N-CSRS 1 d798855dncsrs.htm NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND

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)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: |  | October 31

Date of reporting period: |  | April 30, 2024

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.

Closed-End
Funds
Closed-End
Funds
Nuveen
Municipal
April
30,
2024
Semi-Annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Nuveen
Quality
Municipal
Income
Fund
NAD
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
NEA
2
Table
of
Contents
Important
Notices
3
Fund
Leverage
4
Common
Share
Information
5
About
the
Funds’
Benchmarks
7
Performance
Overview
and
Holding
Summaries
10
Portfolios
of
Investments
12
Statement
of
Assets
and
Liabilities
115
Statement
of
Operations
116
Statement
of
Changes
in
Net
Assets
117
Statement
of
Cash
Flows
118
Financial
Highlights
120
Notes
to
Financial
Statements
123
Risk
Considerations
136
Additional
Fund
Information
137
Glossary
of
Terms
Used
in
this
Report
138
Annual
Investment
Management
Agreement
Approval
Process
139
Important
Notices
3
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
October
31,
2023
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com
.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Portfolio
Manager
Updates
Effective
April
1,
2024,
Christopher
Drahn
retired
from
Nuveen
Asset
Management,
LLC
and
no
longer
serves
as
a
portfolio
manager
of
the
Funds.
Management
Fees
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
Fund
is
the
fund-level
fee
listed
within
this
report
plus
0.1600%.
Refer
to
the
Notes
to
Financial
Statements
within
this
report
for
further
details
on
the
Funds’
management
fees.
4
Fund
Leverage
IMPACT
OF
THE
FUNDS’
LEVERAGE
STRATEGY
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.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
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’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
securities
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
securities
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
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.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
interest
rates.
While
fund
leverage
expenses
are
higher
than
their
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
The
Funds’
use
of
leverage
significantly
contributed
to
relative
performance
during
the
reporting
period.
As
of
April
30,
2024,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
THE
FUNDS’
REGULATORY
LEVERAGE
As
of
April
30,
2024,
the
following
Funds
have
issued
and
outstanding
preferred
shares
as
shown
in
the
accompanying
table.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
preferred
shares
and
each
Fund’s
respective
transactions.
NAD
NEA
Effective
Leverage
*
40.55%
39.72%
Regulatory
Leverage
*
36.68%
38.23%
*
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.
Variable
Rate
Preferred*
Variable
Rate
Remarketed
Preferred**
Fund
Shares
Issued
at
Liquidation
Preference
Shares
Issued
at
Liquidation
Preference
Total
NAD
$1,233,300,000
$
504,300,000
$1,737,600,000
NEA***
$ 568,000,000
$
1,728,300,000
$2,296,300,000
*
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
,
MFP-VRM
and
VRDP
in
Special
Rate
Mode,
where
applicable.
See
Notes
to
Financial
Statements
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
for
further
details.
***
Amounts
do
not
include
preferred
shares
noticed
for
redemption
as
noted
on
the
Statement
of
Assets
and
Liabilities.
Common
Share
Information
5
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
April
30,
2024. Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
Each
Fund
sought
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflected
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
paid
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
reported
a
negative
undistributed
net
ordinary
income.
Refer
to
the
Notes
to
Financial
Statements
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.
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
If
a
distribution
includes
anything
other
than
net
investment
income,
the
Fund
provides
a
notice
of
the
best
estimate
of
its
distribution
sources
at
the
time
of
the
distribution
which
may
be
viewed
at
www.nuveen.com/CEFdistributions.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year’s
distributions)
contained
in
shareholders’
1099-DIV
forms
after
the
end
of
the
year.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
closedend
funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
their
common
shares
outstanding.
As
of
April
30,
2024,
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NAD
NEA
November
$0.0440
$0.0425
December
0.0440
0.0425
January
0.0440
0.0425
February
0.0440
0.0425
March
0.0520
0.0505
April
0.0520
0.0505
Total
Distributions
from
Net
Investment
Income
$0.2800
$0.2710
Yields
NAD
NEA
Market
Yield
1
5.71%
5.70%
Taxable-Equivalent
Yield
1
9.64%
9.60%
1
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
40.8%.
Your
actual
federal
income
tax
rate
may
differ
from
the
assumed
rate.
The
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund’s
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
not
exempt
from
federal
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual’s
ordinary
graduated
tax
rate,
the
fund’s
Taxable-Equivalent
Yield
would
be
lower.
Common
Share
Information
(continued)
6
OTHER
COMMON
SHARE
INFORMATION
As
of
April
30,
2024,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAVs
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
NAD
NEA
Common
shares
cumulatively
repurchased
and
retired
17,900
120,000
Common
shares
authorized
for
repurchase
23,340,000
29,895,000
NAD
NEA
Common
share
NAV
$12.85
$12.41
Common
share
price
$10.93
$10.64
Premium/(Discount)
to
NAV
(14.94)%
(14.26)%
Average
premium/(discount)
to
NAV
(14.43)%
(14.27)%
About
the
Funds’
Benchmarks
7
S&P
Municipal
Bond
Index
:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Investment
Grade
Index
:
An
index
designed
to
measure
the
performance
of
tax-exempt
investment
grade
municipal
bonds.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
High
Yield
Index
:
An
index
designed
to
measure
the
performance
of
tax-exempt
high
yield
municipal
bonds.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
8
Nuveen
Quality
Municipal
Income
Fund
Performance
Overview
and
Holding
Summaries
April
30,
2024
NAD
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
a
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NAD
Blended
Benchmark.
Effective
Sep-
tember
12,
2016,
the
Fund’s
Blended
Benchmark
consists
of:
1)
80%
S&P
Municipal
Bond
Investment
Grade
Index
and
2)
20%
S&P
Municipal
Bond
High
Yield
Index.
The
Fund’s
performance
was
measured
against
the
S&P
Municipal
Bond
Index
through
September
11,
2016.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NAD
at
Common
Share
NAV
5/26/99
13.55%
1.96%
0.75%
3.13%
NAD
at
Common
Share
Price
5/26/99
14.23%
(0.21)%
0.36%
2.89%
S&P
Municipal
Bond
Index
—
7.14%
2.35%
1.38%
2.46%
NAD
Blended
Benchmark
—
7.76%
2.93%
1.61%
2.65%
9
Holdings
Summaries
as
of
April
30,
2024
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)
Municipal
Bonds
165
.9‌
%
Investment
Companies
0
.0‌
%
Short-Term
Municipal
Bonds
0
.5‌
%
Other
Assets
&
Liabilities,
Net
1.7%
Floating
Rate
Obligations
(10.3)%
AMTP
Shares,
Net
(
24
.2‌
)
%
MFP
Shares,
Net
(
16
.8‌
)
%
VRDP
Shares,
Net
(
16
.8‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
6.7%
AAA
2.3%
AA
27.1%
A
37.4%
BBB
14.9%
BB
or
Lower
5.2%
N/R
(not
rated)
6.4%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Transportation
27.9%
Health
Care
18.9%
Tax
Obligation/Limited
16.1%
Tax
Obligation/General
10.2%
Utilities
9.7%
U.S.
Guaranteed
5.5%
Education
and
Civic
Organizations
4.7%
Other
7.0%
Investment
Companies
0.0%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Texas
9.4%
Illinois
8.7%
Colorado
8.4%
California
7.0%
New
York
6.5%
Florida
6.3%
Maryland
5.0%
Pennsylvania
4.1%
New
Jersey
3.2%
South
Carolina
3.0%
Missouri
3.0%
Wisconsin
2.3%
Ohio
2.2%
Michigan
2.1%
Louisiana
2.0%
Washington
2.0%
Minnesota
1.9%
Georgia
1.7%
Arizona
1.6%
District
of
Columbia
1.6%
Other
18.0%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
10
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
Performance
Overview
and
Holding
Summaries
April
30,
2024
NEA
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NEA
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
80%
S&P
Municipal
Bond
Investment
Grade
Index
and
2)
20%
S&P
Municipal
Bond
High
Yield
Index.
The
Fund’s
performance
was
measured
against
the
S&P
Municipal
Bond
Index
through
September
11,
2016.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NEA
at
Common
Share
NAV
11/21/02
13.49%
1.32%
0.45%
3.10%
NEA
at
Common
Share
Price
11/21/02
15.18%
0.20%
0.14%
2.84%
S&P
Municipal
Bond
Index
—
7.14%
2.35%
1.38%
2.46%
NEA
Blended
Benchmark
—
7.76%
2.93%
1.61%
2.65%
11
Holdings
Summaries
as
of
April
30,
2024
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)
Municipal
Bonds
163
.0‌
%
Short-Term
Municipal
Bonds
1
.1‌
%
Other
Assets
&
Liabilities,
Net
1.4%
Floating
Rate
Obligations
(3.8)%
AMTP
Shares,
Net
(
4
.7‌
)
%
MFP
Shares,
Net
(
25
.9‌
)
%
VRDP
Shares,
Net
(
31
.1‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.6%
AAA
2.8%
AA
35.4%
A
36.3%
BBB
11.0%
BB
or
Lower
3.7%
N/R
(not
rated)
7.2%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Health
Care
22.7%
Tax
Obligation/Limited
18.9%
Transportation
13.9%
Tax
Obligation/General
13.0%
Utilities
12.2%
Education
and
Civic
Organizations
7.3%
U.S.
Guaranteed
5.9%
Other
6.1%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Illinois
10.1%
Colorado
8.9%
Texas
7.3%
New
York
6.9%
Michigan
6.3%
New
Jersey
4.6%
Florida
4.6%
Pennsylvania
3.6%
Missouri
3.5%
Minnesota
3.4%
California
3.3%
Georgia
2.9%
Wisconsin
2.6%
Ohio
2.5%
South
Carolina
2.3%
Washington
2.2%
North
Carolina
2.1%
District
of
Columbia
2.1%
Indiana
1.8%
Oregon
1.7%
Other
17.3%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
12
Nuveen
Quality
Municipal
Income
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
165.9%
(99.7%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
165.9%
(99.7%
of
Total
Investments)
X
4,976,168,320
Alabama
-
1.9%
(1.2%
of
Total
Investments)
$
5,000
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016C,
5.000%,
11/15/46
5/26
at
100.00
$
5,051,622
Alabama
State
Port
Authority,
Docks
Facilities
Revenue
Bonds,
Refunding
Series
2017A
:
5,000
5.000%,
10/01/33
-
AGM
Insured,
(AMT)
10/27
at
100.00
5,127,184
5,455
5.000%,
10/01/34
-
AGM
Insured,
(AMT)
10/27
at
100.00
5,591,210
5,550
5.000%,
10/01/35
-
AGM
Insured,
(AMT)
10/27
at
100.00
5,678,781
3,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Series
2023
Sub
B-2,
5.250%,
12/01/53,
(Mandatory
Put
12/01/30)
9/30
at
100.32
3,205,601
2,455
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
5.500%,
10/01/53
10/33
at
100.00
2,629,456
2,255
Limestone
County
Water
&
Sewer
Authority,
Alabama,
Water
and
Sewer
Revenue
Bonds,
Series
2022,
5.000%,
12/01/45
6/32
at
100.00
2,377,881
2,500
Madison
Water
and
Wastewater
Board,
Alabama,
Water
and
Sewer
Revenue
Bonds,
Series
2023,
5.250%,
12/01/53
12/33
at
100.00
2,712,926
7,590
Pike
Road,
Alabama,
General
Obligation
Warrants,
Series
2023,
5.000%,
3/01/52
3/33
at
100.00
8,015,061
5,000
(c)
Southeast
Alabama
Gas
Supply
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Project
1,
Refunding
Series
2024A,
5.000%,
8/01/54,
(Mandatory
Put
4/01/32),
(UB)
1/32
at
100.22
5,283,180
6,665
(c)
Southeast
Alabama
Gas
Supply
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Project
2,
Refunding
Series
2024B,
5.000%,
6/01/49,
(Mandatory
Put
5/01/32),
(UB)
2/32
at
100.17
6,949,490
1,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
3,
Fixed
Rate
Series
2022A-1,
5.500%,
1/01/53,
(Mandatory
Put
12/01/29)
9/29
at
100.10
1,059,200
4,165
(d)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A,
5.250%,
5/01/44
5/29
at
100.00
4,174,054
Total
Alabama
57,855,646
Alaska
-
0.2%
(0.1%
of
Total
Investments)
Alaska
Industrial
Development
and
Export
Authority,
Power
Revenue
Bonds,
Snettisham
Hydroelectric
Project,
Refunding
Series
2015
:
3,400
5.000%,
1/01/25,
(AMT)
No
Opt.
Call
3,406,005
1,000
5.000%,
1/01/28,
(AMT)
7/25
at
100.00
1,006,336
1,075
5.000%,
1/01/29,
(AMT)
7/25
at
100.00
1,082,618
300
5.000%,
1/01/31,
(AMT)
7/25
at
100.00
302,219
Total
Alaska
5,797,178
Arizona
-
2.7%
(1.6%
of
Total
Investments)
3,815
Arizona
Board
of
Regents,
University
of
Arizona,
Speed
Revenue
Bonds,
Stimulus
Plan
for
Economic
and
Educational
Development,
Refunding
Series
2020A,
4.000%,
8/01/44
8/30
at
100.00
3,704,437
2,500
Arizona
Health
Facilities
Authority,
Revenue
Bonds,
Scottsdale
Lincoln
Hospitals
Project,
Refunding
Series
2014A,
5.000%,
12/01/39
12/24
at
100.00
2,516,498
1,000
Arizona
Industrial
Development
Authority
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2023,
5.375%,
7/01/53
7/31
at
100.00
976,187
13
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Arizona
(continued)
$
2,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2018A,
5.000%,
7/01/48
1/28
at
100.00
$
2,003,147
11,795
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A,
4.000%,
1/01/36
1/27
at
100.00
11,839,467
6,500
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019B,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
6,611,328
15,935
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/42,
(AMT)
7/27
at
100.00
16,203,251
7,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Revenue
Bonds,
Civic
Plaza
Expansion
Project,
Series
2005B,
5.500%,
7/01/39
-
FGIC
Insured
No
Opt.
Call
8,544,954
1,000
Pinal
County
Electrical
District
4,
Arizona,
Electric
System
Revenue
Bonds,
Refunding Series
2015,
4.000%,
12/01/38
-
AGM
Insured
12/25
at
100.00
999,308
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
530,322
24,765
5.000%,
12/01/37
No
Opt.
Call
26,340,275
1,100
Student
and
Academic
Services
LLC,
Arizona,
Lease
Revenue
Bonds,
Northern
Arizona
University
Project,
Series
2014,
5.000%,
6/01/34
-
BAM
Insured
6/24
at
100.00
1,100,260
Total
Arizona
81,369,434
Arkansas
-
0.6%
(0.4%
of
Total
Investments)
5,020
(d)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT)
9/25
at
105.00
5,083,844
6,550
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2023,
5.700%,
5/01/53,
(AMT)
5/26
at
105.00
6,736,178
4,000
(d)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2019,
4.500%,
9/01/49,
(AMT)
9/26
at
103.00
3,916,842
2,055
Arkansas
State
University,
Student
Fee
Revenue
Bonds,
Jonesboro
Campus,
Series
2013,
4.875%,
12/01/43
5/24
at
100.00
2,017,528
Total
Arkansas
17,754,392
California
-
11.7%
(7.0%
of
Total
Investments)
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series
2022C
:
2,665
5.000%,
10/01/52
-
AGM
Insured
10/32
at
100.00
2,833,965
3,500
5.450%,
10/01/52
-
AGM
Insured
10/37
at
100.00
1,854,018
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
:
2,945
0.000%,
9/01/27
-
AGM
Insured
No
Opt.
Call
2,637,627
7,150
0.000%,
9/01/28
-
AGM
Insured
No
Opt.
Call
6,207,973
2,455
0.000%,
9/01/32
-
AGM
Insured
No
Opt.
Call
1,863,611
105
(e)
0.000%,
9/01/35
-
AGM
Insured,
(ETM)
No
Opt.
Call
71,874
95
0.000%,
9/01/35
-
AGM
Insured
No
Opt.
Call
63,807
1,055
Brisbane
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
2003
Series
2005,
0.000%,
7/01/35
-
AGM
Insured
No
Opt.
Call
705,824
Byron
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2007B
:
1,405
0.000%,
8/01/32
-
SYNCORA
GTY
Insured
No
Opt.
Call
1,035,642
235
(e)
0.000%,
8/01/32
-
SYNCORA
GTY
Insured,
(ETM)
No
Opt.
Call
179,659
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
14
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
60
(e)
0.000%,
8/01/32,
(ETM)
No
Opt.
Call
$
45,870
Calexico
Unified
School
District,
Imperial
County,
California,
General
Obligation
Bonds,
Election
of
2004
Series
2005B
:
3,685
0.000%,
8/01/31
-
FGIC
Insured
No
Opt.
Call
2,827,670
4,505
0.000%,
8/01/33
-
FGIC
Insured
No
Opt.
Call
3,208,278
4,495
(c)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023G,
5.250%,
11/01/54,
(Mandatory
Put
4/01/30),
(UB)
1/30
at
100.19
4,785,453
10,000
(c)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
5.000%,
5/01/54,
(Mandatory
Put
4/01/32),
(UB)
1/32
at
100.21
10,579,506
6,000
(d)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49
4/29
at
100.00
4,961,844
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B
:
10,000
5.000%,
11/15/46
11/26
at
100.00
10,148,808
2,855
(e)
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
2,979,276
16,665
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
5.000%,
11/15/48
11/27
at
100.00
17,077,884
2,275
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A,
4.000%,
11/15/42
11/27
at
100.00
2,201,197
5,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
5.000%,
12/31/43,
(AMT)
6/28
at
100.00
4,918,501
3,250
California
Municipal
Finance
Authority,
Reveue
Bonds,
Community
Medical
Centers,
Series
2017A,
5.000%,
2/01/47
2/27
at
100.00
3,259,462
2,930
(d)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
CIty
Charter
School
Obligated
Group,
Series
2016A,
5.000%,
6/01/52
6/26
at
100.00
2,667,119
3,410
(d)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Why
Not
Academy
Obligated
Group,
Series
2021A,
4.000%,
6/01/51
6/27
at
100.00
2,509,741
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
:
500
5.250%,
12/01/44
12/24
at
100.00
501,444
3,550
5.500%,
12/01/54
12/24
at
100.00
3,561,031
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
:
1,000
(d)
5.000%,
12/01/46
6/26
at
100.00
1,001,953
17,715
(d)
5.250%,
12/01/56
6/26
at
100.00
17,799,864
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
:
28
(f),(g)
5.750%,
7/01/30
1/22
at
100.00
28,030
77
(f),(g)
5.500%,
7/01/39
1/22
at
100.00
76,763
4,890
Clovis
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Series
2006B,
0.000%,
8/01/26
-
NPFG
Insured
No
Opt.
Call
4,528,582
1,000
Coachella
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Series
2005A,
0.000%,
8/01/30
-
FGIC
Insured
No
Opt.
Call
804,938
1,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-
2,
4.000%,
12/01/58
6/32
at
100.00
740,842
3,010
El
Camino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2002
Series
2012C,
0.000%,
8/01/25
No
Opt.
Call
2,884,968
15
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
3,500
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A,
0.000%,
1/15/34
-
AGM
Insured
No
Opt.
Call
$
2,473,477
9,930
(e)
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
10,113,162
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2005A
:
1,455
(e)
0.000%,
6/01/24
-
AMBAC
Insured,
(ETM)
No
Opt.
Call
1,450,177
3,500
(e)
0.000%,
6/01/26
-
AGM
Insured,
(ETM)
No
Opt.
Call
3,252,939
1,260
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
Certificates
of
Participation,
Capital
Project,
Series
2007,
0.000%,
9/01/35
-
AGM
Insured
No
Opt.
Call
831,349
5,240
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2005,
0.000%,
8/01/30
-
AGM
Insured
No
Opt.
Call
4,270,014
2,500
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2007,
0.000%,
8/01/32
-
FGIC
Insured
No
Opt.
Call
1,894,252
5,000
Kern
Community
College
District,
California,
General
Obligation
Bonds,
Safety,
Repair
&
Improvement,
Election
2002
Series
2006,
0.000%,
11/01/24
-
AGM
Insured
No
Opt.
Call
4,911,260
1,045
Lake
Tahoe
Unified
School
District,
El
Dorado
County,
California,
General
Obligation
Bonds,
Series
2001B,
0.000%,
8/01/31
-
NPFG
Insured
No
Opt.
Call
815,116
9,140
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
5.000%,
5/15/41,
(AMT)
5/25
at
100.00
9,180,232
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D
:
12,835
5.000%,
5/15/46,
(AMT)
11/31
at
100.00
13,300,853
40
(e)
5.000%,
5/15/46,
(Pre-refunded
11/15/31),
(AMT)
11/31
at
100.00
43,923
6,215
(e)
Martinez
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2011,
5.875%,
8/01/31,
(Pre-refunded
8/01/24)
8/24
at
100.00
6,248,127
5,955
(h)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A,
0.000%,
8/01/43
8/35
at
100.00
5,706,005
2,700
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A,
7.000%,
11/01/34
No
Opt.
Call
3,321,385
2,200
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C,
6.500%,
11/01/39
No
Opt.
Call
2,746,761
3,605
Ontario
Redevelopment
Financing
Authority,
San
Bernardino
County,
California,
Revenue
Bonds,
Redevelopment
Project
1,
Refunding
Series
1995,
7.400%,
8/01/25
-
NPFG
Insured
No
Opt.
Call
3,660,259
4,930
Patterson
Joint
Unified
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
2008
Election
Series
2009B,
0.000%,
8/01/42
-
AGM
Insured
No
Opt.
Call
2,200,414
6,000
(e)
Placentia-Yorba
Linda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation,
Series
2006,
0.000%,
10/01/34
-
FGIC
Insured,
(ETM)
No
Opt.
Call
4,242,574
2,000
Poway
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2007-1,
Series
2011A,
0.000%,
8/01/41
No
Opt.
Call
966,971
5,000
Rialto
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2010
Election
Series
2011A,
7.350%,
8/01/41
-
AGM
Insured
8/36
at
100.00
5,822,350
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
16
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
5,000
Riverside
County
Asset
Leasing
Corporation,
California,
Leasehold
Revenue
Bonds,
Riverside
County
Hospital
Project,
Series
1997,
0.000%,
6/01/25
-
NPFG
Insured
No
Opt.
Call
$
4,793,448
4,615
Riverside
County
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Jurupa
Valley
Project
Area,
Series
2011B,
0.000%,
10/01/38
No
Opt.
Call
2,507,326
10,990
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
5.000%,
7/01/46,
(AMT)
7/31
at
100.00
11,364,833
10,175
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
5.000%,
5/01/49,
(AMT)
5/29
at
100.00
10,372,143
4,945
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
5.000%,
5/01/41,
(AMT)
5/26
at
100.00
4,987,178
10,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2017A,
5.000%,
5/01/42,
(AMT)
5/27
at
100.00
10,160,601
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E
:
11,000
5.000%,
5/01/45,
(AMT)
5/29
at
100.00
11,264,782
12,285
5.000%,
5/01/50,
(AMT)
5/29
at
100.00
12,501,404
735
(d)
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
2,
Series
2023A,
5.000%,
9/01/43
9/30
at
103.00
704,870
2,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/44
1/25
at
100.00
2,013,261
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A
:
15,350
(e)
5.000%,
1/15/44,
(Pre-refunded
1/15/25)
1/25
at
100.00
15,519,777
25,840
(e)
5.000%,
1/15/50,
(Pre-refunded
1/15/25)
1/25
at
100.00
26,125,801
San
Jose,
California,
Airport
Revenue
Bonds,
Refunding
Series
2017A
:
5,000
5.000%,
3/01/41,
(AMT)
3/27
at
100.00
5,068,315
5,000
5.000%,
3/01/47,
(AMT)
3/27
at
100.00
5,027,967
14,985
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
1997
Election
Series
2012G,
0.000%,
8/01/40
-
AGM
Insured
No
Opt.
Call
7,245,402
6,660
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
0.000%,
8/01/43
8/25
at
38.93
2,524,929
2,460
Santee
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006,
Series
2008D,
0.000%,
8/01/33
-
AGC
Insured
No
Opt.
Call
1,800,321
1,145
Southern
Kern
Unified
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2006C,
0.000%,
11/01/30
-
AGM
Insured
No
Opt.
Call
919,828
1,175
Southern
Kern
Unified
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Series
2010B,
0.000%,
11/01/35
-
AGM
Insured
No
Opt.
Call
772,204
2,410
Victor
Elementary
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2002A,
0.000%,
8/01/26
-
FGIC
Insured
No
Opt.
Call
2,229,906
3,750
Wiseburn
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2011B,
7.300%,
8/01/36
-
AGM
Insured
8/31
at
100.00
4,121,245
Total
California
351,030,165
17
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
-
13.6%
(8.2%
of
Total
Investments)
$
2,325
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019,
5.000%,
12/01/51
12/24
at
102.00
$
2,153,347
4,350
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021,
4.375%,
12/01/52
12/26
at
103.00
3,565,661
3,000
Anthem
West
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
12/01/35
-
BAM
Insured
12/25
at
100.00
3,046,547
2,000
Arvada,
Colorado,
Water
Enterprise
Revenue
Bonds,
Series
2022,
4.000%,
12/01/48
12/32
at
100.00
1,918,555
4,195
(e)
Boulder
Larimer
&
Weld
Counties
School
District
RE-1J
Saint
Vrain
Valley,
Colorado,
General
Obligation
Bonds,
Series
2016C,
4.000%,
12/15/34,
(Pre-refunded
12/15/26)
12/26
at
100.00
4,280,188
5,500
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022,
5.000%,
6/01/47
6/32
at
100.00
5,853,786
1,627
(d)
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017,
5.000%,
12/01/29
5/24
at
102.00
1,608,569
1,500
Cherokee
Metropolitan
District,
Colorado,
Water
and
Wastewater
Revenue
Bonds,
Series
2020,
4.000%,
8/01/50
-
BAM
Insured
8/30
at
100.00
1,369,438
2,165
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A,
5.500%,
12/01/54
-
AGM
Insured
12/34
at
100.00
2,410,714
6,314
Colorado
Crossing
Metropolitan
District
2,
Colorado
Springs,
California,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2020A-1,
5.000%,
12/01/47
12/25
at
103.00
5,934,853
1,500
Colorado
Crossing
Metropolitan
District
2,
Colorado
Springs,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2020A-1,
5.000%,
12/01/50
12/25
at
103.00
1,387,199
2,945
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Community
Leadership
Academy,
Inc.
Second
Campus
Project,
Series
2013,
7.350%,
8/01/43
5/24
at
100.00
2,949,188
1,715
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Flagstaff
Academy
Project,
Refunding
Series
2016,
3.625%,
8/01/46
8/26
at
100.00
1,352,039
500
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Liberty
Common
Charter
School,
Series
2014A,
5.000%,
1/15/44
5/24
at
100.00
493,030
1,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Peak-to-Peak
Charter
School,
Refunding
Series
2014,
5.000%,
8/15/30
8/24
at
100.00
1,003,173
3,915
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Weld
County
School
District
6
-
Frontier
Academy,
Refunding
&
Improvement
Series
2016,
3.250%,
6/01/46
6/26
at
100.00
2,971,289
545
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
Corporation
for
Atmospheric
Research
Project,
Refunding
Series
2017,
3.625%,
9/01/31
9/27
at
100.00
545,798
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
1,209,743
1,600
4.000%,
3/01/37
3/27
at
100.00
1,605,501
5,460
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2019A,
4.000%,
11/15/43
11/29
at
100.00
5,340,973
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
:
17,905
4.000%,
11/15/46
11/31
at
100.00
17,102,168
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
18
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
11,090
4.000%,
11/15/50
11/31
at
100.00
$
10,378,109
4,600
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016,
5.000%,
1/01/37
5/24
at
102.00
4,601,140
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
:
5,000
5.000%,
8/01/44
8/29
at
100.00
5,140,330
15,395
4.000%,
8/01/49
8/29
at
100.00
14,002,875
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
:
2,725
5.500%,
11/01/47
11/32
at
100.00
2,969,414
2,300
5.250%,
11/01/52
11/32
at
100.00
2,428,586
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A
:
2,670
(e)
5.000%,
6/01/28,
(Pre-refunded
6/01/25)
6/25
at
100.00
2,706,171
6,425
(e)
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
6,512,041
1,390
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017A,
5.250%,
5/15/47
5/27
at
100.00
1,369,876
5,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Intermountain
Healthcare,
Series
2022A,
5.000%,
5/15/52
5/32
at
100.00
5,255,250
3,785
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A,
4.000%,
9/01/50
9/30
at
100.00
3,477,377
4,535
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sanford
Health,
Series
2019A,
5.000%,
11/01/44
11/29
at
100.00
4,714,823
3,300
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019A,
4.000%,
1/01/37
1/30
at
100.00
3,337,626
1,100
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017,
5.000%,
12/31/56
12/24
at
100.00
1,101,064
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017C
:
950
(e)
5.000%,
3/01/43,
(Pre-refunded
3/01/28)
-
BAM
Insured
3/28
at
100.00
1,016,133
710
5.000%,
3/01/43
-
BAM
Insured
3/28
at
100.00
738,771
2,360
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017E,
4.000%,
3/01/43
3/28
at
100.00
2,307,249
3,420
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2020R,
4.000%,
3/15/45
3/30
at
100.00
3,292,337
4,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2021S,
4.000%,
3/15/41
3/31
at
100.00
3,956,383
3,000
(e)
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2014,
5.000%,
8/01/44,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
3,006,634
7,250
(e)
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016,
5.000%,
8/01/46,
(Pre-refunded
8/01/26)
8/26
at
100.00
7,499,939
8,250
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A,
5.500%,
11/15/53,
(AMT)
11/32
at
100.00
8,894,459
3,400
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B,
5.250%,
11/15/53
11/32
at
100.00
3,673,466
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022D
:
2,790
5.750%,
11/15/45,
(AMT)
11/32
at
100.00
3,108,642
5,000
5.000%,
11/15/53,
(AMT)
11/32
at
100.00
5,138,923
19
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A
:
$
17,000
5.000%,
12/01/43,
(AMT)
12/28
at
100.00
$
17,360,352
11,750
(c)
5.000%,
12/01/48,
(AMT),
(UB)
12/28
at
100.00
11,883,419
9,040
5.250%,
12/01/48,
(AMT)
12/28
at
100.00
9,253,439
4,095
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Current
Interest
Series
2018A-1,
5.000%,
8/01/48
8/26
at
100.00
4,149,474
2,005
Denver
City
and
County,
Colorado,
Special
Facilities
Airport
Revenue
Bonds,
United
Airlines,
Inc.
Project,
Refunding
Series
2017,
5.000%,
10/01/32,
(AMT)
5/24
at
100.00
2,003,549
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
:
5,130
5.000%,
12/01/30
12/26
at
100.00
5,246,030
3,900
5.000%,
12/01/36
12/26
at
100.00
3,959,346
3,000
Denver
Gateway
Center
Metropolitan
District,
In
the
City
and
County
of
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2018A,
5.625%,
12/01/48
5/24
at
103.00
2,918,128
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A
:
385
0.000%,
9/01/35
No
Opt.
Call
252,061
150
0.000%,
9/01/37
No
Opt.
Call
87,950
75
0.000%,
9/01/38
No
Opt.
Call
41,302
20
0.000%,
9/01/39
No
Opt.
Call
10,343
110
0.000%,
9/01/41
No
Opt.
Call
50,883
18,380
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
1997B,
0.000%,
9/01/25
-
NPFG
Insured
No
Opt.
Call
17,484,510
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
:
1,045
0.000%,
9/01/29
-
NPFG
Insured
No
Opt.
Call
864,587
2,175
0.000%,
9/01/30
-
NPFG
Insured
No
Opt.
Call
1,734,449
25,050
0.000%,
9/01/31
-
NPFG
Insured
No
Opt.
Call
19,206,394
23,305
0.000%,
9/01/32
-
NPFG
Insured
No
Opt.
Call
17,152,841
100
0.000%,
9/01/33
-
NPFG
Insured
No
Opt.
Call
70,569
12,500
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2006A,
0.000%,
9/01/38
-
NPFG
Insured
9/26
at
54.77
6,192,254
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
:
385
0.000%,
9/01/28
-
NPFG
Insured
No
Opt.
Call
329,937
60,000
0.000%,
3/01/36
-
NPFG
Insured
No
Opt.
Call
37,553,244
2,200
Eagle
River
Water
and
Sanitation
District,
Eagle
County,
Colorado,
Enterprise
Wastewater
Revenue
Bonds,
Improvement
Series
2020A,
4.000%,
12/01/49
-
AGM
Insured
12/29
at
100.00
2,104,990
8,000
Ebert
Metropolitan
District,
Denver
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2018A-1,
5.000%,
12/01/43
-
BAM
Insured
12/28
at
100.00
8,329,602
3,550
(d)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34
9/27
at
103.00
3,496,994
2,000
Firestone,
Colorado,
Water
Enterprise
Revenue
Bones,
Series
2020,
4.000%,
12/01/45
-
BAM
Insured
12/30
at
100.00
1,929,448
3,935
Flying
Horse
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2020A,
4.000%,
12/01/50
-
AGM
Insured
12/30
at
100.00
3,586,514
2,545
Future
Legends
Sports
Park
Business
Improvement
District,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
and
Subordinate
Limited
Tax
General
Obligation
Bonds,
Series
2022B,
6.000%,
12/01/52
9/27
at
103.00
2,472,380
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
20
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
1,305
Goldsmith
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2021,
4.000%,
12/01/51
-
AGM
Insured
12/31
at
100.00
$
1,196,228
1,355
Meadowbrook
Crossing
Metropolitan
District,
EL
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2020A,
5.250%,
12/01/49
6/25
at
103.00
1,305,260
1,500
Meridian
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Series
2023,
4.375%,
12/01/53
-
AGM
Insured
12/33
at
100.00
1,470,859
1,860
(e)
Metropolitan
State
University
of
Denver,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Aerospace
and
Engineering
Sciences
Building
Project,
Series
2016,
4.000%,
12/01/40,
(Pre-refunded
12/01/25)
12/25
at
100.00
1,875,213
1,750
Midtown
at
Clear
Creek
Metropolitan
District,
Adams
County,
Colorado,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2023A,
5.000%,
12/01/53
-
BAM
Insured
12/33
at
100.00
1,804,716
Northern
Colorado
Water
Conservancy
District
Building
Corporation,
Certificates
of
Participation,
Refunding
Series
2021
:
9,520
4.000%,
7/01/46
7/31
at
100.00
9,238,946
3,250
4.000%,
7/01/51
7/31
at
100.00
3,042,100
Park
70
Metropolitan
District,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
&
Improvement
Series
2016
:
1,565
5.000%,
12/01/36
12/26
at
100.00
1,585,764
2,100
5.000%,
12/01/46
12/26
at
100.00
2,080,834
8,000
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2017A,
5.000%,
12/01/46
12/25
at
100.00
7,814,607
2,235
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2019A,
4.000%,
12/01/38
-
AGM
Insured
12/29
at
100.00
2,236,485
3,975
(d)
Peak
Metropolitan
District
1,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
5.000%,
12/01/51
3/26
at
103.00
3,291,922
700
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds, Colorado
Springs
Utilities,
Series
2008,
6.500%,
11/15/38
No
Opt.
Call
845,425
750
Thompson
Crossing
Metropolitan
District
2,
Johnstown,
Larimer
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2016B,
5.000%,
12/01/36
-
AGM
Insured
12/26
at
100.00
772,045
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
1,087,138
1,000
4.125%,
12/01/37
-
BAM
Insured
12/26
at
100.00
1,005,462
500
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1,
5.000%,
12/01/51
3/26
at
103.00
395,059
2,000
Vista
Ridge
Metropolitan
District,
In
the
Town
of
Erie,
Weld
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2016A,
4.000%,
12/01/36
-
BAM
Insured
12/26
at
100.00
2,020,758
6,225
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
6.750%,
12/01/52
12/29
at
103.00
5,841,193
Total
Colorado
407,364,380
Connecticut
-
1.4%
(0.8%
of
Total
Investments)
2,135
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
1,899,168
850
(d)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A,
5.000%,
1/01/45
1/26
at
102.00
710,307
21
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Connecticut
(continued)
$
5,355
(c)
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
4.600%,
11/15/49,
(UB)
11/32
at
100.00
$
5,313,556
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2018A
:
14,775
5.000%,
1/01/34
1/28
at
100.00
15,666,266
6,410
5.000%,
1/01/37
1/28
at
100.00
6,738,314
6,000
5.000%,
1/01/38
1/28
at
100.00
6,279,413
3,730
University
of
Connecticut,
General
Obligation
Bonds,
Series
2020A,
5.000%,
2/15/41
2/30
at
100.00
3,985,025
Total
Connecticut
40,592,049
Delaware
-
0.5%
(0.3%
of
Total
Investments)
5,550
Delaware
Economic
Development
Authority
Retirement
Communities,
Revenue
Bonds,
ACTS
Retirement-Life
Communities
Series
2023B,
5.250%,
11/15/53
11/30
at
100.00
5,669,854
800
Delaware
Health
Facilities
Authroity,
Revenue
Bonds,
Beebe
Medical
Center
Project,
Series
2018,
5.000%,
6/01/48
12/28
at
100.00
764,340
7,255
Delaware
Transportation
Authority,
Revenue
Bonds,
US
301
Project,
Series
2015,
5.000%,
6/01/55
6/25
at
100.00
7,295,693
Total
Delaware
13,729,887
District
of
Columbia
-
2.6%
(1.6%
of
Total
Investments)
390
District
of
Columbia
Housing
Finance
Agency,
GNMA
Collateralized
Single
Family
Mortgage
Revenue
Bonds,
Series
1988E-4,
6.375%,
6/01/26,
(AMT)
5/24
at
100.00
390,643
34,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A,
0.000%,
6/15/46
5/24
at
25.76
7,931,013
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
:
2,000
4.000%,
10/01/44
10/29
at
100.00
1,897,432
5,000
5.000%,
10/01/47
10/29
at
100.00
5,113,000
7,500
4.000%,
10/01/49
10/29
at
100.00
6,848,374
5,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A,
4.000%,
10/01/52
-
AGM
Insured
10/31
at
100.00
4,715,316
2,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B,
0.000%,
10/01/36
-
AGC
Insured
No
Opt.
Call
1,200,382
5,000
(e)
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
6.500%,
10/01/41,
(Pre-
refunded
10/01/26)
-
AGC
Insured
10/26
at
100.00
5,367,779
15,800
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2018A,
5.000%,
10/01/43,
(AMT)
10/28
at
100.00
16,168,296
5,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2019A,
5.000%,
10/01/49,
(AMT)
10/29
at
100.00
5,103,818
8,000
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
10/01/46,
(AMT)
10/31
at
100.00
8,301,575
11,685
Metropolitan
Washington
D.C.
Airports
Authority,
Airport
System
Revenue
Bonds,
Refunding
Series
2023A,
5.250%,
10/01/53,
(AMT)
10/32
at
100.00
12,265,673
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
22
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
District
of
Columbia
(continued)
$
1,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Refunding
Crossover
Series
2017A-2,
5.000%,
7/01/33
7/27
at
100.00
$
1,051,808
1,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018,
5.000%,
7/01/38
7/27
at
100.00
1,032,885
Total
District
of
Columbia
77,387,994
Florida
-
10.5%
(6.3%
of
Total
Investments)
1,480
Atlantic
Beach,
Florida,
Healthcare
Facilities
Revenue
Refunding
Bonds,
Fleet
Landing
Project,
Series
2013A,
5.000%,
11/15/37
5/24
at
100.00
1,480,324
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2013A
:
450
5.000%,
9/01/45
5/24
at
100.00
450,067
2,260
5.000%,
9/01/48
5/24
at
100.00
2,260,142
8,280
Broward
County,
Florida,
Airport
System
Revenue
Bonds,
Series
2019A,
5.000%,
10/01/44,
(AMT)
10/29
at
100.00
8,467,672
3,250
(d)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
IPS
Enterprises,
Inc.
Projects,
Refunding
Series
2023A,
6.250%,
6/15/53
6/30
at
100.00
3,357,931
175
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2020C,
5.000%,
9/15/40
9/27
at
100.00
162,412
5,000
(c)
Florida
Development
Finance
Corporation,
Healthcare
Facilities
Revenue
Bonds,
Tampa
General
Hospital
Project,
Series
2024A,
5.250%,
8/01/55,
(UB)
2/32
at
100.00
5,169,109
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
:
3,975
(d)
1.000%,
7/15/32,
(AMT),
(Mandatory
Put
7/15/28),
(WI/DD)
5/24
at
100.00
4,104,187
4,200
5.000%,
7/01/41,
(AMT),
(WI/DD)
7/32
at
100.00
4,307,544
8,800
5.000%,
7/01/44
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
9,162,257
10,100
5.250%,
7/01/47
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
10,650,731
12,710
5.250%,
7/01/53
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
13,254,245
2,100
5.500%,
7/01/53,
(AMT),
(WI/DD)
7/32
at
100.00
2,177,583
5,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023A,
7.500%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
5/24
at
104.00
4,975,281
12,090
(d)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023C,
8.250%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
4/24
at
100.00
12,113,575
31,985
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
5.000%,
10/01/42,
(AMT)
10/27
at
100.00
32,563,721
6,020
(e)
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Senior
Lien
Series
2015A,
5.000%,
10/01/44,
(Pre-
refunded
10/01/24),
(AMT)
10/24
at
100.00
6,039,028
5,000
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Series
2018E,
5.000%,
10/01/43,
(AMT)
10/28
at
100.00
5,116,549
2,290
(e)
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Subordinate
Lien
Series
2015B,
5.000%,
10/01/40,
(Pre-refunded
10/01/24)
10/24
at
100.00
2,300,999
10,305
Hillsborough
County
Aviation
Authority,
Florida,
Tampa
International
Airport
Customer
Facility
Charge
Revenue
Bonds,
Series
2015A,
5.000%,
10/01/44
10/24
at
100.00
10,314,498
23
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
10,000
Hillsborough
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Florida
Health
Sciences
Center
Inc
D/B/A
Tampa
General
Hospital,
Series
2020A,
4.000%,
8/01/55
2/31
at
100.00
$
8,521,363
5,000
Hillsborough
County
Port
District,
Florida,
Revenue
Bonds,
Tampa
Port
Authority
Project,
Series
2018B,
5.000%,
6/01/46,
(AMT)
6/28
at
100.00
5,036,101
825
(d)
Lake
County,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
South
Lake
Charter
School
Project,
Series
2019A,
5.000%,
1/15/54
7/29
at
100.00
736,227
5,075
(e)
Lakeland,
Florida,
Hospital
System
Revenue
Bonds,
Lakeland
Regional
Health,
Series
2015,
5.000%,
11/15/35,
(Pre-refunded
11/15/24)
11/24
at
100.00
5,109,101
1,500
Lauderhill,
Florida,
Water
and
Sewer
Revenue
Bonds,
Series
2023,
5.000%,
10/01/53
-
AGM
Insured
10/33
at
100.00
1,576,872
9,820
Miami
Beach
Redevelopment
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
City
Center/Historic
Convention
Village,
Series
2015A,
5.000%,
2/01/44
-
AGM
Insured
5/24
at
100.00
9,819,506
2,000
Miami
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Miami
Jewish
Health
System
Inc.
Project,
Series
2017,
5.125%,
7/01/46
7/27
at
100.00
1,630,221
10,000
Miami,
Florida,
Special
Obligation
Non-Ad
Valorem
Revenue
Bonds,
New
Administrative
Building
Series
2023A,
5.250%,
3/01/53
3/33
at
100.00
10,803,887
2,930
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2012A,
5.000%,
4/01/42
5/24
at
100.00
2,930,181
8,070
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2015A,
5.000%,
4/01/45
4/25
at
100.00
8,089,382
10,050
(c)
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2018A,
5.000%,
4/01/53,
(UB)
4/28
at
100.00
10,278,465
1,500
Miami-Dade
County
Health
Facility
Authority,
Florida,
Hospital
Revenue
Bonds,
Nicklaus
Children's
Hospital,
Refunding
Series
2017,
5.000%,
8/01/42
8/27
at
100.00
1,516,128
5,000
Miami-Dade
County
School
District,
Florida,
General
Obligation
Bonds,
School
Series
2022A,
5.000%,
3/15/52
-
BAM
Insured
3/32
at
100.00
5,272,292
5,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2014A,
5.000%,
10/01/35,
(AMT)
10/24
at
100.00
5,008,512
3,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
10/01/38
-
BAM
Insured,
(AMT)
10/25
at
100.00
3,015,999
13,385
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
10/01/40,
(AMT)
10/27
at
100.00
13,636,824
7,000
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2021A-2,
4.000%,
10/01/49
-
AGM
Insured
10/31
at
100.00
6,767,167
1,005
(c)
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
5.250%,
10/01/52,
(AMT),
(UB)
10/32
at
100.00
1,053,621
1,340
(d)
Miami-Dade
County,
Florida,
Special
Assessment
Revenue
Bonds,
Ojus
Sanitary
Sewer
Special
Benefit
Area,
Series
2021,
5.100%,
7/01/51
7/31
at
100.00
1,326,102
5,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2022,
5.000%,
7/01/51
7/32
at
100.00
5,229,475
6,035
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2019B,
4.000%,
10/01/49
10/29
at
100.00
5,663,907
3,500
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2021,
4.000%,
10/01/46
4/31
at
100.00
3,370,682
7,000
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022,
4.000%,
10/01/52
4/32
at
100.00
6,472,428
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
24
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
2,360
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Series
2019A-1,
5.000%,
10/01/49
10/29
at
100.00
$
2,403,561
3,260
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Retirement
Communities
Revenue
Bonds,
ACTS
Retirement
-
Life
Communities,
Inc
Obligated
Group,
Series
2016,
5.000%,
11/15/32
11/26
at
100.00
3,357,663
1,800
Pine
Island
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Bella
Collina,
Series
2004,
5.750%,
5/01/35
5/24
at
100.00
1,800,063
4,635
Port
Saint
Lucie,
Florida,
Public
Service
Tax
Revenue
Bonds,
Recovery
Zone
Facility
Bond
Series
2014B,
5.000%,
9/01/43
9/24
at
100.00
4,651,114
2,500
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018A,
5.000%,
3/15/42
5/28
at
100.00
2,561,307
10,095
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018B,
5.000%,
3/15/42
5/28
at
100.00
10,368,655
South
Miami
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Refunding
Series
2017
:
2,000
5.000%,
8/15/42
8/27
at
100.00
2,030,556
9,770
5.000%,
8/15/47
8/27
at
100.00
9,870,187
705
(d)
Southeast
Overtown/Park
West
Community
Redevelopement
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
Series
2014A-1,
5.000%,
3/01/30
5/24
at
100.00
705,457
1,500
Sumter
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Central
Florida
Health
Alliance
Projects,
Series
2014A,
5.250%,
7/01/44
5/24
at
100.00
1,500,621
7,545
Tampa,
Florida,
Hospital
Revenue
Bonds,
H.
Lee
Moffitt
Cancer
Center
Project,
Series
2020B,
5.000%,
7/01/50
7/30
at
100.00
7,739,549
180
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-2,
6.610%,
5/01/40
5/24
at
100.00
174,488
195
(f)
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-3,
6.610%,
5/01/40
5/24
at
100.00
2
1,000
Twisted
Oaks
Pointe
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
Three
Project
Series
2024,
6.000%,
5/01/55
5/34
at
100.00
983,496
6,510
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Stetson
University
Inc.
Project,
Series
2015,
5.000%,
6/01/45
6/25
at
100.00
6,550,486
Total
Florida
315,989,503
Georgia
-
2.8%
(1.7%
of
Total
Investments)
1,775
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
New
Downtown
Atlanta
Stadium
Project,
Senior
Lien
Series
2015A-1,
5.250%,
7/01/40
7/25
at
100.00
1,801,116
14,000
Atlanta,
Georgia,
Airport
General
Revenue
Bonds,
Series
2022B,
5.000%,
7/01/52,
(AMT)
7/32
at
100.00
14,480,241
2,600
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Series
2017A,
5.000%,
4/01/47
4/27
at
100.00
2,625,828
2,500
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B,
5.125%,
4/01/53
4/33
at
100.00
2,607,844
3,575
Crisp
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Crisp
County
Hospital
Project,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
3,241,059
635
Dalton
Development
Authority,
Georgia,
Revenue
Certificates,
Hamilton
Health
Care
System
Inc.,
Series
1996,
5.500%,
8/15/26
-
NPFG
Insured
No
Opt.
Call
645,869
25
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Georgia
(continued)
$
2,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A,
4.000%,
7/01/49
7/29
at
100.00
$
1,839,741
3,500
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
3,358,297
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
:
3,285
5.000%,
5/15/43
5/29
at
100.00
3,312,259
22,700
5.000%,
5/15/49
No
Opt.
Call
23,157,443
9,000
(d)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2022C,
4.000%,
8/01/52,
(Mandatory
Put
11/01/27)
5/27
at
100.81
8,739,018
3,265
Metropolitan
Atlanta
Rapid
Transit
Authority,
Georgia,
Sales
Tax
Revenue
Bonds,
Third
Indenture,
Series
2015B,
5.000%,
7/01/41
7/26
at
100.00
3,336,736
10,260
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A,
5.000%,
7/01/60
7/25
at
100.00
10,153,488
3,465
Paulding
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System
Inc.,
Series
2022A,
5.000%,
4/01/42
4/32
at
100.00
3,657,615
Total
Georgia
82,956,554
Guam
-
0.6%
(0.3%
of
Total
Investments)
2,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/34
11/25
at
100.00
2,022,654
Guam
Economic
Development
&
Commerce
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A
:
1,740
5.250%,
6/01/32
5/24
at
100.00
1,724,129
2,915
5.625%,
6/01/47
5/24
at
100.00
2,846,945
1,300
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2014A,
5.000%,
7/01/35
7/24
at
100.00
1,301,898
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2016
:
245
5.000%,
7/01/27
7/26
at
100.00
251,486
1,240
5.000%,
1/01/46
7/26
at
100.00
1,256,452
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A
:
2,000
5.000%,
12/01/33
12/26
at
100.00
2,039,546
2,260
5.000%,
12/01/34
12/26
at
100.00
2,301,456
1,175
5.000%,
12/01/46
12/26
at
100.00
1,121,708
Guam
Port
Authority,
Port
Revenue
Bonds,
Private
Activity
Series
2018B
:
510
5.000%,
7/01/32,
(AMT)
7/28
at
100.00
529,121
355
5.000%,
7/01/33,
(AMT)
7/28
at
100.00
368,197
Guam
Power
Authority,
Revenue
Bonds,
Series
2014A
:
600
5.000%,
10/01/39
10/24
at
100.00
601,938
575
5.000%,
10/01/44
10/24
at
100.00
575,976
Total
Guam
16,941,506
Hawaii
-
1.2%
(0.7%
of
Total
Investments)
6,000
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaiian
Electric
Company,
Inc.
and
Subsidiary
Projects,
Refunding
Series
2017B,
4.000%,
3/01/37,
(AMT)
3/27
at
100.00
4,006,242
7,500
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2015A,
5.000%,
7/01/45,
(AMT)
7/25
at
100.00
7,519,888
10,000
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2018A,
5.000%,
7/01/43,
(AMT)
7/28
at
100.00
10,194,153
6,000
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2022,
5.000%,
7/01/38,
(AMT)
7/32
at
100.00
6,442,773
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
26
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Hawaii
(continued)
$
5,000
Hawaii
State,
General
Obligation
Bonds,
Series
2017FK,
4.000%,
5/01/35
5/27
at
100.00
$
5,067,369
3,720
Honolulu
City
and
County,
Hawaii,
Wastewater
System
Revenue
Bonds,
First
Bond
Resolution,
Green
Senior
Series
2023,
5.000%,
7/01/48
7/33
at
100.00
3,996,812
Total
Hawaii
37,227,237
Idaho
-
1.0%
(0.6%
of
Total
Investments)
9,495
Boise
City
Water
Renewal
System,
Idaho,
Revenue
Bonds,
Refunding
Series
2022,
5.000%,
9/01/47
9/32
at
100.00
10,085,837
11,205
Idaho
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
CHE
Trinity
Helath
Group,
Series
2017ID,
5.000%,
12/01/46
6/27
at
100.00
11,385,055
1,700
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Madison
Memorial
Hospital
Project,
Refunding
Series
2016,
5.000%,
9/01/29
9/26
at
100.00
1,708,895
5,585
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Saint
Luke's
Health
System
Project,
Series
2021A,
4.000%,
3/01/46
3/32
at
100.00
5,168,759
Idaho
Water
Resource
Board,
Water
Resource
Loan
Program
Revenue,
Ground
Water
Rights
Mitigation
Series
2012A
:
1,155
4.750%,
9/01/26
5/24
at
100.00
1,153,992
310
5.000%,
9/01/32
5/24
at
100.00
310,025
Total
Idaho
29,812,563
Illinois
-
14.5%
(8.7%
of
Total
Investments)
6,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
6,242,929
9,250
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A,
7.000%,
12/01/44
12/25
at
100.00
9,575,663
2,400
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B,
6.500%,
12/01/46
12/26
at
100.00
2,493,749
11,295
(d)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A,
7.000%,
12/01/46
12/27
at
100.00
12,164,918
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
:
10,130
0.000%,
12/01/24
-
FGIC
Insured
No
Opt.
Call
9,877,017
7,140
0.000%,
12/01/25
-
FGIC
Insured
No
Opt.
Call
6,672,338
4,325
0.000%,
12/01/29
-
FGIC
Insured
No
Opt.
Call
3,393,021
4,235
0.000%,
12/01/31
-
FGIC
Insured
No
Opt.
Call
3,036,283
8,845
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A,
5.500%,
12/01/26
-
NPFG
Insured
No
Opt.
Call
9,005,099
10,285
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Refunding
Senior
Lien
Series
2018A,
5.000%,
1/01/48
1/29
at
100.00
10,442,142
6,745
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2015C,
5.000%,
1/01/46
1/25
at
100.00
6,745,500
2,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2016F,
4.250%,
1/01/47
-
BAM
Insured
1/27
at
100.00
1,947,666
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2022A
:
5,000
(c)
5.250%,
1/01/53,
(UB)
1/31
at
100.00
5,192,404
5,000
5.500%,
1/01/53
-
AGM
Insured
1/31
at
100.00
5,292,931
8,010
5.500%,
1/01/55
1/32
at
100.00
8,474,650
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999
:
4,115
0.000%,
1/01/33
-
FGIC
Insured
No
Opt.
Call
2,840,022
29,600
0.000%,
1/01/38
-
FGIC
Insured
No
Opt.
Call
15,475,522
27
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
11,675
Chicago,
Illinois,
General
Obligation
Bonds,
Project
&
Refunding
Series
2017A,
6.000%,
1/01/38
1/27
at
100.00
$
12,165,749
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
:
4,000
5.000%,
1/01/40
1/29
at
100.00
4,116,654
12,870
5.500%,
1/01/49
1/29
at
100.00
13,280,215
11,575
(c)
5.500%,
1/01/49,
(UB)
1/29
at
100.00
11,943,938
6,245
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Series
2001A,
5.500%,
1/01/30
-
NPFG
Insured
No
Opt.
Call
6,605,032
1,300
Chicago,
Illinois,
Water
Revenue
Bonds,
Senior
Lien
Series
2001,
5.750%,
11/01/30
-
AMBAC
Insured
No
Opt.
Call
1,388,102
4,500
Cook
County
Community
College
District
508,
Illinois,
General
Obligation
Bonds,
Chicago
City
Colleges,
Series
2017,
5.000%,
12/01/47
12/27
at
100.00
4,571,419
3,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
11/15/31
11/26
at
100.00
3,098,823
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2018
:
500
5.000%,
11/15/34
11/26
at
100.00
513,783
4,550
5.000%,
11/15/35
11/26
at
100.00
4,663,255
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
:
5,000
4.450%,
11/01/36
11/25
at
102.00
5,108,478
815
4.500%,
11/01/36
11/24
at
100.00
815,824
2,785
5.500%,
11/01/36
5/24
at
100.00
2,788,472
410
(d)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Intrinsic
Charter
Schools
Belmont
School
Project,
Series
2015A,
6.000%,
12/01/45
12/25
at
100.00
411,382
Illinois
Finance
Authority,
Revenue
Bonds,
Advocate
Health
Care
Network,
Refunding
Series
2015
:
12,025
(c),(e)
5.000%,
5/01/45,
(Pre-refunded
5/01/25),
(UB)
5/25
at
100.00
12,162,285
1,930
(c)
5.000%,
5/01/45,
(UB)
5/25
at
100.00
1,952,034
2,000
Illinois
Finance
Authority,
Revenue
Bonds,
Art
Institute
of
Chicago,
Series
2016,
4.000%,
3/01/38
3/26
at
100.00
1,968,535
2,500
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/fkaPresence
Health
Network,
Series
2016C,
5.000%,
2/15/33
2/27
at
100.00
2,578,102
3,300
Illinois
Finance
Authority,
Revenue
Bonds,
Bradley
University,
Refunding
Series
2021A,
4.000%,
8/01/46
8/31
at
100.00
2,892,815
Illinois
Finance
Authority,
Revenue
Bonds,
Centegra
Health
System,
Series
2014A
:
4,750
(e)
5.000%,
9/01/39,
(Pre-refunded
9/01/24)
9/24
at
100.00
4,765,651
6,000
(e)
5.000%,
9/01/42,
(Pre-refunded
9/01/24)
9/24
at
100.00
6,019,769
10,000
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016,
5.000%,
12/01/46
6/26
at
100.00
10,057,456
10,745
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A,
5.000%,
11/15/45
11/25
at
100.00
10,812,675
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
565,970
3,745
5.000%,
8/15/44
8/25
at
100.00
3,763,445
10,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago
Medicine,
Series
2022A,
5.000%,
8/15/47,
(UB)
8/32
at
100.00
10,413,960
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Refunding
Series
2015A
:
2,670
(e)
5.000%,
10/01/46,
(Pre-refunded
10/01/25)
10/25
at
100.00
2,721,232
330
5.000%,
10/01/46
10/25
at
100.00
330,209
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
28
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
15,030
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2023A,
5.250%,
5/15/54
5/33
at
100.00
$
16,040,293
1,900
Illinois
Health
Facilities
Authority,
Revenue
Bonds,
Midwest
Care
Center
I
Inc.,
Series
2001,
5.950%,
2/20/36
5/24
at
100.00
1,901,563
1,830
Illinois
Sports
Facility
Authority,
State
Tax
Supported
Bonds,
Refunding
Series
2014,
5.250%,
6/15/32
-
AGM
Insured
6/24
at
100.00
1,830,754
450
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A,
5.000%,
12/01/39
12/27
at
100.00
461,512
Illinois
State,
General
Obligation
Bonds,
February
Series
2014
:
5,705
5.250%,
2/01/33
5/24
at
100.00
5,711,286
5,815
5.250%,
2/01/34
5/24
at
100.00
5,821,694
2,000
5.000%,
2/01/39
5/24
at
100.00
2,001,229
Illinois
State,
General
Obligation
Bonds,
January
Series
2016
:
3,500
5.000%,
1/01/29
1/26
at
100.00
3,575,330
8,250
5.000%,
1/01/32
1/26
at
100.00
8,392,574
4,200
Illinois
State,
General
Obligation
Bonds,
June
Series
2016,
5.000%,
6/01/27
6/26
at
100.00
4,297,699
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A
:
2,000
5.500%,
3/01/42
3/32
at
100.00
2,178,443
785
5.500%,
3/01/47
3/32
at
100.00
838,741
16,485
Illinois
State,
General
Obligation
Bonds,
March
Series
2021A,
5.000%,
3/01/46
3/31
at
100.00
16,968,609
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
:
1,635
5.500%,
5/01/30
No
Opt.
Call
1,742,081
5,305
5.500%,
5/01/39
5/30
at
100.00
5,734,270
3,000
5.750%,
5/01/45
5/30
at
100.00
3,226,285
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B
:
4,585
5.250%,
5/01/43
5/32
at
100.00
4,881,751
4,525
5.500%,
5/01/47
5/32
at
100.00
4,838,130
1,500
Illinois
State,
General
Obligation
Bonds,
November
Series
2016,
5.000%,
11/01/37
11/26
at
100.00
1,521,981
3,510
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
3,631,156
8,865
Illinois
State,
General
Obligation
Bonds,
October
Series
2022C,
5.500%,
10/01/41
10/32
at
100.00
9,726,151
4,685
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2015A,
5.000%,
1/01/40
7/25
at
100.00
4,736,132
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
:
7,770
4.000%,
1/01/42
1/32
at
100.00
7,668,622
10,000
5.000%,
1/01/46
1/32
at
100.00
10,549,514
5,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Series
2023A,
5.250%,
1/01/45
7/33
at
100.00
5,388,809
4,100
Lake
County
School
District
112
North
Shore,
Illinois,
General
Obligation
Bonds,
Series
2022,
4.000%,
12/01/38
12/31
at
100.00
4,174,602
1,890
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2015B,
5.000%,
6/15/52
12/25
at
100.00
1,895,063
1,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A,
5.500%,
6/15/53
12/25
at
100.00
1,010,841
4,780
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A,
5.000%,
6/15/57
12/27
at
100.00
4,836,094
29
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
10,775
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Refunding
Series
1996A,
0.000%,
12/15/24
-
NPFG
Insured
No
Opt.
Call
$
10,508,381
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
:
5,000
0.000%,
12/15/34
-
NPFG
Insured
No
Opt.
Call
3,296,428
1,100
0.000%,
12/15/35
-
NPFG
Insured
No
Opt.
Call
689,500
3,805
0.000%,
6/15/41
-
NPFG
Insured
No
Opt.
Call
1,726,866
1,210
(e)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Hospitality
Facility,
Series
1996A,
7.000%,
7/01/26,
(ETM)
No
Opt.
Call
1,251,649
1,350
Northern
Illinois
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Refunding
Series
2020B,
4.000%,
4/01/41
-
BAM
Insured
4/30
at
100.00
1,268,795
2,495
Sangamon
County
School
District
186
Springfield,
Illinois,
General
Obligation
Bonds,
Alternate
Revenue
Source
Series
2023,
5.500%,
6/01/58
-
AGM
Insured
6/33
at
100.00
2,655,769
2,500
Sangamon
County
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds
Alternate
Revenue
Source,
Project
&
Refunding
Series
2019A,
4.000%,
1/01/44
-
BAM
Insured
1/29
at
100.00
2,388,504
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015
:
2,250
5.000%,
3/01/29
3/25
at
100.00
2,270,802
3,505
5.000%,
3/01/40
-
AGM
Insured
3/25
at
100.00
3,511,777
Total
Illinois
436,496,798
Indiana
-
1.5%
(0.9%
of
Total
Investments)
1,480
(d)
Gary
Local
Public
Improvement
Bond
Bank,
Indiana,
Economic
Development
Revenue
Bonds,
Drexel
Foundation
for
Educational
Excellence
Project,
Refunding
Series
2020A,
5.875%,
6/01/55
6/30
at
100.00
1,346,149
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
University
Health
Obligation
Group,
Fixed
Rate
Series
2023A
:
3,950
5.000%,
10/01/46
10/33
at
100.00
4,216,287
10,000
(c)
5.000%,
10/01/53,
(UB)
10/33
at
100.00
10,511,213
7,480
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A,
5.000%,
12/01/40
6/25
at
100.00
7,538,858
4,500
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
Series
2012A,
4.000%,
10/01/42
5/24
at
100.00
4,367,305
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024A-1
:
2,605
(c)
4.650%,
7/01/49,
(UB)
1/33
at
100.00
2,607,248
8,150
(c)
4.750%,
7/01/54,
(UB)
1/33
at
100.00
8,159,573
1,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E,
6.000%,
3/01/53
3/33
at
100.00
1,085,289
3,460
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1,
5.000%,
3/01/53
-
BAM
Insured
3/33
at
100.00
3,584,089
1,660
Northern
Indiana
Commuter
Transportation
District,
Indiana,
Limited
Obligation
Revenue
Bonds,
Series
2024,
5.000%,
1/01/54
7/34
at
100.00
1,739,095
Total
Indiana
45,155,106
Iowa
-
0.7%
(0.4%
of
Total
Investments)
Iowa
Finance
Authority
Senior
Living
Facilities
Revenue
Bonds,
Sunrise
Retirement
Community
Project,
Refunding
Series
2021
:
2,550
5.000%,
9/01/41
9/28
at
102.00
2,068,726
2,000
5.000%,
9/01/51
9/28
at
102.00
1,486,573
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
30
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Iowa
(continued)
$
1,505
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012,
4.750%,
8/01/42
5/24
at
100.00
$
1,470,766
9,535
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
5.000%,
12/01/50
12/29
at
103.00
9,932,937
6,235
Iowa
State,
Hospital
Revenue
Bonds,
University
of
Iowa
Hospitals
and
Clinics,
SUI
Series
2022A,
4.000%,
9/01/36
9/32
at
100.00
6,373,845
5,290
Iowa
Tobacco
Settlement
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Class
2
Capital
Appreciation
Senior
Lien
Series
2021B-2,
0.000%,
6/01/65
6/31
at
25.58
662,964
Total
Iowa
21,995,811
Kansas
-
0.6%
(0.4%
of
Total
Investments)
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A
:
6,770
5.000%,
7/01/43
7/28
at
100.00
6,881,245
7,600
5.000%,
7/01/48
7/28
at
100.00
7,663,158
3,625
Wyandotte
County
Unified
School
District
203,
Piper,
Kansas,
General
Obligation
Bonds,
Improvement
and
Refunding
Series
2022A,
5.250%,
9/01/52
-
AGM
Insured
9/32
at
100.00
3,856,142
Total
Kansas
18,400,545
Kentucky
-
0.6%
(0.3%
of
Total
Investments)
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
:
4,790
6.750%,
7/01/43
7/31
at
100.00
5,473,692
3,655
6.875%,
7/01/46
7/31
at
100.00
4,185,231
7,100
(c)
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2024A-1,
5.000%,
5/01/55,
(Mandatory
Put
7/01/30),
(UB)
4/30
at
100.17
7,385,255
Total
Kentucky
17,044,178
Louisiana
-
3.4%
(2.0%
of
Total
Investments)
4,055
Ascension
Parish
Industrial
development
Board,
Louisiana,
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.000%,
7/01/36
5/24
at
100.00
4,055,909
2,665
(e)
East
Baton
Rouge
Sewerage
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
2/01/39,
(Pre-refunded
2/01/25)
2/25
at
100.00
2,693,649
3,130
Jefferson
Sales
Tax
District,
Jefferson
Parish,
Louisiana,
Special
Sales
Tax
Revenue
Bonds,
Series
2017B,
5.000%,
12/01/42
-
AGM
Insured
12/27
at
100.00
3,221,453
1,500
Lafayette
Parish
School
Board,
Louisiana,
Sales
Tax
Revenue
Bonds,
Series
2018,
4.000%,
4/01/40
4/27
at
100.00
1,505,239
4,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Womans
Hospital
Foundation
Project,
Refunding
Series
2017A,
5.000%,
10/01/44
10/27
at
100.00
4,056,004
7,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017,
5.000%,
5/15/46
5/27
at
100.00
7,086,284
10,000
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2020A,
4.000%,
5/15/49
5/30
at
100.00
9,081,055
6,900
(d)
Louisiana
Public
Facilities
Authority,
Dock
and
Wharf
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.500%,
7/01/36,
(AMT)
5/24
at
100.00
6,901,406
31
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Louisiana
(continued)
$
1,265
(e)
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
and
Refunding
Bonds,
Lafayette
General
Medical
Center
Project,
Series
2016A,
5.000%,
11/01/45,
(Pre-refunded
11/01/25)
11/25
at
100.00
$
1,291,925
8,500
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A,
5.250%,
10/01/53
4/33
at
100.00
8,754,225
1,830
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016,
4.000%,
5/15/35
5/26
at
100.00
1,841,475
10,810
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A,
5.000%,
7/01/48
7/33
at
100.00
11,422,982
14,000
(e)
Louisiana
State,
Gasoline
and
Fuels
Tax
Revenue
Bonds,
Refunding
Series
2015A,
4.000%,
5/01/41,
(Pre-refunded
5/01/25)
5/25
at
100.00
14,082,740
13,895
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2015B,
5.000%,
1/01/45,
(AMT)
1/25
at
100.00
13,863,321
5,350
(e)
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
6/01/44,
(Pre-refunded
6/01/24)
6/24
at
100.00
5,353,897
1,200
(e)
New
Orleans,
Louisiana,
Water
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
12/01/44,
(Pre-refunded
12/01/24)
12/24
at
100.00
1,208,263
5,655
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
12/01/40
12/25
at
100.00
5,693,727
Total
Louisiana
102,113,554
Maine
-
0.4%
(0.2%
of
Total
Investments)
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
3,247,754
2,800
4.000%,
7/01/46
7/26
at
100.00
2,233,475
2,935
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
MaineHealth
Issue,
Series
2018A,
5.000%,
7/01/48
7/28
at
100.00
2,998,272
Maine
Turnpike
Authority,
Special
Obligation
Bonds,
Series
2014
:
1,290
5.000%,
7/01/33
7/24
at
100.00
1,291,626
1,020
5.000%,
7/01/34
7/24
at
100.00
1,021,202
Total
Maine
10,792,329
Maryland
-
8.3%
(5.0%
of
Total
Investments)
1,795
Anne
Arundel
County,
Maryland,
FNMA
Multifamily
Housing
Revenue
Bonds,
Glenview
Gardens
Apartments
Project,
Series
2009,
5.000%,
1/01/28,
(Mandatory
Put
1/01/27)
5/24
at
100.00
1,797,072
1,180
Anne
Arundel
County,
Maryland,
Special
Tax
District
Revenue
Bonds,
Villages
of
Dorchester
&
Farmington
Village
Projects,
Series
2013,
5.000%,
7/01/32
5/24
at
100.00
1,180,762
Baltimore
County,
Maryland,
Revenue
Bonds,
Oak
Crest
Village,
Series
2016
:
1,000
3.625%,
1/01/37
1/26
at
100.00
916,155
2,220
5.000%,
1/01/37
1/26
at
100.00
2,241,003
9,215
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/42
9/27
at
100.00
8,603,793
4,000
Baltimore,
Maryland,
Revenue
Bonds,
Wastewater
Projects,
Subordinate
Series
2017A,
5.000%,
7/01/46
1/27
at
100.00
4,061,682
625
(e)
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Refunding
Series
1994A,
5.000%,
7/01/24
-
FGIC
Insured,
(ETM)
No
Opt.
Call
626,016
1,750
(e)
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Refunding
Series
1998A,
5.000%,
7/01/28
-
FGIC
Insured,
(ETM)
8/21
at
100.00
1,796,263
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
32
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maryland
(continued)
$
2,500
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2014A,
5.000%,
7/01/44
1/25
at
100.00
$
2,509,031
6,000
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2017A,
5.000%,
7/01/41
1/27
at
100.00
6,128,805
1,450
Baltimore,
Maryland,
Special
Obligation
Bonds,
Center/West
Development
Project,
Series
2017A,
5.500%,
6/01/43
6/26
at
100.00
1,455,674
Baltimore,
Maryland,
Special
Obligation
Bonds,
Consolidated
Tax
Increment
Financing,
Series
2015
:
525
5.000%,
6/15/30
6/24
at
100.00
525,820
425
5.000%,
6/15/33
6/24
at
100.00
425,657
Baltimore,
Maryland,
Special
Obligation
Bonds,
East
Baltimore
Research
Park
Project,
Series
2017A
:
1,270
4.500%,
9/01/33
9/27
at
100.00
1,248,629
240
5.000%,
9/01/38
9/27
at
100.00
238,046
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2016
:
1,895
5.000%,
6/01/36
6/26
at
100.00
1,898,677
250
5.125%,
6/01/43
6/26
at
100.00
244,883
2,000
(d)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2019A,
3.625%,
6/01/46
6/29
at
100.00
1,600,791
350
(d)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2019B,
3.875%,
6/01/46
5/24
at
100.00
282,183
Brunswick,
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Brunswick
Crossing
Special
Taxing
District,
Refunding
Series
2019
:
450
4.000%,
7/01/29
1/29
at
100.00
437,436
739
5.000%,
7/01/36
1/29
at
100.00
747,793
Frederick
County,
Maryland,
Educational
Facilities
Revenue
Bonds,
Mount
Saint
Mary's
University
Inc.,
Series
2017A
:
3,000
(d)
5.000%,
9/01/37
9/27
at
100.00
2,945,430
1,750
(d)
5.000%,
9/01/45
9/27
at
100.00
1,624,199
330
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Lake
Linganore
Village
Community
Development
Series
2001A,
5.700%,
7/01/29
-
RAAI
Insured
5/24
at
100.00
330,557
1,250
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020A,
4.000%,
7/01/35
7/30
at
100.00
1,256,200
370
Frederick
County,
Maryland,
Tax
Increment
and
Special
Tax
B
Limited
Obligation
Bonds,
Oakdale-Lake
Linganore
Project,
Series
2019,
3.750%,
7/01/39
7/29
at
100.00
320,204
115
(d)
Frederick
County,
Maryland,
Tax
Increment
and
Special
Tax
Limited
Obligation
Bonds,
Jefferson
Technology
Park
Project,
Refunding
Series
2020B,
4.625%,
7/01/43
7/30
at
102.00
108,086
Gaithersburg,
Maryland,
Economic
Development
Revenue
Bonds,
Asbury
Methodist
Obligated
Group
Project,
Refunding
Series
2018A
:
2,000
5.000%,
1/01/33
5/24
at
104.00
2,027,241
1,000
5.000%,
1/01/36
5/24
at
104.00
1,006,915
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Columbia
Commons
Apartments,
Series
2014A
:
1,500
4.000%,
6/01/34
6/24
at
100.00
1,500,352
1,550
5.000%,
6/01/44
6/24
at
100.00
1,550,412
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
The
Verona
at
Oakland
Mills
Project,
Series
2013
:
2,000
4.625%,
10/01/28
5/24
at
100.00
2,001,649
3,000
5.000%,
10/01/28
5/24
at
100.00
3,003,486
33
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maryland
(continued)
$
1,000
Howard
County
Housing
Commission,
Maryland,
Revenue
Bonds,
Woodfield
Oxford
Square
Apartments,
Series
2017,
5.000%,
12/01/42
12/27
at
100.00
$
1,022,394
1,290
Howard
County,
Maryland,
Retirement
Community
Revenue
Bonds,
Vantage
House,
Refunding
Series
2016,
5.000%,
4/01/46
4/27
at
100.00
1,081,360
1,710
Howard
County,
Maryland,
Retirement
Community
Revenue
Bonds,
Vantage
House,
Refunding
Series
2017,
5.000%,
4/01/36
4/27
at
100.00
1,600,391
1,420
Howard
County,
Maryland,
Special
Obligation
Bonds,
Annapolis
Junction
Town
Center
Project,
Series
2014,
6.100%,
2/15/44
5/24
at
100.00
1,420,280
Howard
County,
Maryland,
Special
Obligation
Bonds,
Downtown
Columbia
Project,
Series
2017A
:
1,500
(d)
4.125%,
2/15/34
2/26
at
100.00
1,427,062
1,550
(d)
4.375%,
2/15/39
2/26
at
100.00
1,449,421
850
(d)
4.500%,
2/15/47
2/26
at
100.00
763,234
Hyattsville,
Maryland,
Special
Obligation
Bonds,
University
Town
Center
Project,
Series
2016
:
2,125
5.000%,
7/01/31
7/25
at
100.00
2,103,776
1,640
5.000%,
7/01/34
7/25
at
100.00
1,592,726
1,220
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2000A,
2.800%,
7/01/45
7/29
at
100.00
865,897
1,195
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2014D,
3.900%,
7/01/40
5/24
at
100.00
1,135,756
680
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2017C,
3.550%,
7/01/42
1/27
at
100.00
609,470
700
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Housing
Revenue
Bonds,
Series
2020E,
2.350%,
7/01/45
1/30
at
100.00
451,990
1,445
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2019C,
3.000%,
3/01/42
3/29
at
100.00
1,157,497
2,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2020D,
2.100%,
9/01/40
9/29
at
100.00
1,418,811
2,570
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Series
2021A,
2.000%,
9/01/43
3/30
at
100.00
1,655,755
2,000
Maryland
Community
Development
Administration
Department
of
Housing
and
Community
Development,
Residential
Revenue
Bonds,
Taxable
Series
2019D,
3.350%,
7/01/49
7/29
at
100.00
1,564,572
1,000
Maryland
Community
Development
Administration,
Department
of
Housing
and
Community
Development,
Multifamily
Development
Revenue
Bonds,
Marlborough
Apartments,
Series
2014I,
3.450%,
12/15/31
12/24
at
100.00
963,116
600
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Terminal
Project, Series
2019A,
5.000%,
6/01/49,
(AMT)
6/29
at
100.00
608,516
Maryland
Economic
Development
Corporation
Economic
Development
Revenue
Bonds,
Transportation
Facilities
Project,
Refunding
Series
2017A
:
1,000
5.000%,
6/01/31
6/28
at
100.00
1,050,520
1,125
5.000%,
6/01/32
6/28
at
100.00
1,181,143
3,360
5.000%,
6/01/35
6/28
at
100.00
3,521,325
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
34
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maryland
(continued)
$
1,600
Maryland
Economic
Development
Corporation,
Air
Cargo
Obligated
Group
Revenue
Bonds,
AFCO
Airport
Real
Estate
Group,
Series
2019,
4.000%,
7/01/39,
(AMT)
7/29
at
100.00
$
1,487,937
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds
Baltimore
City
Project,
Subordinate
Parking
Facilities
Revenue
Bonds,
Series
2018C
:
1,250
4.000%,
6/01/48
6/28
at
100.00
978,954
1,080
4.000%,
6/01/58
6/28
at
100.00
800,154
3,725
Maryland
Economic
Development
Corporation,
Parking
Facilities
Revenue
Bonds,
Baltimore
City
Project,
Senior
Parking
Facilities
Revenue
Bonds,
Series
2018A,
5.000%,
6/01/58
6/28
at
100.00
3,732,879
5,810
Maryland
Economic
Development
Corporation,
Port
Facilities
Revenue
Bonds,
CNX
Marine
Terminals
Inc.
Port
of
Baltimore
Facility,
Refunding
Series
2010,
5.750%,
9/01/25
5/24
at
100.00
5,852,025
2,000
(f)
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Chesapeake
Bay
Hyatt
Conference
Center,
Series
2006A,
5.000%,
12/01/31
5/24
at
100.00
1,200,000
Maryland
Economic
Development
Corporation,
Senior
Student
Housing
Revenue
Bonds,
Towson
University
Project,
Refunding
Series
2017
:
1,100
5.000%,
7/01/36
7/27
at
100.00
1,105,674
470
5.000%,
7/01/37
5/24
at
100.00
470,018
Maryland
Economic
Development
Corporation,
Special
Obligation
Bonds,
Metro
Centre
Owings
Mills
Project,
Series
2017
:
585
4.375%,
7/01/36
1/27
at
100.00
560,110
355
4.500%,
7/01/44
1/27
at
100.00
321,277
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Salisbury
University
Project,
Refunding
Series
2013
:
500
5.000%,
6/01/27
5/24
at
100.00
499,224
500
5.000%,
6/01/34
5/24
at
100.00
484,707
1,510
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
Sheppard
Pratt
University
Village,
Series
2012,
5.000%,
7/01/33
5/24
at
100.00
1,482,700
495
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland
-
Baltimore
Project,
Refunding
Senior
Lien
Series
2015,
5.000%,
7/01/39
7/25
at
100.00
496,187
1,110
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland,
Baltimore
County
Project,
Refunding
Series
2016,
3.600%,
7/01/35
-
AGM
Insured
5/24
at
100.00
1,044,124
Maryland
Economic
Development
Corporation,
Student
Housing
Revenue
Bonds,
University
of
Maryland,
College
Park
Project,
Refunding
Series
2016
:
875
5.000%,
6/01/30
-
AGM
Insured
6/26
at
100.00
898,814
240
5.000%,
6/01/31
-
AGM
Insured
6/26
at
100.00
246,548
2,405
5.000%,
6/01/35
-
AGM
Insured
6/26
at
100.00
2,470,379
780
5.000%,
6/01/43
-
AGM
Insured
6/26
at
100.00
787,141
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015
:
990
4.000%,
7/01/32
7/25
at
100.00
989,934
2,470
4.250%,
7/01/35
7/25
at
100.00
2,470,677
1,740
5.000%,
7/01/45
7/25
at
100.00
1,744,870
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Parking
Facilities
Revenue
Bonds,
Johns
Hopkins
Hospital,
Series
2001
:
1,300
5.000%,
7/01/27
-
AMBAC
Insured
5/24
at
100.00
1,309,686
1,000
5.000%,
7/01/34
-
AMBAC
Insured
5/24
at
100.00
1,007,518
35
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maryland
(continued)
$
210
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Parking
Facilities
Revenue
Bonds,
Johns
Hopkins
Medical
Institutions,
Series
1996,
5.500%,
7/01/26
-
AMBAC
Insured
5/24
at
100.00
$
211,564
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds
Doctors
Community
Hospital,
Series
2017B
:
250
5.000%,
7/01/34
7/27
at
100.00
255,192
4,820
5.000%,
7/01/38
7/27
at
100.00
4,851,380
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds, Mercy
Medical
Center,
Series
2016A
:
90
5.000%,
7/01/36
7/26
at
100.00
91,563
1,450
5.000%,
7/01/38
7/26
at
100.00
1,464,892
600
4.000%,
7/01/42
7/26
at
100.00
538,720
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A
:
1,400
5.500%,
1/01/36
1/27
at
100.00
1,436,640
4,020
5.500%,
1/01/46
1/27
at
100.00
4,043,574
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Charlestown
Community
Issue,
Series
2016A
:
2,125
5.000%,
1/01/36
7/26
at
100.00
2,170,522
4,090
5.000%,
1/01/45
7/26
at
100.00
4,118,276
1,000
Maryland
Health
and
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Frederick
Health
System
Issue;
Series
2020,
3.250%,
7/01/39
7/30
at
100.00
795,392
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Goucher
College,
Series
2017A
:
1,100
5.000%,
7/01/37
7/27
at
100.00
1,109,003
1,200
5.000%,
7/01/44
7/27
at
100.00
1,163,962
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Green
Street
Academy,
Series
2017A
:
265
(d)
5.125%,
7/01/37
7/27
at
100.00
262,357
500
(d)
5.250%,
7/01/47
7/27
at
100.00
478,029
1,745
(e)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Helix
Health,
Series
1997,
5.000%,
7/01/27
-
AMBAC
Insured,
(ETM)
8/21
at
100.00
1,785,856
2,500
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Johns
Hopkins
Health
System
Issue,
Series
2015A,
4.000%,
5/15/40
5/25
at
100.00
2,438,690
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Johns
Hopkins
University,
Series
2013B
:
500
5.000%,
7/01/38
5/24
at
100.00
500,038
4,375
4.250%,
7/01/41
5/24
at
100.00
4,359,821
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2017
:
1,000
5.000%,
7/01/33
7/27
at
100.00
1,042,271
1,000
5.000%,
7/01/44
7/27
at
100.00
1,015,119
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
System,
Series
2015
:
1,500
(e)
4.000%,
7/01/35,
(Pre-refunded
7/01/25)
7/25
at
100.00
1,506,027
1,125
(e)
5.000%,
7/01/40,
(Pre-refunded
7/01/25)
7/25
at
100.00
1,142,216
2,975
4.125%,
7/01/47
7/25
at
100.00
2,856,745
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Maryland,
Series
2014
:
1,000
4.000%,
10/01/45
10/24
at
100.00
930,844
1,250
5.000%,
10/01/45
10/24
at
100.00
1,245,975
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2012
:
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
36
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maryland
(continued)
$
1,500
5.000%,
6/01/34
5/24
at
100.00
$
1,500,714
3,000
5.000%,
6/01/47
5/24
at
100.00
2,999,833
175
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2016,
5.000%,
6/01/36
6/26
at
100.00
177,624
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Maryland
Institute
College
of
Art,
Series
2017
:
525
5.000%,
6/01/35
6/26
at
100.00
533,894
1,000
5.000%,
6/01/42
6/26
at
100.00
1,004,623
2,500
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2015,
5.000%,
8/15/38
2/25
at
100.00
2,518,365
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Peninsula
Regional
Medical
Center
Issue,
Refunding
Series
2015
:
2,790
(e)
5.000%,
7/01/39,
(Pre-refunded
7/01/24)
7/24
at
100.00
2,792,224
5,500
(e)
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
5,504,384
4,260
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017MD,
5.000%,
12/01/46
6/27
at
100.00
4,333,363
1,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Series
2015,
5.000%,
7/01/35
7/25
at
100.00
1,017,473
5,500
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Series
2017B,
5.000%,
7/01/39
7/27
at
100.00
5,634,726
12,250
(e)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Western
Maryland
Health,
Series
2014,
5.250%,
7/01/34,
(Pre-
refunded
7/01/24)
7/24
at
100.00
12,271,784
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2016
:
4,395
5.000%,
5/01/33
5/26
at
100.00
4,534,894
3,650
(e)
5.000%,
5/01/35,
(Pre-refunded
5/01/26)
5/26
at
100.00
3,770,140
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A
:
2,000
5.000%,
5/01/35
5/28
at
100.00
2,120,787
2,000
5.000%,
5/01/36
5/28
at
100.00
2,113,600
6,250
5.000%,
5/01/42
5/28
at
100.00
6,478,316
7,000
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2020,
4.000%,
7/01/50
7/30
at
100.00
6,659,740
1,500
Montgomery
County
Housing
Opportunities
Commission,
Maryland,
Multifamily
Housing
Development
Bonds,
Series
2014A,
3.875%,
7/01/39
7/24
at
100.00
1,457,428
6,000
Montgomery
County,
Maryland,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2015,
4.000%,
12/01/44
6/25
at
100.00
5,836,578
320
(d)
Prince
George's
County
Revenue
Authority,
Maryland,
Special
Obligation
Bonds,
Suitland-Naylor
Road
Project,
Series
2016,
5.000%,
7/01/46
1/26
at
100.00
311,378
3,000
Prince
George's
County,
Maryland,
General
Obligation
Consolidated
Public
Improvement
Bonds,
Series
2014A,
4.000%,
9/01/31
9/24
at
100.00
2,994,838
1,050
Prince
George's
County,
Maryland,
Revenue
Bonds,
Collington
Episcopal
Life
Care
Community
Inc.,
Series
2017,
5.250%,
4/01/37
4/27
at
100.00
1,016,481
Prince
George's
County,
Maryland,
Special
Obligation
Bonds,
Westphalia
Town
Center
Project,
Series
2018
:
1,300
(d)
5.125%,
7/01/39
7/28
at
100.00
1,297,368
2,200
(d)
5.250%,
7/01/48
7/28
at
100.00
2,189,154
1,996
Prince
George's
County,
Maryland,
Special
Tax
District
Bonds,
Victoria
Falls
Project,
Series
2005,
5.250%,
7/01/35
5/24
at
100.00
1,999,238
37
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maryland
(continued)
$
1,340
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Refunding
Series
2017,
5.000%,
11/01/35
11/24
at
103.00
$
1,339,991
795
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Refunding
Series
2017A-2,
5.000%,
11/01/31
11/24
at
103.00
797,526
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1
:
1,070
5.000%,
11/01/28
11/24
at
103.00
1,074,422
1,000
5.000%,
11/01/37
11/24
at
103.00
984,580
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B
:
500
5.000%,
11/01/42
11/24
at
103.00
470,101
1,000
5.000%,
11/01/47
11/24
at
103.00
902,799
Washington
County
County
Commissioners,
Maryland,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019B
:
1,000
(e)
5.000%,
1/01/29,
(ETM)
No
Opt.
Call
1,079,907
500
(e)
5.000%,
1/01/32,
(Pre-refunded
1/01/29)
1/29
at
100.00
539,954
Total
Maryland
249,800,346
Massachusetts
-
0.6%
(0.3%
of
Total
Investments)
5,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2021A-1,
4.000%,
7/01/51
7/31
at
100.00
4,735,834
540
(d),(f)
Massachusetts
Development
Finance
Agency,
Health
Care
Facility
Revenue
Bonds,
Adventcare
Project,
Series
2007A,
6.750%,
10/15/37
5/24
at
100.00
5,400
677
(f)
Massachusetts
Development
Finance
Agency,
Health
Care
Facility
Revenue
Bonds,
Adventcare
Project,
Series
2010,
7.625%,
10/15/37
5/24
at
100.00
6,770
825
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D,
5.000%,
7/01/44
7/25
at
100.00
810,296
3,200
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015,
4.500%,
1/01/45
1/25
at
100.00
2,965,058
1,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care,
Series
2016I,
4.000%,
7/01/41
7/26
at
100.00
1,320,462
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Western
New
England
University,
Series
2015
:
1,145
5.000%,
9/01/40
9/25
at
100.00
1,146,537
1,280
5.000%,
9/01/45
9/25
at
100.00
1,257,292
4,485
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024-234,
4.700%,
12/01/49,
(UB),
(WI/DD)
6/33
at
100.00
4,498,298
Total
Massachusetts
16,745,947
Michigan
-
3.5%
(2.1%
of
Total
Investments)
625
Bloomfield
Hills
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023,
5.000%,
5/01/48
5/33
at
100.00
657,335
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
:
960
4.000%,
3/01/44
-
AGM
Insured
3/28
at
100.00
923,543
40
(e)
4.000%,
3/01/44,
(Pre-refunded
3/01/28)
-
AGM
Insured
3/28
at
100.00
41,276
4,180
Hudsonville
Public
Schools,
Ottawa
and
Allegan
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Refunding
Series
2023,
5.000%,
5/01/53
5/33
at
100.00
4,351,304
2,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/48
7/29
at
100.00
2,089,920
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
:
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
38
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
$
10,125
4.000%,
11/01/55
11/30
at
100.00
$
9,175,663
10,000
4.000%,
11/01/55
11/30
at
100.00
8,863,376
5,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
McLaren
Health
Care,
Series
2019A,
4.000%,
2/15/47
8/29
at
100.00
4,629,190
2,690
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Water
Supply
System
Local
Project,
Insured
Senior
Lien
Series
2014C-3,
5.000%,
7/01/32
-
AGM
Insured
7/24
at
100.00
2,694,150
405
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Water
Supply
System
Local
Project,
Refunding
Senior
Loan
Series
2014D-1,
5.000%,
7/01/37
-
AGM
Insured
7/24
at
100.00
405,477
1,000
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Water
Supply
System
Local
Project,
Series
2014D-6,
5.000%,
7/01/36
-
NPFG
Insured
7/24
at
100.00
1,000,996
3,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Fixed
Rate
Series
2022A-MI,
4.000%,
12/01/47
12/31
at
100.00
2,776,999
4,500
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2019A-MI,
4.000%,
12/01/49
12/29
at
100.00
4,128,501
4,435
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2006
Sold
Tobacco
Receipts
Senior
Current
Interest
Series
2020A-2,
5.000%,
6/01/40
12/30
at
100.00
4,613,718
5,000
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6,
4.000%,
11/15/47
11/26
at
100.00
4,643,558
2,450
(c)
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024A,
4.650%,
12/01/49,
(UB)
6/33
at
100.00
2,451,854
10,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I,
5.000%,
4/15/34
10/25
at
100.00
10,173,041
1,000
Michigan
State
University,
General
Revenue
Bonds,
Refunding
Series
2019C,
4.000%,
2/15/44
8/29
at
100.00
962,284
8,000
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program
Series
2020B,
4.000%,
11/15/45
11/30
at
100.00
7,841,885
6,000
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2023,
5.500%,
11/15/49
11/33
at
100.00
6,651,407
7,500
(c)
Monroe
Public
Schools,
Monroe
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020I,
5.000%,
5/01/50,
(UB)
5/30
at
100.00
7,774,370
5,000
Troy
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023,
5.000%,
5/01/47
5/33
at
100.00
5,326,516
11,225
Walled
Lake
Consolidated
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020,
5.000%,
5/01/50
5/30
at
100.00
11,701,906
1,200
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2015D,
5.000%,
12/01/45
12/25
at
100.00
1,207,786
1,120
Wayne
State
University,
Michigan,
General
Revenue
Bonds,
Series
2018A,
5.000%,
11/15/36
11/25
at
100.00
1,133,984
Total
Michigan
106,220,039
Minnesota
-
3.0%
(1.8%
of
Total
Investments)
310
Baytown
Township,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Saint
Croix
Preparatory
Academy,
Refunding
Series
2016A,
4.000%,
8/01/36
8/26
at
100.00
282,375
39
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Minnesota
(continued)
$
750
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A,
5.000%,
7/01/47
7/24
at
102.00
$
648,315
500
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2016A,
4.000%,
7/01/37
7/25
at
100.00
455,332
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
:
6,905
5.000%,
2/15/48
2/28
at
100.00
6,993,992
11,925
(c)
5.000%,
2/15/53,
(UB)
2/28
at
100.00
12,031,117
1,925
5.250%,
2/15/53
2/28
at
100.00
1,953,296
1,125
GFW
Independent
School
District
No.
2365,
Sibley,
Renville,
McLeod
and
Nicollet
Counties,
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2023A,
4.125%,
2/01/52
2/31
at
100.00
1,099,002
725
Hawley
Independent
School
District
150,
Clay
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2023A,
4.000%,
2/01/43
2/30
at
100.00
724,282
500
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Paladin
Career
&
Technical
High
School
Project,
Series
2021A,
4.000%,
6/01/41
6/29
at
102.00
391,320
2,010
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/42
2/27
at
100.00
1,997,598
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019B
:
1,000
5.000%,
1/01/31,
(AMT)
7/29
at
100.00
1,061,703
1,300
5.000%,
1/01/38,
(AMT)
7/29
at
100.00
1,352,473
3,420
5.000%,
1/01/44,
(AMT)
7/29
at
100.00
3,491,097
4,000
5.000%,
1/01/49,
(AMT)
7/29
at
100.00
4,050,179
2,295
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C,
5.000%,
1/01/41
1/27
at
100.00
2,359,437
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2016D
:
470
5.000%,
1/01/32,
(AMT)
1/27
at
100.00
484,035
450
5.000%,
1/01/35,
(AMT)
1/27
at
100.00
463,042
580
5.000%,
1/01/37,
(AMT)
1/27
at
100.00
593,893
750
5.000%,
1/01/41,
(AMT)
1/27
at
100.00
760,053
2,745
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022B,
5.250%,
1/01/47,
(AMT)
1/32
at
100.00
2,892,704
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Carleton
College,
Refunding
Series
2017
:
1,300
3.750%,
3/01/38
3/27
at
100.00
1,243,617
1,460
4.000%,
3/01/41
3/27
at
100.00
1,435,569
2,150
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Macalester
College,
Refunding
Series
2017,
4.000%,
3/01/48
3/27
at
100.00
2,007,725
270
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021A,
3.000%,
8/01/36
8/31
at
100.00
240,603
190
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021B,
3.000%,
8/01/36
8/31
at
100.00
169,313
2,910
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022A,
5.000%,
8/01/41
8/32
at
100.00
3,162,727
5,000
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022,
5.000%,
11/15/57
11/32
at
100.00
5,320,374
2,380
Round
Lake-Brewster
Independent
School
District
2907,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2023A,
4.000%,
2/01/44
2/32
at
100.00
2,316,417
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
40
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Minnesota
(continued)
$
2,000
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
$
2,058,678
1,520
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
of
Peace
Academy
Project,
Refunding
Series
2015A,
5.000%,
12/01/50
12/24
at
100.00
1,369,157
1,395
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
of
Peace
Academy
Project,
Series
2019,
5.000%,
12/01/39
12/29
at
100.00
1,349,736
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Refunding
Series
2020A
:
2,625
5.000%,
9/01/40
9/30
at
100.00
2,533,899
1,250
5.000%,
9/01/43
9/30
at
100.00
1,191,812
780
5.000%,
9/01/55
9/30
at
100.00
706,924
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
2,233,158
2,500
5.750%,
9/01/46
9/26
at
100.00
2,514,907
2,500
6.000%,
9/01/51
9/26
at
100.00
2,521,878
500
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School,
Series
2013A,
5.000%,
7/01/44
5/24
at
100.00
460,578
Saint
Paul
Housing
and
Redevelopment
Authority
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Episcopal
Homes
Project,
Series
2013
:
1,745
5.000%,
5/01/33
5/24
at
100.00
1,645,867
1,000
5.125%,
5/01/48
5/24
at
100.00
826,681
2,245
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A,
5.000%,
11/15/47
11/27
at
100.00
2,259,847
1,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Lease
Revenue
Bonds,
Hope
Community
Academy
Project,
Series
2015A,
5.000%,
12/01/43
12/24
at
100.00
796,624
750
(e)
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A,
5.000%,
11/15/29,
(Pre-
refunded
11/15/25)
11/25
at
100.00
764,667
2,000
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019,
5.000%,
8/01/54
8/24
at
102.00
1,954,102
3,855
West
Saint
Paul-Mendota
Heights-Eagan
Independent
School
District
197,
Dakota
County,
Minnesota,
General
Obligation
Bonds,
School
Buidling
Series
2018A,
4.000%,
2/01/41
2/27
at
100.00
3,856,428
Total
Minnesota
89,026,533
Mississippi
-
0.8%
(0.5%
of
Total
Investments)
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Revenue
Bonds,
Baptist
Memorial
Healthcare,
Series
2016A
:
1,500
5.000%,
9/01/36
9/26
at
100.00
1,518,870
6,000
5.000%,
9/01/41
9/26
at
100.00
6,028,610
15,500
5.000%,
9/01/46
9/26
at
100.00
15,399,937
Total
Mississippi
22,947,417
Missouri
-
5.0%
(3.0%
of
Total
Investments)
1,000
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016,
5.000%,
8/01/28
8/26
at
100.00
913,714
41
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Missouri
(continued)
$
2,010
Bridgeton
Industrial
Development
Authority,
Missouri,
Senior
Housing
Revenue
Bonds,
The
Sarah
Community
Project,
Refunding
Series
2016,
3.625%,
5/01/30
5/25
at
100.00
$
1,986,084
500
Curators
of
the
University
of
Missouri,
System
Facilities
Revenue
Bonds,
Series
2014A,
4.000%,
11/01/33
11/24
at
100.00
484,779
1,945
Jefferson
County
School
District
R-1
Northwest,
Missouri,
General
Obligation
Bonds,
Direct
Deposit
Program
Series
2023,
4.000%,
3/01/42
3/31
at
100.00
1,922,142
5,640
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019A,
5.000%,
3/01/44,
(AMT)
3/29
at
100.00
5,740,655
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B
:
2,965
5.000%,
3/01/39,
(AMT)
3/29
at
100.00
3,059,934
13,250
5.000%,
3/01/46,
(AMT)
3/29
at
100.00
13,425,997
11,950
5.000%,
3/01/54,
(AMT)
3/29
at
100.00
11,993,698
400
(d)
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016,
5.000%,
4/01/46
4/26
at
100.00
350,032
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
:
7,000
0.000%,
4/15/27
-
AMBAC
Insured
No
Opt.
Call
6,279,789
5,000
0.000%,
4/15/28
-
AMBAC
Insured
No
Opt.
Call
4,331,617
5,000
0.000%,
4/15/29
-
AMBAC
Insured
No
Opt.
Call
4,175,018
6,185
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2023A,
4.000%,
1/01/48
1/33
at
100.00
5,956,847
1,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Series
1998C,
2.750%,
9/01/33
6/27
at
102.00
872,550
1,000
Missouri
Health
and
Education
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Health
System,
Inc.,
Series
2016,
5.000%,
11/15/34
5/26
at
100.00
1,026,725
11,010
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2021A,
4.000%,
7/01/46
7/31
at
100.00
10,486,359
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A
:
1,045
5.000%,
11/15/44
5/24
at
100.00
1,045,235
11,090
5.000%,
11/15/48
5/24
at
100.00
11,090,335
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
:
3,000
5.000%,
11/15/42
11/27
at
100.00
3,057,841
6,265
5.000%,
11/15/47
11/27
at
100.00
6,338,926
10,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2020,
4.000%,
6/01/53
6/30
at
100.00
9,202,077
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
:
1,800
4.000%,
2/15/44
2/29
at
100.00
1,727,464
7,815
4.000%,
2/15/49
2/29
at
100.00
7,316,986
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2018A
:
2,000
4.000%,
6/01/48
6/28
at
100.00
1,852,934
3,500
5.000%,
6/01/48
6/28
at
100.00
3,554,904
9,750
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Children's
Mercy
Hospital,
Series
2017A,
4.000%,
5/15/48
5/25
at
102.00
9,144,811
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
42
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Missouri
(continued)
$
7,925
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A,
5.000%,
2/01/46
2/26
at
100.00
$
7,679,238
4,370
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016B,
5.000%,
2/01/46
2/26
at
100.00
4,234,482
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Saint
Louis
University,
Series
2017A
:
725
4.000%,
10/01/36
4/27
at
100.00
733,871
3,510
5.000%,
10/01/47
4/27
at
100.00
3,587,738
1,190
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2024A,
4.700%,
11/01/54
5/33
at
100.00
1,183,799
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Supply
System
Revenue
Bonds,
MoPEP
Facilities,
Series
2018
:
1,330
5.000%,
12/01/37
6/27
at
100.00
1,373,004
1,140
5.000%,
12/01/38
6/27
at
100.00
1,172,965
375
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A,
5.875%,
9/01/43
5/24
at
100.00
375,226
1,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2018A,
5.125%,
9/01/48
9/25
at
103.00
948,668
Total
Missouri
148,626,444
Montana
-
0.4%
(0.3%
of
Total
Investments)
2,090
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B,
5.000%,
7/01/43
7/28
at
100.00
2,103,074
3,315
Montana
Facility
Finance
Authority,
Montana,
Health
Facilities
Reveue
Bonds,
Bozeman
Deaconess
Health
Services
Obligated
Group,
Series
2018,
5.000%,
6/01/48
6/28
at
100.00
3,373,173
6,830
Montana
State
Board
of
Regents
of
Higher
Education,
General
Revenue
Bonds,
Series
2022,
5.250%,
11/15/52
-
AGM
Insured
11/32
at
100.00
7,353,410
Total
Montana
12,829,657
Nebraska
-
0.1%
(0.1%
of
Total
Investments)
1,625
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Refunding
Series
2020A,
4.000%,
11/15/40
11/30
at
100.00
1,573,055
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
1,640,727
1,000
5.000%,
11/01/45
11/25
at
100.00
1,008,057
Total
Nebraska
4,221,839
Nevada
-
0.9%
(0.5%
of
Total
Investments)
8,835
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/43
7/28
at
100.00
9,181,007
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015
:
9,000
5.000%,
6/01/32
12/24
at
100.00
9,070,879
5,000
5.000%,
6/01/39
12/24
at
100.00
5,020,200
2,400
Nevada
System
of
Higher
Education,
Community
College
Revenue
Bonds,
Series
2017,
4.000%,
7/01/41
7/27
at
100.00
2,356,755
Total
Nevada
25,628,841
43
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Hampshire
-
0.4%
(0.3%
of
Total
Investments)
$
3,500
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Catholic
Medical
Center,
Series
2012,
4.000%,
7/01/32
5/24
at
100.00
$
3,400,929
4,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth-Hitchcock
Obligated
Group,
Series
2018A,
5.000%,
8/01/35
2/28
at
100.00
4,159,112
5,000
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Dartmouth-Hitchcock
Obligated
Group,
Series
2020A,
5.000%,
8/01/59
-
AGM
Insured
No
Opt.
Call
5,141,187
Total
New
Hampshire
12,701,228
New
Jersey
-
5.3%
(3.2%
of
Total
Investments)
5,000
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/40
11/29
at
100.00
5,257,418
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013
:
1,965
5.000%,
1/01/31
-
AGM
Insured,
(AMT)
5/24
at
100.00
1,966,026
1,865
5.125%,
1/01/39
-
AGM
Insured,
(AMT)
5/24
at
100.00
1,864,988
1,585
5.125%,
7/01/42
-
AGM
Insured,
(AMT)
5/24
at
100.00
1,584,990
6,030
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B,
5.000%,
11/01/25
No
Opt.
Call
6,143,428
2,000
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
5.500%,
6/15/31,
(Pre-
refunded
12/15/26)
12/26
at
100.00
2,117,485
6,770
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1,
5.500%,
9/01/27
-
NPFG
Insured
No
Opt.
Call
7,212,168
2,825
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2014UU,
5.000%,
6/15/30,
(Pre-refunded
6/15/24)
6/24
at
100.00
2,827,730
2,410
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ,
4.000%,
6/15/50
12/30
at
100.00
2,246,802
5,275
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
4,921,721
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
2,073,335
3,340
5.000%,
6/15/29
6/26
at
100.00
3,425,614
8,155
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023AA,
4.250%,
6/15/44
6/33
at
100.00
7,969,897
4,890
(c)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023BB,
5.250%,
6/15/50,
(UB)
12/33
at
100.00
5,236,126
1,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/26
No
Opt.
Call
907,084
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
:
21,120
0.000%,
12/15/28
-
AMBAC
Insured
No
Opt.
Call
17,808,238
10,000
0.000%,
12/15/32
-
AGM
Insured
No
Opt.
Call
7,305,445
20,000
0.000%,
12/15/33
-
AGM
Insured
No
Opt.
Call
14,052,952
25,000
0.000%,
12/15/35
-
AMBAC
Insured
No
Opt.
Call
15,868,035
30,000
0.000%,
12/15/36
-
AMBAC
Insured
No
Opt.
Call
18,033,255
2,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A,
0.000%,
12/15/32
No
Opt.
Call
1,446,329
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
44
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
:
$
1,690
5.250%,
6/15/33
6/25
at
100.00
$
1,717,982
2,840
5.000%,
6/15/45
6/25
at
100.00
2,856,106
2,800
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2018A,
5.000%,
12/15/36
12/28
at
100.00
2,957,532
2,460
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2017B,
4.000%,
1/01/34
1/28
at
100.00
2,517,509
5,250
(c)
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B,
5.250%,
1/01/52,
(UB)
1/33
at
100.00
5,675,946
7,810
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
8,029,067
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
:
3,215
5.000%,
6/01/36
6/28
at
100.00
3,370,487
1,405
5.000%,
6/01/46
6/28
at
100.00
1,436,651
1,285
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
1,297,674
Total
New
Jersey
160,128,020
New
Mexico
-
0.4%
(0.2%
of
Total
Investments)
3,370
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2017A,
5.000%,
8/01/46
11/27
at
100.00
3,437,112
7,000
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019A,
4.000%,
8/01/48
8/29
at
100.00
6,391,148
2,195
Santa
Fe
County,
New
Mexico,
Correctional
System
Gross
Receipts
Tax
Revenue
Bonds,
Series
1997,
6.000%,
2/01/27
-
AGM
Insured
No
Opt.
Call
2,285,093
Total
New
Mexico
12,113,353
New
York
-
10.8%
(6.5%
of
Total
Investments)
6,600
Brooklyn
Arena
Local
Development
Corporation,
New
York,
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Barclays
Center
Project,
Series
2009,
0.000%,
7/15/44
No
Opt.
Call
2,447,983
490
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Catholic
Health
System,
Inc.
Project,
Series
2015,
5.250%,
7/01/35
7/25
at
100.00
438,025
4,000
(c)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A,
4.250%,
5/01/52,
(UB)
5/32
at
100.00
3,840,120
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
1,630,685
3,195
5.000%,
5/01/43
5/25
at
100.00
3,204,160
600
(d)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017,
5.000%,
12/01/34
6/27
at
100.00
556,997
3,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A,
5.000%,
3/15/46
3/32
at
100.00
3,199,020
4,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019A.
Bidding
Group
1,2,3,4,
5.000%,
3/15/44
3/29
at
100.00
4,186,476
20,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019D,
4.000%,
2/15/47
2/30
at
100.00
19,176,256
45
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
5,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005,
5.250%,
10/01/35
No
Opt.
Call
$
5,760,729
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2014A
:
1,155
4.000%,
9/01/39
-
AGM
Insured
9/24
at
100.00
1,138,166
3,000
5.000%,
9/01/39
9/24
at
100.00
3,006,373
860
5.000%,
9/01/44
9/24
at
100.00
861,119
5,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018,
5.000%,
9/01/37
9/28
at
100.00
5,331,453
10,000
Metropolitan
Transportation
Authority,
New
York,
Dedicated
Tax
Fund
Bonds,
Refunding
Series
2012A,
0.000%,
11/15/32
No
Opt.
Call
7,346,551
9,220
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Refunding
Series
2024A,
4.000%,
11/15/48
-
BAM
Insured
5/34
at
100.00
8,578,101
2,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2017D,
4.000%,
11/15/42
5/28
at
100.00
1,860,897
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
:
500
(f)
2.300%,
10/01/37
5/24
at
100.00
320,000
1,000
(f)
2.350%,
10/01/46
5/24
at
100.00
640,000
5,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
EE,
4.000%,
6/15/42
6/30
at
100.00
4,993,673
6,140
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
BB-1,
5.250%,
6/15/54
12/33
at
100.00
6,690,006
2,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
A-1,
5.000%,
5/01/40
5/26
at
100.00
2,037,108
3,760
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
E-1,
5.000%,
2/01/43
2/27
at
100.00
3,861,403
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2019
Series
A-1,
5.000%,
8/01/40
8/28
at
100.00
5,212,743
20,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2019
Subseries
C-1,
4.000%,
11/01/42
5/29
at
100.00
19,533,988
9,530
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
B-1,
4.000%,
8/01/45
8/31
at
100.00
9,227,364
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1,
5.000%,
2/01/47
2/32
at
100.00
5,311,995
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
2,107,313
11,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
Series
A-1,
4.000%,
8/01/42
8/29
at
100.00
10,732,033
2,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
F-1,
5.000%,
3/01/43
3/31
at
100.00
2,141,596
3,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1,
5.000%,
8/01/47
8/31
at
100.00
3,176,525
2,000
New
York
Convention
Center
Development
Corporation,
New
York,
Revenue
Bonds,
Hotel
Unit
Fee
Secured,
Refunding
Series
2015,
5.000%,
11/15/45
11/25
at
100.00
2,016,729
125
New
York
Counties
Tobacco
Trust
I,
Tobacco
Settlement
Pass-Through
Bonds,
Series
2000B,
6.500%,
6/01/35
5/24
at
100.00
125,083
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
46
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
1,010
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-
Through
Bonds,
Series
Series
2016A-1,
5.625%,
6/01/35
No
Opt.
Call
$
1,032,050
25,170
(d)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44
11/24
at
100.00
24,946,244
7,210
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Series
2021A-1,
4.000%,
3/15/55
3/31
at
100.00
6,586,810
5,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Green
Series
2023A,
5.000%,
3/15/63
9/33
at
100.00
5,250,622
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C
:
13,370
5.000%,
3/15/47
9/30
at
100.00
14,057,924
4,120
5.000%,
3/15/50
9/30
at
100.00
4,306,695
2,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2022A,
5.000%,
3/15/46
9/32
at
100.00
2,138,329
19,000
New
York
State
Urban
Development
Corporation,
State
Sales
Tax
Revenue
Bonds,
Empire
Series
2021A,
4.000%,
3/15/47
9/31
at
100.00
18,313,697
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A
:
2,000
4.000%,
7/01/35
-
AGM
Insured,
(AMT)
7/24
at
100.00
1,977,216
14,390
5.000%,
7/01/46,
(AMT)
7/24
at
100.00
14,035,089
28,800
5.250%,
1/01/50,
(AMT)
7/24
at
100.00
28,511,934
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016
:
110
5.000%,
8/01/26,
(AMT)
5/24
at
100.00
110,033
5,940
5.000%,
8/01/31,
(AMT)
5/24
at
100.00
5,940,418
3,465
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
5.250%,
8/01/31,
(AMT)
8/30
at
100.00
3,637,619
2,790
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
5.000%,
6/30/49
-
AGM
Insured,
(AMT)
6/31
at
100.00
2,875,807
3,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
5.000%,
12/01/39,
(AMT)
12/32
at
100.00
3,156,230
3,050
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
5.000%,
1/01/33,
(AMT)
1/28
at
100.00
3,140,271
1,100
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
6.000%,
4/01/35,
(AMT)
4/31
at
100.00
1,247,290
10,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Taxable
Two
Hundred
Forty
First
Series
2023,
5.000%,
7/15/53
7/33
at
100.00
10,618,595
5,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Seventeen
Series
2019,
5.000%,
11/01/44
11/29
at
100.00
5,286,889
2,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-One
Series
2020,
4.000%,
7/15/50,
(AMT)
7/30
at
100.00
1,842,346
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Refunding
Series
2016A
:
2,835
5.000%,
1/01/29,
(AMT)
1/26
at
100.00
2,148,898
2,700
5.000%,
1/01/34,
(AMT)
1/26
at
100.00
2,028,941
47
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
6,110
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2024A-1,
5.250%,
5/15/64
5/34
at
100.00
$
6,593,248
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006
:
1,250
5.000%,
6/01/45
6/27
at
100.00
1,130,591
2,850
5.000%,
6/01/48
6/27
at
100.00
2,535,691
820
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023,
5.750%,
11/01/48
-
AGM
Insured
11/33
at
100.00
926,207
Total
New
York
325,066,354
North
Carolina
-
1.5%
(0.9%
of
Total
Investments)
2,500
Greater
Asheville
Regional
Airport
Authority, North
Carolina,
Airport
System
Revenue
Bonds,
Series
2022A,
5.500%,
7/01/47
-
AGM
Insured,
(AMT)
7/32
at
100.00
2,698,511
7,555
North
Carolina
Department
of
Transportation,
Private
Activity
Revenue
Bonds,
I-77
Hot
Lanes
Project,
Series
2015,
5.000%,
6/30/54,
(AMT)
6/25
at
100.00
7,104,394
11,145
North
Carolina
Medial
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Rex
Healthcare,
Series
2020A,
4.000%,
7/01/49
1/30
at
100.00
10,346,780
1,570
North
Carolina
Medical
Care
Commission, Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016,
5.000%,
10/01/31
10/24
at
102.00
1,575,592
1,655
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Deerfield
Episcopal
Retirement
Community,
Refunding
First
Mortgage
Series
2016,
5.000%,
11/01/37
11/26
at
100.00
1,677,300
9,245
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Obligated
Group,
Series
2019A,
4.000%,
11/01/49
11/29
at
100.00
8,933,756
500
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
1/01/32
1/26
at
100.00
511,358
11,480
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019,
5.000%,
1/01/49
1/30
at
100.00
11,670,489
1,100
Union
County,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Series
2019A,
4.000%,
6/01/44
6/29
at
100.00
1,080,217
Total
North
Carolina
45,598,397
North
Dakota
-
0.2%
(0.1%
of
Total
Investments)
5,000
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A,
4.000%,
12/01/47
12/27
at
100.00
4,151,922
520
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2023A,
5.000%,
12/01/53
-
AGM
Insured
12/33
at
100.00
530,196
700
Grand
Forks,
North
Dakota,
Senior
Housing
&
Nursing
Facilities
Revenue
Bonds,
Valley
Homes
and
Services
Obligated
Group,
Series
2017,
5.000%,
12/01/36
12/26
at
100.00
656,989
1,350
(c)
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
4.750%,
1/01/52,
(UB)
7/33
at
100.00
1,350,661
Total
North
Dakota
6,689,768
Ohio
-
3.7%
(2.2%
of
Total
Investments)
6,250
Akron,
Bath
and
Copley
Joint
Township
Hospital
District,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Summa
Health
System,
Refunding
&
Improvement
Series
2016,
5.250%,
11/15/46
11/26
at
100.00
6,309,152
6,000
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017A,
4.000%,
8/01/36
2/28
at
100.00
6,064,484
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
48
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
1,340
Bowling
Green
State
University,
Ohio,
General
Receipts
Bonds,
Series
2017B,
5.000%,
6/01/45
6/27
at
100.00
$
1,367,103
22,740
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
2,254,528
790
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
704,472
9,975
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
9,043,550
Butler
County,
Ohio, Hospital
Facilities
Revenue
Bonds,
UC
Health,
Refunding
Series
2017
:
3,960
4.000%,
11/15/34
11/27
at
100.00
3,678,779
3,000
4.000%,
11/15/35
11/27
at
100.00
2,755,955
2,000
Columbus-Franklin
County
Finance
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Bridge
Park
D
Block
Project,
Series
2019A-1,
5.000%,
12/01/51
6/29
at
100.00
1,868,411
1,000
County
of
Lucas,
Ohio,
Hospital
Revenue
Bonds,
ProMedica
Healthcare
Obligated
Group,
Series
2018A,
5.250%,
11/15/48
11/28
at
100.00
994,451
4,795
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013,
5.000%,
6/15/43
5/24
at
100.00
4,106,479
5,000
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
TriHealth,
Inc.
Obligated
Group
Project,
Series
2017A,
5.000%,
8/15/42
8/27
at
100.00
5,104,406
3,780
(d)
Jefferson
County
Port
Authority,
Ohio,
Economic
Development
Revenue
Bonds,
JSW
Steel
USA
Ohio,
Inc.
Project,
Series
2023,
5.000%,
12/01/53,
(AMT),
(Mandatory
Put
12/01/28)
9/28
at
100.00
3,819,323
8,360
(e)
Lake
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Lake
Hospital
System,
Inc.,
Refunding
Series
2015,
5.000%,
8/15/45,
(Pre-refunded
8/15/25)
8/25
at
100.00
8,497,443
2,000
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013,
5.000%,
2/15/33
5/24
at
100.00
1,975,049
1,500
(d)
Ohio
Air
Quality
Development
Authority,
Ohio,
Exempt
Facilities
Revenue
Bonds,
AMG
Vanadium
Project,
Series
2019,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
1,381,105
4,200
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29,
(Mandatory
Put
9/15/21)
No
Opt.
Call
3,954,855
1,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2009A,
4.750%,
6/01/33,
(Mandatory
Put
6/01/22)
No
Opt.
Call
1,035,818
4,350
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
University
of
Dayton,
Series
2015A,
5.000%,
12/01/44
6/25
at
100.00
4,386,295
3,710
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-3,
5.800%,
2/15/36
2/31
at
100.00
4,304,679
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission,
Infrastructure
Projects,
Junior
Lien
Series
2018A
:
3,375
4.000%,
2/15/38
2/28
at
100.00
3,392,117
16,325
5.000%,
2/15/43
2/28
at
100.00
16,910,994
5,450
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2009A,
4.750%,
6/01/33
No
Opt.
Call
5,645,209
49
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
4,250
Pickerington
Local
School
District,
Fairfield
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement,
Series
2023,
5.250%,
12/01/59
12/32
at
100.00
$
4,548,833
6,000
West
Holmes
Local
School
District,
Ohio,
Certificates
of
Participation,
Series
2023,
5.250%,
12/01/53
-
BAM
Insured
12/31
at
100.00
6,363,539
Total
Ohio
110,467,029
Oklahoma
-
0.5%
(0.3%
of
Total
Investments)
1,700
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B,
5.500%,
8/15/57
8/28
at
100.00
1,730,162
1,800
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022,
5.500%,
8/15/41
8/32
at
100.00
1,817,923
6,815
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2017C,
5.000%,
1/01/47
1/27
at
100.00
6,976,792
4,985
(e)
Tulsa
Airports
Improvement
Trust,
Oklahoma,
General
Airport
Revenue
Bonds,
Series
2015A,
5.000%,
6/01/45,
(Pre-refunded
6/01/24)
-
BAM
Insured,
(AMT)
6/24
at
100.00
4,986,383
1,000
Tulsa
County
Industrial
Authority,
Oklahoma,
Senior
Living
Community
Revenue
Bonds,
Montereau,
Inc
Project,
Refunding
Series
2017,
5.250%,
11/15/37
11/25
at
102.00
1,004,776
Total
Oklahoma
16,516,036
Oregon
-
2.4%
(1.5%
of
Total
Investments)
2,435
Beaverton
School
District
48J,
Washington
and
Multnomah
Counties,
Oregon,
General
Obligation
Bonds,
Convertible
Deferred
Interest
Series
2017D,
5.000%,
6/15/36
6/27
at
100.00
2,532,488
725
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A,
5.250%,
11/15/50
11/25
at
102.00
665,810
4,875
Deschutes
County
Hospital
Facility
Authority,
Oregon,
Hospital
Revenue
Bonds,
Saint
Charles
Health
System,
Inc.,
Series
2016A,
5.000%,
1/01/48
1/26
at
100.00
4,897,187
3,180
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2016A,
5.000%,
6/01/46
6/26
at
100.00
3,200,958
2,410
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2022A,
5.000%,
6/01/52
6/32
at
100.00
2,490,091
1,500
Oregon
Health
and
Science
University,
Revenue
Bonds,
Refunding
Series
2016B,
5.000%,
7/01/39
7/26
at
100.00
1,528,206
4,250
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Green
Series
2023-29,
5.500%,
7/01/53,
(AMT)
7/33
at
100.00
4,558,596
7,645
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2017-24B,
5.000%,
7/01/47,
(AMT)
1/27
at
100.00
7,700,583
15,440
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Refunding
Series
2016A,
5.000%,
5/15/46
5/26
at
100.00
15,597,304
30,870
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Series
2019A,
4.000%,
5/15/49
5/29
at
100.00
28,153,582
2,000
University
of
Oregon,
General
Revenue
Bonds,
Series
2018A,
5.000%,
4/01/48
4/28
at
100.00
2,054,454
Total
Oregon
73,379,259
Pennsylvania
-
6.8%
(4.1%
of
Total
Investments)
13,000
(c)
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2021A,
5.000%,
1/01/56,
(AMT),
(UB)
1/31
at
100.00
13,181,143
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
50
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2020B
:
$
1,000
4.000%,
6/01/45
12/30
at
100.00
$
967,986
1,765
4.000%,
6/01/50
12/30
at
100.00
1,635,561
3,800
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.750%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
3,879,104
345
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018,
5.000%,
6/01/34
6/28
at
100.00
364,687
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
3,652,616
8,385
5.000%,
7/01/42
7/27
at
100.00
8,716,860
16,515
(c)
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021,
5.000%,
11/01/51,
(UB)
11/29
at
100.00
16,838,630
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
3,652,746
11,000
0.000%,
12/01/38
No
Opt.
Call
5,614,610
2,500
(e)
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A,
5.125%,
12/01/47,
(Pre-refunded
6/18/24)
6/24
at
100.00
2,503,305
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
2,503,469
5,410
(c)
5.000%,
9/01/48,
(UB)
9/28
at
100.00
5,455,483
7,395
(c)
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B,
5.000%,
5/01/57,
(UB)
5/32
at
100.00
7,515,610
3,430
(e)
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
5.250%,
1/15/45,
(Pre-refunded
1/15/25)
1/25
at
100.00
3,464,044
1,900
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2020,
4.000%,
11/15/43
11/27
at
103.00
1,758,697
235
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company,
Refunding
Series
2014,
5.500%,
11/01/44,
(AMT)
11/24
at
100.00
235,489
7,730
(c)
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University
Project,
Series
2024,
4.000%,
8/01/54,
(UB)
8/34
at
100.00
7,323,618
2,000
(d)
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Covanta
Project,
Green
Series
2019A,
3.250%,
8/01/39,
(AMT)
8/24
at
100.00
1,515,321
9,575
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019,
4.000%,
8/15/44
8/29
at
100.00
9,231,534
12,000
(c)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A,
4.600%,
10/01/49,
(UB)
10/32
at
100.00
11,907,122
16,750
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E,
6.375%,
12/01/38
12/27
at
100.00
18,212,087
4,210
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B,
5.000%,
12/01/45
12/25
at
100.00
4,255,627
51
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
7,235
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2021B,
5.000%,
12/01/51
6/31
at
100.00
$
7,588,703
3,635
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B,
5.250%,
12/01/52
12/32
at
100.00
3,919,919
2,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Lien
Series
2014A-1,
5.000%,
12/01/38
12/24
at
100.00
2,010,657
14,500
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C,
6.250%,
6/01/33
-
AGM
Insured
6/26
at
100.00
15,391,998
6,890
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2015B-1,
5.000%,
12/01/45
12/25
at
100.00
6,960,472
9,240
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
8,593,779
7,500
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
9/01/46
-
BAM
Insured
9/31
at
100.00
7,050,509
7,400
(c)
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
7/01/47,
(AMT),
(UB)
7/27
at
100.00
7,454,610
10,000
Westmoreland
County
Municipal
Authority,
Pennsylvania,
Municipal
Service
Revenue
Bonds,
Series
2016,
5.000%,
8/15/38
-
BAM
Insured
8/25
at
100.00
10,121,233
Total
Pennsylvania
203,477,229
Puerto
Rico
-
2.4%
(1.5%
of
Total
Investments)
2,815
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-Backed
Bonds,
Refunding
Series
2002,
5.500%,
5/15/39
5/24
at
100.00
2,830,280
155
Puerto
Rico
Public
Finance
Corporation,
Commonwealth
Appropriation
Bonds,
Series
1998A,
5.125%,
6/01/24
-
AMBAC
Insured
No
Opt.
Call
155,116
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
20
0.000%,
7/01/24
No
Opt.
Call
19,874
90
0.000%,
7/01/27
No
Opt.
Call
79,771
88
0.000%,
7/01/29
7/28
at
98.64
72,197
114
0.000%,
7/01/31
7/28
at
91.88
86,039
128
0.000%,
7/01/33
7/28
at
86.06
88,482
1,093
4.500%,
7/01/34
7/25
at
100.00
1,097,247
21,208
0.000%,
7/01/51
7/28
at
30.01
4,862,865
16,965
4.750%,
7/01/53
7/28
at
100.00
16,599,506
40,370
5.000%,
7/01/58
7/28
at
100.00
40,374,760
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
:
3,875
4.329%,
7/01/40
7/28
at
100.00
3,794,908
3,291
4.329%,
7/01/40
7/28
at
100.00
3,222,978
20
4.536%,
7/01/53
7/28
at
100.00
18,908
Total
Puerto
Rico
73,302,931
Rhode
Island
-
0.3%
(0.2%
of
Total
Investments)
3,320
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Lifespan
Obligated
Group,
Refunding
Series
2016,
5.000%,
5/15/39
5/26
at
100.00
3,329,587
30,175
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
0.000%,
6/01/52
5/24
at
19.06
5,226,790
Total
Rhode
Island
8,556,377
South
Carolina
-
5.0%
(3.0%
of
Total
Investments)
1,500
Lancaster
County,
South
Carolina,
Assessment
Revenue
Bonds,
Walnut
Creek
Improvement
District,
Series
2016A-1,
5.000%,
12/01/37
5/24
at
100.00
1,482,564
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
52
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
South
Carolina
(continued)
$
7,500
Lexington
County
Health
Services
District,
Inc.,
South
Carolina,
Hospital
Revenue
Bonds,
Lexington
Medical
Center,
Series
2016,
5.000%,
11/01/41
5/26
at
100.00
$
7,597,258
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
:
21,565
0.000%,
1/01/30
-
AMBAC
Insured
No
Opt.
Call
17,095,524
1,250
0.000%,
1/01/31
-
AGC
Insured
No
Opt.
Call
955,278
6,000
Rock
Hill,
South
Carolina,
Combined
Utility
System
Revenue
Bonds,
Series
2016,
5.000%,
1/01/41
1/26
at
100.00
6,070,408
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Bishop
Gadsden
Episcopal
Retirement
Community,
Series
2019A
:
645
5.000%,
4/01/44
4/26
at
103.00
622,112
625
5.000%,
4/01/49
4/26
at
103.00
583,657
1,640
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Furman
University,
Refunding
Series
2015,
5.000%,
10/01/45
10/25
at
100.00
1,651,462
9,255
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc,
Series
2020A,
5.000%,
12/01/46
6/30
at
100.00
9,610,697
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
:
1,000
5.000%,
11/01/43
5/28
at
100.00
1,027,586
2,500
4.000%,
11/01/48
5/28
at
100.00
2,316,889
13,220
5.000%,
11/01/48
5/28
at
100.00
13,417,659
9,135
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A,
5.000%,
12/01/50
6/25
at
100.00
9,141,143
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
:
9,750
5.000%,
12/01/46
12/26
at
100.00
9,818,040
9,000
5.000%,
12/01/56
12/26
at
100.00
9,005,563
2,500
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A,
4.000%,
12/01/52
6/32
at
100.00
2,232,702
11,922
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022B,
4.000%,
12/01/43
6/32
at
100.00
11,357,223
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2014A
:
8,615
5.000%,
12/01/49
6/24
at
100.00
8,334,559
3,455
5.500%,
12/01/54
6/24
at
100.00
3,454,783
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2015
:
4,140
(e)
5.250%,
7/01/55,
(Pre-refunded
7/01/25),
(AMT)
7/25
at
100.00
4,207,930
860
(e)
5.250%,
7/01/55,
(Pre-refunded
7/01/25),
(AMT)
7/25
at
100.00
874,111
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2018
:
5,350
5.000%,
7/01/48,
(AMT)
7/28
at
100.00
5,385,495
2,750
5.000%,
7/01/55,
(AMT)
7/28
at
100.00
2,752,632
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2019B
:
10,000
5.000%,
7/01/44,
(AMT)
7/29
at
100.00
10,157,277
10,365
(c)
5.000%,
7/01/54,
(AMT),
(UB)
7/29
at
100.00
10,381,841
Total
South
Carolina
149,534,393
South
Dakota
-
1.0%
(0.6%
of
Total
Investments)
3,750
Clay
County,
South
Dakota,
General
Obligation
Bonds,
Series
2023,
5.000%,
12/01/44
12/31
at
100.00
3,969,224
11,320
South
Dakota
Board
of
Regents,
Housing
and
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2017,
4.000%,
4/01/42
10/27
at
100.00
11,109,900
53
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
South
Dakota
(continued)
$
5,915
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Regional
Health,
Refunding
Series
2017,
5.000%,
9/01/40
9/27
at
100.00
$
6,048,782
3,500
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2014B,
5.000%,
11/01/44
11/24
at
100.00
3,508,586
5,165
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2015,
5.000%,
11/01/45
11/25
at
100.00
5,214,808
Total
South
Dakota
29,851,300
Tennessee
-
1.8%
(1.1%
of
Total
Investments)
9,000
Greeneville
Health
and
Educational
Facilities
Board,
Tennessee,
Hospital
Revenue
Bonds,
Ballad
Health,
Series
2018A,
5.000%,
7/01/36
7/28
at
100.00
9,326,558
17,000
Knox
County
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Hospital
Revenue
Bonds,
Covenant
Health,
Refunding
Series
2016A,
5.000%,
1/01/42
1/27
at
100.00
17,229,622
1,350
Knox
County
Health,
Educational,
and
Housing
Facilities
Board,
Revenue
Bonds,
Provident
Group
-
UTK
Properties
LLC
-
University
of
Tennessee
Project,
Student
Housing
Series
2024A-1,
5.500%,
7/01/54
-
BAM
Insured
7/33
at
100.00
1,450,120
6,000
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A,
5.250%,
7/01/48
-
AGM
Insured
1/34
at
100.00
6,470,882
3,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Belmont
University,
Series
2023,
5.250%,
5/01/48
5/33
at
100.00
3,187,649
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022B
:
4,500
(c)
5.250%,
7/01/47,
(AMT),
(UB)
7/32
at
100.00
4,767,970
2,000
(c)
5.500%,
7/01/52,
(AMT),
(UB)
7/32
at
100.00
2,136,308
3,505
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
5.000%,
7/01/49,
(AMT)
7/30
at
100.00
3,569,498
2,005
(c)
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Social
Series
2024-1A,
4.700%,
7/01/49,
(UB)
1/33
at
100.00
2,004,295
4,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006A,
5.250%,
9/01/26
No
Opt.
Call
4,062,129
Total
Tennessee
54,205,031
Texas
-
15.7%
(9.4%
of
Total
Investments)
1,975
Allen
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2016,
5.000%,
2/15/39
2/26
at
100.00
2,011,600
3,000
Austin,
Texas,
Airport
System
Revenue
Bonds,
Series
2015,
5.000%,
11/15/39,
(AMT)
11/24
at
100.00
3,002,477
Austin,
Texas,
Airport
System
Revenue
Bonds,
Series
2019B
:
16,615
5.000%,
11/15/44,
(AMT)
11/29
at
100.00
16,999,445
17,300
(c)
5.000%,
11/15/48,
(AMT),
(UB)
11/29
at
100.00
17,541,269
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2015A
:
3,000
5.000%,
11/15/38
11/25
at
100.00
3,042,367
13,705
(c)
5.000%,
11/15/45,
(UB)
11/25
at
100.00
13,874,082
1,450
Austin,
Texas,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
11/15/41
11/26
at
100.00
1,486,112
4,390
Bastrop
Independent
School
District,
Bastrop
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023,
5.000%,
2/15/53
2/33
at
100.00
4,649,384
Bexar
County,
Texas,
Venue
Project
Revenue
Bonds,
Refunding
Combined
Venue
Tax
Series
2015
:
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
54
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
1,060
(e)
5.000%,
8/15/34,
(Pre-refunded
8/15/24)
-
AGM
Insured
8/24
at
100.00
$
1,063,036
1,160
(e)
5.000%,
8/15/35,
(Pre-refunded
8/15/24)
-
AGM
Insured
8/24
at
100.00
1,163,323
2,000
Brownsville,
Texas,
Utility
System
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/31
9/25
at
100.00
2,047,055
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2010
:
2,945
0.000%,
1/01/36
No
Opt.
Call
1,831,339
2,205
0.000%,
1/01/37
No
Opt.
Call
1,283,296
2,160
0.000%,
1/01/38
No
Opt.
Call
1,181,753
1,000
0.000%,
1/01/40
No
Opt.
Call
482,344
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A
:
2,600
(e)
5.000%,
1/01/35,
(Pre-refunded
7/01/25)
7/25
at
100.00
2,644,254
3,035
(e)
5.000%,
1/01/45,
(Pre-refunded
7/01/25)
7/25
at
100.00
3,086,657
1,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Idea
Public
Schools,
Series
2013,
6.000%,
8/15/43
5/24
at
100.00
1,001,078
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
:
1,000
4.350%,
12/01/42
5/24
at
100.00
905,911
1,000
4.400%,
12/01/47
5/24
at
100.00
868,231
2,000
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2021B,
5.000%,
12/01/47
12/30
at
100.00
2,125,210
1,680
(e)
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
12/01/48,
(Pre-refunded
12/01/25)
12/25
at
100.00
1,723,267
5,000
Dallas,
Texas,
Waterworks
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
10/01/41
10/26
at
100.00
5,065,840
200
(e)
Decatur
Hospital
Authority,
Texas,
Revenue
Bonds,
Wise
Regional
Health
System,
Series
2014A,
5.250%,
9/01/44,
(Pre-refunded
9/01/24)
9/24
at
100.00
200,689
5,000
Deer
Park
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2022,
5.000%,
8/15/47
8/32
at
100.00
5,355,020
5,185
(c)
Denton
Independent
School
District,
Denton
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023,
5.000%,
8/15/53,
(UB)
8/33
at
100.00
5,499,923
1,000
El
Paso
County
Hospital
District,
Texas,
General
Obligtion
Bonds,
Refunding
Series
2013,
5.000%,
8/15/33
5/24
at
100.00
1,000,317
8,120
Fredericksburg
Independent
School
District,
Gillespie,
Blanco,
and
Kendall
Counties,
Texas,
School
Building
Series
2022,
5.000%,
2/15/47
2/32
at
100.00
8,638,874
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
:
8,500
4.000%,
10/01/49
4/30
at
100.00
7,759,399
1,000
4.000%,
10/01/49
-
AGM
Insured
4/30
at
100.00
927,228
5,295
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Subordinate
Lien
Series
2018A.
Tela
Supported,
5.000%,
10/01/48
4/28
at
100.00
5,447,444
4,960
Gulf
Coast
Industrial
Development
Authority,
Texas,
Solid
Waste
Disposal
Revenue
Bonds,
Citgo
Petroleum
Corporation
Project,
Series
1995,
4.875%,
5/01/25,
(AMT)
5/24
at
100.00
4,959,624
5,000
(c)
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2022A,
5.000%,
7/01/52,
(UB)
7/32
at
100.00
5,166,895
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
:
1,895
4.000%,
12/01/45
6/25
at
100.00
1,754,806
4,850
5.000%,
12/01/45
6/25
at
100.00
4,879,636
55
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Refunding
Bonds,
Young
Men's
Christian
Association
of
the
Greater
Houston
Area,
Series
2013A
:
$
1,615
5.000%,
6/01/28
5/24
at
100.00
$
1,597,940
3,000
5.000%,
6/01/38
5/24
at
100.00
2,688,380
5,000
Harris
County
Flood
Control
District,
Texas,
General
Obligation
Bonds,
Refunding
Improvement,
Green
Series
2023A,
4.000%,
9/15/48
9/33
at
100.00
4,772,925
5,150
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016A,
5.000%,
8/15/41
8/26
at
100.00
5,247,231
5,000
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2018A,
4.000%,
8/15/48
2/28
at
100.00
4,753,525
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
220,535
1,020
0.000%,
11/15/42
-
AGM
Insured
11/31
at
59.73
416,421
1,255
0.000%,
11/15/43
-
AGM
Insured
11/31
at
56.93
482,624
3,305
0.000%,
11/15/44
-
AGM
Insured
11/31
at
54.25
1,200,531
4,460
0.000%,
11/15/45
-
AGM
Insured
11/31
at
51.48
1,527,670
6,500
0.000%,
11/15/47
-
AGM
Insured
11/31
at
46.45
1,994,154
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
:
495
0.000%,
11/15/24
-
NPFG
Insured
No
Opt.
Call
483,300
105
(e)
0.000%,
11/15/24
-
NPFG
Insured,
(ETM)
No
Opt.
Call
102,584
4,390
0.000%,
11/15/29
-
NPFG
Insured
No
Opt.
Call
3,497,419
50
(e)
0.000%,
11/15/29
-
NPFG
Insured,
(ETM)
No
Opt.
Call
40,771
625
0.000%,
11/15/30
-
NPFG
Insured
No
Opt.
Call
477,027
105
(e)
0.000%,
11/15/30
-
NPFG
Insured,
(ETM)
No
Opt.
Call
82,644
7,570
0.000%,
11/15/31
-
NPFG
Insured
No
Opt.
Call
5,522,895
210
0.000%,
11/15/32
-
NPFG
Insured
11/31
at
94.05
143,485
260
0.000%,
11/15/33
11/31
at
88.44
166,346
2,045
0.000%,
11/15/34
-
NPFG
Insured
11/31
at
83.17
1,226,106
1,130
0.000%,
11/15/36
-
NPFG
Insured
11/31
at
73.51
588,230
4,370
0.000%,
11/15/38
-
NPFG
Insured
11/31
at
64.91
1,970,549
2,260
0.000%,
11/15/39
-
NPFG
Insured
11/31
at
60.98
947,151
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Second
Lien
Series
2014C
:
600
5.000%,
11/15/33
11/24
at
100.00
602,059
400
5.000%,
11/15/34
11/24
at
100.00
401,021
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A
:
1,000
5.000%,
11/15/28
11/24
at
100.00
1,004,961
1,000
5.000%,
11/15/30
11/24
at
100.00
1,004,567
3,440
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Senior
Lien
Series
2001G,
0.000%,
11/15/41
-
NPFG
Insured
11/31
at
53.78
1,289,395
1,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Third
Lien
Series
2004A-3,
0.000%,
11/15/33
-
NPFG
Insured
11/24
at
59.10
576,455
5,000
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2023A,
5.250%,
7/01/53
-
AGM
Insured,
(AMT)
7/33
at
100.00
5,266,300
5,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Technical
Operations
Center
Project,
Series
2018,
5.000%,
7/15/28,
(AMT)
No
Opt.
Call
5,102,105
380
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2014,
5.000%,
7/01/29,
(AMT)
7/24
at
100.00
380,042
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
56
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
1,885
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2020A,
5.000%,
7/01/27,
(AMT)
No
Opt.
Call
$
1,911,836
1,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Refunding
Series
2020B-2,
5.000%,
7/15/27,
(AMT)
No
Opt.
Call
1,014,395
1,015
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Facilities
Department,
Refunding
Series
2014,
5.000%,
9/01/34
9/24
at
100.00
1,017,926
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
3,084,402
4,130
0.000%,
9/01/26
-
AMBAC
Insured
No
Opt.
Call
3,775,582
3,130
0.000%,
9/01/30
-
AMBAC
Insured
No
Opt.
Call
2,452,958
12,030
0.000%,
9/01/31
-
AMBAC
Insured
No
Opt.
Call
9,039,734
1,470
0.000%,
9/01/32
-
AMBAC
Insured
No
Opt.
Call
1,057,464
2,675
(e)
Laredo
Community
College
District,
Webb
County,
Texas,
General
Obligation
Bonds,
Series
2014,
5.000%,
8/01/34,
(Pre-refunded
8/01/24)
8/24
at
100.00
2,681,913
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
8,004,555
2,275
5.000%,
8/15/40
8/25
at
100.00
2,296,936
1,750
Love
Field
Airport
Modernization
Corporation,
Texas,
General
Airport
Revenue
Bonds
Series
2015,
5.000%,
11/01/35,
(AMT)
11/25
at
100.00
1,774,447
4,660
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2020A,
5.000%,
5/15/50
5/30
at
100.00
4,848,742
9,180
Matagorda
County
Navigation
District
1,
Texas,
Collateralized
Revenue
Refunding
Bonds,
Houston
Light
and
Power
Company,
Series
1997,
5.125%,
11/01/28
-
AMBAC
Insured,
(AMT)
No
Opt.
Call
9,450,850
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
:
1,000
5.750%,
12/01/33
12/25
at
100.00
1,008,461
3,000
6.125%,
12/01/38
12/25
at
100.00
3,019,914
3,470
Midland,
Texas,
General
Obligation
Bonds,
Refunding
Series
2022B,
5.000%,
3/01/47
3/32
at
100.00
3,676,066
2,835
(d)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
4.625%,
10/01/31,
(AMT)
5/24
at
103.00
2,805,986
4,735
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Foundation
-
College
Station
I
LLC
-
Texas
A&M
University
Project,
Series
2014A,
5.000%,
4/01/46
-
AGM
Insured
5/24
at
100.00
4,704,863
355
(e)
North
Central
Texas
Health
Facilities
Development
Corporation,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
System,
Series
1996A,
5.750%,
6/01/26
-
NPFG
Insured,
(ETM)
7/21
at
100.00
362,270
3,860
North
Harris
County
Regional
Water
Authority,
Texas,
Water
Revenue
Bonds,
Refunding
Senior
Lien
Series
2013,
5.000%,
12/15/33
5/24
at
100.00
3,861,799
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C
:
4,030
(e)
7.000%,
9/01/43,
(Pre-refunded
9/01/31)
9/31
at
100.00
4,924,097
8,470
(e)
6.750%,
9/01/45,
(Pre-refunded
9/01/31)
9/31
at
100.00
10,397,664
7,000
(e)
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Capital
Appreciation
Series
2008I,
6.500%,
1/01/43,
(Pre-refunded
1/01/25)
1/25
at
100.00
7,130,313
57
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
2,500
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D,
0.000%,
1/01/36
-
AGC
Insured
No
Opt.
Call
$
1,579,700
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A
:
13,355
5.000%,
1/01/33
1/25
at
100.00
13,450,844
1,000
5.000%,
1/01/35
1/25
at
100.00
1,006,544
1,425
Port
of
Houston
Authority,
Harris
County,
Texas,
General
Obligation
Bonds,
Series
2010E,
0.000%,
10/01/35
No
Opt.
Call
958,867
205
Reagan
Hospital
District
of
Reagan
County,
Texas,
Limited
Tax
Revenue
Bonds,
Series
2014A,
5.125%,
2/01/39
5/24
at
100.00
193,558
2,500
San
Antonio,
Texas,
Airport
System
Revenue
Bonds,
Refunding
Series
2012,
5.000%,
7/01/27,
(AMT)
5/24
at
100.00
2,502,305
7,950
(c)
San
Antonio,
Texas,
Water
System
Revenue
Bonds,
Junior
Lien
Series
2022B,
5.250%,
5/15/52,
(UB)
5/32
at
100.00
8,551,630
1,925
Stephen
F.
Austin
State
University,
Texas,
Revenue
Bonds,
Refunding
&
Improvement
Series
2016,
5.000%,
10/15/42
10/28
at
100.00
2,016,029
7,500
Tarrant
County
College
District,
Texas,
General
Obligation
Bonds,
Series
2022,
5.000%,
8/15/40
8/32
at
100.00
8,191,865
5,675
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Methodist
Hospital
of
Dallas,
Series
2022,
4.000%,
10/01/47
4/32
at
100.00
5,425,764
2,185
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Scott
&
White
Healthcare
Project,
Series
2022D,
5.500%,
11/15/47
11/32
at
100.00
2,392,013
3,195
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Christus
Health,
Series
2022A,
4.000%,
7/01/53
7/32
at
100.00
2,881,216
2,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A,
5.000%,
2/15/41
8/26
at
100.00
2,035,001
1,575
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
I,
Gas
Supply
Revenue
Bonds,
Senior
Lien
Series
2008D,
6.250%,
12/15/26
No
Opt.
Call
1,624,757
8,330
Texas
Private
Activity
Bond
Surface
Transpiration
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Senior
Lien
Series
2023,
5.500%,
12/31/58,
(AMT)
12/33
at
100.00
8,941,023
20,735
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Senior
Lien
Revenue
Bonds,
Blueridge
Transportation
Group,
LLC
SH
288
Toll
Lanes
Project,
Series
2016,
5.000%,
12/31/55,
(AMT)
12/25
at
100.00
20,765,561
15,985
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Segments
3C
Project,
Series
2019,
5.000%,
6/30/58,
(AMT)
6/29
at
100.00
16,106,793
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
First
Tier
Series
2015B
:
8,335
0.000%,
8/15/36
8/24
at
59.60
4,683,498
10,960
5.000%,
8/15/37
8/24
at
100.00
10,986,343
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2015C
:
2,100
5.000%,
8/15/33
8/24
at
100.00
2,105,381
15,750
5.000%,
8/15/42
8/24
at
100.00
15,759,669
1,875
Texas
Transportation
Commission,
State
Highway
249
System
Revenue
Bonds,
First
Tier
Toll
Series
2019A,
5.000%,
8/01/57
2/29
at
100.00
1,893,589
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A
:
21,170
0.000%,
8/15/24
-
AMBAC
Insured
No
Opt.
Call
20,911,730
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
58
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
3,830
(e)
0.000%,
8/15/24
-
AMBAC
Insured,
(ETM)
No
Opt.
Call
$
3,786,499
10,000
(c)
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A,
4.000%,
10/15/42,
(UB)
10/27
at
100.00
9,859,071
2,500
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2021,
4.000%,
10/15/51
10/31
at
100.00
2,340,850
2,490
Uptown
Development
Authority,
Houston,
Texas,
Tax
Increment
Contract
Revenue
Bonds,
Infrastructure
Improvement
Facilities,
Series
2018,
5.000%,
9/01/40
9/25
at
100.00
2,490,487
145
Winter
Garden
Housing
Finance
Corporation,
Texas,
GNMA/FNMA
Mortgage-Backed
Securities
Program
Single
Family
Mortgage
Revenue
Bonds,
Series
1994,
6.950%,
10/01/27,
(AMT)
5/24
at
100.00
145,335
780
(e)
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
Capital
Appreciation
Series
2015,
0.000%,
8/15/50,
(Pre-refunded
8/15/25)
8/25
at
35.55
263,602
Wylie
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2015B
:
8,000
0.000%,
8/15/45
8/25
at
44.15
2,844,527
1,000
(e)
0.000%,
8/15/45,
(Pre-refunded
8/15/25)
8/25
at
44.15
419,703
4,370
0.000%,
8/15/50
8/25
at
35.55
1,162,566
1,850
(e)
0.000%,
8/15/50,
(Pre-refunded
8/15/25)
8/25
at
35.55
625,211
Total
Texas
469,651,237
Utah
-
2.0%
(1.2%
of
Total
Investments)
15,000
(c)
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017A,
5.000%,
7/01/42,
(AMT),
(UB)
7/27
at
100.00
15,212,702
11,750
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018A,
5.000%,
7/01/43,
(AMT)
7/28
at
100.00
11,987,076
15,665
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2021A,
5.000%,
7/01/46,
(AMT)
7/31
at
100.00
16,102,458
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A
:
4,645
5.250%,
7/01/53,
(AMT)
7/33
at
100.00
4,878,170
4,250
5.500%,
7/01/53,
(AMT)
7/33
at
100.00
4,552,007
5,795
Utah
Charter
School
Finance
Authoirty,
Charter
School
Revenue
Bonds,
Hawthorn
Academy
Project,
Series
2016,
5.000%,
10/15/46
4/26
at
100.00
5,825,004
3,180
(d)
Utah
Charter
School
Finance
Authority,
Revenue
Bonds,
Wallace
Stegner
Academy
Project,
Series
2019A,
5.000%,
6/15/49
6/27
at
100.00
2,896,281
Total
Utah
61,453,698
Virgin
Islands
-
0.4%
(0.2%
of
Total
Investments)
3,825
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/32
No
Opt.
Call
4,110,312
1,800
(d)
Virgin
Islands
Public
Finance
Authority,
Federal
Highway
Grant
Anticipation
Loan
Note
Revenue
Bonds,
Series
2015,
5.000%,
9/01/33
9/25
at
100.00
1,815,069
2,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2006,
5.000%,
10/01/27
-
FGIC
Insured
5/24
at
100.00
2,022,337
2,240
(d)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Working
Capital
Series
2014A,
5.000%,
10/01/34
-
AGM
Insured
10/24
at
100.00
2,249,184
730
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Refunding
Series
2007A,
5.000%,
7/01/24
5/24
at
100.00
726,316
Total
Virgin
Islands
10,923,218
59
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Virginia
-
2.3%
(1.4%
of
Total
Investments)
$
420
Amherst
Industrial
Development
Authority,
Virginia,
Revenue
Bonds,
Sweet
Briar
College,
Series
2006,
5.000%,
9/01/26
5/24
at
100.00
$
413,097
1,435
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020,
4.000%,
7/01/45
7/30
at
100.00
1,355,611
515
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B,
4.875%,
7/15/40
7/28
at
100.00
521,909
1,000
Fairfax
County
Redevelopment
and
Housing
Authority,
Virginia,
Multifamily
Housing
Revenue
Bonds,
FHA-Insured
Mortgage
-
Cedar
Ridge
Project,
Series
2007,
4.850%,
10/01/48,
(AMT)
5/24
at
100.00
1,001,700
11,555
(c)
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A,
4.000%,
7/01/52,
(UB)
7/32
at
100.00
10,926,751
350
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A,
6.875%,
12/01/58
12/30
at
103.00
379,536
2,300
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2021,
4.000%,
1/01/47
1/32
at
100.00
2,127,112
6,250
Northern
Virginia
Transportation
Commission,
Transportation
District
Special
Obligation
Revenue
Bonds,
Transforming
Rail
In
Virginia
Program,
Green
Series
2022,
5.000%,
6/01/47
6/32
at
100.00
6,714,402
6,115
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
5/24
at
100.00
5,642,659
1,500
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A,
7.000%,
9/01/53
9/30
at
103.00
1,663,496
1,000
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-I,
4.550%,
10/01/49
4/33
at
100.00
985,979
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017
:
10,000
5.000%,
12/31/52,
(AMT)
6/27
at
100.00
10,031,199
16,605
5.000%,
12/31/56,
(AMT)
6/27
at
100.00
16,637,536
9,625
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
5.000%,
12/31/47,
(AMT)
12/32
at
100.00
9,756,902
Total
Virginia
68,157,889
Washington
-
3.3%
(2.0%
of
Total
Investments)
2,000
Energy
Northwest,
Washington,
Electric
Revenue
Bonds,
Columbia
Generating
Station,
Refunding
Series
2014A,
5.000%,
7/01/40
8/24
at
100.00
2,006,015
2,375
(e)
Grant
County
Public
Utility
District
2,
Washington,
Revenue
Bonds,
Priest
Rapids
Hydroelectric
Project,
Refunding
Series
2015A,
5.000%,
1/01/41,
(Pre-refunded
1/01/26)
1/26
at
100.00
2,437,935
8,840
King
County
Public
Hospital
District
2,
Washington,
General
Obligation
Bonds,
EvergreenHealth,
Limited
Tax
2020A,
4.000%,
12/01/45
12/29
at
100.00
8,257,623
2,270
Port
Everett,
Washington,
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
12/01/46
6/26
at
100.00
2,295,265
15,220
(c)
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2018A,
5.000%,
5/01/43,
(AMT),
(UB)
5/27
at
100.00
15,323,418
13,725
Port
of
Seattle,
Washington,
Revenue
Bonds,
Refunding
Intermediate
Lien
Series
2021C,
5.000%,
8/01/46,
(AMT)
8/31
at
100.00
14,151,194
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
60
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Washington
(continued)
$
15,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A,
4.000%,
7/01/47
7/31
at
100.00
$
14,322,108
10,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2023,
5.000%,
3/01/53
3/33
at
100.00
10,585,228
4,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A,
5.000%,
10/01/32
5/24
at
100.00
4,007,842
12,260
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Children's
Hospital,
Series
2015A,
5.000%,
10/01/45
4/25
at
100.00
12,323,146
6,200
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series2021B.
Exchange
Purchase,
3.000%,
7/01/58
7/31
at
100.00
4,161,649
2,410
Washington
State
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Seattle
University,
Series
2020,
4.000%,
5/01/50
5/30
at
100.00
2,117,552
310
Washington
State
Housing
Finance
Commission,
Revenue
Bonds,
Riverview
Retirement
Community,
Refunding
Series
2012,
5.000%,
1/01/48
5/24
at
100.00
272,126
6,480
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2002-03C,
0.000%,
6/01/24
-
NPFG
Insured
No
Opt.
Call
6,458,987
Total
Washington
98,720,088
West
Virginia
-
0.3%
(0.2%
of
Total
Investments)
2,000
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System
Obligated
Group,
Improvement
Series
2017A,
5.000%,
6/01/47
6/27
at
100.00
2,033,744
6,750
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2021,
4.000%,
6/01/43
6/31
at
100.00
6,638,661
Total
West
Virginia
8,672,405
Wisconsin
-
3.8%
(2.3%
of
Total
Investments)
3,235
Milwaukee,
Wisconsin,
General
Obligation
Bonds,
Promissory
Note
Series
2022-B4,
5.000%,
4/01/36
-
AGM
Insured
4/32
at
100.00
3,596,609
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
:
34
(d),(f)
0.000%,
1/01/47
No
Opt.
Call
852
30
(d),(f)
0.000%,
1/01/48
No
Opt.
Call
704
29
(d),(f)
0.000%,
1/01/49
No
Opt.
Call
653
29
(d),(f)
0.000%,
1/01/50
No
Opt.
Call
586
28
(d),(f)
0.000%,
1/01/51
No
Opt.
Call
546
36
(d),(f)
0.000%,
1/01/52
No
Opt.
Call
659
36
(d),(f)
0.000%,
1/01/53
No
Opt.
Call
616
35
(d),(f)
0.000%,
1/01/54
No
Opt.
Call
560
34
(d),(f)
0.000%,
1/01/55
No
Opt.
Call
518
33
(d),(f)
0.000%,
1/01/56
No
Opt.
Call
482
1,811
(d),(f)
5.500%,
7/01/56
3/28
at
100.00
1,350,285
37
(d),(f)
0.000%,
1/01/57
No
Opt.
Call
503
36
(d),(f)
0.000%,
1/01/58
No
Opt.
Call
463
35
(d),(f)
0.000%,
1/01/59
No
Opt.
Call
429
34
(d),(f)
0.000%,
1/01/60
No
Opt.
Call
394
34
(d),(f)
0.000%,
1/01/61
No
Opt.
Call
366
33
(d),(f)
0.000%,
1/01/62
No
Opt.
Call
336
32
(d),(f)
0.000%,
1/01/63
No
Opt.
Call
312
31
(d),(f)
0.000%,
1/01/64
No
Opt.
Call
291
31
(d),(f)
0.000%,
1/01/65
No
Opt.
Call
268
33
(d),(f)
0.000%,
1/01/66
No
Opt.
Call
268
401
(d),(f)
0.000%,
1/01/67
No
Opt.
Call
2,919
61
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
:
$
59
(d),(f)
0.000%,
1/01/46
No
Opt.
Call
$
1,598
59
(d),(f)
0.000%,
1/01/47
No
Opt.
Call
1,459
58
(d),(f)
0.000%,
1/01/48
No
Opt.
Call
1,371
58
(d),(f)
0.000%,
1/01/49
No
Opt.
Call
1,282
57
(d),(f)
0.000%,
1/01/50
No
Opt.
Call
1,172
62
(d),(f)
0.000%,
1/01/51
No
Opt.
Call
1,216
1,606
(d),(f)
3.750%,
7/01/51
3/28
at
100.00
1,118,357
62
(d),(f)
0.000%,
1/01/52
No
Opt.
Call
1,123
61
(d),(f)
0.000%,
1/01/53
No
Opt.
Call
1,049
61
(d),(f)
0.000%,
1/01/54
No
Opt.
Call
979
60
(d),(f)
0.000%,
1/01/55
No
Opt.
Call
913
59
(d),(f)
0.000%,
1/01/56
No
Opt.
Call
856
59
(d),(f)
0.000%,
1/01/57
No
Opt.
Call
800
58
(d),(f)
0.000%,
1/01/58
No
Opt.
Call
746
57
(d),(f)
0.000%,
1/01/59
No
Opt.
Call
704
57
(d),(f)
0.000%,
1/01/60
No
Opt.
Call
656
56
(d),(f)
0.000%,
1/01/61
No
Opt.
Call
609
56
(d),(f)
0.000%,
1/01/62
No
Opt.
Call
571
55
(d),(f)
0.000%,
1/01/63
No
Opt.
Call
534
54
(d),(f)
0.000%,
1/01/64
No
Opt.
Call
504
54
(d),(f)
0.000%,
1/01/65
No
Opt.
Call
470
53
(d),(f)
0.000%,
1/01/66
No
Opt.
Call
428
693
(d),(f)
0.000%,
1/01/67
No
Opt.
Call
5,048
5,455
Public
Finance
Authority
of
Wisconsin,
Health
Care
System
Revenue
Bonds,
Cone
Health,
Series
2022A,
4.000%,
10/01/52
10/32
at
100.00
4,930,017
4,210
(d)
Public
Finance
Authority
of
Wisconsin,
Tax
Increment
Revenue
Senior
Bonds,
Miami
World
Center
Project,
Series
2024A,
5.000%,
6/01/41
6/29
at
103.00
4,195,364
2,545
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2013B-1,
4.000%,
11/15/43
5/28
at
100.00
2,420,783
10,715
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Inc.
Project,
Series
2021,
4.000%,
8/15/46
8/31
at
100.00
10,284,112
5,810
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Bellin
Memorial
Hospital
Incorporated
Series
2022B,
5.250%,
12/01/48,
(UB)
12/32
at
100.00
6,025,409
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
:
1,690
4.000%,
10/01/41
10/28
at
102.00
1,370,464
2,000
4.000%,
10/01/61
10/28
at
102.00
1,366,778
10,225
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A,
4.500%,
11/15/39
5/26
at
100.00
10,252,872
10,345
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Series
2017,
5.000%,
8/15/52,
(UB)
8/27
at
100.00
10,428,869
4,220
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Children's
Hospital
of
Wisconsin,
Inc.,
Series
2017,
4.000%,
8/15/42
8/27
at
100.00
4,045,335
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A
:
11,440
5.000%,
2/15/42
2/26
at
100.00
11,442,631
7,000
5.000%,
2/15/46
2/26
at
100.00
6,802,203
Nuveen
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
62
NAD
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
1,525
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021,
4.000%,
1/01/57
1/27
at
103.00
$
882,227
10,235
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
John's
Communities
Inc.,
Refunding
Series
2022A,
5.000%,
4/01/52,
(UB)
4/32
at
100.00
10,550,929
11,270
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ThedaCare
Inc,
Series
2019,
4.000%,
12/15/49
12/29
at
100.00
10,289,063
11,720
(c)
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024A,
4.750%,
9/01/50,
(UB)
3/33
at
100.00
11,760,088
Total
Wisconsin
113,149,208
Total
Municipal
Bonds
(cost
$4,940,432,133)
4,976,168,320
Shares
Description
(a)
Value
X–
INVESTMENT
COMPANIES
-
0.0%
(0.0%
of
Total
Investments)
X
404,346
8,812
BlackRock
MuniHoldings
Fund
Inc
$
100,897
32,524
Invesco
Quality
Municipal
Income
Trust
303,449
Total
Investment
Companies
(cost
$530,611)
404,346
Total
Long-Term
Investments
(cost
$4,940,962,744)
4,976,572,666
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
0.5% (0.3%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
0.5%
(0.3%
of
Total
Investments)
X
15,635,000
Colorado
-
0.3%
(0.2%
of
Total
Investments)
$
10,480
(i)
University
of
Colorado
Hospital
Authority,
Colorado,
Revenue
Bonds,
Variable
Rate
Series
2018B,
3.800%,
11/15/35,
(Mandatory
Put
5/07/24)
5/24
at
100.00
$
10,480,000
Total
Colorado
10,480,000
Minnesota
-
0.2%
(0.1%
of
Total
Investments)
5,155
(i)
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic
Series
2008A,
3.640%,
11/15/38,
(Mandatory
Put
5/07/24)
4/24
at
100.00
5,155,000
Total
Minnesota
5,155,000
Total
Municipal
Bonds
(cost
$15,635,000)
15,635,000
Total
Short-Term
Investments
(cost
$15,635,000)
15,635,000
Total
Investments
(cost
$4,956,597,744
)
-
166.4%
4,992,207,666
Floating
Rate
Obligations
-
(10.3)%
(308,100,000)
AMTP
Shares,
Net-
(24.2)%(j)
(727,285,909)
MFP
Shares,
Net
-
(16.8)%(k)
(505,396,677)
VRDP
Shares,
Net-
(16.8)%(l)
(503,719,279)
Other
Assets
&
Liabilities,
Net
- 1.7%
51,771,061
Net
Assets
Applicable
to
Common
Shares
-
100%
$
2,999,476,862
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$167,777,142
or
3.4%
of
Total
Investments.
63
(e)
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.
(f)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
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.
(i)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(j)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
14.6%.
(k)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.1%.
(l)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.1%.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
64
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
163.0%
(99.4%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
163
.0
%
(
99
.4
%
of
Total
Investments)
X
6,048,121,392
Alabama
-
1.2%
(0.7%
of
Total
Investments)
$
15,520
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016B,
5.000%,
11/15/46
5/26
at
100.00
$
15,689,264
5,920
Autauga
County
Board
of
Education,
Alabama,
Special
Tax
Warrants,
Series
2021,
4.000%,
4/01/51
10/31
at
100.00
5,452,046
35
Birmingham
Airport
Authority,
Alabama,
Airport
Revenue
Bonds,
Series
2020,
4.000%,
7/01/35
-
BAM
Insured
7/30
at
100.00
35,790
4,250
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile,
Alabama,
Revenue
Bonds,
Infirmary
Health
System,
Inc.,
Series
2016A,
5.000%,
2/01/41
2/26
at
100.00
4,288,323
4,910
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
5.500%,
10/01/53
10/33
at
100.00
5,258,913
4,900
Mobile
Spring
Hill
College
Educational
Building
Authority,
Alabama,
Revenue
Bonds,
Spring
Hill
College
Project,
Series
2015,
5.875%,
4/15/45
4/25
at
100.00
3,647,189
2,410
Pike
Road,
Alabama,
General
Obligation
Warrants,
Series
2023,
5.000%,
3/01/52
3/33
at
100.00
2,544,966
1,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
3,
Fixed
Rate
Series
2022A-1,
5.500%,
1/01/53,
(Mandatory
Put
12/01/29)
9/29
at
100.10
1,059,200
5,310
(c)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A,
5.250%,
5/01/44
5/29
at
100.00
5,321,543
Total
Alabama
43,297,234
Arizona
-
1.8%
(1.1%
of
Total
Investments)
1,150
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2017A,
5.000%,
7/01/47
7/27
at
100.00
1,152,794
7,115
Lake
Havasu
City,
Arizona,
Wastewater
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015B,
5.000%,
7/01/43
-
AGM
Insured
7/25
at
100.00
7,137,912
1,315
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2019A,
5.000%,
9/01/42
9/28
at
100.00
1,352,400
8,895
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2021A,
4.000%,
9/01/51
3/31
at
100.00
7,955,503
5,135
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Refunding
Series
2016A,
4.000%,
1/01/36
1/27
at
100.00
5,154,359
3,130
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Series
2017D,
4.000%,
1/01/48
7/30
at
100.00
2,899,798
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A
:
6,550
4.000%,
7/01/49
7/29
at
100.00
6,218,453
1,500
5.000%,
7/01/49
7/29
at
100.00
1,554,964
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
7,973,062
10,000
5.500%,
7/01/40
-
FGIC
Insured
No
Opt.
Call
12,189,354
3,000
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2018A,
5.000%,
8/01/47
8/28
at
100.00
3,122,402
65
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Arizona
(continued)
$
11,080
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007,
5.000%,
12/01/37
No
Opt.
Call
$
11,784,787
Total
Arizona
68,495,788
California
-
5.4%
(3.3%
of
Total
Investments)
3,335
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series
2022C,
5.000%,
10/01/52
-
AGM
Insured
10/32
at
100.00
3,546,444
4,225
Alameda
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Series
2005B,
0.000%,
8/01/28
-
AGM
Insured
No
Opt.
Call
3,659,642
3,450
Antelope
Valley
Joint
Union
High
School
District,
Los
Angeles
and
Kern
Counties,
California,
General
Obligation
Bonds,
Series
2004B,
0.000%,
8/01/29
-
NPFG
Insured
No
Opt.
Call
2,888,789
8,000
Beverly
Hills
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2008
Election
Series
2009,
0.000%,
8/01/33
No
Opt.
Call
5,983,945
Burbank
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2013,
Series
2015A
:
2,250
(d)
5.000%,
8/01/32,
(Pre-refunded
2/01/25)
2/25
at
100.00
2,276,685
1,350
(d)
5.000%,
8/01/33,
(Pre-refunded
2/01/25)
2/25
at
100.00
1,366,011
85
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-1,
5.000%,
6/01/49
6/30
at
100.00
86,422
California
Educational
Facilities
Authority,
Revenue
Refunding
Bonds,
Loyola
Marymount
University,
Series
2001A
:
5,890
0.000%,
10/01/24
-
NPFG
Insured
No
Opt.
Call
5,796,815
7,615
0.000%,
10/01/25
-
NPFG
Insured
No
Opt.
Call
7,217,406
1,350
0.000%,
10/01/39
-
NPFG
Insured
No
Opt.
Call
693,022
1,500
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
1,512,030
965
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
929,648
5,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2017,
4.000%,
8/01/36
8/26
at
100.00
5,020,963
5
California
State,
General
Obligation
Bonds,
Series
2004,
5.000%,
4/01/31
-
AMBAC
Insured
5/24
at
100.00
5,003
9,130
(c)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56
6/26
at
100.00
9,173,737
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
:
41
(e),(f)
5.750%,
7/01/30
1/22
at
100.00
41,354
53
(e),(f)
5.750%,
7/01/35
1/22
at
100.00
53,087
64
(e),(f)
5.500%,
7/01/39
1/22
at
100.00
63,704
10,445
Castaic
Lake
Water
Agency,
California,
Certificates
of
Participation,
Water
System
Improvement
Project,
Series
1999a,
0.000%,
8/01/29
-
AMBAC
Insured
No
Opt.
Call
8,827,547
4,775
(d)
Clovis
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Series
2001A,
0.000%,
8/01/25
-
FGIC
Insured,
(ETM)
No
Opt.
Call
4,568,564
7,775
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A,
0.000%,
1/15/34
-
AGM
Insured
No
Opt.
Call
5,494,652
910
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A,
6.850%,
1/15/42
1/31
at
100.00
1,078,608
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
66
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
78,565
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
$
7,977,718
5,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2007,
0.000%,
8/01/32
-
FGIC
Insured
No
Opt.
Call
3,788,504
1,500
Lincoln
Unified
School
District,
Placer
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Series
2005,
0.000%,
9/01/26
-
AMBAC
Insured
No
Opt.
Call
1,353,857
995
(d)
Los
Angeles
Department
of
Water
and
Power,
California,
Electric
Plant
Revenue
Bonds,
Series
1994,
5.375%,
2/15/34,
(ETM)
5/24
at
100.00
1,010,770
2,490
Madera
Unified
School
District,
Madera
County,
California,
General
Obligation
Bonds,
Election
2002
Series
2005,
0.000%,
8/01/27
-
NPFG
Insured
No
Opt.
Call
2,216,729
10,335
(g)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A,
0.000%,
8/01/43
8/35
at
100.00
9,902,865
5,500
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009B,
6.500%,
11/01/39
No
Opt.
Call
6,866,903
14,100
New
Haven
Unified
School
District,
California,
General
Obligation
Bonds,
Refunding
Series
2009,
0.000%,
8/01/34
-
AGC
Insured
No
Opt.
Call
9,853,713
2,500
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2002
Series
2005B,
0.000%,
8/01/29
No
Opt.
Call
2,105,242
1,145
Ontario
Redevelopment
Financing
Authority,
San
Bernardino
County,
California,
Revenue
Bonds,
Redevelopment
Project
1,
Refunding
Series
1995,
7.400%,
8/01/25
-
NPFG
Insured
No
Opt.
Call
1,162,551
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
2003B
:
1,745
(d)
5.000%,
8/15/34,
(Pre-refunded
8/15/32)
-
NPFG
Insured
8/32
at
100.00
2,018,329
1,490
(d)
5.000%,
8/15/34
-
NPFG
Insured,
(ETM)
5/21
at
100.00
1,657,510
1,000
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Series
2005B,
0.000%,
8/01/29
-
AGM
Insured
No
Opt.
Call
842,097
2,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
of
2004,
Series
2007A,
0.000%,
8/01/24
-
NPFG
Insured
No
Opt.
Call
1,978,363
9,320
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A,
0.000%,
8/01/33
-
AGC
Insured
No
Opt.
Call
6,435,736
1,800
Rialto
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2010
Election
Series
2011A,
0.000%,
8/01/28
No
Opt.
Call
1,568,283
4,080
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A,
5.000%,
7/01/47
7/27
at
100.00
4,204,332
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A
:
10,595
(d)
5.000%,
1/15/44,
(Pre-refunded
1/15/25)
1/25
at
100.00
10,712,185
32,725
(d)
5.000%,
1/15/50,
(Pre-refunded
1/15/25)
1/25
at
100.00
33,086,952
2,965
San
Juan
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Series
2004A,
0.000%,
8/01/28
-
NPFG
Insured
No
Opt.
Call
2,561,820
4,005
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
of
2000,
Series
2002B,
0.000%,
9/01/26
-
FGIC
Insured
No
Opt.
Call
3,720,166
15,750
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
1997
Election
Series
2012G,
0.000%,
8/01/39
-
AGM
Insured
No
Opt.
Call
8,093,829
67
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015
:
$
5,000
0.000%,
8/01/46
8/25
at
32.80
$
1,603,856
6,570
0.000%,
8/01/47
8/25
at
30.90
1,987,258
2,630
Union
Elementary
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Series
2001B,
0.000%,
9/01/25
-
FGIC
Insured
No
Opt.
Call
2,511,676
Total
California
199,505,322
Colorado
-
14.4%
(8.8%
of
Total
Investments)
1,815
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019,
5.000%,
12/01/51
12/24
at
102.00
1,681,000
6,600
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021,
4.375%,
12/01/52
12/26
at
103.00
5,409,968
2,500
Arapahoe
County
Water
and
Wastewater
Authority,
Colorado,
Revenue
Bonds,
Refunding
Series
2019,
4.000%,
12/01/38
12/29
at
100.00
2,524,107
Arvada,
Colorado,
Water
Enterprise
Revenue
Bonds,
Series
2022
:
1,610
4.000%,
12/01/48
12/32
at
100.00
1,544,437
2,220
4.000%,
12/01/52
12/32
at
100.00
2,081,720
Aurora,
Colorado,
Sewer
Improvement
Revenue
Bonds,
Seam
Facility
and
Other
System
Improvements
Project,
First
Lien
Series
2021
:
3,315
4.000%,
8/01/46
8/31
at
100.00
3,150,678
2,000
4.000%,
8/01/51
8/31
at
100.00
1,871,341
9,000
Boulder
Valley
School
District
RE2,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Series
2019A,
4.000%,
12/01/48
6/29
at
100.00
8,660,038
Brighton,
Colorado,
Water
Activity
Enterprise
Revenue
Bonds,
Water
System
Project,
Series
2022
:
3,010
5.000%,
6/01/42
6/32
at
100.00
3,266,186
7,975
5.000%,
6/01/52
6/32
at
100.00
8,416,899
1,150
Castle
Oaks
Metropolitan
District
3,
Castle
Rock,
Douglas
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2020,
4.000%,
12/01/50
-
AGM
Insured
12/30
at
100.00
1,035,394
1,060
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Improvement
Series
2018,
5.250%,
12/01/48
5/24
at
103.00
980,309
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
:
1,575
(c)
5.000%,
12/01/37
5/24
at
102.00
1,512,008
3,620
(c)
5.000%,
12/01/47
5/24
at
102.00
3,252,196
1,445
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A,
5.500%,
12/01/54
-
AGM
Insured
12/34
at
100.00
1,608,999
1,700
(c)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Skyview
Academy
Project,
Series
2014,
5.375%,
7/01/44
7/24
at
100.00
1,700,027
2,545
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
University
of
Denver,
Series
2017A,
5.000%,
3/01/47
3/27
at
100.00
2,596,184
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017
:
2,005
(d)
5.000%,
6/01/34,
(Pre-refunded
6/01/27)
6/27
at
100.00
2,109,811
4,615
(d)
5.000%,
6/01/35,
(Pre-refunded
6/01/27)
6/27
at
100.00
4,856,248
7,205
(d)
5.000%,
6/01/36,
(Pre-refunded
6/01/27)
6/27
at
100.00
7,581,639
8,715
(d)
5.000%,
6/01/37,
(Pre-refunded
6/01/27)
6/27
at
100.00
9,170,574
4,105
(d)
5.000%,
6/01/42,
(Pre-refunded
6/01/27)
6/27
at
100.00
4,319,588
8,545
(d)
5.000%,
6/01/47,
(Pre-refunded
6/01/27)
6/27
at
100.00
8,991,687
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2021A
:
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
68
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
10,575
4.000%,
11/15/46
11/31
at
100.00
$
10,100,834
33,390
4.000%,
11/15/50
11/31
at
100.00
31,246,622
3,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Adventist
Health
System/Sunbelt
Obligated
Group,
Series
2018A,
5.000%,
11/15/48
5/28
at
100.00
3,063,889
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016
:
1,000
5.000%,
1/01/31
5/24
at
102.00
1,004,843
4,290
5.000%,
1/01/37
5/24
at
102.00
4,291,063
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
:
21,340
5.000%,
8/01/44
8/29
at
100.00
21,938,931
28,740
4.000%,
8/01/49
8/29
at
100.00
26,141,125
3,410
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A,
5.500%,
11/01/47
11/32
at
100.00
3,715,853
4,600
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Covenant
Living
Communities
&
Services,
Series
2020A,
4.000%,
12/01/50
12/27
at
103.00
3,712,453
750
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017A,
5.250%,
5/15/37
5/27
at
100.00
759,626
1,500
(d)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Refunding
Series
2015B,
4.000%,
9/01/34,
(Pre-refunded
9/01/25)
9/25
at
100.00
1,509,428
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Parkview
Medical
Center,
Series
2020A
:
7,080
4.000%,
9/01/45
9/30
at
100.00
6,683,526
3,000
4.000%,
9/01/50
9/30
at
100.00
2,756,178
4,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Sanford
Health,
Series
2019A,
4.000%,
11/01/39
11/29
at
100.00
3,874,491
3,300
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019A,
4.000%,
1/01/38
1/30
at
100.00
3,320,433
5,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
SCL
Health
System,
Refunding
Series
2019B,
4.000%,
1/01/40
1/30
at
100.00
4,973,367
4,150
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017,
5.000%,
12/31/56
12/24
at
100.00
4,154,013
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018
:
1,892
5.625%,
12/01/32
5/24
at
103.00
1,900,613
2,660
5.875%,
12/01/46
5/24
at
103.00
2,617,440
2,000
Colorado
School
of
Mines
Board
of
Trustees,
Golden,
Colorado,
Institutional
Enterprise
Revenue
Bonds,
Series
2023C,
5.250%,
12/01/53
12/33
at
100.00
2,155,305
1,500
(d)
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016B,
5.000%,
3/01/41,
(Pre-refunded
3/01/27)
3/27
at
100.00
1,574,847
6,000
Colorado
State
Board
of
Governors,
Colorado
State
University
Auxiliary
Enterprise
System
Revenue
Bonds,
Refunding
Series
2017E,
4.000%,
3/01/43
3/28
at
100.00
5,865,887
7,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2019O,
4.000%,
3/15/44
3/29
at
100.00
6,787,098
2,550
Colorado
State,
Certificates
of
Participation,
Lease
Purchase
Agreement
Department
of
Transportation
Second
Amended
&
Restated
Headquaters
Facilities,
Refunding
Series
2020,
4.000%,
6/15/41
6/30
at
100.00
2,550,570
69
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
5,000
Colorado
State,
Certificates
of
Participation,
Rural
Series
2018A,
4.000%,
12/15/35
12/28
at
100.00
$
5,098,523
Commerce
City,
Colorado,
Sales
and
Use
Tax
Revenue
Bonds,
Series
2016
:
7,115
(d)
5.000%,
8/01/41,
(Pre-refunded
8/01/26)
8/26
at
100.00
7,360,285
1,000
(d)
5.000%,
8/01/46,
(Pre-refunded
8/01/26)
8/26
at
100.00
1,034,475
1,250
Copper
Ridge
Metropolitan
District,
Colorado
Springs,
Colorado,
Tax
Increment
and
Sales
Tax
Supported
Revenue
Bonds,
Series
2019,
5.000%,
12/01/39
12/24
at
103.00
1,166,303
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B
:
2,930
5.000%,
11/15/47
11/32
at
100.00
3,148,005
6,700
5.250%,
11/15/53
11/32
at
100.00
7,238,889
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018B
:
5,000
5.000%,
12/01/43
12/28
at
100.00
5,221,681
2,500
5.000%,
12/01/48
12/28
at
100.00
2,588,739
6,500
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Current
Interest
Series
2018A-1,
5.000%,
8/01/48
8/26
at
100.00
6,586,466
10,000
Denver
City
and
County,
Colorado,
Dedicated
Tax
Revenue
Bonds,
Series
2021A,
4.000%,
8/01/51
8/31
at
100.00
9,478,313
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016
:
5,120
5.000%,
12/01/32
12/26
at
100.00
5,229,624
2,935
5.000%,
12/01/35
12/26
at
100.00
2,988,386
1,800
5.000%,
12/01/40
12/26
at
100.00
1,812,074
335
(c)
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A,
5.250%,
12/01/39
5/24
at
103.00
336,977
1,500
(c)
DIATC
Metropolitan
District,
Commerce
City,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Series
2019,
5.000%,
12/01/49
9/24
at
103.00
1,384,233
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
:
45,540
0.000%,
9/01/30
-
NPFG
Insured
No
Opt.
Call
36,315,782
16,635
0.000%,
9/01/32
-
NPFG
Insured
No
Opt.
Call
12,243,618
49,250
0.000%,
9/01/33
-
NPFG
Insured
No
Opt.
Call
34,755,395
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
:
9,310
0.000%,
9/01/28
-
NPFG
Insured
No
Opt.
Call
7,978,483
2,900
0.000%,
9/01/34
-
NPFG
Insured
No
Opt.
Call
1,962,942
18,500
0.000%,
3/01/36
-
NPFG
Insured
No
Opt.
Call
11,578,917
5,950
(c)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34
9/27
at
103.00
5,861,159
3,850
Firestone,
Colorado,
Water
Enterprise
Revenue
Bones,
Series
2020,
4.000%,
12/01/49
-
BAM
Insured
12/30
at
100.00
3,593,729
5,000
Gunnison
Watershed
School
District
RE1J,
Gunnison
and
Saguache
Counties,
Colorado,
General
Obligation
Bonds,
Series
2023,
5.000%,
12/01/47
12/32
at
100.00
5,378,339
Johnstown,
Colorado,
Wastewater
Revenue
Bonds,
Series
2021
:
5,700
4.000%,
12/01/46
-
AGM
Insured
12/31
at
100.00
5,434,606
1,440
4.000%,
12/01/51
-
AGM
Insured
12/31
at
100.00
1,315,269
2,000
Leyden
Rock
Metropolitan
District,
Arvada,
Jefferson
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Tax,
Refunding
&
Improvement
Series
2021,
4.000%,
12/01/51
-
AGM
Insured
12/31
at
100.00
1,797,800
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
70
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
1,000
Lorson
Ranch
Metropolitan
District
2,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2016,
5.000%,
12/01/36
12/26
at
100.00
$
1,018,639
1,000
Louisville,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax,
Series
2017,
4.000%,
12/01/36
12/26
at
100.00
1,010,133
1,730
Meridian
Ranch
Metropolitan
District
2018,
Subdistrict,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
6.750%,
12/01/52
12/27
at
103.00
1,730,396
1,230
North
Pine
Vistas
Metropolitan
District
3,
Castle
Pines,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Senior
Series
2021A,
4.000%,
12/01/51
-
AGM
Insured
12/31
at
100.00
1,086,380
1,085
North
Range
Metropolitan
District
2,
Adams
County,
Colorado
,
Limited
Tax
General
Obligation
Bonds,
Refunding
Special
Revenue
&
Improvement
Series
2017A,
5.750%,
12/01/47
5/24
at
102.00
1,069,066
5,000
Northern
Colorado
Water
Conservancy
District
Building
Corporation,
Certificates
of
Participation,
Refunding
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
4,680,154
2,325
Northern
Colorado
Water
Conservancy
District,
Certificates
of
Participation,
Series
2022,
5.000%,
7/01/42
7/31
at
100.00
2,487,317
16,320
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
12/01/45
12/25
at
100.00
16,041,914
3,680
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2017A,
5.000%,
12/01/46
12/25
at
100.00
3,594,719
4,055
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2019A,
4.000%,
12/01/39
-
AGM
Insured
12/29
at
100.00
4,046,755
3,000
Parker
Water
and
Sanitation
District,
Douglas
County,
Colorado,
Water
and
Sewer
Enterprise
Revenue
Bonds,
Refunding
&
Improvement
Series
2022,
4.000%,
11/01/47
11/32
at
100.00
2,914,318
6,065
(c)
Platte
River
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2023A,
6.500%,
8/01/53
8/29
at
103.00
6,165,688
600
(c)
Pueblo
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
EVRAZ
Project,
Series
2021A,
4.750%,
12/01/45
12/30
at
100.00
401,013
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
:
9,865
5.000%,
12/01/42
12/27
at
100.00
10,105,894
3,600
5.000%,
12/01/47
12/27
at
100.00
3,667,552
2,350
Roaring
Fork
Transporation
Authority,
Colorado,
Property
Tax
Revenue
Bonds,
Series
2021A,
4.000%,
12/01/46
12/31
at
100.00
2,293,584
850
Sierra
Ridge
Metropolitan
District
2,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Bonds,
Series
2022,
5.000%,
12/01/52
-
AGM
Insured
12/32
at
100.00
881,526
1,000
(c)
Sky
Ranch
Community
Authority
Board
(Arapahoe
County,
Colorado),
Limited
Tax
Supported
District
No.
3
Senior
Bonds
(Tax-Exempt
Fixed
Rate),
Series
2022A
and
Subordinate
Bonds
(Tax-Exempt
Fixed
Rate),
Series
2022B(3),
5.750%,
12/01/52
9/27
at
103.00
939,503
1,000
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
improvement
Series
2019A,
5.000%,
12/01/49
12/24
at
103.00
908,906
3,250
Thompson
Crossing
Metropolitan
District
2,
Johnstown,
Larimer
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2016B,
5.000%,
12/01/46
-
AGM
Insured
12/26
at
100.00
3,312,669
71
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
Thompson
Crossing
Metropolitan
District
6,
Larimer
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement
Convertible
to
Unlimited
Tax
Series
2020
:
$
685
(c)
3.000%,
12/01/30
No
Opt.
Call
$
597,145
1,300
(c)
5.000%,
12/01/44
12/30
at
100.00
1,223,690
995
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1,
5.000%,
12/01/51
3/26
at
103.00
786,167
1,000
Triview
Metropolitan
District,
El
Paso
County,
Colorado,
Water
and
Wastewater
Enterprise
Revenue
Bonds,
Green
Series
2020,
3.250%,
12/01/45
-
BAM
Insured
12/28
at
100.00
811,762
2,500
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Refunding
Green
Series
2021A,
4.000%,
6/01/46
6/31
at
100.00
2,438,295
2,500
Vista
Ridge
Metropolitan
District,
In
the
Town
of
Erie,
Weld
County,
Colorado,
General
Obligation
Refunding
Bonds,
Series
2016A,
4.000%,
12/01/36
-
BAM
Insured
12/26
at
100.00
2,525,948
5,000
Weld
County
School
District
6,
Greeley,
Colorado,
General
Obligation
Bonds,
Series
2020,
5.000%,
12/01/44
12/29
at
100.00
5,287,514
2,175
Weld
County
School
District
RE1,
Colorado,
General
Obligation
Bonds,
Series
2017,
5.000%,
12/15/30
12/26
at
100.00
2,261,618
5,650
Weld
County
School
District
RE-4,
Windsor,
Colorado,
General
Obligation
Bonds,
Series
2023,
5.250%,
12/01/47
12/32
at
100.00
6,188,075
7,810
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
6.750%,
12/01/52
12/29
at
103.00
7,328,469
1,785
(c)
West
Meadow
Metropolitan
District,
Town
of
Fraser,
Grand
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2023A,
6.500%,
12/01/50
12/28
at
103.00
1,833,832
500
Westerly
Metropolitan
District
4,
Weld
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-1,
5.000%,
12/01/50
3/26
at
103.00
419,807
Total
Colorado
533,966,933
Connecticut
-
0.7%
(0.4%
of
Total
Investments)
1,650
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2016Q-1,
5.000%,
7/01/46
7/26
at
100.00
1,665,856
6,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Hartford
HealthCare
Issue,
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
5,337,240
2,800
(c)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
McLean
Affiliates,
Series
2020A,
5.000%,
1/01/55
1/26
at
102.00
2,171,576
7,165
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Refunding
Series
2015L,
5.000%,
7/01/45
7/25
at
100.00
7,209,254
500
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2017I-1,
5.000%,
7/01/34
7/27
at
100.00
519,606
7,500
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2020A,
5.000%,
5/01/37
5/30
at
100.00
8,193,977
Total
Connecticut
25,097,509
Delaware
-
0.3%
(0.2%
of
Total
Investments)
1,000
Delaware
Health
Facilities
Authroity,
Revenue
Bonds,
Beebe
Medical
Center
Project,
Series
2018,
5.000%,
6/01/48
12/28
at
100.00
955,425
9,070
Delaware
Transportation
Authority,
Revenue
Bonds,
US
301
Project,
Series
2015,
5.000%,
6/01/55
6/25
at
100.00
9,120,873
Total
Delaware
10,076,298
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
72
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
District
of
Columbia
-
3.5%
(2.1%
of
Total
Investments)
$
1,250
District
of
Columbia
Student
Dormitory
Revenue
Bonds,
Provident
Group
-
Howard
Properties
LLC
Issue,
Series
2013,
5.000%,
10/01/45
5/24
at
100.00
$
1,191,504
107,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A,
0.000%,
6/15/46
5/24
at
25.76
24,959,366
5,000
District
of
Columbia,
General
Obligation
Bonds,
Series
2021D,
4.000%,
2/01/46
2/31
at
100.00
4,894,434
District
of
Columbia,
Revenue
Bonds,
Georgetown
University,
Refunding
Series
2017
:
3,500
5.000%,
4/01/35
4/27
at
100.00
3,629,641
3,440
5.000%,
4/01/36
4/27
at
100.00
3,557,802
60
(d)
5.000%,
4/01/36,
(Pre-refunded
4/01/27)
4/27
at
100.00
62,932
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B
:
12,455
4.000%,
10/01/44
10/29
at
100.00
11,816,257
4,750
5.000%,
10/01/47
10/29
at
100.00
4,857,350
13,710
4.000%,
10/01/49
10/29
at
100.00
12,518,827
7,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B,
0.000%,
10/01/36
-
AGC
Insured
No
Opt.
Call
4,201,337
32,000
(d)
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
6.500%,
10/01/41,
(Pre-
refunded
10/01/26)
-
AGC
Insured
10/26
at
100.00
34,353,789
18,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B,
6.500%,
10/01/44
10/28
at
100.00
19,649,497
3,000
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Gross
Revenue
Bonds,
Series
2018,
5.000%,
7/01/43
7/27
at
100.00
3,071,235
Total
District
of
Columbia
128,763,971
Florida
-
7.5%
(4.6%
of
Total
Investments)
2,800
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2016,
5.000%,
9/01/46
5/24
at
100.00
2,800,297
2,830
City
of
Miami
Beach,
Florida,
Stormwater
Revenue
Bonds,
Series
2015,
5.000%,
9/01/41
9/25
at
100.00
2,839,118
5,810
Collier
County,
Florida,
Tourist
Development
Tax
Revenue
Bonds,
Series
2018,
4.000%,
10/01/43
10/28
at
100.00
5,672,459
530
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2020C,
5.000%,
9/15/50
9/27
at
100.00
460,211
Florida
Municipal
Loan
Council,
Revenue
Bonds,
Series
2000B
:
1,040
0.000%,
11/01/25
-
NPFG
Insured
No
Opt.
Call
970,718
1,590
0.000%,
11/01/26
-
NPFG
Insured
No
Opt.
Call
1,421,767
2,000
Fort
Myers,
Florida,
Utility
System
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
10/01/49
10/28
at
100.00
1,879,935
15,000
(h)
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Series
2018F,
5.000%,
10/01/48,
(UB)
10/28
at
100.00
15,557,603
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Subordinate
Lien
Series
2015B
:
5,730
(d)
5.000%,
10/01/40,
(Pre-refunded
10/01/24)
10/24
at
100.00
5,757,521
12,885
(d)
5.000%,
10/01/44,
(Pre-refunded
10/01/24)
10/24
at
100.00
12,946,885
73
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
13,480
Hillsborough
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Florida
Health
Sciences
Center
Inc
D/B/A
Tampa
General
Hospital,
Series
2020A,
4.000%,
8/01/50
2/31
at
100.00
$
11,785,852
5,060
Hollywood,
Florida,
General
Obligation
Bonds,
Series
2022,
5.000%,
7/01/47
7/32
at
100.00
5,318,573
2,500
Lakeland,
Florida,
Hospital
System
Revenue
Bonds,
Lakeland
Regional
Health,
Series
2015,
5.000%,
11/15/45
11/24
at
100.00
2,508,218
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
5/24
at
100.00
3,810,183
19,145
5.000%,
2/01/44
-
AGM
Insured
5/24
at
100.00
19,144,037
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
188,543
5,035
5.125%,
7/01/46
7/27
at
100.00
4,104,081
7,390
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2015A,
5.000%,
4/01/45
4/25
at
100.00
7,407,749
27,470
Miami-Dade
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
University
of
Miami,
Series
2018A,
5.000%,
4/01/53
4/28
at
100.00
28,094,470
10,000
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2010A,
5.000%,
7/01/35
5/24
at
100.00
10,002,693
5,560
Miami-Dade
County
Health
Facility
Authority,
Florida,
Hospital
Revenue
Bonds,
Nicklaus
Children's
Hospital
Project,
Refunding
Series
2021A,
4.000%,
8/01/51
8/31
at
100.00
5,111,302
3,000
Miami-Dade
County
Industrual
Development
Authority,
Florida,
Revenue
Bonds,
Doral
Academy,
Seres
2018,
5.000%,
1/15/48
1/28
at
100.00
2,926,352
7,000
(h)
Miami-Dade
County
School
District,
Florida,
General
Obligation
Bonds,
School
Series
2022A,
5.000%,
3/15/52
-
BAM
Insured,
(UB)
3/32
at
100.00
7,381,208
1,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Miami
International
Airport,
Refunding
Series
2014B,
5.000%,
10/01/37
10/24
at
100.00
1,002,752
14,015
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
10/01/41
10/26
at
100.00
14,189,576
4,715
Miami-Dade
County,
Florida,
Public
Facilities
Revenue
Bonds,
Jackson
Health
System,
Series
2017,
5.000%,
6/01/38
6/27
at
100.00
4,821,797
7,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2018,
4.000%,
7/01/48
7/28
at
100.00
6,659,890
5,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2022,
5.000%,
7/01/51
7/32
at
100.00
5,229,476
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2019B
:
6,000
4.000%,
10/01/44
10/29
at
100.00
5,916,346
3,965
4.000%,
10/01/49
10/29
at
100.00
3,721,192
11,240
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022,
4.000%,
10/01/52
4/32
at
100.00
10,392,869
1,095
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2,
0.000%,
10/01/32
10/29
at
91.18
752,415
4,250
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Series
2019A-1,
5.000%,
10/01/49
10/29
at
100.00
4,328,447
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
74
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
2,155
Palm
Beach
County
Health
Facilities
Authority,
Florida Retirement
Communities
Revenue
Bonds,
ACTS
Retirement
-
Life
Communities,
Inc
Obligated
Group,
Series
2018A,
5.000%,
11/15/45
11/25
at
103.00
$
2,179,340
4,680
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Retirement
Communities
Revenue
Bonds,
ACTS
Retirement
-
Life
Communities,
Inc
Obligated
Group,
Series
2016,
5.000%,
11/15/32
11/26
at
100.00
4,820,203
8,200
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018A,
5.000%,
3/15/42
5/28
at
100.00
8,401,088
12,170
Sarasota
County
Public
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Sarasota
Memorial
Hospital
Project,
Series
2018,
4.000%,
7/01/48
7/28
at
100.00
11,336,622
6,625
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
5/01/33
5/25
at
100.00
6,648,191
South
Miami
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Refunding
Series
2017
:
8,000
5.000%,
8/15/42
8/27
at
100.00
8,122,223
8,595
5.000%,
8/15/47
8/27
at
100.00
8,683,138
915
Tampa
Sports
Authority,
Hillsborough
County,
Florida,
Sales
Tax
Payments
Special
Purpose
Bonds,
Stadium
Project,
Series
1995,
5.750%,
10/01/25
-
NPFG
Insured
No
Opt.
Call
933,603
4,000
Tampa,
Florida,
Health
System
Revenue
Bonds,
Baycare
Health
System,
Series
2016A,
4.000%,
11/15/46
5/26
at
100.00
3,716,942
2,000
(d)
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Embry-Riddle
Aeronautical
University,
Series
2015B,
5.000%,
10/15/45,
(Pre-refunded
4/15/25)
4/25
at
100.00
2,025,952
7,400
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Stetson
University
Inc.
Project,
Series
2015,
5.000%,
6/01/45
6/25
at
100.00
7,446,021
Total
Florida
279,417,858
Georgia
-
4.7%
(2.9%
of
Total
Investments)
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2015
:
3,400
(d)
5.000%,
11/01/33,
(Pre-refunded
5/01/25)
5/25
at
100.00
3,453,826
2,040
(d)
5.000%,
11/01/35,
(Pre-refunded
5/01/25)
5/25
at
100.00
2,072,295
10,235
Clarke
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Piedmont
Healthcare,
Inc.
Project,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
10,331,255
Cobb
County
Kennestone
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System,
Series
2017A
:
2,000
5.000%,
4/01/42
4/27
at
100.00
2,034,179
10,000
5.000%,
4/01/47
4/27
at
100.00
10,099,337
2,500
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B,
5.125%,
4/01/53
4/33
at
100.00
2,607,844
5,300
Crisp
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Crisp
County
Hospital
Project,
Series
2021,
4.000%,
7/01/46
7/31
at
100.00
4,846,655
5,725
Fayette
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Piedmont
Healthcare,
Inc.
Project,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
5,778,841
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
:
4,330
5.000%,
4/01/42
4/27
at
100.00
4,403,998
10,000
5.000%,
4/01/47
4/27
at
100.00
10,099,337
75
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Georgia
(continued)
$
6,370
4.000%,
4/01/50
4/30
at
100.00
$
5,868,015
4,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
4,037,618
5,000
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A,
4.000%,
7/01/49
7/29
at
100.00
4,599,354
12,590
(d)
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2014A,
5.500%,
8/15/54,
(Pre-refunded
2/15/25)
2/25
at
100.00
12,782,625
7,500
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2017B,
5.500%,
2/15/42
2/27
at
100.00
7,809,194
2,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2021A,
4.000%,
2/15/40
2/31
at
100.00
1,947,163
8,000
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
7,676,107
1,860
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2022,
4.000%,
7/01/52
7/32
at
100.00
1,786,185
11,000
Griffin-Spalding
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System
Inc.,
Series
2017A,
4.000%,
4/01/42
4/27
at
100.00
10,660,443
1,350
Henry
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
2005,
5.250%,
2/01/27
No
Opt.
Call
1,423,023
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A
:
1,860
5.000%,
5/15/43
5/29
at
100.00
1,875,434
14,100
5.000%,
5/15/49
No
Opt.
Call
14,384,139
10,160
(h)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023C,
5.000%,
9/01/53,
(Mandatory
Put
9/01/30),
(UB)
6/30
at
100.15
10,702,980
3,425
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023C,
5.000%,
9/01/53,
(Mandatory
Put
9/01/30)
6/30
at
100.15
3,608,042
6,310
Metropolitan
Atlanta
Rapid
Transit
Authority,
Georgia,
Sales
Tax
Revenue
Bonds,
Third
Indenture,
Series
2015B,
5.000%,
7/01/43
7/26
at
100.00
6,433,700
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
:
5,680
5.000%,
7/01/60
7/25
at
100.00
5,621,034
3,300
5.500%,
7/01/60
7/25
at
100.00
3,307,741
8,230
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Mercer
University,
Series
2015,
5.000%,
10/01/40
10/25
at
100.00
8,284,988
5,000
Rockdale
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A,
4.000%,
7/01/44
7/29
at
100.00
4,753,439
Total
Georgia
173,288,791
Hawaii
-
0.1%
(0.1%
of
Total
Investments)
275
(c)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaii
Pacific
University,
Series
2013A,
6.875%,
7/01/43
5/24
at
100.00
275,153
3,500
Honolulu
City
and
County,
Hawaii,
Wastewater
System
Revenue
Bonds,
First
Bond
Resolution,
Green
Senior
Series
2023,
5.000%,
7/01/48
7/33
at
100.00
3,760,442
Total
Hawaii
4,035,595
Idaho
-
0.8%
(0.5%
of
Total
Investments)
3,860
Boise
State
University,
Idaho,
General
Revenue
Bonds,
Series
2023A,
5.250%,
4/01/53
4/33
at
100.00
4,154,931
7,885
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Saint
Luke's
Health
System
Project,
Series
2021A,
4.000%,
3/01/51
3/32
at
100.00
7,026,905
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
76
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Idaho
(continued)
$
2,185
Idaho
Housing
and
Finance
Association,
GNMA
Housing
Revenue
Refunding
Bonds,
Wedgewood
Terrace
Project,
Series
2002A-1,
7.250%,
3/20/37
5/24
at
101.00
$
2,209,000
5,500
(c)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
The
College
of
Idaho
Project,
Series
2023,
5.875%,
11/01/53
11/33
at
100.00
5,576,900
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
:
2,800
(h)
4.600%,
1/01/49,
(UB)
1/33
at
100.00
2,778,612
5,000
(h)
4.650%,
1/01/54,
(UB)
1/33
at
100.00
4,903,077
3,325
(c)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024,
6.250%,
9/01/53
3/29
at
103.00
3,374,096
Total
Idaho
30,023,521
Illinois
-
16.6%
(10.1%
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
1,062,170
285
5.000%,
4/01/37
-
AGM
Insured
4/28
at
100.00
299,597
1,370
5.000%,
4/01/38
-
AGM
Insured
4/28
at
100.00
1,432,748
Bolingbrook,
Will
and
DuPage
Counties,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2002B
:
4,595
0.000%,
1/01/32
-
FGIC
Insured
No
Opt.
Call
3,331,854
4,000
0.000%,
1/01/34
-
FGIC
Insured
No
Opt.
Call
2,660,945
11,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
11,445,370
3,155
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023,
5.750%,
4/01/48
4/33
at
100.00
3,458,820
5,750
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017H,
5.000%,
12/01/36
12/27
at
100.00
5,817,573
6,920
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D,
5.000%,
12/01/46
12/28
at
100.00
6,800,215
11,450
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A,
7.000%,
12/01/44
12/25
at
100.00
11,853,118
1,785
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B,
6.500%,
12/01/46
12/26
at
100.00
1,854,726
23,535
(c)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A,
7.000%,
12/01/46
12/27
at
100.00
25,347,619
1,500
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2021A,
5.000%,
12/01/38
12/30
at
100.00
1,534,281
2,900
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2022A,
5.000%,
12/01/47
12/31
at
100.00
2,874,564
2,175
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A,
6.000%,
12/01/49
12/33
at
100.00
2,382,854
1,000
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A,
5.500%,
12/01/26
-
NPFG
Insured
No
Opt.
Call
1,018,100
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2020A
:
14,765
4.000%,
12/01/50
-
BAM
Insured
12/29
at
100.00
13,504,804
4,000
4.000%,
12/01/50
12/29
at
100.00
3,570,189
9,285
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Series
2014,
5.250%,
12/01/49
12/24
at
100.00
9,308,822
77
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
4,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2018B,
5.000%,
1/01/53
1/29
at
100.00
$
4,111,438
1,000
(h)
Chicago,
Illinois,
General
Obligation
Bonds,
Chicago
Works
Series
2023A,
5.500%,
1/01/40,
(UB)
1/32
at
100.00
1,081,056
22,670
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999,
0.000%,
1/01/25
-
FGIC
Insured
No
Opt.
Call
22,007,646
10,565
Chicago,
Illinois,
General
Obligation
Bonds,
Project
&
Refunding
Series
2017A,
6.000%,
1/01/38
1/27
at
100.00
11,009,091
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
:
4,000
5.000%,
1/01/40
1/29
at
100.00
4,116,654
5,425
5.500%,
1/01/49
1/29
at
100.00
5,597,915
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Project,
Series
2023A
:
12,190
5.250%,
1/01/53
-
AGM
Insured
7/33
at
100.00
13,018,336
2,000
5.250%,
1/01/58
-
AGM
Insured
7/33
at
100.00
2,129,675
Chicago,
Illinois,
Water
Revenue
Bonds,
Second
Lien
Series
2023A
:
7,240
5.250%,
11/01/53
-
AGM
Insured
5/33
at
100.00
7,758,505
6,030
5.500%,
11/01/62
-
AGM
Insured
5/33
at
100.00
6,517,306
4,500
Cook
County
Community
College
District
508,
Illinois,
General
Obligation
Bonds,
Chicago
City
Colleges,
Series
2017,
5.000%,
12/01/47
12/27
at
100.00
4,571,419
3,500
Evanston,
Cook
County,
Illinois,
General
Obligation
Bonds,
Corporate
Purpose
Series
2018A,
4.000%,
12/01/43
6/28
at
100.00
3,350,352
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT
:
2,750
3.900%,
11/01/36
11/27
at
102.00
2,769,385
5,265
5.500%,
11/01/36
5/24
at
100.00
5,271,563
3,215
Illinois
Finance
Authority,
Health
Services
Facility
Lease
Revenue
Bonds,
Provident
Group
-
UIC
Surgery
Center,
LLC
-
University
of
Illinois
Health
Services
Facility
Project,
Series
2020,
4.000%,
10/01/50
10/30
at
100.00
2,700,147
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/fkaPresence
Health
Network,
Series
2016C
:
3,500
5.000%,
2/15/32
2/27
at
100.00
3,614,981
25,880
4.000%,
2/15/41
2/27
at
100.00
24,848,211
1,200
(d)
4.000%,
2/15/41,
(Pre-refunded
2/15/27)
2/27
at
100.00
1,215,543
55
(d)
4.000%,
2/15/41,
(Pre-refunded
2/15/27)
2/27
at
100.00
55,712
3,000
5.000%,
2/15/41
2/27
at
100.00
3,035,817
2,500
Illinois
Finance
Authority,
Revenue
Bonds,
Bradley
University,
Refunding
Series
2021A,
4.000%,
8/01/51
8/31
at
100.00
2,103,024
Illinois
Finance
Authority,
Revenue
Bonds,
Centegra
Health
System,
Series
2014A
:
8,750
(d)
5.000%,
9/01/39,
(Pre-refunded
9/01/24)
9/24
at
100.00
8,778,830
11,030
(d)
5.000%,
9/01/42,
(Pre-refunded
9/01/24)
9/24
at
100.00
11,066,343
1,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
DePaul
College
Prep
Foundation,
Series
2023A,
5.625%,
8/01/53
8/33
at
100.00
1,040,481
16,165
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016,
5.000%,
12/01/40
6/26
at
100.00
16,382,882
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-Elmhurst
Health
Credit
Group,
Series
2022A
:
10,945
4.000%,
8/15/42
8/32
at
100.00
10,555,144
5,155
5.000%,
8/15/51
8/32
at
100.00
5,368,090
22,590
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A,
5.000%,
11/15/45
11/25
at
100.00
22,732,279
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
78
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C
:
$
7,285
5.000%,
8/15/35
8/25
at
100.00
$
7,362,659
4,135
5.000%,
8/15/44
8/25
at
100.00
4,155,366
5,410
Illinois
FInance
Authority,
Revenue
Bonds,
Southern
Illinois
Healthcare
Enterprises,
Inc.,
Series
2017A,
5.000%,
3/01/47
3/27
at
100.00
5,415,799
14,200
Illinois
Finance
Authority,
Revenue
Bonds,
The
Carle
Foundation,
Fixed
Period
Series
2021A,
4.000%,
8/15/41
8/31
at
100.00
13,794,790
Illinois
State,
General
Obligation
Bonds,
April
Series
2014
:
2,500
5.000%,
4/01/31
5/24
at
100.00
2,502,249
3,000
5.000%,
4/01/38
5/24
at
100.00
3,002,030
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
:
5,000
5.000%,
12/01/34
12/27
at
100.00
5,202,932
2,000
5.000%,
12/01/35
12/27
at
100.00
2,077,119
5,420
5.000%,
12/01/39
12/27
at
100.00
5,558,661
2,300
Illinois
State,
General
Obligation
Bonds,
February
Series
2014,
5.250%,
2/01/32
5/24
at
100.00
2,302,495
1,750
Illinois
State,
General
Obligation
Bonds,
January
Series
2016,
5.000%,
1/01/32
1/26
at
100.00
1,780,243
3,565
Illinois
State,
General
Obligation
Bonds,
June
Series
2016,
5.000%,
6/01/26
No
Opt.
Call
3,656,337
4,170
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A,
5.500%,
3/01/47
3/32
at
100.00
4,455,477
Illinois
State,
General
Obligation
Bonds,
May
Series
2018A
:
17,000
6.000%,
5/01/26
No
Opt.
Call
17,733,093
4,485
6.000%,
5/01/27
No
Opt.
Call
4,788,077
Illinois
State,
General
Obligation
Bonds,
May
Series
2020
:
1,115
5.500%,
5/01/30
No
Opt.
Call
1,188,025
5,305
5.500%,
5/01/39
5/30
at
100.00
5,734,270
2,360
5.750%,
5/01/45
5/30
at
100.00
2,538,011
4,825
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B,
5.500%,
5/01/47
5/32
at
100.00
5,158,890
9,710
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
10,045,163
5,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2022C,
5.500%,
10/01/41
10/32
at
100.00
5,485,703
29,430
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2015A,
5.000%,
1/01/40
7/25
at
100.00
29,751,199
10,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2019A,
5.000%,
1/01/44
7/29
at
100.00
10,443,296
12,010
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2020A,
5.000%,
1/01/45
1/31
at
100.00
12,684,833
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
:
9,640
4.000%,
1/01/42
1/32
at
100.00
9,514,223
10,455
5.000%,
1/01/46
1/32
at
100.00
11,029,517
5,410
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Series
2023A,
5.250%,
1/01/43
7/33
at
100.00
5,919,034
8,130
Illinois,
General
Obligation
Bonds,
Illinois
FIRST
Program,
Series
2001,
6.000%,
11/01/26
-
FGIC
Insured
No
Opt.
Call
8,311,750
79
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
1,175
Macon
and
DeWitt
Counties
Community
Unit
School
District
2
Maroa-
Forsyth,
Illinois,
General
Obligation
Bonds,
Series
2021,
4.000%,
12/01/41
-
AGM
Insured
12/30
at
100.00
$
1,177,685
5,080
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A,
5.000%,
6/15/50
12/29
at
100.00
5,184,058
8,800
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A,
5.500%,
6/15/53
12/25
at
100.00
8,895,399
4,750
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A,
5.000%,
6/15/57
12/27
at
100.00
4,805,742
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
12,100,407
5,355
0.000%,
6/15/46
-
AGM
Insured
No
Opt.
Call
1,844,099
13,350
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Refunding
Series
1996A,
0.000%,
12/15/24
-
NPFG
Insured
No
Opt.
Call
13,019,665
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A
:
3,505
0.000%,
6/15/30
9/23
at
67.44
2,787,468
195
(d)
0.000%,
6/15/30,
(ETM)
No
Opt.
Call
158,662
28,000
0.000%,
12/15/35
-
AGM
Insured
No
Opt.
Call
17,955,428
3,280
0.000%,
6/15/37
-
NPFG
Insured
No
Opt.
Call
1,881,470
11,715
0.000%,
12/15/38
-
NPFG
Insured
No
Opt.
Call
6,147,961
4,290
(d)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Hospitality
Facility,
Series
1996A,
7.000%,
7/01/26,
(ETM)
No
Opt.
Call
4,437,664
2,300
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2000A,
6.500%,
7/01/30
-
NPFG
Insured
No
Opt.
Call
2,622,829
2,855
Sangamon
County
School
District
186
Springfield,
Illinois,
General
Obligation
Bonds,
Alternate
Revenue
Source
Series
2023,
5.500%,
6/01/58
-
AGM
Insured
6/33
at
100.00
3,038,966
2,500
Sangamon
County
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds
Alternate
Revenue
Source,
Project
&
Refunding
Series
2019A,
4.000%,
1/01/44
-
BAM
Insured
1/29
at
100.00
2,388,504
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015
:
2,250
5.000%,
3/01/29
3/25
at
100.00
2,270,802
7,000
5.000%,
3/01/31
3/25
at
100.00
7,061,858
Total
Illinois
615,736,102
Indiana
-
2.9%
(1.8%
of
Total
Investments)
6,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Valparaiso
University
Project,
Series
2014,
5.000%,
10/01/44
10/24
at
100.00
5,813,379
7,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Fixed
Rate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
6,614,390
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A
:
1,875
4.000%,
12/01/40
6/25
at
100.00
1,831,826
3,400
5.000%,
12/01/40
6/25
at
100.00
3,426,754
13,415
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Reid
Health
Series
2022,
5.000%,
1/01/52
-
AGM
Insured
1/32
at
100.00
13,691,511
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
80
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Indiana
(continued)
$
11,000
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
First
Lien
Green
Series
2016A,
5.000%,
10/01/46
10/26
at
100.00
$
11,110,124
12,820
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
First
Lien
Green
Series
2022B,
5.250%,
10/01/52
10/30
at
100.00
13,546,740
13,215
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
Series
2014A,
5.000%,
10/01/44
10/24
at
100.00
13,278,470
5,130
Indiana
Finance
Authority,
Water
Utility
Revenue
Bonds,
Citizens
Energy
Group
Project,
First
Lien
Series
2016A,
5.000%,
10/01/46
10/26
at
100.00
5,188,371
1,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E,
6.000%,
3/01/53
3/33
at
100.00
1,085,289
3,460
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1,
5.000%,
3/01/53
-
BAM
Insured
3/33
at
100.00
3,584,089
8,040
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Stormwater
Project,
Green
Series
2022C,
5.000%,
1/01/52
1/32
at
100.00
8,464,908
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
:
9,255
0.000%,
2/01/25
-
AMBAC
Insured
No
Opt.
Call
8,973,796
9,560
0.000%,
2/01/26
-
AMBAC
Insured
No
Opt.
Call
8,922,226
1,000
Northern
Indiana
Commuter
Transportation
District,
Indiana,
Limited
Obligation
Revenue
Bonds,
Series
2024,
5.250%,
1/01/49
7/34
at
100.00
1,081,610
1,580
Zionsville
Community
Schools
Building
Corporation,
Boone
County,
Indiana,
First
Mortgage
Bonds,
Series
2005Z,
0.000%,
1/15/28
-
AGM
Insured
No
Opt.
Call
1,379,185
Total
Indiana
107,992,668
Iowa
-
1.0%
(0.6%
of
Total
Investments)
6,775
Iowa
Finance
Authority
Senior
Living
Facilities
Revenue
Bonds,
Sunrise
Retirement
Community
Project,
Refunding
Series
2021,
5.000%,
9/01/51
9/28
at
102.00
5,035,765
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022
:
8,250
5.000%,
12/01/50
12/29
at
103.00
8,594,309
7,000
5.000%,
12/01/50,
(Mandatory
Put
12/01/42)
12/29
at
103.00
7,266,648
3,085
Iowa
Finance
Authority,
Senior
Housing
Revenue
Bonds,
Northcrest
Inc.
Project,
Series
2018A,
5.000%,
3/01/48
5/24
at
103.00
2,647,502
8,265
Iowa
Tobacco
Settlement
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Class
2
Capital
Appreciation
Senior
Lien
Series
2021B-2,
0.000%,
6/01/65
6/31
at
25.58
1,035,803
Xenia
Rural
Water
District,
Iowa,
Water
Revenue
Bonds,
Refunding
Capital
Loan
Note
Series
2016
:
4,700
(d)
5.000%,
12/01/36,
(Pre-refunded
12/01/26)
12/26
at
100.00
4,894,240
5,990
(d)
5.000%,
12/01/41,
(Pre-refunded
12/01/26)
12/26
at
100.00
6,237,552
Total
Iowa
35,711,819
Kansas
-
0.7%
(0.4%
of
Total
Investments)
Ellis
County
Unified
School
District
489
Hays,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2022B
:
5,000
5.000%,
9/01/42
-
AGM
Insured
9/31
at
100.00
5,339,100
3,050
5.000%,
9/01/47
-
AGM
Insured
9/31
at
100.00
3,204,472
3,700
Kansas
Municipal
Energy
Agency,
Power
Project
Revenue
Bonds,
Dogwood
Project,
Series
2018A,
5.000%,
4/01/38
-
BAM
Insured
4/26
at
100.00
3,793,058
Lawrence,
Kansas,
Hospital
Revenue
Bonds,
Lawrence
Memorial
Hospital,
Series
2018A
:
6,000
5.000%,
7/01/43
7/28
at
100.00
6,098,592
81
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Kansas
(continued)
$
6,465
5.000%,
7/01/48
7/28
at
100.00
$
6,518,726
Total
Kansas
24,953,948
Kentucky
-
0.9%
(0.5%
of
Total
Investments)
6,010
Kentucky
Economic
Development
Finance
Authority,
Health
System
Revenue
Bonds,
Norton
Healthcare
Inc.,
Series
2000B,
0.000%,
10/01/28
-
NPFG
Insured
No
Opt.
Call
4,978,813
1,300
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A,
5.000%,
6/01/37
6/27
at
100.00
1,319,694
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
:
5,000
6.750%,
7/01/43
7/31
at
100.00
5,713,666
8,610
6.875%,
7/01/46
7/31
at
100.00
9,859,052
10,000
(h)
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Series
2024A-1,
5.000%,
5/01/55,
(Mandatory
Put
7/01/30),
(UB)
4/30
at
100.17
10,401,768
Total
Kentucky
32,272,993
Louisiana
-
1.8%
(1.1%
of
Total
Investments)
6,305
Ascension
Parish
Industrial
development
Board,
Louisiana,
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.000%,
7/01/36
5/24
at
100.00
6,306,414
5,000
East
Baton
Rouge
Parish
Capital
Improvement
District,
Louisiana,
MOVEBR
Sales
Tax
Revenue
Bonds,
Series
2019,
5.000%,
8/01/48
8/29
at
100.00
5,155,782
1,870
Jefferson
Sales
Tax
District,
Jefferson
Parish,
Louisiana,
Special
Sales
Tax
Revenue
Bonds,
Series
2017B,
5.000%,
12/01/42
-
AGM
Insured
12/27
at
100.00
1,924,638
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A
:
3,940
(h)
4.550%,
12/01/49,
(UB)
6/33
at
100.00
3,905,029
1,895
(h)
4.650%,
12/01/54,
(UB)
6/33
at
100.00
1,872,835
1,965
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
East
Baton
Rouge
Sewerage
Commission
Projects,
Refunding
Series
2023,
5.000%,
2/01/41
2/33
at
100.00
2,097,001
13,590
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017,
5.000%,
5/15/46
5/27
at
100.00
13,757,514
1,695
Louisiana
Public
Facilities
Authority,
Lease
Revenue
Bonds,
Provident
Group-Flagship
Properties
LLC
-
Louisiana
State
University
Nicolson
Gateway
Project,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
1,706,694
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2016
:
20
(d)
4.000%,
5/15/35,
(Pre-refunded
5/15/26)
5/26
at
100.00
20,181
2,345
4.000%,
5/15/36
5/26
at
100.00
2,355,309
20
(d)
5.000%,
5/15/47,
(Pre-refunded
5/15/26)
5/26
at
100.00
20,571
1,975
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015,
5.000%,
5/15/47
5/25
at
100.00
1,983,950
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A
:
3,615
5.000%,
7/01/48
7/33
at
100.00
3,819,989
10,765
5.250%,
7/01/53
7/33
at
100.00
11,527,283
1,015
Louisiana
State,
Gasoline
and
Fuels
Tax
Revenue
Bonds,
Refunding
Second
Lien
Series
2017C,
5.000%,
5/01/45
11/27
at
100.00
1,042,236
5,000
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2017A,
5.000%,
1/01/48
1/27
at
100.00
5,078,051
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
82
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Louisiana
(continued)
$
5,000
Saint
Tammany
Parish
Hospital
Service
District
1,
Louisiana,
Hospital
Revenue
Bonds,
St.
Tammany
Parish
Hospital
Project,
Refunding
Series
2018A,
5.000%,
7/01/48
7/28
at
100.00
$
5,071,704
1,355
Shreveport,
Louisiana,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
12/01/40
12/25
at
100.00
1,364,279
Total
Louisiana
69,009,460
Maine
-
0.7%
(0.4%
of
Total
Investments)
6,300
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A,
5.000%,
7/01/41
7/26
at
100.00
5,905,752
8,675
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
MaineHealth
Issue,
Series
2018A,
5.000%,
7/01/43
7/28
at
100.00
8,926,888
11,150
Maine
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MaineHealth
Issue,
Series
2020A,
4.000%,
7/01/50
7/30
at
100.00
10,403,016
Total
Maine
25,235,656
Maryland
-
1.5%
(0.9%
of
Total
Investments)
5,905
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/46
9/27
at
100.00
5,339,130
8,610
Baltimore,
Maryland,
Revenue
Bonds,
Water
Projects,
Subordinate
Series
2017A,
5.000%,
7/01/41
1/27
at
100.00
8,816,670
2,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2016,
5.000%,
7/01/47
7/26
at
100.00
2,023,979
4,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Taxable
Series
2017D,
4.000%,
7/01/48
1/28
at
100.00
3,687,144
4,125
Maryland
Stadium
Authority,
Lease
Revenue
Bonds,
Built
To
Learn,
Series
2022A,
4.000%,
6/01/47
6/32
at
100.00
3,890,733
17,000
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A,
5.000%,
5/01/42
5/28
at
100.00
17,621,019
Maryland
Transportation
Authority,
Revenue
Bonds,
Transportation
Facilities
Projects,
Series
2020
:
3,000
4.000%,
7/01/39
7/30
at
100.00
3,014,813
3,000
4.000%,
7/01/50
7/30
at
100.00
2,854,174
4,000
Montgomery
County,
Maryland,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2015,
5.000%,
12/01/44
6/25
at
100.00
4,023,704
1,150
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Ingleside
King
Farm
Project,
Series
2017A-1,
5.000%,
11/01/37
11/24
at
103.00
1,132,267
2,250
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B,
5.000%,
11/01/47
11/24
at
103.00
2,031,299
Total
Maryland
54,434,932
Massachusetts
-
2.6%
(1.6%
of
Total
Investments)
5,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Children's
Hospital
Series
2024T,
5.250%,
3/01/54
3/34
at
100.00
5,376,233
930
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D,
5.000%,
7/01/44
7/25
at
100.00
913,425
3,890
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Refunding
Series
2023FF,
5.000%,
10/01/48
10/33
at
100.00
4,164,007
3,630
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2,
5.000%,
7/01/53
7/28
at
100.00
3,664,257
83
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Massachusetts
(continued)
$
1,100
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-
Farber
Cancer
Institute
Issue,
Series
2016N,
5.000%,
12/01/46
12/26
at
100.00
$
1,115,496
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015
:
2,070
4.500%,
1/01/45
1/25
at
100.00
1,918,021
8,800
5.000%,
1/01/45
1/25
at
100.00
8,800,692
4,100
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Partners
HealthCare
System
Issue,
Series
2017S-1,
4.000%,
7/01/36
1/28
at
100.00
4,114,674
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Western
New
England
University,
Series
2015
:
1,380
5.000%,
9/01/40
9/25
at
100.00
1,381,853
1,545
5.000%,
9/01/45
9/25
at
100.00
1,517,591
3,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A,
5.750%,
1/01/42
-
AMBAC
Insured
No
Opt.
Call
3,602,132
26,750
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015B,
4.000%,
5/01/45
5/23
at
100.00
26,018,136
5,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2022C,
5.250%,
10/01/52
10/32
at
100.00
5,423,097
14,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2023A,
5.000%,
5/01/48
5/33
at
100.00
15,037,690
12,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2022B,
5.000%,
6/01/52
6/32
at
100.00
12,733,972
Total
Massachusetts
95,781,276
Michigan
-
10.3%
(6.3%
of
Total
Investments)
315
Advanced
Technology
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2019,
5.000%,
11/01/34
11/27
at
102.00
318,315
4,445
Byron
Center
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2017I,
5.000%,
5/01/47
5/27
at
100.00
4,517,380
1,220
Central
Michigan
University
Board
of
Trustees,
General
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
10/01/39
10/24
at
100.00
1,199,819
1,000
Conner
Creek
Academy
East,
Michigan,
Public
School
Revenue
Bonds,
Series
2007,
5.250%,
11/01/36
5/24
at
100.00
775,291
2,000
County
of
Calhoun
Hospital
Finance
Authority,
Michigan,
Hospital
Revenue
Bonds,
Oaklawn
Hospital,
Refunding
Series
2016,
5.000%,
2/15/47
2/27
at
100.00
1,816,814
4,400
Detroit
Downtown
Development
Authority,
Michigan,
Tax
Increment
Revenue
Bonds,
Catalyst
Development
Project,
Series
2018A,
5.000%,
7/01/48
-
AGM
Insured
7/24
at
100.00
4,285,034
2,755
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B,
5.500%,
7/01/29
-
NPFG
Insured
No
Opt.
Call
2,851,312
15
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Refunding
Second
Lien
Series
2004A,
5.000%,
7/01/34
-
AGM
Insured
5/24
at
100.00
15,015
1,700
Downriver
Utility
Wastewater
Authority,
Michigan,
Sewer
System
Revenue
Bonds,
Series
2018,
5.000%,
4/01/43
-
AGM
Insured
4/28
at
100.00
1,745,072
Eastern
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2017A
:
1,100
5.000%,
3/01/33
-
BAM
Insured
3/27
at
100.00
1,145,018
2,270
5.000%,
3/01/36
-
BAM
Insured
3/27
at
100.00
2,364,713
Eastern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
:
10,710
4.000%,
3/01/44
-
AGM
Insured
3/28
at
100.00
10,303,273
455
(d)
4.000%,
3/01/44,
(Pre-refunded
3/01/28)
-
AGM
Insured
3/28
at
100.00
469,517
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
84
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
Grand
Rapids
and
Kent
County
Joint
Building
Authority,
Michigan,
Limited
Tax
General
Obligation
Bonds,
Devos
Place
Project,
Series
2001
:
$
8,575
0.000%,
12/01/24
No
Opt.
Call
$
8,385,617
8,900
0.000%,
12/01/25
No
Opt.
Call
8,403,859
3,000
0.000%,
12/01/26
No
Opt.
Call
2,740,649
100
0.000%,
12/01/27
No
Opt.
Call
88,533
4,305
0.000%,
12/01/29
No
Opt.
Call
3,585,022
1,000
Grand
Rapids
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
Refunding
School
Building
&
Site
Series
2016,
5.000%,
5/01/38
-
AGM
Insured
5/26
at
100.00
1,012,422
Grand
Rapids
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2019
:
1,250
5.000%,
11/01/42
-
AGM
Insured
5/29
at
100.00
1,303,972
1,850
5.000%,
11/01/43
-
AGM
Insured
5/29
at
100.00
1,925,192
Grand
Rapids,
Michigan,
Sanitary
Sewer
System
Revenue
Bonds,
Series
2018
:
2,500
5.000%,
1/01/43
1/28
at
100.00
2,593,878
6,055
5.000%,
1/01/48
1/28
at
100.00
6,241,419
4,295
Grand
Rapids,
Michigan,
Water
Supply
System
Revenue
Bonds,
Series
2020,
5.000%,
1/01/45
1/30
at
100.00
4,535,218
Grand
Traverse
County
Hospital
Finance
Authority,
Michigan,
Revenue
Bonds,
Munson
Healthcare,
Series
2019A
:
1,720
5.000%,
7/01/36
7/28
at
100.00
1,819,561
1,995
5.000%,
7/01/39
7/28
at
100.00
2,086,787
500
Grand
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
12/01/28
12/24
at
100.00
503,192
1,005
Great
Lakes
Water
Authority,
Michigan,
Sewer
Disposal
System
Revenue
Bonds,
Refunding
Second
Lien
Series
2016C,
5.000%,
7/01/32
7/26
at
100.00
1,035,536
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Refunding
Senior
Lien
Series
2016C
:
6,245
5.000%,
7/01/32
7/26
at
100.00
6,447,048
10,000
5.000%,
7/01/35
7/26
at
100.00
10,284,702
27,955
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Senior
Lien
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
28,361,823
6,910
Hudsonville
Public
Schools,
Ottawa
and
Allegan
Counties,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2020-I,
4.000%,
5/01/47
5/30
at
100.00
6,683,742
1,265
Jenison
Public
Schools,
Ottawa
County,
Michigan,
General
Obligation
Bonds,
Series
2017,
5.000%,
5/01/30
5/27
at
100.00
1,334,443
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2016
:
1,000
5.000%,
6/01/31
6/26
at
100.00
1,030,824
1,445
5.000%,
6/01/34
6/26
at
100.00
1,484,270
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2017A
:
1,570
5.000%,
6/01/36
6/27
at
100.00
1,663,229
1,650
5.000%,
6/01/37
6/27
at
100.00
1,740,099
1,025
Kent
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Series
2015,
5.000%,
1/01/34
1/25
at
100.00
1,033,926
3,440
Kent
County,
Michigan,
General
Obligation
Bonds,
Refunding
Limited
Tax
Series
2015,
5.000%,
1/01/31
1/25
at
100.00
3,470,331
2,375
Kentwood
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023-II,
5.000%,
5/01/49
-
AGM
Insured
5/33
at
100.00
2,512,130
85
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
Lake
Superior
State
University
Board
of
Trustees,
Michigan,
General
Revenue
Bonds,
Series
2018
:
2,395
5.000%,
1/15/38
-
AGM
Insured
1/28
at
100.00
2,496,241
4,000
5.000%,
1/15/43
-
AGM
Insured
1/28
at
100.00
4,124,810
10,900
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/44
7/29
at
100.00
11,470,037
11,835
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Series
2021A,
5.000%,
7/01/51
7/31
at
100.00
12,477,862
1,325
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
School
Building
and
Site
Series
2019II,
5.000%,
5/01/40
5/29
at
100.00
1,411,057
Lansing
School
District,
Ingham
County,
Michigan,
General
Obligation
Bonds,
Series
2016I
:
2,085
5.000%,
5/01/38
5/26
at
100.00
2,114,485
2,200
5.000%,
5/01/41
5/26
at
100.00
2,229,849
2,200
Lansing
Township
Downtown
Development
Authority,
Ingham
County,
Michigan,
Tax
Increment
Bonds,
Series
2013A,
5.950%,
2/01/42
5/24
at
103.00
2,103,209
500
Marquettte,
Michigan,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
7/01/33
7/26
at
100.00
508,676
1,500
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne
Criminal
Justice
Center
Project,
Senior
Lien
Series
2018,
5.000%,
11/01/43
11/28
at
100.00
1,554,160
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020
:
17,500
4.000%,
11/01/50
11/30
at
100.00
15,846,164
10,005
4.000%,
11/01/55
11/30
at
100.00
8,867,808
3,500
Michigan
Finance
Authority,
Higher
Education
Limited
Obligation
Revenue
Bonds,
Kalamazoo
College
Project,
Refunding
Series
2018,
5.000%,
12/01/43
12/28
at
100.00
3,572,802
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015
:
3,330
(d)
5.000%,
11/15/45,
(Pre-refunded
5/15/25)
5/25
at
100.00
3,374,502
2,730
(d)
5.000%,
11/15/45,
(Pre-refunded
5/15/25)
5/25
at
100.00
2,766,483
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Regional
Convention
Facility
Authority
Local
Project,
Series
2014H-1
:
895
5.000%,
10/01/24
5/24
at
100.00
895,691
2,000
5.000%,
10/01/25
10/24
at
100.00
2,009,797
11,025
5.000%,
10/01/39
10/24
at
100.00
11,041,049
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Sewage
Disposal
System
Local
Project,
Second
Lien
Series
2015C
:
4,665
5.000%,
7/01/34
7/25
at
100.00
4,712,341
1,070
5.000%,
7/01/35
7/25
at
100.00
1,080,858
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Water
Supply
System
Local
Project,
Refunding
Senior
Loan
Series
2014D-1
:
1,500
5.000%,
7/01/35
-
AGM
Insured
7/24
at
100.00
1,502,389
1,625
5.000%,
7/01/37
-
AGM
Insured
7/24
at
100.00
1,626,914
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI
:
5,340
5.000%,
12/01/45
6/26
at
100.00
5,403,780
175
(d)
5.000%,
12/01/45,
(Pre-refunded
6/01/26)
6/26
at
100.00
180,860
9,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI-2,
4.000%,
3/01/51
3/32
at
100.00
8,160,510
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
86
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
$
12,520
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2017A-MI,
4.000%,
12/01/36
12/27
at
100.00
$
12,585,990
1,900
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2017MI,
5.000%,
12/01/30
6/27
at
100.00
1,991,988
2,000
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2019A-MI,
4.000%,
12/01/49
12/29
at
100.00
1,834,889
11,730
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2006
Sold
Tobacco
Receipts
Senior
Current
Interest
Series
2020A-2,
5.000%,
6/01/40
12/30
at
100.00
12,202,685
10,330
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6,
4.000%,
11/15/47
11/26
at
100.00
9,593,591
190
Michigan
Public
Educational
Facilities
Authority,
Charter
School
Revenue
Bonds,
American
Montessori
Academy,
Series
2007,
6.500%,
12/01/37
5/24
at
100.00
190,039
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
:
14,915
5.000%,
4/15/31
10/25
at
100.00
15,164,486
2,085
(d)
5.000%,
4/15/31,
(Pre-refunded
10/15/25)
10/25
at
100.00
2,127,591
5,615
5.000%,
4/15/38
10/25
at
100.00
5,691,346
665
(d)
Michigan
State
Hospital
Finance
Authority,
Hospital
Revenue
Refunding
Bonds,
St.
John's
Health
System,
Series
1998A,
5.000%,
5/15/28
-
AMBAC
Insured,
(ETM)
5/24
at
100.00
707,003
8,300
Michigan
State
University,
General
Revenue
Bonds,
Refunding
Series
2019C,
4.000%,
2/15/44
8/29
at
100.00
7,986,955
3,000
Michigan
State
University,
General
Revenue
Bonds,
Taxable
Series
2019A,
5.000%,
2/15/48
2/29
at
100.00
3,134,514
1,950
Michigan
State,
Comprehensive
Transportation
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
11/15/29
11/24
at
100.00
1,964,839
Muskegon
County,
Michigan,
General
Obligation
Wastewater
Bonds,
Management
System
1,
Refunding
Series
2015
:
1,350
5.000%,
11/01/33
11/25
at
100.00
1,373,606
1,730
5.000%,
11/01/36
11/25
at
100.00
1,757,477
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2018A
:
400
5.000%,
12/01/33
6/28
at
100.00
427,423
650
5.000%,
12/01/35
6/28
at
100.00
694,337
1,200
Novi
Community
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2022-II,
4.000%,
5/01/47
5/32
at
100.00
1,167,600
3,805
Rockford
Public
Schools,
Kent
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023II,
5.000%,
5/01/44
5/33
at
100.00
4,095,367
1,510
Royal
Oak,
Oakland
County,
Michigan,
General
Obligation
Bonds,
Taxable
Limited
Tax
Series
2018,
5.000%,
4/01/43
4/28
at
100.00
1,591,769
810
Saginaw
Valley
State
University,
Michigan,
General
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
7/01/35
7/26
at
100.00
833,003
5,240
Troy
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023,
5.000%,
5/01/52
5/33
at
100.00
5,526,282
University
of
Michigan,
Michigan,
General
Revenue
Bonds,
Series
2017A
:
1,065
(d)
5.000%,
4/01/36,
(Pre-refunded
4/01/27)
4/27
at
100.00
1,120,691
2,000
(d)
5.000%,
4/01/42,
(Pre-refunded
4/01/27)
4/27
at
100.00
2,104,585
7,200
(d),(h)
5.000%,
4/01/47,
(Pre-refunded
4/01/27),
(UB)
4/27
at
100.00
7,576,505
5,000
(d)
5.000%,
4/01/47,
(Pre-refunded
4/01/27)
4/27
at
100.00
5,261,461
1,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Senior
Series
2017A,
5.000%,
12/01/42
12/27
at
100.00
1,029,591
87
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
$
2,200
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2015D,
5.000%,
12/01/45
12/25
at
100.00
$
2,214,274
5,000
Wayne
State
University,
Michigan,
General
Revenue
Bonds,
Series
2018A,
5.000%,
11/15/43
11/28
at
100.00
5,154,390
2,590
West
Bloomfield
School
District,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2017,
5.000%,
5/01/36
-
AGM
Insured
5/27
at
100.00
2,744,597
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2015A
:
1,500
5.000%,
11/15/40
5/25
at
100.00
1,511,937
850
5.000%,
11/15/45
5/25
at
100.00
854,023
3,335
Western
Michigan
University,
General
Revenue
Bonds,
Refunding
Series
2019A,
5.000%,
11/15/44
11/29
at
100.00
3,493,644
175
Williamston
Community
School
District,
Michigan,
Unlimited
Tax
General
Obligation
QSBLF
Bonds,
Series
1996,
5.500%,
5/01/25
-
NPFG
Insured
No
Opt.
Call
176,622
2,700
Wyandotte,
Michigan,
Electric
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
10/01/44
-
BAM
Insured
10/25
at
100.00
2,712,684
Total
Michigan
384,244,115
Minnesota
-
5.4%
(3.3%
of
Total
Investments)
285
Baytown
Township,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Saint
Croix
Preparatory
Academy,
Refunding
Series
2016A,
4.000%,
8/01/36
8/26
at
100.00
259,603
5,000
Bird
Island-Olivia-Lake
Lillian
Independent
School
District
2534,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2024A,
5.000%,
2/01/49
2/34
at
100.00
5,332,604
3,565
Brooklyn
Center,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Tesfa
International
dba
Twin
Lakes
STEM
Academy
Project,
Series
2021A,
5.250%,
6/15/56
6/29
at
100.00
2,605,686
730
Brooklyn
Center,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Tesfa
International
dba
Twin
Lakes
STEM
Academy
Project,
Taxable
Series
2021B,
6.000%,
6/15/31
6/29
at
100.00
658,084
3,000
Carlton
County,
Minnesota,
General
Obligation
Bonds,
Minnesota
State
Credit
Enhancement
Program
Series
2022A,
4.000%,
2/01/47
2/32
at
100.00
2,915,699
350
Chatfield,
Minnesota,
Healthcare
and
Housing
Facilities
Revenue
Bonds,
Chosen
Valley
Care
Center
Project,
Refunding
Series
2019,
4.000%,
9/01/39
9/26
at
102.00
275,371
1,000
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A,
5.000%,
7/01/36
7/24
at
102.00
947,930
4,005
City
of
Milaca,
Minnesota
Refunding
Revenue
Bonds,
Grandview
Christian
Home
Project,
Series
2016,
5.000%,
10/01/41
10/24
at
102.00
3,878,131
Dakota
County
Community
Development
Agency,
Minnesota,
Senior
Housing
Revenue
Bonds,
Walker
Highview
Hills
LLC
Project,
Refunding
Series
2016A
:
830
(c)
3.500%,
8/01/25
5/24
at
100.00
819,705
1,000
(c)
5.000%,
8/01/46
5/24
at
100.00
936,194
590
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2015A,
5.250%,
7/01/37
7/25
at
100.00
592,731
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
:
2,000
4.250%,
2/15/43
2/28
at
100.00
1,905,236
1,300
5.000%,
2/15/43
2/28
at
100.00
1,324,127
4,050
5.000%,
2/15/48
2/28
at
100.00
4,102,197
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
88
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Minnesota
(continued)
$
6,650
5.000%,
2/15/53
2/28
at
100.00
$
6,709,176
3,000
5.250%,
2/15/53
2/28
at
100.00
3,044,097
7,240
5.250%,
2/15/58
2/28
at
100.00
7,342,908
3,600
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Saint
Luke's
Hospital
of
Duluth
Obligated
Group,
Series
2022B,
5.250%,
6/15/47
6/32
at
100.00
3,706,738
GFW
Independent
School
District
No.
2365,
Sibley,
Renville,
McLeod
and
Nicollet
Counties,
Minnesota,
General
Obligation
School
Building
Bonds,
Series
2023A
:
1,980
5.000%,
2/01/42
2/31
at
100.00
2,131,278
1,125
4.125%,
2/01/52
2/31
at
100.00
1,099,002
535
Independence,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Paladin
Career
&
Technical
High
School
Project,
Series
2021A,
4.000%,
6/01/41
6/29
at
102.00
418,712
9,840
Independent
School
District
621,
Mounds
View,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/41
2/27
at
100.00
9,846,184
2,800
Itasca
County
Independent
School
District
318,
Minnesota,
General
Obligation
Bonds,
Series
2018A,
4.000%,
2/01/37
2/27
at
100.00
2,840,859
1,000
Maple
River
Independent
School
District
2135,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2020A,
4.000%,
2/01/50
2/30
at
100.00
943,968
405
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Cyber
Village
Academy
Project,
Series
2022A,
5.500%,
6/01/57
6/32
at
100.00
364,796
2,250
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Allina
Health
System,
Series
2021,
4.000%,
11/15/40
11/31
at
100.00
2,172,893
2,530
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018A,
4.000%,
11/15/48
11/28
at
100.00
2,139,588
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2019A
:
1,000
5.000%,
1/01/33
7/29
at
100.00
1,086,186
2,245
5.000%,
1/01/44
7/29
at
100.00
2,354,830
3,500
5.000%,
1/01/49
7/29
at
100.00
3,638,133
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Senior
Lien
Series
2016C
:
1,630
5.000%,
1/01/37
1/27
at
100.00
1,694,954
7,000
5.000%,
1/01/46
1/27
at
100.00
7,153,876
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A
:
2,000
4.125%,
1/01/47
1/32
at
100.00
1,926,010
2,000
4.250%,
1/01/52
1/32
at
100.00
1,914,355
11,885
5.000%,
1/01/52
1/32
at
100.00
12,491,929
5,000
Minnesota
Agricultural
and
Economic
Development
Board,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2024A,
5.250%,
1/01/54
1/34
at
100.00
5,324,911
Minnesota
Higher
Education
Facilities
Authority,
Revenue
Bonds,
University
of
Saint
Thomas,
Series
2022B
:
1,000
4.125%,
10/01/42
10/30
at
100.00
983,219
610
4.125%,
10/01/42
10/30
at
100.00
599,764
2,140
5.000%,
10/01/47
10/30
at
100.00
2,225,645
1,000
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2020D,
4.000%,
8/01/42
8/30
at
100.00
971,263
280
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021A,
3.000%,
8/01/37
8/31
at
100.00
254,768
650
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021B,
3.000%,
8/01/35
8/31
at
100.00
607,975
89
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Minnesota
(continued)
$
3,165
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2021C,
4.000%,
8/01/43
8/31
at
100.00
$
3,040,475
3,805
Minnesota
Housing
Finance
Agency,
Housing
Infrastructure
State
Appropriation
Bonds,
Series
2022C,
5.000%,
8/01/41
8/32
at
100.00
4,135,456
2,000
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/42
12/26
at
100.00
2,029,277
10,000
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2022,
5.000%,
11/15/57
11/32
at
100.00
10,640,748
Saint
Cloud,
Minnesota,
Health
Care
Revenue
Bonds,
CentraCare
Health
System,
Series
2019
:
10,325
5.000%,
5/01/48
5/29
at
100.00
10,627,927
6,000
4.000%,
5/01/49
5/29
at
100.00
5,458,444
4,825
(c)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
School
of
Excellence,
Series
2023,
5.500%,
3/01/53
3/33
at
100.00
4,610,029
2,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Refunding
Series
2020A,
5.000%,
9/01/55
9/30
at
100.00
1,812,626
2,000
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hmong
College
Prep
Academy
Project,
Series
2016A,
5.750%,
9/01/46
9/26
at
100.00
2,011,925
530
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hope
Community
Academy
Project,
Series
2020A,
3.875%,
12/01/30
12/28
at
102.00
461,347
4,170
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Nova
Classical
Academy,
Series
2016A,
4.125%,
9/01/47
9/24
at
102.00
3,464,351
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A
:
1,000
5.000%,
7/01/29
7/25
at
100.00
1,010,534
4,000
5.000%,
7/01/31
7/25
at
100.00
4,042,523
3,420
5.000%,
7/01/33
7/25
at
100.00
3,455,088
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Revenue
Bonds,
Fairview
Health
Services,
Series
2017A
:
595
4.000%,
11/15/35
11/27
at
100.00
572,441
1,470
4.000%,
11/15/43
11/27
at
100.00
1,289,337
3,315
5.000%,
11/15/47
11/27
at
100.00
3,336,923
800
Saint
Paul
Port
Authority,
Minnesota,
District
Energy
Revenue
Bonds,
Series
2023-3,
4.750%,
10/01/43
10/33
at
100.00
807,642
Saint
Paul,
Minnesota,
Housing
and
Redevelopment
Authority,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Series
2022A
:
180
6.500%,
6/01/29
No
Opt.
Call
176,920
1,070
6.375%,
6/01/42
6/29
at
103.00
1,066,518
3,055
6.500%,
6/01/57
6/29
at
103.00
3,054,785
850
Sartell,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Country
Manor
Campus
LLC
Project,
Refunding
Series
2017,
5.000%,
9/01/42
9/27
at
100.00
777,384
4,270
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Charter
School
Revenue
Bonds,
Higher
Ground
Academy
Charter
School,
Series
2018,
5.000%,
12/01/43
12/26
at
102.00
4,165,689
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A
:
3,595
(d)
5.000%,
11/15/40,
(Pre-refunded
11/15/25)
11/25
at
100.00
3,665,302
5,315
(d)
5.000%,
11/15/44,
(Pre-refunded
11/15/25)
11/25
at
100.00
5,418,937
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
90
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Minnesota
(continued)
Wayzata,
Minnesota
Senior
Housing
Revenue
Bonds,
Folkestone
Senior
Living
Community,
Refunding
Series
2019
:
$
300
5.000%,
8/01/32
8/24
at
102.00
$
304,690
150
5.000%,
8/01/33
8/24
at
102.00
152,184
250
5.000%,
8/01/35
8/24
at
102.00
253,213
600
4.000%,
8/01/39
8/24
at
102.00
550,313
2,000
5.000%,
8/01/49
8/24
at
102.00
1,977,223
3,000
Western
Minnesota
Municipal
Power
Agency,
Minnesota,
Power
Supply
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/49
7/28
at
100.00
3,075,479
Total
Minnesota
199,987,045
Mississippi
-
0.1%
(0.1%
of
Total
Investments)
4,500
Medical
Center
Educational
Building
Corporation,
Mississippi,
Revenue
Bonds,
University
of
Mississippi
Medical
Center
New
Facilities
&
Refinancing
Project,
Series
2017A,
4.000%,
6/01/47
6/27
at
100.00
4,292,740
Total
Mississippi
4,292,740
Missouri
-
5.6%
(3.4%
of
Total
Investments)
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016
:
2,470
4.000%,
8/01/33
8/26
at
100.00
1,921,449
4,590
5.000%,
8/01/35
8/26
at
100.00
3,756,539
3,700
Hannibal
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Hannibal
Regional
Healthcare
System,
Series
2017,
5.000%,
10/01/47
10/27
at
100.00
3,642,722
2,000
Hazelwood
School
District,
St.
Louis
County,
Missouri,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2023A,
5.000%,
3/01/42
-
BAM
Insured
3/32
at
100.00
2,167,970
6,940
(h)
Jackson
County,
Missouri,
Special
Obligation
Bonds,
Series
2023A,
5.250%,
12/01/47,
(UB)
12/33
at
100.00
7,450,838
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1
:
8,150
0.000%,
4/15/27
-
AMBAC
Insured
No
Opt.
Call
7,311,468
5,000
0.000%,
4/15/31
-
AMBAC
Insured
No
Opt.
Call
3,852,567
Kansas
City,
Missouri,
Sanitary
Sewer
System
Revenue
Bonds,
Improvement
Series
2018A
:
2,475
4.000%,
1/01/38
1/28
at
100.00
2,494,518
4,470
4.000%,
1/01/42
1/28
at
100.00
4,395,121
1,475
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Kansas
City
Missouri
Projects,
Series
2021A,
5.000%,
4/01/40
4/31
at
100.00
1,573,270
1,750
Kansas
City,
Missouri,
Water
Revenue
Bonds,
Series
2023A,
4.000%,
12/01/47
12/33
at
100.00
1,699,087
2,700
Maryland
Heights,
Missouri,
Tax
Increment
and
Special
District
Revenue
Bonds,
Westport
Plaza
Redevelopment
Area,
Series
2020,
4.125%,
11/01/38
11/29
at
100.00
2,581,930
2,695
Metropolitan
St.
Louis
Sewerage
District,
Missouri,
Wastewater
System
Revenue
Bonds,
Series
2019B,
5.000%,
5/01/44
5/29
at
100.00
2,849,401
2,160
Missouri
Development
Finance
Board,
Infrastructure
Facilities
Revenue
Bonds,
City
of Independence
Annual
Appropriation
Electric
System,
Refunding
Series
2022,
5.000%,
6/01/34
-
AGM
Insured
6/32
at
100.00
2,428,698
3,000
Missouri
Environmental
Improvement
and
Energy
Resources
Authority,
Revenue
Bonds,
Union
Electric
Company
Project,
Refunding
Series
1998A,
2.900%,
9/01/33
7/27
at
102.00
2,758,059
91
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Missouri
(continued)
$
1,350
Missouri
Health
and
Education
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Health
System,
Inc.,
Series
2016,
5.000%,
11/15/35
5/26
at
100.00
$
1,383,994
1,400
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Kansas
City
University
of
Medicine
and
Biosciences,
Series
2017A,
5.000%,
6/01/42
6/27
at
100.00
1,432,524
1,830
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2021A,
4.000%,
7/01/40
7/31
at
100.00
1,836,611
1,500
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligation
Series
2013C,
4.000%,
1/01/50,
(Mandatory
Put
1/01/46)
7/26
at
100.00
1,414,345
14,000
(h)
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligation
Series
2017D,
4.000%,
1/01/58,
(Mandatory
Put
1/01/48),
(UB)
1/28
at
100.00
12,981,724
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Fixed
Series
2019A
:
4,165
4.000%,
11/15/44
5/29
at
100.00
3,980,915
4,220
4.000%,
11/15/49
5/29
at
100.00
3,927,028
17,300
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A,
5.000%,
11/15/48
5/24
at
100.00
17,300,522
5,110
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2015A,
5.000%,
11/15/39
11/25
at
100.00
5,152,115
1,400
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F,
5.000%,
11/15/45
11/24
at
100.00
1,390,941
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017C
:
1,050
4.000%,
11/15/36
11/27
at
100.00
1,049,064
2,980
4.000%,
11/15/37
11/27
at
100.00
2,956,844
2,620
5.000%,
11/15/42
11/27
at
100.00
2,670,515
2,500
5.000%,
11/15/47
11/27
at
100.00
2,529,499
28,565
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2020,
4.000%,
6/01/53
6/30
at
100.00
26,285,733
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A
:
1,500
4.000%,
2/15/44
2/29
at
100.00
1,439,553
2,000
4.000%,
2/15/49
2/29
at
100.00
1,872,549
9,425
4.000%,
2/15/54
2/29
at
100.00
8,571,490
3,000
(d)
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2014A,
4.000%,
6/01/33,
(Pre-
refunded
6/01/24)
6/24
at
100.00
2,999,450
3,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
SSM
Health
Care,
Series
2022A,
4.000%,
6/01/52
6/32
at
100.00
2,769,208
10,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Children's
Mercy
Hospital,
Series
2017A,
4.000%,
5/15/42
5/25
at
102.00
9,657,131
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2014A
:
1,540
5.000%,
2/01/35
5/24
at
100.00
1,540,565
2,000
5.000%,
2/01/44
5/24
at
100.00
1,960,502
1,150
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A,
5.000%,
2/01/46
2/26
at
100.00
1,114,337
700
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016B,
5.000%,
2/01/34
2/26
at
100.00
706,942
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
92
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Missouri
(continued)
$
1,950
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019A,
5.000%,
2/01/42
5/24
at
104.00
$
1,936,251
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2019C
:
1,500
5.000%,
2/01/42
2/29
at
102.00
1,489,424
1,000
4.000%,
2/01/48
2/29
at
100.00
817,294
7,085
Missouri
Joint
Municipal
Electric
Utility
Commission,
Power
Project
Revenue
Bonds,
Pairie
State
Power
Project,
Refunding
Series
2016A,
5.000%,
12/01/34
6/26
at
100.00
7,233,072
Saint
Charles
County
Francis
Howell
School
District,
Missouri,
General
Obligation
Bonds,
Series
2022
:
5,000
5.000%,
3/01/41
3/31
at
100.00
5,402,385
2,000
5.000%,
3/01/42
3/31
at
100.00
2,150,378
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Refudning
Series
2016C
:
1,675
4.000%,
12/01/31
12/25
at
100.00
1,685,383
2,535
5.000%,
12/01/32
12/25
at
100.00
2,575,888
3,500
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Ranken-Jordan
Project,
Refunding
&
Improvement
Series
2016,
5.000%,
11/15/41
11/25
at
100.00
3,420,684
220
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A,
5.875%,
9/01/43
5/24
at
100.00
220,133
7,250
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2018A,
5.250%,
9/01/53
9/25
at
103.00
6,885,966
2,300
(c)
Taney
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Improvement
Bonds,
Big
Cedar
Infrastructure
Project
Series
2023,
6.000%,
10/01/49
10/30
at
100.00
2,234,421
570
The
Industrial
Development
Authority
of
the
City
of
Saint
Louis,
Missouri,
Development
Financing
Revenue
Bonds,
Ballpark
Village
Development
Project,
Series
2017A,
3.875%,
11/15/29
11/26
at
100.00
506,274
Total
Missouri
206,365,291
Montana
-
0.5%
(0.3%
of
Total
Investments)
2,975
Kalispell,
Montana,
Housing
and
Healthcare
Facilities
Revenue
Bonds,
Immanuel
Lutheran
Corporation,
Series
2017A,
5.250%,
5/15/47
5/25
at
102.00
2,436,159
4,965
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
4,946,846
3,310
Montana
Facility
Finance
Authority,
Montana,
Health
Facilities
Reveue
Bonds,
Bozeman
Deaconess
Health
Services
Obligated
Group,
Series
2018,
5.000%,
6/01/48
6/28
at
100.00
3,368,085
1,825
Montana
Facility
Finance
Authority,
Revenue
Bonds,
Billings
Clinic
Obligated
Group,
Series
2018A,
5.000%,
8/15/48
8/28
at
100.00
1,858,685
6,130
Montana
State
Board
of
Regents
of
Higher
Education,
General
Revenue
Bonds,
Series
2022,
5.250%,
11/15/52
-
AGM
Insured
11/32
at
100.00
6,599,766
Total
Montana
19,209,541
Nebraska
-
1.2%
(0.7%
of
Total
Investments)
14,165
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A,
5.000%,
9/01/42
No
Opt.
Call
14,643,662
3,000
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Series
2017,
5.000%,
11/15/47
5/27
at
100.00
3,032,420
93
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Nebraska
(continued)
$
3,500
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015,
5.000%,
11/01/45
11/25
at
100.00
$
3,528,198
1,900
Douglas
County
School
District
54,
Ralston,
Nebraska,
General
Obligation
Bonds,
Series
2023,
5.000%,
12/15/48
12/32
at
100.00
2,017,326
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
2,207,764
2,000
5.000%,
7/01/30
7/27
at
100.00
2,052,902
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
1,009,144
820
5.000%,
7/01/33
7/25
at
100.00
827,143
2,000
5.000%,
7/01/34
7/25
at
100.00
2,016,311
5,110
Municipal
Energy
Agency
of
Nebraska,
Power
Supply
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
4/01/38
10/26
at
100.00
5,268,387
8,500
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024C,
4.800%,
9/01/54,
(UB),
(WI/DD)
3/33
at
100.00
8,522,077
Total
Nebraska
45,125,334
Nevada
-
2.8%
(1.7%
of
Total
Investments)
6,480
Carson
City,
Nevada,
Hospital
Revenue
Bonds,
Carson
Tahoe
Regional
Healthcare
Project,
Series
2017A,
5.000%,
9/01/47
9/27
at
100.00
6,501,988
7,525
Clark
County,
Nevada,
General
Obligation
Bonds,
Stadium
Improvement,
Limited
Tax
Additionally
Secured
by
Pledged
Revenues,
Series
2018A,
5.000%,
5/01/48
6/28
at
100.00
7,773,835
365
(c)
Director
of
the
State
of
Nevada
Department
of
Business
and
Industry,
Charter
School
Lease
Revenue
Bonds,
Somerset
Academy,
Series
2018A,
5.000%,
12/15/38
12/25
at
100.00
360,140
Henderson,
Nevada,
Limited
Obligation
Bonds,
Local
Improvement
District
T-18
Inspirada,
Refunding
Series
2016
:
2,240
4.000%,
9/01/26
No
Opt.
Call
2,205,291
1,485
4.000%,
9/01/27
9/26
at
100.00
1,451,629
2,585
4.000%,
9/01/29
9/26
at
100.00
2,488,144
2,835
4.000%,
9/01/30
9/26
at
100.00
2,710,168
18,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/43
7/28
at
100.00
18,704,938
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015
:
5,000
5.000%,
6/01/32
12/24
at
100.00
5,039,377
58,505
5.000%,
6/01/39
12/24
at
100.00
58,741,859
Total
Nevada
105,977,369
New
Hampshire
-
0.1%
(0.1%
of
Total
Investments)
1,500
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Concord
Hospital,
Series
2017,
5.000%,
10/01/47
10/27
at
100.00
1,517,318
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
1,155,088
2,935
5.000%,
8/01/37
2/28
at
100.00
3,026,656
Total
New
Hampshire
5,699,062
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
94
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
-
7.6%
(4.6%
of
Total
Investments)
$
10,600
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B,
5.000%,
11/01/25
No
Opt.
Call
$
10,799,392
6,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Montclair
Properties
LLC,
Montclair
State
University
Student
Housing
Project,
Refunding
Series
2017,
5.000%,
6/01/42
-
AGM
Insured
6/27
at
100.00
6,086,570
20,890
(d)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
5.500%,
6/15/30,
(Pre-
refunded
12/15/26)
12/26
at
100.00
22,117,133
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2014UU
:
5,515
(d)
5.000%,
6/15/30,
(Pre-refunded
6/15/24)
6/24
at
100.00
5,520,330
4,065
(d)
5.000%,
6/15/40,
(Pre-refunded
6/15/24)
6/24
at
100.00
4,067,697
935
(d)
5.000%,
6/15/40,
(Pre-refunded
6/15/24)
6/24
at
100.00
935,904
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2018EEE
:
2,515
5.000%,
6/15/43
12/28
at
100.00
2,592,180
370
(d)
5.000%,
6/15/43,
(Pre-refunded
12/15/28)
12/28
at
100.00
402,534
2,415
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ,
4.000%,
6/15/50
12/30
at
100.00
2,251,463
2,500
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A,
5.000%,
7/01/37
7/27
at
100.00
2,590,175
720
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital,
Series
2013A,
5.500%,
7/01/43
5/24
at
100.00
721,858
26,320
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A,
5.000%,
7/01/43
7/26
at
100.00
26,761,223
12,775
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
11,919,429
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
3,130,530
7,795
5.000%,
6/15/29
6/26
at
100.00
7,994,809
5,450
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB,
4.000%,
6/15/46
12/31
at
100.00
5,145,883
4,390
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC,
5.500%,
6/15/50
12/32
at
100.00
4,769,044
4,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023AA,
5.000%,
6/15/40
6/33
at
100.00
4,360,682
4,890
(h)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023BB,
5.250%,
6/15/50,
(UB)
12/33
at
100.00
5,236,126
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
:
5,000
0.000%,
12/15/26
No
Opt.
Call
4,535,418
16,495
0.000%,
12/15/33
No
Opt.
Call
11,481,249
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
:
1,815
0.000%,
12/15/26
No
Opt.
Call
1,652,721
10,000
0.000%,
12/15/30
-
FGIC
Insured
No
Opt.
Call
7,816,569
38,000
0.000%,
12/15/33
-
AGM
Insured
No
Opt.
Call
26,700,609
45,000
0.000%,
12/15/35
-
AMBAC
Insured
No
Opt.
Call
28,562,463
10,000
0.000%,
12/15/36
-
AMBAC
Insured
No
Opt.
Call
6,011,085
95
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
$
5,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A,
5.000%,
12/15/32
12/29
at
100.00
$
5,437,439
5,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB,
4.000%,
6/15/44
12/28
at
100.00
4,772,455
10,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA,
4.000%,
6/15/50
12/30
at
100.00
9,279,020
14,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2005D-
1,
5.250%,
1/01/26
-
AGM
Insured
No
Opt.
Call
14,366,971
1,160
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2017B,
4.000%,
1/01/34
1/28
at
100.00
1,187,118
1,500
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2017G,
4.000%,
1/01/33
1/28
at
100.00
1,535,400
5,500
(h)
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B,
5.000%,
1/01/46,
(UB)
1/33
at
100.00
5,926,408
3,000
Rahway
Valley
Sewerage
Authority,
New
Jersey,
Sewer
Revenue
Bonds,
Series
2005A,
0.000%,
9/01/25
-
NPFG
Insured
No
Opt.
Call
2,851,603
5,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A,
5.250%,
11/01/52
11/32
at
100.00
5,232,715
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
:
10,355
5.000%,
6/01/46
6/28
at
100.00
10,588,269
4,710
5.250%,
6/01/46
6/28
at
100.00
4,877,443
2,440
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
2,464,065
Total
New
Jersey
282,681,982
New
Mexico
-
0.2%
(0.1%
of
Total
Investments)
3,955
New
Mexico
Hospital
Equipment
Loan
Council,
Hospital
Revenue
Bonds,
Presbyterian
Healthcare
Services,
Series
2019A,
4.000%,
8/01/48
8/29
at
100.00
3,610,998
2,500
University
of
New
Mexico,
Revenue
Bonds,
System
Improvement
Series
2023,
5.500%,
6/01/53
-
AGM
Insured
6/33
at
100.00
2,732,822
Total
New
Mexico
6,343,820
New
York
-
11.2%
(6.8%
of
Total
Investments)
7,000
Brooklyn
Arena
Local
Development
Corporation,
New
York,
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Barclays
Center
Project,
Series
2009,
0.000%,
7/15/45
No
Opt.
Call
2,461,756
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2015A
:
11,930
5.000%,
7/01/50
7/25
at
100.00
11,961,953
900
(d)
5.000%,
7/01/50,
(Pre-refunded
7/01/25)
7/25
at
100.00
914,906
1,000
(c)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017,
5.000%,
12/01/33
6/27
at
100.00
938,122
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2015B
Group
C
:
14,070
5.000%,
2/15/36
2/25
at
100.00
14,172,445
5
(d)
5.000%,
2/15/36,
(Pre-refunded
2/15/25)
2/25
at
100.00
5,055
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A
:
10,000
4.000%,
3/15/39
3/32
at
100.00
10,075,316
19,335
5.000%,
3/15/46
3/32
at
100.00
20,617,684
4,115
4.000%,
3/15/49
3/32
at
100.00
3,922,502
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
96
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
14,800
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019A.
Bidding
Group
1,2,3,4,
4.000%,
3/15/48
3/29
at
100.00
$
14,085,742
37,175
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019D,
4.000%,
2/15/47
2/30
at
100.00
35,643,866
10,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018E
Group
2,
5.000%,
3/15/40
9/28
at
100.00
10,478,812
1,645
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A,
5.250%,
12/01/52
12/32
at
100.00
1,678,802
10,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005,
5.250%,
10/01/35
No
Opt.
Call
11,521,458
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
1,029,769
780
5.000%,
9/01/44
9/24
at
100.00
781,015
5,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018,
5.000%,
9/01/37
9/28
at
100.00
5,331,454
8,620
(h)
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds, University
of
Rochester
Project,
Series
2023A,
5.000%,
7/01/53,
(UB)
7/33
at
100.00
9,090,965
5,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
EE,
4.000%,
6/15/42
6/30
at
100.00
4,993,673
5,500
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
GG-1,
4.000%,
6/15/50
6/30
at
100.00
5,263,975
6,140
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
BB-1,
5.250%,
6/15/54
12/33
at
100.00
6,690,006
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2019
Series
A-1,
5.000%,
8/01/40
8/28
at
100.00
5,212,742
7,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2021
Subseries
C-1,
4.000%,
5/01/46
11/30
at
100.00
6,763,023
10,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2021
Subseries
E-1,
4.000%,
2/01/42
2/31
at
100.00
9,866,572
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1
:
13,000
5.000%,
2/01/47
2/32
at
100.00
13,811,187
1,500
5.000%,
2/01/51
2/32
at
100.00
1,579,856
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
2,107,313
10,370
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
Series
A-1,
4.000%,
8/01/42
8/29
at
100.00
10,117,381
3,500
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
SeriesD-1,
4.000%,
3/01/50
3/30
at
100.00
3,325,817
12,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
F-1,
4.000%,
3/01/47
3/31
at
100.00
11,523,356
12,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2022
Series
A-1,
5.000%,
8/01/47
8/31
at
100.00
12,706,098
5,365
(h)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2024
Series
A,
5.000%,
8/01/51,
(UB)
8/33
at
100.00
5,698,165
97
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
10
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
Series
1996J,
5.500%,
2/15/26
5/24
at
100.00
$
10,015
5
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
Series
1997H,
6.125%,
8/01/25
5/24
at
100.00
5,012
23,920
(c)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44
11/24
at
100.00
23,707,356
1,590
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021,
4.000%,
2/15/43
-
BAM
Insured
2/30
at
100.00
1,571,314
10,000
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2016A,
5.250%,
1/01/56
1/26
at
100.00
10,132,784
5,900
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A,
4.000%,
3/15/50
9/32
at
100.00
5,556,730
4,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Transportation
Series
2021A-1,
4.000%,
3/15/44
3/31
at
100.00
3,878,342
10,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Green
Series
2023A,
5.000%,
3/15/63
9/33
at
100.00
10,501,244
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2022A
:
25,035
5.000%,
3/15/45
9/32
at
100.00
26,878,249
5,500
5.000%,
3/15/46
9/32
at
100.00
5,880,405
7,500
New
York
State
Urban
Development
Corporation,
State
Sales
Tax
Revenue
Bonds,
Series
2019A,
5.000%,
3/15/40
9/29
at
100.00
8,000,937
5,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/15/50
5/25
at
100.00
5,036,256
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
7,894,333
1,105
0.000%,
11/15/32
No
Opt.
Call
777,209
1,300
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2020A,
5.000%,
11/15/54
11/30
at
100.00
1,356,435
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A
:
3,265
5.000%,
5/15/44
5/32
at
100.00
3,519,444
9,695
5.000%,
5/15/57
5/32
at
100.00
10,183,817
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2022A
:
6,500
5.000%,
5/15/47
11/32
at
100.00
6,954,471
12,000
5.250%,
5/15/52
11/32
at
100.00
12,938,235
10,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2024A-1,
5.250%,
5/15/59
5/34
at
100.00
10,833,383
5,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/45
6/27
at
100.00
4,522,363
820
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023,
5.750%,
11/01/48
-
AGM
Insured
11/33
at
100.00
926,207
Total
New
York
415,435,327
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
98
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
North
Carolina
-
3.5%
(2.1%
of
Total
Investments)
Catawba
County,
North
Carolina,
General
Obligation
Bonds,
Limited
Obligation
Series
2014A
:
$
1,000
5.000%,
6/01/30
6/24
at
100.00
$
1,000,958
730
5.000%,
6/01/31
6/24
at
100.00
730,702
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Refunding
Series
2017A
:
1,365
5.000%,
7/01/42
7/27
at
100.00
1,409,135
5,390
5.000%,
7/01/47
7/27
at
100.00
5,526,833
5,000
Charlotte,
North
Carolina,
Airport
Revenue
Bonds,
Charlotte
Douglas
International,
Series
2023A,
5.000%,
7/01/48
7/33
at
100.00
5,372,060
2,045
Charlotte,
North
Carolina,
Storm
Water
Fee
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
12/01/39
12/24
at
100.00
2,057,743
2,325
Charlotte,
North
Carolina,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
7/01/40
7/25
at
100.00
2,352,401
4,000
Charlotte-Mecklenburg
Hospital
Authority,
North
Carolina,
Health
Care
Revenue
Bonds,
Doing
Business
as
Atrium
Health,
Refunding
Series
2018A,
5.000%,
1/15/36
1/29
at
100.00
4,267,622
4,750
Greensboro,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Series
2017A,
4.000%,
6/01/47
6/27
at
100.00
4,628,284
2,000
(d)
Greensboro,
North
Carolina,
Limited
Obligation
Bonds,
Coliseum
Complex
Project,
Series
2018A,
5.000%,
4/01/42,
(Pre-refunded
4/01/28)
4/28
at
100.00
2,146,735
500
Henderson
County,
North
Carolina,
Limited
Obligation
Bonds,
Series
2015,
5.000%,
10/01/31
10/25
at
100.00
511,028
6,140
(d)
New
Hanover
County,
North
Carolina,
Hospital
Revenue
Bonds,
New
Hanover
Regional
Medical
Center,
Series
2017,
5.000%,
10/01/47,
(Pre-
refunded
10/01/27)
10/27
at
100.00
6,471,881
1,800
North
Carolina
Agricultural
&
Technical
State
University,
General
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
10/01/40
10/25
at
100.00
1,819,259
2,500
North
Carolina
Agricultural
&
Technical
State
University,
General
Revenue
Bonds,
Series
2023,
5.000%,
10/01/52
10/33
at
100.00
2,631,740
3,900
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Refunding
Series
2016B,
5.000%,
7/01/42
10/26
at
100.00
4,006,341
9,485
(d),(h)
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Series
2015
A,
5.000%,
10/01/55,
(Pre-refunded
10/01/25),
(UB)
10/25
at
100.00
9,686,737
1,605
(d)
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Series
2015
A,
5.000%,
10/01/55,
(Pre-refunded
10/01/25)
10/25
at
100.00
1,639,137
5,000
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Refunding
Series
2016,
4.000%,
1/01/37
7/26
at
100.00
5,025,852
2,500
North
Carolina
Capital
Facilities
Financing
Agency,
Educational
Facility
Revenue
Bonds,
Wake
Forest
University,
Series
2018,
5.000%,
1/01/48
1/28
at
100.00
2,577,828
North
Carolina
Medical
Care
Commission, Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016
:
700
5.000%,
10/01/31
10/24
at
102.00
702,493
2,720
5.000%,
10/01/37
10/24
at
102.00
2,667,806
3,000
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Wake
Forest
Baptist
Obligated
Group,
Series
2012A,
5.000%,
12/01/45
5/24
at
100.00
3,000,860
500
North
Carolina
Medical
Care
Commission,
Revenue
Bonds,
First
Mortgage
Galloway
Ridge
Project,
Refunding
Series
2019A,
5.000%,
1/01/39
1/27
at
103.00
461,746
99
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
North
Carolina
(continued)
North
Carolina
Municipal
Power
Agency
1,
Catawba
Electric
Revenue
Bonds,
Refunding
Series
2015A
:
$
1,545
5.000%,
1/01/28
1/26
at
100.00
$
1,582,321
1,500
5.000%,
1/01/32
1/26
at
100.00
1,534,074
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Capital
Appreciation
Series
2017C
:
835
0.000%,
7/01/28
7/26
at
91.99
694,695
800
0.000%,
7/01/30
7/26
at
83.69
609,524
850
0.000%,
7/01/31
7/26
at
79.58
615,580
2,400
0.000%,
7/01/33
7/26
at
71.99
1,571,848
3,160
0.000%,
7/01/36
7/26
at
61.63
1,765,988
3,100
0.000%,
7/01/37
7/26
at
58.52
1,640,529
1,900
0.000%,
7/01/40
7/26
at
50.36
843,268
400
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Series
2017A,
5.000%,
7/01/47
7/26
at
100.00
402,303
2,200
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017,
5.000%,
1/01/39
-
AGM
Insured
1/27
at
100.00
2,258,967
1,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Series
2018,
5.000%,
1/01/40
1/29
at
100.00
1,027,146
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2009B
:
150
0.000%,
1/01/31
-
AGC
Insured
No
Opt.
Call
117,056
4,375
0.000%,
1/01/33
-
AGC
Insured
No
Opt.
Call
3,139,719
2,300
0.000%,
1/01/34
-
AGC
Insured
No
Opt.
Call
1,583,109
2,380
0.000%,
1/01/35
-
AGC
Insured
No
Opt.
Call
1,567,810
7,575
0.000%,
1/01/37
-
AGC
Insured
No
Opt.
Call
4,485,806
1,470
0.000%,
1/01/38
-
AGC
Insured
No
Opt.
Call
818,349
10,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019,
5.000%,
1/01/49
1/30
at
100.00
10,165,931
3,040
Oak
Island,
North
Carolina,
Enterprise
System
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
6/01/33
6/25
at
100.00
3,084,955
5,000
Raleigh,
North
Carolina,
Combined
Enterprise
System
Revenue
Bonds,
Refunding
Series
2016A,
4.000%,
3/01/46
3/27
at
100.00
4,908,269
Sampson
County,
North
Carolina,
Limited
Obligaiton
Bonds,
Refunding
Series
2017
:
1,250
4.000%,
9/01/35
9/27
at
100.00
1,256,009
1,265
4.000%,
9/01/36
9/27
at
100.00
1,266,776
1,000
4.000%,
9/01/37
9/27
at
100.00
991,266
800
(d)
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
4/01/45,
(Pre-refunded
4/01/25)
4/25
at
100.00
810,674
4,735
University
of
North
Carolina,
Charlotte,
General
Revenue
Bonds,
Series
2017,
5.000%,
10/01/42
10/27
at
100.00
4,916,496
4,765
University
of
North
Carolina,
Greensboro,
General
Revenue
Bonds,
Series
2018,
5.000%,
4/01/43
4/28
at
100.00
4,948,768
1,250
Western
Carolina
University,
North
Carolina,
General
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
10/01/45
10/25
at
100.00
1,259,616
Total
North
Carolina
130,562,033
North
Dakota
-
0.9%
(0.6%
of
Total
Investments)
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A
:
1,000
5.000%,
12/01/37
12/27
at
100.00
1,007,661
8,525
5.000%,
12/01/42
12/27
at
100.00
8,461,541
7,070
4.000%,
12/01/47
12/27
at
100.00
5,870,818
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
100
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
North
Dakota
(continued)
$
1,800
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2021,
4.000%,
12/01/51
12/31
at
100.00
$
1,462,194
645
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2023A,
5.000%,
12/01/53
-
AGM
Insured
12/33
at
100.00
657,647
900
Grand
Forks,
North
Dakota,
Senior
Housing
&
Nursing
Facilities
Revenue
Bonds,
Valley
Homes
and
Services
Obligated
Group,
Series
2017,
5.000%,
12/01/36
12/26
at
100.00
844,700
500
Grand
Forks,
North
Dakota,
Senior
Housing
and
Nursing
Facilities
Revenue
Bonds,
Valley
Homes
Obligated
Group,
Series
2016A,
5.125%,
12/01/24
No
Opt.
Call
500,275
2,700
University
of
North
Dakota,
Certificates
of
Participation,
Housing
Infrastructure
Project,
Series
2021A,
4.000%,
6/01/51
-
AGM
Insured
6/30
at
100.00
2,467,724
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
:
11,065
5.000%,
6/01/43
6/28
at
100.00
9,977,615
2,610
5.000%,
6/01/48
6/28
at
100.00
2,273,515
1,401
(e)
Williston,
North
Dakota,
Multifamily
Housing
Revenue
Bonds,
Eagle
Crest
Apartments
LLC
Project,
Series
2013,
7.750%,
9/01/38
5/24
at
100.00
700,388
Total
North
Dakota
34,224,078
Ohio
-
4.2%
(2.5%
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
3,065,825
8,255
5.250%,
11/15/46
11/26
at
100.00
8,333,129
10,940
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Refunding
&
Improvement
Series
2015A,
5.000%,
11/01/43
11/24
at
100.00
10,977,657
8,655
Allen
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2017A,
4.000%,
8/01/38
2/28
at
100.00
8,662,746
2,750
Bowling
Green
State
University,
Ohio,
General
Receipts
Bonds,
Series
2017B,
5.000%,
6/01/42
6/27
at
100.00
2,817,882
25,315
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
2,509,823
1,095
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
976,451
40,660
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
36,863,234
5,000
Cleveland
Clinic
Health
System
Obligated
Group,
Ohio,
Martin
County
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
Series
2019B,
4.000%,
1/01/43
1/29
at
100.00
4,844,726
1,000
Cleveland-Cuyahoga
County
Port
Authroity,
Ohio,
Cultural
Facility
Revenue
Bonds,
The
Cleveland
Museum
of
Natural
History
Project,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
894,457
5,165
Cuyahoga
Community
College
District,
Ohio,
General
Obligation
Bonds,
Facilities
Construction
&
Improvement
Series
2018,
4.000%,
12/01/38
6/26
at
100.00
5,173,446
5,975
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013,
5.000%,
6/15/43
5/24
at
100.00
5,117,041
101
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
Hamilton
County,
Ohio,
Healthcare
Revenue
Bonds,
Life
Enriching
Communities
Project,
Series
2017A
:
$
1,500
5.000%,
1/01/47
1/27
at
100.00
$
1,392,400
1,120
5.000%,
1/01/52
1/27
at
100.00
1,015,750
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
3,197,177
6,000
5.000%,
1/01/51
1/26
at
100.00
5,457,854
3,000
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
TriHealth,
Inc.
Obligated
Group
Project,
Series
2017A,
5.000%,
8/15/42
8/27
at
100.00
3,062,644
5,000
Miami
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Kettering
Health
Network
Obligated
Group
Project,
Refunding
Improvement
Series
2019,
5.000%,
8/01/49
8/28
at
100.00
5,043,489
6,000
Middletown
City
School
District,
Butler
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007,
5.250%,
12/01/31
-
AGM
Insured
No
Opt.
Call
6,701,039
3,000
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
University
of
Dayton,
Series
2018A,
5.000%,
12/01/48
6/28
at
100.00
3,066,576
1,755
(h)
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Social
Series
2024A,
4.550%,
9/01/49,
(UB)
9/33
at
100.00
1,738,775
3,195
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Fixed
Interest
Rate
Series
2020A,
5.000%,
1/15/50
1/30
at
100.00
3,278,746
7,065
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Series
2021A,
4.000%,
1/15/46
7/31
at
100.00
6,609,916
7,550
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-3,
5.800%,
2/15/36
2/31
at
100.00
8,760,196
2,400
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Green
Series
2023B,
5.000%,
12/01/43
6/33
at
100.00
2,636,364
4,250
Pickerington
Local
School
District,
Fairfield
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement,
Series
2023,
5.250%,
12/01/59
12/32
at
100.00
4,548,833
4,190
Springboro
Community
City
School
District,
Warren
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007,
5.250%,
12/01/26
-
AGM
Insured
No
Opt.
Call
4,370,915
3,670
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015,
6.000%,
3/01/45
3/25
at
100.00
3,656,672
Total
Ohio
154,773,763
Oklahoma
-
0.3%
(0.2%
of
Total
Investments)
1,165
Norman
Regional
Hospital
Authority,
Oklahoma,
Hospital
Revenue
Bonds,
Series
2019,
5.000%,
9/01/45
9/29
at
100.00
1,138,428
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
:
3,135
5.500%,
8/15/52
8/28
at
100.00
3,188,198
6,340
5.500%,
8/15/57
8/28
at
100.00
6,452,486
1,125
Tulsa
County
Industrial
Authority,
Oklahoma,
Senior
Living
Community
Revenue
Bonds,
Montereau,
Inc
Project,
Refunding
Series
2017,
5.250%,
11/15/37
11/25
at
102.00
1,130,373
Total
Oklahoma
11,909,485
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
102
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Oregon
-
2.9%
(1.7%
of
Total
Investments)
Clackamas
Community
College
District,
Oregon,
General
Obligation
Bonds,
Deferred
Interest
Series
2017A
:
$
760
5.000%,
6/15/38
6/27
at
100.00
$
786,569
1,000
5.000%,
6/15/39
6/27
at
100.00
1,033,174
1,725
5.000%,
6/15/40
6/27
at
100.00
1,777,618
1,185
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A,
5.375%,
11/15/55
11/25
at
102.00
1,091,625
1,310
Columbia
County
School
District
502
Saint
Helens,
Oregon,
General
Obligation
Bonds,
Series
2017,
5.000%,
6/15/38
6/27
at
100.00
1,353,847
4,170
Eugene,
Oregon,
Electric
Utility
Revenue
Bonds,
Series
2020A,
4.000%,
8/01/45
8/30
at
100.00
4,054,689
2,250
Eugene,
Oregon,
Water
Utility
System
Revenue
Bonds,
Series
2023,
5.000%,
8/01/52
8/33
at
100.00
2,407,536
2,820
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2016A,
5.000%,
6/01/46
6/26
at
100.00
2,838,586
7,895
Oregon
Facilities
Authority,
Revenue
Bonds,
Legacy
Health
Project,
Series
2022A,
5.000%,
6/01/52
6/32
at
100.00
8,157,374
Oregon
Facilities
Authority,
Revenue
Bonds,
Samaritan
Health
Services,
Refunding
Series
2016A
:
6,275
5.000%,
10/01/35
10/26
at
100.00
6,391,573
2,120
5.000%,
10/01/46
10/26
at
100.00
2,097,923
140
(d)
5.000%,
10/01/46,
(Pre-refunded
10/01/26)
10/26
at
100.00
145,102
23,400
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021A,
4.000%,
7/01/51
1/32
at
100.00
21,938,375
4,100
Port
of
Portland,
Oregon,
Portland
International
Airport,
Revenue
Bonds,
Series
2019
25A,
5.000%,
7/01/49
7/29
at
100.00
4,267,616
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Refunding
Series
2016A
:
4,000
4.000%,
5/15/41
5/26
at
100.00
3,851,078
13,220
5.000%,
5/15/46
5/26
at
100.00
13,354,687
8,005
Salem
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Salem
Health
Projects,
Series
2019A,
5.000%,
5/15/44
5/29
at
100.00
8,214,472
10,805
Tualatin
Valley
Water
District,
Oregon,
Water
Revenue
Bonds,
Series
2023,
5.000%,
6/01/48
6/33
at
100.00
11,560,735
10,000
University
of
Oregon,
General
Revenue
Bonds,
Series
2020A,
5.000%,
4/01/50
4/30
at
100.00
10,425,907
500
(c)
Warm
Springs
Reservation
Confederated
Tribes,
Oregon,
Hydroelectric
Revenue
Bonds,
Tribal
Economic
Development
Bond
Pelton
Round
Butte
Project,
Taxable
Refunding
Green
Series
2019B,
5.000%,
11/01/36
5/29
at
100.00
536,795
Total
Oregon
106,285,281
Pennsylvania
-
5.5%
(3.4%
of
Total
Investments)
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2020B
:
1,670
4.000%,
6/01/45
12/30
at
100.00
1,616,537
2,000
4.000%,
6/01/50
12/30
at
100.00
1,853,327
Bethlehem
Authority,
Northampton
and
Lehigh
Counties,
Pennsylvania,
Guaranteed
Water
Revenue
Bonds,
Series
1998
:
3,135
0.000%,
5/15/24
-
AGM
Insured
No
Opt.
Call
3,129,779
3,155
0.000%,
5/15/26
-
AGM
Insured
No
Opt.
Call
2,903,783
4,145
0.000%,
11/15/26
-
AGM
Insured
No
Opt.
Call
3,742,208
2,800
0.000%,
5/15/28
-
AGM
Insured
No
Opt.
Call
2,393,398
3,000
0.000%,
11/15/28
-
AGM
Insured
No
Opt.
Call
2,516,511
103
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
1,200
Centre
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Mount
Nittany
Medical
Center
Project,
Series
2018A,
5.000%,
11/15/42
11/27
at
100.00
$
1,222,350
895
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018,
5.000%,
6/01/34
6/28
at
100.00
946,073
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017
:
3,595
5.000%,
7/01/42
7/27
at
100.00
3,737,282
5,000
5.000%,
7/01/47
7/27
at
100.00
5,121,534
395
Delaware
Valley
Regional
Finance
Authority,
Pennsylvania,
Local
Government
Revenue
Bonds,
Series
1997B,
5.700%,
7/01/27
-
AMBAC
Insured
No
Opt.
Call
419,781
5,000
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021,
5.000%,
11/01/51
11/29
at
100.00
5,097,981
4,915
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
United
Zion
Retirement
Community,
Series
2017A,
5.000%,
12/01/47
6/27
at
100.00
3,829,925
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
3,316,122
5,180
0.000%,
12/01/32
No
Opt.
Call
3,667,307
4,310
(d)
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A,
5.125%,
12/01/47,
(Pre-refunded
6/18/24)
6/24
at
100.00
4,315,697
5,210
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A,
5.000%,
9/01/43
9/28
at
100.00
5,311,352
1,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019,
4.000%,
9/01/44
9/29
at
100.00
931,583
5,000
(d)
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
5.250%,
1/15/45,
(Pre-refunded
1/15/25)
1/25
at
100.00
5,049,627
2,905
Neshaminy
School
District,
Bucks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2022,
4.000%,
11/01/43
5/30
at
100.00
2,876,895
631
(e)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Series
2013A0
&
AE2,
0.900%,
6/30/27
5/24
at
100.00
113,437
347
(e)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Taxable
Series
2013B,
0.900%,
6/30/27,
(cash
5.000%,
PIK
5.000%)
No
Opt.
Call
62,483
2,525
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University
Project,
Series
2024,
5.000%,
8/01/49
8/34
at
100.00
2,715,182
5,910
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019,
4.000%,
8/15/44
8/29
at
100.00
5,698,002
5,250
(h)
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A,
4.650%,
10/01/51,
(UB)
10/32
at
100.00
5,191,641
16,000
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A,
4.000%,
12/01/51
12/31
at
100.00
15,218,067
16,805
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E,
6.375%,
12/01/38
12/27
at
100.00
18,271,888
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B
:
6,580
5.000%,
12/01/40
12/25
at
100.00
6,657,063
8,510
5.000%,
12/01/45
12/25
at
100.00
8,602,230
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
104
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
5,800
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2019A,
5.000%,
12/01/49
12/29
at
100.00
$
6,025,812
6,500
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2021B,
5.000%,
12/01/46
6/31
at
100.00
6,868,122
17,375
(h)
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2023A,
5.250%,
12/01/53,
(UB)
12/33
at
100.00
18,641,801
19,250
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C,
6.250%,
6/01/33
-
AGM
Insured
6/26
at
100.00
20,434,204
7,475
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
12/01/45
12/30
at
100.00
7,089,704
1,445
Philadelphia
Authority
for
Industrial
Development
Senior
Living
Facilities,
Philadelphia,
Pennsylvania,
Revenue
Bonds,
Wesley
Enhanced
Living
Obligated
Group,
Series
2017A,
5.000%,
7/01/37
7/27
at
100.00
1,302,449
7,500
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
9/01/46
-
BAM
Insured
9/31
at
100.00
7,050,509
3,410
(d)
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
1997A,
5.125%,
8/01/27
-
AMBAC
Insured,
(ETM)
10/21
at
100.00
3,596,471
8,135
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A,
4.000%,
6/01/49
6/29
at
100.00
7,419,001
Total
Pennsylvania
204,957,118
Puerto
Rico
-
2.0%
(1.3%
of
Total
Investments)
3,996
Cofina
Class
2
Trust
Tax-Exempt
Class
2054,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAP0,
0.000%,
8/01/54
No
Opt.
Call
774,329
1,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
National
Series
2007VV,
5.250%,
7/01/24
-
NPFG
Insured
No
Opt.
Call
999,634
625
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Refunding
Series
2005SS,
5.000%,
7/01/25
-
SYNCORA
GTY
Insured
5/24
at
100.00
622,358
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
5,281
4.500%,
7/01/34
7/25
at
100.00
5,301,522
6,000
0.000%,
7/01/51
7/28
at
30.01
1,375,763
23,031
4.750%,
7/01/53
7/28
at
100.00
22,534,820
24,161
5.000%,
7/01/58
7/28
at
100.00
24,163,849
1,370
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
1,371,983
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
:
5,951
4.329%,
7/01/40
7/28
at
100.00
5,827,999
5,000
4.329%,
7/01/40
7/28
at
100.00
4,896,656
8,291
4.784%,
7/01/58
7/28
at
100.00
8,131,744
Total
Puerto
Rico
76,000,657
Rhode
Island
-
1.0%
(0.6%
of
Total
Investments)
3,000
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Lifespan
Obligated
Group
Issue
Series
2024,
5.250%,
5/15/54
5/34
at
100.00
3,132,605
1,315
Rhode
Island
Health
and
Educational
Building
Corporation,
Hospital
Financing
Revenue
Bonds,
Lifespan
Obligated
Group,
Refunding
Series
2016,
5.000%,
5/15/39
5/26
at
100.00
1,318,797
174,390
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
0.000%,
6/01/52
5/24
at
19.06
30,207,121
105
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Rhode
Island
(continued)
$
2,235
Rhode
Island
Turnpike
and
Bridge
Authority,
Motor
Fuel
Tax
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/40
4/26
at
100.00
$
2,262,230
Total
Rhode
Island
36,920,753
South
Carolina
-
3.8%
(2.3%
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
1,306,728
4,000
5.000%,
11/01/46
5/26
at
100.00
4,035,431
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
:
26,955
0.000%,
1/01/31
-
AMBAC
Insured
No
Opt.
Call
20,465,549
15,420
0.000%,
1/01/32
-
AMBAC
Insured
No
Opt.
Call
11,189,501
4,000
Rock
Hill,
South
Carolina,
Combined
Utility
System
Revenue
Bonds,
Series
2024A,
5.000%,
1/01/54
1/34
at
100.00
4,215,249
1,370
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Bishop
Gadsden
Episcopal
Retirement
Community,
Series
2019A,
5.000%,
4/01/54
4/26
at
103.00
1,253,127
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Riverwalk
Academy
Project
Series
2023A
:
1,000
7.000%,
6/15/43
6/33
at
100.00
1,027,668
1,095
7.125%,
6/15/53
6/33
at
100.00
1,123,255
13,475
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc,
Series
2020A,
4.000%,
12/01/44
6/30
at
100.00
12,839,776
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
McLeod
Health
Projects,
Refunding
&
Improvement
Series
2018
:
9,030
5.000%,
11/01/43
5/28
at
100.00
9,279,107
6,210
4.000%,
11/01/48
5/28
at
100.00
5,755,152
5,195
5.000%,
11/01/48
5/28
at
100.00
5,272,673
16,760
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2014C,
5.000%,
12/01/46
12/24
at
100.00
16,256,241
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
:
6,800
5.000%,
12/01/46
12/26
at
100.00
6,847,454
10,000
5.000%,
12/01/56
12/26
at
100.00
10,006,181
5,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A,
4.000%,
12/01/52
6/32
at
100.00
4,465,404
8,686
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022B,
4.000%,
12/01/39
6/32
at
100.00
8,539,024
17,240
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2014A,
5.500%,
12/01/54
6/24
at
100.00
17,238,919
Total
South
Carolina
141,116,439
South
Dakota
-
1.6%
(1.0%
of
Total
Investments)
4,000
Clay
County,
South
Dakota,
General
Obligation
Bonds,
Series
2023,
5.000%,
12/01/52
12/31
at
100.00
4,157,272
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
2,646,129
3,150
5.125%,
11/01/47
11/26
at
100.00
2,699,275
10,500
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Avera
Health
System,
Series
2014,
5.000%,
7/01/44
7/24
at
100.00
10,517,069
5,205
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Avera
Health,
Refunding
Series
2017,
5.000%,
7/01/46
7/27
at
100.00
5,173,073
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
106
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
South
Dakota
(continued)
$
22,800
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Monument
Health,
Inc.,
Series
2020A,
4.000%,
9/01/50
9/30
at
100.00
$
21,222,026
2,500
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2014B,
5.000%,
11/01/44
11/24
at
100.00
2,506,132
9,325
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2015,
5.000%,
11/01/45
11/25
at
100.00
9,414,925
Total
South
Dakota
58,335,901
Tennessee
-
1.4%
(0.8%
of
Total
Investments)
2,180
Greeneville
Health
and
Educational
Facilities
Board,
Tennessee,
Hospital
Revenue
Bonds,
Ballad
Health,
Series
2018A,
5.000%,
7/01/35
7/28
at
100.00
2,267,865
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
5,025,502
1,000
5.000%,
9/01/47
9/26
at
100.00
948,003
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
454,345
1,755
5.000%,
4/01/36
4/27
at
100.00
1,777,781
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
:
4,100
5.250%,
7/01/48
-
AGM
Insured
1/34
at
100.00
4,421,769
7,000
5.250%,
7/01/56
-
AGM
Insured
1/34
at
100.00
7,468,151
4,170
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Belmont
University,
Series
2023,
5.250%,
5/01/53
5/33
at
100.00
4,401,674
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
2,247,642
2,910
5.000%,
10/01/45
10/26
at
100.00
2,923,171
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University
Medical
Center,
Series
2016A
:
5,000
5.000%,
7/01/40
7/26
at
100.00
5,057,972
6,000
5.000%,
7/01/46
7/26
at
100.00
6,040,443
7,325
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Project
Revenue
Bonds,
Series
2023A-1,
5.000%,
5/01/53,
(Mandatory
Put
5/01/28)
2/28
at
100.22
7,548,777
Total
Tennessee
50,583,095
Texas
-
11.9%
(7.3%
of
Total
Investments)
2,260
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2023,
5.000%,
11/15/48
11/33
at
100.00
2,415,404
14,615
(h)
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/15/45,
(UB)
11/25
at
100.00
14,795,308
8,805
Bastrop
Independent
School
District,
Bastrop
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023,
5.000%,
2/15/53
2/33
at
100.00
9,325,245
1,000
Cedar
Hill
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2002,
0.000%,
8/15/32
-
FGIC
Insured
No
Opt.
Call
728,305
7,750
(d)
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A,
5.000%,
1/01/45,
(Pre-refunded
7/01/25)
7/25
at
100.00
7,881,910
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
:
107
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
1,925
4.350%,
12/01/42
5/24
at
100.00
$
1,743,879
1,000
4.400%,
12/01/47
5/24
at
100.00
868,230
10,000
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2021B,
5.000%,
12/01/47
12/30
at
100.00
10,626,051
10,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2022B,
5.000%,
11/01/50
11/32
at
100.00
10,624,512
6,125
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2023C,
4.000%,
11/01/45
11/30
at
100.00
5,912,840
9,000
Dallas-Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2021A,
4.000%,
11/01/46
11/30
at
100.00
8,628,234
160
(d)
Decatur
Hospital
Authority,
Texas,
Revenue
Bonds,
Wise
Regional
Health
System,
Series
2014A,
5.250%,
9/01/44,
(Pre-refunded
9/01/24)
9/24
at
100.00
160,551
3,700
El
Paso
Independent
School
District,
El
Paso
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2017,
5.000%,
8/15/42
8/26
at
100.00
3,772,760
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C
:
3,500
4.000%,
10/01/40
4/30
at
100.00
3,490,546
27,280
4.000%,
10/01/45
4/30
at
100.00
25,905,118
12,695
4.000%,
10/01/49
-
AGM
Insured
4/30
at
100.00
11,771,158
5,295
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Subordinate
Lien
Series
2018A.
Tela
Supported,
5.000%,
10/01/48
4/28
at
100.00
5,447,444
9,275
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Memorial
Hermann
Health
System,
Series
2022A,
4.125%,
7/01/52
7/32
at
100.00
8,519,871
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015
:
2,845
4.000%,
12/01/45
6/25
at
100.00
2,634,524
2,320
5.000%,
12/01/45
6/25
at
100.00
2,334,176
5,000
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2018A,
4.000%,
8/15/48
2/28
at
100.00
4,753,526
4,040
(c),(h)
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Tender
Options
Bond
Trust
2015-XF2184.
Formerly
Tender
Options
Bond
Trust
3028,
6.785%,
8/15/28
-
AGM
Insured,
(IF)
No
Opt.
Call
5,107,938
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
516,743
2,390
0.000%,
11/15/42
-
AGM
Insured
11/31
at
59.73
975,732
2,660
0.000%,
11/15/43
-
AGM
Insured
11/31
at
56.93
1,022,932
7,260
0.000%,
11/15/44
-
AGM
Insured
11/31
at
54.25
2,637,173
10,440
0.000%,
11/15/45
-
AGM
Insured
11/31
at
51.48
3,575,981
7,165
0.000%,
11/15/49
-
AGM
Insured
11/31
at
41.91
1,969,382
3,000
0.000%,
11/15/52
-
AGM
Insured
11/31
at
35.81
700,559
2,710
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
2,794,964
365
Houston,
Texas,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2000B,
5.450%,
7/01/24
-
AGM
Insured
No
Opt.
Call
365,809
5,000
Houston,
Texas,
Combined
Utility
System
Revenue
Bonds,
Combined
First
Lien
Series
2024A,
5.250%,
11/15/54,
(WI/DD)
5/34
at
100.00
5,449,750
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B
:
10,850
0.000%,
9/01/25
-
AMBAC
Insured
No
Opt.
Call
10,283,735
1,715
0.000%,
9/01/32
-
AMBAC
Insured
No
Opt.
Call
1,233,708
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
108
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
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
$
2,751,275
4,000
4.000%,
8/15/41
8/25
at
100.00
3,905,040
8,305
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2015,
5.000%,
5/15/45
5/25
at
100.00
8,366,969
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
:
1,780
5.750%,
12/01/33
12/25
at
100.00
1,795,060
1,800
6.125%,
12/01/38
12/25
at
100.00
1,811,949
9,750
Midland
Independent
School
District,
Midland
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024,
4.000%,
2/15/54
2/33
at
100.00
9,117,156
Midtown
Redevelopment
Authority,
Texas,
Tax
Increment
Contract
Revenue,
Refunding
Series
2017
:
16,285
5.000%,
1/01/36
1/27
at
100.00
16,968,654
10,040
5.000%,
1/01/38
-
AGM
Insured
1/27
at
100.00
10,388,444
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
2,111,963
1,815
5.000%,
9/15/48
9/25
at
100.00
1,823,223
4,240
New
Braunfels,
Comal
County,
Texas,
Utility
System
Revenue
Bonds,
Refunding
Series
2022,
5.000%,
7/01/47
7/32
at
100.00
4,498,716
3,900
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Foundation
-
College
Station
I
LLC
-
Texas
A&M
University
Project,
Series
2014A,
5.000%,
4/01/46
-
AGM
Insured
5/24
at
100.00
3,875,178
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C
:
1,880
(d)
7.000%,
9/01/43,
(Pre-refunded
9/01/31)
9/31
at
100.00
2,297,097
7,990
(d)
6.750%,
9/01/45,
(Pre-refunded
9/01/31)
9/31
at
100.00
9,808,422
4,000
(d)
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Capital
Appreciation
Series
2008I,
6.500%,
1/01/43,
(Pre-refunded
1/01/25)
1/25
at
100.00
4,074,465
2,125
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D,
0.000%,
1/01/28
-
AGC
Insured
No
Opt.
Call
1,859,233
2,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2015B,
5.000%,
1/01/45
1/25
at
100.00
2,005,924
14,610
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2017A,
5.000%,
1/01/43
1/28
at
100.00
15,123,277
5,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2018,
5.000%,
1/01/48
1/28
at
100.00
5,112,364
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A
:
6,285
5.000%,
1/01/33
1/25
at
100.00
6,330,105
8,000
5.000%,
1/01/35
1/25
at
100.00
8,052,355
10,500
Port
of
Houston
Authority,
Harris
County,
Texas,
Revenue
Bonds,
First
Lien
Series
2023,
5.000%,
10/01/53
10/33
at
100.00
11,103,347
2,250
Red
River
Education
Finance
Corporation,
Texas,
Higher
Education
Revenue
Bonds,
Saint
Edward's
University
Project,
Series
2016,
4.000%,
6/01/36
6/26
at
100.00
2,088,745
2,000
San
Antonio,
Texas,
General
Obligation
Bonds,
General
Improvement
Series
2021,
4.000%,
8/01/41
8/31
at
100.00
2,021,952
109
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
7,975
Tarrant
County
College
District,
Texas,
General
Obligation
Bonds,
Series
2022,
5.000%,
8/15/39
8/32
at
100.00
$
8,783,408
2,500
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Methodist
Hospital
of
Dallas,
Series
2022,
4.000%,
10/01/47
4/32
at
100.00
2,390,204
1,500
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Christus
Health,
Series
2022A,
4.000%,
7/01/53
7/32
at
100.00
1,352,684
2,500
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A,
5.000%,
2/15/41
8/26
at
100.00
2,543,751
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
LBJ
Infrastructure
Group
LLC
IH-635
Managed
Lanes
Project,
Refunding Series
2020A
:
1,805
4.000%,
12/31/37
12/30
at
100.00
1,815,114
1,200
4.000%,
6/30/38
12/30
at
100.00
1,203,181
1,300
4.000%,
6/30/39
12/30
at
100.00
1,295,800
7,345
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
First
Tier
Series
2015B,
5.000%,
8/15/37
8/24
at
100.00
7,362,654
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2015C
:
3,650
5.000%,
8/15/33
8/24
at
100.00
3,659,352
6,385
5.000%,
8/15/37
8/24
at
100.00
6,395,701
44,120
5.000%,
8/15/42
8/24
at
100.00
44,147,085
1,000
Texas
Transportation
Commission,
State
Highway
249
System
Revenue
Bonds,
First
Tier
Toll
Series
2019A,
5.000%,
8/01/57
2/29
at
100.00
1,009,914
4,000
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A,
0.000%,
8/15/25
-
AMBAC
Insured
No
Opt.
Call
3,798,602
5,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2019A,
4.000%,
10/15/49
10/29
at
100.00
4,728,106
10,500
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2021,
4.000%,
10/15/51
10/31
at
100.00
9,831,572
17,220
University
of
Houston,
Texas,
Consolidated
Revenue
Bonds,
Refunding
Series
2022A,
5.000%,
2/15/52
2/32
at
100.00
18,174,439
7,000
West
Harris
County
Regional
Water
Authority,
Texas,
Water
System
Revenue
Bonds,
Series
2022,
5.000%,
12/15/57
-
AGM
Insured
12/32
at
100.00
7,317,437
Total
Texas
442,073,915
Utah
-
0.6%
(0.4%
of
Total
Investments)
6,000
(h)
Millard
School
District,
Utah,
Lease
Revenue
Bonds,
Local
Building
Authority
Series
2024,
5.000%,
5/15/59
-
BAM
Insured,
(UB)
5/34
at
100.00
6,348,140
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B
:
3,560
5.000%,
7/01/42
7/27
at
100.00
3,660,153
1,975
5.000%,
7/01/47
7/27
at
100.00
2,019,256
4,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
4,136,227
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
1,020,730
2,320
5.000%,
10/15/43
10/27
at
100.00
2,349,110
2,040
5.000%,
10/15/48
10/27
at
100.00
2,052,114
1,940
(h)
Utah
Housing
Corporation,
Single
Family
Mortgage
Bonds,
Series
2024C,
4.700%,
1/01/54,
(UB)
1/33
at
100.00
1,929,903
Total
Utah
23,515,633
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
110
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Vermont
-
0.4%
(0.2%
of
Total
Investments)
University
of
Vermont
and
State
Agricultural
College,
General
Obligation
Bonds,
Series
2015
:
$
1,000
4.000%,
10/01/40
10/25
at
100.00
$
975,956
10,000
5.000%,
10/01/45
10/25
at
100.00
10,082,384
2,730
Vermont
Educational
and
Health
Buildings
Financing
Agency,
Revenue
Bonds,
Middlebury
College
Project,
Series
2023,
5.000%,
11/01/52
11/33
at
100.00
2,901,242
Total
Vermont
13,959,582
Virgin
Islands
-
0.1%
(0.1%
of
Total
Investments)
2,645
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/32
No
Opt.
Call
2,842,294
Total
Virgin
Islands
2,842,294
Virginia
-
0.4%
(0.3%
of
Total
Investments)
1,610
Arlington
County
Industrial
Development
Authority,
Virginia,
Hospital
Facility
Revenue
Bonds,
Virginia
Hospital
Center,
Series
2020,
4.000%,
7/01/40
7/30
at
100.00
1,562,728
430
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B,
4.875%,
7/15/40
7/28
at
100.00
435,768
4,000
(h)
Fairfax
County
Industrial
Development
Authority,
Virginia,
Healthcare
Revenue
Bonds,
Inova
Health
System,
Series
2018A,
4.000%,
5/15/48,
(UB)
5/28
at
100.00
3,814,417
8,075
Hampton
Roads
Transportation
Accountability
Commission,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2022A,
4.000%,
7/01/52
7/32
at
100.00
7,635,960
425
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A,
6.875%,
12/01/58
12/30
at
103.00
460,866
1,800
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A,
7.000%,
9/01/53
9/30
at
103.00
1,996,195
Total
Virginia
15,905,934
Washington
-
3.6%
(2.2%
of
Total
Investments)
7,000
Central
Puget
Sound
Regional
Transit
Authority,
Washington,
Sales
Tax
and
Motor
Vehicle
Excise
Tax
Bonds,
Green
Series
2016S-1,
5.000%,
11/01/41
11/26
at
100.00
7,174,182
12,235
Chelan
County
Public
Utility
District
1,
Washington,
Columbia
River-Rock
Island
Hydro-Electric
System
Revenue
Refunding
Bonds,
Series
1997A,
0.000%,
6/01/26
-
NPFG
Insured
No
Opt.
Call
11,350,446
7,000
Douglas
County
Public
Utility
District
1,
Washington,
Revenue
Bonds,
Wells
Hydroelectric,
Series
2022B,
5.000%,
9/01/47
3/32
at
100.00
7,403,766
4,200
King
County
Public
Hospital
District
1,
Washington,
Limited
Tax
General
Obligation
Bonds,
Valley
Medical
Center,
Refunding
Series
2016,
5.000%,
12/01/36
12/26
at
100.00
4,262,507
7,500
King
County
Public
Hospital
District
1,
Washington,
Limited
Tax
General
Obligation
Bonds,
Valley
Medical
Center,
Refunding
Series
2018,
5.000%,
12/01/43
12/28
at
100.00
7,680,951
10,630
King
County
Public
Hospital
District
2,
Washington,
General
Obligation
Bonds,
EvergreenHealth,
Limited
Tax
2020A,
4.000%,
12/01/45
12/29
at
100.00
9,929,698
3,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2015A,
5.000%,
4/01/40
10/24
at
100.00
3,001,673
10,535
Seattle,
Washington,
Drainage
and
Wastewater
System
Revenue
Bonds,
Improvement
Series
2023,
5.000%,
2/01/49
2/33
at
100.00
11,286,057
111
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Washington
(continued)
$
15,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
$
14,017,914
3,750
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2022,
5.000%,
7/01/52
7/32
at
100.00
3,961,725
10,000
Seattle,
Washington,
Municipal
Light
and
Power
Revenue
Bonds,
Refunding
&
Improvement
Series
2023,
5.000%,
3/01/53
3/33
at
100.00
10,585,228
5,250
Tacoma,
Washington,
Sewer
Revenue
Bonds,
Series
2018,
4.000%,
12/01/48
12/28
at
100.00
5,036,206
535
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
502,802
6,180
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/44
8/29
at
100.00
6,353,449
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A
:
4,000
5.000%,
10/01/32
5/24
at
100.00
4,007,842
10,000
4.250%,
10/01/40
5/24
at
100.00
9,198,934
3,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D,
5.000%,
10/01/41
10/24
at
100.00
2,852,239
5,160
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Children's
Hospital,
Series
2015A,
4.000%,
10/01/45
4/30
at
100.00
4,927,626
2,600
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Subordinate
Series
2021B. Exchange
Purchase,
3.000%,
7/01/58
7/31
at
100.00
1,720,153
2,525
Washington
State
Higher
Education
Facilities
Authority,
Revenue
Bonds,
Seattle
University,
Series
2020,
4.000%,
5/01/45
5/30
at
100.00
2,302,693
500
(c)
Washington
State
Housing
Finance
Commission,
Non-profit
Housing
Revenue
Bonds,
Presbyterian
Retirement
Communities
Northwest
Proejct,
Refunding
Series
2016A,
5.000%,
1/01/46
1/25
at
102.00
402,061
9,000
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2003C,
0.000%,
6/01/28
-
FGIC
Insured
No
Opt.
Call
7,842,394
Total
Washington
135,800,546
West
Virginia
-
0.6%
(0.3%
of
Total
Investments)
12,690
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System
Obligated
Group,
Improvement
Series
2017A,
5.000%,
6/01/47
6/27
at
100.00
12,904,106
2,065
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2021,
5.000%,
6/01/47
6/31
at
100.00
2,183,625
5,750
West
Virginia
State,
General
Obligation
Bonds,
State
Road
Competitive
Series
2018B,
4.000%,
6/01/42
6/28
at
100.00
5,763,359
Total
West
Virginia
20,851,090
Wisconsin
-
4.2%
(2.6%
of
Total
Investments)
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
:
43
(c),(e)
0.000%,
1/01/46
No
Opt.
Call
1,156
42
(c),(e)
0.000%,
1/01/47
No
Opt.
Call
1,056
42
(c),(e)
0.000%,
1/01/48
No
Opt.
Call
992
42
(c),(e)
0.000%,
1/01/49
No
Opt.
Call
928
41
(c),(e)
0.000%,
1/01/50
No
Opt.
Call
848
45
(c),(e)
0.000%,
1/01/51
No
Opt.
Call
880
1,163
(c),(e)
3.750%,
7/01/51
3/28
at
100.00
809,256
45
(c),(e)
0.000%,
1/01/52
No
Opt.
Call
812
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
112
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
44
(c),(e)
0.000%,
1/01/53
No
Opt.
Call
$
759
44
(c),(e)
0.000%,
1/01/54
No
Opt.
Call
709
43
(c),(e)
0.000%,
1/01/55
No
Opt.
Call
661
43
(c),(e)
0.000%,
1/01/56
No
Opt.
Call
620
42
(c),(e)
0.000%,
1/01/57
No
Opt.
Call
579
42
(c),(e)
0.000%,
1/01/58
No
Opt.
Call
540
42
(c),(e)
0.000%,
1/01/59
No
Opt.
Call
509
41
(c),(e)
0.000%,
1/01/60
No
Opt.
Call
474
41
(c),(e)
0.000%,
1/01/61
No
Opt.
Call
440
40
(c),(e)
0.000%,
1/01/62
No
Opt.
Call
413
40
(c),(e)
0.000%,
1/01/63
No
Opt.
Call
386
39
(c),(e)
0.000%,
1/01/64
No
Opt.
Call
365
39
(c),(e)
0.000%,
1/01/65
No
Opt.
Call
340
39
(c),(e)
0.000%,
1/01/66
No
Opt.
Call
310
501
(c),(e)
0.000%,
1/01/67
No
Opt.
Call
3,653
1,950
Public
Finance
Authority
of
Wisconsin,
Health
Care
Facilities
Revenue
Bonds,
Appalachian
Regional
Healthcare
System
Obligated
Group,
Series
2021A,
4.000%,
7/01/56
1/31
at
100.00
1,396,426
8,335
(c)
Public
Finance
Authority,
Wisconsin,
Educational
Revenue
Bonds,
Lake
Norman
Charter
School,
Series
2018A,
5.000%,
6/15/48
6/26
at
100.00
7,728,563
10,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2013B-1,
4.000%,
11/15/43
5/28
at
100.00
9,511,918
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Aspirus,
Inc.
Obligated
Group,
Inc.
Project,
Series
2021
:
9,830
4.000%,
8/15/46
8/31
at
100.00
9,434,701
8,000
4.000%,
8/15/51
8/31
at
100.00
7,190,765
10,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2017C,
5.000%,
2/15/47
2/27
at
100.00
9,677,175
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016B,
5.000%,
2/15/35
2/26
at
100.00
2,021,415
7,625
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012,
5.000%,
6/01/39
5/24
at
100.00
7,626,743
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
PHW
Muskego,
Inc.
Project,
Series
2021
:
2,415
4.000%,
10/01/51
10/28
at
102.00
1,761,399
2,470
4.000%,
10/01/61
10/28
at
102.00
1,687,971
5,155
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A,
4.000%,
11/15/34
5/26
at
100.00
5,141,616
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
1,055,684
955
5.000%,
6/01/41
6/25
at
103.00
869,941
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Franciscan
Sisters
of
Christian
Charity
Sponsored
Ministry,
Series
2017A
:
1,000
(d)
5.000%,
9/01/30,
(Pre-refunded
9/01/27)
9/27
at
100.00
1,050,836
1,110
(d)
5.000%,
9/01/31,
(Pre-refunded
9/01/27)
9/27
at
100.00
1,166,428
1,100
(d)
5.000%,
9/01/32,
(Pre-refunded
9/01/27)
9/27
at
100.00
1,155,919
1,725
(d)
5.000%,
9/01/33,
(Pre-refunded
9/01/27)
9/27
at
100.00
1,812,691
1,775
(d)
5.000%,
9/01/34,
(Pre-refunded
9/01/27)
9/27
at
100.00
1,865,233
1,910
(d)
5.000%,
9/01/35,
(Pre-refunded
9/01/27)
9/27
at
100.00
2,007,096
2,065
(d)
5.000%,
9/01/36,
(Pre-refunded
9/01/27)
9/27
at
100.00
2,169,976
113
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
15,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Froedtert
Health,
Inc.
Obligated
Group,
Series
2022A,
4.000%,
4/01/41
10/32
at
100.00
$
14,529,377
18,595
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marquette
University,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
18,861,102
8,215
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A,
5.000%,
2/15/42
2/26
at
100.00
8,216,889
5,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2016,
5.000%,
12/01/41
11/26
at
100.00
5,111,769
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Medical
College
of
Wisconsin,
Inc.,
Series
2022
:
10,000
4.000%,
12/01/46
12/31
at
100.00
9,353,047
10,000
4.000%,
12/01/51
12/31
at
100.00
9,052,906
2,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021,
4.000%,
1/01/47
1/27
at
103.00
1,275,361
11,480
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ThedaCare
Inc,
Series
2015,
5.000%,
12/15/44
12/24
at
100.00
11,484,862
Total
Wisconsin
155,044,495
Total
Municipal
Bonds
(cost
$6,024,777,468)
6,048,121,392
Total
Long-Term
Investments
(cost
$6,024,777,468)
6,048,121,392
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
1.1% (0.6%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
1
.1
%
(
0
.6
%
of
Total
Investments)
X
39,140,000
Colorado
-
0.3%
(0.1%
of
Total
Investments)
$
10,000
(i)
University
of
Colorado
Hospital
Authority,
Colorado,
Revenue
Bonds,
Variable
Rate
Series
2018B,
3.800%,
11/15/35,
(Mandatory
Put
5/7/2024)
5/24
at
100.00
$
10,000,000
Total
Colorado
10,000,000
Minnesota
-
0.2%
(0.1%
of
Total
Investments)
5,900
(i)
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic
Series
2008A,
3.640%,
11/15/38,
(Mandatory
Put
5/7/2024)
4/24
at
100.00
5,900,000
Total
Minnesota
5,900,000
Missouri
-
0.2%
(0.1%
of
Total
Investments)
5,840
(i)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
BJC
Health
System,
Variable
Rate
Demand
Obligations,
Series
2008C,
3.750%,
5/15/38,
(Mandatory
Put
5/7/2024)
4/24
at
100.00
5,840,000
2,400
(i)
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Washington
University,
Variable
Rate
Demand
Obligations,
Series
2000B,
3.650%,
3/01/40,
(Mandatory
Put
4/30/2024)
5/24
at
100.00
2,400,000
Total
Missouri
8,240,000
New
York
-
0.1%
(0.1%
of
Total
Investments)
5,000
(i)
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Green
Sustainable
Development
Series
2023A-
3,
3.780%,
5/01/63,
(Mandatory
Put
5/7/2024)
4/24
at
100.00
5,000,000
Total
New
York
5,000,000
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
114
NEA
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
-
0.3%
(0.2%
of
Total
Investments)
$
10,000
(i)
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
Eighth
Series,
Variable
Rate
Demand
Obligations,
Series
2009D,
3.780%,
8/01/31,
(Mandatory
Put
5/7/2024)
5/24
at
100.00
$
10,000,000
Total
Pennsylvania
10,000,000
Total
Municipal
Bonds
(cost
$39,140,000)
39,140,000
Total
Short-Term
Investments
(cost
$39,140,000)
39,140,000
Total
Investments
(cost
$
6,063,917,468
)
-
164
.1
%
6,087,261,392
Floating
Rate
Obligations
-
(3.8)%
(
141,035,000
)
AMTP
Shares,
Net-
(4.7)%(j)
(
172,935,482
)
MFP
Shares,
Net
-
(25.9)%(k)
(
962,178,476
)
VRDP
Shares,
Net-
(31.1)%(l)
(
1,154,942,008
)
Other
Assets
&
Liabilities,
Net
- 1.4%
54,271,569
Net
Assets
Applicable
to
Common
Shares
-
100%
$
3,710,441,995
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$126,156,798
or
2.1%
of
Total
Investments.
(d)
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.
(e)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
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.
(h)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(i)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(j)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
2.8%.
(k)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
15.8%.
(l)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
19.0%.
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.
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
115
e
April
30,
2024
(Unaudited)
NAD
NEA
ASSETS
Long-term
investments,
at
value
†
$
4,976,572,666‌
$
6,048,121,392‌
Short-term
investments,
at
value
◊
15,635,000‌
39,140,000‌
Cash
held
in
escrow
for
preferred
shares
noticed
for
redemption
–‌
50,000,000‌
Receivables:
Dividends
463‌
–‌
Interest
71,331,532‌
82,179,528‌
Investments
sold
57,993,381‌
14,865,726‌
Other
799,066‌
1,569,507‌
Total
assets
5,122,332,108‌
6,235,876,153‌
LIABILITIES
Cash
overdraft
3,658,268‌
7,752,855‌
Floating
rate
obligations
308,100,000‌
141,035,000‌
AMTP
Shares,
Net
*
727,285,909‌
172,935,482‌
MFP
Shares,
Net
**
505,396,677‌
962,178,476‌
VRDP
Shares,
Net
***
503,719,279‌
1,154,942,008‌
Payables:
Management
fees
2,282,084‌
2,764,812‌
MFP
Shares
noticed
for
redemption,
at
liquidation
value
–‌
50,000,000‌
Dividends
11,520,234‌
14,467,970‌
Interest
5,581,525‌
2,573,433‌
Investments
purchased
-
regular
settlement
5,695,137‌
–‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
48,673,828‌
15,633,700‌
Accrued
expenses:
Custodian
fees
338,344‌
345,413‌
Investor
relations
61,954‌
51,998‌
Trustees
fees
436,476‌
580,639‌
Professional
fees
7,277‌
53,194‌
Shareholder
reporting
expenses
89,837‌
115,861‌
Shareholder
servicing
agent
fees
8,417‌
3,317‌
Total
liabilities
2,122,855,246‌
2,525,434,158‌
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
2,999,476,862‌
$
3,710,441,995‌
Common
shares
outstanding
233,404,655‌
298,992,392‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
12
.85‌
$
12
.41‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
2,334,047‌
$
2,989,924‌
Paid-in
capital
3,239,460,829‌
4,011,880,078‌
Total
distributable
earnings
(loss)
(
242,318,014‌
)
(
304,428,007‌
)
Net
assets
applicable
to
common
shares
$
2,999,476,862‌
$
3,710,441,995‌
Authorized
shares:
Common
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
†
Long-term
investments,
cost
$
4,940,962,744‌
$
6,024,777,468‌
◊
Short-term
investments,
cost
$
15,635,000‌
$
39,140,000‌
*
AMTP
Shares,
liquidation
preference
727,500,000‌
173,000,000‌
**
MFP
Shares,
liquidation
preference
505,800,000‌
963,900,000‌
***
VRDP
Shares,
liquidation
preference
504,300,000‌
1,159,400,000‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
See
Notes
to
Financial
Statements
116
0
Six
Months
Ended
April
30,
2024
(Unaudited)
NAD
NEA
INVESTMENT
INCOME
Dividends
$
10,055‌
$
—‌
Interest
111,917,225‌
136,401,624‌
Total
investment
income
111,927,280‌
136,401,624‌
EXPENSES
–
–
Management
fees
13,829,277‌
16,856,579‌
Shareholder
servicing
agent
fees
49,588‌
48,815‌
Interest
expense
and
amortization
of
offering
costs
41,410,956‌
47,601,433‌
Trustees
fees
82,836‌
103,878‌
Custodian
expenses,
net
115,098‌
114,295‌
Excise
tax
liability
expense
8,858‌
886‌
Investor
relations
expenses
113,738‌
250,189‌
Liquidity
fees
1,947,512‌
5,192,365‌
Professional
fees
404,723‌
410,478‌
Remarketing
fees
254,952‌
1,118,655‌
Shareholder
reporting
expenses
94,372‌
129,434‌
Stock
exchange
listing
fees
35,097‌
44,970‌
Other
73,358‌
181,214‌
Total
expenses
58,420,365‌
72,053,191‌
Net
investment
income
(loss)
53,506,915‌
64,348,433‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
17,771,385‌
)
(
5,585,980‌
)
Net
realized
gain
(loss)
(
17,771,385‌
)
(
5,585,980‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
331,708,806‌
393,109,666‌
Net
change
in
unrealized
appreciation
(depreciation)
331,708,806‌
393,109,666‌
Net
realized
and
unrealized
gain
(loss)
313,937,421‌
387,523,686‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
367,444,336‌
$
451,872,119‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
117
NAD
NEA
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
53,506,915‌
$
111,494,499‌
$
64,348,433‌
$
131,150,181‌
Net
realized
gain
(loss)
(17,771,385‌)
(59,006,602‌)
(5,585,980‌)
(78,469,770‌)
Net
change
in
unrealized
appreciation
(depreciation)
331,708,806‌
(9,283,730‌)
393,109,666‌
(18,105,892‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
367,444,336‌
43,204,167‌
451,872,119‌
34,574,519‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(65,353,302‌)
(111,450,722‌)
(81,026,940‌)
(131,275,845‌)
Total
distributions
(65,353,302‌)
(111,450,722‌)
(81,026,940‌)
(131,275,845‌)
CAPITAL
SHARE
TRANSACTIONS
Cost
of
shares
repurchased
and
retired
–‌
–‌
–‌
(445,350‌)
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—‌
—‌
—‌
(445,350‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
302,091,034‌
(68,246,555‌)
370,845,179‌
(97,146,676‌)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
2,697,385,828‌
2,765,632,383‌
3,339,596,816‌
3,436,743,492‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
2,999,476,862‌
$
2,697,385,828‌
$
3,710,441,995‌
$
3,339,596,816‌
Statement
of
Cash
Flows
See
Notes
to
Financial
Statements
118
Six
Months
Ended
April
30,
2024
(Unaudited)
NAD
NEA
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
367,444,336‌
$
451,872,119‌
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
(
552,600,707‌
)
(
339,611,067‌
)
Proceeds
from
sale
and
maturities
of
investments
447,602,795‌
333,018,264‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
56,380,000‌
17,665,000‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
(
4,491,129‌
)
(
5,729,006‌
)
Amortization
of
deferred
offering
costs
215,512‌
411,329‌
(Increase)
Decrease
in:
Receivable
for
dividends
(
150‌
)
—‌
Receivable
for
interest
(
3,166,985‌
)
(
780,119‌
)
Receivable
for
investments
sold
(
35,578,109‌
)
33,177,975‌
Other
assets
688,187‌
879,597‌
Increase
(Decrease)
in:
Payable
for
interest
4,625,661‌
1,716,279‌
Payable
for
investments
purchased
-
regular
settlement
(
7,610,041‌
)
(
18,071,815‌
)
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
46,238,778‌
(
1,582,509‌
)
Payable
for
management
fees
53,230‌
31,488‌
Accrued
custodian
fees
38,093‌
30,275‌
Accrued
investor
relations
fees
(
14,993‌
)
(
44,413‌
)
Accrued
Trustees
fees
(
739,059‌
)
(
1,002,760‌
)
Accrued
professional
fees
(
16,488‌
)
28,216‌
Accrued
shareholder
reporting
expenses
18,296‌
27,184‌
Accrued
shareholder
servicing
agent
fees
(
8,416‌
)
(
13,813‌
)
Accrued
other
expenses
(
21,584‌
)
(
28,649‌
)
Net
realized
(gain)
loss
from
investments
17,771,385‌
5,585,980‌
Net
realized
(gain)
loss
from
paydowns
(
649‌
)
(
762‌
)
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(
331,708,806‌
)
(
393,109,666‌
)
Net
cash
provided
by
(used
in)
operating
activities
5,119,157‌
84,469,127‌
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
19,112,699‌
24,074,104‌
(Repayments)
of
borrowings
(
19,112,699‌
)
(
24,074,104‌
)
Proceeds
from
floating
rate
obligations
265,065,000‌
77,055,000‌
(Repayments
of)
floating
rate
obligations
(
35,365,000‌
)
(
14,340,000‌
)
Proceeds
from
MFP
Shares
issued,
at
liquidation
preference
(
173,200,000‌
)
(
25,000,000‌
)
Increase
(Decrease)
in:
Cash
overdraft
614,169‌
4,391,376‌
Cash
distributions
paid
to
common
shareholders
(
62,233,326‌
)
(
76,575,503‌
)
Net
cash
provided
by
(used
in)
financing
activities
(
5,119,157‌
)
(
34,469,127‌
)
Net
increase
(decrease)
in
Cash
–‌
50,000,000‌
Cash
at
the
beginning
of
period
—‌
—‌
Cash
and
cash
held
in
escrow
for
preferred
shares
noticed
for
redemption
at
the
end
of
period
$
—‌
$
50,000,000‌
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
NAD
NEA
Cash
paid
for
interest
$
36,548,492‌
$
45,447,316‌
Financial
Highlights
120
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NAD
4/30/24(d)
$
11.56
$
0.23
$
1.34
$
1.57
$
(0.28)
$
—
$
(0.28)
$
—
$
12.85
$
10.93
10/31/23
11.85
0.48
(0.29)
0.19
(0.48)
—
(0.48)
—
11.56
9.81
10/31/22
16.11
0.63
(4.21)
(3.58)
(0.68)
—
(0.68)
—
11.85
10.63
10/31/21
15.75
0.72
0.35
1.07
(0.71)
—
(0.71)
—
16.11
15.63
10/31/20
15.91
0.70
(0.19)
0.51
(0.67)
—
(0.67)
—
15.75
14.44
10/31/19
14.42
0.67
1.46
2.13
(0.64)
—
(0.64)
—
15.91
14.42
NEA
4/30/24(d)
11.17
0.22
1.29
1.51
(0.27)
—
(0.27)
—
12.41
10.64
10/31/23
11.49
0.44
(0.32)
0.12
(0.44)
—
(0.44)
—(f)
11.17
9.47
10/31/22
15.71
0.60
(4.17)
(3.57)
(0.65)
—
(0.65)
—
11.49
10.32
10/31/21
15.50
0.69
0.22
0.91
(0.70)
—
(0.70)
—
15.71
15.18
10/31/20
15.58
0.69
(0.11)
0.58
(0.66)
—
(0.66)
—
15.50
14.33
10/31/19
14.16
0.66
1.40
2.06
(0.64)
—
(0.64)
—
15.58
14.20
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
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.
See
notes
to
financial
statements
121
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NAD
NEA
4/30/24(d)
2.
89
%
(e)
2.88
%
(e)
10/31/23
2.77
2.72
10/31/22
1.06
1.06
10/31/21
0.53
0.53
10/31/20
0.94
0.94
10/31/19
1.50
1.47
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
13.55‌
%
14.23‌
%
$
2,999,477
3.87‌
%
(e)
3.55‌
%
(e)
9‌
%
1.26‌
(3.68‌)
2,697,386
3.73‌
3.72‌
24‌
(22.79‌)
(28.38‌)
2,765,632
2.02‌
4.44‌
37‌
6.85‌
13.31‌
3,759,374
1.44‌
4
.43‌
10‌
3.27‌
4.89‌
3,334,252
1.87‌
4.47‌
15‌
15.03‌
21.78‌
3,211,273
2.45‌
4.35‌
8‌
13.49‌
15.18‌
3,710,442
3.85‌
(e)
3.43‌
(e)
5‌
0.72‌
(4.42‌)
3,339,597
3.68‌
3.53‌
23‌
(23.31‌)
(28.47‌)
3,436,743
2.01‌
4.31‌
36‌
5.91‌
10.92‌
4,697,314
1.44‌
4.31‌
12‌
3.84‌
5.74‌
4,318,384
1.85‌
4.46‌
16‌
14.81‌
22.78‌
4,093,389
2.40‌
4.41‌
8‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expense
and
other
costs
related
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements)
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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Value
rounded
to
zero.
122
Financial
Highlights
(continued)
(Unaudited)
Asset
Coverage
Per
$1,000
Share(c)
NEA
4/30/24(f)
$2,616
10/31/23
2,408
10/31/22
2,402
10/31/21
2,831
10/31/20
2,805
10/31/19
2,800
The
following
table
sets
forth
information
regarding
each
Fund's
outstanding
senior
securities
as
of
the
end
of
each
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
AMTP
Shares
MFP
Shares
VRDP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b),(d)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Asset
Coverage
Per
$1
Liquidation
Preference(e)
NAD
4/30/24(f)
$
727,500
$
272,622
$
505,800
$
272,622
$
504,300
$
272,622
$
2.73
10/31/23
727,500
241,165
679,000
241,165
504,300
241,165
2.41
10/31/22
727,500
240,874
679,000
240,874
504,300
240,874
2.41
10/31/21
727,500
284,419
679,000
284,419
632,000
284,419
2.84
10/31/20
545,500
279,599
679,000
279,599
632,000
279,599
2.80
10/31/19
545,500
279,954
607,000
279,954
632,000
279,954
2.80
NEA
4/30/24(f)
173,000
261,584
963,900
261,584
1,159,400
261,584
2.62
10/31/23
173,000
240,834
1,038,900
240,834
1,159,400
240,834
2.41
10/31/22
173,000
240,229
1,088,900
240,229
1,159,400
240,229
2.40
10/31/21
316,500
283,145
1,088,900
283,145
1,159,400
283,145
2.83
10/31/20
143,500
280,550
958,000
280,550
1,290,300
280,550
2.81
10/31/19
—
—
958,000
282,066
1,290,300
282,066
2.82
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
liquidation
preference
as
of
the
end
of
the
relevant
fiscal
year
and
does
not
include
any
preferred
shares
noticed
for
redemption
as
noted
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
(b)
Asset
Coverage
Per
$100,000:
Asset
coverage
per
$100,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
100,000.
(c)
Asset
Coverage
Per
$1,000:
Asset
coverage
per
$1,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
1,000.
(d)
NEA’s
Series
D
MFP
Shares
have
a
$1,000
liquidation
preference
per
share,
while
all
other
MFP
Shares
have
a
$100,000
liquidation
preference
per
share. The
asset
coverage
per
$1,000
share
for
NEA’s
Series
D
MFP
Shares
were
as
follows:
(e)
Includes
all
preferred
shares
presented
for
the
Fund.
(f)
Unaudited.
Notes
to
Financial
Statements
(Unaudited)
123
1.
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
(the
“1940
Act”),
as
amended,
as
closed-end
management
investment
companies.
NAD
and
NEA
were
organized
as
Massachusetts
business
trusts
on
January
15,
1999
and
July
29,
2002,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
April
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
April
30,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-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.
Developments
Regarding
the
Funds'
Control
Share
By-Law:
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(
i
)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Funds'
Board
of
Trustees
(the
"Board")
amended
the
Fund’s
by-laws
to
provide
that
the
Funds'
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Fund's
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Funds
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
–
Investment
Companies.
The
net
asset
value
(“NAV”)
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Funds pay
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit:
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
124
Notes
to
Financial
Statements
(Unaudited)
(continued)
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
The
Funds’
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
their
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
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
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
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.
Investment
income
also
reflects
dividend
income,
which
is
recorded
on
the
ex-dividend
date.
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.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financials.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
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.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
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
management’s
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).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
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,
Fund
Gross
Custodian
Fee
Credits
NAD
$
108,846
NEA
113,749
125
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
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.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
Funds
hold
liabilities
in
floating
rate
obligations
and
preferred
shares,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds’
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
these
Notes
to
Financial
Statements.
The
fair
values
of
the
Funds’
liabilities
for
preferred
shares
approximate
their
liquidation
preference.
Preferred
shares
are
generally
classified
as
Level
2
and
further
described
in
these
Notes
to
Financial
Statements.
4.
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
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
NAD
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
4,976,063,527
$
104,793
$
4,976,168,320
Investment
Companies
404,346
–
–
404,346
Short-Term
Investments:
Municipal
Bonds
–
15,635,000
–
15,635,000
Total
$
404,346
$
4,991,698,527
$
104,793
$
4,992,207,666
NEA
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
6,047,963,247
$
158,145
$
6,048,121,392
Short-Term
Investments:
Municipal
Bonds
–
39,140,000
–
39,140,000
Total
$
–
$
6,087,103,247
$
158,145
$
6,087,261,392
126
Notes
to
Financial
Statements
(Unaudited)
(continued)
A 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.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
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:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
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
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any such
facility.
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NAD
$
308,100,000
$
—
$
308,100,000
NEA
141,035,000
8,070,000
149,105,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NAD
$
109,277,315
3.07
%
NEA
77,225,151
3.55
127
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:
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.
Purchases
and
sales:
Long-term
purchases
and
sales
during
the
current
fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
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.
6.
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:
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NAD
$
308,100,000
$
—
$
308,100,000
NEA
141,035,000
8,070,000
149,105,000
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
NAD
$
552,600,707
$
447,602,795
NEA
339,611,067
333,018,264
128
Notes
to
Financial
Statements
(Unaudited)
(continued)
Preferred
Shares
Adjustable
Rate
MuniFund
Term
Preferred
Shares:
The
Funds
have
issued
and
have
outstanding
Adjustable
Rate
MuniFund
Term
Preferred
(“AMTP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
AMTP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
As
of
the
end
of
the
reporting
period,
NAD
and
NEA
had
$727,285,909
and
$172,935,482
of
AMTP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs,
respectively.
Further
details
of
each
Fund’s
AMTP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows,
were
as
follows:
\
Each
Fund
is
obligated
to
redeem
its
AMTP
Shares
by
the
date
as
specified
in
its
offering
document
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Fund.
AMTP
Shares
are
subject
to
optional
and
mandatory
redemption
in
certain
circumstances.
The
AMTP
Shares
may
be
redeemed
at
the
option
of
the
Fund,
subject
to
payment
of
premium
for
approximately
six
months
following
the
date
of
issuance
(“Premium
Expiration
Date”),
and
at
the
redemption
price
per
share
thereafter.
The
redemption
price
per
share
is
equal
to
the
sum
of
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
AMTP
Shares
are
short-term
or
short/intermediate-term
instruments
that
pay
a
variable
dividend
rate
tied
to
a
short-term
index,
plus
an
additional
fixed
“spread”
amount
which
is
initially
established
at
the
time
of
issuance
and
may
be
adjusted
in
the
future
based
upon
a
mutual
agreement
between
the
majority
owner
and
the
Fund.
From
time-to-time
the
majority
owner
may
propose
to
the
Fund
an
adjustment
to
the
dividend
rate.
Should
the
majority
owner
and
the
Fund
fails
to
agree
upon
an
adjusted
dividend
rate,
and
such
proposed
dividend
rate
adjustment
is
not
withdrawn,
the
Fund
will
be
required
to
redeem
all
outstanding
shares
upon
the
end
of
a
notice
period.
In
addition,
the
Fund
may
be
obligated
to
redeem
a
certain
amount
of
the
AMTP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
and
leverage
ratio
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
Term
Redemption
Date
and
Premium
Expiration
Date
for
the
Fund’s
AMTP
Shares
are
as
follows:
The
average
liquidation
preference
of
AMTP
Shares
outstanding
and
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
NEA
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Common
Shares:
Repurchased
and
retired
through
tender
offer
—
45,000
Total
—
45,000
Weighted
average
common
share:
Price
per
share
repurchased
and
retired
$–
$9.88
Discount
per
share
repurchased
and
retired
–%
(17.23)%
Fund
Series
Shares
Outstanding
Liquidation
Preference
NAD
2028
3,370
$337,000,000
2028-1
2,085
$208,500,000
2028-2
1,820
$182,000,000
NEA
2028-1
1,730
$173,000,000
Fund
Notice
Period
Series
Term
Redemption
Date
Premium
Expiration
Date
NAD
360-day
2028
December
1,
2028*
November
30,
2019
360-day
2028-1
December
1,
2028*
November
30,
2019
360-day
2028-2
December
1,
2028*
November
30,
2019
NEA
360-day
2028-1
December
1,
2028*
December
13,
2019
*
Subject
to
early
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
AMTP
Shares
Outstanding
Annualized
Dividend
Rate
NAD
$
735,494,505
4.36
%
129
AMTP
Shares
are
subject
to
restrictions
on
transfer,
generally
do
not
trade,
and
market
quotations
are
generally
not
available.
The
fair
value
of
AMTP
Shares
is
expected
to
be
approximately
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
AMTP
Shares
remains
roughly
in
line
with
the
“spread”
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market
environment.
In
present
market
conditions,
the
Funds’
Adviser
has
determined
that
the
fair
value
of
AMTP
Shares
is
approximately
their
liquidation
preference,
but
their
fair
value
could
vary
if
market
conditions
change
materially.
For
financial
reporting
purposes,
the
liquidation
preference
of
AMTP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“AMTP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities.
AMTP
Share
dividends
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
AMTP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
AMTP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
AMTP
Shares
were
recorded
as
deferred
charges,
which
are
amortized
over
the
life
of
the
shares
and
are
recognized
as
components
of
“AMTP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
MuniFund
Preferred
Shares:
The
Funds
have
issued
and
have
outstanding
MuniFund
Preferred
(“MFP”)
Shares,
with
a
$100,000
($1,000
for
NEA’s
Series
D)
liquidation
preference
per
share.
These
MFP
Shares
were
issued
via
private
placement
and
are
not
publically
available.
The
Funds
are
obligated
to
redeem
their
MFP
Shares
by
the
date
as
specified
in
its
offering
documents
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Funds.
MFP
Shares
are
initially
issued
in
a
pre-specified
mode,
however,
MFP
Shares
can
be
subsequently
designated
as
an
alternative
mode
at
a
later
date
at
the
discretion
of
the
Funds.
The
modes
within
MFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Funds
may
establish
additional
mode
structures
with
the
MFP
Share.
•
Variable
Rate
Remarketed
Mode
(“VRRM”)
–
Dividends
for
MFP
Shares
within
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
Shareholders
have
the
ability
to
request
a
best-efforts
tender
of
its
shares
upon
seven
days
notice.
If
the
remarketing
agent
is
unable
to
identify
an
alternative
purchaser,
the
shares
will
be
retained
by
the
shareholder
requesting
tender
and
the
subsequent
dividend
rate
will
increase
to
its
step-up
dividend
rate.
If
after
one
consecutive
year
of
unsuccessful
remarketing
attempts,
the
Fund
will
be
required
to
designate
an
alternative
mode
or
redeem
the
shares.
Each
Fund
will
pay
a
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
Shares
while
designated
in
VRRM.
Payments
made
by
the
Fund
to
the
remarketing
agent
are
recognized
as
“Remarketing
fees”
on
the
Statement
of
Operations.
•
Variable
Rate
Mode
(“VRM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
are
based
upon
a
short-term
index
plus
an
additional
fixed
“spread”
amount
established
at
the
time
of
issuance
or
renewal
/
conversion
of
its
mode.
At
the
end
of
the
period
of
the
mode,
the
Fund
will
be
required
to
either
extend
the
term
of
the
mode,
designate
an
alternative
mode
or
redeem
the
MFP
Shares.
The
fair
value
of
MFP
Shares
while
in
VRM
are
expected
to
approximate
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
shares
remains
roughly
in
line
with
the
“spread”
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market.
During
the
current
reporting
period,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
approximated
their
liquidation
preference.
•
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
to
redeem
any
shares
that
are
still
owned
by
a
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
The
Fund
will
pay
a
liquidity
and
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
shares
while
within
VRDM.
Payments
made
by
the
Fund
to
the
liquidity
provider
and
remarketing
agent
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees”,
respectively,
on
the
Statement
Operations.
For
financial
reporting
purposes,
the
liquidation
preference
of
MFP
Shares
is
recorded
as
a
liability
and
is
recognized
as
a
component
of
“MFP
Shares,
Net”
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
“Payable
for
interest”
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.
Fund
Average
Liquidation
Preference
of
AMTP
Shares
Outstanding
Annualized
Dividend
Rate
NEA
$
174,901,099
4.28
%
130
Notes
to
Financial
Statements
(Unaudited)
(continued)
Subject
to
certain
conditions,
MFP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
the
Fund.
The
Fund
may
also
be
required
to
redeem
certain
MFP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
in
all
circumstances
is
equal
to
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
MFP
Shares
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
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Costs
incurred
in
connection
with
each
Fund's
offering
of
MFP
Shares
were
recorded
as
a
deferred
charge
and
are
being
amortized
over
the
life
of
the
shares
and
are
recognized
as
a
component
of
MFP
Shares,
Net
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
$505,396,677
and
$962,178,476
of
MFP
Shares
at
liquidation
preference,
net
of
deferred
available
offering
costs,
respectively.
Further
details
of
each
Fund’s
MFP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows.
The
average
liquidation
preference
of
MFP
Shares
outstanding
and
annualized
dividend
rate
for
each
Fund
during
the
current
fiscal
period
were
as
follows:
Variable
Rate
Demand
Preferred
Shares:
The
following
Funds
have
issued
and
have
outstanding
Variable
Rate
Demand
Preferred
(“VRDP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
VRDP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
As
of
the
end
of
the
reporting
period,
NAD
and
NEA
had
$503,719,279
and
$1,154,942,008
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:
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
the
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
on
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding.
Each
Fund’s
VRDP
Shares
have
successfully
remarketed
since
issuance.
Fund
Series
Shares
Outstanding
Liquidation
Preference
Term
Redemption
Date
Mode
Mode
Termination
Date
NAD
A
4,338
$433,800,000
January
3,
2028
VRM
January
3,
2028*
B
720
$72,000,000
September
1,
2047
VRM
December
1,
2024
NEA
A
1,350
$135,000,000
February
3,
2048
VRM
February
3,
2048*
B
2,600
$260,000,000
March
2,
2028
VRM
March
2,
2028*
C
2,380
$238,000,000
March
2,
2028
VRDM
March
2,
2028*
D
330,900
$330,900,000
March
1,
2029
VRRM
N/A
*
Subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
MFP
Shares
Outstanding
Annualized
Dividend
Rate
NAD
$
642,463,736
4.54
%
NEA
1,045,371,429
4.11
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Special
Rate
Period
Expiration
Maturity
NAD
1
2,368
0.10%
$236,800,000
N/A
September
11,
2026
2
2,675
0.10%
$267,500,000
N/A
September
11,
2026
NEA
1
2,190
0.10%
$219,000,000
N/A
June
1,
2040
3
3,509
0.05%
$350,900,000
N/A
March
1,
2040
4
4,895
0.10%
$489,500,000
N/A
September
11,
2026
5
1,000
0.10%
$100,000,000
N/A
October
1,
2046
*
Remarketing
fees
as
a
percentage
of
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding
for
each
series.
131
Dividends
on
the
VRDP
Shares
(which
are
treated
as
interest
payments
for
financial
reporting
purposes)
are
set
at
a
rate
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
VRDP
Shares
is
expected
to
approximate
its
liquidation
preference.
In
the
event
that
VRDP
Shares
are
unable
to
be
successfully
remarketed,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
VRDP
Shares.
Subject
to
certain
conditions,
VRDP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
each
Fund.
Each
Fund
may
also
redeem
certain
of
the
VRDP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
is
equal
to
the
sum
of
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
The
average
liquidation
preference
of
VRDP
Shares
outstanding
and
annualized
dividend
rate
for
each
Fund
during
the
current
fiscal
period
were
as
follows:
For
financial
reporting
purposes,
the
liquidation
preference
of
VRDP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“VRDP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities.
Unpaid
dividends
on
VRDP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
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
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
In
addition
to
interest
expense,
each
Fund
may
also
pay
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
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
tables.
Transactions
in
AMTP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
Transactions
in
MFP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
Transactions
in
VRDP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NAD
$
509,841,758
3.57
%
NEA
1,172,140,659
3.55
Year
Ended
October
31,
2023
NEA
Series
Shares
Amount
AMTP
Shares
noticed
for
redemption
2028
(1,435)
$(143,500,000)
Six
Months
Ended
April
30,
2024
NAD
Series
Shares
Amount
MFP
Shares
redeemed
A
(1732)
$(173,200,000)
NEA
Series
Shares
Amount
MFP
Shares
redeemed
B
(250)
$(25,000,000)
Six
Months
Ended
April
30,
2024
NEA
Series
Shares
Amount
MFP
Shares
noticed
for
redemption*
B
(500)
$(50,000,000)
*Cash
irrevocably
deposited
for
payment
of
preferred
shares
noticed
for
redemption
included
in
"Cash
held
in
escrow
for
preferred
shares
noticed
for
redemption",
on
the
Statements
of
Assets
and
Liabilities.
Year
Ended
October
31,
2023
NAD
Series
Shares
Amount
VRDP
Shares
noticed
for
redemption
3
(1,277)
$(127,700,000)
132
Notes
to
Financial
Statements
(Unaudited)
(continued)
7.
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
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.
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.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
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
each
Fund’s
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:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NAD
$
4,643,340,492
$
112,641,393
$
(71,874,153)
$
40,767,240
NEA
5,915,987,346
146,533,634
(116,295,146)
30,238,488
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NAD
$
5,068,906
$
103,948
$
—
$
(291,425,944)
$
(249,286,582)
$
—
$
(8,869,377)
$
(544,409,049)
NEA
—
4,217
—
(363,992,205)
(300,820,463)
—
(10,464,734)
(675,273,185)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividends
declared
on
October
2,
2023
and
paid
on
November
1,
2023.
Fund
Short-Term
Long-Term
Total
NAD
1
$
137,780,533
$
111,506,049
$
249,286,582
NEA
1
155,077,579
145,742,884
300,820,463
1
A
portion
of
NAD's
and
NEA's
capital
loss
carryforwards
is
subject
to
limitation
under
the
Internal
Revenue
Code
and
related
regulations.
133
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:
*
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,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
April
30,
2024,
the
complex-level
fee
for
each
Fund
was
as
follows:
Other
Transactions
with
Affiliates:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
or
by
an
affiliate
of
the
Adviser
(each
an
, “Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
Average
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
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
Fund
Complex-Level
Fee
NAD
0.1604%
NEA
0.1604%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NAD
$
50,701,297
$
44,544,882
$
(2,181,303)
NEA
69,228,492
60,722,169
(2,494,918)
134
Notes
to
Financial
Statements
(Unaudited)
(continued)
9.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
and
certain
agreements
related
to
preferred
shares,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote. As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments
other
then
those
disclosed
in
the
Notes
to
Financial
Statements,
when
applicable.
From
time
to
time,
the
Funds
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
management
has
determined
that
any
legal
proceeding(s)
the
Funds
are
subject
to,
including
those
described
within
this
report,
are
unlikely
to
have
a
material
impact
to
any
of
the
Funds’
financial
statements.
10.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
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
June
2025
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
The
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
the
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
Fund
Maximum
Outstanding
Balance
NAD
$
11,576,423
NEA
12,406,589
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NAD
8
$
9,556,350
6.53
%
NEA
8
12,037,052
6.53
135
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.
11.
Subsequent
Events
Preferred
Shares
:
During
May
2024,
NEA
redeemed
500
of
Series
B
MFP
Shares
($50,000,000
liquidation
preference).
Management
Fees:
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
managed
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
Fund
is
the
fund-level
fee
listed
within
this
report
plus
0.1600%.
The
overall
complex-level
fee
schedule
is
as
follows:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
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
eligible
assets
in
certain
circumstances.
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
136
Risk
Considerations
(Unaudited)
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
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NEA.
137
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
The
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
Each
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
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.
Board
of
Trustees
Joseph
A.
Boateng
Michael
A.
Forrester
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NAD
NEA
Common
shares
repurchased
0
0
138
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
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
below)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-
term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
bond/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
forth
in
the
Investment
Company
Act
of
1940.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
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.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
139
Nuveen
Quality
Municipal
Income
Fund
(NAD)
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(NEA)
The
Approval
Process
At
meetings
held
on
April
18
and
19,
2024
(the
“Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds
approved,
for
their
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(“NFAL”;
NFAL
is
an
“Adviser”)
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
Fund,
the
Board
approved
the
renewal
of
the
sub-advisory
agreement
(each
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund.
The
Board
Members
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
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
NFAL
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each
a
“Fund
Adviser.”
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
“Nuveen
funds”)
and
the
group
of
funds
advised
by
Teachers
Advisors,
LLC
(“TAL”
and
such
funds
are
collectively,
the
“TC
funds”).
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL
serves
as
“Adviser”
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
“the
Adviser”
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries
(as
applicable);
securities
lending
(as
applicable);
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund’s
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
“February
Meeting”),
the
Board
and/or
its
Investment
Committee
received
the
annual
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-advisers,
as
applicable,
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
primary
and
secondary
markets
for
the
Nuveen
closed-end
funds
(including,
among
other
things,
premium
or
discount
data
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
during
2023);
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Board
Members.
140
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
“April
Executive
Session”)
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
of
management
were
present.
In
connection
with
their
annual
review,
the
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
funds’
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
roles
of
NFAL
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser’s
and
its
affiliates’
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA’s
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
In
addition,
in
conjunction
with
these
consolidation
efforts,
the
Board
approved
at
the
Meeting
changes
to
fee
and
breakpoint
structures
(as
applicable)
that
could
provide
cost
savings
to
participating
funds,
as
described
in
further
detail
below.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund’s
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
With
respect
to
closed-end
Nuveen
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
considered
that,
with
respect
to
such
funds,
management
actively
monitors
any
discount
from
net
asset
value
per
share
at
which
the
respective
Nuveen
fund’s
common
stock
trades
and
evaluates
potential
avenues
to
mitigate
the
discount,
including
evaluating
the
level
of
distributions
that
the
fund
pays.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
141
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser’s
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser’s
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund’s
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser’s
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Adviser
and
considered
that
the
Sub-
Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
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
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2023
and
March 31,
2024.
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management’s
analysis
of
a
fund’s
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management’s
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
The
Board
considered
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
considered
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies,
dates
of
fund
inception
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
fund.
With
respect
to
relative
performance
of
a
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high.
In
its
review
of
relative
performance,
the
Board
considered
a
Fund’s
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
142
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
The
Board
also
considered
that
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore,
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
at
various
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
considered
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
providing
higher
levels
of
income.
The
Board
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
considered
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
considered
that
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Quality
Municipal
Income
Fund
(the
“Quality
Municipal
Income
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
December 31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
December
31,
2023
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
and
first
quartile
for
the
five-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
second
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
AMT-Free
Quality
Municipal
Income
Fund
(the
“AMT-Free
Quality
Municipal
Income
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
December
31,
2023
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
and
second
quartile
for
the
five-year
period
ended
December
31,
2023.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
March
31,
2024,
the
Fund
ranked
in
the
second
quartile
for
the
five-year
period
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
143
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
the
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
Fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
Fund’s
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
“Expense
Universe”)
established
by
Broadridge.
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
as
well
as
changes
to
the
composition
of
the
Expense
Universe
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder’s
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
(based
on
common
assets
and
excluding
investment-related
costs
such
as
the
costs
of
leverage
and
taxes
for
closed-end
funds)
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
net
total
expense
ratio
both
including
and
excluding
investment-
related
expenses
(e.g.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
considered
that
leverage
expenses
will
vary
across
funds
and
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
total
expense
ratio
and
fees
excluding
investment-related
costs
and
taxes
for
the
closed-end
funds.
The
Board
also
considered
that
the
use
of
leverage
for
closed-end
funds
may
create
a
conflict
of
interest
for
NFAL
and
the
applicable
sub-adviser
given
the
increase
of
assets
from
leverage
upon
which
an
advisory
or
sub-advisory
fee
is
based.
The
Board
Members
considered,
however,
that
NFAL
and
the
sub-advisers
(as
applicable)
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
NFAL
and/or
a
sub-
adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
The
Board
Members
also
considered,
in
relevant
part,
a
Fund’s
management
fee
and
net
total
expense
ratio
in
light
of
the
Fund’s
performance
history,
including
reviewing
certain
funds
identified
by
management
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
their
evaluation
of
the
fee
arrangements
for
the
Funds,
the
Board
Members
also
reviewed
the
management
fee
schedules
and
the
expense
reimbursements
and/or
fee
waivers
agreed
to
by
the
Adviser
for
the
respective
fund
(if
any).
In
its
review,
the
Board
considered
that
the
management
fees
of
the
Nuveen
funds
were
generally
comprised
of
two
components,
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
As
indicated
above,
the
Board
approved
a
revised
fee
schedule
which
would
reduce
and
streamline
the
asset
thresholds
necessary
to
meet
breakpoints
in
the
complex-level
fee
component.
The
Board
considered
that
management
anticipated
approximately
$50
million
in
savings
for
Nuveen
fund
shareholders
as
a
result
of
the
revised
fee
schedule
as
well
as
additional
estimated
savings
over
time.
The
Board
further
considered
management’s
representation
that
there
will
be
no
increase
to
any
Nuveen
fund’s
respective
advisory
agreement
fee
rate
as
a
result
of
the
revised
complex-level
fee
schedule.
In
its
review,
the
Board
considered
that
across
the
Nuveen
fund
and
TC
fund
complex,
management
estimated
that
fund-level
breakpoints
resulted
in
approximately
$82.5
million
in
reduced
fees
overall
in
2023.
In
addition,
the
Board
considered
that
management
determined
that
the
Nuveen
funds
achieved
additional
fee
reductions
of
approximately
$49
million
due
to
the
complex-wide
management
fee
structure
in
2023.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
Funds.
The
Board’s
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
For
the
Quality
Municipal
Income
Fund,
the
Fund’s
contractual
management
fee
rate
and
actual
management
fee
rate
were
generally
in-line
with
the
Expense
Universe
median,
and
the
net
total
expense
ratio
was
below
the
Expense
Universe
median.
For
the
AMT-Free
Quality
Municipal
Income
Fund,
the
Fund’s
contractual
management
fee
rate
and
actual
management
fee
rate
were
generally
in-line
with
the
Expense
Universe
median,
and
the
net
total
expense
ratio
was
below
the
Expense
Universe
median.
Based
on
its
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.
144
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser’s
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
The
Board
further
considered
that
a
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
that
the
varying
levels
of
fees
were
reasonable
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers’
services
to
the
Nuveen
funds.
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen’s
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
exchange-traded
fund
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen’s
profitability
analysis,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board’s
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
considered
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
145
Aside
from
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
The
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
the
Sub-Adviser
for
the
calendar
years
ending
December 31,
2023
and
December
31,
2022.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Adviser
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser’s
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
funds
in
the
fund
complex,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser’s
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
The
Board
considered
that
the
Adviser
has
generally
employed
one
or
more
of
these
various
methods
among
the
applicable
funds.
In
this
regard,
the
Board
considered,
as
noted
above,
that
the
management
fee
of
NFAL
generally
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
With
this
structure,
the
Board
considered
that
the
complex-level
breakpoint
schedule
was
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
assets
of
eligible
funds
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
were
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
As
summarized
above,
the
Board
approved
a
new
complex-level
breakpoint
schedule
which
would
simplify
and
reduce
the
complex-level
fee
rates
at
various
thresholds
and
expanded
the
eligible
funds
whose
assets
would
be
included
in
calculating
the
complex-level
fee,
effective
May
1,
2024.
Among
other
things,
the
assets
of
certain
TC
funds
advised
by
TAL
would
be
phased
into
the
calculation
of
the
complex-wide
assets
in
determining
the
complex-level
fee
over
a
ten-year
period.
The
Board
considered
the
cost
savings
and
additional
potential
sharing
of
economies
of
scale
as
a
result
of
the
reduced
complex-level
breakpoint
schedule
and
the
additional
assets
from
more
eligible
funds
in
calculating
the
assets
of
the
complex
for
determining
the
complex-level
fee
component.
The
Board
reviewed
the
projected
shareholder
savings
derived
from
such
modifications
over
a
ten-year
period
from
2024
to
2033.
The
Board
considered
management’s
representation
that
there
will
be
no
increase
to
any
fund’s
respective
advisory
agreement
fee
rate.
The
Board
also
considered
that
with
respect
to
Nuveen
closed-end
funds,
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser’s
and/or
its
affiliates’
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
used
as
investment
146
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
The
Board
considered
that
an
affiliate
of
the
Adviser
received
compensation
in
2023
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services
in
2023
and
2022.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
Sub-Adviser
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
funds
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
Sub-Adviser.
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
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
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-B-0424P
3614418-INV-B-06/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

ITEM 2. | CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. | SCHEDULE OF INVESTMENTS.

(a) |  | See Portfolio of Investments in Item 1.

(b) |  | Not applicable.

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

Not applicable to this filing.

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

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b) |  | As of the date of filing, Christopher Drahn retired and no longer serves as Portfolio Manager for the Nuveen AMT-Free Quality Municipal Income Fund effective April 1, 2024.

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

Not applicable.

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

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

ITEM 11. | CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. | EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

(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 ofTitle 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 tothe 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 byreference: See Ex-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen AMT-Free Quality Municipal Income Fund

By (Signature and Title) |  | /s/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer

Date: July 2, 2024

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/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer
|  | (principal executive officer)

Date: July 2, 2024

By (Signature and Title) |  | /s/ E. Scott Wickerham
|  | E. Scott Wickerham
|  | Vice President and Controller
|  | (principal financial officer)

Date: July 2, 2024