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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21213

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

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

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

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2018

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.



Life is Complex.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free e-Reports
right to your e-mail!


www.investordelivery.com
If you receive your Nuveen Fund
dividends and statements from your
financial advisor or brokerage account.


or


www.nuveen.com/client-access
If you receive your Nuveen Fund
dividends and statements directly from
Nuveen.


NOT FDIC INSURED MAY LOSE
VALUE NO BANK GUARANTEE
 

Table of Contents
   
Chairman’s Letter to Shareholders 
4 
   
Portfolio Manager’s Comments 
5 
   
Fund Leverage 
9 
   
Common Share Information 
11 
   
Risk Considerations 
13 
   
Performance Overview and Holding Summaries 
14 
   
Shareholder Meeting Report 
18 
   
Report of Independent Registered Public Accounting Firm 
19 
   
Portfolios of Investments 
20 
   
Statement of Assets and Liabilities 
107 
   
Statement of Operations 
108 
   
Statement of Changes in Net Assets 
109 
   
Statement of Cash Flows 
110 
   
Financial Highlights 
112 
   
Notes to Financial Statements 
115 
   
Additional Fund Information 
130 
   
Glossary of Terms Used in this Report 
131 
   
Reinvest Automatically, Easily and Conveniently 
133 
   
Annual Investment Management Agreement Approval Process 
134 
   
Board Members & Officers 
142 
 
3

Chairman’s Letter
to Shareholders
Dear Shareholders,
I am honored to serve as the new independent chairman of the Nuveen Fund Board, effective July 1, 2018. I’d like to gratefully acknowledge the stewardship of my predecessor William J. Schneider and, on behalf of my fellow Board members, reinforce our commitment to the legacy of strong, independent oversight of your Funds.
If stock markets are forward-looking, then the recently elevated volatility suggests the consensus view is changing. Rising interest rates, moderating corporate earnings growth prospects and unpredictable geopolitical events including trade wars and Brexit have clouded the horizon. With economic growth in China and Europe already slowing this year, and U.S. growth possibly peaking, investors are watching for clues as to the global economy’s resilience amid these headwinds.
However, it’s important to remember that interim market swings may not reflect longer-term economic conditions. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy, but European corporate earnings have remained healthy and their central bank has reaffirmed its commitment to a gradual stimulus withdrawal. In a slower growth environment, there are opportunities for investors who seek them more selectively.
A more challenging landscape can distract you from your investment goals. But you can maintain long-term perspective by setting realistic expectations about short-term volatility and working with your financial advisor to evaluate your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chairman of the Board
December 21, 2018
4

Portfolio Manager’s Comments
 
Nuveen Quality Municipal Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio manager Christopher L. Drahn, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these two national Funds.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2018?
The U.S. economy accelerated in this reporting period, with gross domestic product (GDP) growth reaching 4.2% (annualized) in the second quarter of 2018, the fastest pace since 2014, then receding to a still relatively robust 3.5% annualized rate in the third quarter of 2018, according to the Bureau of Economic Analysis “second” estimate. GDP 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. The boost in economic activity during the second quarter of 2018 was attributed to robust spending by consumers, businesses and the government, as well as a temporary increase in exports, as farmers rushed soybean shipments ahead of China’s retaliatory tariffs. While consumer and government spending continued to drive economic growth in the third quarter, the export contribution declined as expected and both business spending and housing investment weakened.
Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.7% in October 2018 from 4.1% in October 2017 and job gains averaged around 210,000 per month for the past twelve months. The jobs market has continued to tighten, while average hourly earnings grew at an annualized rate of 3.1% in October 2018. The Consumer Price Index (CPI) increased 2.5% over the twelve-month reporting period ended October 31, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics.
Low mortgage rates and low inventory drove home prices higher during this recovery cycle. But the price momentum slowed in recent months as mortgage rates began to drift higher and homes have become less affordable. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 5.5% in September 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 4.8% and 5.1%, respectively.
 

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

Portfolio Manager’s Comments (continued)
With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Federal Reserve’s (Fed’s) policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in September 2018, was the third rate hike in 2018 to date and the eighth rate hike since December 2015. Fed Chair Janet Yellen’s term expired in February 2018, and incoming Chairman Jerome Powell indicated he would likely maintain the Fed’s gradual pace of interest rate hikes. The September 2018 meeting confirmed the market’s expectations of another increase in December 2018, followed by additional increases in 2019. Notably, the Fed’s statement dropped “accommodative” from the description of its monetary policy, which Chairman Powell explained did not represent a change in the course of policy but rather an acknowledgement of the strengthening economy. Additionally, the Fed continued reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off each month without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.
Geopolitical news remained a prominent market driver. The U.S. moved forward with tariffs on imported goods from China, as well as on steel and aluminum from Canada, Mexico and Europe. These countries announced retaliatory measures in kind, intensifying concerns about a trade war, although there have been some positive developments. In July 2018, the U.S. and the Europe Union announced they would refrain from further tariffs while they negotiate trade terms, and in October 2018, the U.S., Mexico and Canada agreed to a new trade deal to replace the North American Free Trade Agreement. The U.S. and China resumed trade negotiations in August 2018, but the talks yielded little progress and President Trump subsequently mentioned imposing tariffs on the balance of Chinese goods. Brexit negotiations made modest progress, but the Irish border remained a sticking point and Prime Minister Theresa May was expected to face difficulty getting a plan approved in Parliament. Elsewhere in Europe, markets remained nervous about Italy’s new euroskeptic coalition government, immigration policy and political risk in Turkey. The U.S. Treasury issued additional sanctions on Russia in April 2018 and re-imposed sanctions on Iran following the U.S. withdrawal from the 2015 nuclear agreement. Bearish crude oil supply news, along with heightened tensions between the U.S. and Saudi Arabia after the disappearance of a Saudi journalist, drove oil price volatility. On the Korean peninsula, the leaders of South Korea and North Korea met during April 2018 and jointly announced a commitment toward peace, while the U.S.-North Korea summit yielded an agreement with few additional details.
The broad municipal bond market posted a modestly negative return for this reporting period. As the economy gained momentum and the Fed continued to nudge its policy rate higher, interest rates rose across the yield curve. However, short-term rates increased by a wider margin than longer-term rates, which were anchored by modest inflation expectations, resulting in a flattening yield curve.
Along with the overall economic outlook, tax reform was a significant market driver for municipal bonds in this reporting period. Early drafts of the tax bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December 2017 and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December 2017 reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.
The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20% to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.
Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $388.6 billion in this reporting period, a 0.3% increase from the issuance for the twelve-month reporting period ended October 31, 2018. The overall low
6


level of interest rates encouraged issuers to continue to actively refund their outstanding debt. 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% to 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. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows have remained steady through the end of the reporting period.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2018?
Interest rates rose in this reporting period but not uniformly. The yield curve flattened as the rate increase on the short end outpaced that on the long end. The rise in yields weighed on bond prices, but the gradual pace of the increase kept municipal bond fund flows fairly stable. Supply and demand conditions remained favorable, and credit fundamentals were relatively robust. 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. We remained comfortable with the Funds’ broad positioning, maintaining overweight allocations to lower investment grade credits and from a sector standpoint overweights in health care (especially hospitals), transportation (mainly airports and toll roads) and tobacco, as well as an underweight in state and local general obligation (GO) bonds.
The rising interest rate environment provided attractive opportunities for tax loss swapping. This strategy involves selling bonds that were bought when interest rates were lower and reinvesting the proceeds into bonds offering higher yield levels to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities.
Over the course of the reporting period, NAD added to weightings in the transportation sector (primarily airports and maritime ports). The strategy primarily involved adding bonds in that sector subject to the alternative minimum tax (AMT). We consider the sector to generally possess good credit quality and liquidity (as well as incremental yield from the AMT designation) in an environment where fewer investors should find themselves subject to the AMT due to the tax code changes in the 2017 Tax Cuts and Jobs Act. NEA added bonds from a range of sectors. The purchases were made primarily using a mixture of proceeds from calls, maturities and tax loss swap transactions. Other trading activity during the reporting period included replacing some New Jersey Tobacco Settlement bonds that were refunded.
As of October 31, 2018, 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, during the first half of the reporting period NEA also invested in forward interest rates swaps to help reduce price volatility risk due to movements in U.S. interest rates relative to the Fund’s benchmark. The swap position was eliminated in April 2018 and had a negligible impact on performance during the reporting period.
How did the Funds perform during the twelve-month reporting period ended October 31, 2018?
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, 2018. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
7

Portfolio Manager’s Comments (continued)
For the twelve months ended October 31, 2018, the total returns on common share NAV for the two Funds underperformed the returns for the national S&P Municipal Bond Index and the secondary benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index.
Yield curve and duration positioning and credit quality allocations had the largest impacts on the Funds’ relative performance, with a smaller contribution from sector allocations. NAD and NEA held overweight allocations in longer maturities, which was modestly beneficial to performance relative to the weaker performing intermediate part of the curve. However, the Funds’ relative performance was hurt by their slight overweight in older zero-coupon bonds that have drifted into the intermediate range of the yield curve.
From a credit ratings standpoint, lower rated credits outperformed in this reporting period. The Funds’ overweight allocations to BBB and single-B rated bonds contributed positively to performance, driven by both price appreciation and income generation.
Sector weightings were advantageous across the Funds’ overweights in tobacco and health care and an underweight in GO bonds. Security selection in the health care sector also aided performance. Both an overweight and security selection in Illinois bonds was another positive contributor, while an underweight in Puerto Rico bonds slightly detracted from relative results.
In addition, the use of regulatory leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 18, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution’s parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy Solutions holdings, shareholders should note that NEA had no exposure to FirstEnergy, while NAD had 0.06% and it should be noted that this exposure is senior lien secured and had a negligible effect on relative performance.
8

Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments in recent years have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
Leverage had a negligible impact on the performance of NAD over the reporting period. Leverage had a positive impact on the performance of NEA during the reporting period.
As of October 31, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.
             
 
 
NAD
   
NEA
 
Effective Leverage* 
   
39.92
%
   
39.94
%
Regulatory Leverage* 
   
38.01
%
   
37.67
%
 
*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. 
 
9

Fund Leverage (continued)
 
THE FUNDS’ REGULATORY LEVERAGE
As of October 31, 2018, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
                   
 
 
Variable Rate
Preferred*
   
Variable Rate
Remarketed Preferred**
       
 
 
Shares
   
Shares
       
 
 
Issued at
   
Issued at
       
 
 
Liquidation
   
Liquidation
       
 
 
Preference
   
Preference
   
Total
 
NAD 
 
$
1,152,500,000
   
$
632,000,000
   
$
1,784,500,000
 
NEA 
 
$
958,000,000
   
$
1,290,300,000
   
$
2,248,300,000
 
   
* 
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. 
**
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. 
 
Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares and Note 10 — Subsequent Events for further details on preferred shares and each Fund’s respective transactions.
10

Common Share Information
 
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 2018. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
             
 
 
Per Common
 
 
 
Share Amounts
 
Monthly Distributions (Ex-Dividend Date) 
 
NAD
   
NEA
 
November 2017 
 
$
0.0600
   
$
0.0580
 
December 
   
0.0575
     
0.0580
 
January 
   
0.0575
     
0.0580
 
February 
   
0.0575
     
0.0580
 
March 
   
0.0575
     
0.0580
 
April 
   
0.0575
     
0.0580
 
May 
   
0.0575
     
0.0580
 
June 
   
0.0575
     
0.0535
 
July 
   
0.0575
     
0.0535
 
August 
   
0.0575
     
0.0535
 
September 
   
0.0535
     
0.0535
 
October 2018 
   
0.0535
     
0.0535
 
Total Monthly Per Share Distributions 
   
0.6845
     
0.6735
 
Ordinary Income Distribution* 
   
0.0047
     
0.0045
 
Total Distributions from Net Investment Income 
 
$
0.6892
   
$
0.6780
 
   
Yields 
               
Market Yield** 
   
5.17
%
   
5.29
%
Tax-Equivalent Yield** 
   
6.80
%
   
6.96
%
   
* 
Distribution paid in December 2017. 
** 
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 
 
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains
11

Common Share Information (continued)
 
and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
COMMON SHARE REPURCHASES
During August 2018, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2018, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
             
 
 
NAD
   
NEA
 
Common shares cumulatively repurchased and retired 
   
17,900
     
75,000
 
Common shares authorized for repurchase 
   
20,190,000
     
26,280,000
 
 
During the current reporting period, the Funds repurchased and retired their common shares at a weighted average price per share and a weighted average discount per share as shown in the accompanying table.
             
 
 
NAD
   
NEA
 
Common shares repurchased and retired 
   
17,900
     
55,700
 
Weighted average price per common share repurchased and retired 
 
$
12.33
   
$
12.10
 
Weighted average discount per common share repurchased and retired 
   
14.96
%
   
14.89
%
 
OTHER COMMON SHARE INFORMATION
As of October 31, 2018, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
             
 
 
NAD
   
NEA
 
Common share NAV 
 
$
14.42
   
$
14.16
 
Common share price 
 
$
12.41
   
$
12.13
 
Premium/(Discount) to NAV 
   
(13.94
)%
   
(14.34
)%
12-month average premium/(discount) to NAV 
   
(11.65
)%
   
(11.45
)%
 
12

Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Quality Municipal Income Fund (NAD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NAD.
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEA.
13

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Performance Overview and Holding Summaries as of October 31, 2018 
 
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, 2018
                   
 
 
Average Annual
 
 
 
1-Year
   
5-Year
   
10-Year
 
NAD at Common Share NAV 
   
(2.03
)%
   
5.48
%
   
8.14
%
NAD at Common Share Price 
   
(5.69
)%
   
5.17
%
   
7.97
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
4.97
%
NAD Custom Blended Fund Performance Benchmark 
   
0.56
%
   
3.48
%
   
5.04
%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
 
14


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
162.6% 
Corporate Bonds 
0.0% 
Investment Companies 
0.0% 
Other Assets Less Liabilities 
1.5% 
Net Assets Plus Floating Rate Obligations, 
 
MFP Shares, net of deferred offering costs, 
 
VMTP Shares, net of deferred offering 
 
costs & VRDP Shares, net of deferred 
 
offering costs 
164.1% 
Floating Rate Obligations 
(3.0)% 
MFP Shares, net of deferred 
 
offering costs 
(20.8)% 
VMTP Shares, net of deferred 
 
offering costs 
(18.7)% 
VRDP Shares, net of deferred 
 
offering costs 
(21.6)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.9% 
AAA 
2.5% 
AA 
31.4% 
A 
34.5% 
BBB 
13.1% 
BB or Lower 
6.5% 
N/R (not rated) 
3.1% 
N/A (not applicable) 
0.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
27.0% 
Health Care 
16.6% 
Tax Obligation/Limited 
13.6% 
U.S. Guaranteed 
9.7% 
Tax Obligation/General 
8.8% 
Utilities 
6.7% 
Education and Civic Organizations 
5.3% 
Other 
12.3% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
11.8% 
California 
10.6% 
Texas 
10.3% 
Colorado 
6.3% 
Florida 
5.8% 
Ohio 
5.2% 
New York 
4.5% 
Pennsylvania 
3.2% 
Washington 
3.0% 
New Jersey 
2.9% 
South Carolina 
2.5% 
Missouri 
2.1% 
Arizona 
2.1% 
Louisiana 
2.0% 
Virginia 
2.0% 
Nevada 
1.9% 
Michigan 
1.5% 
Wisconsin 
1.4% 
Tennessee 
1.4% 
Other 
19.5% 
Total 
100% 
 
15

   
NEA
Nuveen AMT-Free Quality Municipal Income Fund
Performance Overview and Holding Summaries as of October 31, 2018
 
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, 2018
                   
 
 
Average Annual
 
 
 
1-Year
   
5-Year
   
10-Year
 
NEA at Common Share NAV 
   
(1.62
)%
   
5.89
%
   
6.91
%
NEA at Common Share Price 
   
(5.84
)%
   
5.36
%
   
6.54
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
4.97
%
NEA Custom Blended Fund Performance Benchmark 
   
0.56
%
   
3.48
%
   
5.04
%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
 
16


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
161.6% 
Corporate Bonds 
0.0% 
Other Assets Less Liabilities 
1.4% 
Net Assets Plus Floating Rate 
 
Obligations, MFP Shares, net of 
 
deferred offering costs & VRDP 
 
Shares, net of deferred offering costs 
163.0% 
Floating Rate Obligations 
(2.8)% 
MFP Shares, net of deferred 
 
offering costs 
(25.7)% 
VRDP Shares, net of deferred 
 
offering costs 
(34.5)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
9.9% 
AAA 
3.4% 
AA 
35.4% 
A 
27.1% 
BBB 
13.3% 
BB or Lower 
6.9% 
N/R (not rated) 
4.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
18.5% 
Transportation 
18.5% 
Tax Obligation/Limited 
14.7% 
Tax Obligation/General 
12.4% 
U.S. Guaranteed 
10.0% 
Education and Civic Organizations 
6.1% 
Water and Sewer 
5.6% 
Utilities 
5.3% 
Consumer Staples 
5.3% 
Other 
3.6% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
14.4% 
California 
8.3% 
Texas 
8.0% 
Colorado 
6.3% 
Ohio 
6.2% 
Florida 
4.5% 
New Jersey 
4.0% 
New York 
3.9% 
Pennsylvania 
3.9% 
Nevada 
3.5% 
Michigan 
3.2% 
Indiana 
2.5% 
Wisconsin 
2.1% 
Missouri 
2.1% 
South Carolina 
2.1% 
Washington 
2.1% 
Georgia 
2.0% 
Louisiana 
1.9% 
Other 
19.0% 
Total 
100% 
 
17

Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen on August 8, 2018 for NAD and NEA; at this meeting the shareholders were asked to elect Board Members.
         
 
NAD 
NEA 
 
Common and 
Preferred 
shares voting 
together 
as a class 
Preferred 
shares voting 
together 
as a class 
Common and 
Preferred 
shares voting 
together 
as a class 
Preferred 
shares voting 
together 
as a class 
Approval of the Board Members was reached as follows: 
 
 
 
 
Margo L. Cook 
 
 
 
 
For 
167,219,618 
 
227,575,996 
 
Withhold 
16,109,188 
 
13,258,876 
 
Total 
183,328,806 
 
240,834,872 
 
Jack B. Evans 
 
 
 
 
For 
166,535,336 
 
226,632,515 
 
Withhold 
16,793,470 
 
14,202,357 
 
Total 
183,328,806 
 
240,834,872 
 
Albin F. Moschner 
 
 
 
 
For 
166,945,081 
 
227,009,207 
 
Withhold 
16,383,725 
 
13,825,665 
 
Total 
183,328,806 
 
240,834,872 
 
William C. Hunter 
 
 
 
 
For 
 
16,501 
 
19,527 
Withhold 
 
 
 
 
Total 
 
16,501 
 
19,527 
William J. Schneider 
 
 
 
 
For 
 
16,501 
 
19,527 
Withhold 
 
 
 
 
Total 
 
16,501 
 
19,527 
 
18

Report of Independent Registered Public Accounting Firm
 
To the Shareholders and Board of Trustees of
Nuveen Quality Municipal Income Fund
Nuveen AMT-Free Quality Municipal Income Fund:
Opinion on the Financial Statements
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, 2018, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2018, the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
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. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 27, 2018
19

   
NAD
Nuveen Quality Municipal Income Fund
Portfolio of Investments October 31, 2018
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 162.6% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 162.6% (100.0% of Total Investments) 
 
 
 
 
 
Alabama – 1.3% (0.8% of Total Investments) 
 
 
 
 
 
Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A: 
 
 
 
$ 5,000 
 
5.000%, 10/01/33 – AGM Insured (Alternative Minimum Tax) 
10/27 at 100.00 
AA 
$ 5,461,800 
5,455 
 
5.000%, 10/01/34 – AGM Insured (Alternative Minimum Tax) 
10/27 at 100.00 
AA 
5,941,531 
5,550 
 
5.000%, 10/01/35 – AGM Insured (Alternative Minimum Tax) 
10/27 at 100.00 
AA 
6,027,522 
17,500 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 
No Opt. Call 
A3 
19,660,025 
33,505 
 
Total Alabama 
 
 
37,090,878 
 
 
Alaska – 0.8% (0.5% of Total Investments) 
 
 
 
 
 
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham 
 
 
 
 
 
Hydroelectric Project, Refunding Series 2015: 
 
 
 
1,580 
 
5.000%, 1/01/24 (Alternative Minimum Tax) 
No Opt. Call 
Baa2 
1,714,316 
3,400 
 
5.000%, 1/01/25 (Alternative Minimum Tax) 
No Opt. Call 
Baa2 
3,715,894 
1,000 
 
5.000%, 1/01/28 (Alternative Minimum Tax) 
7/25 at 100.00 
Baa2 
1,078,560 
1,075 
 
5.000%, 1/01/29 (Alternative Minimum Tax) 
7/25 at 100.00 
Baa2 
1,152,873 
300 
 
5.000%, 1/01/31 (Alternative Minimum Tax) 
7/25 at 100.00 
Baa2 
319,185 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2006A: 
 
 
 
245 
 
4.625%, 6/01/23 
12/18 at 100.00 
Ba2 
245,049 
14,500 
 
5.000%, 6/01/32 
12/18 at 100.00 
B3 
14,471,145 
22,100 
 
Total Alaska 
 
 
22,697,022 
 
 
Arizona – 3.4% (2.1% of Total Investments) 
 
 
 
980 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
A– 
1,024,041 
 
 
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
2,500 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, 
12/24 at 100.00 
A2 
2,705,150 
 
 
Refunding Series 2014A, 5.000%, 12/01/39 
 
 
 
2,000 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
1/28 at 100.00 
AA– 
2,139,400 
 
 
Math & Science Projects, Series 2018A, 5.000%, 7/01/48 
 
 
 
 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
 
 
 
 
 
Project, Refunding Senior Series 2012A: 
 
 
 
1,490 
 
5.000%, 7/01/30 
7/22 at 100.00 
A1 
1,567,733 
2,500 
 
5.000%, 7/01/32 
7/22 at 100.00 
A1 
2,620,775 
2,335 
 
5.000%, 7/01/36 
7/22 at 100.00 
A1 
2,431,506 
11,795 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
1/27 at 100.00 
AA– 
11,925,689 
 
 
Refunding Series 2016A, 4.000%, 1/01/36 
 
 
 
11,740 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 
7/20 at 100.00 
A+ (4) 
12,289,549 
 
 
2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
12,935 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 
7/27 at 100.00 
AA– 
13,981,830 
 
 
2017A, 5.000%, 7/01/47 (Alternative Minimum Tax) 
 
 
 
6,000 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 
7/28 at 100.00 
AA– 
6,518,700 
 
 
2018, 5.000%, 7/01/48 (WI/DD, Settling 11/28/18) (Alternative Minimum Tax) 
 
 
 
7,000 
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, 
No Opt. Call 
AA 
8,785,210 
 
 
Series 2005B, 5.500%, 7/01/39 – FGIC Insured 
 
 
 
1,000 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
10/20 at 100.00 
A– 
1,050,290 
 
 
Company, Series 2010A, 5.250%, 10/01/40 
 
 
 
1,000 
 
Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series 
12/25 at 100.00 
AA 
1,000,580 
 
 
2015, 4.000%, 12/01/38 – AGM Insured 
 
 
 
 
20


           
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+ 
$ 587,660 
24,765 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
28,154,586 
1,100 
 
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University 
6/24 at 100.00 
AA 
1,197,493 
 
 
Project, Series 2014, 5.000%, 6/01/34 – BAM Insured 
 
 
 
774 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 
1/19 at 100.00 
N/R 
737,939 
 
 
2005, 6.000%, 7/01/30 
 
 
 
90,414 
 
Total Arizona 
 
 
98,718,131 
 
 
Arkansas – 0.1% (0.1% of Total Investments) 
 
 
 
2,055 
 
Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 
12/23 at 100.00 
A1 
2,190,342 
 
 
4.875%, 12/01/43 
 
 
 
 
 
California – 17.3% (10.6% of Total Investments) 
 
 
 
1,500 
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue 
5/20 at 100.00 
AA– (4) 
1,593,360 
 
 
Bonds, Channing House, Series 2010, 6.000%, 5/15/30 (Pre-refunded 5/15/20) 
 
 
 
 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate 
 
 
 
 
 
Lien Series 2004A: 
 
 
 
185 
 
0.000%, 10/01/20 – AMBAC Insured 
No Opt. Call 
BBB+ 
174,620 
9,015 
 
0.000%, 10/01/20 – AMBAC Insured (ETM) 
No Opt. Call 
Aaa 
8,666,570 
1,535 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 
No Opt. Call 
A 
681,433 
 
 
1999A, 0.000%, 10/01/37 – NPFG Insured 
 
 
 
13,000 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
1/19 at 100.00 
A1 
13,013,520 
 
 
Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured 
 
 
 
 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
 
 
 
 
 
Project, Series 1997C: 
 
 
 
2,945 
 
0.000%, 9/01/27 
No Opt. Call 
AA 
2,177,238 
7,150 
 
0.000%, 9/01/28 – AGM Insured 
No Opt. Call 
AA 
5,029,882 
2,455 
 
0.000%, 9/01/32 – AGM Insured 
No Opt. Call 
AA 
1,402,370 
200 
 
0.000%, 9/01/35 – AGM Insured 
No Opt. Call 
AA 
98,220 
 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
 
 
 
 
 
Series 2013S-4: 
 
 
 
10,000 
 
5.000%, 4/01/38 (Pre-refunded 4/01/23) 
4/23 at 100.00 
AA– (4) 
11,252,200 
3,500 
 
5.250%, 4/01/53 (Pre-refunded 4/01/23) 
4/23 at 100.00 
AA– (4) 
3,975,020 
1,055 
 
Brisbane School District, San Mateo County, California, General Obligation Bonds, Election 
No Opt. Call 
AA 
536,457 
 
 
2003 Series 2005, 0.000%, 7/01/35 – AGM Insured 
 
 
 
 
 
Byron Unified School District, Contra Costa County, California, General Obligation Bonds, 
 
 
 
 
 
Series 2007B, 
 
 
 
1,640 
 
0.000%, 8/01/32 – SYNCORA GTY Insured 
No Opt. Call 
A+ 
951,446 
60 
 
0.000%, 8/01/32 – SYNCORA GTY Insured (ETM) 
No Opt. Call 
A2 (4) 
37,289 
 
 
Calexico Unified School District, Imperial County, California, General Obligation Bonds, 
 
 
 
 
 
Series 2005B: 
 
 
 
3,685 
 
0.000%, 8/01/31 – FGIC Insured 
No Opt. Call 
A 
2,246,597 
4,505 
 
0.000%, 8/01/33 – FGIC Insured 
No Opt. Call 
A 
2,472,479 
2,820 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
1/19 at 100.00 
BBB+ 
2,827,276 
 
 
Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 
 
 
 
10,000 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, 
11/26 at 100.00 
AA– 
10,903,700 
 
 
Refunding Series 2016B, 5.000%, 11/15/46 
 
 
 
22,520 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, 
11/27 at 100.00 
AA– 
24,732,815 
 
 
Refunding Series 2017A, 5.000%, 11/15/48 
 
 
 
2,275 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, 
11/27 at 100.00 
AA– 
2,243,833 
 
 
Series 2018A, 4.000%, 11/15/42 
 
 
 
 
21

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
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, 
10/19 at 100.00 
AA– 
$ 6,134,271 
 
 
Series 2009B, 5.500%, 10/01/39 
 
 
 
710 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
7/23 at 100.00 
AA– 
771,671 
 
 
Series 2013A, 5.000%, 7/01/37 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2016-XG0049: 
 
 
 
825 
 
7.783%, 8/15/51, 144A (IF), (5) 
8/22 at 100.00 
AA– 
952,009 
2,140 
 
7.783%, 8/15/51, 144A (IF), (5) 
8/22 at 100.00 
AA– 
2,469,453 
790 
 
7.778%, 8/15/51, 144A (IF), (5) 
8/22 at 100.00 
AA– 
911,518 
5,600 
 
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 
6/28 at 100.00 
N/R 
5,993,792 
 
 
2018A, 5.000%, 12/31/43 (Alternative Minimum Tax) 
 
 
 
3,250 
 
California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series 
2/27 at 100.00 
A– 
3,502,233 
 
 
2017A, 5.000%, 2/01/42 
 
 
 
810 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/19 at 100.00 
Aaa 
847,365 
 
 
2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 
 
 
 
 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
 
 
 
 
 
2010A-1: 
 
 
 
1,530 
 
5.750%, 3/01/30 (Pre-refunded 3/01/20) 
3/20 at 100.00 
Aaa 
1,609,055 
1,000 
 
6.000%, 3/01/35 (Pre-refunded 3/01/20) 
3/20 at 100.00 
Aaa 
1,054,950 
815 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/23 at 100.00 
A+ 
889,328 
 
 
2013I, 5.000%, 11/01/38 
 
 
 
 
 
California State, General Obligation Bonds, Various Purpose Series 2010: 
 
 
 
2,100 
 
5.250%, 3/01/30 
3/20 at 100.00 
AA– 
2,187,696 
3,000 
 
5.500%, 3/01/40 
3/20 at 100.00 
AA– 
3,130,230 
4,250 
 
5.250%, 11/01/40 
11/20 at 100.00 
AA– 
4,504,490 
500 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
12/24 at 100.00 
BB 
523,525 
 
 
University Medical Center, Series 2014A, 5.250%, 12/01/44 
 
 
 
 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
 
 
 
 
 
University Medical Center, Series 2016A: 
 
 
 
6,000 
 
5.000%, 12/01/46, 144A 
6/26 at 100.00 
BB– 
6,113,460 
3,070 
 
5.250%, 12/01/56, 144A 
6/26 at 100.00 
BB– 
3,174,534 
5,480 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/28 at 100.00 
BB– 
5,762,987 
 
 
University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
 
 
 
 
 
of the West, Series 2010: 
 
 
 
900 
 
6.000%, 10/01/29 
10/19 at 100.00 
BBB+ 
931,257 
1,030 
 
6.250%, 10/01/39 
10/19 at 100.00 
BBB+ 
1,067,224 
1,050 
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire 
1/19 at 100.00 
N/R (4) 
1,057,529 
 
 
Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19) 
 
 
 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
 
 
 
 
 
Health System, Series 2005A: 
 
 
 
2,640 
 
5.750%, 7/01/30 
1/19 at 100.00 
CC 
2,245,927 
7,230 
 
5.500%, 7/01/39 
1/19 at 100.00 
CC 
6,158,659 
6,025 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
N/R (4) 
6,249,732 
 
 
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 
 
 
 
4,890 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 
No Opt. Call 
AA+ 
3,885,545 
 
 
2006B, 0.000%, 8/01/26 – NPFG Insured 
 
 
 
1,000 
 
Coachella Valley Unified School District, Riverside County, California, General Obligation 
No Opt. Call 
A2 
640,400 
 
 
Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured 
 
 
 
5,045 
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment 
11/21 at 61.42 
AA– (4) 
2,909,906 
 
 
Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27 (Pre-refunded 11/01/21) 
 
 
 
1,260 
 
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, 
12/21 at 100.00 
A+ 
1,431,889 
 
 
Subordinate Series 2011A, 7.000%, 12/01/36 
 
 
 
 
22


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 4,000 
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water 
6/24 at 100.00 
AAA 
$ 4,423,320 
 
 
System Revenue Bonds, Series 2014C, 5.000%, 6/01/44 
 
 
 
3,010 
 
El Camino Community College District, California, General Obligation Bonds, Election of 2002 
8/22 at 100.00 
AA+ 
2,511,755 
 
 
Series 2012C, 0.000%, 8/01/25 
 
 
 
3,500 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
AA 
1,885,625 
 
 
Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured 
 
 
 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
1,480 
 
5.750%, 1/15/46 
1/24 at 100.00 
A– 
1,655,720 
6,480 
 
6.000%, 1/15/49 
1/24 at 100.00 
A– 
7,399,577 
1,500 
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, 
8/21 at 100.00 
Aa2 (4) 
1,654,245 
 
 
General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 (Pre-refunded 8/01/21) 
 
 
 
9,930 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/25 at 100.00 
A+ 
10,695,603 
 
 
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
 
 
 
 
 
Asset-Backed Revenue Bonds, Series 2005A: 
 
 
 
1,455 
 
0.000%, 6/01/24 – AMBAC Insured 
No Opt. Call 
A+ 
1,249,990 
3,500 
 
0.000%, 6/01/26 – AGM Insured 
No Opt. Call 
AA 
2,811,620 
4,250 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
4,156,840 
 
 
Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
14,945 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
14,617,406 
 
 
Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
2,500 
 
Huntington Beach Union High School District, Orange County, California, General Obligation 
No Opt. Call 
Aa2 
1,494,050 
 
 
Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured 
 
 
 
9,740 
 
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue 
No Opt. Call 
AA+ (4) 
10,377,678 
 
 
Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) 
 
 
 
5,000 
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair & 
No Opt. Call 
AA 
4,259,650 
 
 
Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured 
 
 
 
1,045 
 
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, 
No Opt. Call 
A1 
645,914 
 
 
Series 2001B, 0.000%, 8/01/31 – NPFG Insured 
 
 
 
90 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/26 at 100.00 
AA– 
97,325 
 
 
Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (Alternative Minimum Tax) 
 
 
 
 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
 
 
 
 
 
Airport, Subordinate Lien Series 2016B: 
 
 
 
2,000 
 
5.000%, 5/15/41 (Alternative Minimum Tax) 
5/26 at 100.00 
AA– 
2,164,140 
20,015 
 
5.000%, 5/15/46 (Alternative Minimum Tax) 
5/26 at 100.00 
AA– 
21,616,600 
4,615 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/28 at 100.00 
AA– 
5,062,240 
 
 
Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (Alternative Minimum Tax) 
 
 
 
2,665 
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 
1/24 at 100.00 
AA 
2,910,127 
 
 
2014B, 5.000%, 7/01/43 
 
 
 
15,000 
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 
1/21 at 100.00 
AA+ 
15,833,400 
 
 
5.000%, 7/01/41 
 
 
 
2,000 
 
Los Rios Community College District, Sacramento County, California, General Obligation Bonds, 
8/19 at 100.00 
AA (4) 
2,054,440 
 
 
Series 2009D, 5.375%, 8/01/34 (Pre-refunded 8/01/19) 
 
 
 
250 
 
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, 
9/21 at 100.00 
A 
281,498 
 
 
Subordinate Lien Series 2011A, 7.000%, 9/01/31 
 
 
 
500 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
AA– (4) 
523,365 
 
 
California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20) 
 
 
 
6,215 
 
Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, 
8/24 at 100.00 
AA 
7,320,213 
 
 
Series 2011, 5.875%, 8/01/31 
 
 
 
5,955 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
Aa1 
4,734,999 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (6) 
 
 
 
 
23

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 2,700 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
$ 3,693,114 
 
 
2009A, 7.000%, 11/01/34 
 
 
 
2,200 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
2,946,086 
 
 
2009C, 6.500%, 11/01/39 
 
 
 
365 
 
Natomas Union School District, Sacramento County, California, General Obligation Refunding 
No Opt. Call 
A 
383,224 
 
 
Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured 
 
 
 
14,065 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, 
No Opt. Call 
Baa2 
15,764,474 
 
 
Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured 
 
 
 
3,615 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
N/R (4) 
3,792,894 
 
 
6.750%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
890 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Ba1 (4) 
920,936 
 
 
5.250%, 11/01/21 (Pre-refunded 11/01/20) 
 
 
 
13,145 
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue 
No Opt. Call 
AA+ (4) 
16,520,110 
 
 
Bonds, Series 1988B, 8.200%, 9/01/23 (ETM) 
 
 
 
2,500 
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 
5/21 at 100.00 
AA (4) 
2,717,200 
 
 
5/01/32 (Pre-refunded 5/01/21) 
 
 
 
6,000 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of 
No Opt. Call 
A2 (4) 
3,569,580 
 
 
Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) 
 
 
 
7,825 
 
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue 
No Opt. Call 
AA+ (4) 
8,718,693 
 
 
Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) 
 
 
 
2,000 
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School 
No Opt. Call 
AA– 
748,120 
 
 
Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41 
 
 
 
5,000 
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, 
8/36 at 100.00 
AA 
4,693,550 
 
 
Series 2011A, 0.000%, 8/01/41 – AGM Insured (6) 
 
 
 
5,000 
 
Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside 
No Opt. Call 
A1 
4,062,600 
 
 
County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured 
 
 
 
4,615 
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project 
No Opt. Call 
A 
1,913,564 
 
 
Area, Series 2011B, 0.000%, 10/01/38 
 
 
 
330 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 
6/23 at 100.00 
BBB 
359,268 
 
 
2013A, 5.750%, 6/01/48 
 
 
 
14,900 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/26 at 100.00 
A+ 
15,986,657 
 
 
Airport, Second Series 2016B, 5.000%, 5/01/46 (Alternative Minimum Tax) 
 
 
 
11,615 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/27 at 100.00 
A+ 
12,584,039 
 
 
Airport, Second Series 2017A, 5.000%, 5/01/42 (Alternative Minimum Tax) 
 
 
 
12,285 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/28 at 100.00 
A+ 
13,349,004 
 
 
Airport, Second Series 2018D, 5.000%, 5/01/48 (Alternative Minimum Tax) 
 
 
 
660 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
8/19 at 100.00 
A– (4) 
683,654 
 
 
Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) 
 
 
 
2,000 
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public 
8/22 at 29.31 
N/R 
509,280 
 
 
Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43 
 
 
 
2,000 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
1/25 at 100.00 
BBB+ 
2,143,960 
 
 
Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
 
 
 
 
 
Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
15,350 
 
5.000%, 1/15/44 
1/25 at 100.00 
A– 
16,375,994 
25,840 
 
5.000%, 1/15/50 
1/25 at 100.00 
A– 
27,479,031 
 
 
San Jose, California, Airport Revenue Bonds, Refunding Series 2017A: 
 
 
 
5,000 
 
5.000%, 3/01/41 (Alternative Minimum Tax) 
3/27 at 100.00 
A 
5,447,100 
5,000 
 
5.000%, 3/01/47 (Alternative Minimum Tax) 
3/27 at 100.00 
A 
5,428,500 
6,660 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
1,977,021 
 
 
Series 2015, 0.000%, 8/01/43 
 
 
 
 
24


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 880 
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax 
2/21 at 100.00 
A (4) 
$ 977,214 
 
 
Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) 
 
 
 
2,460 
 
Santee School District, San Diego County, California, General Obligation Bonds, Capital 
No Opt. Call 
AA 
1,385,718 
 
 
Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured 
 
 
 
5,000 
 
Solano Community College District, Solano and Yolo Counties, California, General Obligation 
8/23 at 100.00 
AA 
5,429,950 
 
 
Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43 
 
 
 
1,145 
 
Southern Kern Unified School District, Kern County, California, General Obligation Bonds, 
No Opt. Call 
AA 
739,281 
 
 
Series 2006C, 0.000%, 11/01/30 – AGM Insured 
 
 
 
1,175 
 
Southern Kern Unified School District, Kern County, California, General Obligation Bonds, 
No Opt. Call 
AA 
588,463 
 
 
Series 2010B, 0.000%, 11/01/35 – AGM Insured 
 
 
 
 
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
 
 
 
 
 
Redevelopment Project, Subordinate Lien Series 2011: 
 
 
 
1,000 
 
6.375%, 12/01/23 (Pre-refunded 12/01/21) 
12/21 at 100.00 
A+ (4) 
1,131,340 
1,000 
 
6.500%, 12/01/24 (Pre-refunded 12/01/21) 
12/21 at 100.00 
A+ (4) 
1,134,730 
1,000 
 
6.625%, 12/01/25 (Pre-refunded 12/01/21) 
12/21 at 100.00 
A+ (4) 
1,138,450 
1,325 
 
6.750%, 12/01/26 (Pre-refunded 12/01/21) 
12/21 at 100.00 
A+ (4) 
1,513,375 
2,410 
 
Victor Elementary School District, San Bernardino County, California, General Obligation 
No Opt. Call 
Aa3 
1,894,621 
 
 
Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured 
 
 
 
2,000 
 
West Contra Costa Unified School District, Contra Costa County, California, General Obligation 
8/21 at 100.00 
AA– (4) 
2,165,700 
 
 
Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41 (Pre-refunded 8/01/21) 
 
 
 
3,750 
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 
8/31 at 100.00 
AA 
3,198,262 
 
 
2011B, 0.000%, 8/01/36 – AGM Insured (6) 
 
 
 
4,000 
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 
8/21 at 100.00 
Aa2 (4) 
4,358,040 
 
 
2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) 
 
 
 
509,280 
 
Total California 
 
 
502,987,097 
 
 
Colorado – 10.3% (6.3% of Total Investments) 
 
 
 
3,000 
 
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 
12/25 at 100.00 
AA 
3,283,920 
 
 
5.000%, 12/01/35 – BAM Insured 
 
 
 
4,195 
 
Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General 
12/26 at 100.00 
AA+ 
4,335,994 
 
 
Obligation Bonds, Series 2016C, 4.000%, 12/15/34 
 
 
 
1,775 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
12/22 at 103.00 
N/R 
1,871,134 
 
 
Improvement Series 2017, 5.000%, 12/01/29, 144A 
 
 
 
2,945 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/23 at 100.00 
BB+ 
3,299,902 
 
 
Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43 
 
 
 
1,715 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/26 at 100.00 
A+ 
1,533,502 
 
 
Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 
 
 
 
500 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Liberty 
1/24 at 100.00 
A+ 
521,575 
 
 
Common Charter School, Series 2014A, 5.000%, 1/15/44 
 
 
 
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/24 at 100.00 
A+ 
1,073,570 
 
 
Peak-to-Peak Charter School, Refunding Series 2014, 5.000%, 8/15/30 
 
 
 
3,915 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld 
6/26 at 100.00 
A+ 
3,210,613 
 
 
County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 
 
 
 
 
 
3.250%, 6/01/46 
 
 
 
1,250 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation 
No Opt. Call 
A+ 
1,337,437 
 
 
for Atmospheric Research Project, Refunding Series 2012A, 4.500%, 9/01/22 
 
 
 
545 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation 
9/27 at 100.00 
A+ 
532,656 
 
 
for Atmospheric Research Project, Refunding Series 2017, 3.625%, 9/01/31 
 
 
 
 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,200 
 
4.000%, 3/01/36 
3/27 at 100.00 
AA– 
1,227,288 
1,600 
 
4.000%, 3/01/37 
3/27 at 100.00 
AA– 
1,631,776 
 
25

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 1,465 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, 
8/19 at 100.00 
N/R (4) 
$ 1,526,647 
 
 
Series 2009A, 7.750%, 8/01/39 (Pre-refunded 8/01/19) 
 
 
 
6,765 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
7/19 at 100.00 
BBB+ 
6,917,483 
 
 
Series 2009A, 5.500%, 7/01/34 
 
 
 
2,300 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
2/21 at 100.00 
BBB+ 
2,355,798 
 
 
Series 2011A, 5.000%, 2/01/41 
 
 
 
 
 
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+ 
3,178,701 
4,890 
 
5.250%, 1/01/45 
1/23 at 100.00 
BBB+ 
5,146,969 
4,600 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods 
1/24 at 102.00 
N/R 
4,708,100 
 
 
Project, Refunding Series 2016, 5.000%, 1/01/37 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
 
 
 
 
 
Samaritan Society Project, Series 2013A: 
 
 
 
2,670 
 
5.000%, 6/01/28 
6/25 at 100.00 
A– 
2,911,715 
6,425 
 
5.000%, 6/01/40 
6/25 at 100.00 
A– 
6,770,472 
270 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/23 at 100.00 
BBB 
290,409 
 
 
Samaritan Society Project, Series 2013, 5.625%, 6/01/43 
 
 
 
665 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, 
5/27 at 100.00 
N/R 
703,883 
 
 
Refunding & Improvement Series 2017A, 5.250%, 5/15/47 
 
 
 
9,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
9,239,490 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
625 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-term Care National 
11/20 at 100.00 
N/R (4) 
671,513 
 
 
Obligated Group Project, Series 2010A, 6.000%, 11/15/30 (Pre-refunded 11/15/20) 
 
 
 
1,075 
 
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, 
12/24 at 100.00 
N/R 
1,137,372 
 
 
Senior Lien Series 2017, 5.000%, 12/31/47 
 
 
 
2,000 
 
Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 4.250%, 5/15/37 
5/21 at 100.00 
Aa2 
2,019,600 
2,775 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/28 at 100.00 
AA 
3,089,768 
 
 
Revenue Bonds, Refunding Series 2017C, 5.000%, 3/01/43 
 
 
 
2,360 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/28 at 100.00 
AA 
2,330,948 
 
 
Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 
 
 
 
3,000 
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, 8/01/44 – 
8/24 at 100.00 
AA 
3,235,530 
 
 
AGM Insured 
 
 
 
7,250 
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 – 
8/26 at 100.00 
AA 
7,848,923 
 
 
AGM Insured 
 
 
 
2,000 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 
11/22 at 100.00 
AA– 
2,163,620 
1,100 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 
11/23 at 100.00 
A+ 
1,199,297 
 
 
5.250%, 11/15/43 (Alternative Minimum Tax) 
 
 
 
4,515 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A+ 
4,909,882 
 
 
5.000%, 11/15/43 
 
 
 
 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A: 
 
 
 
17,960 
 
5.000%, 12/01/43 (Alternative Minimum Tax) 
12/28 at 100.00 
A+ 
19,561,852 
29,230 
 
5.000%, 12/01/48 (Alternative Minimum Tax) 
12/28 at 100.00 
A+ 
31,710,166 
1,820 
 
Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 
8/26 at 100.00 
AA 
1,816,888 
 
 
2016A, 4.000%, 8/01/46 
 
 
 
6,405 
 
Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, 
10/23 at 100.00 
BB 
6,731,719 
 
 
Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (Alternative Minimum Tax) 
 
 
 
 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
 
 
 
 
 
Refunding Senior Lien Series 2016: 
 
 
 
2,955 
 
5.000%, 12/01/28 
12/26 at 100.00 
Baa2 
3,238,414 
2,000 
 
5.000%, 12/01/29 
12/26 at 100.00 
Baa2 
2,181,560 
2,635 
 
5.000%, 12/01/35 
12/26 at 100.00 
Baa2 
2,823,244 
1,605 
 
5.000%, 12/01/40 
12/26 at 100.00 
Baa2 
1,688,781 
 
26

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation 
 
 
 
 
 
Series 2010A: 
 
 
 
$ 385 
 
0.000%, 9/01/35 
No Opt. Call 
A 
$ 193,809 
150 
 
0.000%, 9/01/37 
No Opt. Call 
A 
69,084 
75 
 
0.000%, 9/01/38 
No Opt. Call 
A 
32,892 
20 
 
0.000%, 9/01/39 
No Opt. Call 
A 
8,380 
110 
 
0.000%, 9/01/41 
No Opt. Call 
A 
42,019 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 
 
 
 
1,420 
 
0.000%, 9/01/23 – NPFG Insured 
No Opt. Call 
A 
1,243,295 
18,380 
 
0.000%, 9/01/25 – NPFG Insured 
No Opt. Call 
A 
14,826,778 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
1,045 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
A 
694,371 
2,175 
 
0.000%, 9/01/30 – NPFG Insured 
No Opt. Call 
A 
1,374,034 
25,050 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
A 
15,146,232 
23,305 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
A 
13,475,883 
100 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
A 
55,096 
12,500 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 
9/26 at 54.77 
A 
5,001,625 
 
 
9/01/38 – NPFG Insured 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: 
 
 
 
385 
 
0.000%, 9/01/28 – NPFG Insured 
No Opt. Call 
A 
268,495 
60,000 
 
0.000%, 3/01/36 – NPFG Insured 
No Opt. Call 
A 
29,494,200 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: 
 
 
 
345 
 
0.000%, 9/01/28 – NPFG Insured 
9/20 at 63.98 
A 
208,587 
13,000 
 
0.000%, 9/01/34 – NPFG Insured 
9/20 at 45.40 
A 
5,546,320 
14,500 
 
0.000%, 3/01/36 – NPFG Insured 
9/20 at 41.72 
A 
5,680,375 
500 
 
Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, 
5/21 at 100.00 
Baa2 
535,215 
 
 
Refunding Series 2011A, 5.500%, 5/01/22 (Alternative Minimum Tax) 
 
 
 
1,860 
 
Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, 
12/25 at 100.00 
Aa2 
1,869,077 
 
 
Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40 
 
 
 
 
 
Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and 
 
 
 
 
 
Improvement Bonds, Series 2016: 
 
 
 
1,565 
 
5.000%, 12/01/36 
12/26 at 100.00 
Baa3 
1,618,539 
2,100 
 
5.000%, 12/01/46 
12/26 at 100.00 
Baa3 
2,153,235 
3,000 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/19 at 100.00 
AA (4) 
3,135,570 
 
 
Bonds, Refunding Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured 
 
 
 
6,705 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/25 at 100.00 
N/R 
7,076,591 
 
 
Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
5,715 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
AA (4) 
6,174,715 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
700 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A+ 
921,172 
 
 
Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
 
 
 
 
 
Activity Bonds, Series 2010: 
 
 
 
2,500 
 
6.500%, 1/15/30 
7/20 at 100.00 
BBB+ 
2,621,075 
3,115 
 
6.000%, 1/15/34 
7/20 at 100.00 
BBB+ 
3,224,150 
2,615 
 
6.000%, 1/15/41 
7/20 at 100.00 
BBB+ 
2,703,570 
1,000 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, 
12/21 at 103.00 
N/R 
1,007,650 
 
 
Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
750 
 
Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General 
12/26 at 100.00 
AA 
808,305 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 
 
 
 
 
 
12/01/36 – AGM Insured 
 
 
 
 
 
Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
1,050 
 
5.000%, 12/01/32 – BAM Insured 
12/26 at 100.00 
AA 
1,149,929 
1,000 
 
4.125%, 12/01/37 – BAM Insured 
12/26 at 100.00 
AA 
1,005,100 
 
27

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 2,000 
 
Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General 
12/26 at 100.00 
AA 
$ 2,004,060 
 
 
Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured 
 
 
 
1,775 
 
Waterview I Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation 
12/26 at 100.00 
A– 
1,901,540 
 
 
Bonds, Series 2016, 5.000%, 12/01/41 
 
 
 
367,915 
 
Total Colorado 
 
 
299,239,079 
 
 
Connecticut – 1.4% (0.9% of Total Investments) 
 
 
 
3,430 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart 
7/22 at 100.00 
AA (4) 
3,758,594 
 
 
University, Series 2012H, 5.000%, 7/01/24 (Pre-refunded 7/01/22) – AGM Insured 
 
 
 
 
 
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0059: 
 
 
 
1,295 
 
12.666%, 1/01/32, 144A (IF), (5) 
1/23 at 100.00 
A+ 
1,719,462 
190 
 
12.564%, 1/01/38, 144A (IF), (5) 
1/23 at 100.00 
A+ 
248,009 
 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 
 
 
 
 
 
Series 2018A: 
 
 
 
14,775 
 
5.000%, 1/01/34 
1/28 at 100.00 
AA 
16,099,727 
6,410 
 
5.000%, 1/01/37 
1/28 at 100.00 
AA 
6,928,056 
6,000 
 
5.000%, 1/01/38 
1/28 at 100.00 
AA 
6,475,320 
2,500 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R (4) 
2,697,825 
 
 
Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (Pre-refunded 4/01/20) 
 
 
 
3,565 
 
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 
4/22 at 100.00 
Aa2 
3,506,213 
 
 
2013A, 4.000%, 4/01/39 
 
 
 
4,899 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 
No Opt. Call 
N/R 
172,430 
 
 
2013A, 4.000%, 7/01/31 (cash 4.000%, PIK 2.050%) (7) 
 
 
 
43,064 
 
Total Connecticut 
 
 
41,605,636 
 
 
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 
AA– 
7,801,156 
 
 
District of Columbia – 1.7% (1.1% of Total Investments) 
 
 
 
1,060 
 
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage 
12/18 at 100.00 
AA+ 
1,062,544 
 
 
Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) 
 
 
 
4,365 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
A– 
4,770,290 
 
 
Series 2001, 6.500%, 5/15/33 
 
 
 
21,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
12/18 at 100.00 
N/R 
3,233,580 
 
 
Series 2006A, 0.000%, 6/15/46 
 
 
 
23,745 
 
District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 
No Opt. Call 
AA 
25,914,581 
 
 
5.500%, 10/01/23 – AGM Insured (UB) 
 
 
 
 
 
District of Columbia, General Obligation Bonds, Series 1998B: 
 
 
 
5,000 
 
6.000%, 6/01/19 – NPFG Insured 
No Opt. Call 
Aaa 
5,117,700 
9,505 
 
6.000%, 6/01/20 – NPFG Insured 
No Opt. Call 
Aaa 
10,085,755 
64,675 
 
Total District of Columbia 
 
 
50,184,450 
 
 
Florida – 9.5% (5.8% of Total Investments) 
 
 
 
1,480 
 
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, 
11/23 at 100.00 
BBB 
1,547,562 
 
 
Series 2013A, 5.000%, 11/15/37 
 
 
 
 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
 
 
 
 
 
Academy, Inc. Project, Series 2013A: 
 
 
 
450 
 
5.000%, 9/01/45 
9/23 at 100.00 
BBB 
458,469 
875 
 
5.000%, 9/01/48 
9/23 at 100.00 
BBB 
890,330 
1,000 
 
Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health 
4/19 at 100.00 
A2 (4) 
1,020,810 
 
 
First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) 
 
 
 
7,500 
 
Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, 10/01/45 
10/25 at 100.00 
A+ 
8,047,200 
 
 
(Alternative Minimum Tax) 
 
 
 
 
28


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 4,315 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
AA (4) 
$ 4,659,208 
 
 
(Pre-refunded 10/01/21) – AGM Insured 
 
 
 
100 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/22 at 100.00 
N/R 
102,578 
 
 
Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43, 144A 
 
 
 
4,165 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern 
4/22 at 100.00 
A– 
4,379,331 
 
 
University Project, Refunding Series 2012A, 5.000%, 4/01/32 
 
 
 
1,150 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern 
4/21 at 100.00 
A– 
1,238,573 
 
 
University, Refunding Series 2011, 6.375%, 4/01/31 
 
 
 
2,000 
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal 
10/21 at 100.00 
AA+ 
2,160,000 
 
 
Program, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax) 
 
 
 
7,050 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
1/19 at 105.00 
N/R 
7,295,904 
 
 
Brightline Passenger Rail Project – South Segment, Series 2017, 5.625%, 1/01/47, 144A 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
2,500 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding 
10/19 at 100.00 
AA– (4) 
2,568,925 
 
 
Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) 
 
 
 
 
 
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 
 
 
 
 
 
Priority Subordinated Series 2017: 
 
 
 
31,985 
 
5.000%, 10/01/47 (Alternative Minimum Tax) 
10/27 at 100.00 
A+ 
34,337,497 
8,565 
 
5.000%, 10/01/52 (Alternative Minimum Tax) 
10/27 at 100.00 
A+ 
9,161,809 
3,890 
 
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 
10/26 at 100.00 
AA– 
4,184,317 
 
 
2016A, 5.000%, 10/01/40 (Alternative Minimum Tax) 
 
 
 
6,020 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/24 at 100.00 
A+ 
6,392,638 
 
 
Senior Lien Series 2015A, 5.000%, 10/01/44 (Alternative Minimum Tax) 
 
 
 
5,000 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/28 at 100.00 
AA– 
5,422,300 
 
 
Series 2018E, 5.000%, 10/01/48 (WI/DD, Settling 11/07/18) (Alternative Minimum Tax) 
 
 
 
2,290 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/24 at 100.00 
A+ 
2,461,865 
 
 
Subordinate Lien Series 2015B, 5.000%, 10/01/40 
 
 
 
10,305 
 
Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer Facility 
10/24 at 100.00 
A 
11,027,380 
 
 
Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44 
 
 
 
5,000 
 
Hillsborough County Port District, Florida, Revenue Bonds, Tampa Port Authority Project, 
6/28 at 100.00 
N/R 
5,349,300 
 
 
Series 2018B, 5.000%, 6/01/46 (Alternative Minimum Tax) 
 
 
 
 
 
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D: 
 
 
 
5,310 
 
5.000%, 10/01/39 (Pre-refunded 4/01/20) 
4/20 at 100.00 
N/R (4) 
5,518,789 
2,690 
 
5.000%, 10/01/39 
4/20 at 100.00 
AAA 
2,778,232 
5,075 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 
11/24 at 100.00 
A2 
5,468,718 
 
 
5.000%, 11/15/35 
 
 
 
1,500 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue 
6/20 at 100.00 
BBB+ 
1,529,475 
 
 
Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21, 144A 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
9,820 
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic 
2/24 at 100.00 
AA 
10,781,574 
 
 
Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured 
 
 
 
2,000 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish 
7/27 at 100.00 
N/R 
2,146,600 
 
 
Health System Inc. Project, Series 2017, 5.125%, 7/01/46 
 
 
 
2,930 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of 
4/23 at 100.00 
A– 
3,134,192 
 
 
Miami, Series 2012A, 5.000%, 4/01/42 
 
 
 
8,070 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of 
4/25 at 100.00 
A– 
8,692,520 
 
 
Miami, Series 2015A, 5.000%, 4/01/45 
 
 
 
12,000 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of 
4/28 at 100.00 
A– 
12,923,520 
 
 
Miami, Series 2018A, 5.000%, 4/01/53 
 
 
 
1,500 
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus 
8/27 at 100.00 
A+ 
1,618,905 
 
 
Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/42 
 
 
 
 
29

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding 
10/22 at 100.00 
A 
$ 1,072,170 
 
 
Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax) 
 
 
 
1,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding 
10/24 at 100.00 
A 
1,087,830 
 
 
Series 2014B, 5.000%, 10/01/37 
 
 
 
 
 
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 
4,189,480 
7,890 
 
5.000%, 10/01/41 
10/20 at 100.00 
A 
8,241,105 
5,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/35 
10/24 at 100.00 
A 
5,397,350 
 
 
(Alternative Minimum Tax) 
 
 
 
3,410 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 
10/25 at 100.00 
A 
3,673,832 
 
 
(Alternative Minimum Tax) 
 
 
 
2,865 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 
10/22 at 100.00 
A+ 
3,075,033 
 
 
5.000%, 10/01/37 
 
 
 
 
 
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 
AA 
3,204,450 
2,050 
 
5.000%, 7/01/42 – AGM Insured 
7/22 at 100.00 
AA 
2,202,971 
1,000 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 
10/20 at 100.00 
AA (4) 
1,054,300 
 
 
10/01/39 (Pre-refunded 10/01/20) – AGM Insured 
 
 
 
12,370 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
Aa3 
13,267,443 
 
 
5.000%, 10/01/42 
 
 
 
4,000 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA 
4,213,520 
 
 
5.375%, 10/01/40 
 
 
 
1,665 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
10/19 at 100.00 
A+ 
1,710,171 
 
 
Inc., Series 2009, 5.125%, 10/01/26 
 
 
 
115 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of 
6/22 at 102.00 
N/R 
129,180 
 
 
Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
4,635 
 
Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond 
9/24 at 100.00 
AA– 
5,135,163 
 
 
Series 2014B, 5.000%, 9/01/43 
 
 
 
10,095 
 
Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole 
5/28 at 100.00 
A– 
10,952,671 
 
 
Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42 
 
 
 
 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health 
 
 
 
 
 
Systems of South Florida Obligated Group, Series 2017: 
 
 
 
5,770 
 
5.000%, 8/15/42 
8/27 at 100.00 
AA– 
6,314,400 
6,040 
 
5.000%, 8/15/47 
8/27 at 100.00 
AA– 
6,586,197 
705 
 
Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment 
3/24 at 100.00 
BBB+ 
757,762 
 
 
Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30, 144A 
 
 
 
1,500 
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central 
1/24 at 100.00 
A– 
1,586,610 
 
 
Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44 
 
 
 
700 
 
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, 
9/22 at 100.00 
A+ 
757,393 
 
 
Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29 
 
 
 
14,610 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 
7/22 at 100.00 
A+ (4) 
15,982,609 
 
 
2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
189,599 
 
 
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) 
 
 
 
85 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
69,171 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 
 
 
 
120 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
1/19 at 100.00 
N/R 
1 
 
 
2007-3, 6.650%, 5/01/40 (7) 
 
 
 
10 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
1/19 at 100.00 
N/R 
9,561 
 
 
Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 
 
 
 
290 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
230,968 
 
 
2015-1, 0.000%, 5/01/40 (7) 
 
 
 
 
30


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 180 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
$ 117,949 
 
 
2015-2, 0.000%, 5/01/40 (7) 
 
 
 
195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
2 
 
 
2015-3, 6.610%, 5/01/40 (7) 
 
 
 
945 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
1/19 at 100.00 
N/R 
945,794 
 
 
5.400%, 5/01/37 
 
 
 
6,510 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University 
6/25 at 100.00 
A– 
7,067,386 
 
 
Inc. Project, Series 2015, 5.000%, 6/01/45 
 
 
 
258,485 
 
Total Florida 
 
 
276,520,592 
 
 
Georgia – 1.6% (1.0% of Total Investments) 
 
 
 
1,820 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, 
7/25 at 100.00 
Aa3 
2,020,327 
 
 
Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
805 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 
1/19 at 100.00 
A2 (4) 
812,422 
 
 
1/01/31 (Pre-refunded 1/01/19) 
 
 
 
 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B: 
 
 
 
985 
 
5.250%, 11/01/34 (Pre-refunded 11/01/19) – AGM Insured 
11/19 at 100.00 
AA (4) 
1,017,042 
525 
 
5.250%, 11/01/34 – AGM Insured 
11/19 at 100.00 
AA 
540,551 
 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: 
 
 
 
3,065 
 
5.000%, 11/01/31 
5/25 at 100.00 
Aa2 
3,428,264 
5,000 
 
5.000%, 11/01/32 
5/25 at 100.00 
Aa2 
5,580,100 
1,760 
 
Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., 
No Opt. Call 
Baa2 
1,940,858 
 
 
Series 1996, 5.500%, 8/15/26 – NPFG Insured 
 
 
 
2,000 
 
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, 
4/27 at 100.00 
A 
2,118,160 
 
 
Inc. Project, Series 2017A, 5.000%, 4/01/47 
 
 
 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
 
 
 
 
 
Northeast Georgia Health Services Inc., Series 2010A: 
 
 
 
590 
 
5.000%, 2/15/30 
2/20 at 100.00 
A 
608,762 
1,910 
 
5.000%, 2/15/30 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R (4) 
1,977,881 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
 
 
 
 
 
Northeast Georgia Health Services Inc., Series 2010B: 
 
 
 
710 
 
5.250%, 2/15/37 
2/20 at 100.00 
AA– 
732,890 
2,290 
 
5.250%, 2/15/37 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R (4) 
2,378,600 
10,260 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 
7/25 at 100.00 
A 
10,422,005 
 
 
5.000%, 7/01/60 
 
 
 
1,000 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20 
No Opt. Call 
A+ 
1,033,830 
825 
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding 
No Opt. Call 
N/R (4) 
860,343 
 
 
Series 1992P, 6.250%, 7/01/20 – AMBAC Insured (ETM) 
 
 
 
3,265 
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third 
7/26 at 100.00 
AA+ 
3,612,396 
 
 
Indenture, Series 2015B, 5.000%, 7/01/41 
 
 
 
5,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA+ 
5,547,200 
 
 
Refunding Series 2016A, 5.000%, 10/01/46 
 
 
 
1,220 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 
10/21 at 100.00 
Baa2 
1,292,163 
 
 
2012A, 5.250%, 10/01/27 
 
 
 
1,425 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia 
10/21 at 100.00 
Aa2 
1,505,142 
 
 
Medical Center Project, Series 2011B, 5.000%, 10/01/41 
 
 
 
44,455 
 
Total Georgia 
 
 
47,428,936 
 
31

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
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 
$ 791,393 
1,770 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/20 at 100.00 
A– (4) 
1,870,253 
 
 
Series 2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
1,220 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/23 at 100.00 
A– 
1,289,113 
 
 
Series 2013, 5.500%, 7/01/43 
 
 
 
3,755 
 
Total Guam 
 
 
3,950,759 
 
 
Hawaii – 1.8% (1.1% of Total Investments) 
 
 
 
13,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health 
7/23 at 100.00 
AA– 
14,196,910 
 
 
Obligated Group, Series 2013A, 5.500%, 7/01/43 
 
 
 
6,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
3/27 at 100.00 
A– 
5,692,620 
 
 
Company, Inc. and Subsidiary Projects, Refunding Series 2017B, 4.000%, 3/01/37 (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
4,500 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
No Opt. Call 
A– 
4,390,920 
 
 
Company, Inc. and Subsidiary Projects, Series 2017A, 3.100%, 5/01/26 (Alternative Minimum Tax) 
 
 
 
11,205 
 
Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative 
7/25 at 100.00 
AA– 
12,147,228 
 
 
Minimum Tax) 
 
 
 
10,000 
 
Hawaii State, Airport System Revenue Bonds, Series 2018A, 5.000%, 7/01/48 (Alternative 
7/28 at 100.00 
AA– 
10,852,900 
 
 
Minimum Tax) 
 
 
 
5,000 
 
Hawaii State, General Obligation Bonds, Series 2017FK, 4.000%, 5/01/35 
5/27 at 100.00 
AA+ 
5,137,900 
49,705 
 
Total Hawaii 
 
 
52,418,478 
 
 
Idaho – 0.8% (0.5% of Total Investments) 
 
 
 
5,000 
 
Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, Series 
12/27 at 100.00 
AA– 
5,385,300 
 
 
2017A, 5.000%, 12/01/47 
 
 
 
11,205 
 
Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, Series 
6/27 at 100.00 
AA– 
12,036,971 
 
 
2017ID, 5.000%, 12/01/46 
 
 
 
 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
1,795 
 
5.000%, 9/01/23 
No Opt. Call 
BB+ 
1,913,632 
1,700 
 
5.000%, 9/01/29 
9/26 at 100.00 
BB+ 
1,806,182 
 
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights 
 
 
 
 
 
Mitigation Series 2012A: 
 
 
 
1,155 
 
4.750%, 9/01/26 
9/22 at 100.00 
A3 
1,239,708 
310 
 
5.000%, 9/01/32 
9/22 at 100.00 
A3 
334,013 
21,165 
 
Total Idaho 
 
 
22,715,806 
 
 
Illinois – 19.1% (11.8% of Total Investments) 
 
 
 
 
 
Bensenville, Illinois, General Obligation Bonds, Series 2011A: 
 
 
 
1,055 
 
5.000%, 12/15/30 – AGM Insured 
12/21 at 100.00 
AA 
1,106,758 
1,945 
 
5.000%, 12/15/30 (Pre-refunded 12/15/21) – AGM Insured 
12/21 at 100.00 
AA (4) 
2,107,660 
6,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
6,856,860 
 
 
2016, 6.000%, 4/01/46 
 
 
 
1,470 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
12/21 at 100.00 
BB– 
1,461,974 
 
 
2011A, 5.000%, 12/01/41 
 
 
 
9,250 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B+ 
10,482,655 
 
 
2016A, 7.000%, 12/01/44 
 
 
 
2,400 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B+ 
2,687,544 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
11,295 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/27 at 100.00 
B+ 
13,187,590 
 
 
2017A, 7.000%, 12/01/46, 144A 
 
 
 
 
32


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
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 
Baa2 
$ 9,389,600 
10,130 
 
0.000%, 12/01/24 – FGIC Insured 
No Opt. Call 
Baa2 
7,947,795 
7,140 
 
0.000%, 12/01/25 – FGIC Insured 
No Opt. Call 
Baa2 
5,315,944 
4,325 
 
0.000%, 12/01/29 – FGIC Insured 
No Opt. Call 
Baa2 
2,598,849 
4,235 
 
0.000%, 12/01/31 – FGIC Insured 
No Opt. Call 
Baa2 
2,285,926 
 
 
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 
Baa2 
13,565,400 
10,000 
 
0.000%, 12/01/23 – FGIC Insured 
No Opt. Call 
Baa2 
8,251,000 
8,845 
 
5.500%, 12/01/26 – FGIC Insured 
No Opt. Call 
Baa2 
9,511,825 
7,900 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
AA 
8,300,214 
 
 
5.250%, 12/01/40 
 
 
 
1,880 
 
Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, 
12/18 at 100.00 
Ba3 
1,879,947 
 
 
Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24 
 
 
 
 
 
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, 
 
 
 
 
 
Series 1999A: 
 
 
 
130 
 
5.500%, 12/20/19 (Alternative Minimum Tax) 
4/19 at 100.00 
N/R 
130,295 
1,210 
 
5.600%, 12/20/29 (Alternative Minimum Tax) 
4/19 at 100.00 
AA– 
1,211,658 
1,925 
 
5.650%, 12/20/40 (Alternative Minimum Tax) 
4/19 at 100.00 
AA– 
1,926,964 
2,245 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien 
1/25 at 100.00 
A 
2,391,688 
 
 
Series 2015C, 5.000%, 1/01/46 (Alternative Minimum Tax) 
 
 
 
 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien 
 
 
 
 
 
Series 2017D: 
 
 
 
10,000 
 
5.000%, 1/01/42 (Alternative Minimum Tax) 
1/27 at 100.00 
A 
10,611,400 
3,000 
 
5.000%, 1/01/47 (Alternative Minimum Tax) 
1/27 at 100.00 
A 
3,172,770 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
4,115 
 
0.000%, 1/01/33 – FGIC Insured 
No Opt. Call 
BBB+ 
2,101,819 
29,600 
 
0.000%, 1/01/38 – FGIC Insured 
No Opt. Call 
BBB+ 
11,424,416 
11,675 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB+ 
12,977,580 
22,750 
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 
No Opt. Call 
BBB+ 
24,136,157 
 
 
1999, 5.500%, 1/01/23 – FGIC Insured 
 
 
 
6,280 
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 
1/22 at 100.00 
N/R (4) 
6,800,361 
 
 
(Pre-refunded 1/01/22) 
 
 
 
6,410 
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 
No Opt. Call 
A 
7,096,191 
 
 
1/01/30 – NPFG Insured 
 
 
 
1,500 
 
Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – 
No Opt. Call 
Baa2 
1,671,000 
 
 
AMBAC Insured 
 
 
 
4,500 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City 
12/27 at 100.00 
AA 
4,710,465 
 
 
Colleges, Series 2017, 5.000%, 12/01/47 – BAM Insured 
 
 
 
13,310 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA– 
13,854,246 
 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2018: 
 
 
 
4,800 
 
5.000%, 11/15/34 
11/26 at 100.00 
AA– 
5,226,816 
3,250 
 
5.000%, 11/15/35 
11/26 at 100.00 
AA– 
3,529,565 
 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, 
 
 
 
 
 
Series 2002.RMKT: 
 
 
 
2,785 
 
5.500%, 11/01/36 
11/23 at 100.00 
A 
2,986,857 
815 
 
4.500%, 11/01/36 
11/24 at 100.00 
A 
824,829 
5,000 
 
4.450%, 11/01/36 
11/25 at 102.00 
A 
5,062,900 
410 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont 
12/25 at 100.00 
N/R 
409,430 
 
 
School Project, Series 2015A, 6.000%, 12/01/45, 144A 
 
 
 
13,955 
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2015, 5.000%, 
5/25 at 100.00 
Aa3 
14,985,856 
 
 
5/01/45 (UB), (5) 
 
 
 
 
33

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,000 
 
Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 
3/26 at 100.00 
AA– 
$ 2,003,700 
 
 
4.000%, 3/01/38 
 
 
 
2,500 
 
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 
2/27 at 100.00 
AA+ 
2,780,900 
 
 
2016C, 5.000%, 2/15/33 
 
 
 
4,985 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/32 
9/22 at 100.00 
AA+ 
5,318,845 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: 
 
 
 
4,750 
 
5.000%, 9/01/39 
9/24 at 100.00 
AA+ 
5,130,427 
6,000 
 
5.000%, 9/01/42 
9/24 at 100.00 
AA+ 
6,464,100 
4,125 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 
11/19 at 100.00 
AA+ (4) 
4,265,167 
 
 
11/01/39 (Pre-refunded 11/01/19) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A: 
 
 
 
195 
 
6.000%, 5/15/39 
5/20 at 100.00 
A 
202,999 
615 
 
6.000%, 5/15/39 (Pre-refunded 5/15/20) 
5/20 at 100.00 
N/R (4) 
650,006 
10,745 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 
11/25 at 100.00 
A 
11,425,266 
 
 
5.000%, 11/15/45 
 
 
 
12,125 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
AA– 
12,486,689 
 
 
5.125%, 5/15/35 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: 
 
 
 
50 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
52,213 
4,995 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
5,216,079 
 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: 
 
 
 
415 
 
5.500%, 7/01/28 
7/23 at 100.00 
A– 
454,334 
390 
 
6.000%, 7/01/43 
7/23 at 100.00 
A– 
423,037 
 
 
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) 
92,003 
100 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (4) 
102,226 
2,810 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
AA+ (4) 
2,872,551 
1,120 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/19 at 100.00 
Aaa 
1,146,118 
 
 
Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) 
 
 
 
4,250 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/25 at 100.00 
A+ 
4,560,463 
 
 
Series 2015B, 5.000%, 11/15/39 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
 
 
 
 
 
Refunding Series 2015C: 
 
 
 
560 
 
5.000%, 8/15/35 
8/25 at 100.00 
Baa1 
595,700 
3,745 
 
5.000%, 8/15/44 
8/25 at 100.00 
Baa1 
3,922,326 
 
 
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) 
2,075,580 
3,000 
 
7.000%, 8/15/44 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
3,115,320 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA (4) 
1,040,550 
 
 
Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
 
 
 
 
 
Series 2009B: 
 
 
 
930 
 
5.000%, 8/15/26 
8/20 at 100.00 
AA– 
969,999 
470 
 
5.000%, 8/15/26 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
492,236 
2,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/21 at 100.00 
AA– (4) 
2,679,975 
 
 
2011C, 5.500%, 8/15/41 Pre-refunded 2/15/21) (UB) (5) 
 
 
 
3,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 
10/25 at 100.00 
AA+ 
3,258,780 
 
 
5.000%, 10/01/46 
 
 
 
 
34


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 11,140 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA+ 
$ 11,721,954 
 
 
5.000%, 10/01/51 
 
 
 
2,000 
 
Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 
2/19 at 100.00 
Aa1 
2,008,640 
 
 
5.950%, 2/20/36 
 
 
 
1,830 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 
6/24 at 100.00 
AA 
1,975,540 
 
 
6/15/32 – AGM Insured 
 
 
 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
3,500 
 
5.250%, 2/01/30 
2/24 at 100.00 
BBB 
3,637,795 
4,100 
 
5.250%, 2/01/31 
2/24 at 100.00 
BBB 
4,249,773 
3,200 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB 
3,306,304 
2,000 
 
5.250%, 2/01/33 
2/24 at 100.00 
BBB 
2,061,720 
1,575 
 
5.250%, 2/01/34 
2/24 at 100.00 
BBB 
1,620,659 
2,000 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB 
2,013,600 
8,250 
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 
1/26 at 100.00 
BBB 
8,373,502 
1,025 
 
Illinois State, General Obligation Bonds, March Series 2012, 5.000%, 3/01/34 
3/22 at 100.00 
BBB 
1,040,939 
450 
 
Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 
5/24 at 100.00 
BBB 
452,358 
1,500 
 
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 
11/26 at 100.00 
BBB 
1,516,755 
 
 
Illinois State, General Obligation Bonds, October Series 2016: 
 
 
 
3,790 
 
5.000%, 2/01/26 
No Opt. Call 
BBB 
3,941,486 
3,510 
 
5.000%, 2/01/28 
2/27 at 100.00 
BBB 
3,622,250 
2,375 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 
8/22 at 100.00 
BBB 
2,453,399 
 
 
Illinois State, General Obligation Bonds, Series 2013: 
 
 
 
2,500 
 
5.250%, 7/01/31 
7/23 at 100.00 
BBB 
2,602,475 
1,520 
 
5.500%, 7/01/38 
7/23 at 100.00 
BBB 
1,590,361 
2,020 
 
Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 
6/21 at 100.00 
A– 
2,046,624 
1,395 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
1,491,548 
 
 
5.000%, 1/01/38 
 
 
 
4,685 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
AA– 
5,096,343 
 
 
5.000%, 1/01/40 
 
 
 
4,435 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 
1/26 at 100.00 
AA– 
4,786,030 
 
 
5.000%, 1/01/40 
 
 
 
1,815 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
2,317,791 
 
 
2015-XF0051, 13.175%, 1/01/38, 144A (IF) 
 
 
 
1,875 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
2,394,038 
 
 
2015-XF0052, 13.167%, 1/01/38, 144A (IF) 
 
 
 
2,000 
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, 
No Opt. Call 
Aa2 
1,836,940 
 
 
Series 2006, 0.000%, 12/01/21 – NPFG Insured 
 
 
 
1,510 
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 
1/21 at 100.00 
A2 
1,588,399 
 
 
5.250%, 1/01/39 – AGM Insured 
 
 
 
1,000 
 
McCook, Cook County, Illinois, General Obligation Bonds, Series 2008, 5.200%, 12/01/30 
12/18 at 100.00 
A– 
1,001,970 
9,000 
 
McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation 
No Opt. Call 
Aa2 
7,954,470 
 
 
Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured 
 
 
 
1,890 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/25 at 100.00 
BB+ 
1,942,296 
 
 
Refunding Series 2015B, 5.000%, 6/15/52 
 
 
 
5,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/25 at 100.00 
BB+ 
5,285,850 
 
 
Series 2015A, 5.500%, 6/15/53 
 
 
 
1,500 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/27 at 100.00 
BB+ 
1,544,205 
 
 
Series 2017A, 5.000%, 6/15/57 
 
 
 
 
35

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Refunding Bonds, Series 2010A 
 
 
 
$ 8,055 
 
5.500%, 6/15/50 
6/20 at 100.00 
BB+ 
$ 8,123,870 
2,585 
 
5.500%, 6/15/50 
6/20 at 100.00 
N/R 
2,721,617 
1,050 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/20 at 100.00 
AA 
1,077,216 
 
 
Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Refunding Series 1996A: 
 
 
 
6,015 
 
0.000%, 12/15/21 – NPFG Insured 
No Opt. Call 
Baa2 
5,373,199 
12,250 
 
0.000%, 12/15/22 – NPFG Insured 
No Opt. Call 
Baa2 
10,503,027 
23,575 
 
0.000%, 12/15/23 – NPFG Insured 
No Opt. Call 
Baa2 
19,325,842 
10,775 
 
0.000%, 12/15/24 – NPFG Insured 
No Opt. Call 
Baa2 
8,430,575 
2,685 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/20 at 100.00 
BBB– 
2,687,336 
 
 
Project, Refunding Series 2010B-2, 5.000%, 6/15/50 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 2002A: 
 
 
 
6,610 
 
0.000%, 12/15/23 
No Opt. Call 
Baa2 
5,418,614 
5,000 
 
0.000%, 12/15/34 – NPFG Insured 
No Opt. Call 
Baa2 
2,262,600 
1,100 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
Baa2 
469,942 
3,805 
 
0.000%, 6/15/41 – NPFG Insured 
No Opt. Call 
Baa2 
1,186,171 
155 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
N/R 
135,388 
 
 
Project, Series 2002A, 0.000%, 12/15/23 
 
 
 
2,750 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
AA+ (4) 
3,260,207 
 
 
Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) 
 
 
 
 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, 
 
 
 
 
 
Series 2010: 
 
 
 
1,550 
 
5.250%, 6/01/21 
No Opt. Call 
A 
1,653,850 
800 
 
6.000%, 6/01/28 (Pre-refunded 6/01/21) 
6/21 at 100.00 
N/R (4) 
874,152 
 
 
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 
AA 
23,116,137 
3,500 
 
5.750%, 6/01/23 – AGM Insured 
No Opt. Call 
AA 
3,897,390 
2,395 
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville 
No Opt. Call 
AA 
2,096,415 
 
 
Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured 
 
 
 
 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: 
 
 
 
2,250 
 
5.000%, 3/01/29 
3/25 at 100.00 
A 
2,466,810 
3,505 
 
5.000%, 3/01/40 – AGM Insured 
3/25 at 100.00 
AA 
3,766,017 
 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013: 
 
 
 
1,580 
 
6.000%, 10/01/32 
10/23 at 100.00 
A– 
1,761,384 
9,625 
 
6.250%, 10/01/38 
10/23 at 100.00 
A– 
10,777,786 
2,745 
 
6.000%, 10/01/42 
10/23 at 100.00 
A– 
3,035,284 
4,930 
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
A2 
4,273,768 
 
 
Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured 
 
 
 
2,475 
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 
No Opt. Call 
A2 
2,475,000 
 
 
0.000%, 11/01/18 – AGM Insured 
 
 
 
580,805 
 
Total Illinois 
 
 
556,624,004 
 
36


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana – 1.9% (1.2% of Total Investments) 
 
 
 
$ 6,180 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point 
No Opt. Call 
AA+ 
$ 5,534,993 
 
 
Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
1,555 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, 
2/22 at 100.00 
A– 
1,658,423 
 
 
Refunding Series 2012B, 5.000%, 2/01/28 
 
 
 
1,050 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B 
1,055,429 
 
 
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
 
 
 
2,865 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
A 
3,026,500 
 
 
2012A, 5.000%, 5/01/42 
 
 
 
1,500 
 
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services 
3/20 at 100.00 
N/R (4) 
1,558,500 
 
 
Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) 
 
 
 
7,480 
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, 
6/25 at 100.00 
AA 
8,093,061 
 
 
Refunding 2015A, 5.000%, 12/01/40 
 
 
 
 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
 
 
 
 
 
Project, Series 2013A: 
 
 
 
3,015 
 
5.000%, 7/01/44 (Alternative Minimum Tax) 
7/23 at 100.00 
A– 
3,160,263 
1,420 
 
5.000%, 7/01/48 (Alternative Minimum Tax) 
7/23 at 100.00 
A– 
1,484,709 
1,500 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
7/23 at 100.00 
A– 
1,576,845 
 
 
Project, Series 2013B, 5.000%, 7/01/40 (Alternative Minimum Tax) 
 
 
 
4,170 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 
12/19 at 100.00 
AA– (4) 
4,311,822 
 
 
5.250%, 12/01/38 (Pre-refunded 12/01/19) 
 
 
 
2,500 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 
12/20 at 100.00 
AA– (4) 
2,641,550 
 
 
5.000%, 12/01/37 (Pre-refunded 12/01/20) 
 
 
 
5,115 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien 
10/26 at 100.00 
AA 
5,578,419 
 
 
Green Series 2016A, 5.000%, 10/01/41 
 
 
 
2,750 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/21 at 100.00 
AA– 
2,912,552 
 
 
2011B, 5.000%, 10/01/41 
 
 
 
4,500 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/22 at 100.00 
AA 
4,451,985 
 
 
2012A, 4.000%, 10/01/42 
 
 
 
4,375 
 
Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 
7/26 at 100.00 
A+ 
4,787,956 
 
 
5.000%, 1/01/42 
 
 
 
3,985 
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 
1/24 at 100.00 
N/R 
4,579,562 
 
 
7.000%, 1/01/44 (Alternative Minimum Tax) 
 
 
 
53,960 
 
Total Indiana 
 
 
56,412,569 
 
 
Iowa – 1.8% (1.1% of Total Investments) 
 
 
 
1,505 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, 
8/22 at 100.00 
BBB– 
1,529,667 
 
 
Series 2012, 4.750%, 8/01/42 
 
 
 
 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
 
 
 
 
 
Project, Series 2013: 
 
 
 
5,645 
 
5.500%, 12/01/22 
12/18 at 100.00 
B 
5,655,838 
1,335 
 
5.250%, 12/01/25 
12/23 at 100.00 
B 
1,412,243 
1,710 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/19 at 104.00 
B 
1,796,971 
 
 
Project, Series 2016, 5.875%, 12/01/26, 144A 
 
 
 
1,990 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/22 at 105.00 
B 
2,115,549 
 
 
Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/22) 
 
 
 
3,000 
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 
12/19 at 100.00 
AAA 
3,084,240 
 
 
5.500%, 12/01/25 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
24,420 
 
5.500%, 6/01/42 
1/19 at 100.00 
B+ 
24,476,899 
12,100 
 
5.625%, 6/01/46 
1/19 at 100.00 
B 
12,115,609 
51,705 
 
Total Iowa 
 
 
52,187,016 
 
37

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Kansas – 0.5% (0.3% of Total Investments) 
 
 
 
$ 1,240 
 
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, 
9/21 at 100.00 
Aa3 (4) 
$ 1,324,518 
 
 
Series 2011A, 5.000%, 9/01/26 (Pre-refunded 9/01/21) 
 
 
 
 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt 
 
 
 
 
 
Obligated Group, Series 2009C 
 
 
 
1,505 
 
5.500%, 11/15/23 
11/19 at 100.00 
AA 
1,553,852 
35 
 
5.500%, 11/15/23 (Pre-refunded 11/15/19) 
11/19 at 100.00 
N/R (4) 
36,180 
3,965 
 
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, 
7/28 at 100.00 
A 
4,260,274 
 
 
5.000%, 7/01/48 
 
 
 
2,040 
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park 
1/19 at 100.00 
BB+ 
2,042,958 
 
 
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
455 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park 
4/20 at 100.00 
BBB 
465,242 
 
 
Mall Project, Series 2010, 5.900%, 4/01/32 
 
 
 
20 
 
Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single 
12/18 at 100.00 
N/R (4) 
20,078 
 
 
Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Pre-refunded 12/01/18) 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
5,000 
 
Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, 
9/22 at 100.00 
A+ 
5,408,050 
 
 
Improvement Series 2012B, 5.000%, 9/01/32 
 
 
 
14,260 
 
Total Kansas 
 
 
15,111,152 
 
 
Kentucky – 1.7% (1.1% of Total Investments) 
 
 
 
5,540 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare 
8/21 at 100.00 
A 
5,771,018 
 
 
System Obligated Group, Series 2011, 5.250%, 8/15/46 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
 
 
 
 
 
Health System, Series 2010A: 
 
 
 
2,000 
 
6.000%, 6/01/30 (Pre-refunded 6/01/20) 
6/20 at 100.00 
Baa3 (4) 
2,118,660 
5,500 
 
6.500%, 3/01/45 (Pre-refunded 6/01/20) 
6/20 at 100.00 
Baa3 (4) 
5,867,950 
2,730 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
7/25 at 100.00 
BBB+ 
2,835,351 
 
 
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 
 
 
 
 
 
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 (6) 
7/31 at 100.00 
Baa3 
4,398,130 
3,655 
 
0.000%, 7/01/46 (6) 
7/31 at 100.00 
Baa3 
3,369,398 
 
 
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 
8,976,383 
585 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
634,941 
9,195 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease 
6/21 at 100.00 
A1 
9,749,458 
 
 
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 
 
 
 
 
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, 
 
 
 
 
 
Improvement and Refunding Series 2011: 
 
 
 
495 
 
6.250%, 3/01/31 
3/21 at 100.00 
Baa2 
540,283 
4,505 
 
6.250%, 3/01/31 
3/21 at 100.00 
Baa2 
4,795,302 
1,375 
 
6.500%, 3/01/41 
3/21 at 100.00 
Baa2 
1,468,376 
48,730 
 
Total Kentucky 
 
 
50,525,250 
 
 
Louisiana – 3.3% (2.0% of Total Investments) 
 
 
 
4,955 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
5,238,575 
 
 
(US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
2,665 
 
East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 
2/25 at 100.00 
AA 
2,931,367 
 
 
5.000%, 2/01/39 
 
 
 
3,130 
 
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, 
12/27 at 100.00 
AA 
3,469,323 
 
 
Series 2017B, 5.000%, 12/01/42 – AGM Insured 
 
 
 
 
38


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
 
 
Lafayette Parish School Board, Louisiana, Sales Tax Revenue Bonds, Series 2018: 
 
 
 
$ 1,500 
 
4.000%, 4/01/40 
4/27 at 100.00 
AA 
$ 1,505,280 
4,685 
 
4.000%, 4/01/43 
4/27 at 100.00 
AA 
4,691,512 
5,200 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
2/24 at 100.00 
AA– 
5,627,700 
 
 
Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien 
 
 
 
 
 
Series 2014A, 5.000%, 2/01/44 
 
 
 
1,380 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
8/20 at 100.00 
BBB 
1,475,441 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 
 
 
 
8,295 
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) 
7/23 at 100.00 
N/R 
9,014,342 
 
 
LLC Project, Series 2013, 6.500%, 7/01/36, 144A (Alternative Minimum Tax) 
 
 
 
845 
 
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General 
11/25 at 100.00 
BBB+ 
887,182 
 
 
Medical Center Project, Series 2016A, 5.000%, 11/01/45 
 
 
 
1,830 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/26 at 100.00 
A3 
1,825,590 
 
 
Refunding Series 2016, 4.000%, 5/15/35 
 
 
 
5,410 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/27 at 100.00 
A3 
5,693,917 
 
 
Refunding Series 2017, 5.000%, 5/15/46 
 
 
 
4,305 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
A3 (4) 
4,782,166 
 
 
Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 
 
 
 
330 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 
7/23 at 100.00 
AA– 
358,364 
 
 
5.000%, 7/01/36 
 
 
 
14,000 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Series 2015A, 4.000%, 5/01/41 
5/25 at 100.00 
AA 
14,071,680 
 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
 
 
 
 
 
Series 2015B: 
 
 
 
6,235 
 
5.000%, 1/01/40 (Alternative Minimum Tax) 
1/25 at 100.00 
A– 
6,610,721 
6,895 
 
5.000%, 1/01/45 (Alternative Minimum Tax) 
1/25 at 100.00 
A– 
7,291,187 
4,800 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/27 at 100.00 
A– 
5,090,064 
 
 
Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax) 
 
 
 
1,000 
 
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/28 – 
12/22 at 100.00 
AA 
1,083,050 
 
 
AGM Insured 
 
 
 
5,350 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 
6/24 at 100.00 
A 
5,719,899 
1,200 
 
New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 
12/24 at 100.00 
A– 
1,289,628 
485 
 
Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 
No Opt. Call 
BBB 
505,530 
 
 
2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) 
 
 
 
5,655 
 
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 
12/25 at 100.00 
A– 
6,171,641 
90,150 
 
Total Louisiana 
 
 
95,334,159 
 
 
Maine – 0.8% (0.5% of Total Investments) 
 
 
 
2,775 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
2,884,668 
 
 
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
 
 
 
 
 
Center Obligated Group Issue, Series 2016A: 
 
 
 
3,820 
 
4.000%, 7/01/41 
7/26 at 100.00 
BBB 
3,504,353 
2,800 
 
4.000%, 7/01/46 
7/26 at 100.00 
BBB 
2,506,168 
3,245 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, 
7/28 at 100.00 
A+ 
3,527,218 
 
 
Series 2018A, 5.000%, 7/01/43 
 
 
 
2,000 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, Series 
7/23 at 100.00 
A+ 
2,153,840 
 
 
2013, 5.000%, 7/01/43 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
 
 
 
 
 
Center, Series 2011: 
 
 
 
3,000 
 
6.750%, 7/01/36 
7/21 at 100.00 
BB 
3,195,360 
2,260 
 
6.750%, 7/01/41 
7/21 at 100.00 
BB 
2,398,967 
1,720 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 
7/20 at 100.00 
AA 
1,783,606 
 
 
5.000%, 7/01/40 
 
 
 
 
39

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Maine (continued) 
 
 
 
 
 
Maine Turnpike Authority, Special Obligation Bonds, Series 2014: 
 
 
 
$ 1,290 
 
5.000%, 7/01/33 
7/24 at 100.00 
A+ 
$ 1,408,667 
1,020 
 
5.000%, 7/01/34 
7/24 at 100.00 
A+ 
1,111,616 
23,930 
 
Total Maine 
 
 
24,474,463 
 
 
Maryland – 0.3% (0.2% of Total Investments) 
 
 
 
5,000 
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 
1/25 at 100.00 
AA– 
5,447,100 
450 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical 
7/21 at 100.00 
BBB 
485,613 
 
 
Center, Series 2011, 6.000%, 7/01/25 
 
 
 
515 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park 
7/19 at 100.00 
BB+ 
517,075 
 
 
Public Charter School Issue, Series 2010, 6.000%, 7/01/40 
 
 
 
1,790 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional 
7/24 at 100.00 
A 
1,914,441 
 
 
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 
 
 
 
1,070 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King 
11/24 at 103.00 
N/R 
1,155,226 
 
 
Farm Project, Series 2017A-1, 5.000%, 11/01/28 
 
 
 
8,825 
 
Total Maryland 
 
 
9,519,455 
 
 
Massachusetts – 2.0% (1.2% of Total Investments) 
 
 
 
 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
 
 
 
 
 
Refunding Senior Lien Series 2010B: 
 
 
 
4,410 
 
5.000%, 1/01/32 
1/20 at 100.00 
A+ 
4,532,466 
7,500 
 
5.000%, 1/01/37 
1/20 at 100.00 
A+ 
7,696,950 
650 
 
Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare 
1/19 at 100.00 
N/R 
650,826 
 
 
Project, Series 2007A, 6.750%, 10/15/37 
 
 
 
815 
 
Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare 
10/20 at 100.00 
N/R 
851,373 
 
 
Project, Series 2010, 7.625%, 10/15/37 
 
 
 
825 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green 
7/25 at 100.00 
BBB 
862,975 
 
 
Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
3,500 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 
10/26 at 100.00 
Aa3 
3,837,260 
 
 
5.000%, 10/01/46 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option 
 
 
 
 
 
Bond Trust 2016-XG0070: 
 
 
 
505 
 
12.748%, 10/01/48, 144A (IF) (5) 
10/23 at 100.00 
A+ 
661,116 
930 
 
12.683%, 10/01/48, 144A (IF) (5) 
10/23 at 100.00 
A+ 
1,217,147 
3,200 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 
1/25 at 100.00 
BBB+ 
3,190,048 
 
 
4.500%, 1/01/45 
 
 
 
1,220 
 
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 
1/23 at 100.00 
BBB 
1,317,246 
 
 
5.125%, 1/01/25 
 
 
 
2,300 
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 
11/23 at 100.00 
A+ 
2,468,912 
 
 
5.000%, 11/01/43 
 
 
 
1,500 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 
7/26 at 100.00 
BBB+ 
1,424,745 
 
 
2016I, 4.000%, 7/01/41 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, 
 
 
 
 
 
Series 2015: 
 
 
 
1,145 
 
5.000%, 9/01/40 
9/25 at 100.00 
BBB 
1,200,223 
1,280 
 
5.000%, 9/01/45 
9/25 at 100.00 
BBB 
1,337,869 
 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
 
 
 
 
 
Refunding Series 2009A: 
 
 
 
3,190 
 
5.750%, 7/01/39 
7/19 at 100.00 
Baa2 
3,248,568 
6,335 
 
5.750%, 7/01/39 (Pre-refunded 7/01/19) 
7/19 at 100.00 
N/R (4) 
6,496,226 
2,265 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA 
2,268,692 
 
 
(Alternative Minimum Tax) 
 
 
 
 
40


           
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, 
7/21 at 100.00 
A 
$ 737,779 
 
 
5.125%, 7/01/41 
 
 
 
5,930 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 
5/23 at 100.00 
AAA 
6,439,921 
 
 
2013A, 5.000%, 5/15/43 
 
 
 
1,100 
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 
No Opt. Call 
A+ 
952,875 
 
 
1997A, 0.000%, 1/01/24 – NPFG Insured 
 
 
 
6,700 
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking Revenue 
7/21 at 100.00 
A+ 
7,056,172 
 
 
Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
56,000 
 
Total Massachusetts 
 
 
58,449,389 
 
 
Michigan – 2.4% (1.5% of Total Investments) 
 
 
 
3,535 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A+ 
3,744,590 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
2,020 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 
7/21 at 100.00 
AA– 
2,140,230 
1,000 
 
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – AGM Insured 
3/28 at 100.00 
AA 
971,990 
3,665 
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 
7/21 at 100.00 
AA– 
3,945,519 
 
 
5.500%, 7/01/41 
 
 
 
1,500 
 
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 
11/22 at 100.00 
A+ 
1,594,440 
 
 
5.000%, 11/15/42 
 
 
 
405 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
AA 
437,027 
 
 
Sewerage Department Water Supply System Local Project, Refunding Senior Loan 
 
 
 
 
 
Series 2014D-1, 5.000%, 7/01/37 – AGM Insured 
 
 
 
2,690 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
AA 
2,934,521 
 
 
Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%, 7/01/32 – 
 
 
 
 
 
AGM Insured 
 
 
 
1,000 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
A+ 
1,065,300 
 
 
Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – 
 
 
 
 
 
NPFG Insured 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015: 
 
 
 
2,500 
 
5.000%, 12/01/31 
6/22 at 100.00 
AA– 
2,686,975 
3,670 
 
5.000%, 12/01/32 
6/22 at 100.00 
AA– 
3,944,479 
2,000 
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 
10/22 at 100.00 
AAA 
2,201,760 
 
 
5.000%, 10/01/31 (Pre-refunded 10/01/22) 
 
 
 
5,000 
 
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, 
11/26 at 100.00 
AA+ 
4,865,800 
 
 
Refunding and Project Series 2010F-6, 4.000%, 11/15/47 
 
 
 
1,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
Aa2 
1,075,120 
 
 
2011-I-A, 5.375%, 10/15/41 
 
 
 
10,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 
10/25 at 100.00 
Aa2 
11,081,100 
 
 
5.000%, 4/15/34 
 
 
 
3,495 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
N/R (4) 
3,627,251 
 
 
Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
5,200 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
6/22 at 100.00 
AA– 
5,490,680 
 
 
2009C, 5.000%, 12/01/48 
 
 
 
5,000 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
12/18 at 100.00 
B2 
5,010,700 
 
 
Series 2008A, 6.875%, 6/01/42 
 
 
 
3,000 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
12/22 at 100.00 
A 
3,223,980 
 
 
Airport, Series 2012A, 5.000%, 12/01/37 
 
 
 
 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
 
 
 
 
 
Airport, Series 2015D: 
 
 
 
1,325 
 
5.000%, 12/01/40 
12/25 at 100.00 
A 
1,443,455 
1,200 
 
5.000%, 12/01/45 
12/25 at 100.00 
A 
1,303,368 
 
41

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan (continued) 
 
 
 
$
  Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County
 
 
 
 
 
Airport, Series 2017B: 
 
 
 
1,350 
 
5.000%, 12/01/42 (Alternative Minimum Tax) 
12/27 at 100.00 
A 
$ 1,446,593 
3,140 
 
5.000%, 12/01/47 (Alternative Minimum Tax) 
12/27 at 100.00 
A 
3,352,358 
 
 
Wayne State University, Michigan, General Revenue Bonds, Series 2018A: 
 
 
 
1,140 
 
5.000%, 11/15/35 
11/25 at 100.00 
Aa3 
1,258,526 
1,120 
 
5.000%, 11/15/36 
11/25 at 100.00 
Aa3 
1,233,501 
65,955 
 
Total Michigan 
 
 
70,079,263 
 
 
Minnesota – 1.8% (1.1% of Total Investments) 
 
 
 
310 
 
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory 
8/26 at 100.00 
BB+ 
286,167 
 
 
Academy, Refunding Series 2016A, 4.000%, 8/01/36 
 
 
 
2,000 
 
Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation 
2/27 at 100.00 
AAA 
2,015,300 
 
 
Bonds, School Building Series 2018A, 4.000%, 2/01/42 
 
 
 
5,000 
 
Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA 
No Opt. Call 
AA+ (4) 
5,248,700 
 
 
Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, 
 
 
 
 
 
Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) 
 
 
 
500 
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 
7/25 at 100.00 
BB+ 
462,075 
 
 
Series 2016A, 4.000%, 7/01/37 
 
 
 
4,910 
 
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
2/28 at 100.00 
A– 
5,136,106 
 
 
Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/53 (WI/DD, Settling 11/01/18) 
 
 
 
3,010 
 
Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School 
2/27 at 100.00 
AAA 
3,039,378 
 
 
Building Series 2018A, 4.000%, 2/01/42 
 
 
 
2,000 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 
11/28 at 100.00 
A+ 
2,138,360 
 
 
2018A, 5.000%, 11/15/49 
 
 
 
3,000 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/20 at 100.00 
AA– 
3,084,000 
 
 
Senior Lien Series 2010A, 5.000%, 1/01/35 
 
 
 
2,295 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/27 at 100.00 
AA– 
2,530,651 
 
 
Senior Lien Series 2016C, 5.000%, 1/01/46 
 
 
 
 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
 
 
 
 
 
Subordinate Lien Series 2016D: 
 
 
 
470 
 
5.000%, 1/01/32 (Alternative Minimum Tax) 
1/27 at 100.00 
A+ 
517,912 
450 
 
5.000%, 1/01/35 (Alternative Minimum Tax) 
1/27 at 100.00 
A+ 
491,540 
580 
 
5.000%, 1/01/37 (Alternative Minimum Tax) 
1/27 at 100.00 
A+ 
631,405 
750 
 
5.000%, 1/01/41 (Alternative Minimum Tax) 
1/27 at 100.00 
A+ 
810,435 
 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding 
 
 
 
 
 
Series 2017: 
 
 
 
1,460 
 
4.000%, 3/01/41 
3/27 at 100.00 
Aa2 
1,474,381 
1,700 
 
4.000%, 3/01/47 
3/27 at 100.00 
Aa2 
1,704,709 
2,150 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding 
3/27 at 100.00 
Aa3 
2,151,419 
 
 
Series 2017, 4.000%, 3/01/48 
 
 
 
 
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A: 
 
 
 
700 
 
5.000%, 10/01/34 
10/24 at 100.00 
A1 
775,334 
500 
 
5.000%, 10/01/35 
10/24 at 100.00 
A1 
552,665 
2,000 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 
5/28 at 100.00 
AA 
1,979,260 
 
 
4.000%, 11/15/48 
 
 
 
2,000 
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health 
7/19 at 100.00 
Aaa 
2,048,880 
 
 
Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
1,520 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, 
12/24 at 100.00 
BBB– 
1,510,318 
 
 
Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50 
 
 
 
 
42


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Minnesota (continued) 
 
 
 
 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, 
 
 
 
 
 
Hmong College Prep Academy Project, Series 2016A: 
 
 
 
$ 2,205 
 
5.500%, 9/01/36 
9/26 at 100.00 
BB+ 
$ 2,271,238 
2,500 
 
5.750%, 9/01/46 
9/26 at 100.00 
BB+ 
2,585,700 
 
 
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 
504,805 
1,000 
 
5.125%, 5/01/48 
5/23 at 100.00 
N/R 
975,490 
400 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax 
3/20 at 102.00 
N/R 
413,204 
 
 
Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 
 
 
 
750 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast 
11/25 at 100.00 
N/R (4) 
861,930 
 
 
Inc., Series 2015A, 5.000%, 11/15/29 (Pre-refunded 11/15/25) 
 
 
 
3,855 
 
West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, 
2/27 at 100.00 
AAA 
3,879,055 
 
 
Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/41 
 
 
 
2,000 
 
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 
1/24 at 100.00 
Aa3 
2,176,980 
 
 
5.000%, 1/01/46 
 
 
 
50,515 
 
Total Minnesota 
 
 
52,257,397 
 
 
Mississippi – 0.9% (0.6% of Total Investments) 
 
 
 
620 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/19 at 100.00 
BBB+ 
621,271 
 
 
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
 
 
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 
A+ (4) 
1,332,871 
850 
 
5.800%, 1/01/24 (Pre-refunded 1/01/19) 
1/19 at 100.00 
A+ (4) 
855,389 
 
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
 
 
 
 
 
Healthcare, Series 2016A: 
 
 
 
7,500 
 
5.000%, 9/01/36 
9/26 at 100.00 
BBB+ 
7,901,550 
15,500 
 
5.000%, 9/01/46 
9/26 at 100.00 
BBB+ 
16,130,385 
25,795 
 
Total Mississippi 
 
 
26,841,466 
 
 
Missouri – 3.5% (2.1% of Total Investments) 
 
 
 
1,000 
 
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 
8/26 at 100.00 
A– 
1,040,960 
 
 
5.000%, 8/01/28 
 
 
 
2,000 
 
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah 
5/25 at 100.00 
N/R 
1,861,300 
 
 
Community Project, Refunding Series 2016, 3.625%, 5/01/30 
 
 
 
500 
 
Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 
11/24 at 100.00 
AA+ 
516,975 
 
 
2014A, 4.000%, 11/01/33 
 
 
 
2,000 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
2,036,500 
 
 
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
400 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway 
4/26 at 100.00 
N/R 
398,208 
 
 
Center Community Improvement District, Senior Refunding & Improvement Series 2016, 
 
 
 
 
 
5.000%, 4/01/46, 144A 
 
 
 
 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, 
 
 
 
 
 
Series 2004B-1: 
 
 
 
7,000 
 
0.000%, 4/15/27 – AMBAC Insured 
No Opt. Call 
AA– 
5,203,310 
5,000 
 
0.000%, 4/15/28 – AMBAC Insured 
No Opt. Call 
AA– 
3,561,950 
5,000 
 
0.000%, 4/15/29 – AMBAC Insured 
No Opt. Call 
AA– 
3,408,300 
4,470 
 
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, 
1/28 at 100.00 
AA 
4,514,298 
 
 
4.000%, 1/01/42 
 
 
 
940 
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing 
No Opt. Call 
A 
967,392 
 
 
Project, Series 2005A, 6.000%, 6/01/20 
 
 
 
1,000 
 
Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint 
5/26 at 100.00 
A+ 
1,090,300 
 
 
Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/34 
 
 
 
 
43

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
$ 3,080 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB+ 
$ 3,241,238 
 
 
Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
1,260 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
10/23 at 100.00 
A+ 
1,374,307 
 
 
University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
CoxHealth, Series 2013A: 
 
 
 
1,045 
 
5.000%, 11/15/44 
11/23 at 100.00 
A2 
1,100,009 
11,090 
 
5.000%, 11/15/48 
11/23 at 100.00 
A2 
11,653,039 
8,525 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy 
11/27 at 100.00 
AA– 
8,296,189 
 
 
Health, Series 2017C, 4.000%, 11/15/47 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM 
 
 
 
 
 
Health Care, Series 2018A: 
 
 
 
3,500 
 
5.000%, 6/01/48 
6/28 at 100.00 
AA– 
3,764,635 
2,000 
 
4.000%, 6/01/48 
6/28 at 100.00 
AA– 
1,919,460 
 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy 
 
 
 
 
 
Hospital, Series 2017A: 
 
 
 
1,250 
 
4.000%, 5/15/42 
5/25 at 102.00 
A+ 
1,225,675 
16,750 
 
4.000%, 5/15/48 
5/25 at 102.00 
A+ 
16,240,968 
11,295 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services 
2/26 at 100.00 
N/R 
11,839,419 
 
 
Projects, Series 2016B, 5.000%, 2/01/46 
 
 
 
400 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of 
6/22 at 100.00 
BBB+ 
378,332 
 
 
St. Louis Project, Series 2015, 3.500%, 6/15/30 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, 
 
 
 
 
 
Series 2017A: 
 
 
 
725 
 
4.000%, 10/01/36 
4/27 at 100.00 
AA– 
734,295 
3,510 
 
5.000%, 10/01/42 
4/27 at 100.00 
AA– 
3,826,637 
3,775 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, 
4/21 at 100.00 
A2 (4) 
4,021,168 
 
 
Series 2011, 5.000%, 4/01/26 (Pre-refunded 4/01/21) 
 
 
 
2,000 
 
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP 
6/27 at 100.00 
A2 
2,168,180 
 
 
Facilities, Series 2018, 5.000%, 12/01/43 
 
 
 
1,000 
 
North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 
1/19 at 100.00 
N/R 
980,060 
 
 
2006, 5.000%, 1/01/37 
 
 
 
2,000 
 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, 
12/21 at 100.00 
AA+ 
2,011,740 
 
 
Series 2015, 4.125%, 12/01/38 
 
 
 
490 
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, 
7/22 at 100.00 
A2 
502,686 
 
 
Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (Alternative Minimum Tax) 
 
 
 
575 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/22 at 100.00 
N/R (4) 
630,930 
 
 
of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) 
 
 
 
375 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/23 at 100.00 
BB+ 
402,518 
 
 
of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
103,955 
 
Total Missouri 
 
 
100,910,978 
 
 
Montana – 0.2% (0.1% of Total Investments) 
 
 
 
2,090 
 
Montana Facilities Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional 
7/28 at 100.00 
BBB 
2,202,881 
 
 
Medical Center, Series 2018B, 5.000%, 7/01/43 
 
 
 
3,315 
 
Montana Facilities Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman 
6/28 at 100.00 
A 
3,587,559 
 
 
Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 
 
 
 
5,405 
 
Total Montana 
 
 
5,790,440 
 
 
Nebraska – 0.2% (0.1% of Total Investments) 
 
 
 
2,300 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
A 
2,472,960 
 
 
5.000%, 9/01/32 
 
 
 
 
44


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nebraska (continued) 
 
 
 
 
 
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 
$ 1,647,361 
470 
 
5.000%, 11/01/45 
11/25 at 100.00 
A 
502,580 
4,405 
 
Total Nebraska 
 
 
4,622,901 
 
 
Nevada – 3.1% (1.9% of Total Investments) 
 
 
 
39,625 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
41,203,264 
 
 
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 
AA 
5,378,648 
9,725 
 
5.250%, 7/01/42 
1/20 at 100.00 
Aa3 
10,036,394 
5,800 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 
6/19 at 100.00 
BBB+ (4) 
6,011,120 
 
 
6/15/30 (Pre-refunded 6/15/19) 
 
 
 
 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: 
 
 
 
9,000 
 
5.000%, 6/01/32 
12/24 at 100.00 
AA+ 
10,062,450 
7,835 
 
5.000%, 6/01/39 
12/24 at 100.00 
AA+ 
8,581,284 
2,600 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 
6/22 at 100.00 
AA+ 
2,788,032 
 
 
5.000%, 6/01/42 
 
 
 
 
 
Nevada System of Higher Education, Community College Revenue Bonds, Series 2017: 
 
 
 
2,400 
 
4.000%, 7/01/41 
7/27 at 100.00 
AA– 
2,347,344 
2,000 
 
4.000%, 7/01/47 
7/27 at 100.00 
AA– 
1,936,840 
1,145 
 
North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 
1/19 at 100.00 
Baa1 
1,146,156 
 
 
5.000%, 10/01/25 – NPFG Insured 
 
 
 
 
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, 
 
 
 
 
 
Refunding Series 2011: 
 
 
 
1,955 
 
5.000%, 7/01/32 
7/21 at 100.00 
AA 
2,084,832 
95 
 
5.000%, 7/01/32 
7/21 at 100.00 
N/R 
101,767 
87,390 
 
Total Nevada 
 
 
91,678,131 
 
 
New Hampshire – 0.5% (0.3% of Total Investments) 
 
 
 
5,000 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
Baa1 (4) 
5,186,200 
 
 
Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
3,500 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical 
7/22 at 100.00 
A– 
3,536,715 
 
 
Center, Series 2012, 4.000%, 7/01/32 
 
 
 
1,110 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, 
6/19 at 100.00 
AA+ (4) 
1,175,002 
 
 
Tender Option Bond Trust 2016-XL0025, 11.330%, 6/01/39, 144A (Pre-refunded 6/01/19) (IF) (5) 
 
 
 
4,000 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock 
2/28 at 100.00 
A 
4,380,880 
 
 
Obligated Group, Series 2018A, 5.000%, 8/01/35 
 
 
 
13,610 
 
Total New Hampshire 
 
 
14,278,797 
 
 
New Jersey – 4.6% (2.9% of Total Investments) 
 
 
 
905 
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, 
2/23 at 100.00 
BBB+ 
966,757 
 
 
Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 
 
 
 
 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
 
 
 
 
 
Replacement Project, Series 2013: 
 
 
 
1,965 
 
5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax) 
1/24 at 100.00 
AA 
2,125,226 
1,865 
 
5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 
1/24 at 100.00 
AA 
1,996,035 
1,585 
 
5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) 
1/24 at 100.00 
AA 
1,693,271 
 
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding 
 
 
 
 
 
Series 2017A: 
 
 
 
5,005 
 
5.000%, 7/01/28 – BAM Insured 
7/27 at 100.00 
AA 
5,593,388 
4,275 
 
3.125%, 7/01/31 – BAM Insured 
7/27 at 100.00 
AA 
4,003,324 
2,000 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding 
12/26 at 100.00 
A– 
2,198,860 
 
 
Series 2016BBB, 5.500%, 6/15/31 
 
 
 
 
45

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$ 6,770 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
No Opt. Call 
A– 
$ 7,768,440 
 
 
2005N-1, 5.500%, 9/01/27 – FGIC Insured 
 
 
 
2,825 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/24 at 100.00 
A– 
2,975,968 
 
 
2014UU, 5.000%, 6/15/30 
 
 
 
555 
 
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident 
6/20 at 100.00 
Aaa 
586,674 
 
 
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 
 
 
 
 
 
2010A, 5.750%, 6/01/31 (Pre-refunded 6/01/20) 
 
 
 
6,030 
 
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit 
No Opt. Call 
A– 
6,587,051 
 
 
Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 
 
 
 
900 
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and 
6/19 at 100.00 
N/R (4) 
928,944 
 
 
Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) 
 
 
 
1,480 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
1/19 at 100.00 
BB+ 
1,483,271 
 
 
University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
8,415 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health 
7/26 at 100.00 
A+ 
9,227,048 
 
 
Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 
 
 
 
2,000 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health 
7/21 at 100.00 
N/R (4) 
2,175,140 
 
 
Care System, Refunding Series 2011A, 5.625%, 7/01/32 (Pre-refunded 7/01/21) 
 
 
 
1,235 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital 
7/25 at 100.00 
AA 
1,322,216 
 
 
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
665 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option 
6/19 at 100.00 
BBB+ 
713,485 
 
 
Bond Trust 2016-XG0001, 15.544%, 6/01/30, 144A (IF) (5) 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, 
 
 
 
 
 
Series 2016A-1: 
 
 
 
2,020 
 
5.000%, 6/15/28 
6/26 at 100.00 
A+ 
2,221,030 
3,340 
 
5.000%, 6/15/29 
6/26 at 100.00 
A+ 
3,651,388 
1,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
713,560 
 
 
Appreciation Series 2010A, 0.000%, 12/15/26 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
 
 
 
 
 
Series 2006C: 
 
 
 
21,120 
 
0.000%, 12/15/28 – AMBAC Insured 
No Opt. Call 
A– 
13,731,590 
10,000 
 
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
AA 
5,454,000 
20,000 
 
0.000%, 12/15/33 – AGM Insured 
No Opt. Call 
AA 
10,372,600 
25,000 
 
0.000%, 12/15/35 – AMBAC Insured 
No Opt. Call 
A– 
11,136,000 
30,000 
 
0.000%, 12/15/36 – AMBAC Insured 
No Opt. Call 
A– 
12,612,000 
7,330 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 
6/21 at 100.00 
A– 
7,716,144 
 
 
5.500%, 6/15/31 
 
 
 
1,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 
6/22 at 100.00 
A– 
1,022,510 
 
 
5.000%, 6/15/42 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: 
 
 
 
1,690 
 
5.250%, 6/15/33 
6/25 at 100.00 
A– 
1,808,672 
2,840 
 
5.000%, 6/15/45 
6/25 at 100.00 
A– 
2,928,580 
700 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 
1/19 at 100.00 
A+ (4) 
703,815 
 
 
(Pre-refunded 1/01/19) 
 
 
 
2,460 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 
1/28 at 100.00 
A+ 
2,514,883 
 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: 
 
 
 
480 
 
12.523%, 1/01/43, 144A (IF) (5) 
7/22 at 100.00 
A2 
648,715 
835 
 
12.523%, 1/01/43, 144A (Pre-refunded 7/01/22) (IF), (5) 
7/22 at 100.00 
N/R (4) 
1,128,494 
570 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 
5/23 at 100.00 
Aa3 
620,884 
3,215 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
A– 
3,466,027 
 
 
Series 2018A, 5.000%, 6/01/36 
 
 
 
380 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB 
385,768 
 
 
Series 2018B, 5.000%, 6/01/46 
 
 
 
182,455 
 
Total New Jersey 
 
 
135,181,758 
 
46


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Mexico – 0.5% (0.3% of Total Investments) 
 
 
 
$ 1,295 
 
Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 
1/19 at 100.00 
A3 
$ 1,298,095 
 
 
2004A, 5.125%, 6/01/19 
 
 
 
2,000 
 
Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico 
6/20 at 100.00 
BBB+ 
2,102,140 
 
 
San Juan Project, Refunding Series 2010D, 5.900%, 6/01/40 
 
 
 
3,370 
 
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare 
11/27 at 100.00 
AA 
3,659,685 
 
 
Services, Series 2017A, 5.000%, 8/01/46 
 
 
 
5,585 
 
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 
No Opt. Call 
AA 
6,372,429 
 
 
1997, 6.000%, 2/01/27 – AGM Insured 
 
 
 
12,250 
 
Total New Mexico 
 
 
13,432,349 
 
 
New York – 7.3% (4.5% of Total Investments) 
 
 
 
 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
 
Bonds, Barclays Center Project, Series 2009: 
 
 
 
4,605 
 
6.000%, 7/15/30 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (4) 
4,826,639 
3,065 
 
6.250%, 7/15/40 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (4) 
3,221,560 
6,600 
 
0.000%, 7/15/44 
No Opt. Call 
BBB– 
1,920,996 
490 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
7/25 at 100.00 
BBB+ 
527,867 
 
 
Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 
 
 
 
3,125 
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, 
7/23 at 100.00 
A– 
3,348,594 
 
 
Series 2013A, 5.000%, 7/01/44 
 
 
 
 
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish 
 
 
 
 
 
Obligated Group, Series 2015A: 
 
 
 
1,680 
 
4.125%, 5/01/42 
5/25 at 100.00 
A– 
1,688,081 
3,195 
 
5.000%, 5/01/43 
5/25 at 100.00 
A– 
3,410,119 
600 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center 
6/27 at 100.00 
BBB– 
647,718 
 
 
Obligated Group, Series 2017, 5.000%, 12/01/34, 144A 
 
 
 
5,325 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 
3/21 at 100.00 
AAA 
5,615,425 
 
 
Purpose Series 2011C, 5.000%, 3/15/41 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
990 
 
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
1,059,874 
2,965 
 
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
3,140,202 
1,610 
 
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (4) 
1,741,939 
135 
 
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (4) 
144,565 
7,500 
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 
No Opt. Call 
A 
8,909,850 
 
 
2005, 5.250%, 10/01/35 
 
 
 
 
 
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– 
3,275,010 
1,155 
 
4.000%, 9/01/39 – AGM Insured 
9/24 at 100.00 
AA 
1,163,917 
860 
 
5.000%, 9/01/44 
9/24 at 100.00 
A– 
936,927 
5,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018, 
9/28 at 100.00 
A– 
5,570,600 
 
 
5.000%, 9/01/37 
 
 
 
10,000 
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 
No Opt. Call 
AA 
5,815,000 
 
 
2012A, 0.000%, 11/15/32 
 
 
 
1,000 
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 
11/19 at 100.00 
AA (4) 
1,032,070 
 
 
5.000%, 11/15/34 (Pre-refunded 11/15/19) 
 
 
 
 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A: 
 
 
 
465 
 
,5.000%, 11/15/41 
11/21 at 100.00 
AA– 
504,888 
285 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
11/21 at 100.00 
N/R (4) 
309,447 
 
47

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 5,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 
5/23 at 100.00 
AA– 
$ 5,329,250 
 
 
5.000%, 11/15/38 
 
 
 
 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx 
 
 
 
 
 
Parking Development Company, LLC Project, Series 2007: 
 
 
 
500 
 
5.750%, 10/01/37, (7) 
1/19 at 100.00 
N/R 
315,000 
1,000 
 
5.875%, 10/01/46, (7) 
10/37 at 100.00 
N/R 
630,000 
4,755 
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project 
3/19 at 100.00 
AA 
4,847,057 
 
 
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured 
 
 
 
3,400 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
12/20 at 100.00 
AA+ 
3,609,882 
 
 
Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 
 
 
 
5,900 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/23 at 100.00 
AA+ 
6,331,526 
 
 
General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 
 
 
 
500 
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue 
6/19 at 100.00 
AA+ 
531,480 
 
 
Bonds, Tender Option Bond Trust 2015-XF0097, 13.186%, 6/15/39, 144A (IF) 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
5/23 at 100.00 
AAA 
5,419,950 
 
 
Fiscal 2013 Series I, 5.000%, 5/01/38 
 
 
 
2,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
5/26 at 100.00 
AAA 
2,189,420 
 
 
Fiscal 2017 Series A-1, 5.000%, 5/01/40 
 
 
 
3,760 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
2/27 at 100.00 
AAA 
4,129,721 
 
 
Fiscal 2017 Series E-1, 5.000%, 2/01/43 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
5/28 at 100.00 
AAA 
5,575,900 
 
 
Fiscal 2018 Series C-3, 5.000%, 5/01/40 
 
 
 
2,060 
 
New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 
12/26 at 100.00 
AA 
2,274,281 
5 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 
1/19 at 100.00 
AA 
5,013 
2,000 
 
New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee 
11/25 at 100.00 
Aa3 
2,183,040 
 
 
Secured, Refunding Series 2015, 5.000%, 11/15/45 
 
 
 
540 
 
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 
1/19 at 100.00 
A– 
540,140 
 
 
6.500%, 6/01/35 
 
 
 
25,170 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
25,814,855 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
 
 
 
 
 
Center Project, Series 2011: 
 
 
 
1,560 
 
5.000%, 11/15/44 
11/21 at 100.00 
A+ 
1,648,951 
4,350 
 
5.750%, 11/15/51 
11/21 at 100.00 
A+ 
4,744,849 
5,260 
 
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, 
8/21 at 100.00 
BB– 
5,432,581 
 
 
American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 
 
 
 
 
 
5.000%, 8/01/31 (Alternative Minimum Tax) 
 
 
 
3,050 
 
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, 
1/28 at 100.00 
Baa3 
3,294,061 
 
 
Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 
 
 
 
 
 
5.000%, 1/01/34 (Alternative Minimum Tax) 
 
 
 
 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
 
 
 
 
 
Terminal B Redevelopment Project, Series 2016A: 
 
 
 
2,000 
 
4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) 
7/24 at 100.00 
AA 
2,014,040 
10,800 
 
5.000%, 7/01/41 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
11,275,200 
10,000 
 
5.000%, 7/01/46 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
10,419,400 
19,560 
 
5.250%, 1/01/50 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
20,614,871 
500 
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital 
7/19 at 100.00 
N/R (4) 
510,610 
 
 
Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19) 
 
 
 
1,310 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy 
12/23 at 100.00 
AA– 
1,414,617 
 
 
Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax) 
 
 
 
4,320 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy 
12/23 at 100.00 
AA– 
4,771,397 
 
 
Ninth Series 2013, 5.000%, 12/01/38 
 
 
 
 
48


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
 
 
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 
1/19 at 100.00 
Baa1 
$ 5,252,750 
590 
 
5.500%, 12/01/31 
12/20 at 100.00 
Baa1 
627,512 
1,670 
 
6.000%, 12/01/36 
12/20 at 100.00 
Baa1 
1,791,259 
3,045 
 
6.000%, 12/01/42 
12/20 at 100.00 
Baa1 
3,262,261 
1,170 
 
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At 
12/20 at 100.00 
BBB– 
1,239,510 
 
 
Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 
 
 
 
 
 
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center 
 
 
 
 
 
Project, Refunding Series 2016A: 
 
 
 
2,835 
 
5.000%, 1/01/29 (Alternative Minimum Tax) 
1/26 at 100.00 
A– 
3,040,963 
2,700 
 
5.000%, 1/01/34 (Alternative Minimum Tax) 
1/26 at 100.00 
A– 
2,849,391 
209,960 
 
Total New York 
 
 
212,742,026 
 
 
North Carolina – 1.6% (1.0% of Total Investments) 
 
 
 
12,250 
 
Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 
4/23 at 100.00 
A– 
13,129,672 
 
 
5.125%, 4/01/43 
 
 
 
 
 
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes 
 
 
 
 
 
Project, Series 2015: 
 
 
 
3,555 
 
5.000%, 12/31/37 (Alternative Minimum Tax) 
6/25 at 100.00 
BBB– 
3,771,571 
3,480 
 
5.000%, 6/30/54 (Alternative Minimum Tax) 
6/25 at 100.00 
BBB– 
3,646,309 
10,300 
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 1993B, 
No Opt. Call 
Baa2 (4) 
11,469,462 
 
 
6.000%, 1/01/22 – CAPMAC Insured (ETM) (UB) (5) 
 
 
 
1,570 
 
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, 
10/24 at 102.00 
N/R 
1,650,525 
 
 
Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 
 
 
 
 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
 
 
 
 
 
Refunding Series 2012A: 
 
 
 
5,000 
 
5.000%, 10/01/27 
10/22 at 100.00 
A+ 
5,455,400 
3,400 
 
5.000%, 10/01/31 
10/22 at 100.00 
A+ 
3,676,692 
500 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 
1/26 at 100.00 
A 
555,500 
 
 
2015A, 5.000%, 1/01/32 
 
 
 
1,900 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 
1/19 at 100.00 
AA (4) 
1,912,084 
 
 
5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 
 
 
 
41,955 
 
Total North Carolina 
 
 
45,267,215 
 
 
North Dakota – 0.3% (0.4% of Total Investments) 
 
 
 
675 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/22 at 100.00 
N/R (4) 
735,932 
 
 
Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) 
 
 
 
6,100 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 
11/21 at 100.00 
A+ 
6,799,609 
 
 
6.250%, 11/01/31 
 
 
 
1,875 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
12/21 at 100.00 
A– 
1,953,619 
 
 
Group, Series 2012, 5.000%, 12/01/32 
 
 
 
700 
 
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and 
12/26 at 100.00 
N/R 
681,289 
 
 
Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
9,350 
 
Total North Dakota 
 
 
10,170,449 
 
 
Ohio – 8.5% (5.2% of Total Investments) 
 
 
 
6,250 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue 
11/26 at 100.00 
A– 
6,662,875 
 
 
Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 
 
 
 
6,000 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 
2/28 at 100.00 
AA– 
5,924,580 
 
 
4.000%, 8/01/36 
 
 
 
1,340 
 
Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, 5.000%, 6/01/45 
6/27 at 100.00 
A+ 
1,451,662 
 
49

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
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: 
 
 
 
$ 4,930 
 
5.375%, 6/01/24 
12/18 at 100.00 
B– 
$ 4,817,300 
12,835 
 
5.125%, 6/01/24 
12/18 at 100.00 
B– 
12,419,146 
22,830 
 
5.875%, 6/01/30 
12/18 at 100.00 
B– 
22,499,422 
11,785 
 
5.750%, 6/01/34 
12/18 at 100.00 
B– 
11,382,307 
12,645 
 
6.000%, 6/01/42 
12/18 at 100.00 
B– 
12,487,190 
2,355 
 
6.500%, 6/01/47 
12/18 at 100.00 
B– 
2,380,363 
18,640 
 
5.875%, 6/01/47 
12/18 at 100.00 
B– 
18,173,068 
24,910 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
B– 
25,170,309 
 
 
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Refunding Series 2017: 
 
 
 
3,940 
 
4.000%, 11/15/34 
11/27 at 100.00 
A 
3,916,872 
3,000 
 
4.000%, 11/15/35 
11/27 at 100.00 
A 
2,952,600 
 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: 
 
 
 
7,125 
 
5.250%, 11/01/29 (Pre-refunded 11/01/20) 
11/20 at 100.00 
A (4) 
7,541,599 
1,000 
 
5.750%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
A (4) 
1,068,180 
1,665 
 
5.500%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
N/R (4) 
1,770,444 
3,335 
 
5.500%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
A (4) 
3,546,206 
4,795 
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, 
6/23 at 100.00 
Baa3 
4,917,896 
 
 
Series 2013, 5.000%, 6/15/43 
 
 
 
760 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/20 at 100.00 
BBB 
787,596 
 
 
Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
5,000 
 
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group 
8/27 at 100.00 
A+ 
5,359,400 
 
 
Project, Series 2017A, 5.000%, 8/15/42 
 
 
 
 
 
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 
AA 
1,077,290 
16,820 
 
5.000%, 1/01/38 (UB) (5) 
1/23 at 100.00 
Aa3 
18,120,018 
 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0052: 
 
 
 
1,315 
 
13.546%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
1,721,559 
625 
 
13.546%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
818,231 
975 
 
13.546%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
1,276,441 
265 
 
13.459%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
346,305 
8,360 
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding 
8/25 at 100.00 
A– 
8,801,241 
 
 
Series 2015, 5.000%, 8/15/45 
 
 
 
7,495 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
Baa1 (4) 
8,313,004 
 
 
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
1,000 
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center 
8/21 at 100.00 
A2 
1,069,510 
 
 
Project, Refunding Series 2011, 5.125%, 8/01/31 
 
 
 
2,545 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
1/19 at 100.00 
BBB+ 
2,573,020 
 
 
5.000%, 5/01/30 
 
 
 
2,000 
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated 
2/23 at 100.00 
BB+ 
2,039,240 
 
 
Group Project, Series 2013, 5.000%, 2/15/33 
 
 
 
3,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
2,910,000 
 
 
Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory 
 
 
 
 
 
put 9/15/21) (7) 
 
 
 
1,000 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding 
12/20 at 100.00 
A+ 
1,059,380 
 
 
Series 2011A, 5.375%, 12/01/30 
 
 
 
4,350 
 
Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series 
6/25 at 100.00 
A+ 
4,656,501 
 
 
2015A, 5.000%, 12/01/44 
 
 
 
 
50


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien 
 
 
 
 
 
Series 2013A-1: 
 
 
 
$ 1,500 
 
5.250%, 2/15/39 
2/23 at 100.00 
Aa3 
$ 1,640,415 
10,530 
 
5.000%, 2/15/48 
2/23 at 100.00 
Aa3 
11,304,903 
3,710 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
Aa3 
3,513,333 
 
 
Convertible Series 2013A-3, 0.000%, 2/15/36 (6) 
 
 
 
 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
 
 
 
 
 
Series 2018A: 
 
 
 
3,375 
 
4.000%, 2/15/38 
2/28 at 100.00 
Aa3 
3,424,613 
16,325 
 
5.000%, 2/15/43 
2/28 at 100.00 
Aa3 
18,033,248 
241,330 
 
Total Ohio 
 
 
247,927,267 
 
 
Oklahoma – 0.4% (0.2% of Total Investments) 
 
 
 
1,925 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
2,194,519 
 
 
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 
 
 
 
3,000 
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 
6/23 at 100.00 
AA 
3,294,180 
 
 
5.625%, 6/01/43 – BAM Insured (Alternative Minimum Tax) 
 
 
 
4,985 
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, 
6/24 at 100.00 
AA 
5,249,803 
 
 
5.000%, 6/01/45 – BAM Insured (Alternative Minimum Tax) 
 
 
 
1,000 
 
Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, 
11/25 at 102.00 
N/R 
1,082,770 
 
 
Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 
 
 
 
10,910 
 
Total Oklahoma 
 
 
11,821,272 
 
 
Oregon – 2.0% (1.2% of Total Investments) 
 
 
 
2,435 
 
Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation 
6/27 at 100.00 
AA+ 
2,733,555 
 
 
Bonds, Convertible Deferred Interest Series 2017D, 5.000%, 6/15/36 
 
 
 
4,875 
 
Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles 
1/26 at 100.00 
A+ 
5,163,356 
 
 
Health System, Inc., Series 2016A, 5.000%, 1/01/48 
 
 
 
1,750 
 
Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, 
6/27 at 100.00 
Aa3 
1,920,590 
 
 
5.000%, 6/15/47 
 
 
 
15,440 
 
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 
6/26 at 100.00 
AA– 
16,565,885 
 
 
5.000%, 6/01/46 
 
 
 
1,500 
 
Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/39 
7/26 at 100.00 
AA– 
1,648,980 
 
 
Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B: 
 
 
 
4,000 
 
5.000%, 7/01/36 (Alternative Minimum Tax) 
1/27 at 100.00 
AA– 
4,369,240 
1,000 
 
5.000%, 7/01/37 (Alternative Minimum Tax) 
1/27 at 100.00 
AA– 
1,090,100 
12,645 
 
5.000%, 7/01/42 (Alternative Minimum Tax) 
1/27 at 100.00 
AA– 
13,663,934 
10,000 
 
5.000%, 7/01/47 (Alternative Minimum Tax) 
1/27 at 100.00 
AA– 
10,769,500 
53,645 
 
Total Oregon 
 
 
57,925,140 
 
 
Pennsylvania – 5.2% (3.2% of Total Investments) 
 
 
 
1,100 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
11/19 at 100.00 
BB– 
1,121,505 
 
 
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 
 
 
 
7,500 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health 
4/28 at 100.00 
A 
7,932,450 
 
 
Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 
 
 
 
2,000 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of 
8/19 at 100.00 
AA– 
2,049,780 
 
 
Pittsburgh Medical Center, Series 2009A, 5.375%, 8/15/29 
 
 
 
 
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65 
 
 
 
1,960 
 
5.375%, 5/01/31 
5/21 at 100.00 
AA– 
2,098,062 
2,570 
 
5.375%, 5/01/31 (Pre-refunded 5/01/21) 
5/21 at 100.00 
N/R (4) 
2,765,911 
 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
 
 
 
 
 
Settlement, Series 2018: 
 
 
 
345 
 
5.000%, 6/01/34 
6/28 at 100.00 
A1 
378,558 
550 
 
5.000%, 6/01/35 
6/28 at 100.00 
A1 
601,183 
 
51

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social 
 
 
 
 
 
Ministries Project, Series 2009: 
 
 
 
$ 900 
 
6.125%, 1/01/29 (Pre-refunded 1/01/19) 
1/19 at 100.00 
N/R (4) 
$ 905,958 
100 
 
6.125%, 1/01/29 (Pre-refunded 1/01/19) 
1/19 at 100.00 
BBB+ (4) 
100,687 
 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
 
 
 
 
 
Revenue Bonds, Series 2017: 
 
 
 
3,500 
 
5.000%, 7/01/37 
7/27 at 100.00 
A1 
3,914,260 
8,385 
 
5.000%, 7/01/42 
7/27 at 100.00 
A1 
9,297,791 
 
 
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 
AA (4) 
320,822 
1,670 
 
5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 
12/18 at 100.00 
AA (4) 
1,674,292 
195 
 
5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 
12/18 at 100.00 
AA (4) 
195,501 
315 
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 
12/18 at 100.00 
AA 
315,797 
 
 
12/01/43 – AGM Insured 
 
 
 
 
 
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 
2,851,254 
11,000 
 
0.000%, 12/01/38 
No Opt. Call 
A 
4,465,670 
5,375 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, 
12/23 at 100.00 
A 
5,814,567 
 
 
Series 2013A, 5.125%, 12/01/47 
 
 
 
 
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas 
 
 
 
 
 
Jefferson University, Series 2018A: 
 
 
 
2,400 
 
5.000%, 9/01/35 
9/28 at 100.00 
A+ 
2,642,568 
5,210 
 
5.000%, 9/01/43 
9/28 at 100.00 
A+ 
5,638,575 
1,665 
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage 
8/20 at 100.00 
N/R (4) 
1,757,124 
 
 
Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 
 
 
 
 
 
(Pre-refunded 8/01/20) 
 
 
 
3,430 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 
1/25 at 100.00 
Baa3 
3,618,890 
 
 
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 
 
 
 
2,000 
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS 
11/26 at 100.00 
N/R 
2,132,020 
 
 
Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 
 
 
 
235 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
11/24 at 100.00 
N/R 
243,237 
 
 
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) 
 
 
 
400 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
N/R (4) 
423,536 
 
 
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
 
 
 
 
 
Subordinate Series 2010A1&2: 
 
 
 
940 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
N/R (4) 
1,003,723 
4,310 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
AA– (4) 
4,602,175 
16,750 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 
12/27 at 100.00 
A 
20,135,342 
 
 
6.375%, 12/01/38 
 
 
 
4,305 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 
6/25 at 100.00 
A+ 
4,616,122 
2,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 2014A-1, 
12/24 at 100.00 
A 
2,139,240 
 
 
5.000%, 12/01/38 
 
 
 
14,500 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 
6/26 at 100.00 
AA 
17,336,925 
 
 
6.250%, 6/01/33 – AGM Insured 
 
 
 
6,250 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 
12/25 at 100.00 
A 
6,576,750 
 
 
5.000%, 12/01/45 
 
 
 
5,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 
12/25 at 100.00 
A3 
5,258,250 
 
 
5.000%, 12/01/46 
 
 
 
1,595 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
N/R (4) 
1,663,059 
 
 
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 
 
 
 
8,650 
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 7/01/42 
7/27 at 100.00 
A 
9,277,644 
 
 
(Alternative Minimum Tax) 
 
 
 
 
52


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 1,425 
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 
8/20 at 100.00 
A (4) 
$ 1,532,203 
 
 
(Pre-refunded 8/01/20) 
 
 
 
2,350 
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community 
No Opt. Call 
A– (4) 
2,485,031 
 
 
Hospital Project, Refunding & Improvement Series 2011, 5.500%, 8/01/20 (ETM) 
 
 
 
10,000 
 
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Series 
8/25 at 100.00 
AA 
10,823,200 
 
 
2016, 5.000%, 8/15/38 – BAM Insured 
 
 
 
146,600 
 
Total Pennsylvania 
 
 
150,709,662 
 
 
Puerto Rico – 0.3% (0.2% of Total Investments) 
 
 
 
4,300 
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 
1/19 at 100.00 
AA– 
4,476,257 
 
 
4.500%, 12/01/23 
 
 
 
800 
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, 
1/19 at 100.00 
Ca 
800,928 
 
 
Refunding Series 2002D, 5.450%, 7/01/31 – AMBAC Insured 
 
 
 
14,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Baa2 
4,154,500 
 
 
8/01/42 – FGIC Insured 
 
 
 
19,100 
 
Total Puerto Rico 
 
 
9,431,685 
 
 
Rhode Island – 0.5% (0.3% of Total Investments) 
 
 
 
7,230 
 
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue 
9/23 at 100.00 
AA+ 
7,861,902 
 
 
Bonds, Brown University, Series 2013, 5.000%, 9/01/43 
 
 
 
3,320 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
5/26 at 100.00 
BBB+ 
3,527,467 
 
 
Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 
 
 
 
30,175 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
1/19 at 100.00 
CCC+ 
3,398,007 
 
 
Series 2007A, 0.000%, 6/01/52 
 
 
 
40,725 
 
Total Rhode Island 
 
 
14,787,376 
 
 
South Carolina – 4.0% (2.5% of Total Investments) 
 
 
 
 
 
Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, 
 
 
 
 
 
Lexington Medical Center, Series 2016: 
 
 
 
7,500 
 
5.000%, 11/01/41 
5/26 at 100.00 
A1 
7,907,175 
3,180 
 
5.000%, 11/01/46 
5/26 at 100.00 
A1 
3,342,180 
 
 
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– 
14,011,427 
1,250 
 
0.000%, 1/01/31 – AMBAC Insured 
No Opt. Call 
AA 
787,000 
4,610 
 
Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, 5.000%, 1/01/47 
1/26 at 100.00 
A 
4,950,863 
1,640 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue 
10/25 at 100.00 
AA– 
1,811,052 
 
 
Bonds, Furman University, Refunding Series 2015, 5.000%, 10/01/45 
 
 
 
6,000 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health 
5/28 at 100.00 
AA 
6,549,540 
 
 
Projects, Refunding & Improvement Series 2018, 5.000%, 11/01/43 
 
 
 
875 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, 
8/21 at 100.00 
AA (4) 
974,732 
 
 
Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
9,000 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 
12/26 at 100.00 
A+ 
9,357,390 
 
 
2016B, 5.000%, 12/01/56 
 
 
 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
 
 
 
 
 
Series 2014C: 
 
 
 
5,875 
 
5.000%, 12/01/39 
12/24 at 100.00 
A+ 
6,143,958 
15,760 
 
5.000%, 12/01/46 
12/24 at 100.00 
A+ 
16,404,111 
5,500 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 
12/23 at 100.00 
A+ 
5,732,925 
 
 
5.125%, 12/01/43 
 
 
 
3,455 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
A+ 
3,663,924 
 
 
5.500%, 12/01/54 
 
 
 
14,765 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 
12/25 at 100.00 
A+ 
15,640,565 
 
 
5.250%, 12/01/55 
 
 
 
 
53

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Carolina (continued) 
 
 
 
$ 12,620 
 
South Carolina State Ports Authority Revenue Bonds, Series 2018, 5.000%, 7/01/48 (Alternative 
7/28 at 100.00 
A+ 
$ 13,559,811 
 
 
Minimum Tax) 
 
 
 
5,000 
 
South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.250%, 7/01/55 (Alternative 
7/25 at 100.00 
A+ 
5,398,600 
 
 
Minimum Tax) 
 
 
 
118,595 
 
Total South Carolina 
 
 
116,235,253 
 
 
South Dakota – 0.8% (0.5% of Total Investments) 
 
 
 
1,300 
 
Deadwood, South Dakota, Sales Tax Revenue Bonds, Series 2009B, 6.250%, 12/01/28 
12/19 at 100.00 
N/R 
1,312,870 
11,320 
 
South Dakota Board of Regents, Housing and Auxiliary Facilities System Revenue Bonds, Series 
10/27 at 100.00 
Aa3 
11,217,667 
 
 
2017, 4.000%, 4/01/42 
 
 
 
2,685 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, 
9/27 at 100.00 
A1 
2,651,142 
 
 
Refunding Series 2017, 4.000%, 9/01/36 
 
 
 
1,460 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/24 at 100.00 
A+ 
1,553,980 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
7,185 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/25 at 100.00 
A+ 
7,646,852 
 
 
Series 2015, 5.000%, 11/01/45 
 
 
 
23,950 
 
Total South Dakota 
 
 
24,382,511 
 
 
Tennessee – 2.3% (1.4% of Total Investments) 
 
 
 
9,460 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic 
1/23 at 100.00 
BBB+ 
9,957,123 
 
 
Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
9,000 
 
Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad 
7/28 at 100.00 
A 
9,828,180 
 
 
Health, Series 2018A, 5.000%, 7/01/36 
 
 
 
3,125 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
7/20 at 100.00 
A– (4) 
3,319,437 
 
 
Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38 (Pre-refunded 7/01/20) 
 
 
 
75 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding 
7/23 at 100.00 
Baa1 (4) 
75,185 
 
 
and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 
 
 
 
 
 
(Pre-refunded 7/01/23) – NPFG Insured 
 
 
 
17,000 
 
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, 
1/27 at 100.00 
A 
18,088,000 
 
 
Covenant Health, Refunding Series 2016A, 5.000%, 1/01/47 
 
 
 
 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
 
 
 
 
 
Tennessee, Revenue Bonds, Belmont University Project, Series 2012: 
 
 
 
3,000 
 
5.000%, 11/01/23 
11/21 at 100.00 
A 
3,206,310 
3,200 
 
5.000%, 11/01/24 
11/21 at 100.00 
A 
3,413,408 
3,400 
 
5.000%, 11/01/25 
11/21 at 100.00 
A 
3,626,746 
535 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
7/26 at 100.00 
A3 
569,620 
 
 
Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 
 
 
 
10,000 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
10/19 at 100.00 
AA+ (4) 
10,275,700 
 
 
Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 10/01/39 
 
 
 
 
 
(Pre-refunded 10/01/19) 
 
 
 
4,000 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26 
No Opt. Call 
A 
4,546,040 
62,795 
 
Total Tennessee 
 
 
66,905,749 
 
 
Texas – 16.8% (10.3% of Total Investments) 
 
 
 
8,835 
 
Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A, 5.000%, 2/15/43 – 
2/28 at 100.00 
AA+ 
9,708,340 
 
 
AGM Insured 
 
 
 
3,040 
 
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (Alternative 
11/24 at 100.00 
A1 
3,263,896 
 
 
Minimum Tax) 
 
 
 
4,500 
 
Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (Alternative 
11/26 at 100.00 
A1 
4,812,975 
 
 
Minimum Tax) 
 
 
 
13,705 
 
Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) 
11/25 at 100.00 
Aa3 
15,057,821 
5,000 
 
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 
5/23 at 100.00 
AA 
5,418,900 
 
 
5.000%, 11/15/43 
 
 
 
 
54


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 1,000 
 
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 
7/23 at 100.00 
AA 
$ 1,078,200 
 
 
5.000%, 7/10/37 – BAM Insured 
 
 
 
3,225 
 
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC 
11/18 at 100.00 
N/R 
32 
 
 
Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (7) 
 
 
 
4,670 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
1/19 at 100.00 
N/R 
47 
 
 
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (7) 
 
 
 
 
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012: 
 
 
 
1,000 
 
5.000%, 7/01/28 
7/22 at 100.00 
A+ 
1,077,150 
1,000 
 
5.000%, 7/01/29 
7/22 at 100.00 
A+ 
1,076,790 
5,500 
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The 
4/20 at 100.00 
Baa1 
5,735,235 
 
 
Roman Catholic Diocese of Austin, Series 2005B, 6.125%, 4/01/45 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A: 
 
 
 
765 
 
5.000%, 1/01/43 
1/23 at 100.00 
A– 
807,549 
1,100 
 
5.000%, 1/01/43 – AGM Insured 
1/23 at 100.00 
AA 
1,169,949 
1,250 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 
1/20 at 100.00 
A– (4) 
1,302,738 
 
 
1/01/25 (Pre-refunded 1/01/20) 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
1,000 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A– (4) 
1,077,630 
3,380 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A– (4) 
3,660,134 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: 
 
 
 
2,600 
 
5.000%, 1/01/35 
7/25 at 100.00 
A– 
2,823,470 
3,035 
 
5.000%, 1/01/45 
7/25 at 100.00 
A– 
3,253,004 
1,000 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public 
8/23 at 100.00 
BBB+ 
1,090,810 
 
 
Schools, Series 2013, 6.000%, 8/15/43 
 
 
 
2,500 
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 
1/21 at 100.00 
AA– (4) 
2,652,525 
 
 
5.000%, 1/01/36 (Pre-refunded 1/01/21) 
 
 
 
2,770 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 
11/21 at 100.00 
A+ 
2,891,271 
 
 
5.000%, 11/01/38 (Alternative Minimum Tax) 
 
 
 
8,100 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 
11/22 at 100.00 
A+ 
8,696,403 
 
 
5.125%, 11/01/43 (Alternative Minimum Tax) 
 
 
 
16,980 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2014B, 
11/22 at 100.00 
A+ 
17,103,445 
 
 
4.500%, 11/01/45 (Alternative Minimum Tax) 
 
 
 
3,500 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 
11/20 at 100.00 
A+ 
3,645,075 
 
 
5.000%, 11/01/42 
 
 
 
10,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 
11/21 at 100.00 
A+ 
10,420,400 
 
 
5.000%, 11/01/42 (Alternative Minimum Tax) 
 
 
 
9,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 
11/21 at 100.00 
A+ 
9,378,360 
 
 
11/01/42 (Alternative Minimum Tax) 
 
 
 
200 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 
9/24 at 100.00 
BBB– 
209,590 
 
 
5.250%, 9/01/44 
 
 
 
6,090 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
A– 
6,544,436 
 
 
2013A, 5.125%, 10/01/43 
 
 
 
9,120 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
10/23 at 100.00 
AA+ 
9,800,626 
 
 
Series 2013B, 5.000%, 4/01/53 
 
 
 
5,295 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
4/28 at 100.00 
AA+ 
5,833,396 
 
 
Series 2018A. Tela Supported, 5.000%, 10/01/48 
 
 
 
4,105 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond 
10/23 at 100.00 
AA 
5,330,712 
 
 
Trust 2015-XF0228, 13.326%, 11/01/44, 144A (IF) 
 
 
 
2,960 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo 
10/22 at 100.00 
BB 
3,019,526 
 
 
Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) 
 
 
 
 
55

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston 
 
 
 
 
 
Methodist Hospital System, Series 2015: 
 
 
 
$ 3,480 
 
5.000%, 12/01/45 
6/25 at 100.00 
AA 
$ 3,746,185 
1,895 
 
4.000%, 12/01/45 
6/25 at 100.00 
AA 
1,825,075 
1,615 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding 
6/23 at 100.00 
Baa2 
1,701,273 
 
 
Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 
 
 
 
 
 
5.000%, 6/01/28 
 
 
 
500 
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, 
11/24 at 100.00 
AA+ 
562,100 
 
 
Contractual Obligation Series 2014, 5.000%, 11/01/29 
 
 
 
 
 
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 
AA 
178,439 
1,020 
 
0.000%, 11/15/42 – AGM Insured 
11/31 at 59.73 
AA 
339,344 
1,255 
 
0.000%, 11/15/43 – AGM Insured 
11/31 at 56.93 
AA 
396,944 
3,305 
 
0.000%, 11/15/44 – AGM Insured 
11/31 at 54.25 
AA 
993,582 
4,460 
 
0.000%, 11/15/45 – AGM Insured 
11/31 at 51.48 
AA 
1,269,004 
6,500 
 
0.000%, 11/15/47 – AGM Insured 
11/31 at 46.45 
AA 
1,664,715 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: 
 
 
 
150 
 
0.000%, 11/15/24 – NPFG Insured 
No Opt. Call 
Baa2 
119,441 
4,440 
 
0.000%, 11/15/29 – NPFG Insured 
No Opt. Call 
Baa2 
2,824,772 
730 
 
0.000%, 11/15/30 – NPFG Insured 
No Opt. Call 
Baa2 
443,168 
7,570 
 
0.000%, 11/15/31 – NPFG Insured 
No Opt. Call 
Baa2 
4,392,038 
600 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 
11/24 at 100.00 
A3 
646,548 
 
 
2014C, 5.000%, 11/15/33 
 
 
 
1,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 
11/24 at 100.00 
A2 
1,099,230 
 
 
2014A, 5.000%, 11/15/30 
 
 
 
2,305 
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien 
No Opt. Call 
AA 
2,194,821 
 
 
Series 2001A, 0.000%, 11/15/20 – NPFG Insured 
 
 
 
7,570 
 
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series, Series 
7/28 at 100.00 
A1 
8,184,003 
 
 
2018A, 5.000%, 7/01/41 (Alternative Minimum Tax) 
 
 
 
5,000 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. 
No Opt. Call 
BB 
5,508,450 
 
 
Technical Operations Center Project, Series 2018, 5.000%, 7/15/28 (Alternative Minimum Tax) 
 
 
 
380 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. 
7/24 at 100.00 
BB 
404,415 
 
 
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) 
 
 
 
4,000 
 
Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 
11/21 at 100.00 
AA 
4,228,080 
 
 
5.000%, 11/15/40 
 
 
 
210 
 
Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2009A, 
5/19 at 100.00 
AA (4) 
213,650 
 
 
5.125%, 11/15/32 (Pre-refunded 5/15/19) – AGC Insured 
 
 
 
 
 
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 
AA 
2,614,657 
4,130 
 
0.000%, 9/01/26 – AMBAC Insured 
No Opt. Call 
AA 
3,171,716 
3,130 
 
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
A2 
1,941,007 
12,030 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A2 
7,075,324 
 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A: 
 
 
 
12,030 
 
0.000%, 12/01/22 – AGM Insured (ETM) 
No Opt. Call 
AA+ (4) 
10,830,850 
4,680 
 
0.000%, 12/01/22 – AGM Insured, 
No Opt. Call 
AA+ 
4,225,385 
 
 
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 
8,190,800 
2,275 
 
5.000%, 8/15/40 
8/25 at 100.00 
AAA 
2,486,621 
4,800 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
A3 
5,024,016 
 
 
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
 
 
 
 
56


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 6,500 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/26 at 100.00 
A 
$ 6,989,255 
 
 
Services Corporation Project, Refunding Series 2016, 5.000%, 5/15/46 
 
 
 
9,180 
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston 
No Opt. Call 
A1 
10,387,904 
 
 
Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
2,000 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 
12/25 at 100.00 
B1 
2,070,020 
 
 
6.125%, 12/01/38 
 
 
 
2,835 
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior 
10/21 at 105.00 
BB– 
2,833,497 
 
 
Lien Series 2018, 4.625%, 10/01/31, 144A (WI/DD, Settling 11/14/18) (Alternative Minimum Tax) 
 
 
 
1,735 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/24 at 100.00 
AA 
1,848,191 
 
 
Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University 
 
 
 
 
 
Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
 
 
 
 
 
Appreciation Series 2011C: 
 
 
 
4,030 
 
0.000%, 9/01/43 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (4) 
4,314,921 
8,470 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (4) 
9,942,425 
2,000 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 
9/21 at 100.00 
N/R (4) 
2,174,340 
 
 
9/01/41 (Pre-refunded 9/01/21) (UB) (5) 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A: 
 
 
 
205 
 
6.250%, 1/01/39 
1/19 at 100.00 
A+ 
206,312 
895 
 
6.250%, 1/01/39 (Pre-refunded 1/01/19) 
1/19 at 100.00 
N/R (4) 
901,229 
7,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation 
1/25 at 100.00 
A+ 
8,286,880 
 
 
Series 2008I, 6.500%, 1/01/43 
 
 
 
10,260 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A+ 
10,978,303 
 
 
5.000%, 1/01/40 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A: 
 
 
 
13,355 
 
5.000%, 1/01/33 
1/25 at 100.00 
A 
14,587,934 
1,000 
 
5.000%, 1/01/34 
1/25 at 100.00 
A 
1,089,420 
4,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 
1/19 at 100.00 
N/R 
40 
 
 
2001C, 5.200%, 5/01/28 (7) 
 
 
 
1,300 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
9/19 at 100.00 
AA 
1,330,888 
 
 
Bonds, Hendrick Medical Center, Series 2009B, 5.250%, 9/01/26 – AGC Insured 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
 
 
 
 
 
Bonds, Scott & White Healthcare Project, Series 2010: 
 
 
 
355 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
375,523 
4,445 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
4,706,010 
2,000 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
8/26 at 100.00 
AA 
2,171,560 
 
 
Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
16,600 
 
Tender Option Bond Trust Receipts/Certificates, Texas, Series 2017, 5.000%, 10/15/42 (UB), (5) 
10/27 at 100.00 
AAA 
18,526,430 
650 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
A– 
741,702 
 
 
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
5,910 
 
5.000%, 12/15/23 
12/22 at 100.00 
A3 
6,429,193 
2,050 
 
5.000%, 12/15/26 
12/22 at 100.00 
A3 
2,211,007 
1,000 
 
5.000%, 12/15/27 
12/22 at 100.00 
A3 
1,075,320 
12,745 
 
5.000%, 12/15/29 
12/22 at 100.00 
A3 
13,613,189 
2,000 
 
5.000%, 12/15/31 
12/22 at 100.00 
A3 
2,126,720 
1,620 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
1,694,034 
 
 
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 
 
 
 
 
 
6.875%, 12/31/39 
 
 
 
 
57

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 19,735 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, 
12/25 at 100.00 
Baa3 
$ 20,627,417 
 
 
Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, 
 
 
 
 
 
12/31/50 (Alternative Minimum Tax) 
 
 
 
 
 
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 
Baa3 
1,545,423 
4,040 
 
6.750%, 6/30/43 (Alternative Minimum Tax) 
9/23 at 100.00 
Baa3 
4,614,771 
 
 
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 
1,065,800 
1,000 
 
7.000%, 6/30/40 
6/20 at 100.00 
Baa3 
1,065,130 
3,335 
 
Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 
8/19 at 100.00 
AAA 
3,538,802 
 
 
2015-XF0075, 10.431%, 8/01/39, 144A (IF) 
 
 
 
9,430 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/22 at 100.00 
A– 
9,957,891 
 
 
Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
 
 
 
 
 
Refunding Series 2015B: 
 
 
 
8,335 
 
0.000%, 8/15/36 
8/24 at 59.60 
A– 
3,863,523 
10,960 
 
5.000%, 8/15/37 
8/24 at 100.00 
A– 
11,873,516 
 
 
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+ 
2,242,044 
15,750 
 
5.000%, 8/15/42 
8/24 at 100.00 
BBB+ 
16,530,570 
 
 
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– 
7,185,211 
2,285 
 
0.000%, 8/15/21 – AMBAC Insured (ETM) 
No Opt. Call 
A3 (4) 
2,138,646 
9,980 
 
0.000%, 8/15/23 – AMBAC Insured 
No Opt. Call 
A– 
8,736,392 
2,020 
 
0.000%, 8/15/23 – AMBAC Insured (ETM) 
No Opt. Call 
A3 (4) 
1,782,549 
21,170 
 
0.000%, 8/15/24 – AMBAC Insured 
No Opt. Call 
A– 
17,890,767 
3,830 
 
0.000%, 8/15/24 – AMBAC Insured (ETM) 
No Opt. Call 
A3 (4) 
3,262,662 
 
 
Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster 
 
 
 
 
 
Manor, Series 2010: 
 
 
 
115 
 
7.000%, 11/01/30 
11/20 at 100.00 
N/R 
120,408 
905 
 
7.000%, 11/01/30 (Pre-refunded 11/01/20) 
11/20 at 100.00 
N/R (4) 
987,753 
485 
 
Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities 
1/19 at 100.00 
CC 
486,358 
 
 
Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
508,710 
 
Total Texas 
 
 
487,563,968 
 
 
Utah – 1.5% (0.9% of Total Investments) 
 
 
 
23,980 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, 5.000%, 
7/27 at 100.00 
A+ 
25,738,214 
 
 
7/01/47 (Alternative Minimum Tax) 
 
 
 
4,500 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, 
7/28 at 100.00 
A+ 
4,868,775 
 
 
7/01/48 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 
5/21 at 100.00 
AA+ 
2,120,600 
 
 
5.000%, 5/15/43 
 
 
 
5,795 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Hawthorn Academy 
4/26 at 100.00 
AA 
6,180,541 
 
 
Project, Series 2016, 5.000%, 10/15/46 
 
 
 
2,445 
 
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012 
 
 
 
 
 
5.000%, 6/15/42 
6/22 at 100.00 
AA 
2,616,663 
1,665 
 
5.000%, 6/15/42 (Pre-refunded 6/15/22) 
6/22 at 100.00 
N/R (4) 
1,826,305 
40,385 
 
Total Utah 
 
 
43,351,098 
 
58


 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Virginia – 3.3% (2.0% of Total Investments) 
 
 
 
$ 1,000 
 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 
1/19 at 100.00 
B+ 
$ 985,930 
 
 
2006, 5.000%, 9/01/26 
 
 
 
515 
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital 
7/28 at 100.00 
BBB 
434,763 
 
 
Appreciation Series 2012B, 0.000%, 7/15/40 (6) 
 
 
 
1,000 
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova 
5/28 at 100.00 
Aa2 
979,590 
 
 
Health System, Series 2018A, 4.000%, 5/15/48 (UB) (5) 
 
 
 
1,000 
 
Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue 
1/19 at 100.00 
AA+ 
1,003,020 
 
 
Bonds, FHA-Insured Mortgage – Cedar Ridge Project, Series 2007, 4.850%, 10/01/48 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
12,000 
 
Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation 
1/28 at 100.00 
AA+ 
13,390,200 
 
 
Fund Revenue Bonds, Senior Lien Series 2018A, 5.000%, 7/01/52 
 
 
 
2,400 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health 
11/22 at 100.00 
A 
2,593,632 
 
 
System Obligated Group, Series 2013, 5.000%, 11/01/30 
 
 
 
5,000 
 
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 
10/20 at 100.00 
AA– 
5,223,500 
 
 
2010A, 5.000%, 10/01/39 
 
 
 
4,500 
 
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding 
10/23 at 100.00 
AA– 
4,869,765 
 
 
Series 2013A, 5.000%, 10/01/30 (Alternative Minimum Tax) 
 
 
 
5,625 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
4/22 at 100.00 
BBB+ 
5,871,994 
 
 
Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
2,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
No Opt. Call 
AA 
910,720 
 
 
Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, 
 
 
 
 
 
10/01/36 – AGC Insured 
 
 
 
5,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
10/26 at 100.00 
AA 
6,106,200 
 
 
Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, 
 
 
 
 
 
10/01/41 – AGC Insured 
 
 
 
 
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities 
 
 
 
 
 
Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B: 
 
 
 
2,000 
 
4.000%, 11/01/33 
11/22 at 100.00 
AA– 
2,046,000 
3,000 
 
5.000%, 11/01/46 
11/22 at 100.00 
AA– 
3,158,490 
6,115 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
12/18 at 100.00 
B– 
6,017,833 
 
 
Series 2007B1, 5.000%, 6/01/47 
 
 
 
 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 
 
 
 
 
 
Project, Senior Lien Series 2017: 
 
 
 
11,200 
 
5.000%, 12/31/49 (Alternative Minimum Tax) 
6/27 at 100.00 
BBB 
11,761,344 
4,255 
 
5.000%, 12/31/52 (Alternative Minimum Tax) 
6/27 at 100.00 
BBB 
4,455,708 
4,535 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC 
1/22 at 100.00 
BBB 
4,728,554 
 
 
Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) 
 
 
 
 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
 
 
 
 
 
Crossing, Opco LLC Project, Series 2012: 
 
 
 
3,670 
 
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
3,997,217 
14,930 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
15,935,983 
89,745 
 
Total Virginia 
 
 
94,470,443 
 
 
Washington – 4.9% (3.0% of Total Investments) 
 
 
 
11,345 
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric 
No Opt. Call 
AA+ 
11,208,293 
 
 
System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 – NPFG Insured 
 
 
 
2,000 
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding 
7/24 at 100.00 
Aa1 
2,197,020 
 
 
Series 2014A, 5.000%, 7/01/40 
 
 
 
3,750 
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information 
6/19 at 100.00 
AA 
3,813,263 
 
 
Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) 
 
 
 
 
59

   
NAD 
Nuveen Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington (continued) 
 
 
 
$ 2,375 
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids Hydroelectric 
1/26 at 100.00 
AA 
$ 2,581,649 
 
 
Project, Refunding Series 2015A, 5.000%, 1/01/41 
 
 
 
2,270 
 
Port Everett, Washington, Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 
6/26 at 100.00 
A1 
2,469,715 
 
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2018A: 
 
 
 
6,000 
 
5.000%, 5/01/36 (Alternative Minimum Tax) 
5/27 at 100.00 
AA– 
6,555,120 
19,470 
 
5.000%, 5/01/43 (Alternative Minimum Tax) 
5/27 at 100.00 
AA– 
20,904,355 
10,000 
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, 
6/23 at 100.00 
A+ 
10,769,800 
 
 
Series 2013A, 5.000%, 5/01/43 
 
 
 
5,195 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/20 at 100.00 
N/R (4) 
5,541,662 
 
 
Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 
 
 
 
1,590 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/21 at 100.00 
N/R (4) 
1,718,917 
 
 
Series 2012, 5.000%, 12/01/42 (Pre-refunded 12/01/21) 
 
 
 
4,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, 
10/22 at 100.00 
AA– 
4,328,600 
 
 
Refunding Series 2012A, 5.000%, 10/01/32 
 
 
 
1,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
1,072,550 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
11,500 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
4/25 at 100.00 
AA 
12,421,265 
 
 
Series 2015A, 5.000%, 10/01/45 (UB) 
 
 
 
 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health 
 
 
 
 
 
Services Association, Series 2009: 
 
 
 
845 
 
6.250%, 7/01/24 
7/19 at 100.00 
Baa1 
862,593 
1,155 
 
6.250%, 7/01/24 (Pre-refunded 7/01/19) 
7/19 at 100.00 
N/R (4) 
1,187,017 
4,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A+ (4) 
4,104,320 
 
 
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 
 
 
 
320 
 
Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, 
1/23 at 100.00 
BBB– 
325,629 
 
 
Refunding Series 2012, 5.000%, 1/01/48 
 
 
 
6,480 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 
No Opt. Call 
AA+ 
5,585,371 
 
 
6/01/24 – NPFG Insured 
 
 
 
11,050 
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured 
No Opt. Call 
AA+ 
10,777,065 
 
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-3: 
 
 
 
17,650 
 
0.000%, 1/01/20 
No Opt. Call 
AA+ 
17,214,045 
18,470 
 
0.000%, 1/01/21 
No Opt. Call 
AA+ 
17,567,002 
140,465 
 
Total Washington 
 
 
143,205,251 
 
 
West Virginia – 1.0% (0.6% of Total Investments) 
 
 
 
1,965 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical 
9/19 at 100.00 
Baa1 
2,010,175 
 
 
Center, Series 2009A, 5.625%, 9/01/32 
 
 
 
1,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., 
12/18 at 100.00 
N/R 
824,350 
 
 
Series 2008, 6.500%, 10/01/38 
 
 
 
7,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
7,541,450 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
15,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/28 at 100.00 
A 
15,841,050 
 
 
System Obligated Group, Series 2018A, 5.000%, 6/01/52 
 
 
 
2,000 
 
West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health 
6/27 at 100.00 
A 
2,124,580 
 
 
System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 
 
 
 
26,965 
 
Total West Virginia 
 
 
28,341,605 
 
60


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin – 2.3% (1.4% of Total Investments) 
 
 
 
$ 2,230 
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe 
2/19 at 100.00 
N/R (4) 
$2,255,467 
 
 
Clinic, Inc., Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard 
 
 
 
 
 
Public Facilities Corporation, First Tier Series 2018A-1: 
 
 
 
34 
 
0.000%, 1/01/47, 144A – ACA Insured 
No Opt. Call 
N/R 
1,058 
30 
 
0.000%, 1/01/48, 144A – ACA Insured 
No Opt. Call 
N/R 
921 
29 
 
0.000%, 1/01/49, 144A – ACA Insured 
No Opt. Call 
N/R 
902 
28 
 
0.000%, 1/01/50, 144A – ACA Insured 
No Opt. Call 
N/R 
870 
28 
 
0.000%, 1/01/51, 144A – ACA Insured 
No Opt. Call 
N/R 
852 
36 
 
0.000%, 1/01/52, 144A – ACA Insured 
No Opt. Call 
N/R 
1,102 
36 
 
0.000%, 1/01/53, 144A – ACA Insured 
No Opt. Call 
N/R 
1,084 
35 
 
0.000%, 1/01/54, 144A – ACA Insured 
No Opt. Call 
N/R 
1,044 
34 
 
0.000%, 1/01/55, 144A – ACA Insured 
No Opt. Call 
N/R 
1,019 
33 
 
0.000%, 1/01/56, 144A – ACA Insured 
No Opt. Call 
N/R 
994 
1,614 
 
5.500%, 7/01/56, 144A – ACA Insured 
3/28 at 100.00 
N/R 
1,574,089 
37 
 
0.000%, 1/01/57, 144A – ACA Insured 
No Opt. Call 
N/R 
1,098 
36 
 
0.000%, 1/01/58, 144A – ACA Insured 
No Opt. Call 
N/R 
1,067 
35 
 
0.000%, 1/01/59, 144A – ACA Insured 
No Opt. Call 
N/R 
1,035 
34 
 
0.000%, 1/01/60, 144A – ACA Insured 
No Opt. Call 
N/R 
1,011 
34 
 
0.000%, 1/01/61, 144A – ACA Insured 
No Opt. Call 
N/R 
994 
33 
 
0.000%, 1/01/62, 144A – ACA Insured 
3/28 at 17.35 
N/R 
963 
32 
 
0.000%, 1/01/63, 144A – ACA Insured 
3/28 at 16.48 
N/R 
939 
31 
 
0.000%, 1/01/64, 144A – ACA Insured 
No Opt. Call 
N/R 
916 
31 
 
0.000%, 1/01/65, 144A – ACA Insured 
No Opt. Call 
N/R 
899 
33 
 
0.000%, 1/01/66, 144A – ACA Insured 
No Opt. Call 
N/R 
966 
401 
 
0.000%, 1/01/67, 144A – ACA Insured 
No Opt. Call 
N/R 
11,607 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard 
 
 
 
 
 
Public Facilities Corporation, Second Tier Series 2018B: 
 
 
 
59 
 
0.000%, 1/01/46, 144A – ACA Insured 
No Opt. Call 
N/R 
1,845 
59 
 
0.000%, 1/01/47, 144A – ACA Insured 
No Opt. Call 
N/R 
1,812 
58 
 
0.000%, 1/01/48, 144A – ACA Insured 
No Opt. Call 
N/R 
1,791 
58 
 
0.000%, 1/01/49, 144A – ACA Insured 
No Opt. Call 
N/R 
1,771 
57 
 
0.000%, 1/01/50, 144A – ACA Insured 
No Opt. Call 
N/R 
1,739 
62 
 
0.000%, 1/01/51, 144A – ACA Insured 
No Opt. Call 
N/R 
1,898 
1,625 
 
3.750%, 7/01/51, 144A – ACA Insured 
3/28 at 100.00 
N/R 
1,540,706 
62 
 
0.000%, 1/01/52, 144A – ACA Insured 
No Opt. Call 
N/R 
1,878 
61 
 
0.000%, 1/01/53, 144A – ACA Insured 
No Opt. Call 
N/R 
1,846 
61 
 
0.000%, 1/01/54, 144A – ACA Insured 
No Opt. Call 
N/R 
1,827 
60 
 
0.000%, 1/01/55, 144A – ACA Insured 
No Opt. Call 
N/R 
1,796 
59 
 
0.000%, 1/01/56, 144A – ACA Insured 
No Opt. Call 
N/R 
1,765 
59 
 
0.000%, 1/01/57, 144A – ACA Insured 
No Opt. Call 
N/R 
1,747 
58 
 
0.000%, 1/01/58, 144A – ACA Insured 
No Opt. Call 
N/R 
1,717 
57 
 
0.000%, 1/01/59, 144A – ACA Insured 
No Opt. Call 
N/R 
1,700 
57 
 
0.000%, 1/01/60, 144A – ACA Insured 
No Opt. Call 
N/R 
1,682 
56 
 
0.000%, 1/01/61, 144A – ACA Insured 
No Opt. Call 
N/R 
1,653 
56 
 
0.000%, 1/01/62, 144A – ACA Insured 
No Opt. Call 
N/R 
1,635 
55 
 
0.000%, 1/01/63, 144A – ACA Insured 
No Opt. Call 
N/R 
1,606 
54 
 
0.000%, 1/01/64, 144A – ACA Insured 
No Opt. Call 
N/R 
1,590 
54 
 
0.000%, 1/01/65, 144A – ACA Insured 
No Opt. Call 
N/R 
1,573 
53 
 
0.000%, 1/01/66, 144A – ACA Insured 
No Opt. Call 
N/R 
1,545 
693 
 
0.000%, 1/01/67, 144A – ACA Insured 
No Opt. Call 
N/R 
20,069 
880 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
11/24 at 100.00 
N/R 
921,888 
 
 
Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) 
 
 
 
4,400 
 
Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management 
5/26 at 100.00 
A– 
4,165,172 
 
 
Inc., Refunding Series 2016A-2, 2.875%, 5/01/27 (Alternative Minimum Tax) 
 
 
 
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, 
7/23 at 100.00 
N/R (4) 
5,567,900 
 
 
Inc., Series 2013B, 5.000%, 7/01/36 (Pre-refunded 7/01/23) 
 
 
 
10,225 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
5/26 at 100.00 
AA+ 
10,588,294 
 
 
Alliance Senior Credit Group, Series 2016A, 4.500%, 11/15/39 
 
 
 
 
61

   
NAD 
Nuveen Quality Municipal Income Fund 
 
   Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$210 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital 
No Opt. Call 
A2 
$212,022 
 
 
Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured 
 
 
 
1,035 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
A– 
1,057,253 
 
 
Inc., Series 2010B, 5.125%, 4/01/36 
 
 
 
1,686 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
7/26 at 100.00 
N/R 
1,567,488 
 
 
Inc., Series 2016, 4.000%, 7/01/46 
 
 
 
4,330 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital of 
2/20 at 100.00 
AA (4) 
4,516,839 
 
 
Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 (Pre-refunded 2/15/20) 
 
 
 
4,220 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital of 
8/27 at 100.00 
AA 
4,112,221 
 
 
Wisconsin, Inc., Series 2017, 4.000%, 8/15/42 
 
 
 
13,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic Health 
2/27 at 100.00 
A– 
13,767,260 
 
 
System, Inc., Series 2017C, 5.000%, 2/15/47 
 
 
 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
1,317,200 
 
 
Series 2012B, 5.000%, 2/15/32 
 
 
 
6,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/26 at 100.00 
A– 
6,329,040 
 
 
Series 2016A, 5.000%, 2/15/46 
 
 
 
2,750 
 
Wisconsin Health and Educational Facilities Authority, Revenues Bonds, Gundersen Lutheran, 
10/21 at 100.00 
AA– 
2,910,765 
 
 
Series 2011A, 5.250%, 10/15/39 
 
 
 
5,000 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 
5/19 at 100.00 
Aa2 (4) 
5,102,750 
 
 
6.000%, 5/01/36 (Pre-refunded 5/01/19) 
 
 
 
68,423 
 
Total Wisconsin 
 
 
67,594,180 
$4,851,536 
 
Total Municipal Bonds (cost $4,556,750,311) 
 
 
4,732,091,449 
 
 
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) 
 
 
 
 
$725 
 
Las Vegas Monorail Company, Senior Interest Bonds, (8), (9) 
5.500% 
7/15/19 
N/R 
$472,394 
204 
 
Las Vegas Monorail Company, Senior Interest Bonds, (6), (8), (9) 
5.500% 
7/15/55 
N/R 
103,659 
$ 929 
 
Total Corporate Bonds (cost $45,397) 
 
 
 
576,053 
 
 
Shares 
 
Description (1), (10) 
 
 
Value 
 
 
INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments) 
 
 
 
8,812 
 
BlackRock MuniHoldings Fund Inc. 
 
 
$123,633 
32,524 
 
Invesco Quality Municipal Income Trust 
 
 
363,618 
 
 
Total Investment Companies (cost $530,611) 
 
 
487,251 
 
 
Total Long-Term Investments (cost $4,557,326,319) 
 
 
4,733,154,753 
 
 
Floating Rate Obligations – (3.0)% 
 
 
(87,775,000) 
 
 
MuniFund Term Preferred Shares, net of deferred offering costs – (20.8)% (11) 
 
 
(606,625,146) 
 
 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (18.7)% (12) 
 
 
(545,487,412) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (21.6)% (13) 
 
 
(629,553,840) 
 
 
Other Assets Less Liabilities – 1.5% 
 
 
47,021,555 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$2,910,734,910 
 
62


   
(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. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(6) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(7) 
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. 
(8) 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. 
(9) 
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. 
(10) 
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. 
(11) 
MuniFund Term Preferred Shares, net of deferring offering costs as a percentage of Total Investments is 12.8%. 
(12) 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.5%. 
(13) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.3%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
WI/DD 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements.
63

   
NEA
Nuveen AMT-Free Quality Municipal Income Fund
Portfolio of Investments October 31, 2018
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 161.6% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 161.6% (100.0% of Total Investments) 
 
 
 
 
 
Alabama – 0.9% (0.5% of Total Investments) 
 
 
 
$ 4,250 
 
Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, 
2/26 at 100.00 
BBB+ 
$ 4,479,288 
 
 
Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 5.000%, 2/01/41 
 
 
 
20,675 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 
No Opt. Call 
A3 
23,226,915 
4,900 
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill 
4/25 at 100.00 
N/R 
4,996,334 
 
 
College Project, Series 2015, 5.875%, 4/15/45 
 
 
 
29,825 
 
Total Alabama 
 
 
32,702,537 
 
 
Alaska – 0.7% (0.4% of Total Investments) 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2006A: 
 
 
 
17,040 
 
5.000%, 6/01/32 
12/18 at 100.00 
B3 
17,006,090 
10,070 
 
5.000%, 6/01/46 
12/18 at 100.00 
B3 
9,829,226 
27,110 
 
Total Alaska 
 
 
26,835,316 
 
 
Arizona – 2.3% (1.4% of Total Investments) 
 
 
 
1,460 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
A– 
1,525,612 
 
 
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
1,025 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
7/27 at 100.00 
AA– 
1,090,877 
 
 
Math & Science Projects, Series 2017A, 5.000%, 7/01/51 
 
 
 
 
 
Arizona State, Certificates of Participation, Series 2010A: 
 
 
 
2,800 
 
5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
AA 
2,877,056 
3,500 
 
5.000%, 10/01/29 – AGM Insured 
10/19 at 100.00 
AA 
3,587,465 
7,500 
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured 
1/20 at 100.00 
AA+ 
7,718,775 
7,115 
 
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 
7/25 at 100.00 
AA 
7,744,108 
 
 
2015B, 5.000%, 7/01/43 – AGM Insured 
 
 
 
 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
 
 
 
 
 
Refunding Series 2016A: 
 
 
 
5,135 
 
4.000%, 1/01/36 
1/27 at 100.00 
AA– 
5,191,896 
10,000 
 
5.000%, 1/01/38 
1/27 at 100.00 
AA– 
10,952,600 
7,780 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 
7/20 at 100.00 
A+ (4) 
8,144,182 
 
 
2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, 
 
 
 
 
 
Series 2005B: 
 
 
 
6,545 
 
5.500%, 7/01/37 – FGIC Insured 
No Opt. Call 
AA 
8,173,069 
10,000 
 
5.500%, 7/01/40 – FGIC Insured 
No Opt. Call 
AA 
12,579,400 
3,000 
 
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 
8/28 at 100.00 
AA 
3,339,930 
 
 
5.000%, 8/01/47 
 
 
 
11,080 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
12,596,520 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
76,940 
 
Total Arizona 
 
 
85,521,490 
 
 
Arkansas – 0.1% (0.1% of Total Investments) 
 
 
 
5,080 
 
Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 
1/19 at 100.00 
N/R 
4,686,351 
 
 
5/01/28 – ACA Insured 
 
 
 
 
 
California – 13.4% (8.3% of Total Investments) 
 
 
 
22,880 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 
No Opt. Call 
A 
13,061,277 
 
 
1999A, 0.000%, 10/01/32 – NPFG Insured 
 
 
 
 
64


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 4,225 
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
$ 3,106,516 
 
 
2005B, 0.000%, 8/01/28 – AGM Insured 
 
 
 
15,870 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
AA 
15,241,389 
 
 
Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured 
 
 
 
3,450 
 
Antelope Valley Joint Union High School District, Los Angeles and Kern Counties, California, 
No Opt. Call 
A1 
2,319,124 
 
 
General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured 
 
 
 
 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
 
 
 
 
 
Series 2009F-1: 
 
 
 
2,500 
 
5.125%, 4/01/39 (Pre-refunded 4/01/19) 
4/19 at 100.00 
AA (4) 
2,535,950 
2,500 
 
5.625%, 4/01/44 (Pre-refunded 4/01/19) 
4/19 at 100.00 
AA (4) 
2,541,075 
 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
 
 
 
 
 
Series 2013S-4: 
 
 
 
5,000 
 
5.000%, 4/01/38 (Pre-refunded 4/01/23) 
4/23 at 100.00 
AA– (4) 
5,626,100 
6,500 
 
5.250%, 4/01/53 (Pre-refunded 4/01/23) 
4/23 at 100.00 
AA– (4) 
7,382,180 
10,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/24 at 100.00 
AA 
10,682,800 
 
 
2014F-1, 5.000%, 4/01/54 
 
 
 
8,000 
 
Beverly Hills Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
Aaa 
4,679,200 
 
 
Bonds, Series 2009, 0.000%, 8/01/33 
 
 
 
 
 
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 
Aa2 
1,964,115 
1,350 
 
0.000%, 8/01/33 
2/25 at 100.00 
Aa2 
1,173,447 
7,845 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
12/18 at 100.00 
B2 
7,855,591 
 
 
Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 
 
 
 
 
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, 
 
 
 
 
 
Series 2009-AF: 
 
 
 
2,910 
 
5.000%, 12/01/29 (Pre-refunded 12/01/18) 
12/18 at 100.00 
AA+ (4) 
2,918,003 
2,090 
 
5.000%, 12/01/29 (Pre-refunded 12/01/18) 
12/18 at 100.00 
AAA 
2,095,748 
 
 
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 
2,858,639 
5,890 
 
0.000%, 10/01/24 – NPFG Insured 
No Opt. Call 
A2 
4,979,465 
7,615 
 
0.000%, 10/01/25 – NPFG Insured 
No Opt. Call 
A2 
6,172,795 
1,350 
 
0.000%, 10/01/39 – NPFG Insured 
No Opt. Call 
A2 
549,990 
3,330 
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital 
11/21 at 100.00 
AA (4) 
3,651,378 
 
 
and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40 (Pre-refunded 11/15/21) 
 
 
 
 
 
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– 
10,725,100 
3,000 
 
Series 2012A, 5.000%, 8/15/51 (UB) (5) 
8/22 at 100.00 
A+ 
3,217,530 
2,550 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA– 
2,628,973 
 
 
Series 2009B, 5.500%, 10/01/39 
 
 
 
530 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
7/23 at 100.00 
AA– 
576,036 
 
 
Series 2013A, 5.000%, 7/01/37 
 
 
 
1,710 
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 
11/21 at 100.00 
AA 
1,843,585 
 
 
5.000%, 11/15/40 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2016-XG0049: 
 
 
 
525 
 
7.783%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA– 
605,824 
1,285 
 
7.783%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA– 
1,482,826 
485 
 
7.778%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA– 
559,603 
1,500 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding 
7/27 at 100.00 
Baa2 
1,608,840 
 
 
Series 2017A, 5.000%, 7/01/42 
 
 
 
 
65

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 2,330 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa2 (4) 
$ 2,473,015 
 
 
2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
965 
 
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 
10/26 at 100.00 
BBB– 
1,006,765 
 
 
5.000%, 10/15/47 
 
 
 
2,930 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/23 at 100.00 
A+ 
3,197,216 
 
 
2013I, 5.000%, 11/01/38 
 
 
 
 
 
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 
Aaa 
2,600,579 
1,460 
 
5.250%, 7/01/21 (Pre-refunded 7/01/19) 
7/19 at 100.00 
Aaa 
1,494,821 
5,000 
 
California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 
8/26 at 100.00 
AA– 
5,140,750 
 
 
4.000%, 8/01/36 
 
 
 
5 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 
1/19 at 100.00 
AA– 
5,013 
20,000 
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 
11/19 at 100.00 
AA– 
20,773,800 
 
 
California State, General Obligation Bonds, Various Purpose Series 2010: 
 
 
 
7,000 
 
5.250%, 3/01/30 
3/20 at 100.00 
AA– 
7,292,320 
4,250 
 
5.250%, 11/01/40 
11/20 at 100.00 
AA– 
4,504,490 
10,000 
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
AA– 
10,741,900 
9,130 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/28 at 100.00 
BB– 
9,601,473 
 
 
University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
10,000 
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 
8/20 at 100.00 
AA– (4) 
10,709,000 
 
 
2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20) 
 
 
 
3,000 
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic 
1/19 at 100.00 
A 
3,010,230 
 
 
Healthcare West, Series 2008C, 5.625%, 7/01/35 
 
 
 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
 
 
 
 
 
Health System, Series 2005A: 
 
 
 
3,895 
 
5.750%, 7/01/30, (6) 
1/19 at 100.00 
CC 
3,313,593 
5,000 
 
5.750%, 7/01/35, (6) 
1/19 at 100.00 
CC 
4,259,200 
6,000 
 
5.500%, 7/01/39, (6) 
1/19 at 100.00 
CC 
5,110,920 
10,445 
 
Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement 
No Opt. Call 
AA+ 
7,324,243 
 
 
Project, Series 1999a, 0.000%, 8/01/29 – AMBAC Insured 
 
 
 
4,775 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 
No Opt. Call 
Baa2 (4) 
4,000,543 
 
 
2001A, 0.000%, 8/01/25 – NPFG Insured (ETM) 
 
 
 
3,330 
 
Contra Costa Community College District, Contra Costa County, California, General Obligation 
8/23 at 100.00 
AA+ 
3,664,299 
 
 
Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38 
 
 
 
7,775 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
AA 
4,188,781 
 
 
Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured 
 
 
 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
910 
 
0.000%, 1/15/42 (6) 
1/31 at 100.00 
A– 
813,176 
3,350 
 
5.750%, 1/15/46 
1/24 at 100.00 
A– 
3,747,745 
8,350 
 
6.000%, 1/15/49 
1/24 at 100.00 
A– 
9,534,948 
30,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AA+ (4) 
28,704,900 
 
 
1995A, 0.000%, 1/01/21 (ETM) 
 
 
 
3,120 
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 
3/19 at 100.00 
A 
3,151,512 
 
 
5.000%, 9/01/27 – AMBAC Insured 
 
 
 
10,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
B+ 
10,232,600 
 
 
Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 
 
 
 
9,705 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
9,492,266 
 
 
Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
15,170 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
14,837,474 
 
 
Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
 
66


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 3,850 
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 
7/21 at 100.00 
Aaa 
$ 4,273,192 
 
 
7/15/40 (Pre-refunded 7/15/21) 
 
 
 
5,000 
 
Huntington Beach Union High School District, Orange County, California, General Obligation 
No Opt. Call 
Aa2 
2,988,100 
 
 
Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured 
 
 
 
3,040 
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair & 
No Opt. Call 
AA 
2,674,470 
 
 
Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured 
 
 
 
1,500 
 
Lincoln Unified School District, Placer County, California, Community Facilities District 1, 
No Opt. Call 
N/R 
1,099,185 
 
 
Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured 
 
 
 
195 
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second 
No Opt. Call 
N/R (4) 
195,374 
 
 
Series 1993, 4.750%, 10/15/20 (ETM) 
 
 
 
995 
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 
No Opt. Call 
N/R (4) 
997,686 
 
 
1994, 5.375%, 2/15/34 (ETM) 
 
 
 
2,495 
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 
1/19 at 100.00 
AA+ 
2,509,022 
 
 
5.375%, 7/01/34 
 
 
 
10,000 
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 
1/21 at 100.00 
AA+ 
10,555,600 
 
 
5.000%, 7/01/41 
 
 
 
2,490 
 
Madera Unified School District, Madera County, California, General Obligation Bonds, Election 
No Opt. Call 
AA– 
1,846,111 
 
 
2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured 
 
 
 
10,335 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
Aa1 
8,217,669 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (6) 
 
 
 
5,500 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
7,365,215 
 
 
2009B, 6.500%, 11/01/39 
 
 
 
650 
 
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 
No Opt. Call 
N/R (4) 
688,168 
 
 
5.125%, 12/01/23 – AMBAC Insured (ETM) 
 
 
 
14,100 
 
New Haven Unified School District, California, General Obligation Bonds, Refunding Series 
No Opt. Call 
AA 
7,522,350 
 
 
2009, 0.000%, 8/01/34 – AGC Insured 
 
 
 
3,515 
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 
12/21 at 100.00 
N/R (4) 
3,924,357 
 
 
5.875%, 12/01/30 (Pre-refunded 12/01/21) 
 
 
 
2,500 
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
AA 
1,740,125 
 
 
Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/29 – FGIC Insured 
 
 
 
4,460 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, 
No Opt. Call 
Baa2 
4,998,902 
 
 
Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured 
 
 
 
 
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B: 
 
 
 
1,490 
 
5.000%, 8/15/34 – NPFG Insured (ETM) 
No Opt. Call 
Aa1 (4) 
1,746,936 
1,745 
 
5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured 
8/32 at 100.00 
AAA 
2,118,971 
1,000 
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation 
No Opt. Call 
AA 
688,010 
 
 
Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured 
 
 
 
5,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Ba1 (4) 
5,399,900 
 
 
6.000%, 11/01/30 (Pre-refunded 11/01/20) 
 
 
 
2,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election 
No Opt. Call 
A2 
1,674,000 
 
 
of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured 
 
 
 
9,320 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – 
No Opt. Call 
AA 
5,129,914 
 
 
AGC Insured 
 
 
 
4,435 
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, 
No Opt. Call 
AA+ (4) 
4,989,020 
 
 
Series 1990B, 7.500%, 8/01/23 (ETM) 
 
 
 
1,800 
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, 
No Opt. Call 
AA 
1,307,070 
 
 
Series 2011A, 0.000%, 8/01/28 
 
 
 
1,000 
 
Rim of the World Unified School District, San Bernardino County, California, General 
8/21 at 100.00 
AA (4) 
1,081,450 
 
 
Obligation Bonds, Series 2011C, 5.000%, 8/01/38 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
 
67

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
  October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 760 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 
6/23 at 100.00 
BBB 
$ 828,742 
 
 
2013A, 5.750%, 6/01/44 
 
 
 
4,020 
 
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage 
No Opt. Call 
AA+ (4) 
4,474,300 
 
 
Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) 
 
 
 
2,250 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 
12/21 at 100.00 
BB 
2,460,983 
 
 
7.500%, 12/01/41 
 
 
 
1,830 
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, 
8/19 at 100.00 
N/R (4) 
2,035,948 
 
 
Tender Option Bond Trust 2015-XF0098, 15.248%, 8/01/39, 144A (Pre-refunded 8/01/19) (IF) 
 
 
 
4,000 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/23 at 100.00 
A+ 
4,335,960 
 
 
Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 
 
 
 
 
 
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 
A– 
11,303,170 
32,725 
 
5.000%, 1/15/50 
1/25 at 100.00 
A– 
34,800,747 
7,210 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
Baa2 
6,372,414 
 
 
Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
2,965 
 
San Juan Unified School District, Sacramento County, California, General Obligation Bonds, 
No Opt. Call 
Aa2 
2,180,076 
 
 
Series 2004A, 0.000%, 8/01/28 – NPFG Insured 
 
 
 
4,455 
 
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
AAA 
4,198,036 
 
 
2006A, 0.000%, 9/01/21 – NPFG Insured 
 
 
 
4,005 
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
Aaa 
3,206,483 
 
 
Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured 
 
 
 
15,750 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
6,218,100 
 
 
Election Series 2012G, 0.000%, 8/01/39 – AGM Insured 
 
 
 
 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2015: 
 
 
 
5,000 
 
0.000%, 8/01/46 
No Opt. Call 
AA 
1,245,350 
6,570 
 
0.000%, 8/01/47 
No Opt. Call 
AA 
1,538,760 
1,840 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
12/18 at 100.00 
Baa3 
1,849,660 
 
 
Bonds, Series 2005A-1, 4.750%, 6/01/23 
 
 
 
2,630 
 
Union Elementary School District, Santa Clara County, California, General Obligation Bonds, 
No Opt. Call 
AA+ 
2,188,291 
 
 
Series 2001B, 0.000%, 9/01/25 – FGIC Insured 
 
 
 
3,900 
 
West Hills Community College District, California, General Obligation Bonds, School Facilities 
8/19 at 100.00 
AA (4) 
4,372,290 
 
 
Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/19) – 
 
 
 
 
 
AGM Insured 
 
 
 
549,750 
 
Total California 
 
 
498,910,778 
 
 
Colorado – 10.2% (6.3% of Total Investments) 
 
 
 
500 
 
Blue Lake Metropolitan District No. 2 , Lochbuie, Colorado, Limited Tax General Obligation 
12/21 at 103.00 
N/R 
497,900 
 
 
Bonds, Series 2016A, 5.750%, 12/01/46 
 
 
 
 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
 
 
 
 
 
Improvement Series 2017: 
 
 
 
1,575 
 
5.000%, 12/01/37, 144A 
12/22 at 103.00 
N/R 
1,589,900 
3,620 
 
5.000%, 12/01/47, 144A 
12/22 at 103.00 
N/R 
3,621,955 
1,250 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
12/23 at 100.00 
BBB 
1,367,312 
 
 
Series 2013A, 5.375%, 12/01/33 
 
 
 
115 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
12/23 at 100.00 
BB+ 
120,075 
 
 
Series 2014, 5.000%, 12/01/43 
 
 
 
1,700 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Skyview 
7/24 at 100.00 
BB 
1,713,481 
 
 
Academy Project, Series 2014, 5.375%, 7/01/44, 144A 
 
 
 
 
68


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The 
 
 
 
 
 
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: 
 
 
 
$ 2,005 
 
5.000%, 6/01/34 
6/27 at 100.00 
BBB 
$ 2,169,029 
4,615 
 
5.000%, 6/01/35 
6/27 at 100.00 
BBB 
4,978,570 
7,205 
 
5.000%, 6/01/36 
6/27 at 100.00 
BBB 
7,756,255 
8,715 
 
5.000%, 6/01/37 
6/27 at 100.00 
BBB 
9,355,553 
2,190 
 
5.000%, 6/01/42 
6/27 at 100.00 
BBB 
2,334,562 
10,000 
 
5.000%, 6/01/47 
6/27 at 100.00 
BBB 
10,563,700 
6,350 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/19 at 100.00 
BBB+ 
6,355,778 
 
 
Series 2006A, 4.500%, 9/01/38 
 
 
 
2,295 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
2/21 at 100.00 
BBB+ 
2,350,677 
 
 
Series 2011A, 5.000%, 2/01/41 
 
 
 
5,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/23 at 100.00 
BBB+ 
5,262,750 
 
 
Series 2013A, 5.250%, 1/01/45 
 
 
 
5,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado 
12/23 at 100.00 
A+ 
5,358,200 
 
 
Project, Series 2013A, 5.000%, 12/01/36 
 
 
 
750 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities 
1/19 at 100.00 
N/R 
750,773 
 
 
Project, Series 2012, 5.125%, 1/01/37 
 
 
 
3,050 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods 
1/24 at 102.00 
N/R 
3,121,675 
 
 
Project, Refunding Series 2016, 5.000%, 1/01/37 
 
 
 
2,375 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/22 at 100.00 
BBB 
2,467,079 
 
 
Samaritan Society Project, Refunding Series 2012, 5.000%, 12/01/42 
 
 
 
1,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/23 at 100.00 
BBB 
1,075,590 
 
 
Samaritan Society Project, Series 2013, 5.625%, 6/01/43 
 
 
 
750 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, 
5/27 at 100.00 
N/R 
799,890 
 
 
Refunding & Improvement Series 2017A, 5.250%, 5/15/37 
 
 
 
1,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, 
9/25 at 100.00 
A3 
1,502,610 
 
 
Refunding Series 2015B, 4.000%, 9/01/34 
 
 
 
25,750 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
26,435,207 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
2,500 
 
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, 
12/24 at 100.00 
N/R 
2,639,450 
 
 
Senior Lien Series 2017, 5.000%, 12/31/51 
 
 
 
 
 
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General 
 
 
 
 
 
Obligation Bonds, Refunding & Improvement Series 2018: 
 
 
 
1,895 
 
5.625%, 12/01/32 
12/23 at 103.00 
N/R 
1,956,322 
2,660 
 
5.875%, 12/01/46 
12/23 at 103.00 
N/R 
2,761,107 
 
 
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue 
 
 
 
 
 
Bonds, Series 2017B: 
 
 
 
2,000 
 
5.000%, 12/01/42 
12/27 at 100.00 
A+ 
2,203,780 
1,225 
 
5.000%, 12/01/47 
12/27 at 100.00 
A+ 
1,344,854 
1,500 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/27 at 100.00 
Aa3 
1,654,455 
 
 
Revenue Bonds, Refunding Series 2016B, 5.000%, 3/01/41 
 
 
 
2,000 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
9/27 at 100.00 
AA 
2,022,200 
 
 
Revenue Bonds, Refunding Series 2017A, 4.000%, 3/01/40 
 
 
 
4,000 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/28 at 100.00 
AA 
3,950,760 
 
 
Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 
 
 
 
5,000 
 
Colorado State, Certificates of Participation, Rural Series 2018A, 4.000%, 12/15/35 
12/28 at 100.00 
Aa2 
5,074,800 
 
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016: 
 
 
 
7,115 
 
5.000%, 8/01/41 – AGM Insured 
8/26 at 100.00 
AA 
7,727,673 
1,000 
 
5.000%, 8/01/46 – AGM Insured 
8/26 at 100.00 
AA 
1,082,610 
11,140 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 
11/22 at 100.00 
AA– 
12,007,249 
 
 
5.000%, 11/15/37 
 
 
 
 
69

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 12,900 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A+ 
$ 14,028,234 
 
 
5.000%, 11/15/43 
 
 
 
2,500 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018B, 
12/28 at 100.00 
A+ 
2,766,875 
 
 
5.000%, 12/01/48 
 
 
 
 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
 
 
 
 
 
Refunding Senior Lien Series 2016: 
 
 
 
2,000 
 
5.000%, 12/01/33 
12/26 at 100.00 
Baa2 
2,169,000 
3,000 
 
5.000%, 12/01/34 
12/26 at 100.00 
Baa2 
3,237,540 
2,400 
 
5.000%, 12/01/36 
12/26 at 100.00 
Baa2 
2,555,712 
1,800 
 
5.000%, 12/01/40 
12/26 at 100.00 
Baa2 
1,893,960 
365 
 
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado 
12/23 at 103.00 
N/R 
362,682 
 
 
Urban Redevelopment Area, Series 2018A, 5.250%, 12/01/39, 144A 
 
 
 
13,920 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 
No Opt. Call 
A 
12,974,693 
 
 
9/01/21 – NPFG Insured 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
6,200 
 
0.000%, 9/01/22 – NPFG Insured 
No Opt. Call 
A 
5,605,234 
45,540 
 
0.000%, 9/01/30 – NPFG Insured 
No Opt. Call 
A 
28,769,440 
16,635 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
A 
9,619,022 
49,250 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
A 
27,134,780 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: 
 
 
 
9,310 
 
0.000%, 9/01/28 – NPFG Insured 
No Opt. Call 
A 
6,492,701 
2,900 
 
0.000%, 9/01/34 – NPFG Insured 
No Opt. Call 
A 
1,527,720 
18,500 
 
0.000%, 3/01/36 – NPFG Insured 
No Opt. Call 
A 
9,094,045 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: 
 
 
 
3,800 
 
0.000%, 9/01/27 – NPFG Insured 
9/20 at 67.94 
A 
2,443,286 
13,300 
 
0.000%, 9/01/31 – NPFG Insured 
9/20 at 53.77 
A 
6,737,248 
6,250 
 
0.000%, 9/01/32 – NPFG Insured 
9/20 at 50.83 
A 
2,989,187 
10,000 
 
0.000%, 3/01/36 – NPFG Insured 
9/20 at 41.72 
A 
3,917,500 
1,140 
 
Fort Lupton, Colorado, Water System Revenue Bonds, Refunding & Improvement Series 2017, 
12/27 at 100.00 
AA 
1,142,554 
 
 
4.000%, 12/01/42 – AGM Insured 
 
 
 
1,000 
 
Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation 
12/26 at 100.00 
BBB+ 
1,067,720 
 
 
Bonds, Series 2016, 5.000%, 12/01/36 
 
 
 
1,000 
 
Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 2017, 
12/26 at 100.00 
AA+ 
1,029,930 
 
 
4.000%, 12/01/36 
 
 
 
1,085 
 
North Range Metropolitan District No. 2 , In the City of Commerce City, Adams County, Colorado, 
12/22 at 103.00 
N/R 
1,060,967 
 
 
Limited Tax General Obligation and Special Revenue and Improvement Bonds, Refunding 
 
 
 
 
 
Series 2017A, 5.750%, 12/01/47 
 
 
 
1,245 
 
Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation Limited Tax 
12/21 at 103.00 
N/R 
1,182,377 
 
 
and Revenue Bonds, Series 2016, 4.375%, 12/01/31 
 
 
 
17,735 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/25 at 100.00 
N/R 
18,717,874 
 
 
Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
2,640 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
AA (4) 
2,852,362 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
 
 
Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special 
 
 
 
 
 
Revenue Bonds, Refunding & Improvement Series 2017: 
 
 
 
615 
 
5.000%, 12/01/42 – AGM Insured 
12/27 at 100.00 
AA 
670,221 
11,750 
 
5.000%, 12/01/47 – AGM Insured 
12/27 at 100.00 
AA 
12,758,150 
630 
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 
6/20 at 100.00 
Aa3 
658,287 
 
 
5.375%, 6/01/31 
 
 
 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
 
 
 
 
 
Activity Bonds, Series 2010: 
 
 
 
15,000 
 
6.500%, 1/15/30 
7/20 at 100.00 
BBB+ 
15,726,450 
4,150 
 
6.000%, 1/15/41 
7/20 at 100.00 
BBB+ 
4,290,560 
 
70


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 3,250 
 
Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General 
12/26 at 100.00 
AA 
$ 3,447,080 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 
 
 
 
 
 
12/01/46 – AGM Insured 
 
 
 
4,000 
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 
11/22 at 100.00 
AA 
4,316,160 
 
 
5.000%, 11/15/42 
 
 
 
14,500 
 
University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 
6/24 at 100.00 
Aa1 (4) 
16,474,030 
 
 
(Pre-refunded 6/01/24) 
 
 
 
2,500 
 
Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General 
12/26 at 100.00 
AA 
2,505,075 
 
 
Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured 
 
 
 
2,175 
 
Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, 5.000%, 
12/26 at 100.00 
AA 
2,454,575 
 
 
12/15/30 – AGM Insured 
 
 
 
444,330 
 
Total Colorado 
 
 
380,647,012 
 
 
Connecticut – 0.3% (0.2% of Total Investments) 
 
 
 
1,650 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, 
7/26 at 100.00 
A– 
1,770,285 
 
 
Series 2016Q-1, 5.000%, 7/01/46 
 
 
 
7,165 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, 
7/25 at 100.00 
A– 
7,688,403 
 
 
Refunding Series 2015L, 5.000%, 7/01/45 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart 
 
 
 
 
 
University, Series 2017I-1: 
 
 
 
500 
 
5.000%, 7/01/34 
7/27 at 100.00 
A 
551,290 
2,425 
 
5.000%, 7/01/42 
7/27 at 100.00 
A 
2,606,463 
11,740 
 
Total Connecticut 
 
 
12,616,441 
 
 
Delaware – 0.4% (0.2% of Total Investments) 
 
 
 
1,000 
 
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., 
10/20 at 100.00 
AA+ 
1,045,460 
 
 
Series 2010A, 5.000%, 10/01/40 – NPFG Insured 
 
 
 
3,250 
 
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 
7/23 at 100.00 
BBB+ 
3,409,412 
 
 
5.000%, 7/01/32 
 
 
 
9,070 
 
Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 
6/25 at 100.00 
AA– 
9,752,790 
13,320 
 
Total Delaware 
 
 
14,207,662 
 
 
District of Columbia – 1.1% (0.7% of Total Investments) 
 
 
 
1,250 
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC 
10/22 at 100.00 
BB+ 
1,205,175 
 
 
Issue, Series 2013, 5.000%, 10/01/45 
 
 
 
107,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
12/18 at 100.00 
N/R 
16,475,860 
 
 
Series 2006A, 0.000%, 6/15/46 
 
 
 
 
 
District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017: 
 
 
 
3,500 
 
5.000%, 4/01/35 
4/27 at 100.00 
A 
3,874,290 
3,500 
 
5.000%, 4/01/36 
4/27 at 100.00 
A 
3,858,225 
15,150 
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 5.000%, 4/01/40 – 
4/21 at 100.00 
A 
15,799,783 
 
 
AMBAC Insured 
 
 
 
130,400 
 
Total District of Columbia 
 
 
41,213,333 
 
 
Florida – 7.2% (4.5% of Total Investments) 
 
 
 
2,800 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
9/23 at 100.00 
BBB 
2,851,492 
 
 
Academy, Inc. Project, Series 2016, 5.000%, 9/01/46 
 
 
 
11,000 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
AA (4) 
11,877,470 
 
 
(Pre-refunded 10/01/21) – AGM Insured 
 
 
 
2,830 
 
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 
9/25 at 100.00 
AA– 
3,100,180 
3,010 
 
Cocoa, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2003, 5.500%, 
No Opt. Call 
AA 
3,289,448 
 
 
10/01/23 – AMBAC Insured 
 
 
 
3,570 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, 
11/23 at 100.00 
BBB– 
3,856,849 
 
 
Refunding Series 2013, 6.125%, 11/01/43 
 
 
 
 
71

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
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 
A– 
$ 9,488,864 
4,280 
 
5.625%, 4/01/43 
4/23 at 100.00 
A– 
4,659,807 
 
 
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 
 
 
 
1,040 
 
0.000%, 11/01/25 – NPFG Insured 
No Opt. Call 
Baa2 
808,558 
1,590 
 
0.000%, 11/01/26 – NPFG Insured 
No Opt. Call 
Baa2 
1,185,011 
1,500 
 
Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series 
1/19 at 100.00 
AAA 
1,509,000 
 
 
2009A, 5.000%, 1/15/29 
 
 
 
 
 
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+ 
6,160,037 
12,885 
 
5.000%, 10/01/44 
10/24 at 100.00 
A+ 
13,823,672 
15,000 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/28 at 100.00 
Aa3 
16,551,300 
 
 
Series 2018F, 5.000%, 10/01/48 (WI/DD, Settling 11/08/18) (UB) 
 
 
 
400 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 
10/22 at 100.00 
A+ 
433,016 
 
 
5.000%, 10/01/30 
 
 
 
1,530 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 
11/21 at 100.00 
A2 
1,635,126 
 
 
2011, 5.000%, 11/15/24 
 
 
 
2,500 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 
11/24 at 100.00 
A2 
2,664,600 
 
 
5.000%, 11/15/45 
 
 
 
 
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic 
 
 
 
 
 
Convention Village, Series 2015A: 
 
 
 
3,810 
 
5.000%, 2/01/40 – AGM Insured 
2/24 at 100.00 
AA 
4,190,848 
19,145 
 
5.000%, 2/01/44 – AGM Insured 
2/24 at 100.00 
AA 
21,019,678 
 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish 
 
 
 
 
 
Health System Inc. Project, Series 2017: 
 
 
 
205 
 
5.000%, 7/01/32 
7/27 at 100.00 
N/R 
222,376 
2,000 
 
5.125%, 7/01/38 
7/27 at 100.00 
N/R 
2,158,720 
5,035 
 
5.125%, 7/01/46 
7/27 at 100.00 
N/R 
5,404,065 
1,200 
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 
2/21 at 100.00 
AA (4) 
1,302,156 
 
 
6.000%, 2/01/30 (Pre-refunded 2/01/21) – AGM Insured 
 
 
 
7,390 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of 
4/25 at 100.00 
A– 
7,960,065 
 
 
Miami, Series 2015A, 5.000%, 4/01/45 
 
 
 
12,385 
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of 
4/28 at 100.00 
A– 
13,338,150 
 
 
Miami, Series 2018A, 5.000%, 4/01/53 
 
 
 
10,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 
7/20 at 100.00 
AA 
10,414,600 
 
 
5.000%, 7/01/35 
 
 
 
1,210 
 
Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Doral Academy, 
1/28 at 100.00 
BBB– 
1,260,651 
 
 
Series 2018, 5.000%, 1/15/37 
 
 
 
1,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding 
10/24 at 100.00 
A 
1,087,830 
 
 
Series 2014B, 5.000%, 10/01/37 
 
 
 
5,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 
10/19 at 100.00 
A2 (4) 
5,160,350 
 
 
5.500%, 10/01/41 (Pre-refunded 10/01/19) 
 
 
 
7,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
A2 (4) 
7,952,475 
 
 
2010A-1, 5.375%, 10/01/41 (Pre-refunded 10/01/20) 
 
 
 
 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B: 
 
 
 
3,000 
 
5.000%, 10/01/26 
10/20 at 100.00 
A 
3,144,420 
2,500 
 
5.000%, 10/01/27 
10/20 at 100.00 
A 
2,619,400 
4,000 
 
5.000%, 10/01/35 – AGM Insured 
10/20 at 100.00 
AA 
4,186,440 
1,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 
10/26 at 100.00 
A 
1,635,900 
4,715 
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 
6/27 at 100.00 
Aa3 
5,122,235 
 
 
2017, 5.000%, 6/01/38 
 
 
 
 
72


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,850 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 
10/22 at 100.00 
A+ 
$ 1,985,623 
 
 
5.000%, 10/01/37 
 
 
 
 
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012: 
 
 
 
5,500 
 
5.000%, 7/01/31 
7/22 at 100.00 
AA 
5,950,285 
3,000 
 
5.000%, 7/01/42 
7/22 at 100.00 
AA 
3,204,450 
5,770 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
Aa3 
6,188,613 
 
 
5.000%, 10/01/42 
 
 
 
1,665 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
10/19 at 100.00 
A+ 
1,710,171 
 
 
Inc., Series 2009, 5.125%, 10/01/26 
 
 
 
750 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
4/22 at 100.00 
A+ 
791,325 
 
 
Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
255 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of 
6/22 at 102.00 
N/R 
286,442 
 
 
Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
4,000 
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, Series 
10/19 at 100.00 
AAA 
4,115,240 
 
 
2009, 5.250%, 10/01/33 
 
 
 
1,385 
 
Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 
1/19 at 100.00 
AA 
1,386,316 
 
 
5.000%, 5/01/30 – RAAI Insured 
 
 
 
880 
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 
No Opt. Call 
Aa2 (4) 
912,190 
 
 
6.000%, 10/01/19 – NPFG Insured (ETM) 
 
 
 
6,625 
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 
5/25 at 100.00 
AA 
6,727,356 
 
 
4.000%, 5/01/33 
 
 
 
 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health 
 
 
 
 
 
Systems of South Florida Obligated Group, Series 2017: 
 
 
 
4,595 
 
5.000%, 8/15/42 
8/27 at 100.00 
AA– 
5,028,538 
12,325 
 
5.000%, 8/15/47 
8/27 at 100.00 
AA– 
13,439,550 
1,200 
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 
10/19 at 100.00 
AA+ (4) 
1,233,084 
 
 
10/01/19) – AGC Insured 
 
 
 
 
 
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose 
 
 
 
 
 
Bonds, Stadium Project, Series 1995: 
 
 
 
545 
 
5.750%, 10/01/20 – NPFG Insured 
No Opt. Call 
N/R 
566,936 
2,785 
 
5.750%, 10/01/25 – NPFG Insured 
No Opt. Call 
N/R 
3,102,574 
3,300 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
3,548,523 
 
 
5.000%, 11/15/33 
 
 
 
4,000 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, 
5/26 at 100.00 
Aa2 
3,907,560 
 
 
4.000%, 11/15/46 
 
 
 
9,720 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 
7/22 at 100.00 
A+ (4) 
10,633,194 
 
 
2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
1,500 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle 
10/21 at 100.00 
AA (4) 
1,616,745 
 
 
Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 
 
 
 
 
 
(Pre-refunded 10/15/21) – AGM Insured 
 
 
 
2,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle 
4/25 at 100.00 
A3 
2,169,500 
 
 
Aeronautical University, Series 2015B, 5.000%, 10/15/45 
 
 
 
7,400 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University 
6/25 at 100.00 
A– 
8,033,588 
 
 
Inc. Project, Series 2015, 5.000%, 6/01/45 
 
 
 
250,865 
 
Total Florida 
 
 
268,612,592 
 
73

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Georgia – 3.3% (2.0% of Total Investments) 
 
 
 
$ 6,950 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – 
1/20 at 100.00 
AA 
$ 7,163,295 
 
 
AGM Insured 
 
 
 
7,230 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 
1/22 at 100.00 
AA– 
7,696,841 
 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B: 
 
 
 
1,990 
 
5.375%, 11/01/39 (Pre-refunded 11/01/19) – AGM Insured 
11/19 at 100.00 
AA (4) 
2,057,182 
1,060 
 
5.375%, 11/01/39 – AGM Insured 
11/19 at 100.00 
AA 
1,092,266 
 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: 
 
 
 
3,400 
 
5.000%, 11/01/33 
5/25 at 100.00 
Aa2 
3,783,860 
2,040 
 
5.000%, 11/01/35 
5/25 at 100.00 
Aa2 
2,258,912 
5,000 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – 
No Opt. Call 
Aa2 
5,461,550 
 
 
FGIC Insured 
 
 
 
1,535 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 
8/20 at 100.00 
AA 
1,571,165 
 
 
4.000%, 8/01/26 
 
 
 
2,000 
 
Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, 
4/27 at 100.00 
A 
2,132,800 
 
 
Wellstar Health System, Series 2017A, 5.000%, 4/01/42 
 
 
 
2,000 
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb 
9/20 at 100.00 
N/R (4) 
2,135,920 
 
 
Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (Pre-refunded 9/01/20) 
 
 
 
5,725 
 
Fayette County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont 
7/26 at 100.00 
AA– 
6,122,773 
 
 
Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 
 
 
 
 
 
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, 
 
 
 
 
 
Inc. Project, Series 2017A: 
 
 
 
2,750 
 
5.000%, 4/01/42 
4/27 at 100.00 
A 
2,932,600 
13,620 
 
5.000%, 4/01/47 
4/27 at 100.00 
A 
14,424,670 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
 
 
 
 
 
Northeast Georgia Health Services Inc., Series 2010B: 
 
 
 
2,360 
 
5.250%, 2/15/45 
2/20 at 100.00 
AA– 
2,431,225 
7,640 
 
5.250%, 2/15/45 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R (4) 
7,935,592 
12,590 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/25 at 100.00 
AA 
14,066,807 
 
 
Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 
 
 
 
7,500 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/27 at 100.00 
AA– 
8,362,350 
 
 
Northeast Georgia Health Services Inc., Series 2017B, 5.250%, 2/15/45 
 
 
 
7,905 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 
7/25 at 100.00 
A 
8,029,820 
 
 
5.000%, 7/01/60 
 
 
 
11,000 
 
Griffin-Spalding County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
4/27 at 100.00 
A 
10,594,320 
 
 
Wellstar Health System Inc., Series 2017A, 4.000%, 4/01/42 
 
 
 
1,350 
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 
No Opt. Call 
AA+ 
1,595,281 
 
 
2/01/27 – BHAC Insured 
 
 
 
8,230 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 
10/25 at 100.00 
Baa2 
8,566,113 
 
 
2015, 5.000%, 10/01/40 
 
 
 
2,615 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia 
10/21 at 100.00 
Aa2 
2,762,068 
 
 
Medical Center Project, Series 2011B, 5.000%, 10/01/41 
 
 
 
116,490 
 
Total Georgia 
 
 
123,177,410 
 
 
Guam – 0.1% (0.1% of Total Investments) 
 
 
 
4,060 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 
7/23 at 100.00 
A– 
4,289,999 
 
 
5.500%, 7/01/43 
 
 
 
 
 
Hawaii – 0.0% (0.0% of Total Investments) 
 
 
 
275 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
284,400 
 
 
University, Series 2013A, 6.875%, 7/01/43 
 
 
 
 
74


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Idaho – 0.1% (0.1% of Total Investments) 
 
 
 
$ 2,110 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 
3/22 at 100.00 
A– 
$ 2,203,853 
 
 
2012A, 5.000%, 3/01/47 – AGM Insured 
 
 
 
2,650 
 
Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, 
1/19 at 100.00 
A1 
2,683,867 
 
 
Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 
 
 
 
4,760 
 
Total Idaho 
 
 
4,887,720 
 
 
Illinois – 23.2% (14.4% of Total Investments) 
 
 
 
 
 
Board of Regents of Illinois State University, Auxiliary Facilities System Revenue Bonds, 
 
 
 
 
 
Series 2018A: 
 
 
 
1,000 
 
5.000%, 4/01/34 – AGM Insured 
4/28 at 100.00 
AA 
1,081,850 
285 
 
5.000%, 4/01/37 – AGM Insured 
4/28 at 100.00 
AA 
305,315 
1,370 
 
5.000%, 4/01/38 – AGM Insured 
4/28 at 100.00 
AA 
1,463,242 
 
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Refunding Series 2002B: 
 
 
 
4,595 
 
0.000%, 1/01/32 – FGIC Insured 
No Opt. Call 
A2 
2,597,645 
4,000 
 
0.000%, 1/01/34 – FGIC Insured 
No Opt. Call 
A2 
2,021,960 
11,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
12,570,910 
 
 
2016, 6.000%, 4/01/46 
 
 
 
2,940 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
12/21 at 100.00 
BB– 
2,923,948 
 
 
2011A, 5.000%, 12/01/41 
 
 
 
5,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B+ 
5,069,050 
 
 
Series 2017G, 5.000%, 12/01/34 
 
 
 
11,450 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B+ 
12,975,827 
 
 
2016A, 7.000%, 12/01/44 
 
 
 
1,785 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B+ 
1,998,861 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
23,535 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/27 at 100.00 
B+ 
27,478,525 
 
 
2017A, 7.000%, 12/01/46, 144A 
 
 
 
10,510 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Baa2 
10,205,420 
 
 
Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured 
 
 
 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
 
 
 
 
 
Revenues, Series 1999A: 
 
 
 
19,600 
 
0.000%, 12/01/20 – FGIC Insured 
No Opt. Call 
Baa2 
18,403,616 
1,000 
 
5.500%, 12/01/26 – FGIC Insured 
No Opt. Call 
Baa2 
1,075,390 
3,500 
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit 
6/21 at 100.00 
AA 
3,707,480 
 
 
Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 
 
 
 
 
 
5.250%, 6/01/26 – AGM Insured 
 
 
 
5,785 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
AA 
6,078,068 
 
 
5.250%, 12/01/40 
 
 
 
9,285 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 
12/24 at 100.00 
AA 
10,104,123 
 
 
5.250%, 12/01/49 
 
 
 
13,100 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien 
1/20 at 100.00 
AA 
13,511,733 
 
 
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
32,170 
 
0.000%, 1/01/21 – FGIC Insured 
No Opt. Call 
BBB+ 
30,111,120 
32,670 
 
0.000%, 1/01/22 – FGIC Insured 
No Opt. Call 
BBB+ 
29,456,252 
22,670 
 
0.000%, 1/01/25 – FGIC Insured 
No Opt. Call 
BBB+ 
17,759,451 
10,565 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB+ 
11,743,737 
5,540 
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured 
1/19 at 100.00 
AA 
5,552,576 
5,000 
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 
1/22 at 100.00 
N/R (4) 
5,414,300 
 
 
(Pre-refunded 1/01/22) 
 
 
 
5,000 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City 
12/23 at 100.00 
A+ 
5,131,900 
 
 
Colleges, Series 2013, 5.250%, 12/01/43 
 
 
 
 
75

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 4,500 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City 
12/27 at 100.00 
AA 
$ 4,710,465 
 
 
Colleges, Series 2017, 5.000%, 12/01/47 – BAM Insured 
 
 
 
4,865 
 
Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation 
No Opt. Call 
Aa2 
4,609,490 
 
 
Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured 
 
 
 
 
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation 
 
 
 
 
 
Capital Appreciation Bonds, Series 2001: 
 
 
 
2,575 
 
0.000%, 12/01/20 – NPFG Insured 
No Opt. Call 
Baa2 
2,400,080 
3,615 
 
0.000%, 12/01/20 – NPFG Insured (ETM) 
No Opt. Call 
N/R (4) 
3,445,601 
 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A: 
 
 
 
3,500 
 
5.250%, 11/15/22 
11/20 at 100.00 
AA– 
3,692,010 
12,425 
 
5.250%, 11/15/33 
11/20 at 100.00 
AA– 
12,933,058 
 
 
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000: 
 
 
 
8,000 
 
0.000%, 11/01/18 
No Opt. Call 
AAA 
8,000,000 
15,285 
 
0.000%, 11/01/19 
No Opt. Call 
AAA 
14,953,621 
 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, 
 
 
 
 
 
Series 2002.RMKT: 
 
 
 
5,265 
 
5.500%, 11/01/36 
11/23 at 100.00 
A 
5,646,607 
2,750 
 
3.900%, 11/01/36 
11/27 at 102.00 
A 
2,578,730 
5,020 
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 
6/22 at 100.00 
AA 
5,285,006 
 
 
5.000%, 6/01/42 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, 
 
 
 
 
 
Series 2016C: 
 
 
 
3,500 
 
5.000%, 2/15/32 
2/27 at 100.00 
AA+ 
3,911,985 
1,000 
 
5.000%, 2/15/41 
2/27 at 100.00 
AA+ 
1,086,780 
27,135 
 
4.000%, 2/15/41 
2/27 at 100.00 
AA+ 
26,162,753 
4,200 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 
9/22 at 100.00 
AA+ 
4,440,786 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: 
 
 
 
8,750 
 
5.000%, 9/01/39 
9/24 at 100.00 
AA+ 
9,450,787 
11,030 
 
5.000%, 9/01/42 
9/24 at 100.00 
AA+ 
11,883,170 
1,500 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 
11/19 at 100.00 
AA+ (4) 
1,550,970 
 
 
11/01/39 (Pre-refunded 11/01/19) 
 
 
 
2,910 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 
5/22 at 100.00 
Baa2 
3,000,181 
6,000 
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 
4/19 at 100.00 
AA– 
6,083,460 
16,165 
 
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 
6/26 at 100.00 
A3 
17,158,339 
 
 
5.000%, 12/01/40 
 
 
 
1,100 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option 
8/22 at 100.00 
Aa2 
1,383,327 
 
 
Bond Trust 2015-XF0076, 13.167%, 8/15/37, 144A (IF) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A 
 
 
 
1,080 
 
6.000%, 5/15/39, 
5/20 at 100.00 
A 
1,124,302 
3,460 
 
I 6.000%, 5/15/39 (Pre-refunded 5/15/20) 
5/20 at 100.00 
N/R (4) 
3,656,943 
13,540 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 
11/25 at 100.00 
A 
14,397,217 
 
 
5.000%, 11/15/45 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: 
 
 
 
85 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
88,762 
8,400 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
8,771,784 
2,215 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 
7/23 at 100.00 
A– 
2,402,633 
 
 
6.000%, 7/01/43 
 
 
 
4,135 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/25 at 100.00 
Baa1 
4,330,792 
 
 
Refunding Series 2015C, 5.000%, 8/15/44 
 
 
 
 
76


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 5,000 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/27 at 100.00 
A+ 
$ 5,300,100 
 
 
Series 2017A, 5.000%, 3/01/47 
 
 
 
8,040 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 
8/21 at 100.00 
AA 
8,704,345 
 
 
8/15/41 – AGM Insured 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/21 at 100.00 
AA– (4) 
1,071,990 
 
 
2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) 
 
 
 
2,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/21 at 100.00 
AA– (4) 
2,679,975 
 
 
2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) 
 
 
 
15,510 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA+ 
16,320,242 
 
 
5.000%, 10/01/51 
 
 
 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
1,600 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB 
1,653,152 
5,450 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB 
5,487,060 
1,750 
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 
1/26 at 100.00 
BBB 
1,776,198 
5,420 
 
Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 
5/24 at 100.00 
BBB 
5,448,401 
5,000 
 
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/34 
11/26 at 100.00 
BBB 
5,075,700 
15,000 
 
Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 
11/27 at 100.00 
BBB 
15,371,250 
3,500 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/25 
No Opt. Call 
BBB 
3,644,550 
 
 
Illinois State, General Obligation Bonds, October Series 2016: 
 
 
 
3,510 
 
5.000%, 2/01/28 
2/27 at 100.00 
BBB 
3,622,250 
6,100 
 
5.000%, 2/01/29 
2/27 at 100.00 
BBB 
6,257,014 
10,000 
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured 
1/20 at 100.00 
AA 
10,268,400 
2,515 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24 
8/22 at 100.00 
BBB 
2,603,327 
 
 
Illinois State, General Obligation Bonds, Series 2012A: 
 
 
 
2,500 
 
5.000%, 3/01/25 
3/22 at 100.00 
BBB 
2,577,100 
4,500 
 
5.000%, 3/01/27 
3/22 at 100.00 
BBB 
4,611,960 
2,035 
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 
7/23 at 100.00 
BBB 
2,129,200 
5,030 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
5,378,126 
 
 
5.000%, 1/01/38 
 
 
 
 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B: 
 
 
 
8,000 
 
5.000%, 1/01/38 
1/24 at 100.00 
AA– 
8,668,160 
6,500 
 
5.000%, 1/01/39 
1/24 at 100.00 
AA– 
7,036,445 
10,040 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
AA– 
10,921,512 
 
 
5.000%, 1/01/40 
 
 
 
8,890 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 
1/26 at 100.00 
AA– 
9,593,644 
 
 
5.000%, 1/01/40 
 
 
 
10,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2017A, 
1/28 at 100.00 
AA– 
10,864,300 
 
 
5.000%, 1/01/42 
 
 
 
1,115 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
1,423,877 
 
 
2015-XF0051, 13.175%, 1/01/38, 144A (IF) 
 
 
 
11,050 
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – 
No Opt. Call 
Baa2 
12,385,503 
 
 
FGIC Insured 
 
 
 
 
 
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation 
 
 
 
 
 
Refunding Bonds, Series 2001B: 
 
 
 
3,230 
 
0.000%, 11/01/19 – AGM Insured 
No Opt. Call 
A2 
3,149,702 
1,740 
 
0.000%, 11/01/21 – AGM Insured 
No Opt. Call 
A2 
1,592,378 
4,020 
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, 
No Opt. Call 
A2 
4,256,135 
 
 
Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/20 – AGM Insured (UB) 
 
 
 
5,000 
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 
1/21 at 100.00 
A2 
5,259,600 
 
 
5.250%, 1/01/39 – AGM Insured 
 
 
 
 
77

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 17,945 
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, 
No Opt. Call 
Baa2 
$ 16,311,287 
 
 
General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured 
 
 
 
2,910 
 
McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation 
No Opt. Call 
Aa2 
2,748,873 
 
 
School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured 
 
 
 
5,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/25 at 100.00 
BB+ 
5,285,850 
 
 
Series 2015A, 5.500%, 6/15/53 
 
 
 
2,030 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/27 at 100.00 
BB+ 
2,089,824 
 
 
Series 2017A, 5.000%, 6/15/57 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Refunding Bonds, Series 2010A: 
 
 
 
11,795 
 
5.500%, 6/15/50 
6/20 at 100.00 
BB+ 
11,895,847 
3,790 
 
5.500%, 6/15/50 (Pre-refunded 6/15/20) 
6/20 at 100.00 
N/R (4) 
3,990,301 
 
 
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 
AA 
8,978,970 
5,355 
 
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
AA 
1,383,786 
 
 
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 
Baa2 
9,369,356 
16,570 
 
0.000%, 12/15/20 – NPFG Insured 
No Opt. Call 
Baa2 
15,411,260 
5,010 
 
0.000%, 12/15/21 – NPFG Insured 
No Opt. Call 
Baa2 
4,475,433 
23,920 
 
0.000%, 12/15/22 – NPFG Insured 
No Opt. Call 
Baa2 
20,508,769 
13,350 
 
0.000%, 12/15/24 – NPFG Insured 
No Opt. Call 
Baa2 
10,445,307 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Refunding Series 1998A: 
 
 
 
5,100 
 
5.500%, 12/15/23 – FGIC Insured 
No Opt. Call 
Baa2 
5,521,311 
5,180 
 
5.500%, 12/15/23 – FGIC Insured (ETM) 
No Opt. Call 
Ba1 (4) 
5,594,348 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Refunding Series 2010B-2: 
 
 
 
8,000 
 
5.250%, 6/15/50 
6/20 at 100.00 
BBB– 
8,037,680 
2,330 
 
5.000%, 6/15/50 
6/20 at 100.00 
BBB– 
2,332,027 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 2002A: 
 
 
 
5,080 
 
5.700%, 6/15/25 
6/24 at 100.00 
BB+ 
5,519,522 
1,420 
 
5.700%, 6/15/25 (Pre-refunded 6/15/22) 
6/22 at 101.00 
N/R (4) 
1,599,786 
8,000 
 
5.750%, 6/15/26 – NPFG Insured 
6/22 at 101.00 
Baa2 
8,677,120 
1,115 
 
5.750%, 6/15/27 
No Opt. Call 
BB+ 
1,205,426 
4,610 
 
5.750%, 6/15/27 (Pre-refunded 6/15/22) 
6/22 at 101.00 
N/R (4) 
5,201,601 
3,505 
 
0.000%, 6/15/30 
No Opt. Call 
BB+ 
2,038,333 
195 
 
0.000%, 6/15/30 (ETM) 
No Opt. Call 
N/R (4) 
133,616 
28,000 
 
0.000%, 12/15/35 – AGM Insured 
No Opt. Call 
AA 
12,598,320 
3,280 
 
0.000%, 6/15/37 – NPFG Insured 
No Opt. Call 
Baa2 
1,281,890 
11,715 
 
0.000%, 12/15/38 – NPFG Insured 
No Opt. Call 
Baa2 
4,211,542 
5,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/22 at 100.00 
BBB– 
5,067,400 
 
 
Project, Series 2012B, 5.000%, 6/15/52 (UB) (5) 
 
 
 
9,760 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
AA+ (4) 
11,570,773 
 
 
Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) 
 
 
 
 
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A: 
 
 
 
2,685 
 
5.000%, 2/01/30 – AGM Insured 
2/20 at 100.00 
AA 
2,697,029 
2,080 
 
5.250%, 2/01/34 – AGM Insured 
2/20 at 100.00 
AA 
2,093,042 
17,865 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
19,893,392 
 
 
Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured 
 
 
 
 
78


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,300 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
$ 2,873,689 
 
 
Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured 
 
 
 
4,125 
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, 
11/23 at 100.00 
N/R (4) 
5,114,505 
 
 
Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) 
 
 
 
 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015: 
 
 
 
2,250 
 
5.000%, 3/01/29 
3/25 at 100.00 
A 
2,466,810 
7,000 
 
5.000%, 3/01/31 
3/25 at 100.00 
A 
7,628,600 
2,685 
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility Series 
5/20 at 100.00 
AA 
2,793,259 
 
 
2010A, 5.250%, 5/01/31 – AGM Insured 
 
 
 
2,000 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A– 
2,239,540 
 
 
6.250%, 10/01/38 
 
 
 
4,810 
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
A2 
4,169,741 
 
 
Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured 
 
 
 
 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
 
 
 
 
 
Bonds, Capital Appreciation Series 2004: 
 
 
 
2,550 
 
0.000%, 11/01/22 – NPFG Insured 
No Opt. Call 
A+ 
2,256,724 
780 
 
0.000%, 11/01/22 – NPFG Insured (ETM) 
No Opt. Call 
Baa2 (4) 
702,647 
1,895 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General 
12/20 at 100.00 
AA (4) 
2,086,490 
 
 
Obligation Bonds, Series 2011, 7.250%, 12/01/28 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
908,295 
 
Total Illinois 
 
 
863,514,560 
 
 
Indiana – 4.0% (2.5% of Total Investments) 
 
 
 
6,000 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University 
10/24 at 100.00 
A3 
6,384,480 
 
 
Project, Series 2014, 5.000%, 10/01/44 
 
 
 
7,910 
 
Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health 
11/19 at 100.00 
Aa3 (4) 
8,159,402 
 
 
Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, 
 
 
 
 
 
Series 2012A: 
 
 
 
5,000 
 
4.000%, 5/01/35 
5/23 at 100.00 
A 
5,028,650 
5,420 
 
5.000%, 5/01/42 
5/23 at 100.00 
A 
5,725,525 
 
 
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 
3,678,664 
1,875 
 
4.000%, 12/01/40 
6/25 at 100.00 
AA 
1,834,538 
8,630 
 
Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana Obligated 
3/22 at 100.00 
AA– 
9,099,903 
 
 
Group, Series 2012, 5.000%, 3/01/41 
 
 
 
6,290 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 
12/19 at 100.00 
AA– (4) 
6,503,923 
 
 
5.250%, 12/01/38 (Pre-refunded 12/01/19) 
 
 
 
2,500 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 
12/20 at 100.00 
AA– (4) 
2,641,550 
 
 
5.000%, 12/01/37 (Pre-refunded 12/01/20) 
 
 
 
10,000 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009A, 5.250%, 
12/19 at 100.00 
Aa3 (4) 
10,340,100 
 
 
12/01/38 (Pre-refunded 12/01/19) (UB) (5) 
 
 
 
11,000 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien 
10/26 at 100.00 
AA 
11,918,060 
 
 
Green Series 2016A, 5.000%, 10/01/46 
 
 
 
5,000 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/21 at 100.00 
AA– 
5,295,550 
 
 
2011B, 5.000%, 10/01/41 
 
 
 
5,000 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/22 at 100.00 
AA 
5,385,750 
 
 
2012A, 5.000%, 10/01/37 
 
 
 
13,215 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/24 at 100.00 
AA 
14,353,472 
 
 
2014A, 5.000%, 10/01/44 
 
 
 
5,130 
 
Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First 
10/26 at 100.00 
AA 
5,558,150 
 
 
Lien Series 2016A, 5.000%, 10/01/46 
 
 
 
 
79

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$ 4,320 
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated 
No Opt. Call 
N/R (4) 
$ 4,326,653 
 
 
Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM) 
 
 
 
14,100 
 
Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 
7/26 at 100.00 
A+ 
15,430,899 
 
 
5.000%, 1/01/42 
 
 
 
3,000 
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 
7/21 at 100.00 
A+ (4) 
3,221,730 
 
 
1/01/31 (Pre-refunded 7/01/21) 
 
 
 
 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
 
 
 
9,255 
 
0.000%, 2/01/25 – AMBAC Insured 
No Opt. Call 
AA 
7,717,189 
9,560 
 
0.000%, 2/01/26 – AMBAC Insured 
No Opt. Call 
AA 
7,660,524 
 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A: 
 
 
 
585 
 
5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured 
1/19 at 100.00 
AA (4) 
588,528 
2,415 
 
5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured 
1/19 at 100.00 
AA (4) 
2,428,935 
5,000 
 
5.500%, 1/01/38 – AGC Insured (UB) 
1/19 at 100.00 
A+ 
5,029,103 
1,580 
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 
No Opt. Call 
AA 
1,171,191 
 
 
2005Z, 0.000%, 1/15/28 – AGM Insured 
 
 
 
146,185 
 
Total Indiana 
 
 
149,482,469 
 
 
Iowa – 2.5% (1.6% of Total Investments) 
 
 
 
4,000 
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36 
6/20 at 100.00 
A2 (4) 
4,192,280 
 
 
(Pre-refunded 6/15/20) 
 
 
 
 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
 
 
 
 
 
Project, Series 2013: 
 
 
 
7,255 
 
5.500%, 12/01/22 
12/18 at 100.00 
B 
7,268,930 
16,130 
 
5.250%, 12/01/25 
12/23 at 100.00 
B 
17,063,282 
2,310 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/19 at 104.00 
B 
2,427,487 
 
 
Project, Series 2016, 5.875%, 12/01/26, 144A 
 
 
 
2,690 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/22 at 105.00 
B 
2,859,712 
 
 
Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/22) 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
13,950 
 
5.375%, 6/01/38 
1/19 at 100.00 
B+ 
13,986,828 
12,830 
 
5.500%, 6/01/42 
1/19 at 100.00 
B+ 
12,859,894 
5,675 
 
5.625%, 6/01/46 
1/19 at 100.00 
B 
5,682,321 
16,100 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
1/19 at 100.00 
BB– 
16,145,885 
 
 
5.600%, 6/01/34 
 
 
 
 
 
Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016: 
 
 
 
4,700 
 
5.000%, 12/01/36 
12/26 at 100.00 
BBB+ 
4,971,754 
5,990 
 
5.000%, 12/01/41 
12/26 at 100.00 
BBB+ 
6,277,640 
91,630 
 
Total Iowa 
 
 
93,736,013 
 
 
Kansas – 0.5% (0.3% of Total Investments) 
 
 
 
2,000 
 
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health 
11/22 at 100.00 
A2 
2,118,940 
 
 
Care Inc., Series 2013J, 5.000%, 11/15/38 
 
 
 
3,000 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt 
5/22 at 100.00 
AA 
3,217,560 
 
 
Obligated Group, Series 2012A, 5.000%, 11/15/28 
 
 
 
3,700 
 
Kansas Municipal Energy Agency, Power Project Revenue Bonds, Dogwood Project, Series 2018A, 
4/26 at 100.00 
AA 
3,957,261 
 
 
5.000%, 4/01/38 – BAM Insured 
 
 
 
5,270 
 
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, 
7/28 at 100.00 
A 
5,684,327 
 
 
5.000%, 7/01/43 
 
 
 
2,305 
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park 
1/19 at 100.00 
BB+ 
2,308,342 
 
 
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
16,275 
 
Total Kansas 
 
 
17,286,430 
 
80


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Kentucky – 1.3% (0.8% of Total Investments) 
 
 
 
$ 6,010 
 
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton 
No Opt. Call 
A+ 
$ 4,130,012 
 
 
Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured 
 
 
 
2,000 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare 
8/21 at 100.00 
A 
2,067,040 
 
 
System Obligated Group, Series 2011, 5.000%, 8/15/42 
 
 
 
1,300 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, 
6/27 at 100.00 
Baa3 
1,344,863 
 
 
Refunding Series 2017A, 5.000%, 6/01/37 
 
 
 
4,525 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
6/20 at 100.00 
Baa3 (4) 
4,827,722 
 
 
Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20) 
 
 
 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: 
 
 
 
5,000 
 
0.000%, 7/01/43 (6) 
7/31 at 100.00 
Baa3 
4,590,950 
8,610 
 
0.000%, 7/01/46 (6) 
7/31 at 100.00 
Baa3 
7,937,215 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Series 2013A: 
 
 
 
2,655 
 
5.750%, 7/01/49 
7/23 at 100.00 
Baa3 
2,850,753 
430 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
466,709 
4,630 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease 
6/21 at 100.00 
A1 
4,905,670 
 
 
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31 
 
 
 
 
 
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health 
 
 
 
 
 
Initiatives, Series 2012A: 
 
 
 
2,980 
 
5.000%, 12/01/35 
6/22 at 100.00 
BBB+ 
3,102,627 
9,635 
 
5.000%, 12/01/35 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R (4) 
10,541,461 
47,775 
 
Total Kentucky 
 
 
46,765,022 
 
 
Louisiana – 3.1% (1.9% of Total Investments) 
 
 
 
7,715 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
8,156,529 
 
 
(US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
4,000 
 
Board of Commissioners of the Port of New Orleans, Louisiana, Port Facility Revenue Bonds, 
4/28 at 100.00 
AA 
4,340,480 
 
 
Refunding Series 2018A, 5.000%, 4/01/48 – AGM Insured 
 
 
 
670 
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical 
1/21 at 100.00 
AA (4) 
722,749 
 
 
Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
1,870 
 
Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, 
12/27 at 100.00 
AA 
2,072,727 
 
 
Series 2017B, 5.000%, 12/01/42 – AGM Insured 
 
 
 
5,000 
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities 
10/20 at 100.00 
AA (4) 
5,313,300 
 
 
Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded 10/01/20) – 
 
 
 
 
 
AGM Insured 
 
 
 
1,695 
 
Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship 
7/26 at 100.00 
A 
1,800,090 
 
 
Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 
 
 
 
 
 
5.000%, 7/01/46 
 
 
 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Refunding Series 2016: 
 
 
 
20 
 
4.000%, 5/15/35 (Pre-refunded 5/15/26) 
5/26 at 100.00 
N/R (4) 
21,805 
2,345 
 
4.000%, 5/15/36 
5/26 at 100.00 
A3 
2,324,528 
20 
 
5.000%, 5/15/47 (Pre-refunded 5/15/26) 
5/26 at 100.00 
N/R (4) 
23,162 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Refunding Series 2017: 
 
 
 
4,000 
 
5.000%, 5/15/42 
5/27 at 100.00 
A3 
4,245,200 
22,625 
 
5.000%, 5/15/46 
5/27 at 100.00 
A3 
23,812,360 
5,750 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
A3 (4) 
6,387,330 
 
 
Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 
 
 
 
1,975 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/25 at 100.00 
A3 
2,078,293 
 
 
Series 2015, 5.000%, 5/15/47 
 
 
 
 
81

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 13,590 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 
7/23 at 100.00 
AA– 
$ 14,758,060 
 
 
5.000%, 7/01/36 
 
 
 
1,015 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Refunding Second Lien Series 2017C, 
11/27 at 100.00 
AA 
1,123,382 
 
 
5.000%, 5/01/45 
 
 
 
5,000 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 
5/20 at 100.00 
AA (4) 
5,211,850 
 
 
5/01/45 (Pre-refunded 5/01/20) 
 
 
 
12,000 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/25 at 100.00 
A– 
12,824,880 
 
 
Series 2015A, 5.000%, 1/01/45 
 
 
 
5,000 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/27 at 100.00 
A– 
5,402,900 
 
 
Series 2017A, 5.000%, 1/01/48 
 
 
 
6,280 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 
6/24 at 100.00 
A 
6,714,199 
1,355 
 
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 
12/25 at 100.00 
A– 
1,478,793 
5,000 
 
St. Tammany Parish Hospital District No. 1, Louisiana,Hospital Revenue and Revenue Refunding 
7/28 at 100.00 
N/R 
5,347,550 
 
 
Bonds, St. Tammany Parish Hospital Project, Series 2018, 5.000%, 7/01/48 
 
 
 
106,925 
 
Total Louisiana 
 
 
114,160,167 
 
 
Maine – 0.6% (0.4% of Total Investments) 
 
 
 
7,000 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
7,198,730 
 
 
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 
 
 
 
6,300 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/26 at 100.00 
BBB 
6,522,579 
 
 
Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/41 
 
 
 
6,375 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, 
7/28 at 100.00 
A+ 
6,929,434 
 
 
Series 2018A, 5.000%, 7/01/43 
 
 
 
1,050 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
7/21 at 100.00 
BB 
1,114,564 
 
 
Center, Series 2011, 6.750%, 7/01/41 
 
 
 
20,725 
 
Total Maine 
 
 
21,765,307 
 
 
Maryland – 1.3% (0.8% of Total Investments) 
 
 
 
 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
3,260 
 
5.000%, 9/01/35 
9/27 at 100.00 
BBB– 
3,534,492 
1,000 
 
5.000%, 9/01/39 
9/27 at 100.00 
BBB– 
1,057,700 
1,645 
 
5.000%, 9/01/46 
9/27 at 100.00 
BBB– 
1,728,763 
8,610 
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 5.000%, 7/01/41 
1/27 at 100.00 
AA– 
9,468,503 
1,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical 
7/21 at 100.00 
BBB 
1,076,440 
 
 
Center, Series 2011, 6.250%, 7/01/31 
 
 
 
3,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of 
7/22 at 100.00 
A 
3,717,280 
 
 
Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 
 
 
 
4,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of 
1/28 at 100.00 
A 
3,858,280 
 
 
Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 
 
 
 
17,000 
 
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & 
5/28 at 100.00 
AA 
18,727,540 
 
 
Revitalization Program, Series 2018A, 5.000%, 5/01/47 
 
 
 
2,000 
 
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 
6/25 at 100.00 
AA– 
2,171,240 
 
 
5.000%, 12/01/44 
 
 
 
1,150 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King 
11/24 at 103.00 
N/R 
1,195,609 
 
 
Farm Project, Series 2017A-1, 5.000%, 11/01/37 
 
 
 
2,100 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, 
11/24 at 103.00 
N/R 
2,166,003 
 
 
5.000%, 11/01/42 
 
 
 
45,265 
 
Total Maryland 
 
 
48,701,850 
 
82


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Massachusetts – 2.8% (1.7% of Total Investments) 
 
 
 
$ 5,500 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
AA+ 
$ 5,668,135 
 
 
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 
 
 
 
14,375 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
A+ 
14,752,487 
 
 
Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 
 
 
 
1,250 
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 
11/23 at 100.00 
A+ 
1,341,825 
 
 
Obligated Group, Series 2013, 5.250%, 11/15/41 
 
 
 
930 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green 
7/25 at 100.00 
BBB 
972,808 
 
 
Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
12,370 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 
10/26 at 100.00 
Aa3 
13,561,973 
 
 
5.000%, 10/01/46 
 
 
 
3,630 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2, 
7/28 at 100.00 
A– 
3,843,734 
 
 
5.000%, 7/01/53 
 
 
 
1,100 
 
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, 
12/26 at 100.00 
A1 
1,179,992 
 
 
Series 2016N, 5.000%, 12/01/46 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: 
 
 
 
8,800 
 
5.000%, 1/01/45 
1/25 at 100.00 
BBB+ 
9,154,112 
2,070 
 
4.500%, 1/01/45 
1/25 at 100.00 
BBB+ 
2,063,562 
2,700 
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 
11/23 at 100.00 
A+ 
2,898,288 
 
 
5.000%, 11/01/43 
 
 
 
4,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System Issue, 
1/28 at 100.00 
AA– 
4,021,200 
 
 
Series 2017S-1, 4.000%, 7/01/35 
 
 
 
 
 
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 
1,446,557 
1,545 
 
5.000%, 9/01/45 
9/25 at 100.00 
BBB 
1,614,849 
3,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call 
AA– 
3,811,170 
 
 
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured 
 
 
 
4,500 
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare 
7/19 at 100.00 
AA– (4) 
4,592,385 
 
 
System, Series 2010J-1, 5.000%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
3,335 
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare 
7/19 at 100.00 
AA– (4) 
3,540,403 
 
 
System, Tender Option Trust 2015-XF0047, 10.360%, 7/01/34, 144A (Pre-refunded 7/01/19) (IF) 
 
 
 
1,800 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye 
7/20 at 100.00 
N/R (4) 
1,892,214 
 
 
and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 (Pre-refunded 7/01/20) 
 
 
 
900 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 
7/21 at 100.00 
A 
948,573 
 
 
5.125%, 7/01/41 
 
 
 
6,840 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 
5/23 at 100.00 
AAA 
7,428,172 
 
 
2013A, 5.000%, 5/15/43 
 
 
 
7,500 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option 
8/22 at 100.00 
Aa2 
8,948,550 
 
 
Bond Trust 2016-XF2223, 7.759%, 8/15/24, 144A (IF) 
 
 
 
8,050 
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking Revenue 
7/21 at 100.00 
A+ 
8,477,938 
 
 
Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
500 
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 
11/20 at 100.00 
AA (4) 
528,850 
 
 
2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured 
 
 
 
96,075 
 
Total Massachusetts 
 
 
102,687,777 
 
 
Michigan – 5.1% (3.2% of Total Investments) 
 
 
 
5,335 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A+ 
5,651,312 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
2,830 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A 
3,208,569 
 
 
7/01/29 – FGIC Insured 
 
 
 
10,000 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 
7/21 at 100.00 
AA– 
10,595,200 
 
83

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan (continued) 
 
 
 
$ 3,500 
 
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – AGM Insured 
3/28 at 100.00 
AA 
$ 3,401,965 
 
 
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 
7,110,701 
7,955 
 
0.000%, 12/01/22 
No Opt. Call 
AAA 
7,182,251 
8,260 
 
0.000%, 12/01/23 
No Opt. Call 
AAA 
7,236,834 
8,575 
 
0.000%, 12/01/24 
No Opt. Call 
AAA 
7,280,346 
10,000 
 
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien 
7/26 at 100.00 
AA– 
11,092,400 
 
 
Series 2016C, 5.000%, 7/01/35 
 
 
 
27,960 
 
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2016A, 
7/26 at 100.00 
AA– 
30,540,428 
 
 
5.000%, 7/01/46 
 
 
 
 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
 
 
 
 
 
Methodist Hospital, Remarketed Series 2006: 
 
 
 
895 
 
5.250%, 5/15/36 – AGM Insured 
5/20 at 100.00 
A2 
925,958 
1,105 
 
5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured 
5/20 at 100.00 
A2 (4) 
1,155,454 
405 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
AA 
437,027 
 
 
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 
 
 
 
 
 
5.000%, 7/01/37 – AGM Insured 
 
 
 
1,300 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/22 at 100.00 
A+ 
1,375,166 
 
 
Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 
 
 
 
12,520 
 
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding 
12/27 at 100.00 
AA– 
12,567,075 
 
 
Series 2017A, 4.000%, 12/01/36 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding 
 
 
 
 
 
Series 2011MI: 
 
 
 
9,965 
 
5.000%, 12/01/39 
12/21 at 100.00 
AA– 
10,510,982 
35 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (4) 
37,838 
3,000 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 
6/22 at 100.00 
AA– 
3,224,370 
 
 
5.000%, 12/01/31 
 
 
 
9,000 
 
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, 
11/26 at 100.00 
AA+ 
8,758,440 
 
 
Refunding and Project Series 2010F-6, 4.000%, 11/15/47 
 
 
 
1,315 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 
1/22 at 100.00 
A2 
1,362,353 
 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I: 
 
 
 
17,000 
 
5.000%, 4/15/31 
10/25 at 100.00 
Aa2 
19,051,220 
1,615 
 
5.000%, 4/15/38 
10/25 at 100.00 
Aa2 
1,779,036 
11,345 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
N/R (4) 
11,774,295 
 
 
Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
2,000 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
6/22 at 100.00 
AA– 
2,111,800 
 
 
2009C, 5.000%, 12/01/48 
 
 
 
4,575 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
12/18 at 100.00 
B2 
4,584,790 
 
 
Series 2008A, 6.875%, 6/01/42 
 
 
 
5,780 
 
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 
3/22 at 100.00 
A1 
6,145,469 
2,500 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
8/19 at 100.00 
A1 (4) 
2,579,850 
 
 
Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29 (Pre-refunded 8/01/19) 
 
 
 
2,200 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
12/25 at 100.00 
A 
2,389,508 
 
 
Airport, Series 2015D, 5.000%, 12/01/45 
 
 
 
5,000 
 
Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/43 
11/28 at 100.00 
Aa3 
5,487,950 
183,630 
 
Total Michigan 
 
 
189,558,587 
 
 
Minnesota – 1.6% (1.0% of Total Investments) 
 
 
 
285 
 
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory 
8/26 at 100.00 
BB+ 
263,089 
 
 
Academy, Refunding Series 2016A, 4.000%, 8/01/36 
 
 
 
 
84


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Minnesota (continued) 
 
 
 
$ 4,005 
 
City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, Series 
10/24 at 102.00 
N/R 
$ 4,059,708 
 
 
2016, 5.000%, 10/01/41 
 
 
 
 
 
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, 
 
 
 
 
 
Walker Highview Hills LLC Project, Refunding Series 2016A: 
 
 
 
2,130 
 
3.500%, 8/01/25, 144A 
8/22 at 100.00 
N/R 
2,040,668 
1,000 
 
5.000%, 8/01/46, 144A 
8/22 at 100.00 
N/R 
995,460 
4,210 
 
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
2/28 at 100.00 
A– 
4,403,871 
 
 
Essentia Health Obligated Group,Series 2018A, 5.000%, 2/15/53 (WI/DD, Settling 11/01/18) 
 
 
 
9,840 
 
Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School 
2/27 at 100.00 
AAA 
9,956,899 
 
 
Building Series 2018A, 4.000%, 2/01/41 
 
 
 
5,600 
 
Itasca County Independent School District 318, Minnesota, General Obligation Bonds, Series 
2/27 at 100.00 
AAA 
5,710,208 
 
 
2018A, 4.000%, 2/01/37 
 
 
 
680 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 
11/28 at 100.00 
A+ 
727,042 
 
 
2018A, 5.000%, 11/15/49 
 
 
 
 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
 
 
 
 
 
Senior Lien Series 2016C: 
 
 
 
3,500 
 
5.000%, 1/01/41 
1/27 at 100.00 
AA– 
3,872,470 
5,000 
 
5.000%, 1/01/46 
1/27 at 100.00 
AA– 
5,513,400 
2,855 
 
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 
12/26 at 100.00 
Aa3 
3,143,526 
4,230 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, 
9/24 at 102.00 
BBB– 
3,904,332 
 
 
Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 
 
 
 
3,000 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, 
7/25 at 100.00 
A+ 
3,331,140 
 
 
HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/30 
 
 
 
595 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview 
11/27 at 100.00 
A+ 
596,339 
 
 
Health Services, Series 2017A, 4.000%, 11/15/35 
 
 
 
850 
 
Sartell, Minnesota, Health Care Facilities Revenue Bonds, Country Manor Campus LLC Project, 
9/27 at 100.00 
N/R 
903,559 
 
 
Refunding Series 2017, 5.000%, 9/01/42 
 
 
 
 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast 
 
 
 
 
 
Inc., Series 2015A: 
 
 
 
550 
 
5.250%, 11/15/35 (Pre-refunded 11/15/20) 
11/20 at 100.00 
N/R (4) 
583,330 
3,595 
 
5.000%, 11/15/40 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (4) 
4,131,518 
5,315 
 
5.000%, 11/15/44 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (4) 
6,108,211 
57,240 
 
Total Minnesota 
 
 
60,244,770 
 
 
Mississippi – 0.6% (0.4% of Total Investments) 
 
 
 
13,390 
 
Medical Center Educational Building Corporation, Mississippi, Revenue Bonds, University of 
6/27 at 100.00 
Aa2 
12,881,716 
 
 
Mississippi Medical Center New Facilities & Refinancing Project, Series 2017A, 4.000%, 6/01/47 
 
 
 
9,705 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/19 at 100.00 
BBB+ 
9,724,895 
 
 
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
23,095 
 
Total Mississippi 
 
 
22,606,611 
 
 
Missouri – 3.4% (2.1% of Total Investments) 
 
 
 
2,585 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales 
10/22 at 100.00 
AA+ 
2,803,355 
 
 
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 
 
 
 
 
 
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016: 
 
 
 
2,470 
 
4.000%, 8/01/33 
8/26 at 100.00 
A– 
2,322,541 
4,590 
 
5.000%, 8/01/35 
8/26 at 100.00 
A– 
4,660,365 
640 
 
4.000%, 8/01/38 
8/26 at 100.00 
A– 
578,138 
 
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal 
 
 
 
 
 
Regional Healthcare System, Series 2017: 
 
 
 
2,860 
 
5.000%, 10/01/42 
10/27 at 100.00 
BBB+ 
3,046,072 
1,000 
 
5.000%, 10/01/47 
10/27 at 100.00 
BBB+ 
1,060,460 
 
85

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, 
 
 
 
 
 
Series 2004B-1: 
 
 
 
$ 8,150 
 
0.000%, 4/15/27 – AMBAC Insured 
No Opt. Call 
AA– 
$ 6,058,139 
5,000 
 
0.000%, 4/15/31 – AMBAC Insured 
No Opt. Call 
AA– 
3,117,400 
 
 
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A: 
 
 
 
2,475 
 
4.000%, 1/01/38 
1/28 at 100.00 
AA 
2,514,823 
4,470 
 
4.000%, 1/01/42 
1/28 at 100.00 
AA 
4,514,298 
315 
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing 
No Opt. Call 
A 
324,179 
 
 
Project, Series 2005A, 6.000%, 6/01/20 
 
 
 
1,350 
 
Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint 
5/26 at 100.00 
A+ 
1,465,412 
 
 
Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/35 
 
 
 
1,400 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
6/27 at 100.00 
A1 
1,514,534 
 
 
Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/42 
 
 
 
11,985 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB+ 
12,612,415 
 
 
Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
8,665 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC 
1/25 at 100.00 
AA 
8,622,801 
 
 
Health System, Series 2015A, 4.000%, 1/01/45 
 
 
 
14,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC 
1/28 at 100.00 
AA 
13,762,420 
 
 
Health System, Series 2018, 4.000%, 1/01/58 (UB) (5) 
 
 
 
1,500 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC 
7/26 at 100.00 
AA 
1,470,675 
 
 
Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 
 
 
 
 
 
(Mandatory put 1/01/46) 
 
 
 
17,300 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
18,178,321 
 
 
CoxHealth, Series 2013A, 5.000%, 11/15/48 
 
 
 
2,220 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy 
11/27 at 100.00 
AA– 
2,418,557 
 
 
Health, Series 2017C, 5.000%, 11/15/42 
 
 
 
3,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM 
6/24 at 100.00 
AA– 
3,014,850 
 
 
Health Care, Series 2014A, 4.000%, 6/01/33 
 
 
 
10,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy 
5/25 at 102.00 
A+ 
9,805,400 
 
 
Hospital, Series 2017A, 4.000%, 5/15/42 
 
 
 
4,155 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services 
2/24 at 100.00 
BBB 
4,357,681 
 
 
Projects, Series 2014A, 5.000%, 2/01/35 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services 
 
 
 
 
 
Projects, Series 2016A: 
 
 
 
1,900 
 
5.000%, 2/01/36 
2/26 at 100.00 
N/R 
2,007,388 
2,550 
 
5.000%, 2/01/46 
2/26 at 100.00 
N/R 
2,672,910 
7,085 
 
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue 
6/26 at 100.00 
A2 
7,846,708 
 
 
Bonds, Refunding Series 2016A, 5.000%, 12/01/34 
 
 
 
 
 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, 
 
 
 
 
 
Refunding Series 2016C: 
 
 
 
1,675 
 
4.000%, 12/01/31 
12/25 at 100.00 
AA+ 
1,729,203 
2,535 
 
5.000%, 12/01/32 
12/25 at 100.00 
AA+ 
2,844,169 
220 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/23 at 100.00 
BB+ 
236,144 
 
 
of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
126,095 
 
Total Missouri 
 
 
125,559,358 
 
 
Montana – 0.4% (0.2% of Total Investments) 
 
 
 
1,475 
 
Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran 
5/25 at 102.00 
N/R 
1,505,474 
 
 
Corporation, Series 2017A, 5.250%, 5/15/47 
 
 
 
3,310 
 
Montana Facilities Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman 
6/28 at 100.00 
A 
3,582,148 
 
 
Deaconess Health Services Obligated Group, Series 2018, 5.000%, 6/01/48 
 
 
 
4,965 
 
Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional 
7/28 at 100.00 
BBB 
5,213,151 
 
 
Medical Center, Series 2018B, 5.000%, 7/01/48 
 
 
 
 
86


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Montana (continued) 
 
 
 
$ 2,580 
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated 
2/27 at 100.00 
N/R 
$ 2,765,941 
 
 
Group, Refunding Series 2016, 5.000%, 2/15/41 
 
 
 
1,825 
 
Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, Series 
8/28 at 100.00 
AA– 
2,004,051 
 
 
2018A, 5.000%, 8/15/48 
 
 
 
14,155 
 
Total Montana 
 
 
15,070,765 
 
 
Nebraska – 1.1% (0.7% of Total Investments) 
 
 
 
2,620 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
A 
2,817,024 
 
 
5.000%, 9/01/42 
 
 
 
3,000 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s 
5/27 at 100.00 
AA– 
3,217,350 
 
 
Hospital Obligated Group, Series 2017, 5.000%, 11/15/47 
 
 
 
 
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
 
 
 
 
 
Methodist Health System, Refunding Series 2015: 
 
 
 
700 
 
5.000%, 11/01/45 
11/25 at 100.00 
A 
748,524 
1,400 
 
5.000%, 11/01/48 
11/25 at 100.00 
A 
1,491,742 
2,280 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
11/21 at 100.00 
A– 
2,378,496 
 
 
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
 
 
 
4,000 
 
Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 
9/22 at 100.00 
AA 
4,326,440 
 
 
Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health 
 
 
 
 
 
Services Project, Refunding Series 2017A: 
 
 
 
2,150 
 
5.000%, 7/01/29 
7/27 at 100.00 
BBB 
2,332,234 
2,000 
 
5.000%, 7/01/30 
7/27 at 100.00 
BBB 
2,158,800 
 
 
Madison County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Faith Regional Health 
 
 
 
 
 
Services Project, Series 2018: 
 
 
 
1,000 
 
5.000%, 7/01/32 
7/25 at 100.00 
BBB 
1,056,140 
820 
 
5.000%, 7/01/33 
7/25 at 100.00 
BBB 
864,075 
2,000 
 
5.000%, 7/01/34 
7/25 at 100.00 
BBB 
2,102,740 
5,110 
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 
10/26 at 100.00 
A 
5,602,400 
 
 
2016A, 5.000%, 4/01/38 
 
 
 
10,000 
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 
2/22 at 100.00 
AA (4) 
10,866,000 
 
 
2/01/42 (Pre-refunded 2/01/22) 
 
 
 
37,080 
 
Total Nebraska 
 
 
39,961,965 
 
 
Nevada – 5.7% (3.5% of Total Investments) 
 
 
 
6,030 
 
Carson City, Nevada, Hospital Revenue Bonds, Carson Tahoe Regional Healthcare Project, Series 
9/27 at 100.00 
BBB+ 
6,373,409 
 
 
2017A, 5.000%, 9/01/47 
 
 
 
2,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – 
7/19 at 100.00 
AA 
2,038,780 
 
 
AGM Insured 
 
 
 
27,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
28,075,410 
 
 
Clark County, Nevada, General Obligation Bonds, Limited Tax Bond Bank Additionally Secured by 
 
 
 
 
 
Pledged Revenues, Refunding Series 2009: 
 
 
 
3,520 
 
5.000%, 6/01/27 
6/19 at 100.00 
AA+ 
3,577,306 
3,695 
 
5.000%, 6/01/28 
6/19 at 100.00 
AA+ 
3,754,490 
3,880 
 
5.000%, 6/01/29 
6/19 at 100.00 
AA+ 
3,941,808 
17,525 
 
Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax Additionally 
6/28 at 100.00 
AA+ 
19,452,750 
 
 
Secured by Pledged Revenues, Series 2018A, 5.000%, 5/01/48 
 
 
 
 
 
Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B: 
 
 
 
4,915 
 
5.000%, 7/01/25 
1/20 at 100.00 
AA+ 
5,075,573 
4,160 
 
5.000%, 7/01/26 
1/20 at 100.00 
AA+ 
4,295,907 
 
 
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 
AA 
12,662,018 
35,860 
 
5.250%, 7/01/42 
1/20 at 100.00 
Aa3 
37,008,237 
 
87

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nevada (continued) 
 
 
 
$ 365 
 
Director of the State of Nevada Department of Business and Industry, Charter School Lease 
12/25 at 100.00 
BB 
$ 366,062 
 
 
Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A 
 
 
 
 
 
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, 
 
 
 
 
 
Refunding Series 2016: 
 
 
 
2,300 
 
4.000%, 9/01/26 
No Opt. Call 
N/R 
2,319,941 
1,525 
 
4.000%, 9/01/27 
9/26 at 100.00 
N/R 
1,519,312 
2,660 
 
4.000%, 9/01/29 
9/26 at 100.00 
N/R 
2,607,146 
2,920 
 
4.000%, 9/01/30 
9/26 at 100.00 
N/R 
2,839,291 
10,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 
6/21 at 100.00 
AA+ 
10,589,900 
 
 
5.000%, 6/01/38 
 
 
 
 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: 
 
 
 
5,000 
 
5.000%, 6/01/32 
12/24 at 100.00 
AA+ 
5,590,250 
10,000 
 
5.000%, 6/01/33 
12/24 at 100.00 
AA+ 
11,150,900 
7,170 
 
5.000%, 6/01/39 
12/24 at 100.00 
AA+ 
7,852,942 
11,915 
 
5.000%, 6/01/39 (UB) 
12/24 at 100.00 
AA+ 
13,049,904 
 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option 
 
 
 
 
 
Bond Trust 2015-XF0233: 
 
 
 
1,000 
 
13.323%, 12/01/22, 144A (IF) 
No Opt. Call 
AA+ 
1,380,990 
1,250 
 
13.323%, 6/01/39, 144A (IF) 
12/24 at 100.00 
AA+ 
1,726,238 
1,250 
 
13.323%, 6/01/39, 144A (IF) 
12/24 at 100.00 
AA+ 
1,726,238 
2,500 
 
13.323%, 6/01/39, 144A (IF) 
12/24 at 100.00 
AA+ 
3,452,475 
3,995 
 
13.316%, 12/01/22, 144A (IF) 
No Opt. Call 
AA+ 
5,516,096 
4,100 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 
6/22 at 100.00 
AA+ 
4,396,512 
 
 
5.000%, 6/01/42 
 
 
 
3,760 
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured 
6/24 at 49.90 
BBB+ 
1,480,688 
 
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, 
 
 
 
 
 
Refunding Series 2011: 
 
 
 
8,145 
 
5.000%, 7/01/32 
7/21 at 100.00 
AA 
8,685,909 
395 
 
5.000%, 7/01/32 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (4) 
423,136 
201,100 
 
Total Nevada 
 
 
212,929,618 
 
 
New Hampshire – 0.4% (0.2% of Total Investments) 
 
 
 
8,000 
 
New Hampshire Business Finance Authority,Revenue Bonds, Elliot Hospital Obligated Group Issue, 
10/19 at 100.00 
Baa1 (4) 
8,297,920 
 
 
Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
1,500 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Concord Hospital, 
10/27 at 100.00 
A+ 
1,605,675 
 
 
Series 2017, 5.000%, 10/01/47 
 
 
 
 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock 
 
 
 
 
 
Obligated Group, Series 2018A: 
 
 
 
1,115 
 
5.000%, 8/01/36 
2/28 at 100.00 
A 
1,214,815 
1,435 
 
5.000%, 8/01/37 
2/28 at 100.00 
A 
1,557,635 
12,050 
 
Total New Hampshire 
 
 
12,676,045 
 
 
New Jersey – 6.5% (4.0% of Total Investments) 
 
 
 
20,890 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding 
12/26 at 100.00 
A– 
23,058,382 
 
 
Series 2016BBB, 5.500%, 6/15/30 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2014UU: 
 
 
 
5,515 
 
5.000%, 6/15/30 
6/24 at 100.00 
A– 
5,809,722 
5,000 
 
5.000%, 6/15/40 
6/24 at 100.00 
A– 
5,147,700 
1,005 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/27 at 100.00 
A– 
1,039,070 
 
 
2017DDD, 5.000%, 6/15/42 
 
 
 
6,975 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/21 at 100.00 
A– 
7,273,669 
 
 
Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 
 
 
 
10,600 
 
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit 
No Opt. Call 
A– 
11,579,228 
 
 
Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 
 
 
 
 
88


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$ 6,000 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, 
6/27 at 100.00 
AA 
$ 6,387,060 
 
 
Refunding Series 2017, 5.000%, 6/01/42 – AGM Insured 
 
 
 
2,020 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
1/19 at 100.00 
BB+ 
2,024,464 
 
 
University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
2,500 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian 
7/27 at 100.00 
AA– 
2,782,025 
 
 
Health Obligated Group, Refunding Series 2017A, 5.000%, 7/01/37 
 
 
 
720 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson 
7/23 at 100.00 
A+ 
790,855 
 
 
University Hospital, Series 2013A, 5.500%, 7/01/43 
 
 
 
10,970 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health 
7/26 at 100.00 
A+ 
12,028,605 
 
 
Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 
 
 
 
695 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital 
7/25 at 100.00 
AA 
744,081 
 
 
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, 
 
 
 
 
 
Series 2016A-1: 
 
 
 
3,050 
 
5.000%, 6/15/28 
6/26 at 100.00 
A+ 
3,353,536 
7,795 
 
5.000%, 6/15/29 
6/26 at 100.00 
A+ 
8,521,728 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
 
 
 
 
 
Appreciation Series 2010A: 
 
 
 
5,000 
 
0.000%, 12/15/26 
No Opt. Call 
A– 
3,567,800 
16,495 
 
0.000%, 12/15/33 
No Opt. Call 
A– 
8,075,622 
 
 
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+ 
1,388,094 
10,000 
 
0.000%, 12/15/30 – FGIC Insured 
No Opt. Call 
A– 
5,880,000 
38,000 
 
0.000%, 12/15/33 – AGM Insured 
No Opt. Call 
AA 
19,707,940 
45,000 
 
0.000%, 12/15/35 – AMBAC Insured 
No Opt. Call 
A– 
20,044,800 
10,000 
 
0.000%, 12/15/36 – AMBAC Insured 
No Opt. Call 
A– 
4,204,000 
4,500 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 
No Opt. Call 
AA 
4,518,045 
 
 
5.500%, 12/15/18 – AGM Insured 
 
 
 
10,500 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 
11/18 at 100.00 
AA (4) 
10,515,855 
 
 
5.000%, 12/15/34 (Pre-refunded 11/19/18) – AMBAC Insured 
 
 
 
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 
No Opt. Call 
A– 
5,446,350 
 
 
5.000%, 12/15/23 
 
 
 
2,310 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 
6/21 at 100.00 
A– 
2,431,691 
 
 
5.500%, 6/15/31 
 
 
 
1,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 
6/22 at 100.00 
A– 
1,022,510 
 
 
5.000%, 6/15/42 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA: 
 
 
 
5,500 
 
5.000%, 6/15/29 
6/23 at 100.00 
A– 
5,796,065 
7,500 
 
5.500%, 6/15/39 
6/23 at 100.00 
A– 
7,963,350 
14,000 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – 
No Opt. Call 
AA 
16,248,400 
 
 
AGM Insured 
 
 
 
 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009H: 
 
 
 
1,750 
 
5.000%, 1/01/36 (Pre-refunded 1/01/19) 
1/19 at 100.00 
N/R (4) 
1,759,118 
3,250 
 
5.000%, 1/01/36 (Pre-refunded 1/01/19) 
1/19 at 100.00 
A+ (4) 
3,266,933 
1,160 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 
1/28 at 100.00 
A+ 
1,185,880 
 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: 
 
 
 
505 
 
12.523%, 1/01/43, 144A (IF) (5) 
7/22 at 100.00 
A2 
682,502 
810 
 
12.523%, 1/01/43, 144A (Pre-refunded 7/01/22) (IF) (5) 
7/22 at 100.00 
N/R (4) 
1,094,707 
1,500 
 
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G, 4.000%, 1/01/33 
1/28 at 100.00 
A+ 
1,542,885 
3,000 
 
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 
No Opt. Call 
Aa2 
2,449,530 
 
 
9/01/25 – NPFG Insured 
 
 
 
 
89

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L: 
 
 
 
$ 2,000 
 
5.000%, 5/01/38 
5/23 at 100.00 
Aa3 
$ 2,181,180 
910 
 
5.000%, 5/01/43 
5/23 at 100.00 
Aa3 
991,236 
15,235 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB+ 
16,140,111 
 
 
Series 2018A, 5.250%, 6/01/46 
 
 
 
2,615 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB 
2,654,696 
 
 
Series 2018B, 5.000%, 6/01/46 
 
 
 
293,090 
 
Total New Jersey 
 
 
241,299,425 
 
 
New York – 6.3% (3.9% of Total Investments) 
 
 
 
7,000 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
No Opt. Call 
BBB– 
1,921,780 
 
 
Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 
 
 
 
3,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 
4/21 at 100.00 
AAA 
3,171,660 
 
 
2011A, 5.000%, 10/01/41 
 
 
 
7,435 
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 
7/20 at 100.00 
AA (4) 
7,853,516 
 
 
2010, 5.500%, 7/01/43 (Pre-refunded 7/01/20) – AGM Insured 
 
 
 
12,830 
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 
7/25 at 100.00 
A– 
13,798,665 
 
 
2015A, 5.000%, 7/01/50 
 
 
 
3,200 
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/22 at 100.00 
Aa2 
3,449,184 
 
 
2012A, 5.000%, 7/01/42 
 
 
 
4,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/23 at 100.00 
Aa2 
4,360,160 
 
 
2013A, 5.000%, 7/01/43 
 
 
 
1,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical 
6/27 at 100.00 
BBB– 
1,082,570 
 
 
Center Obligated Group, Series 2017, 5.000%, 12/01/33, 144A 
 
 
 
14,075 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
2/25 at 100.00 
AAA 
15,397,628 
 
 
General Purpose Series 2015B Group C, 5.000%, 2/15/36 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
1,295 
 
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
1,386,401 
9,670 
 
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
10,241,400 
2,105 
 
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (4) 
2,277,505 
445 
 
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (4) 
476,528 
10,000 
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 
No Opt. Call 
A 
11,879,800 
 
 
2005, 5.250%, 10/01/35 
 
 
 
 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A: 
 
 
 
1,045 
 
4.000%, 9/01/39 – AGM Insured 
9/24 at 100.00 
AA 
1,053,067 
780 
 
5.000%, 9/01/44 
9/24 at 100.00 
A– 
849,771 
5,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018, 
9/28 at 100.00 
A– 
5,570,600 
 
 
5.000%, 9/01/37 
 
 
 
7,240 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 
5/21 at 100.00 
A– (4) 
7,751,868 
 
 
5/01/38 (Pre-refunded 5/01/21) 
 
 
 
15,100 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 
9/22 at 100.00 
A– 
16,184,482 
 
 
5.000%, 9/01/42 
 
 
 
3,500 
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
AA 
3,783,570 
 
 
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/30 
 
 
 
1,000 
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds,University of 
7/23 at 100.00 
AA– (4) 
1,123,440 
 
 
Rochester Project, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/23) 
 
 
 
2,100 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
12/20 at 100.00 
AA+ 
2,229,633 
 
 
Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 
 
 
 
7,225 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/23 at 100.00 
AA+ 
7,753,436 
 
 
General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 
 
 
 
 
90


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 5,000 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/27 at 100.00 
AA+ 
$ 5,577,350 
 
 
General Resolution Revenue Bonds, Fiscal 2017 Series EE, 5.000%, 6/15/37 
 
 
 
3,500 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 
7/27 at 100.00 
AA 
3,530,625 
 
 
2018, Series 2017S-1, 4.000%, 7/15/36 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
5/23 at 100.00 
AAA 
5,419,950 
 
 
Fiscal 2013 Series I, 5.000%, 5/01/38 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
5/28 at 100.00 
AAA 
5,563,100 
 
 
Fiscal 2018 Series C-3, 5.000%, 5/01/41 
 
 
 
2,060 
 
New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 
12/26 at 100.00 
AA 
2,274,281 
10 
 
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 
1/19 at 100.00 
AA 
10,031 
5 
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 
1/19 at 100.00 
AA 
5,018 
23,920 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
24,532,830 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
6,385 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
6,964,566 
 
 
Center Project, Series 2011, 5.750%, 11/15/51 
 
 
 
4,045 
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water 
6/22 at 100.00 
AAA 
5,133,105 
 
 
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, 
 
 
 
 
 
Tender Option Bond Trust 2016-XL0002, 10.612%, 6/15/26, 144A (IF) (5) 
 
 
 
8,000 
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 
1/26 at 100.00 
A– 
8,586,320 
 
 
2016A, 5.000%, 1/01/51, (UB) (5) 
 
 
 
2,105 
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital 
7/22 at 100.00 
N/R (4) 
2,311,332 
 
 
Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
3,925 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy 
12/23 at 100.00 
AA– 
4,335,123 
 
 
Ninth Series 2013, 5.000%, 12/01/38 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
8,550 
 
5.500%, 12/01/31 
12/20 at 100.00 
Baa1 
9,093,609 
3,710 
 
6.000%, 12/01/42 
12/20 at 100.00 
Baa1 
3,974,708 
9,950 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
No Opt. Call 
AA– 
11,032,361 
 
 
Bonds, Tender Option Bond Trust 2016-XL0003, 5.794%, 11/15/21, 144A (IF) (5) 
 
 
 
5,000 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
5/25 at 100.00 
AA– 
5,468,350 
 
 
Series 2015A, 5.000%, 11/15/50 
 
 
 
 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
 
 
 
 
 
Subordinate Lien Series 2013A: 
 
 
 
10,725 
 
0.000%, 11/15/31 
No Opt. Call 
A+ 
6,515,438 
1,105 
 
0.000%, 11/15/32 
No Opt. Call 
A+ 
639,917 
227,040 
 
Total New York 
 
 
234,564,678 
 
 
North Carolina – 1.1% (0.7% of Total Investments) 
 
 
 
3,555 
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 
7/20 at 100.00 
AAA 
4,030,872 
 
 
2016-XL0012, 10.562%, 7/01/38, 144A (IF) (5) 
 
 
 
1,000 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/21 at 100.00 
AA– 
1,056,560 
 
 
Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 
 
 
 
3,440 
 
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical 
10/27 at 100.00 
A+ 
3,719,810 
 
 
Center, Series 2017, 5.000%, 10/01/47 
 
 
 
9,485 
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, 
10/25 at 100.00 
AA+ 
10,449,625 
 
 
Series 2015B, 5.000%, 10/01/55, (UB) (5) 
 
 
 
2,720 
 
North Carolina Medical Care Commission,Retirement Facilities First Mortgage Revenue Bonds, 
10/24 at 102.00 
N/R 
2,800,485 
 
 
Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 
 
 
 
3,560 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/19 at 100.00 
Aa2 (4) 
3,624,614 
 
 
Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) 
 
 
 
 
91

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
North Carolina (continued) 
 
 
 
$ 5,000 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/22 at 100.00 
AA 
$ 5,363,350 
 
 
Health System, Series 2012A, 5.000%, 6/01/42 
 
 
 
1,455 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, 
6/22 at 100.00 
A+ 
1,542,402 
 
 
Refunding Series 2012A, 5.000%, 6/01/36 
 
 
 
 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
 
 
 
 
 
Refunding Series 2012A: 
 
 
 
3,300 
 
5.000%, 10/01/31 
10/22 at 100.00 
A+ 
3,568,554 
1,500 
 
5.000%, 10/01/38 
10/22 at 100.00 
A+ 
1,616,295 
1,900 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 
1/19 at 100.00 
AA (4) 
1,912,084 
 
 
5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 
 
 
 
36,915 
 
Total North Carolina 
 
 
39,684,651 
 
 
North Dakota – 0.9% (0.5% of Total Investments) 
 
 
 
5,080 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/22 at 100.00 
N/R (4) 
5,450,027 
 
 
Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22) 
 
 
 
 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011: 
 
 
 
1,500 
 
6.000%, 11/01/28 
11/21 at 100.00 
A+ 
1,664,460 
3,910 
 
6.250%, 11/01/31 
11/21 at 100.00 
A+ 
4,358,438 
1,015 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
12/21 at 100.00 
A– 
1,053,357 
 
 
Group, Series 2012, 5.000%, 12/01/35 
 
 
 
4,635 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
12/27 at 100.00 
A– 
4,934,004 
 
 
Group, Series 2017A, 5.000%, 12/01/42 
 
 
 
900 
 
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and 
12/26 at 100.00 
N/R 
875,943 
 
 
Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
500 
 
Grand Forks, North Dakota, Senior Housing and Nursing Facilities Revenue Bonds, Valley Homes 
No Opt. Call 
N/R 
522,120 
 
 
Obligated Group, Series 2016A, 5.125%, 12/01/24 
 
 
 
12,565 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C, 
6/28 at 100.00 
BBB– 
12,881,889 
 
 
5.000%, 6/01/48 
 
 
 
1,420 
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC 
9/23 at 100.00 
N/R 
568,000 
 
 
Project, Series 2013, 7.750%, 9/01/38 (7) 
 
 
 
31,525 
 
Total North Dakota 
 
 
32,308,238 
 
 
Ohio – 10.1% (6.2% of Total Investments) 
 
 
 
 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue 
 
 
 
 
 
Bonds, Summa Health System, Refunding & Improvement Series 2016: 
 
 
 
3,020 
 
5.250%, 11/15/41 
11/26 at 100.00 
A– 
3,232,215 
8,255 
 
5.250%, 11/15/46 
11/26 at 100.00 
A– 
8,800,325 
320 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/22 at 100.00 
AA– 
337,139 
 
 
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 
 
 
 
 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and 
 
 
 
 
 
Improvement Series 2012A: 
 
 
 
650 
 
5.000%, 5/01/33 
5/22 at 100.00 
AA– 
695,084 
860 
 
4.000%, 5/01/33 
5/22 at 100.00 
AA– 
861,109 
800 
 
5.000%, 5/01/42 
5/22 at 100.00 
AA– 
847,288 
10,990 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & Improvement 
11/24 at 100.00 
AA– 
11,600,824 
 
 
Series 2015A, 5.000%, 11/01/43 
 
 
 
6,655 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 
2/28 at 100.00 
AA– 
6,468,527 
 
 
4.000%, 8/01/38 
 
 
 
2,750 
 
Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, 5.000%, 6/01/42 
6/27 at 100.00 
A+ 
2,985,428 
 
92


           
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: 
 
 
 
$ 4,370 
 
5.375%, 6/01/24 
12/18 at 100.00 
B– 
$ 4,270,102 
12,060 
 
5.125%, 6/01/24 
12/18 at 100.00 
B– 
11,669,256 
22,350 
 
5.875%, 6/01/30 
12/18 at 100.00 
B– 
22,026,372 
37,190 
 
5.750%, 6/01/34 
12/18 at 100.00 
B– 
35,919,218 
14,555 
 
6.000%, 6/01/42 
12/18 at 100.00 
B– 
14,373,354 
1,500 
 
6.500%, 6/01/47 
12/18 at 100.00 
B– 
1,516,155 
33,485 
 
5.875%, 6/01/47 
12/18 at 100.00 
B– 
32,646,201 
14,570 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
B– 
14,722,256 
 
 
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
6,000 
 
Butler County, Ohio,Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 
11/20 at 100.00 
A (4) 
6,350,820 
 
 
11/01/29 (Pre-refunded 11/01/20) 
 
 
 
 
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, 
 
 
 
 
 
School Improvement Series 2014: 
 
 
 
7,060 
 
5.000%, 12/01/51 
6/23 at 100.00 
AA 
7,535,209 
10,480 
 
5.000%, 12/01/51 (Pre-refunded 6/01/23) 
6/23 at 100.00 
N/R (4) 
11,659,943 
5,165 
 
Cuyahoga Community College District, Ohio, General Obligation Bonds, Facilities Construction & 
6/26 at 100.00 
Aa1 
5,259,623 
 
 
Improvement Series 2018, 4.000%, 12/01/38 
 
 
 
5,975 
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, 
6/23 at 100.00 
Baa3 
6,128,139 
 
 
Series 2013, 5.000%, 6/15/43 
 
 
 
1,465 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
5/22 at 100.00 
Aa2 
1,551,098 
 
 
Improvement Series 2012A, 5.000%, 11/01/42 
 
 
 
6,345 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 
AA+ 
6,721,893 
 
 
5.000%, 11/15/41 
 
 
 
6,950 
 
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 
12/27 at 100.00 
AA– 
7,485,567 
 
 
5.000%, 12/01/47 
 
 
 
10,000 
 
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 
4/19 at 100.00 
A+ 
10,141,600 
 
 
5.500%, 4/01/39 
 
 
 
 
 
Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities Project, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,500 
 
5.000%, 1/01/47 
1/27 at 100.00 
N/R 
1,529,100 
1,120 
 
5.000%, 1/01/52 
1/27 at 100.00 
N/R 
1,137,931 
 
 
Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & 
 
 
 
 
 
Improvement Series 2016: 
 
 
 
3,425 
 
5.000%, 1/01/46 
1/26 at 100.00 
N/R 
3,486,684 
6,000 
 
5.000%, 1/01/51 
1/26 at 100.00 
N/R 
6,089,820 
 
 
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 
Aa3 
7,454,847 
14,850 
 
5.000%, 1/01/38 (UB) (5) 
1/23 at 100.00 
Aa3 
15,997,757 
 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0052: 
 
 
 
875 
 
13.546%, 1/01/38, 144A (IF), (5) 
1/23 at 100.00 
Aa3 
1,145,524 
1,050 
 
13.546%, 1/01/38, 144A (IF), (5) 
1/23 at 100.00 
Aa3 
1,374,628 
2,305 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
Baa1 (4) 
2,556,568 
 
 
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
6,000 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding 
No Opt. Call 
A2 
6,928,140 
 
 
Series 2007, 5.250%, 12/01/31 – AGM Insured 
 
 
 
4,380 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
1/19 at 100.00 
BBB+ 
4,428,224 
 
 
5.000%, 5/01/30 
 
 
 
21,000 
 
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & 
11/24 at 100.00 
AA+ 
22,975,260 
 
 
Improvement Series 2014, 5.000%, 11/15/49 
 
 
 
9,365 
 
Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series 
6/28 at 100.00 
A+ 
10,205,134 
 
 
2018A, 5.000%, 12/01/48 
 
 
 
 
93

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
  October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 7,500 
 
Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, 
1/19 at 100.00 
AA (4) 
$ 7,543,275 
 
 
Refunding Series 2009A, 5.500%, 1/01/39 (Pre-refunded 1/01/19) 
 
 
 
19,515 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
Aa3 
20,951,109 
 
 
2013A-1, 5.000%, 2/15/48 
 
 
 
7,550 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
Aa3 
7,149,774 
 
 
Convertible Series 2013A-3, 0.000%, 2/15/36 (6) 
 
 
 
9,000 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Series 
2/28 at 100.00 
Aa3 
9,027,270 
 
 
2018A, 4.000%, 2/15/46 
 
 
 
 
 
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System 
 
 
 
 
 
Obligated Group Project, Refunding and Improvement Series 2012: 
 
 
 
135 
 
5.750%, 12/01/32 
12/22 at 100.00 
BB– 
142,456 
130 
 
6.000%, 12/01/42 
12/22 at 100.00 
BB– 
135,372 
4,190 
 
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA 
4,868,445 
 
 
Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured 
 
 
 
3,670 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities 
3/25 at 100.00 
N/R 
3,640,824 
 
 
Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 
 
 
 
364,300 
 
Total Ohio 
 
 
374,572,887 
 
 
Oklahoma – 0.4% (0.2% of Total Investments) 
 
 
 
 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, 
 
 
 
 
 
Series 2018B: 
 
 
 
4,905 
 
5.250%, 8/15/48 
8/28 at 100.00 
Baa3 
5,205,235 
1,380 
 
5.500%, 8/15/52 
8/28 at 100.00 
Baa3 
1,485,901 
3,190 
 
5.500%, 8/15/57 
8/28 at 100.00 
Baa3 
3,421,754 
4,000 
 
Oklahoma Development Finance Authority, Revenue Bonds, Provident Oklahoma Education 
8/27 at 100.00 
BB 
3,705,720 
 
 
Resources Inc.- Cross Village Student Housing Project, Series 2017, 5.000%, 8/01/47 
 
 
 
1,125 
 
Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, 
11/25 at 102.00 
N/R 
1,218,116 
 
 
Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 
 
 
 
14,600 
 
Total Oklahoma 
 
 
15,036,726 
 
 
Oregon – 1.1% (0.7% of Total Investments) 
 
 
 
 
 
Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest 
 
 
 
 
 
Series 2017A: 
 
 
 
760 
 
0.000%, 6/15/38 (6) 
6/27 at 100.00 
Aa1 
773,726 
2,750 
 
0.000%, 6/15/39 (6) 
6/27 at 100.00 
Aa1 
2,793,368 
 
 
Columbia County School District 502 Saint Helens, Oregon, General Obligation Bonds, 
 
 
 
 
 
Series 2017: 
 
 
 
1,310 
 
5.000%, 6/15/38 
6/27 at 100.00 
Aa1 
1,461,266 
1,705 
 
5.000%, 6/15/39 
6/27 at 100.00 
Aa1 
1,897,836 
7,420 
 
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 
6/26 at 100.00 
AA– 
7,961,066 
 
 
5.000%, 6/01/46 
 
 
 
 
 
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A: 
 
 
 
6,240 
 
5.000%, 10/01/35 
10/26 at 100.00 
BBB+ 
6,734,208 
2,260 
 
5.000%, 10/01/46 
10/26 at 100.00 
BBB+ 
2,388,368 
8,890 
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 
11/23 at 100.00 
AAA 
9,798,202 
 
 
2013A, 5.000%, 11/15/38 
 
 
 
5,265 
 
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding 
5/26 at 100.00 
A+ 
5,629,285 
 
 
Series 2016A, 5.000%, 5/15/46 
 
 
 
36,600 
 
Total Oregon 
 
 
39,437,325 
 
 
Pennsylvania – 6.3% (3.9% of Total Investments) 
 
 
 
15,000 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health 
4/28 at 100.00 
A 
15,864,900 
 
 
Network Obligated Group Issue, Series 2018A, 5.000%, 4/01/47 
 
 
 
 
94


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
 
 
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 
AA– 
$ 1,280,638 
3,000 
 
5.625%, 8/15/39 
8/19 at 100.00 
AA– 
3,072,870 
 
 
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 
AA 
2,820,531 
3,125 
 
0.000%, 5/15/23 – AGM Insured 
No Opt. Call 
AA 
2,725,281 
3,135 
 
0.000%, 5/15/24 – AGM Insured 
No Opt. Call 
AA 
2,639,764 
3,155 
 
0.000%, 5/15/26 – AGM Insured 
No Opt. Call 
AA 
2,467,147 
4,145 
 
0.000%, 11/15/26 – AGM Insured 
No Opt. Call 
AA 
3,178,800 
2,800 
 
0.000%, 5/15/28 – AGM Insured 
No Opt. Call 
AA 
2,013,116 
3,000 
 
0.000%, 11/15/28 – AGM Insured 
No Opt. Call 
AA 
2,115,720 
1,200 
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical 
11/27 at 100.00 
A 
1,298,748 
 
 
Center Project, Series 2018A, 5.000%, 11/15/42 
 
 
 
 
 
Chester County Health and Education Facilities Authority, Pennsylvania, Health System Revenue 
 
 
 
 
 
Bonds, Jefferson Health System, Series 2010A: 
 
 
 
1,835 
 
5.000%, 5/15/40 
5/20 at 100.00 
AA 
1,893,592 
5,165 
 
5.000%, 5/15/40 (Pre-refunded 5/15/20) 
5/20 at 100.00 
N/R (4) 
5,389,419 
895 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
6/28 at 100.00 
A1 
982,057 
 
 
Settlement, Series 2018, 5.000%, 6/01/34 
 
 
 
2,150 
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health 
6/22 at 100.00 
A+ 
2,278,398 
 
 
System Project, Series 2012A, 5.000%, 6/01/42 
 
 
 
190 
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue 
1/19 at 100.00 
Ba1 
190,471 
 
 
Refunding Bonds, Series 1997A, 6.200%, 7/01/19 
 
 
 
26,595 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
7/27 at 100.00 
A1 
29,490,132 
 
 
Revenue Bonds, Series 2017, 5.000%, 7/01/42 
 
 
 
3,500 
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds,Series 2010E, 
1/20 at 100.00 
AA 
3,594,745 
 
 
5.000%, 1/01/40 – AGM Insured 
 
 
 
1,050 
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, 
No Opt. Call 
A1 
1,235,902 
 
 
Series 1997B, 5.700%, 7/01/27 – AMBAC Insured 
 
 
 
4,000 
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 
12/21 at 100.00 
A2 
4,072,840 
 
 
12/01/44 – AGM Insured 
 
 
 
2,900 
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, United Zion Retirement 
6/27 at 100.00 
N/R 
2,860,502 
 
 
Community, Series 2017A, 5.000%, 12/01/47 
 
 
 
 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, 
 
 
 
 
 
Capital Appreciation Series 2013B: 
 
 
 
4,480 
 
0.000%, 12/01/31 
No Opt. Call 
A 
2,611,123 
5,180 
 
0.000%, 12/01/32 
No Opt. Call 
A 
2,877,127 
9,270 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, 
12/23 at 100.00 
A 
10,028,101 
 
 
Series 2013A, 5.125%, 12/01/47 
 
 
 
5,410 
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Thomas 
9/28 at 100.00 
A+ 
5,823,108 
 
 
Jefferson University, Series 2018A, 5.000%, 9/01/48 
 
 
 
5,000 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, 
1/25 at 100.00 
Baa3 
5,275,350 
 
 
Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 
 
 
 
3,210 
 
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS 
11/26 at 100.00 
N/R 
3,421,892 
 
 
Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 
 
 
 
630 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, 
1/19 at 100.00 
N/R 
189,062 
 
 
Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23 (7) 
 
 
 
115 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, 
1/19 at 100.00 
N/R 
34,402 
 
 
Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23 (cash 
 
 
 
 
 
5.000%, PIK 5.000%) (8) 
 
 
 
 
95

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 1,700 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing 
11/22 at 100.00 
Ba1 
$ 1,475,889 
 
 
Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 
 
 
 
 
 
4.000%, 11/01/32 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
 
 
 
 
 
Subordinate Series 2010A1&2: 
 
 
 
1,250 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
N/R (4) 
1,334,737 
5,725 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
AA– (4) 
6,113,098 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
 
 
 
 
 
Subordinate Series 2011B: 
 
 
 
965 
 
5.000%, 12/01/41 
12/21 at 100.00 
A2 
1,022,244 
1,035 
 
5.000%, 12/01/41 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (4) 
1,120,522 
3,115 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
12/22 at 100.00 
AA– 
3,318,005 
 
 
Subordinate Series 2013A, 5.000%, 12/01/36 
 
 
 
16,805 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 
12/27 at 100.00 
A 
20,201,459 
 
 
6.375%, 12/01/38 
 
 
 
5,575 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 
12/25 at 100.00 
A1 
6,004,665 
6,340 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, 5.000%, 12/01/41 
6/26 at 100.00 
A1 
6,854,174 
19,250 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 
6/26 at 100.00 
AA 
23,016,262 
 
 
6/01/33 – AGM Insured 
 
 
 
1,445 
 
Philadelphia Authority for Industrial Development Senior Living Facilities, Pennsylvania, 
7/27 at 100.00 
N/R 
1,473,409 
 
 
Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A, 5.000%, 7/01/37 
 
 
 
505 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
BBB– 
531,098 
 
 
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 
 
 
 
26,765 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
N/R (4) 
27,907,063 
 
 
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 
 
 
 
1,425 
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 
8/20 at 100.00 
A (4) 
1,532,203 
 
 
(Pre-refunded 8/01/20) 
 
 
 
3,410 
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 
No Opt. Call 
A1 (4) 
4,006,716 
 
 
8/01/27 – AMBAC Insured (ETM) 
 
 
 
3,415 
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax 
8/20 at 100.00 
AA 
3,558,157 
 
 
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured 
 
 
 
1,125 
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 
12/21 at 100.00 
AA (4) 
1,226,284 
 
 
(Pre-refunded 12/01/21) – AGM Insured 
 
 
 
1,930 
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
1/23 at 100.00 
Baa3 
1,891,033 
 
 
Series 2012B, 4.000%, 1/01/33 
 
 
 
226,290 
 
Total Pennsylvania 
 
 
234,312,756 
 
 
Puerto Rico – 0.6% (0.4% of Total Investments) 
 
 
 
625 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 
1/19 at 100.00 
Baa2 
627,306 
 
 
7/01/25 – NPFG Insured 
 
 
 
1,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – 
No Opt. Call 
Baa2 
1,061,590 
 
 
NPFG Insured 
 
 
 
1,305 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 
No Opt. Call 
Baa2 
1,379,790 
 
 
7/01/23 – NPFG Insured 
 
 
 
1,000 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 
No Opt. Call 
C 
1,084,310 
 
 
7/01/31 – AMBAC Insured 
 
 
 
4,300 
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 
1/19 at 100.00 
AA– 
4,476,257 
 
 
4.500%, 12/01/23 
 
 
 
5,880 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/20 at 100.00 
AA 
6,061,751 
 
 
2010C, 5.125%, 8/01/42 – AGM Insured 
 
 
 
 
96


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Puerto Rico (continued) 
 
 
 
$ 51,225 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Ca 
$ 7,454,262 
 
 
8/01/54 – AMBAC Insured 
 
 
 
65,335 
 
Total Puerto Rico 
 
 
22,145,266 
 
 
Rhode Island – 0.6% (0.4% of Total Investments) 
 
 
 
1,315 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
5/26 at 100.00 
BBB+ 
1,397,174 
 
 
Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 
 
 
 
174,390 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
1/19 at 100.00 
CCC+ 
19,638,058 
 
 
Series 2007A, 0.000%, 6/01/52 
 
 
 
2,235 
 
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Revenue Bonds, Series 2016A, 
4/26 at 100.00 
A+ 
2,420,304 
 
 
5.000%, 10/01/40 
 
 
 
177,940 
 
Total Rhode Island 
 
 
23,455,536 
 
 
South Carolina – 3.3% (2.1% of Total Investments) 
 
 
 
 
 
Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, 
 
 
 
 
 
Lexington Medical Center, Series 2016: 
 
 
 
1,290 
 
5.000%, 11/01/41 
5/26 at 100.00 
A1 
1,360,034 
6,820 
 
5.000%, 11/01/46 
5/26 at 100.00 
A1 
7,167,820 
 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 
 
 
 
26,955 
 
0.000%, 1/01/31 – AMBAC Insured 
No Opt. Call 
A– 
16,749,567 
15,420 
 
0.000%, 1/01/32 – AMBAC Insured 
No Opt. Call 
A– 
9,131,416 
 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, McLeod Health 
 
 
 
 
 
Projects, Refunding & Improvement Series 2018: 
 
 
 
10,000 
 
5.000%, 11/01/43 
5/28 at 100.00 
AA 
10,915,900 
6,000 
 
5.000%, 11/01/48 
5/28 at 100.00 
AA 
6,509,760 
375 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, 
8/21 at 100.00 
AA (4) 
417,743 
 
 
Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
10,000 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 
12/26 at 100.00 
A+ 
10,397,100 
 
 
2016B, 5.000%, 12/01/56 
 
 
 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
 
 
 
 
 
Series 2014C: 
 
 
 
3,850 
 
5.000%, 12/01/39 
12/24 at 100.00 
A+ 
4,026,253 
4,000 
 
5.000%, 12/01/46 
12/24 at 100.00 
A+ 
4,163,480 
6,790 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 
12/23 at 100.00 
A+ 
7,077,556 
 
 
5.125%, 12/01/43 
 
 
 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A: 
 
 
 
2,000 
 
5.000%, 12/01/49 
6/24 at 100.00 
A+ 
2,072,760 
17,240 
 
5.500%, 12/01/54 
6/24 at 100.00 
A+ 
18,282,503 
20,035 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 
12/25 at 100.00 
A+ 
21,223,076 
 
 
5.250%, 12/01/55 
 
 
 
4,500 
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Refunding 
4/22 at 100.00 
A 
4,753,665 
 
 
Revenue Bonds, Series 2012A, 5.000%, 4/15/32 
 
 
 
135,275 
 
Total South Carolina 
 
 
124,248,633 
 
 
South Dakota – 0.8% (0.5% of Total Investments) 
 
 
 
 
 
Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, 
 
 
 
 
 
Series 2017: 
 
 
 
3,000 
 
5.000%, 11/01/42 
11/26 at 100.00 
N/R 
3,003,900 
3,150 
 
5.125%, 11/01/47 
11/26 at 100.00 
N/R 
3,167,451 
8,800 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health System, 
7/24 at 100.00 
AA– 
9,346,920 
 
 
Series 2014, 5.000%, 7/01/44 
 
 
 
2,580 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, 
7/27 at 100.00 
AA– 
2,747,752 
 
 
Refunding Series 2017, 5.000%, 7/01/46 
 
 
 
3,565 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/24 at 100.00 
A+ 
3,794,479 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
 
97

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Dakota (continued) 
 
 
 
$ 8,260 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/25 at 100.00 
A+ 
$ 8,790,953 
 
 
Series 2015, 5.000%, 11/01/45 
 
 
 
29,355 
 
Total South Dakota 
 
 
30,851,455 
 
 
Tennessee – 1.2% (0.7% of Total Investments) 
 
 
 
10,670 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic 
1/23 at 100.00 
BBB+ 
11,230,708 
 
 
Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
2,180 
 
Greeneville Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Ballad 
7/28 at 100.00 
A 
2,389,825 
 
 
Health, Series 2018A, 5.000%, 7/01/35 
 
 
 
2,065 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
8/22 at 100.00 
A 
2,148,550 
 
 
Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 
 
 
 
95 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding 
7/23 at 100.00 
Baa1 (4) 
95,234 
 
 
and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 
 
 
 
 
 
(Pre-refunded 7/01/23) – NPFG Insured 
 
 
 
 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
 
 
 
 
 
University Health System, Inc., Series 2016: 
 
 
 
5,000 
 
5.000%, 9/01/36 
9/26 at 100.00 
BBB 
5,360,850 
1,000 
 
5.000%, 9/01/47 
9/26 at 100.00 
BBB 
1,053,540 
 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
 
 
 
 
 
University Health System, Inc., Series 2017: 
 
 
 
445 
 
5.000%, 4/01/31 
4/27 at 100.00 
BBB 
478,816 
1,745 
 
5.000%, 4/01/36 
4/27 at 100.00 
BBB 
1,845,564 
 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
 
 
 
 
 
Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A: 
 
 
 
2,225 
 
5.000%, 10/01/41 
10/26 at 100.00 
BBB 
2,348,310 
1,000 
 
5.000%, 10/01/45 
10/26 at 100.00 
BBB 
1,052,670 
11,000 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
7/26 at 100.00 
A3 
11,711,810 
 
 
Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 
 
 
 
4,120 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
No Opt. Call 
N/R 
4,181,429 
 
 
Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 
 
 
 
 
 
6.000%, 12/01/19 – AMBAC Insured 
 
 
 
41,545 
 
Total Tennessee 
 
 
43,897,306 
 
 
Texas – 12.9% (8.0% of Total Investments) 
 
 
 
18,000 
 
Arlington, Texas, Special Tax Revenue Bonds, Senior Lien Series 2018A, 5.000%, 2/15/48 – 
2/28 at 100.00 
AA+ 
19,690,560 
 
 
AGM Insured 
 
 
 
14,615 
 
Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) 
11/25 at 100.00 
Aa3 
16,057,647 
3,035 
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 
8/19 at 100.00 
AA 
3,106,990 
 
 
5.500%, 8/15/49 – AGM Insured 
 
 
 
4,790 
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding & Improvement Series 
7/26 at 100.00 
A+ 
4,712,594 
 
 
2016, 4.000%, 7/01/41 
 
 
 
2,500 
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The 
4/20 at 100.00 
Baa1 
2,606,925 
 
 
Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 
 
 
 
1,000 
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, 
No Opt. Call 
AA– 
590,330 
 
 
Refunding Series 2002, 0.000%, 8/15/32 – FGIC Insured 
 
 
 
1,330 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 
1/23 at 100.00 
A– 
1,403,975 
 
 
5.000%, 1/01/43 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
2,080 
 
5.750%, 1/01/31 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A– (4) 
2,230,571 
1,000 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A– (4) 
1,077,630 
6,940 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A– (4) 
7,515,187 
7,750 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
A– 
8,306,682 
 
 
5.000%, 1/01/45 
 
 
 
 
98


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
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– 
$ 1,839,106 
1,000 
 
4.400%, 12/01/47 
12/22 at 100.00 
BBB– 
951,150 
2,500 
 
Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas, 
No Opt. Call 
Aaa 
2,244,925 
 
 
General Obligation Bonds, Series 2005A, 0.000%, 2/01/23 
 
 
 
6,340 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement 
11/21 at 100.00 
A+ 
6,637,790 
 
 
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 
 
 
 
160 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 
9/24 at 100.00 
BBB– 
167,672 
 
 
5.250%, 9/01/44 
 
 
 
3,700 
 
El Paso Independent School District, El Paso County, Texas, General Obligation Bonds, School 
8/26 at 100.00 
Aaa 
4,061,971 
 
 
Building Series 2017, 5.000%, 8/15/42 
 
 
 
1,500 
 
El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 
8/20 at 100.00 
A+ 
1,570,755 
 
 
5.250%, 8/15/33 
 
 
 
 
 
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+ 
18,182,740 
15,000 
 
5.000%, 4/01/53, (UB) 
10/23 at 100.00 
AA 
16,119,450 
5,295 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
4/28 at 100.00 
AA+ 
5,833,396 
 
 
Series 2018A Tela Supported, 5.000%, 10/01/48 
 
 
 
6,610 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option 
10/23 at 100.00 
AA 
8,583,680 
 
 
Bond Trust 2015-XF0228, 13.326%, 11/01/44, 144A (IF) 
 
 
 
 
 
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 
2,497,457 
2,845 
 
4.000%, 12/01/45 
6/25 at 100.00 
AA 
2,740,020 
 
 
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2018A: 
 
 
 
13,890 
 
5.000%, 8/15/43 
2/28 at 100.00 
Aa2 
15,401,093 
7,000 
 
4.000%, 8/15/48 
2/28 at 100.00 
Aa2 
6,915,510 
4,040 
 
Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Options 
No Opt. Call 
AAA 
6,460,445 
 
 
Bond Trust 2015-XF2184, 11.238%, 8/15/28, 144A – AGM Insured (IF) (5) 
 
 
 
 
 
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 
AA 
418,107 
2,390 
 
0.000%, 11/15/42 – AGM Insured 
11/31 at 59.73 
AA 
795,129 
2,660 
 
0.000%, 11/15/43 – AGM Insured 
11/31 at 56.93 
AA 
841,331 
7,260 
 
0.000%, 11/15/44 – AGM Insured 
11/31 at 54.25 
AA 
2,182,574 
10,440 
 
0.000%, 11/15/45 – AGM Insured 
11/31 at 51.48 
AA 
2,970,493 
7,165 
 
0.000%, 11/15/49 – AGM Insured 
11/31 at 41.91 
AA 
1,651,389 
3,000 
 
0.000%, 11/15/52 – AGM Insured 
11/31 at 35.81 
AA 
588,600 
3,885 
 
Houston Independent School District Public Facility Corporation, Harris County, Texas, Lease 
No Opt. Call 
Aa1 
3,814,410 
 
 
Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured 
 
 
 
 
 
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: 
 
 
 
2,000 
 
5.000%, 7/01/43 
7/28 at 100.00 
A1 
2,209,540 
2,710 
 
5.000%, 7/01/48 
7/28 at 100.00 
A1 
2,982,355 
4,550 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B, 
7/22 at 100.00 
A+ 
4,904,308 
 
 
5.000%, 7/01/31 
 
 
 
990 
 
Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – 
No Opt. Call 
AA 
1,114,304 
 
 
AGM Insured 
 
 
 
6,000 
 
Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 
11/21 at 100.00 
AA 
6,342,120 
 
 
5.000%, 11/15/40 
 
 
 
 
99

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
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: 
 
 
 
$ 1,495 
 
0.000%, 9/01/23 – AMBAC Insured 
No Opt. Call 
AA 
$ 1,307,721 
10,850 
 
0.000%, 9/01/25 – AMBAC Insured 
No Opt. Call 
A2 
8,688,029 
1,715 
 
0.000%, 9/01/32 – AMBAC Insured 
No Opt. Call 
A2 
956,061 
2,870 
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, 
8/21 at 100.00 
A+ 
3,031,811 
 
 
Refunding Series 2012A, 5.000%, 8/01/46 
 
 
 
2,340 
 
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 
3/21 at 100.00 
AA 
2,462,850 
 
 
3/01/41 – AGM Insured 
 
 
 
 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
 
 
 
 
 
Bonds, Refunding Series 2015A: 
 
 
 
2,725 
 
5.000%, 8/15/40 
8/25 at 100.00 
AAA 
2,978,480 
4,000 
 
4.000%, 8/15/41 
8/25 at 100.00 
AAA 
3,970,240 
3,000 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
A3 
3,140,010 
 
 
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
 
 
 
8,305 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/25 at 100.00 
A+ 
8,976,708 
 
 
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 
 
 
 
 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
 
 
 
1,780 
 
5.750%, 12/01/33 
12/25 at 100.00 
B1 
1,834,094 
1,800 
 
6.125%, 12/01/38 
12/25 at 100.00 
B1 
1,863,018 
 
 
Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2017: 
 
 
 
16,285 
 
5.000%, 1/01/36 
1/27 at 100.00 
A 
17,455,729 
10,040 
 
5.000%, 1/01/38 – AGM Insured 
1/27 at 100.00 
AA 
10,805,349 
 
 
Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien Series 2018: 
 
 
 
2,100 
 
5.000%, 9/15/43 
9/25 at 100.00 
BBB– 
2,223,669 
1,815 
 
5.000%, 9/15/48 
9/25 at 100.00 
BBB– 
1,916,295 
850 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue 
11/24 at 102.00 
N/R 
894,183 
 
 
Bonds, Methodist Retirement Communities Crestview Project, Series 2016, 5.000%, 11/15/31 
 
 
 
4,290 
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
AA 
4,573,869 
 
 
12/15/36 – AGM Insured 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
 
 
 
 
 
Appreciation Series 2011C: 
 
 
 
1,880 
 
0.000%, 9/01/43 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (4) 
2,012,916 
7,990 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (4) 
9,378,982 
4,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation 
1/25 at 100.00 
A+ 
4,735,360 
 
 
Series 2008I, 6.500%, 1/01/43 
 
 
 
2,125 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
AA 
1,554,586 
 
 
0.000%, 1/01/28 – AGC Insured 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B: 
 
 
 
10,260 
 
5.000%, 1/01/40 
1/23 at 100.00 
A+ 
10,978,303 
12,205 
 
5.000%, 1/01/45 
1/25 at 100.00 
A+ 
13,120,497 
 
 
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 
6,865,231 
4,000 
 
5.000%, 1/01/34 
1/25 at 100.00 
A 
4,357,680 
4,000 
 
5.000%, 1/01/35 
1/25 at 100.00 
A 
4,346,080 
2,250 
 
Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s 
6/26 at 100.00 
BBB+ 
2,183,490 
 
 
University Project, Series 2016, 4.000%, 6/01/36 
 
 
 
1,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 
1/19 at 100.00 
N/R 
10 
 
 
2001C, 5.200%, 5/01/28 (7) 
 
 
 
3,170 
 
Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist 
10/20 at 100.00 
AA– (4) 
3,342,131 
 
 
University, Series 2010, 5.000%, 10/01/41 (Pre-refunded 10/01/20) 
 
 
 
2,410 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
11/21 at 100.00 
AA– 
2,559,661 
 
 
Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 
 
 
 
 
100


 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 3,480 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
9/23 at 100.00 
A 
$ 3,780,220 
 
 
Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
 
 
 
 
 
Bonds, Scott & White Healthcare Project, Series 2010: 
 
 
 
430 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
454,858 
5,350 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
5,664,152 
4,000 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
8/23 at 100.00 
AA– 
4,273,000 
 
 
Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43 
 
 
 
2,500 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
8/26 at 100.00 
AA 
2,714,450 
 
 
Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
14,815 
 
5.000%, 12/15/27 
12/22 at 100.00 
A3 
15,930,866 
7,925 
 
5.000%, 12/15/28 
12/22 at 100.00 
A3 
8,490,132 
6,550 
 
5.000%, 12/15/30 
12/22 at 100.00 
A3 
6,977,977 
2,340 
 
5.000%, 12/15/32 
12/22 at 100.00 
A3 
2,484,542 
2,500 
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement 
4/22 at 100.00 
AAA 
2,706,650 
 
 
Series 2012A, 5.000%, 4/01/31 
 
 
 
17,760 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds,First Tier 
8/22 at 100.00 
A– 
18,754,205 
 
 
Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
7,345 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds,First Tier 
8/24 at 100.00 
A– 
7,957,206 
 
 
Refunding Series 2015B, 5.000%, 8/15/37 
 
 
 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds,Second Tier 
 
 
 
 
 
Refunding Series 2015C: 
 
 
 
3,650 
 
5.000%, 8/15/33 
8/24 at 100.00 
BBB+ 
3,896,886 
1,600 
 
5.000%, 8/15/37 
8/24 at 100.00 
BBB+ 
1,690,288 
48,905 
 
5.000%, 8/15/42 
8/24 at 100.00 
BBB+ 
51,328,732 
4,000 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A– 
3,252,880 
 
 
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
479,315 
 
Total Texas 
 
 
481,190,998 
 
 
Utah – 0.9% (0.6% of Total Investments) 
 
 
 
5,760 
 
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 
3/20 at 100.00 
AA (4) 
5,979,456 
 
 
5.000%, 3/01/33 (Pre-refunded 3/01/20) – AGC Insured 
 
 
 
12,335 
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 
8/19 at 100.00 
AA+ (4) 
12,630,670 
 
 
8/15/41 (Pre-refunded 8/15/19) 
 
 
 
 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B: 
 
 
 
3,560 
 
5.000%, 7/01/42 
7/27 at 100.00 
A+ 
3,897,452 
1,975 
 
5.000%, 7/01/47 
7/27 at 100.00 
A+ 
2,154,567 
4,000 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, 
7/28 at 100.00 
A+ 
4,402,000 
 
 
5.000%, 7/01/48 
 
 
 
 
 
Utah Charter School Finance Authority, Charter School Revenue Bonds, Utah Charter Academies 
 
 
 
 
 
Project, Series 2018: 
 
 
 
1,000 
 
5.000%, 10/15/38 
10/27 at 100.00 
AA 
1,087,160 
2,320 
 
5.000%, 10/15/43 
10/27 at 100.00 
AA 
2,505,786 
1,200 
 
5.000%, 10/15/48 
10/27 at 100.00 
AA 
1,291,404 
32,150 
 
Total Utah 
 
 
33,948,495 
 
 
Vermont – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2015: 
 
 
 
1,000 
 
4.000%, 10/01/40 
10/25 at 100.00 
Aa3 
1,002,970 
10,000 
 
5.000%, 10/01/45 
10/25 at 100.00 
Aa3 
10,952,400 
11,000 
 
Total Vermont 
 
 
11,955,370 
 
101

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Virginia – 2.3% (1.4% of Total Investments) 
 
 
 
$ 430 
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital 
7/28 at 100.00 
BBB 
$ 363,006 
 
 
Appreciation Series 2012B, 0.000%, 7/15/40 (6) 
 
 
 
4,000 
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova 
5/28 at 100.00 
Aa2 
3,918,360 
 
 
Health System, Series 2018A, 4.000%, 5/15/48 (UB) (5) 
 
 
 
1,800 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health 
11/22 at 100.00 
A 
1,945,224 
 
 
System Obligated Group, Series 2013, 5.000%, 11/01/30 
 
 
 
11,960 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
4/22 at 100.00 
BBB+ 
12,485,164 
 
 
Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
7,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
No Opt. Call 
AA 
3,187,520 
 
 
Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, 
 
 
 
 
 
10/01/36 – AGC Insured 
 
 
 
32,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
10/26 at 100.00 
AA 
39,079,680 
 
 
Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, 
 
 
 
 
 
10/01/41 – AGC Insured 
 
 
 
18,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
10/28 at 100.00 
BBB+ 
22,302,360 
 
 
Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 
 
 
 
2,000 
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities 
11/22 at 100.00 
AA– 
2,046,000 
 
 
Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding 
 
 
 
 
 
Series 2013B, 4.000%, 11/01/33 
 
 
 
 
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health 
 
 
 
 
 
System Obligated Group, Series 2005B: 
 
 
 
245 
 
5.000%, 7/01/38 
7/20 at 100.00 
AA 
253,127 
5 
 
5.000%, 7/01/38 (Pre-refunded 7/01/20) 
7/20 at 100.00 
AA (4) 
5,235 
77,440 
 
Total Virginia 
 
 
85,585,676 
 
 
Washington – 3.3% (2.1% of Total Investments) 
 
 
 
7,000 
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise 
11/26 at 100.00 
AAA 
7,747,530 
 
 
Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 
 
 
 
12,235 
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric 
No Opt. Call 
AA+ 
9,675,683 
 
 
System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured 
 
 
 
4,200 
 
King County Public Hospital District 1, Washington, Limited Tax General Obligation Bonds, 
12/26 at 100.00 
A2 
4,572,120 
 
 
Refunding Series 2016, 5.000%, 12/01/36 
 
 
 
15,000 
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 
1/22 at 100.00 
AA+ 
15,917,100 
2,500 
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 
1/19 at 100.00 
AA+ (4) 
2,514,050 
 
 
(Pre-refunded 1/01/19) 
 
 
 
3,000 
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/40 
10/24 at 100.00 
AA– 
3,256,770 
1,250 
 
Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2014, 
12/23 at 100.00 
AA 
1,325,187 
 
 
5.000%, 12/01/44 
 
 
 
12,515 
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, 
6/23 at 100.00 
A+ 
13,511,695 
 
 
Series 2013A, 5.000%, 12/01/38 
 
 
 
8,310 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A+ 
8,725,915 
 
 
Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
4,415 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/20 at 100.00 
N/R (4) 
4,709,613 
 
 
Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 
 
 
 
 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, 
 
 
 
 
 
Refunding Series 2012A: 
 
 
 
4,000 
 
5.000%, 10/01/32 
10/22 at 100.00 
AA– 
4,328,600 
10,000 
 
4.250%, 10/01/40 
10/22 at 100.00 
AA– 
10,158,300 
3,135 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
3,399,813 
 
 
Refunding Series 2012B, 5.000%, 10/01/30 
 
 
 
8,230 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
8,827,086 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
 
102


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington (continued) 
 
 
 
$ 7,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A+ (4) 
$ 7,182,560 
 
 
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 
 
 
 
500 
 
Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian 
1/25 at 102.00 
N/R 
519,315 
 
 
Retirement Communities Northwest Project, Refunding Series 2016A, 5.000%, 1/01/46, 144A 
 
 
 
9,000 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 
No Opt. Call 
AA+ 
6,683,760 
 
 
6/01/28 – FGIC Insured 
 
 
 
10,855 
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured 
No Opt. Call 
AA+ 
10,586,881 
123,145 
 
Total Washington 
 
 
123,641,978 
 
 
West Virginia – 1.0% (0.6% of Total Investments) 
 
 
 
 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
 
 
 
 
 
System Obligated Group, Refunding & Improvement Series 2013A: 
 
 
 
3,000 
 
5.375%, 6/01/38 
6/23 at 100.00 
A 
3,234,750 
16,846 
 
5.500%, 6/01/44 
6/23 at 100.00 
A 
18,147,961 
9,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/28 at 100.00 
A 
9,504,630 
 
 
System Obligated Group, Series 2018A, 5.000%, 6/01/52 
 
 
 
3,500 
 
West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health 
6/27 at 100.00 
A 
3,718,015 
 
 
System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 
 
 
 
3,000 
 
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and 
No Opt. Call 
N/R 
3,209,610 
 
 
Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured 
 
 
 
35,346 
 
Total West Virginia 
 
 
37,814,966 
 
 
Wisconsin – 3.5% (2.1% of Total Investments) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard 
 
 
 
 
 
Public Facilities Corporation, Second Tier Series 2018B: 
 
 
 
43 
 
0.000%, 1/01/46, 144A – ACA Insured 
No Opt. Call 
N/R 
1,335 
42 
 
0.000%, 1/01/47, 144A – ACA Insured 
No Opt. Call 
N/R 
1,311 
42 
 
0.000%, 1/01/48, 144A – ACA Insured 
No Opt. Call 
N/R 
1,296 
42 
 
0.000%, 1/01/49, 144A – ACA Insured 
No Opt. Call 
N/R 
1,281 
41 
 
0.000%, 1/01/50, 144A – ACA Insured 
No Opt. Call 
N/R 
1,258 
45 
 
0.000%, 1/01/51, 144A – ACA Insured 
No Opt. Call 
N/R 
1,373 
1,176 
 
3.750%, 7/01/51, 144A – ACA Insured 
3/28 at 100.00 
N/R 
1,114,872 
45 
 
0.000%, 1/01/52, 144A – ACA Insured 
No Opt. Call 
N/R 
1,359 
44 
 
0.000%, 1/01/53, 144A – ACA Insured 
No Opt. Call 
N/R 
1,336 
44 
 
0.000%, 1/01/54, 144A – ACA Insured 
No Opt. Call 
N/R 
1,322 
43 
 
0.000%, 1/01/55, 144A – ACA Insured 
No Opt. Call 
N/R 
1,300 
43 
 
0.000%, 1/01/56, 144A – ACA Insured 
No Opt. Call 
N/R 
1,277 
42 
 
0.000%, 1/01/57, 144A – ACA Insured 
No Opt. Call 
N/R 
1,264 
42 
 
0.000%, 1/01/58, 144A – ACA Insured 
No Opt. Call 
N/R 
1,243 
42 
 
0.000%, 1/01/59, 144A – ACA Insured 
No Opt. Call 
N/R 
1,230 
41 
 
0.000%, 1/01/60, 144A – ACA Insured 
No Opt. Call 
N/R 
1,217 
41 
 
0.000%, 1/01/61, 144A – ACA Insured 
No Opt. Call 
N/R 
1,196 
40 
 
0.000%, 1/01/62, 144A – ACA Insured 
No Opt. Call 
N/R 
1,183 
40 
 
0.000%, 1/01/63, 144A – ACA Insured 
No Opt. Call 
N/R 
1,162 
39 
 
0.000%, 1/01/64, 144A – ACA Insured 
No Opt. Call 
N/R 
1,150 
39 
 
0.000%, 1/01/65, 144A – ACA Insured 
No Opt. Call 
N/R 
1,138 
38 
 
0.000%, 1/01/66, 144A – ACA Insured 
No Opt. Call 
N/R 
1,118 
501 
 
0.000%, 1/01/67, 144A – ACA Insured 
No Opt. Call 
N/R 
14,522 
 
 
Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, 
 
 
 
 
 
Series 2018A: 
 
 
 
6,000 
 
5.000%, 6/15/38, 144A 
6/26 at 100.00 
BBB– 
6,258,240 
2,335 
 
5.000%, 6/15/48, 144A 
6/26 at 100.00 
BBB– 
2,418,640 
4,100 
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 
4/23 at 100.00 
AA– 
4,399,669 
 
 
2013A, 5.000%, 4/01/38 
 
 
 
5,140 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
5/26 at 100.00 
AA+ 
5,220,235 
 
 
Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/34 
 
 
 
 
103

   
NEA 
Nuveen AMT-Free Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 1,240 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
4/20 at 100.00 
AA (4) 
$ 1,302,025 
 
 
Inc., Series 2010A, 5.625%, 4/15/39 (Pre-refunded 4/15/20) 
 
 
 
6,775 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
7/21 at 100.00 
AA (4) 
7,273,572 
 
 
Inc., Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) 
 
 
 
2,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
4/23 at 100.00 
AA (4) 
2,793,900 
 
 
Inc., Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/15/23) 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
 
 
 
 
 
Christian Charity Sponsored Ministry, Series 2017A: 
 
 
 
1,000 
 
5.000%, 9/01/30 
9/27 at 100.00 
BBB– 
1,083,010 
1,110 
 
5.000%, 9/01/31 
9/27 at 100.00 
BBB– 
1,197,834 
1,100 
 
5.000%, 9/01/32 
9/27 at 100.00 
BBB– 
1,181,950 
1,725 
 
5.000%, 9/01/33 
9/27 at 100.00 
BBB– 
1,844,232 
1,775 
 
5.000%, 9/01/34 
9/27 at 100.00 
BBB– 
1,892,257 
1,910 
 
5.000%, 9/01/35 
9/27 at 100.00 
BBB– 
2,030,349 
2,065 
 
5.000%, 9/01/36 
9/27 at 100.00 
BBB– 
2,187,289 
1,015 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. 
10/22 at 100.00 
AA 
1,070,592 
 
 
Obligated Group, Series 2012A, 5.000%, 4/01/42 
 
 
 
11,475 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic Health 
2/27 at 100.00 
A– 
12,152,255 
 
 
System, Inc., Series 2017C, 5.000%, 2/15/47 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
 
 
 
 
 
Series 2012B: 
 
 
 
1,000 
 
5.000%, 2/15/27 
2/22 at 100.00 
A– 
1,058,560 
1,000 
 
5.000%, 2/15/28 
2/22 at 100.00 
A– 
1,057,600 
4,735 
 
5.000%, 2/15/40 
2/22 at 100.00 
A– 
4,962,422 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
 
 
 
 
 
Series 2016A: 
 
 
 
6,375 
 
5.000%, 2/15/42 
2/26 at 100.00 
A– 
6,741,053 
8,500 
 
5.000%, 2/15/46 
2/26 at 100.00 
A– 
8,966,140 
2,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/26 at 100.00 
A– 
2,143,500 
 
 
Series 2016B, 5.000%, 2/15/35 
 
 
 
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of 
11/26 at 100.00 
AA– 
5,421,200 
 
 
Wisconsin, Inc., Series 2016, 5.000%, 12/01/41 
 
 
 
7,625 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., 
6/22 at 100.00 
A3 
7,972,547 
 
 
Series 2012, 5.000%, 6/01/39 
 
 
 
1,165 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., 
No Opt. Call 
A1 
1,219,149 
 
 
Series 1992A, 6.000%, 12/01/22 – FGIC Insured 
 
 
 
2,650 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, 
8/22 at 100.00 
N/R (4) 
2,900,875 
 
 
Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s Communities 
 
 
 
 
 
Inc., Series 2018A: 
 
 
 
1,500 
 
5.000%, 9/15/45 
9/23 at 100.00 
N/R 
1,544,955 
5,455 
 
5.000%, 9/15/50 
9/23 at 100.00 
N/R 
5,606,431 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenues Bonds, Gundersen Lutheran, 
10/21 at 100.00 
AA– 
1,058,460 
 
 
Series 2011A, 5.250%, 10/15/39 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Benevolent 
 
 
 
 
 
Corporation Cedar Community, Series 2017: 
 
 
 
1,110 
 
5.000%, 6/01/37 
6/25 at 103.00 
N/R 
1,131,112 
955 
 
5.000%, 6/01/41 
6/25 at 103.00 
N/R 
969,497 
10,230 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare 
12/24 at 100.00 
AA– 
10,729,019 
 
 
Inc., Series 2015, 5.000%, 12/15/44 
 
 
 
 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: 
 
 
 
955 
 
5.750%, 5/01/33 (Pre-refunded 5/01/19) 
5/19 at 100.00 
N/R (4) 
973,441 
9,115 
 
5.750%, 5/01/33 (Pre-refunded 5/01/19) 
5/19 at 100.00 
Aa2 (4) 
9,291,011 
124,190 
 
Total Wisconsin 
 
 
129,208,764 
 
104


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wyoming – 0.5% (0.3% of Total Investments) 
 
 
 
$ 4,080 
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
7/19 at 100.00 
A 
$ 4,176,818 
 
 
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
 
 
 
9,626 
 
Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding 
9/23 at 100.00 
BB+ 
9,743,677 
 
 
Series 2013A, 5.000%, 9/01/37 
 
 
 
 
 
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center 
 
 
 
 
 
Project, Series 2011B: 
 
 
 
2,000 
 
5.500%, 12/01/27 
12/21 at 100.00 
A– 
2,112,200 
1,000 
 
6.000%, 12/01/36 
12/21 at 100.00 
A– 
1,068,150 
16,706 
 
Total Wyoming 
 
 
17,100,845 
$6,377,642 
 
Total Municipal Bonds (cost $5,748,180,551) 
 
 
6,011,562,329 
 
 
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) 
 
 
 
 
$ 1,065 
 
Las Vegas Monorail Company, Senior Interest Bonds, (9), (10) 
5.500% 
7/15/19 
N/R 
$693,504 
299 
 
Las Vegas Monorail Company, Senior Interest Bonds, (6), (9), (10) 
5.500% 
7/15/55 
N/R 
152,175 
$ 1,364 
 
Total Corporate Bonds (cost $66,654) 
 
 
 
845,679 
 
 
Total Long-Term Investments (cost $5,748,247,205) 
 
 
 
6,012,408,008 
 
 
Floating Rate Obligations – (2.8)% 
 
 
 
(104,410,000) 
 
 
MuniFund Term Preferred Shares, net of deferred offering costs – (25.7)% (11) 
 
 
 
(957,134,850) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (34.5)% (12) 
 
 
 
(1,282,848,267) 
 
 
Other Assets Less Liabilities – 1.4% 
 
 
 
51,759,493 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$3,719,774,384 
 
105

   
NEA
Nuveen AMT-Free Quality Municipal Income Fund
Portfolio of Investments (continued) October 31, 2018
 
 
   
(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. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(6) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(7) 
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. 
(8) 
On July 1, 2017, 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 5.000% to 2.000%. 
(9) 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records. 
(10) 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. 
(11) 
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 15.9%. 
(12) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 21.3%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
WI/DD 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements.
106

Statement of Assets and Liabilities
October 31, 2018
             
 
 
NAD
   
NEA
 
Assets 
           
Long-term investments, at value (cost $4,557,326,319 and $5,748,247,205, respectively) 
 
$
4,733,154,753
   
$
6,012,408,008
 
Cash 
   
4,815,138
     
2,195,864
 
Receivable for: 
               
Dividends and interest 
   
64,636,614
     
79,877,066
 
Investments sold 
   
17,130,870
     
17,948,152
 
Other assets 
   
1,340,734
     
2,053,923
 
Total assets 
   
4,821,078,109
     
6,114,483,013
 
Liabilities 
               
Floating rate obligations 
   
87,775,000
     
104,410,000
 
Payable for: 
               
Dividends 
   
10,250,453
     
13,359,745
 
Interest 
   
1,345,983
     
178,520
 
Investments purchased 
   
25,626,104
     
32,071,442
 
MuniFund Term Preferred (“MFP”) Shares, net of deferred offering 
               
costs (liquidation preference $607,000,000 and $958,000,000, respectively) 
   
606,625,146
     
957,134,850
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering 
               
costs (liquidation preference $545,500,000 and $—, respectively) 
   
545,487,412
     
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs 
               
(liquidation preference $632,000,000 and $1,290,300,000, respectively) 
   
629,553,840
     
1,282,848,267
 
Accrued expenses: 
               
Management fees 
   
2,267,660
     
2,869,422
 
Trustees fees 
   
853,607
     
1,120,383
 
Other 
   
557,994
     
716,000
 
Total liabilities 
   
1,910,343,199
     
2,394,708,629
 
Net assets applicable to common shares 
 
$
2,910,734,910
   
$
3,719,774,384
 
Common shares outstanding 
   
201,864,367
     
262,720,647
 
Net asset value (“NAV”) per common share outstanding 
 
$
14.42
   
$
14.16
 
Net assets applicable to common shares consist of: 
               
Common shares, $0.01 par value per share 
 
$
2,018,644
   
$
2,627,206
 
Paid-in-surplus 
   
2,778,314,665
     
3,509,359,804
 
Total distributable earnings 
   
130,401,601
     
207,787,374
 
Net assets applicable to common shares 
 
$
2,910,734,910
   
$
3,719,774,384
 
Authorized shares: 
               
Common 
 
Unlimited
   
Unlimited
 
Preferred 
 
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
107

 
Statement of Operations 
 
Year Ended October 31, 2018 
 
 
   
 
 
NAD
   
NEA
 
Investment Income 
 
$
209,824,335
   
$
268,138,438
 
Expenses 
               
Management fees 
   
27,194,531
     
34,242,711
 
Interest expense and amortization of offering costs 
   
35,964,856
     
40,027,635
 
Liquidity fees 
   
5,547,373
     
11,078,016
 
Remarketing fees 
   
640,778
     
1,299,367
 
Custodian fees 
   
492,266
     
591,806
 
Trustees fees 
   
134,297
     
171,779
 
Professional fees 
   
218,630
     
232,029
 
Shareholder reporting expenses 
   
241,404
     
299,961
 
Shareholder servicing agent fees 
   
126,892
     
142,785
 
Stock exchange listing fees 
   
56,301
     
73,270
 
Investor relations expenses 
   
124,310
     
156,913
 
Other 
   
205,558
     
267,036
 
Total expenses 
   
70,947,196
     
88,583,308
 
Net investment income (loss) 
   
138,877,139
     
179,555,130
 
Realized and Unrealized Gain (Loss) 
               
Net realized gain (loss) from: 
               
Investments 
   
(6,103,105
)
   
8,500,454
 
Swaps 
   
     
1,220,000
 
Change in net unrealized appreciation (depreciation) of: 
               
Investments 
   
(192,714,707
)
   
(251,685,230
)
Swaps 
   
     
1,158,822
 
Net realized and unrealized gain (loss) 
   
(198,817,812
)
   
(240,805,954
)
Net increase (decrease) in net assets applicable to common shares from operations 
 
$
(59,940,673
)
 
$
(61,250,824
)
 
See accompanying notes to financial statements.
108

Statement of Changes in Net Assets
                         
 
 
NAD
   
NEA
 
 
 
Year Ended
10/31/18
   
Year Ended(1)
10/31/17
   
Year Ended
10/31/18
   
Year Ended(1)
10/31/17
 
Operations 
                       
Net investment income (loss) 
 
$
138,877,139
   
$
148,139,555
   
$
179,555,130
   
$
186,851,157
 
Net realized gain (loss) from: 
                               
Investments 
   
(6,103,105
)
   
7,281,041
     
8,500,454
     
384,047
 
Swaps 
   
     
(97,584
)
   
1,220,000
     
5,855,000
 
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
   
(192,714,707
)
   
(68,471,494
)
   
(251,685,230
)
   
(76,608,038
)
Swaps 
   
     
1,380,160
     
1,158,822
     
1,165,992
 
Net increase (decrease) in net assets applicable to common shares 
                               
from operations 
   
(59,940,673
)
   
88,231,678
     
(61,250,824
)
   
117,648,158
 
Distributions to Common Shareholders(2) 
                               
Dividends(3) 
   
(139,137,258
)
   
(157,366,179
)
   
(178,160,720
)
   
(194,980,050
)
Decrease in net assets applicable to common shares from distributions 
                               
to common shareholders 
   
(139,137,258
)
   
(157,366,179
)
   
(178,160,720
)
   
(194,980,050
)
Capital Share Transactions 
                               
Cost of shares repurchased and retired 
   
(221,079
)
   
     
(675,211
)
   
 
Net increase (decrease) in net assets applicable to common shares from 
                               
capital share transactions 
   
(221,079
)
   
     
(675,211
)
   
 
Net increase (decrease) in net assets applicable to common shares 
   
(199,299,010
)
   
(69,134,501
)
   
(240,086,755
)
   
(77,331,892
)
Net assets applicable to common shares at the beginning of period 
   
3,110,033,920
     
3,179,168,421
     
3,959,861,139
     
4,037,193,031
 
Net assets applicable to common shares at the end of period 
 
$
2,910,734,910
   
$
3,110,033,920
   
$
3,719,774,384
   
$
3,959,861,139
 
 
   
(1)
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details. 
(2)
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information. 
(3)
For the fiscal year ended October 31, 2017 the Fund’s distributions to shareholders were paid from net investment income. 
 
See accompanying notes to financial statements.
109

 
Statement of Cash Flows 
 
Year Ended October 31, 2018 
 
 
   
 
 
NAD
   
NEA
 
Cash Flows from Operating Activities: 
           
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations 
 
$
(59,940,673
)
 
$
(61,250,824
)
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 
   
(1,192,933,814
)
   
(955,394,188
)
Proceeds from sales and maturities of investments 
   
969,544,209
     
664,988,997
 
Proceeds from (Purchases of) short-term investments, net 
   
61,680,000
     
92,535,000
 
Payment-in-kind distributions 
   
(35,123
)
   
(10,767
)
Taxes paid 
   
(34,903
)
   
(42,219
)
Amortization (Accretion) of premiums and discounts, net 
   
(6,442,491
)
   
(19,267,309
)
Amortization of deferred offering costs 
   
262,685
     
521,590
 
(Increase) Decrease in: 
               
Receivable for dividends and interest 
   
(2,068,650
)
   
(3,795,730
)
Receivable for investments sold 
   
(6,378,619
)
   
466,848
 
Other assets 
   
(110,347
)
   
(118,533
)
Increase (Decrease) in: 
               
Payable for interest 
   
(171,248
)
   
(1,034,772
)
Payable for investments purchased 
   
15,692,665
     
22,679,366
 
Accrued management fees 
   
(27,477
)
   
(34,220
)
Accrued Trustees fees 
   
79,993
     
106,213
 
Accrued other expenses 
   
(130,908
)
   
(445,034
)
Net realized (gain) loss from investments 
   
6,103,105
     
(8,500,454
)
Change in net unrealized appreciation (depreciation) of: 
               
Investments 
   
192,714,707
     
251,685,230
 
Swaps 
   
     
(1,158,822
)
Net cash provided by (used in) operating activities 
   
(22,196,889
)
   
(18,069,628
)
Cash Flows from Financing Activities: 
               
Proceeds from MFP Shares issued, at liquidation preference 
   
607,000,000
     
958,000,000
 
(Payments for) VMTP Shares redeemed, at liquidation preference 
   
(407,000,000
)
   
(773,000,000
)
(Payments for) deferred offering costs 
   
(305,000
)
   
(890,000
)
Increase (Decrease) in: 
               
Floating rate obligations 
   
(32,505,000
)
   
15,560,000
 
Cash distributions paid to common shareholders 
   
(140,375,084
)
   
(179,245,556
)
Cost of common shares repurchased and retired 
   
(221,079
)
   
(675,211
)
Net cash provided by (used in) financing activities 
   
26,593,837
     
19,749,233
 
Net Increase (Decrease) in Cash 
   
4,396,948
     
1,679,605
 
Cash at the beginning of period 
   
418,190
     
516,259
 
Cash at the end of period 
 
$
4,815,138
   
$
2,195,864
 
 
   
Supplemental Disclosure of Cash Flow Information 
 
NAD
   
NEA
 
Cash paid for interest (excluding amortization of offering costs) 
 
$
35,776,841
   
$
40,501,148
 
 
See accompanying notes to financial statements.
110

 
THIS PAGE INTENTIONALLY LEFT BLANK
 
111

 
Financial Highlights 
 
 
 
 
Selected data for a common share outstanding throughout each period: 
 
 
 
       
Investment Operations
   
Less Distributions
to Common Shareholders
   
Common Share
 
 
 
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated Net
Realized
Gains
   
Total
   
Discount
per
Share
Repurchased
and Retired
   
Ending
NAV
   
Ending
Share
Price
 
NAD 
                                                           
Year Ended 10/31:
                                           
2018 
 
$
15.41
   
$
0.69
   
$
(0.99
)
 
$
(0.30
)
 
$
(0.69
)
 
$
   
$
(0.69
)
 
$
*
 
$
14.42
   
$
12.41
 
2017 
   
15.75
     
0.73
     
(0.29
)
   
0.44
     
(0.78
)
   
     
(0.78
)
   
     
15.41
     
13.86
 
2016 
   
15.44
     
0.71
     
0.45
     
1.16
     
(0.85
)
   
     
(0.85
)
   
     
15.75
     
14.19
 
2015 
   
15.64
     
0.84
     
(0.17
)
   
0.67
     
(0.87
)
   
     
(0.87
)
   
     
15.44
     
14.05
 
2014 
   
14.42
     
0.87
     
1.25
     
2.12
     
(0.90
)
   
     
(0.90
)
   
     
15.64
     
14.16
 
   
NEA 
                                                                               
Year Ended 10/31:
                                                         
2018 
   
15.07
     
0.68
     
(0.91
)
   
(0.23
)
   
(0.68
)
   
     
(0.68
)
   
*
   
14.16
     
12.13
 
2017 
   
15.36
     
0.71
     
(0.26
)
   
0.45
     
(0.74
)
   
     
(0.74
)
   
     
15.07
     
13.57
 
2016 
   
14.82
     
0.72
     
0.58
     
1.30
     
(0.76
)
   
     
(0.76
)
   
     
15.36
     
13.75
 
2015 
   
15.13
     
0.77
     
(0.28
)
   
0.49
     
(0.80
)
   
     
(0.80
)
   
     
14.82
     
13.26
 
2014 
   
13.73
     
0.79
     
1.43
     
2.22
     
(0.82
)
   
     
(0.82
)
   
     
15.13
     
13.75
 
   
(a) 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. 
 
112


                                 
           
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
                         
Total Returns
         
Ratios to Average Net Assets(b)
       
   
     
Based
                         
Based
   
on
   
Ending
         
Net
   
Portfolio
 
on
   
Share
   
Net
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
   
Assets (000)
   
Expenses(c)
   
Income (Loss)
   
Rate(d)
 
   
   
 
(2.03
)%
   
(5.69
)%
 
$
2,910,735
     
2.34
%
   
4.57
%
   
20
%
 
3.01
     
3.26
     
3,110,034
     
1.95
     
4.84
     
18
 
 
7.54
     
6.88
     
3,179,168
     
1.90
     
4.64
     
11
 
 
4.43
     
5.57
     
606,607
     
1.41
     
5.41
     
15
 
 
15.19
     
17.10
     
614,452
     
1.73
     
5.82
     
9
 
   
   
   
 
(1.62
)
   
(5.84
)
   
3,719,774
     
2.29
     
4.63
     
11
 
 
3.16
     
4.21
     
3,959,861
     
1.94
     
4.80
     
15
 
 
8.84
     
9.33
     
4,037,193
     
1.77
     
4.59
     
12
 
 
3.38
     
2.30
     
1,168,847
     
1.46
     
5.16
     
18
 
 
16.58
     
18.31
     
1,193,109
     
1.60
     
5.48
     
13
 
   
(b) 
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. 
(c) 
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: 
 
         
NAD 
 
 
NEA 
 
Year Ended 10/31: 
 
 
Year Ended 10/31: 
 
2018 
1.39% 
 
2018 
1.35% 
2017 
1.00 
 
2017 
1.00 
2016 
0.90 
 
2016 
0.78 
2015 
0.47 
 
2015 
0.50 
2014 
0.75 
 
2014 
0.61 
 
   
(d) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. 
* 
Rounds to less than $0.01 per share. 
 
See accompanying notes to financial statements.
113

 
Financial Highlights (continued) 
 
 
 
 
MFP Shares
at the End of Period
   
MTP Shares
at the End of Period(a)
   
VMTP Shares
at the End of Period
   
VRDP Shares
at the End of Period
   
MFP, MTP,
VMTP and/or
VRDP Shares
at the End
of Period
 
 
 
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $10
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Asset
Coverage
Per $1
Liquidation
Preference
 
NAD 
                                                     
Year Ended 10/31:
                                           
2018 
 
$
607,000
   
$
263,112
   
$
   
$
   
$
545,500
   
$
263,112
   
$
632,000
   
$
263,112
   
$
2.63
 
2017 
   
     
     
     
     
952,500
     
296,279
     
632,000
     
296,279
     
2.96
 
2016 
   
     
     
     
     
952,500
     
300,642
     
632,000
     
300,642
     
3.01
 
2015 
   
     
     
     
     
265,000
     
328,908
     
     
     
 
2014 
   
     
     
     
     
265,000
     
331,869
     
     
     
 
   
NEA 
                                                                       
Year Ended 10/31:
                                                         
2018 
   
958,000
     
265,448
     
     
     
     
     
1,290,300
     
265,448
     
2.65
 
2017 
   
     
     
     
     
773,000
     
291,919
     
1,290,300
     
291,919
     
2.92
 
2016 
   
     
     
     
     
773,000
     
295,667
     
1,290,300
     
295,667
     
2.96
 
2015 
   
     
     
     
     
151,000
     
333,349
     
349,900
     
333,349
     
3.33
 
2014 
   
     
     
     
     
151,000
     
338,193
     
349,900
     
338,193
     
3.38
 
   
(a) 
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows: 
 
     
 
2014
 
NAD 
   
Series 2015 (NAD PRC) 
   
Ending Market Value per Share 
 
$
 
Average Market Value per Share 
10.04
^
         
NEA 
       
Series 2015 (NEA PRCCL) 
       
Ending Market Value per Share 
 
$
 
Average Market Value per Share 
10.05
^
   
^ 
For the period November 1, 2013 through December 20, 2013. 
 
See accompanying notes to financial statements.
114

Notes to
Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
• Nuveen Quality Municipal Income Fund (NAD)
• Nuveen AMT-Free Quality Municipal Income Fund (NEA)
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NAD and NEA were organized as Massachusetts business trusts on January 15, 1999 and July 29, 2002, respectively.
The end of the reporting period for the Funds is October 31, 2018, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2018 (the ”current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of NEA the alternative minimum tax (“AMT”) applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
             
 
 
NAD
   
NEA
 
Outstanding when-issued/delayed delivery purchase commitments 
 
$
19,892,909
   
$
9,025,595
 
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
115

Notes to Financial Statements (continued)
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (“the Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
116


Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Investments in investment companies are valued at their respective net asset value (“NAV”) on valuation date and are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
                         
NAD 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments: 
                       
Municipal Bonds* 
 
$
   
$
4,732,091,449
   
$
   
$
4,732,091,449
 
Corporate Bonds** 
   
     
     
576,053
***
   
576,053
 
Investment Companies 
   
487,251
     
     
     
487,251
 
Total 
 
$
487,251
   
$
4,732,091,449
   
$
576,053
   
$
4,733,154,753
 
   
NEA 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
6,011,562,329
   
$
   
$
6,011,562,329
 
Corporate Bonds** 
   
     
     
845,679
***
   
845,679
 
Total 
 
$
   
$
6,011,562,329
   
$
845,679
   
$
6,012,408,008
 
   
* 
Refer to the Fund’s Portfolio of Investments for state classifications. 
** 
Refer to the Fund’s Portfolio of Investments for industry classifications. 
*** 
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. 
 
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the
117

Notes to Financial Statements (continued)
short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
             
Floating Rate Obligations Outstanding 
 
NAD
   
NEA
 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
87,775,000
   
$
104,410,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
   
61,720,000
     
121,350,000
 
Total 
 
$
149,495,000
   
$
225,760,000
 
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
             
Self-Deposited Inverse Floaters 
 
NAD
   
NEA
 
Average floating rate obligations outstanding 
 
$
107,467,671
   
$
90,896,356
 
Average annual interest rate and fees 
   
1.90
%
   
1.91
%
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
118


The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, NEA had outstanding borrowings under such liquidity facilities in the amount of $20,265, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for NAD as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
             
Floating Rate Obligations — Recourse Trusts 
 
NAD
   
NEA
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
61,345,000
   
$
73,705,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
   
30,165,000
     
52,725,000
 
Total 
 
$
91,510,000
   
$
126,430,000
 
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).
The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”
119

Notes to Financial Statements (continued)
Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers for investments in swaps” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps” as described in the preceding paragraph.
The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums received and/or paid” on the Statement of Assets and Liabilities.
During the current fiscal period, NEA invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.The swap contracts were terminated during the current reporting period.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
       
 
 
NEA
 
Average notional amount of interest rate swap contracts outstanding* 
 
$
32,800,000
 
   
* The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
 
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
         
Fund 
Underlying 
Risk Exposure 
Derivative 
Instrument 
Net Realized 
Gain (Loss) from 
Swaps 
Change in Net Unrealized 
Appreciation (Depreciation) of 
Swaps 
NEA 
Interest rate 
Swaps 
1,220,000 
1,158,822 
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
120


4. Fund Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:
                         
 
 
NAD
   
NEA
 
 
 
Year
Ended
10/31/18
   
Year
Ended
10/31/17
   
Year
Ended
10/31/18
   
Year
Ended
10/31/17
 
Common shares: 
                       
Repurchased and retired 
   
(17,900
)
   
     
(55,700
)
   
 
Weighted average common share: 
                               
Price per share repurchased and retired 
 
$
12.33
     
   
$
12.10
     
 
Discount per share repurchased and retired 
   
14.96
%
   
     
14.89
%
   
 
 
Preferred Shares
MuniFund Preferred Shares
The Funds have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.
The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.
Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, Shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement Operations.
121

Notes to Financial Statements (continued)
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
NAD and NEA incurred offering costs of $305,000 and $890,000, respectively in connection with their offering of MFP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting period, NAD and NEA had $606,625,146 and $957,134,850 of MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:
             
Fund 
Series 
Shares 
Outstanding 
Liquidation 
Preference 
Term 
Redemption Date 
Mode 
Mode 
Termination Date 
NAD 
A 
6,070 
$607,000,000 
1/03/28 
VRM 
1/03/28* 
NEA 
A 
1,850 
$185,000,000 
2/03/48 
VRM 
2/03/48* 
 
B 
5,350 
535,000,000 
3/02/28 
VRM 
3/02/28* 
 
C 
2,380 
238,000,000 
3/02/28 
VRM 
3/02/28* 
   
*
Subject to earlier termination by either the Fund or the holder.

The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Funds during the current fiscal period were as follows:
             
 
 
NAD**
   
NEA***
 
Average liquidation preference of MFP Shares outstanding 
 
$
607,000,000
   
$
815,605,263
 
Annualized dividend rate 
   
2.11
%
   
2.20
%
   
** 
For the period January 29, 2018 (first issuance of shares) through October 31,2018. 
*** 
For the period February 8, 2018 (first issuance of shares) through October 31,2018.
 
Variable Rate MuniFund Term Preferred Shares
The Funds have issued and have outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
On January 29, 2018, NAD redeemed all of its outstanding Series 2018 VMTP Shares and on March 29, 2018, NEA redeemed all of its outstanding Series 2018 and Series 2019 VMTP Shares. Each Fund’s VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of MFP Shares (as described above in MuniFund Preferred Shares).
As of the end of the reporting period, NAD had $545,487,412 of VMTP Shares outstanding, at liquidation preference, net of deferred offering costs.
Further details of NAD’s VMTP Shares outstanding as of the end of the reporting period, were as follows:
       
 
 
Shares 
Liquidation 
Fund 
Series 
Outstanding 
Preference 
NAD 
2019-1 
2,085 
$208,500,000 
 
2019 
3,370 
337,000,000 
 
The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s series of VMTP Shares are as follows:
       
 
 
Term 
Premium 
Fund 
Series 
Redemption Date 
Expiration Date 
NAD 
2019-1 
November 1, 2019 
September 30, 2017 
 
2019 
August 1, 2019 
June 30, 2017 
 
122


The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
             
 
 
NAD
   
NEA*
 
Average liquidation preference of VMTP Shares outstanding 
 
$
644,741,096
   
$
773,000,000
 
Annualized dividend rate 
   
2.27
%
   
2.07
%
 
 
For the period November 1, 2017 through March 29, 2018.
 
VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with each Fund’s initial offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP“) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
In conjunction with NAD and NEA’s redemption of VMTP Shares, the remaining deferred cost of $6,130 and $19,656, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.
Variable Rate Demand Preferred Shares
The Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, NAD and NEA had $629,553,840 and $1,282,848,267 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:
         
 
 
Shares 
Liquidation 
 
Fund 
Series 
Outstanding 
Preference 
Maturity 
NAD 
1 
2,368 
$236,800,000 
September 11, 2026 
 
2 
2,675 
$267,500,000 
September 11, 2026 
 
3 
1,277 
$127,700,000 
September 11, 2026 
NEA 
1 
2,190 
$219,000,000 
June 1, 2040 
 
2 
1,309 
$130,900,000 
December 1, 2040 
 
3 
3,509 
$350,900,000 
March 1, 2040 
 
4 
4,895 
$489,500,000 
September 11, 2026 
 
5 
1,000 
$100,000,000 
October 1, 2046 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
123

Notes to Financial Statements (continued)
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
             
 
 
NAD
   
NEA
 
Average liquidation preference of VRDP Shares outstanding 
 
$
632,000,000
   
$
1,290,300,000
 
Annualized dividend rate 
   
1.47
%
   
1.41
%
 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in MFP Shares for the Funds, where applicable, were as follows:
       
 
Year Ended 
 
October 31, 2018 
NAD 
Series 
Shares 
Amount 
MFP Shares issued 
A 
6,070 
$607,000,000 
 
 
Year Ended 
 
October 31, 2018 
NEA 
Series 
Shares 
Amount 
MFP Shares issued 
A 
1,850 
$185,000,000 
 
B 
5,350 
535,000,000 
 
C 
2,380 
238,000,000 
Net increase (decrease) 
 
9,580 
$958,000,000 
 
Transactions VMTP Shares for the Funds, where applicable, were as follows:
       
 
Year Ended 
 
October 31, 2018 
NAD 
Series 
Shares 
Amount 
VMTP Shares redeemed 
2018 
(4,070) 
$(407,000,000) 
 
 
Year Ended 
 
October 31, 2018 
NEA 
Series 
Shares 
Amount 
VMTP Shares redeemed 
2019 
(2,380) 
$(238,000,000) 
 
2018 
(5,350) 
(535,000,000) 
Net increase (decrease) 
 
(7,730) 
$(773,000,000) 
 
124


5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions) during the current fiscal period were as follows:
             
 
 
NAD
   
NEA
 
Purchases 
 
$
1,192,933,669
   
$
955,394,188
 
Sales and maturities 
   
969,544,209
     
664,988,997
 
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NEA the AMT applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2018.
             
 
 
NAD
   
NEA
 
Tax cost of investments 
 
$
4,464,099,379
   
$
5,635,202,564
 
Gross unrealized: 
               
Appreciation 
 
$
219,827,588
   
$
313,257,353
 
Depreciation 
   
(38,546,640
)
   
(40,462,404
)
Net unrealized appreciation (depreciation) of investments 
 
$
181,280,948
   
$
272,794,949
 
 
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, expiration of capital loss carryforwards and taxable market discount resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2018, the Funds’ tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2018, the Funds’ tax year end, were as follows:
             
 
 
NAD
   
NEA
 
Undistributed net tax-exempt income1 
 
$
348,904
   
$
1,712,028
 
Undistributed net ordinary income2 
   
562,276
     
1,519,642
 
Undistributed net long-term capital gains 
   
     
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2018, and paid on November 1, 2018.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
125

Notes to Financial Statements (continued)
The tax character of distributions paid during the Funds’ tax years ended October 31, 2018 and October 31, 2017 was designated for purposes of the dividends paid deduction as follows:
             
2018 
 
NAD
   
NEA
 
Distributions from net tax-exempt income3 
 
$
173,386,092
   
$
217,103,284
 
Distributions from net ordinary income2 
   
951,380
     
1,182,494
 
Distributions from net long-term capital gains 
   
     
 
2017 
 
NAD
   
NEA
 
Distributions from net tax-exempt income 
 
$
181,705,862
   
$
222,447,569
 
Distributions from net ordinary income2 
   
     
 
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, 2018, as Exempt Interest Dividends.
 
As of October 31, 2018, the Funds’ tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
             
 
 
NAD4
   
NEA4
 
Not subject to expiration: 
           
Short-term 
 
$
26,606,543
   
$
21,964,832
 
Long-term 
   
13,193,467
     
32,217,521
 
Total 
 
$
39,800,010
   
$
54,182,353
 
   
4
A portion of NAD’s and NEA’s capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations.
 
As of October 31, 2018, the Funds’ tax year end, the Funds’ capital loss carryforwards expired as follows:
             
 
 
NAD
   
NEA
 
Expired capital loss carryforwards 
 
$
76,136
   
$
3,341,464
 
 
During the Funds’ tax year ended October 31, 2018, NEA utilized $9,964,617 of its capital loss carryforward.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
       
Averaged Daily Managed Assets* 
 
Fund-Level Fee Rate
 
For the first $125 million 
   
0.4500
%
For the next $125 million 
   
0.4375
 
For the next $250 million 
   
0.4250
 
For the next $500 million 
   
0.4125
 
For the next $1 billion 
   
0.4000
 
For the next $3 billion 
   
0.3750
 
For managed assets over $5 billion 
   
0.3625
 
 
126


The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:
       
Complex-Level Eligible Asset Breakpoint Level* 
 
Effective Complex-Level Fee Rate at Breakpoint Level
 
$55 billion 
   
0.2000
%
$56 billion 
   
0.1996
 
$57 billion 
   
0.1989
 
$60 billion 
   
0.1961
 
$63 billion 
   
0.1931
 
$66 billion 
   
0.1900
 
$71 billion 
   
0.1851
 
$76 billion 
   
0.1806
 
$80 billion 
   
0.1773
 
$91 billion 
   
0.1691
 
$125 billion 
   
0.1599
 
$200 billion 
   
0.1505
 
$250 billion 
   
0.1469
 
$300 billion 
   
0.1445
 
 
*
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2018, the complex-level fee for each Fund was 0.1595%.
 
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the Funds engaged in inter-fund trades pursuant to these procedures as follows:
             
Inter-Fund Trades 
 
NAD
   
NEA
 
Purchases 
 
$
46,769,282
   
$
57,001,641
 
Sales 
   
47,389,825
     
67,130,455
 
 
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
127

Notes to Financial Statements (continued)
During the current fiscal period, NEA utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:
       
 
 
NEA
 
Maximum outstanding balance 
 
$
30,100,000
 
 
During the Fund’s utilization periods, during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
       
 
 
NEA
 
Average daily balance outstanding 
 
$
19,194,307
 
Average annual interest rate 
   
2.57
%
 
During the current fiscal period, NAD did not utilize this facility.
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
Disclosure Update and Simplification
During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
128


The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.
As of October 31, 2017, the Funds’ Statement of Changes in Net Assets reflected the following UNII balances.
             
 
 
NAD
   
NEA
 
UNII at the end of period 
 
$
(5,263,305
)
 
$
(3,720,891
)
 
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
10. Subsequent Events
Adjustable Rate MuniFund Term Preferred Shares
During December 2018, NAD issued 3,370 Series 2028 Adjustable Rate Term Preferred (“AMTP”) Shares in exchange for 3,370 Series 2019 VMTP Shares and 2,085 Series 2028-1 AMTP Shares in exchange for 2,085 Series 2019-1 VMTP Shares.
MuniFund Preferred Shares
During November 2018, NEA announced that it has filed notice with the SEC of its intent to redeem a portion of its outstanding MFP Shares. The Fund expects to finance the MFP share redemptions with the proceeds of newly issued preferred shares and the redemptions are contingent upon the completion of all aspects of such preferred share placements by the Fund, which may not occur as planned.
129

Additional Fund Information (unaudited)
           
Board of Trustees 
 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
William J. Schneider** 
Judith M. Stockdale 
Carole E. Stone 
Terence J. Toth 
Margaret L. Wolff 
Robert L. Young 
 
 
*     
Interested Board Member.
**     
Retired from the Funds’ Board of Trustees effective December 31, 2018.
   

Fund Manager 
Custodian 
Legal Counsel 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
& Trust Company 
Chicago, IL 60603 
KPMG LLP 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
200 East Randolph Street 
Company, N.A. 
 
Boston, MA 02111 
 
Chicago, IL 60601 
250 Royall Street 
 
 
 
 
Canton, MA 02021 
 
 
 
 
(800) 257-8787 

Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

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

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

Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
     
 
NAD 
NEA 
Common shares repurchased 
17,900 
55,700 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

130

Glossary of Terms Used in this Report (unaudited)
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumula- tive performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make peri- odic 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 under- lying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
131

Glossary of Terms Used in this Report (unaudited) (continued)
 
NAD and NEA Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter the returns of an 80%/20% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the perform- ance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receiv- ables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
132

Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
133

Annual Investment Management Agreement Approval Process (unaudited)
At a meeting held on May 22-24, 2018 (the “May Meeting”), the Board of Trustees (each, a “Board,” and each Trustee, a “Board Member”) of each Fund, including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for its respective Fund, the renewal of the management agreement (the “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (the “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as investment sub-adviser to such Fund. Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”
In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. (“Broadridge” or “Lipper”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by each Fund Adviser; a review of the Sub-Adviser and the applicable investment team(s); an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market for Nuveen closed-end funds (including, among other things an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and the resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular Nuveen fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the various sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Board Members held an in-person meeting on April 10-11, 2018 (the “April Meeting”), in part, to review and discuss the performance of the Nuveen funds and the Adviser’s evaluation of the various sub-advisers to the Nuveen funds. Prior to the May Meeting, the Board Members also received and reviewed supplemental information provided in response to questions posed by the Board Members.
The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; the management of leveraging financing for the Nuveen closed-end funds; the secondary market trading of the Nuveen closed-end funds and any actions to address discounts; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board
134


further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. As a result, the Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the Advisory Agreements. Throughout the year and during the annual review of Advisory Agreements, the Independent Board Members met in executive sessions with independent legal counsel and had the benefit of counsel’s advice.
In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the resulting performance of each Fund. With respect to the Adviser, the Board recognized the comprehensive set of management, oversight and administrative services the Adviser and its affiliates provided to manage and operate the Nuveen funds in a highly regulated industry. As illustrative, these services included, but were not limited to, product management; investment oversight, risk management and securities valuation services; fund accounting and administration services; board support and administration services; compliance and regulatory oversight services; legal support; and with respect to closed-end funds, leverage, capital and distribution management services.
In addition to the services necessary to operate and maintain the Nuveen funds, the Board recognized the Adviser’s continued program of improvements and innovations to make the Nuveen fund complex more relevant and attractive to existing and new investors and to accommodate the new and changing regulatory requirements in an increasingly complex regulatory environment. The Board noted that some of the initiatives the Adviser had taken over recent years to benefit the complex and particular Nuveen funds included, among other things:
 
Fund Rationalizations – continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs;
 
Product Innovations – developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds;
 
Risk Management Enhancements – continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system;
 
Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership;
 
135

Annual Investment Management Agreement Approval Process (unaudited) (continued)
 
Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process; and
 
with respect specifically to closed-end funds, such initiatives also included:
 
••
Leverage Management Services – continuing activities to expand financing relationships and develop new product structures to lower fund leverage expenses and to manage associated risks, particularly in an interest rate increasing environment;
 
••
Capital Management Services – continuing capital management activities through the share repurchase program and additional equity offerings in seeking to increase net asset value and/or improve fund performance for the respective Nuveen funds;
 
••
Data and Market Analytics – continuing development of databases that help with obtaining and analyzing ownership data of closed-end funds;
 
••
Enhanced Secondary Market Reporting – providing enhanced reporting and commentary on the secondary market trading of closed-end funds which permit more efficient analysis of the performance of the Nuveen funds compared to peers and of trends in the marketplace; and
 
••
Tender Option Bond Services – providing the additional support services necessary for Nuveen funds that seek to use tender option bonds to meet new regulatory requirements.
The Board also recognized the Adviser’s investor relations program which seeks to advance the Nuveen closed-end funds through, among other things, raising awareness and delivering education regarding closed-end funds to investors and financial advisors and promoting the Nuveen closed-end funds with such investors.
In addition to the services provided by the Adviser, the Board also noted the business related risks the Adviser incurred in managing the Nuveen funds, including entrepreneurial, legal and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and the investment and compliance oversight over the Sub-Adviser provided by the Adviser. The Board recognized that the Sub-Adviser generally provided the portfolio advisory services for the Funds. The Board reviewed the Adviser’s analysis of the Sub-Adviser which evaluated, among other things, the investment team, the members’ experience and any changes to the team during the year, the team’s assets under management, the stability and history of the organization, the team’s investment approach and the performance of the Funds over various periods. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
As part of its evaluation of the services provided by the Fund Advisers, the Board considered the investment performance of each Fund. In this regard, the Board reviewed fund performance over the quarter, one-, three- and five-year periods ending December 31, 2017 as well as performance data for the first quarter of 2018 ending March 31, 2018. The Independent Board Members noted that they reviewed and discussed fund performance over various time periods with management at their quarterly meetings throughout the year and their review and analysis of performance during the annual review of Advisory Agreements incorporated such discussions.
The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized
136


benchmarks). The Board considered the Adviser’s analysis of each Nuveen fund’s performance, including, in particular, an analysis of the Nuveen funds determined to be performance outliers and the factors contributing to their underperformance. In addition to the foregoing, in recognizing the importance of secondary market trading to shareholders of closed-end funds, the Board reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date as well as relative to the premiums or discounts of certain peers and the funds’ total return based on net asset value and market price over various periods. The Board considers the review of premiums and discounts of the closed-end funds to be a continuing priority and as such, the Board and/or its Closed-end Fund Committee also receives an update on the secondary closed-end fund market and evaluates the premiums and discounts of the Nuveen closed-end funds at each quarterly meeting, reviewing, among other things, the premium and discount trends in the broader closed-end fund market, by asset category and by closed-end fund; the historical total return performance data for the Nuveen closed-end funds based on net asset value and price over various periods; the volatility trends in the market; the distribution data of the Nuveen closed-end funds and as compared to peer averages; and a summary of the common share shelf offerings and share repurchase activity during the applicable quarter. As the Board’s Closed-end Fund Committee oversees matters particularly impacting the closed-end fund product line, the committee further engages in more in-depth discussions of the premiums and discounts of the Nuveen closed-end funds at each of its quarterly meetings.
In reviewing performance data, the Independent Board Members appreciated some of the inherent limitations of such data. In this regard, the Independent Board Members recognized that there may be limitations with the comparative data of certain peer groups or benchmarks as they may pursue objective(s), strategies or have other characteristics that are different from the respective Nuveen fund and therefore the performance results necessarily are different and limit the value of the comparisons. As an example, some funds may utilize leverage which may add to or detract from performance compared to an unlevered benchmark. The Independent Board Members also noted that management had ranked the relevancy of the peer group as low, medium or high to help the Board evaluate the value of the comparative peer performance data. The Board was aware that the performance data was measured as of a specific date and a different time period may reflect significantly different results and a period of underperformance can significantly impact long term performance figures. The Board further recognized that a shareholder’s experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers. The Independent Board Members noted that only a limited number of the Nuveen funds appeared to be underperforming performance outliers at the end of 2017 and considered the factors contributing to the respective fund’s performance and whether there were any performance concerns that needed to be addressed. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
For Nuveen Quality Municipal Income Fund, the Board noted that the Fund ranked in the first quartile of its Performance Peer Group in the one-year period and second quartile in the three- and five-year periods. The Fund also outperformed its benchmark and blended benchmark for the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
For Nuveen AMT-Free Quality Municipal Income Fund, the Board noted that the Fund ranked in the first quartile of its Performance Peer Group in the one- and three-year periods and the second quartile in the five-year period. In addition, the Fund outperformed its benchmark and blended benchmark for the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
137

Annual Investment Management Agreement Approval Process (unaudited) (continued)
C. Fees, Expenses and Profitability
1. Fees and Expenses
In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Fund. More specifically, the Independent Board Members reviewed, among other things, each Fund’s gross and net management fee rates and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund. In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage for closed-end funds) of six basis points or higher compared to that of its peer average (each an “Expense Outlier Fund”). The Board noted that the number of Nuveen funds classified as an Expense Outlier Fund pursuant to the foregoing criteria had decreased over the past few years with only a limited number of the Nuveen funds identified as Expense Outlier Funds in 2017. The Independent Board Members reviewed an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the Nuveen closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets for the closed-end funds) 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.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, as applicable. The Board considered that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $47.4 million and fund-level breakpoints reduced fees by $54.6 million in 2017.
The Board considered the sub-advisory fees paid to the Sub-Adviser, including any breakpoint schedule, and as described below, comparative data of the fees the Sub-Adviser charges to other clients.
The Independent Board Members noted that the Funds had net management fees in line with their peer average and net expense ratios below their peer average.
Based on their review of the information provided, the Board 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
In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged for certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or affiliated sub-advisers to the municipal funds, such other clients may include retail and institutional managed accounts, passively managed ETFs sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser.
The Board recognized that each Fund had an affiliated sub-adviser and reviewed, among other things, the range of fees and average fee rates assessed for managed accounts. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. In general, the Board noted that the higher fee levels reflect
138

 
higher levels of services provided by Nuveen, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members considered Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2017 and 2016. In considering profitability, the Independent Board Members reviewed the level of profitability realized by Nuveen including and excluding any distribution expenses incurred by Nuveen from its own resources. The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the years. For comparability purposes, the Board recognized that a prior year’s profitability would be restated to reflect any refinements to the methodology. The Independent Board Members were aware of the inherent limitations in calculating profitability as the use of different reasonable allocation methodologies may lead to significantly different results and in reviewing profitability margins over extended periods given the refinements to the methodology over time. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review and discuss any proposed changes to the methodology prior to the full Board’s review.
In their review, the Independent Board Members evaluated, among other things, Nuveen’s adjusted operating margins, 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 and before distribution) of Nuveen for fund advisory services for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2017 versus 2016. The Board noted that Nuveen recently launched its ETF product line in 2016 and reviewed the revenues, expenses and operating margin from this product line.
In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members also examined comparative profitability data reviewing, among other things, the revenues, expenses and adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition) for 2017 and as compared to their adjusted operating margins for 2016. The Independent Board Members, however, recognized the difficulty in comparing the profitability of various fund managers given the limited public information available and the subjective nature of calculating profitability which may be affected by numerous factors including the fund manager’s organizational structure, types of funds, other lines of business, methodology used to allocate expenses and cost of capital. Nevertheless, considering such limitations and based on the information provided, the Board noted that Nuveen’s adjusted operating margins appeared reasonable when compared to the adjusted margins of the peers.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2017 and 2016 calendar years to consider the financial strength of TIAA.
In reviewing profitability, the Independent Board Members also considered the profitability of the various sub-advisers from their relationships with the respective Nuveen fund(s). 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, 2017. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin
139

Annual Investment Management Agreement Approval Process (unaudited) (continued)
(pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2017 and the pre- and post-tax revenue margin from 2017 and 2016.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members considered the extent to which economies of scale may be achieved as a Fund grows and whether these economies of scale have been shared with shareholders. Although the Board recognized that economies of scale are difficult to measure, the Independent Board Members noted that there are several methods that may be used in seeking to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. With respect to breakpoint schedules, because the Board had previously recognized that economies of scale may occur not only when the assets of a particular fund grow but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex level reduces fees on certain funds as the eligible assets in the complex pass certain thresholds. Subject to exceptions for certain Nuveen funds, the Independent Board Members reviewed the fund-level and complex-level fee schedules and any resulting savings in fees. In addition, 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. Further, the Independent Board Members recognized the Adviser’s continued reinvestment in its business through, among other things, improvements in technology, additional staffing, product innovations and other organizational changes designed to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members reviewed the revenues that an affiliate of the Adviser received in 2017 as a result of serving as co-manager in the initial public offerings of new closed-end funds and as the underwriter on shelf offerings of existing closed-end funds.
In addition to the above, the Independent Board Members considered whether the Sub-Adviser uses commissions paid by the Funds on portfolio transactions to obtain research products and other services (“soft dollar transactions”). The Board recognized that the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board, however, noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds or is acquired through the commissions paid on portfolio transactions of other funds or clients.
140


Based on their review, the Board 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 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.
141

Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at eleven. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
         
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: 
 
 
 
 ■ TERENCE J. TOTH 
 
 
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); 
 
1959 
 
 
Director, Fulcrum IT Service LLC (since 2010) and Quality Control 
 
333 W. Wacker Drive 
Chairman and 
2008 
Corporation (since 2012); member: Catalyst Schools of Chicago Board 
169 
Chicago, IL 6o6o6 
Board Member 
Class II 
(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). 
 
 
 ■ JACK B. EVANS 
 
 
President, The Hall-Perrine Foundation, a private philanthropic 
 
1948 
 
 
corporation (since 1996); Director and Chairman, United Fire 
 
333 W. Wacker Drive 
Board Member 
1999 
Group, a publicly held company; Director, Public Member, American 
169 
Chicago, IL 6o6o6 
 
Class III 
Board of Orthopaedic Surgery (since 2015); 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 and The Gazette Company; formerly, Director, 
 
 
 
 
Federal Reserve Bank of Chicago; formerly, President and Chief Operating 
 
 
 
 
Officer, SCI Financial Group, Inc., a regional financial services firm. 
 
 
 ■ WILLIAM C. HUNTER 
 
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University 
 
1948 
 
 
of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director 
 
333 W. Wacker Drive 
Board Member 
2003 
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., 
169 
Chicago, IL 6o6o6 
 
Class I 
The International Business Honor Society; formerly, Director (2004-2018) 
 
 
 
 
of Xerox Corporation; 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. 
 
 
 ■ ALBIN F. MOSCHNER 
 
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a 
 
1952 
 
 
management consulting firm (since 2012); Director, USA Technologies, Inc., 
 
333 W. Wacker Drive 
Board Member 
2016 
a provider of solutions and services to facilitate electronic payment 
169 
Chicago, IL 6o6o6 
 
Class III 
transactions (since 2012); formerly, Director, Wintrust Financial 
 
 
 
 
Corporation (1996-2016); 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). 
 
 
142


         
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): 
 
 
 
 
 ■ JOHN K. NELSON 
 
 
Member of Board of Directors of Core12 LLC (since 2008), a private firm 
 
1962 
 
 
which develops branding, marketing and communications strategies 
 
333 W. Wacker Drive 
Board Member 
2013 
for clients; Director of The Curran Center for Catholic American Studies 
169 
Chicago, IL 6o6o6 
 
Class II 
(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. 
 
 
 ■ WILLIAM J. SCHNEIDER(1) 
 
 
Chairman of Miller-Valentine Partners, a real estate investment 
 
1944 
 
 
company; Board Member of WDPR Public Radio station; formerly, 
 
333 W. Wacker Drive 
Board Member 
1996 
Senior Partner and Chief Operating Officer (retired (2004) of 
169 
Chicago, IL 6o6o6 
 
Class III 
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. 
 
 
 ■ JUDITH M. STOCKDALE 
 
 
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment 
 
1947 
 
 
for Forestry and Communities (since 2013); formerly, Executive Director 
 
333 W. Wacker Drive 
Board Member 
1997 
(1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, 
169 
Chicago, IL 6o6o6 
 
Class I 
Executive Director, Great Lakes Protection Fund (1990-1994). 
 
 
 ■ CAROLE E. STONE 
 
 
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); 
 
1947 
 
 
and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE 
 
333 W. Wacker Drive 
Board Member 
2007 
Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); 
169 
Chicago, IL 6o6o6 
 
Class I 
formerly, Commissioner, New York State Commission on Public 
 
 
 
 
Authority Reform (2005-2010). 
 
 
 ■ MARGARET L. WOLFF 
 
 
Formerly, member of the Board of Directors (2013-2017) of Travelers 
 
1955 
 
 
Insurance Company of Canada and The Dominion of Canada General 
 
333 W. Wacker Drive 
Board Member 
2016 
Insurance Company (each, a part of Travelers Canada, the Canadian 
169 
Chicago, IL 6o6o6 
 
Class I 
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. 
 
 
143

Board Members & Officers (Unaudited) (continued)
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
 ■ ROBERT L. YOUNG(2) 
 
 
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment 
 
1963 
 
 
Management Inc. (2010-2016); formerly, President and Principal Executive 
 
333 W. Wacker Drive 
Board Member 
2017 
Officer (2013-2016), and Senior Vice President and Chief Operating Officer 
167 
Chicago, IL 6o6o6 
 
Class II 
(2005-2010), of J.P.Morgan Funds; formerly, Director and various officer 
 
 
 
 
positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan 
 
 
 
 
Funds Management, Inc. and formerly, One Group Administrative Services) 
 
 
 
 
and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer 
 
 
 
 
Services, Inc.) (1999-2017). 
 
Interested Board Member: 
 
 
 
 
 
 ■ MARGO L. COOK(3)(4) 
 
 
President (since 2017), formerly, Co-Chief Executive Officer and 
 
1964 
 
 
Co-President (2016-2017), formerly, Senior Executive Vice President of 
 
333 W. Wacker Drive 
Board Member 
2016 
Nuveen Investments, Inc.; President, Global Products and Solutions (since 
169 
Chicago, IL 6o6o6 
 
Class III 
2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive 
 
 
 
 
Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice 
 
 
 
 
President (since 2017) of Nuveen, LLC; President (since August 
 
 
 
 
2017), formerly Co-President (2016- 2017), formerly, Senior Executive 
 
 
 
 
Vice President of Nuveen Fund Advisors, LLC (Executive Vice 
 
 
 
 
President since 2011); President (since 2017), Nuveen Alternative 
 
 
 
 
Investments, LLC; Chartered Financial Analyst. 
 
 
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 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
 
1962 
Chief 
 
(2004-2017) of Nuveen Securities, LLC; Senior Managing Director 
 
333 W. Wacker Drive 
Administrative 
2007 
(since 2017), formerly, Managing Director (2014-2017) of Nuveen 
75 
Chicago, IL 6o6o6 
Officer 
 
Fund Advisors, LLC. 
 
 
 ■ STEPHEN D. FOY 
 
 
Managing Director (since 2014), formerly, Senior Vice President (2013- 
 
1954 
 
 
2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; 
 
333 W. Wacker Drive 
Vice President 
1998 
Managing Director (since 2016) of Nuveen Securities, LLC Managing 
169 
Chicago, IL 6o6o6 
and Controller 
 
Director (since 2016) of Nuveen Alternative Investments, LLC; Certified 
 
 
 
 
Public Accountant. 
 
 
 ■ NATHANIEL T. JONES 
 
 
Managing Director (since 2017), formerly, Senior Vice President (2016- 
 
1979 
 
 
2017), formerly, Vice President (2011-2016) of Nuveen; Managing 
169 
333 W. Wacker Drive 
Vice President 
2016 
Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. 
 
Chicago, IL 6o6o6 
and Treasurer 
 
 
 
 
 ■ WALTER M. KELLY 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
 
1970 
Chief Compliance 
 
(2008-2017) of Nuveen. 
169 
333 W. Wacker Drive 
Officer and 
2003 
 
 
Chicago, IL 6o6o6 
Vice President 
 
 
 
 
144


         
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): 
 
 
 
 
 ■ DAVID J. LAMB 
 
 
Managing Director (since 2017), formerly, Senior Vice President of 
 
1963 
 
 
Nuveen (since 2006), Vice President prior to 2006. 
75 
333 W. Wacker Drive 
Vice President 
2015 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
 ■ TINA M. LAZAR 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
 
1961 
 
 
(2014-2017) of Nuveen Securities, LLC. 
169 
333 W. Wacker Drive 
Vice President 
2002 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
 ■ KEVIN J. MCCARTHY 
 
 
Senior Managing Director (since 2017) and Secretary and General Counsel 
 
1966 
Vice President 
 
(since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President 
 
333 W. Wacker Drive 
and Assistant 
2007 
(2016-2017) and Managing Director and Assistant Secretary (2008-2016); 
169 
Chicago, IL 6o6o6 
Secretary 
 
Senior Managing Director (since 2017) and Assistant Secretary (since 2008) 
 
 
 
 
of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and 
 
 
 
Managing Director (2008-2016); Senior Managing Director (since 2017), 
 
 
 
 
Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund 
 
 
 
 
Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing 
 
 
 
 
Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing 
 
 
 
 
Director (since 2017), Secretary (since 2016) and Associate General Counsel 
 
 
 
 
(since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice 
 
 
 
 
President (2016-2017) and Managing Director and Assistant Secretary (2011- 
 
 
 
 
2016); Senior Managing Director (since 2017) and Secretary (since 2016) of 
 
 
 
 
Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016- 
 
 
 
 
2017); Vice President (since 2007) and Secretary (since 2016), formerly, 
 
 
 
 
Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony 
 
 
 
Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow 
 
 
 
Capital Management, LLC (since 2010). Senior Managing Director (since 2017) 
 
 
 
and Secretary (since 2016) of Nuveen Alternative Investments, LLC. 
 
 
 ■ WILLIAM T. MEYERS 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
 
1966 
Vice President 
 
(2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; 
 
333 W. Wacker Drive 
 
2018 
and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), 
75 
Chicago, IL 60606 
 
 
formerly, Managing Director (2016-2017), Senior Vice President (2010- 
 
 
 
 
2016) of Nuveen, has held various positions with Nuveen since 1991. 
 
 
 ■ MICHAEL A. PERRY 
 
 
Executive Vice President (since 2017), previously Managing Director 
 
1967 
 
 
from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative 
 
333 W. Wacker Drive 
Vice President 
2017 
Investments, LLC; Executive Vice President (since 2017), formerly, 
75 
Chicago, IL 6o6o6 
 
 
Managing Director (2015-2017), of Nuveen Securities, LLC; 
 
 
 
 
formerly, Managing Director (2010-2015) of UBS Securities, LLC. 
 
 
 ■ CHRISTOPHER M. ROHRBACHER 
 
 
Managing Director (since 2017) and Assistant Secretary of Nuveen 
 
1971 
Vice President 
 
Securities, LLC; Managing Director (since 2017), formerly, Senior 
 
333 W. Wacker Drive 
and Assistant 
2008 
Vice President (2016-2017) and Assistant Secretary (since 2016) of 
169 
Chicago, IL 6o6o6 
Secretary 
 
Nuveen Fund Advisors, LLC. 
 
 
 ■ WILLIAM A. SIFFERMANN 
 
 
Managing Director (since 2017), formerly Senior Vice President 
 
1975 
 
 
(2016-2017) and Vice President (2011-2016) of Nuveen. 
169 
333 W. Wacker Drive 
Vice President 
2017 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
 ■ JOEL T. SLAGER 
 
 
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice 
 
1978 
Vice President 
 
President of Morgan Stanley Investment Management, Inc., Assistant 
 
333 W. Wacker Drive 
and Assistant 
2013 
Treasurer of the Morgan Stanley Funds (from 2010 to 2013). 
169 
Chicago, IL 6o6o6 
Secretary 
 
 
 
 
145

Board Members & Officers (Unaudited) (continued)
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed(4) 
During Past 5 Years 
in Fund Complex 
 
 
 
 
Overseen by 
 
 
 
 
Officer 
 
Officers of the Funds (continued): 
 
 
 
 
 ■ MARK L. WINGET 
 
 
Vice President and Assistant Secretary of Nuveen Securities, LLC 
 
1968 
Vice President 
 
(since 2008); Vice President (since 2010) and Associate General 
169 
333 W. Wacker Drive 
and Assistant 
2008 
Counsel (since 2008) of Nuveen. 
 
Chicago, IL 60606 
Secretary 
 
 
 
 
 ■ GIFFORD R. ZIMMERMAN 
 
 
Managing Director (since 2002), and Assistant Secretary of Nuveen 
 
1956 
Vice President 
 
Securities, LLC; Managing Director (since 2004) and Assistant Secretary 
 
333 W. Wacker Drive 
Secretary 
1988 
(since 1994) of Nuveen Investments, Inc.; Managing Director (since 
169 
Chicago, IL 60606 
 
 
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); Vice President (since 2017), formerly, Managing Director (2003-2017) 
 
 
 
 
and Assistant Secretary (since 2003) of Symphony Asset Management LLC; 
 
 
 
 
Managing Director and Assistant Secretary (since 2002) of Nuveen Investments 
 
 
 
Advisers, LLC; 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); 
 
 
 
 
Chartered Financial Analyst. 
 
 
   
(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. Mr. Schneider will retire from the Board as of December 31, 2018. 
(2) 
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund. 
(3) 
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. 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. 
 
146

Notes
 
147

Notes
 
148

Notes
 
149

Notes
 
150

Notes
 
151

 
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
EAN-B-1018D 690637-INV-Y-12/19



 
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen AMT-Free Quality Municipal Income Fund

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2018
 
$
24,610
   
$
0
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2017
 
$
23,950
      0    
$
0
   
$
2,375
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
 
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
 
                                 
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
 
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
 
                                 
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
 
represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
                 
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2018
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2017
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
 
NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.
 
   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2018
 $                            0
 $                                  0
 $                                0
 $                        0
October 31, 2017
 $                      2,375
 $                                  0
 $                                0
 $                  2,375
         
         
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

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

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

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

As of the date of filing this report, the following individuals had primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

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

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

In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Christopher L. Drahn
Registered Investment Company
9
$7.01 billion
 
Other Pooled Investment Vehicles
0
$ 0
 
Other Accounts
4
$123 million
*
Assets are as of October 31, 2018.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

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

As of the most recently completed fiscal year end, portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

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

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

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

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

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

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

Item 8(a)(4). OWNERSHIP OF NEA SECURITIES AS OF OCTOBER 31, 2018

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

Period*
(a)
(b)
(c)
(d)*
 
TOTAL NUMBER OF
AVERAGE
TOTAL NUMBER OF SHARES
MAXIMUM NUMBER (OR
 
SHARES (OR
PRICE
(OR UNITS) PURCHASED AS
APPROXIMATE DOLLAR VALUE) OF
 
UNITS)
PAID PER
PART OF PUBLICLY
SHARES (OR UNITS) THAT MAY YET
 
PURCHASED
SHARE (OR
ANNOUNCED PLANS OR
BE PURCHASED UNDER THE PLANS OR
   
UNIT)
PROGRAMS
PROGRAMS
         
MAY 1-31, 2018
         0
 
0
26,280,000
         
JUNE 1-30, 2018
         0
 
0
26,280,000
         
JULY 1-31, 2018
         0
 
0
26,280,000
         
AUGUST 1-31, 2018
         0
 
0
26,280,000
         
SEPTEMBER 1-30, 2018
         0
 
0
26,280,000
         
OCTOBER 1-31, 2018
55,700
12.10
0
26,224,300
         
TOTAL
55,700
     
 
* The registrant’s repurchase program, for the repurchase of 26,280,000 shares, was authorized August 1, 2017.  The program was reauthorized for a maximum repurchase amount of 26,280,000 shares on August 7, 2018.  Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
 
(a)(4)    Change in the registrant’s independent public accountant. Not applicable.
(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.




SIGNATURES


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

(Registrant) Nuveen AMT-Free Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: January 7, 2019

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

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: January 7, 2019
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2019