

   
Quality
 
AMT-Free Quality
 
   
Income (NAD)
 
Income (NEA)
 
     
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
     
10/31/16
   
10/31/15
   
10/31/16
   
10/31/15
 
Operations
                         
Net investment income (loss)
 
$
45,307,287
 
$
32,950,875
 
$
73,608,490
 
$
60,777,981
 
Net realized gain (loss) from:
                         
Investments
   
(11,413,917
)
 
(450,462
)
 
1,687,966
   
362,768
 
Swaps
   
   
   
(10,768,831
)
 
(13,704,565
)
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(47,355,106
)
 
(5,996,275
)
 
(33,319,919
)
 
(11,167,229
)
Swaps
   
(1,380,160
)
 
   
4,531,818
   
2,465,401
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(14,841,896
)
 
26,504,138
   
35,739,524
   
38,734,356
 
Distributions to Common Shareholders
                         
From net investment income
   
(53,330,854
)
 
(34,348,941
)
 
(80,907,076
)
 
(62,996,011
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(53,330,854
)
 
(34,348,941
)
 
(80,907,076
)
 
(62,996,011
)
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
   
2,572,561,126
   
(7,844,803
)
 
2,868,346,122
   
(24,261,655
)
Net assets applicable to common shares at the beginning of period
   
606,607,295
   
614,452,098
   
1,168,846,909
   
1,193,108,564
 
Net assets applicable to common shares at the end of period
 
$
3,179,168,421
 
$
606,607,295
 
$
4,037,193,031
 
$
1,168,846,909
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
3,632,418
 
$
4,903,386
 
$
3,605,445
 
$
1,728,735
 
See accompanying notes to financial statements.

NUVEEN
113


Statement of
   
 
Cash Flows
Year Ended October 31, 2016

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)
 
(NEA
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(14,841,896
)
$
35,739,524
 
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
   
(346,766,757
)
 
(545,069,822
)
Proceeds from sales and maturities of investments
   
186,374,549
   
314,477,420
 
Proceeds from (Purchases of) short-term investments, net
   
(121,718,073
)
 
2,176,792
 
Proceeds from (Payments for) swap contracts, net
   
   
(10,768,831
)
Taxes paid
   
(217
)
 
(1,619
)
Amortization (Accretion) of premiums and discounts, net
   
(5,467,763
)
 
(2,089,919
)
Amortization of deferred offering costs
   
496,818
   
378,035
 
(Increase) Decrease in:
             
Cash collateral at brokers
   
(1,356,720
)
 
 
Receivable for interest
   
(11,368,786
)
 
(11,627,203
)
Receivable for investments sold
   
(1,489,712
)
 
(25,365,345
)
Other assets
   
(180,452
)
 
(276,366
)
Increase (Decrease) in:
             
Payable for interest
   
1,109,119
   
1,001,981
 
Payable for investments purchased
   
61,239,257
   
51,836,293
 
Payable for variation margin on futures contracts
   
33,674
   
 
Accrued management fees
   
1,928,582
   
2,084,766
 
Accrued Trustees fees
   
547,424
   
648,155
 
Accrued other expenses
   
(2,088,065
)
 
(2,374,717
)
Net realized (gain) loss from:
             
Investments
   
11,413,917
   
(1,687,966
)
Swaps
   
   
10,768,831
 
Change in net unrealized (appreciation) depreciation of:
             
Investments
   
47,355,106
   
33,319,919
 
Swaps(1)
   
   
(4,531,818
)
Net cash provided by (used in) operating activities
   
(194,779,995
)
 
(151,361,890
)
Cash Flows from Financing Activities:
             
(Payments for) deferred offering costs
   
(420,000
)
 
(500,000
)
Proceeds from VMTP Shares issued, at liquidation preference
   
237,000,000
   
87,000,000
 
Proceeds from VRDP Shares issued, at liquidation preference
   
   
100,000,000
 
Increase (Decrease) in:
             
Cash overdraft
   
   
6,987,599
 
Floating rate obligations
   
(18,180,000
)
 
(7,515,000
)
Payable for offering costs
   
184,670
   
255,000
 
Cash distribution paid to common shareholders
   
(41,619,428
)
 
(67,771,619
)
Net cash provided by (used in) financing activities
   
176,965,242
   
118,455,980
 
Net Increase (Decrease) in Cash
   
(17,814,753
)
 
(32,905,910
)
Cash at the beginning of period
   
9,913,247
   
15,114,845
 
Cash acquired in connection with the Reorganizations
   
14,342,389
   
17,791,065
 
Cash at the end of period
 
$
6,440,883
 
$
 
               
Supplemental Disclosure of Cash Flow Information(2)
             
Cash paid for interest on borrowings (excluding amortization of offering costs)
 
$
6,267,048
 
$
6,535,051
 

(1)
Excluding over-the-counter cleared swaps.
(2)
See Notes to Financial Statements, Note 1–General Information and Significant Accounting Policies, Fund Reorganizations for more information of the non-cash activities related to Quality Income's (NAD) and AMT-Free Income's (NEA) Reorganizations.
See accompanying notes to financial statements.

114
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THIS PAGE INTENTIONALLY LEFT BLANK

NUVEEN
115


Financial
 
 
Highlights
Selected data for a common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss
)   
Net
Realized/
Unrealized
Gain (Loss
)   
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated Net
Realized
Gains
   
Total
   
Ending
NAV
   
Ending
Share
Price
 
Quality Income (NAD)
                                     
Year Ended 10/31:
                                     
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
 
                                                         
AMT-Free Quality Income (NEA)
                                     
Year Ended 10/31:
                                     
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.

116
NUVEEN


               
Common Share Supplemental Data/
Ratios Applicable to Common Shares
   
Common Share
Total Returns
     
Ratios to Average Net Assets(b)
     
     
Based
on
NAV
(a)
 
Based
on
Share
Price
(a)
 
Ending
Net
Assets (000
)
 
Expenses
(c)
 
Net
Investment
Income (Loss
)
 
Portfolio
Turnover
Rate
(d)
                                       
                                       
     
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
 
                                       
                                       
     
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), and the interest expense and fees paid on borrowings (as described in Note 8 – Borrowing Arrangements), where applicable, as follows:

Quality Income (NAD)
       
Year Ended 10/31:
       
2016
   
0.90
%
2015
   
0.47
 
2014
   
0.75
 
2013
   
1.03
 
2012
   
1.03
 

AMT-Free Quality Income (NEA)
       
Year Ended 10/31:
       
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.
See accompanying notes to financial statements.

NUVEEN
117


Financial Highlights (continued)

   
MTP Shares
at the End of Period(a)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
MTP,
VMTP and/or
VRDP Shares
at the End
of Period
     
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $10
Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $100,000
Share
   
Asset
Coverage
Per $1
Liquidation
Preference
 
Quality Income (NAD)
                                           
Year Ended 10/31:
                                           
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
 
                                             
AMT-Free Quality Income (NEA)
                                           
Year Ended 10/31:
                                           
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
   
2011
 
Quality Income (NAD)
                         
Series 2015 (NAD PRC)
                         
Ending Market Value per Share
 
$
 
$
10.06
 
$
10.10
 
$
10.06
 
Average Market Value per Share
   
10.04
^
 
10.08
   
10.09
   
10.05
 

AMT-Free Income (NEA)
                         
Series 2015 (NEA PRCCL)
                         
Ending Market Value per Share
 
$
 
$
10.07
 
$
10.16
 
$
10.14
 
Average Market Value per Share
   
10.05
^
 
10.10
   
10.14
   
10.08
 

^
For the period November 1, 2013 through December 20, 2013.

118
NUVEEN


Notes to Financial Statements
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) ("Quality Income (NAD)")
 
Nuveen AMT-Free Quality Municipal Income Fund (NEA) ("AMT-Free Quality Income (NEA)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Quality Income (NAD) and AMT-Free Quality Income (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 October 31, 2016, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2016 (the "current fiscal period").
Effective September 12, 2016, in conjunction with their reorganizations, Quality Income (NAD) changed its name from Nuveen Dividend Advantage Municipal Fund and AMT-Free Quality Income (NEA) changed its name from Nuveen AMT-Free Municipal Income Fund.
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. 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 AMT-Free Quality Income (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.
Effective February 5, 2016, Quality Income (NAD) and AMT-Free Quality Income (NEA) changed their investment policy to allow each Fund to invest 35% (previously 20%) of its managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates) in securities rated BBB and below. In addition, effective August 5, 2016, Quality Income (NAD) has added an investment policy to limit the amount of securities subject to AMT to no more than 20% of the Fund's managed assets.
Fund Reorganizations
Effective prior to the opening of business on September 12, 2016, certain funds were reorganized into the two, larger-national Funds included in this report (each a "Reorganization" and collectively, the "Reorganizations") as follows:

Target Funds
Acquiring Fund
Nuveen Premier Municipal Income Fund, Inc. (NPF)
Quality Income (NAD)
("Premier Income (NPF)")
 
Nuveen Premium Income Municipal Fund, Inc. (NPI)
 
("Premium Income (NPI)")
 
Nuveen Investment Quality Municipal Fund, Inc. (NQM)
 
("Investment Quality (NQM)")
 
Nuveen Select Quality Municipal Fund, Inc. (NQS)
 
("Select Quality (NQS)")
 

NUVEEN
119


Notes to Financial Statements (continued)

Target Funds
Acquiring Fund
Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
AMT-Free Quality Income (NEA)
("Market Opportunity (NMO)")
 
Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
 
("Premium Income 2 (NPM)")
 
Nuveen Performance Plus Municipal Fund, Inc. (NPP)
 
("Performance Plus (NPP)")
 
For accounting and performance reporting purposes, the Acquiring Fund is the survivor.
Upon the closing of each Reorganization, the Target Funds transferred their assets to the Acquiring Funds in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Funds of the liabilities of the Target Funds. The Target Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds became shareholders of the Acquiring Funds. Holders of common shares of the Target Funds received newly issued common shares of the Acquiring Funds, the aggregate net asset value ("NAV") of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders were entitled). Holders of preferred shares of the Target Funds receive on a one-for-one basis newly issued preferred shares of the Acquiring Funds, in exchange for preferred shares of the Target Funds held immediately prior to the Reorganizations. Details of the Reorganizations are further described in Note 9 – Fund Reorganizations.
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:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)
 
(NEA
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
64,926,639
 
$
68,172,277
 
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.
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.

120
NUVEEN


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 reporting 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).
Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Trustees (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 NAVs 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

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121


Notes to Financial Statements (continued)
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:

Quality Income (NAD)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
4,795,883,246
 
$
 
$
4,795,883,246
 
Corporate Bonds**
   
   
   
569,511
***
 
569,511
 
Investment Companies
   
573,665
   
   
   
573,665
 
Short-Term Investments:
                         
Municipal Bonds*
   
   
132,080,000
   
   
132,080,000
 
Investments in Derivatives:
                         
Interest Rate Swaps****
   
   
(1,380,160
)
 
   
(1,380,160
)
Total
 
$
573,665
 
$
4,926,583,086
 
$
569,511
 
$
4,927,726,262
 
                           
AMT-Free Quality Income (NEA)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
6,113,898,065
 
$
 
$
6,113,898,065
 
Corporate Bonds**
   
   
   
836,075
***
 
836,075
 
Common Stocks**
   
2,175,713
   
   
   
2,175,713
 
Short-Term Investments:
                         
Municipal Bonds*
   
   
79,210,000
   
   
79,210,000
 
Investments in Derivatives:
                         
Interest Rate Swaps****
   
   
(2,324,814
)
 
   
(2,324,814
)
Total
 
$
2,175,713
 
$
6,190,783,251
 
$
836,075
 
$
6,193,795,039
 

*
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.
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.

122
NUVEEN


For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters") in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment 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:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
Floating Rate Obligations Outstanding
   
(NAD
)
 
(NEA
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
187,169,000
 
$
150,224,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
142,484,000
   
193,821,000
 
Total
 
$
329,653,000
 
$
344,045,000
 

NUVEEN
123


Notes to Financial Statements (continued)
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:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
Self-Deposited Inverse Floaters
   
(NAD
)
 
(NEA
)
Average floating rate obligations outstanding
 
$
177,711,063
 
$
144,722,060
 
Average annual interest rate and fees
   
0.91
%
 
0.91
%
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, Quality Income (NAD) and AMT-Free Quality Income (NEA) had outstanding borrowings under such liquidity facilities in the amount of $3,938,228 and $3,933,218, respectively, which are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
Floating Rate Obligations — Recourse Trusts
   
(NAD
)
 
(NEA
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
104,414,000
 
$
91,764,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
70,954,000
   
109,011,000
 
Total
 
$
175,368,000
 
$
200,775,000
 
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.

124
NUVEEN


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.
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 used forward interest rate swap contracts to help reduce the 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:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)
 
(NEA
)
Average notional amount of interest rate swap contracts outstanding*
 
$
3,120,000
 
$
146,120,000
 

*
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.

NUVEEN
125


Notes to Financial Statements (continued)
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
 
Quality Income (NAD)
                     
Interest rate
Swaps
 
$
 
Cash collateral at brokers
       
 
(OTC Cleared)
         
and Payable for
       
             
variation margin
       
             
on swap contracts**
 
$
 (1,380,160
)
                       
AMT-Free Quality Income (NEA)
                     
Interest rate
Swaps
         
Unrealized depreciation on interest
       
 
(OTC Uncleared)
 
$
 
rate swaps, net
 
$
444,637
 
Interest rate
Swaps
         
Unrealized depreciation on interest
       
 
(OTC Uncleared)
   
 
rate swaps, net
   
(2,769,451
)
Total
     
$
     
$
 (2,324,814
)

**
Value represents the unrealized appreciation (depreciation) of swaps as reported in the Fund's Portfolio of Investments and not the asset and/or liability amount as described in the table above.
The following table presents the swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of end of the reporting period.

                                 
Gross Amounts Not Offset
                                 
on the Statement of
                                 
Assets and Liabilities
           
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
   
Financial
   
to (from
)
 
Net
 
Fund
   
Counterparty
   
Rate Swaps
***
 
Rate Swaps
***
 
Liabilities
   
Rate Swaps
 
Instruments
****
Counterparty
 
Exposure
 
AMT-Free Quality Income (NEA)
   
JPMorgan Chase
 
$
444,637
 
$
(2,769,451
)
$
444,637
 
$
(2,324,814
)
$
2,013,557
 
$
311,257
 
$
 
     
Bank, N.A.
                                           

***
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.
****
Represents inverse floating rate securities available for offset.
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
 
Quality Income (NAD)
   
Interest Rate
   
Swaps
 
$
 
$
(1,380,160
)
AMT-Free Quality Income (NEA)
   
Interest Rate
   
Swaps
   
(10,768,831
)
 
4,531,818
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of

126
NUVEEN


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:

                 
AMT-Free
     
Quality Income (NAD)
   
Quality Income (NEA)
     
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/16
   
10/31/15
   
10/31/16
   
10/31/15
 
Common shares issued in the Reorganizations
   
162,585,915
   
   
183,893,286
   
 
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following 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
 
Quality Income (NAD)
   
2019-1
   
2,085
 
$
208,500,000
 
     
2019
   
3,370
   
337,000,000
 
     
2018
*
 
4,070
   
407,000,000
 
AMT-Free Quality Income (NEA)
   
2019
   
2,380
   
238,000,000
 
     
2018
*
 
5,350
   
535,000,000
 

*
Includes VMTP Shares issued in connection with the Reorganization.
During the current fiscal period, Quality Income (NAD) refinanced all of its outstanding Series 2016 and Series 2017 VMTP Shares with the issuance of new Series 2019 and Series 2019-1 VMTP Shares, respectively. In conjunction with each refinancing Quality Income (NAD) issued an additional $72,000,000 Series 2019 and $165,000,000 Series 2019-1 VMTP Shares at liquidation preference, respectively, to be invested in accordance with the Fund's investment policies.
During the current reporting period, AMT-Free Quality Income (NEA) refinanced all of its outstanding Series 2016 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing AMT-Free Quality Income (NEA) issued an additional $87,000,000 Series 2019 VMTP Shares at liquidation preference, to be invested in accordance with the Fund's investment policies.
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 VMTP Shares are as follows:

           
Term
   
Premium
 
Fund
   
Series
   
Redemption Date
   
Expiration Date
 
Quality Income (NAD)
   
2019-1
   
October 1, 2019
   
September 30, 2017
 
     
2019
   
August 1, 2019
   
June 30, 2017
 
     
2018
*
 
December 1, 2018
   
May 31, 2016
 
AMT-Free Quality Income (NEA)
   
2019
   
June 1, 2019
   
May 31, 2017
 
     
2018
*
 
December 1, 2018
   
May 31, 2016
 

*
Includes VMTP Shares issued in connection with the Reorganization.

NUVEEN
127


Notes to Financial Statements (continued)
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)
 
(NEA
)
Average liquidation preference of VMTP Shares outstanding
 
$
363,814,208
 
$
260,456,284
 
Annualized dividend rate
   
1.36
%
 
1.41
%
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 "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference" 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.
Quality Income (NAD) incurred offering costs of $420,000 in connection with its issuance of Series 2019 and Series 2019-1 VMTP Shares and AMT-Free Quality Income (NEA) incurred offering costs of $195,000 in connection with its issuance of Series 2019 VMTP Shares, which were expensed as incurred and are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following 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
 
Quality Income (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
 
AMT-Free Quality Income (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 issued in connection with the Reorganizations.
During the current fiscal period, AMT-Free Quality Income (NEA) issued $100,000,000 Series 5 VRDP Shares at liquidation preference, which will be used to invest in additional municipal securities in accordance with its investment objectives and policies.
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.
Series 5 VRDP shares in AMT-Free Quality Income (NEA) are considered to be Special Rate Period VRDP. Special Rate Period VRDP are sold to banks with an initial special short/intermediate rate period (typically three years) with a dividend rate set at a fixed spread to a specified short-term municipal index rate calculated weekly. Weekly remarketings do not take place during the initial special rate period. After the initial special rate period, Special Rate Period VRDP Shares will revert back to traditional VRDP Shares with dividends set at weekly remarketings, with an option to sell the shares to a designated liquidity provider, unless the Board approves another 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.

128
NUVEEN


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

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)*
 
(NEA
)
Average liquidation preference of VRDP Shares outstanding
 
$
632,000,000
 
$
468,260,656
 
Annualized dividend rate
   
0.95
%
 
0.54
%

*
For the period September 12, 2016 (first issuance of shares in connection with the Reorganization) through October 31, 2016.
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference" 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 the 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 being amortized over the life of the shares and are recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. AMT-Free Quality Income (NEA) incurred offering costs of $305,000 in connection with its issuance of Series 5 VRDP Shares. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in VMTP Shares for the Funds, where applicable, were as follows:

   
Year Ended
   
October 31, 2016
Quality Income (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
AMT-Free Quality Income (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
Quality Income (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
 

NUVEEN
129


Notes to Financial Statements (continued)

   
Year Ended
   
October 31, 2016
AMT-Free Quality Income (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
 
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions) during the current fiscal period were as follows:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)
 
(NEA
)
Purchases
 
$
346,766,757
 
$
545,069,822
 
Sales and maturities
   
186,374,549
   
314,477,420
 
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 AMT-Free Quality Income (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 October 31, 2016, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(NAD
)
 
(NEA
)
Cost of investments
 
$
4,305,869,091
 
$
5,448,803,211
 
Gross unrealized:
             
Appreciation
 
$
461,995,006
 
$
616,643,143
 
Depreciation
   
(25,925,906
)
 
(19,547,582
)
Net unrealized appreciation (depreciation) of investments
 
$
436,069,100
 
$
597,095,561
 
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' tax year end, as follows:

130
NUVEEN


           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(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' tax year end, were as follows:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(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.
The tax character of distributions paid during the Funds' tax years ended October 31, 2016 and October 31, 2015, was designated for purposes of the dividends paid deduction as follows:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
2016
   
(NAD
)
 
(NEA
)
Distributions from net tax-exempt income3
 
$
46,309,674
 
$
72,826,597
 
Distributions from net ordinary income2
   
32,795
   
359,191
 
Distributions from net long-term capital gains
   
   
 

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
2015
   
(NAD
)
 
(NEA
)
Distributions from net tax-exempt income
 
$
37,045,191
 
$
65,388,417
 
Distributions from net ordinary income2
   
46,663
   
47,330
 
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.
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2016, as Exempt Interest Dividends.
As of October 31, 2016, the Funds' 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.

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
4
 
Income
4
     
(NAD
)
 
(NEA
)
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
 

4
A portion of Quality Income's (NAD) and AMT-Free Quality Income's (NEA) capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations.

NUVEEN
131


Notes to Financial Statements (continued)
As of October 31, 2016, the Funds' tax year end, the Funds' capital loss carryforwards expired as follows:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
     
(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.
For the period November 1, 2015 through July 31, 2016, the annual Fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:

Average 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 managed assets over $2 billion
   
0.3750
 
Effective August 1, 2016, 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
 

132
NUVEEN


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 Funds' 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 October 31, 2016, the complex-level fee for each Fund was 0.1610%.
Other Transactions with Affiliates
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 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.
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:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
Inter-Fund Trades
   
(NAD
)
 
(NEA
)
Purchases
 
$
8,421,950
 
$
2,266,276
 
Sales
   
   
 

NUVEEN
133


Notes to Financial Statements (continued)
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, 2015 (the only date utilized during the current fiscal period), the following Fund borrowed the following amount from the Unsecured Credit Line, at an annualized interest rate of 1.68% on its outstanding balance.

     
AMT-Free
 
     
Quality
 
     
Income
 
     
(NEA
)
Outstanding balance at December 31, 2015
 
$
10,573,680
 
Quality Income (NAD) did not draw on this Unsecured Credit Line during the current fiscal period.
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.
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, Quality Income (NAD) utilized this facility. The Fund's average daily balance outstanding and average annual interest rate during the utilization period were $15,000,000 and 1.70%, respectively. The Fund's maximum outstanding daily balance during the utilization period was $15,000,000. Borrowings outstanding as of the end of the reporting period are recognized as "Borrowings" on the Statement of Assets and Liabilities. AMT-Free Quality Income (NEA) did not utilize this facility during the current fiscal period.
9. Fund Reorganizations
The Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Target Funds' shareholders recognized no gain or loss for federal income tax purposes as a result. Prior to the closing of each of the Reorganizations, the Target Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Target Funds' shareholders for federal income tax purposes.
Investments
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Target Funds as of the date of the Reorganizations, were as follows:

     
Premier
   
Premium
   
Investment
   
Select
 
     
Income
   
Income
   
Quality
   
Quality
 
     
(NPF
)
 
(NPI
)
 
(NQM
)
 
(NQS
)
Cost of investments
 
$
402,394,951
 
$
1,352,403,461
 
$
873,473,292
 
$
766,534,215
 
Fair value of investments
   
450,993,519
   
1,508,941,206
   
995,254,834
   
860,007,785
 
Net unrealized appreciation (depreciation) of investments
   
48,598,568
   
156,537,745
   
121,781,542
   
93,473,570
 

     
Market
   
Premium
   
Performance
 
     
Opportunity
   
Income 2
   
Plus
 
     
(NMO
)
 
(NPM
)
 
(NPP
)
Cost of investments
 
$
961,211,883
 
$
1,450,037,128
 
$
1,382,329,778
 
Fair value of investments
   
1,086,215,473
   
1,633,685,469
   
1,579,266,178
 
Net unrealized appreciation (depreciation) of investments
   
125,003,590
   
183,648,341
   
196,936,400
 

134
NUVEEN


For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of the Acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Common Shares
The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately before and after the Reorganizations were as follows:

     
Premier
   
Premium
   
Investment
   
Select
 
     
Income
   
Income
   
Quality
   
Quality
 
Target Funds - Prior to Reorganizations
   
(NPF
)
 
(NPI
)
 
(NQM
)
 
(NQS
)
Common shares outstanding
   
19,888,518
   
64,060,044
   
41,576,384
   
35,222,129
 
Net assets applicable to common shares
 
$
318,126,617
 
$
1,044,228,475
 
$
694,815,900
 
$
583,562,884
 
NAV per common share outstanding
 
$
16.00
 
$
16.30
 
$
16.71
 
$
16.57
 

     
Market
   
Premium
   
Performance
 
     
Opportunity
   
Income 2
   
Plus
 
Target Funds - Prior to Reorganizations
   
(NMO
)
 
(NPM
)
 
(NPP
)
Common shares outstanding
   
45,874,035
   
70,692,851
   
60,025,455
 
Net assets applicable to common shares
 
$
737,983,427
 
$
1,151,769,747
 
$
1,023,760,500
 
NAV per common share outstanding
 
$
16.09
 
$
16.29
 
$
17.06
 

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
Acquiring Funds - Prior to Reorganizations
   
(NAD
)
 
(NEA
)
Common shares outstanding
   
39,296,352
   
78,883,061
 
Net assets applicable to common shares
 
$
638,225,667
 
$
1,249,781,959
 
NAV per common share outstanding
 
$
16.24
 
$
15.84
 

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
Acquiring Funds - Post Reorganizations
   
(NAD
)
 
(NEA
)
Common shares outstanding
   
201,882,267
   
262,776,347
 
Net assets applicable to common shares
 
$
3,278,989,543
 
$
4,163,295,633
 
NAV per common share outstanding
 
$
16.24
 
$
15.84
 
Preferred Shares
In connection with each Reorganization, holders of VMTP and VRDP Shares of the Target Funds received on a one-for-one basis newly issued VMTP and VRDP Shares of the Acquiring Funds, in exchange for VMTP and VRDP Shares of the Target Funds held immediately prior to the Reorganizations.
Prior to the closing of the Reorganizations, details of the Target Funds' outstanding VMTP Shares were as follows:

           
Shares
   
Liquidation
 
Target Funds
   
Series
   
Outstanding
   
Preference
 
Investment Quality (NQM)
   
2017
   
435
 
$
43,500,000
 
Premium Income (NPI)
   
2018
   
4,070
 
$
407,000,000
 
Performance Plus (NPP)
   
2018
   
5,350
 
$
535,000,000
 
Prior to the closing of the Reorganizations, details of the Target Funds' outstanding VRDP Shares were as follows:

           
Shares
   
Liquidation
       
Target Funds
   
Series
   
Outstanding
   
Preference
   
Maturity
 
Investment Quality (NQM)
   
1
   
2,368
 
$
236,800,000
   
May 1, 2041
 
Select Quality (NQS)
   
1
   
2,675
 
$
267,500,000
   
May 1, 2041
 
Premier Income (NPF)
   
1
   
1,277
 
$
127,700,000
   
May 1, 2041
 

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135


Notes to Financial Statements (continued)

           
Shares
   
Liquidation
       
Target Funds
   
Series
   
Outstanding
   
Preference
   
Maturity
 
Market Opportunity (NMO)
   
1
   
3,509
 
$
350,900,000
   
March 1, 2040
 
Premium Income 2 (NPM)
   
1
   
4,895
 
$
489,500,000
   
May 1, 2041
 
Details of the Acquiring Funds' VMTP Shares issued in connection with the Reorganizations were as follows:

           
Shares
   
Liquidation
 
Acquiring Funds
   
Series
   
Outstanding
   
Preference
 
Quality Income (NAD)
   
2017
   
435
 
$
43,500,000
 
     
2018
   
4,070
 
$
407,000,000
 
AMT-Free Quality Income (NEA)
   
2018
   
5,350
 
$
535,000,000
 
Details of the Acquiring Funds' VRDP Shares issued in connection with the Reorganizations were as follows:

           
Shares
   
Liquidation
       
Acquiring Funds
   
Series
   
Outstanding
   
Preference
   
Maturity
 
Quality Income (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
 
AMT-Free Quality Income (NEA)
   
3
   
3,509
 
$
350,900,000
   
March 1, 2040
 
     
4
   
4,895
 
$
498,500,000
   
September 11, 2026
 
Pro Forma Results of Operations (Unaudited)
The beginning of the Target Funds' current fiscal period was November 1, 2015. Assuming the Reorganizations had been completed on November 1, 2015, the beginning of the Acquiring Funds' current fiscal period, the pro forma results of operations for the current fiscal period, are as follows:

           
AMT-Free
 
     
Quality
   
Quality
 
     
Income
   
Income
 
Acquiring Fund - Pro Forma Results from Operations
   
(NAD
)
 
(NEA
)
Net investment income (loss)
 
$
152,490,731
 
$
191,757,515
 
Net realized and unrealized gains (losses)
   
95,852,039
   
134,307,943
 
Change in net assets resulting from operations
   
248,342,770
   
326,065,459
 
Because the combined investment portfolios for each Reorganization have been managed as a single integrated portfolio since each Reorganization were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statement of Operations for the Acquiring Funds since the Reorganizations were consummated.
Cost and Expenses
In connection with the Reorganizations, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as components of "Accrued other expenses" on the Statement of Assets and Liabilities and "Reorganization expenses" on the Statement of Operations.

136
NUVEEN


Additional Fund Information (Unaudited)

Board of Trustees
           
William Adams IV*
Margo L. 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
   
             
* Interested Board Member.
 

Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
Nuveen Fund Advisors, LLC
State Street Bank
Chapman and Cutler LLP
Public Accounting Firm
Shareholder Services
333 West Wacker Drive
& Trust Company
Chicago, IL 60603
KPMG LLP
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.

NUVEEN
137


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.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
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.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

138
NUVEEN


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

NUVEEN
139


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.

140
NUVEEN


Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Trustees of each Fund (the "Board," and each Trustee a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews each Investment Management Agreement and Sub-Advisory Agreement on behalf of each Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, compliance matters, securities lending, leverage matters, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board's effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board's evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a "Fund Adviser"); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and a review of premium/discount trends and leverage management as well as information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team's assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser's organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members' review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board

NUVEEN
141


Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Members did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.

A.
Nature, Extent and Quality of Services
 
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the funds' compliance program and related testing); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); and (g) providing leverage management.
   
 
The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser's additional staffing in key areas that support the funds and the Board, including in investment services, operations, closed-end fund/structured products, fund governance, compliance, fund administration, product management, and information technology. Among the enhancements to its services, the Board recognized the Adviser's (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) expanded efforts to support leverage management with a goal of seeking the most effective structure for fund shareholders given appropriate risk levels and regulatory constraints; (c) increased support for dividend management; (d) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (e) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (f) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (g) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser's efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer's report regarding the Adviser's compliance program, the Adviser's continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
   
 
The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the closed-end fund product line. The Board noted the Adviser's continued efforts during 2015 (a) to rationalize the product line through mergers designed to help reduce product overlap, offer shareholders the potential for lower fees and enhanced investor acceptance, and address persistent discounts in the secondary market; (b) to oversee and manage leverage as the Adviser facilitated the rollover of existing facilities and conducted negotiations for improved terms and

142
NUVEEN


 
pricing to reduce leverage costs; (c) to conduct capital management services including share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on such opportunities for the closed-end funds; and (d) to implement data-driven market analytics which, among other things, provided a better analysis of the shareholder base, enhanced the ability to monitor the closed-end funds versus peers and helped to understand trading discounts. The Board also considered the quality and breadth of Nuveen's investment relations program through which Nuveen seeks to build awareness of, and educate investors and financial advisers with respect to, Nuveen closed-end funds which may help to build an active secondary market for the closed-end fund product line.
   
 
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
   
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
   
B.
The Investment Performance of the Funds and Fund Advisers
 
The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser's analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016.
   
 
In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:
 
 
The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
     
 
Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
     
 
Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results.
     
 
The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds. The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
In addition to the foregoing, the Independent Board Members continued to recognize the importance of secondary market trading for the shares of closed-end funds. At the quarterly meetings as well as the May Meeting, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. At the May Meeting and/or prior meetings, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, an analysis by the Adviser of the key economic, market and competitive trends that affected the closed-end fund market and Nuveen closed-end funds and considered any actions proposed periodically by the Adviser to address trading discounts of certain closed-end funds, including, among other things, share repurchases, fund reorganizations, adjusting fund investment mandates and strategies, and increasing fund awareness to investors. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds to be a continuing priority in their oversight of the closed-end funds.
   
 
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund's investment strategy and seeking exposure to that strategy (even if the strategy was "out of favor" in the marketplace) and knowing the fund's fee structure.
   
 
For Nuveen Quality Municipal Income Fund, the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the three- and five-year periods and second quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
   
 
For Nuveen AMT-Free Quality Municipal Income Fund, the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the longer five-year period, the Fund ranked in the third quartile in the one- and three-year periods. In addition, the Fund outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
   
C.
Fees, Expenses and Profitability
   
 
1. Fees and Expenses
 
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe.
   
 
In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board considered that management recently reviewed the breakpoint schedules for the closed-end funds which resulted in reduced breakpoints and/or new breakpoints at certain asset thresholds for numerous closed-end funds, including the Funds.
   
 
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; and differences in services provided can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund's fees and expenses. In

144
NUVEEN


 
addition, in reviewing a fund's fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund's expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
   
 
The Independent Board Members noted that the Funds each had a net management fee in line with its peer average and a net expense ratio below its peer average.
   
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
 
2. Comparisons with the Fees of Other Clients
 
The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
   
 
The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
   
 
The Board also was aware that, since the Funds had a sub-adviser, each Fund's management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
   
 
3. Profitability of Fund Advisers
 
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen's adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory

NUVEEN
145


Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen's revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen's operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
   
 
The Board also considered Nuveen's adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen's adjusted operating margins appeared comparable to the adjusted margins of the peers.
   
 
Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA-CREF"), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
   
 
Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds.
   
 
With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2015.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
   
 
Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's levels of profitability were reasonable in light of the respective services provided.
   
D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
The Independent Board Members recognized that as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser's investment

146
NUVEEN


 
in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. With respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
   
 
The Independent Board Members reviewed the breakpoint and complex-wide schedules and the material savings achieved from fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year.
   
 
In addition, the Independent Board Members recognized the Adviser's ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in closed-end funds/structured products, fund administration, operations, fund governance, investment services, compliance, product management, and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
   
 
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
   
E.
Indirect Benefits
 
The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds and as underwriter on shelf offerings for certain existing funds.
   
 
In addition to the above, the Independent Board Members considered that the Funds' portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
   
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
   
F.
Other Considerations
 
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

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147


Board Members & Officers (Unaudited)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members:
           
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
 


Chairman and
Board Member
 


1996
Class III
 
Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of Med-America Health System and WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition.
 


184
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 


184
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2003
Class I
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 


184
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).
 


184

148
NUVEEN


 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
       
         
ALBIN F. MOSCHNER(2)
1952
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2016
Class III
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016).
 


184
                   
JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2013
Class II
 
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading – North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 


184
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


1997
Class I
 
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 


184
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2007
Class I
 
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
 


184
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 


184

NUVEEN
149


Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
       
                   
MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2016
Class I
 
Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
 


184
Interested Board Members:    
       
                   
WILLIAM ADAMS IV(3)
1955
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2013
Class II
 
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Chief Executive Officer (since 2016), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).
 


184
                   
MARGO L. COOK(2)(3)
1964
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2016
Class III
 
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2015-2016) of Nuveen Securities, LLC; Co-President (since October 2016), formerly Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst.
 


184

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds:
       
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
 

Chief
Administrative
Officer
 


2007
 
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014); Managing Director (since 2010) of Nuveen Investments Holdings, Inc.
 


74
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
 


Vice President
 


1998
 
Managing Director (since 2004) of Nuveen Investments Holdings, Inc.
 


185

150
NUVEEN


 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
       
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
 


Vice President
and Controller
 


1998
 
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant.
 


185
                   
NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 60606
 


Vice President
and Treasurer
 


2016
 
Senior Vice President (since 2016), formerly, Vice President (2011-2016) of Nuveen Investments Holdings, Inc.; Chartered Financial Analyst.
 


185
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
 

Chief Compliance
Officer and
Vice President
 


2003
 
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
 


185
                   
DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 60606
 


Vice President
 


2015
 
Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006.
 


74
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
 


Vice President
 


2002
 
Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.
 


185
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President
and Assistant
Secretary
 


2007
 
Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director, and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Winslow Capital Management, LLC (since 2010) and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC.
 


185
                   
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
 

Vice President and
Assistant Secretary
 


2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 


185

NUVEEN
151


Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
       
                   
CHRISTOPHER M. ROHRBACHER
1971
333 West Wacker Drive
Chicago, IL 60606
 

Vice President and
Assistant Secretary
 


2008
 
Senior Vice President (since 2011) formerly, Vice President (2008-2011) and Assistant General Counsel (since 2008) of Nuveen Investments Holdings, Inc.; Senior Vice President and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 


185
                   
JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President and
Assistant Secretary
 


2013
 
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
 


185
                   
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President
and Secretary
 


1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Nuveen Investments Advisers, LLC (since 2002) and Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 


185

(1)
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016.
(3)
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

152
NUVEEN


Notes

NUVEEN
153


Notes

154
NUVEEN


Notes

NUVEEN
155


Nuveen:
                    Serving Investors for Generations

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

   
Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages $244 billion in assets as of September 30, 2016.

   
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

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
EAN-B-1016D 21464-INV-Y-12/17

 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
 
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Quality Municipal Income Fund

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2016
 
$
37,270
   
$
2,300
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2015
 
$
22,500
   
$
0
   
$
0
   
$
651
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2016
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2015
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2016
 $                                0
 $                                      0
 $                                    0
 $                           0
October 31, 2015
 $                            651
 $                                      0
 $                                    0
 $                       651
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Jack B. Evans, David J. Kundert, John K. Nelson, Carole E. Stone and Terence J. Toth.
 
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant's investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

Christopher L. Drahn, CFA, manages several municipal funds and portfolios.  He began working in the financial industry when he joined FAF Advisors in 1980.  Chris became a portfolio manager in 1988.  He received a B.A. from Wartburg College and an M.B.A. in finance from the University of Minnesota.  Chris holds the Chartered Financial Analyst designation.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
 
 
Type of Account
Managed
 
 
Number of
Accounts
 
 
Assets*
 
 
Christopher L. Drahn
Registered Investment Company
8
$ 8.21 billion
 
Other Pooled Investment Vehicles
0
$ 0
 
Other Accounts
2
$  117 million

* Assets are as of October 31, 2016.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management‘s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NAD SECURITIES AS OF OCTOBER 31, 2016

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Christopher L. Drahn
X
           
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(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: 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. Ex-99.906 CERT attached hereto.




SIGNATURES


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

(Registrant) Nuveen Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: January 9, 2017

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

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: January 9, 2017
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 9, 2017