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Table of Contents

Chairman's Letter to Shareholders

Dear Shareholders,

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

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

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

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

Sincerely,

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

Portfolio Manager's Comments

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

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

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

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

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

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

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

Portfolio Manager's Comments (continued)

FUND REORGANIZATIONS

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

The approved reorganizations are as follows:

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

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

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

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

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

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

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

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

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

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

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

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

Portfolio Manager's Comments (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

An Update Involving Puerto Rico

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

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

A Note About Investment Valuations

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

Fund Leverage

IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE

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

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

THE FUNDS' REGULATORY LEVERAGE

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

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

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

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

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

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

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

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

 

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

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

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

COMMON SHARE REPURCHASES

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

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

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

OTHER COMMON SHARE INFORMATION

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

Risk Considerations

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

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

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

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

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

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

Average Annual Total Returns as of October 31, 2016

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

 

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

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

 

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

Average Annual Total Returns as of October 31, 2016

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

 

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

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

Shareholder Meeting Report

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

Shareholder Meeting Report (continued)

Report of Independent Registered Public Accounting Firm

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

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

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

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

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

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

 

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

 

NUVEEN

23

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

 

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

 

24

NUVEEN

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

 

NUVEEN

25

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

 

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

 

26

NUVEEN

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

 

NUVEEN

27

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

 

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

 

28

NUVEEN

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

 

NUVEEN

29

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

 

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

 

30

NUVEEN

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

 

NUVEEN

31

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

 

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

 

32

NUVEEN

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

 

NUVEEN

33

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

 

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

 

34

NUVEEN

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

 

NUVEEN

35

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

 

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

 

36

NUVEEN

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

 

NUVEEN

37

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

 

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

 

38

NUVEEN

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

 

NUVEEN

39

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

 

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

 

40

NUVEEN

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

 

NUVEEN

41

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

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

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

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.

114

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115

Financial
	Highlights

					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.

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								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.

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117

		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

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	•	Nuveen Quality Municipal Income Fund (NAD) ("Quality Income (NAD)")
	•	Nuveen AMT-Free Quality Municipal Income Fund (NEA) ("AMT-Free Quality Income (NEA)")

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)")

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119

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)")

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

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	Level 1 –	Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
	Level 2 –	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
	Level 3 –	Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

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121

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.

	(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.

122

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						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

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123

						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	%

						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

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						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.

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125

		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.

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.

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

126

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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

—

						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.

						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.

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127

						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	%

						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

128

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						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.

		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

		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

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129

		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

						AMT-Free
			Quality			Quality
			Income			Income
			(NAD	)		(NEA	)
Purchases		$	346,766,757		$	545,069,822
Sales and maturities			186,374,549			314,477,420

						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

130

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						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	)

						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.

						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.

						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

						AMT-Free
			Quality			Quality
			Income			Income
			(NAD	)		(NEA	)
Expired capital loss carryforwards		$	12,473,180		$	2,466,776

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

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

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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%.

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

NUVEEN

133

			AMT-Free
			Quality
			Income
			(NEA	)
Outstanding balance at December 31, 2015		$	10,573,680

			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

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			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

						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

						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

NUVEEN

135

						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

						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

						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

						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

136

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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

			NAD			NEA
Common shares repurchased			—			—

NUVEEN

137

■	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

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■	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

140

NUVEEN

NUVEEN

141

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

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	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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143

	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

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	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

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	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

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	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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	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

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	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

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	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

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	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

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151

	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.

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