UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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| Investment Company Act file number |
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811-09297 |
Nuveen Quality Municipal Income Fund
(Exact name of registrant as
specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL
60606
(Address of principal
executive offices) (Zip code)
Mark L. Winget
Nuveen Investments
333 West Wacker
Drive
Chicago, IL 60606
(Name and address of agent for service)
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| Registrant’s telephone number, including area code: |
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(312) 917-7700 |
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| Date of fiscal year end: |
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October 31 |
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| Date of reporting period: |
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October 31, 2023 |
Form N-CSR is to be used by management investment companies to file reports with the
Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this
information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”)
control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC
20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
| ITEM 1. |
REPORTS TO STOCKHOLDERS. |
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Closed-End Funds
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October 31, 2023
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Nuveen Municipal Closed-End Funds
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| Nuveen Quality Municipal Income Fund |
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NAD |
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| Nuveen AMT-Free Quality Municipal
Income Fund |
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NEA |
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Annual
Report
Table
of Contents
2
Chair’s Letter
to Shareholders
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Dear Shareholders,
Financial markets spent the past year focused on the direction of inflation and whether policy makers would be able to deliver a soft landing in their economies. After
more than a year and a half of interest rate increases by the U.S. Federal Reserve (Fed) and other central banks, financial conditions have tightened and inflation rates have cooled considerably. The Fed increased the target fed funds rate from near
zero in March 2022 to a range of 5.25% to 5.50% as of November 2023, with pauses in June 2023, September 2023 and November 2023. But current inflation rates remain above central banks’ targets, and the trajectory from here is difficult to
predict given that monetary policy acts on the economy with long and variable lags.
Surprisingly, economies were relatively resilient for much of 2023. By year-end, the “most predicted recession” had yet
to materialize in the U.S., while U.K. and European economic growth was just beginning to show signs of stagnation or decline. U.S. gross domestic product rose 5.2% in the third quarter of 2023, 2.1% in the second quarter of 2023 and 2.0% in the
first quarter of 2023, after growing 2.1% in 2022 overall compared to 2021. Much of the growth was driven by a relatively strong jobs market, which kept consumer sentiment and spending elevated despite long-term interest rates nearing multi-year
highs, a series of U.S. regional bank failures and shocks from flaring geopolitical tensions.
While central banks are likely nearing the end of this interest rate hiking cycle, there are still upside risks to inflation and downside risks to the economy. Some
labor market and consumer indicators are softening. Government funding and deficits remain a concern, especially as the U.S. election year gets underway. The markets will continue to try to anticipate monetary policy shifts as the Fed evaluates
incoming data and adjusts its rate setting activity on a meeting-by-meeting basis. Geopolitical risks – from relations with China, to wars in Europe and the Middle
East – also expand the range of outcomes from economies and markets around the world. All these uncertainties, and others, will remain sources of short-term market volatility. In this environment, Nuveen remains committed to filtering the
market noise for investable opportunities that ultimately serve long-term investment objectives. Maintaining a long-term perspective is also important for investors, and we encourage you to review your time horizon, risk tolerance and investment
goals with your financial professional. On behalf of the other members of the Nuveen Fund
Board, we look forward to continuing to earn your trust in the months and years ahead.
Terence J. Toth
Chair of the Board
December 22, 2023 |
3
Important Notices
Portfolio Manager Updates
Effective October 13, 2023, Michael Hamilton
and Stephen Candido, CFA, were added as portfolio managers of the Funds. Christopher Drahn will also continue to serve as a portfolio manager of the Funds until his retirement on April 1, 2024. There were no other changes to the portfolio
management of the Funds during the reporting period.
4
Portfolio Managers’
Comments
Nuveen Quality Municipal
Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser.
Portfolio managers Christopher L. Drahn, CFA, Stephen J. Candido, CFA and Michael Hamilton manage the Nuveen Quality Municipal Income Fund (NAD) and the Nuveen AMT-Free Quality Municipal Income Fund (NEA).
Effective October 13, 2023, Stephen Candido and Michael Hamilton were added as portfolio managers of the Nuveen Quality Municipal Income Fund (NAD) and
Nuveen AMT-Free Quality Municipal Income Fund (NEA). Christopher Drahn will be retiring as a portfolio manager of the Funds on April 1, 2024.
Here the portfolio managers discuss U.S. economic and municipal market conditions, key investment strategies and the Funds’ performance for the twelve-month
reporting period ended October 31, 2023. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.
What factors affected the U.S. economy and market conditions during the twelve-month annual reporting period ended October 31, 2023?
The U.S. economy performed better than expected despite persistent inflationary pressure and rising interest rates during the twelve-month period ended October 31,
2023. Gross domestic product accelerated sharply in third quarter of 2023 to an annualized rate of 5.2%, according to the U.S. Bureau of Economic Analysis second estimate, up from 2.1% in the second quarter of 2023. By comparison, GDP grew 2.1% in
2022 overall. Early in the reporting period, inflation had risen sharply because of supply chain disruptions and high food and energy prices, the Russia-Ukraine war and China’s zero-COVID restrictions
(lifted in December 2022). Since then, price pressures have eased given normalization in supply chains, falling energy prices and aggressive measures by the U.S. Federal Reserve (Fed) and other global central banks to tighten financial conditions
and slow demand in their economies. Nevertheless, during the reporting period inflation levels remained much higher than central banks’ target levels.
The Fed
raised its target fed funds rate six times during the reporting period, bringing it to a range of 5.25% to 5.50% as of July 2023 and voting to hold it at that level at its next two meetings held near the end of the reporting period. For much of the
reporting period, the Fed’s activity led to significant volatility in bond and stock markets, given the uncertainty of how rising interest rates would affect the economy. One of the most highly visible impacts occurred in the U.S. regional
banking sector in March 2023, when Silicon Valley Bank, Signature Bank, First Republic Bank and Silvergate Bank failed. In the same month, Swiss bank UBS agreed to buy Credit Suisse, which was considered vulnerable in the current environment. The
Fed’s monetary tightening policy also contributed to an increase in the U.S. dollar’s value relative to major world currencies, which acts as a headwind to the profits of international companies and U.S. domestic companies with overseas
earnings.
During the reporting period, elevated inflation and higher borrowing costs weighed on some segments of the economy, including the real estate market.
Consumer spending, however, has remained more resilient than expected, in part because of a still-strong labor market, another key gauge of the economy’s health. As of October 2023, the unemployment rate was 3.9%, rising from its pre-pandemic low, with monthly job growth continuing to moderate. The strong labor market and wage gains helped the U.S. economy during the reporting period, even as the Fed sought to soften job growth to help curb
inflation pressures.
During the reporting period, investors also continued to monitor government funding and deficits. The U.S. government avoided a default
scenario after approving an increase to the debt ceiling limit in June 2023. At the same time, the potential for a government shutdown loomed but was ultimately avoided with funding resolutions passed in September 2023 and, subsequent to the close
of the reporting period, November 2023. Notably, in August 2023, ratings agency Fitch downgraded U.S. debt from AAA to AA+ based on concerns about the U.S.’s growing fiscal debt and reduced confidence in fiscal management.
The broad municipal bond market was impacted by interest rate volatility and economic uncertainty during the reporting period. Municipal yields rose across the maturity
spectrum, but the move was uneven. The greatest increase in yields was at the shorter end of the curve as markets priced in a more aggressive pace of monetary tightening to combat persistently high inflation. Although municipal bonds continued to
exhibit relatively strong credit fundamentals, there were periods of spread widening during the reporting period as the market sell-off continued.
5
Portfolio Managers’ Comments (continued)
What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31,
2023?
Each Fund’s investment objective is to provide current income exempt from regular federal income tax, and in the case of NEA the alternative minimum
tax (“AMT”) applicable to individuals. Both Funds invest primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories. The Funds use leverage. Leverage is discussed in more
detail in the Fund Leverage section of this report.
During the reporting period, the Funds’ trading activity remained focused on pursuing the Funds’
investment objectives. The rising yield environment during this reporting period was favorable for the Funds to reset embedded yields higher in their portfolios, primarily by executing on tax-loss swap
opportunities. This strategy involves selling depreciated bonds with lower embedded yields to reinvest in similarly structured, higher income-producing bonds to support the Funds’ income earnings and capture tax efficiencies.
As of October 31, 2023, the Funds continued to use inverse floating rate securities. The Funds employ inverse floating rate securities, which are the residual
interest in a tender option bond (TOB) trust, and are sometimes referred to as “inverse floaters,” for a variety of reasons, including duration management and income and total return enhancement.
How did the Funds perform during the twelve-month reporting period ended October 31, 2023?
For the twelve-month reporting period ended October 31, 2023, the Funds underperformed the NAD and NEA Blended
Benchmarks. For the purposes of this Performance Commentary, references to relative performance are in comparison to the NAD and NEA Blended Benchmarks, which are both a
blended return consisting of: (1) 80% S&P Municipal Bond Investment Grade Index and (2) 20% S&P Municipal Bond High Yield Index.
The primary driver of the
Funds’ underperformance was their use of leverage, which detracted significantly. The Funds use leverage through their issuance of preferred shares and investments in inverse floating rate securities, which represent leveraged investments in
underlying bonds. Leverage is discussed in more detail in the Fund Leverage section of this report.
Other key factors driving NAD’s underperformance included
an underweight in industrial development revenue (IDR) bonds and an underweight in non-rated bonds, as both segments performed well in the reporting period.
Other key factors driving NEA’s underperformance included a lack of exposure to alternative minimum tax (AMT) bonds, which performed well but are not permitted in
the Fund, and an underweight to the IDR sector. An underweight to non-rated bonds, which in general also performed well, also detracted from relative performance.
Partially offsetting the Funds’ underperformance were positive contributions from their overweights to longer-duration bonds and overweights to A and BBB rated
bonds.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment
strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be
made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are
forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio
managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market
and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial
reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard
& Poor’s Group
(S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change.
AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the
bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their
commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
6
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 detracted from
relative performance over this reporting period.
As of October 31, 2023, the Funds’ percentages of leverage are as shown in the accompanying table.
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NAD |
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NEA |
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| Effective Leverage* |
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42.58% |
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42.58% |
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| Regulatory Leverage* |
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41.47% |
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41.52% |
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| * |
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. |
THE FUNDS’ REGULATORY LEVERAGE
As of October 31, 2023, the following
Funds have issued and outstanding preferred shares as shown in the accompanying table.
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Variable Rate Preferred* |
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Variable Rate Remarketed
Preferred** |
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| Fund |
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Shares Issued at
Liquidation Preference |
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Shares Issued at
Liquidation Preference |
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Total |
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| NAD |
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$1,406,500,000 |
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$ 504,300,000 |
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$1,910,800,000 |
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| NEA |
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$ 643,000,000 |
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$ 1,728,300,000 |
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$2,371,300,000 |
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* 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.
Refer to Notes to Financial Statements for further details on preferred shares and each Fund’s respective transactions.
7
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the
Funds’ distributions is current as of October 31, 2023. 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.
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Per Common Share Amounts |
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| Monthly Distributions (Ex-Dividend Date) |
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NAD |
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NEA |
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| November |
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$0.0465 |
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$0.0445 |
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| December |
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0.0465 |
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0.0445 |
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| January |
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0.0395 |
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0.0350 |
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| February |
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0.0395 |
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0.0350 |
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| March |
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0.0395 |
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0.0350 |
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| April |
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0.0380 |
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0.0350 |
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| May |
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0.0380 |
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0.0350 |
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| June |
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0.0380 |
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0.0350 |
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| July |
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0.0380 |
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0.0350 |
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| August |
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0.0380 |
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0.0350 |
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| September |
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0.0380 |
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0.0350 |
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| October |
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0.0380 |
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0.0350 |
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| Total Distributions from Net Investment Income |
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$0.4775 |
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$0.4390 |
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| Yields |
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NAD |
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NEA |
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| Market Yield1 |
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4.65 |
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4.44% |
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| Taxable-Equivalent Yield1 |
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7.84 |
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7.49% |
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| 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. |
Each Fund seeks to pay regular monthly
dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the
amount of net income actually earned by the Fund during the period. Distributions to 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 would report 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.
All monthly dividends paid by each Fund
during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/ or a return of
capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax
purposes, distribution information for each Fund as of its most recent tax year end is presented in the Notes to Financial Statements of this report.
Updated Distribution Policy
On October 23, 2023, the Funds’ Board of
Trustees (the “Board”) updated each Fund’s distribution policy. Effective for distributions payable on December 1, 2023, each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash
distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income
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 the Fund’s distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate of the distribution sources at that the
time of the distribution. 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.
8
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.
As of
October 31, 2023, (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.
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NAD |
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NEA |
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| Common shares cumulatively repurchased and retired |
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17,900 |
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120,000 |
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| Common shares authorized for repurchase |
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23,340,000 |
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29,900,000 |
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During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per
share and a weighted average discount per share as shown in the following table.
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NEA |
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| Common shares repurchased and retired |
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45,000 |
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| Weighted average price per common share repurchased and retired |
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$ 9.88 |
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| Weighted average discount per common share repurchased and retired |
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(17.23)% |
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OTHER COMMON SHARE INFORMATION
As of
October 31, 2023, 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:
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NAD |
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NEA |
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| Common share NAV |
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$11.56 |
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$11.17 |
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| Common share price |
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$9.81 |
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$9.47 |
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| Premium/(Discount) to NAV |
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(15.14)% |
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(15.22)% |
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| Average premium/(discount) to NAV |
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(13.10)% |
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(13.31)% |
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9
About the Funds’ Benchmarks
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.
NAD Blended
Benchmark: Consists of: 1) 80% S&P Municipal Bond Investment Grade Index (defined herein), and 2) 20% S&P Municipal Bond High Yield Index (defined herein). The Fund’s performance was measured against the S&P Municipal Bond Index
through September 11, 2016. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
NEA
Blended Benchmark: Consists of: 1) 80% S&P Municipal Bond Investment Grade Index (defined herein), and 2) 20% S&P Municipal Bond High Yield Index (defined herein). The Fund’s performance was measured against the S&P Municipal
Bond Index through September 11, 2016. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
10
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| NAD |
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Nuveen Quality Municipal Income Fund
Performance Overview and Holding Summaries October 31, 2023 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Fund Performance*
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Total Returns as of |
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October 31, 2023 |
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Average Annual |
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Inception
Date |
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1-Year |
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5-Year |
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10-Year |
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|
| NAD at Common Share NAV |
|
|
5/26/99 |
|
|
|
1.26% |
|
|
|
(0.15)% |
|
|
|
2.62% |
|
| |
|
| NAD at Common Share Price |
|
|
5/26/99 |
|
|
|
(3.68)% |
|
|
|
(0.03)% |
|
|
|
2.54% |
|
| |
|
| S&P Municipal Bond Index |
|
|
– |
|
|
|
2.36% |
|
|
|
1.04% |
|
|
|
2.18% |
|
| |
|
| NAD Blended Benchmark |
|
|
– |
|
|
|
2.57% |
|
|
|
1.15% |
|
|
|
2.31% |
|
| |
|
* For purposes of Fund performance, relative results are measured against the NAD 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 performance may be higher or lower than the data shown.
Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return
information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
11
Growth of an Assumed $10,000
Investment as of October 31,
2023 - Class A
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may
pay on Fund distributions or the redemptions of Fund shares.
12
Holdings Summaries as of October 31, 2023
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 |
|
|
168.8% |
|
| |
|
| Investment Companies |
|
|
0.0% |
|
| |
|
| Short-Term Municipal Bonds |
|
|
2.7% |
|
| |
|
| Other Assets & Liabilities, Net |
|
|
2.3% |
|
| |
|
| Floating Rate Obligations |
|
|
(2.9)% |
|
| |
|
| AMTP Shares, Net |
|
|
(27.0)% |
|
| |
|
| MFP Shares, Net |
|
|
(25.2)% |
|
| |
|
| VRDP Shares, Net |
|
|
(18.7)% |
|
| |
|
| 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 |
|
|
19.3% |
|
| |
|
| Tax Obligation/Limited |
|
|
15.5% |
|
| |
|
| Tax Obligation/General |
|
|
10.6% |
|
| |
|
| Utilities |
|
|
9.4% |
|
| |
|
| U.S. Guaranteed |
|
|
6.7% |
|
| |
|
| Education and Civic Organizations |
|
|
4.2% |
|
| |
|
| Other |
|
|
6.4% |
|
| |
|
| Investment Companies |
|
|
0.0% |
|
| |
|
| Total |
|
|
100% |
|
| |
|
|
|
|
|
|
| States and Territories1 |
|
|
|
| (% of total municipal bonds) |
|
|
|
| |
|
| Texas |
|
|
10.6% |
|
| |
|
| Illinois |
|
|
9.0% |
|
| |
|
| Colorado |
|
|
8.1% |
|
| |
|
| California |
|
|
6.9% |
|
| |
|
| New York |
|
|
6.1% |
|
| |
|
| Florida |
|
|
5.7% |
|
| |
|
| Maryland |
|
|
5.7% |
|
| |
|
| Pennsylvania |
|
|
3.8% |
|
| |
|
| Missouri |
|
|
3.4% |
|
| |
|
| New Jersey |
|
|
3.1% |
|
| |
|
| South Carolina |
|
|
3.0% |
|
| |
|
| Ohio |
|
|
2.5% |
|
| |
|
| Michigan |
|
|
2.4% |
|
| |
|
| Louisiana |
|
|
2.1% |
|
| |
|
| Washington |
|
|
2.0% |
|
| |
|
| Minnesota |
|
|
1.9% |
|
| |
|
| Wisconsin |
|
|
1.7% |
|
| |
|
| Arizona |
|
|
1.7% |
|
| |
|
| Utah |
|
|
1.5% |
|
| |
|
| Oregon |
|
|
1.4% |
|
| |
|
| Other |
|
|
17.4% |
|
| |
|
| Total |
|
|
100% |
|
| |
|
| 1 |
See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.
|
13
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income
Fund Performance Overview and Holding Summaries October 31, 2023 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Fund Performance*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Total Returns as of |
|
| |
|
|
|
|
October 31, 2023 |
|
| |
|
|
|
|
Average Annual |
|
|
|
|
|
|
| |
|
Inception
Date |
|
|
1-Year |
|
|
5-Year |
|
|
10-Year |
|
| |
|
| NEA at Common Share NAV |
|
|
11/21/02 |
|
|
|
0.72% |
|
|
|
(0.50)% |
|
|
|
2.64% |
|
| |
|
| NEA at Common Share Price |
|
|
11/21/02 |
|
|
|
(4.42)% |
|
|
|
(0.31)% |
|
|
|
2.48% |
|
| |
|
| S&P Municipal Bond Index |
|
|
– |
|
|
|
2.36% |
|
|
|
1.04% |
|
|
|
2.18% |
|
| |
|
| NEA Blended Benchmark |
|
|
– |
|
|
|
2.57% |
|
|
|
1.15% |
|
|
|
2.31% |
|
| |
|
* 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 performance may be higher or lower than the data shown.
Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return
information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Daily Common Share NAV and Share Price
14
Growth of an Assumed $10,000
Investment as of October 31,
2023 - Class A
The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may
pay on Fund distributions or the redemptions of Fund shares.
15
Performance Overview and Holdings Summaries October 31, 2023 (continued)
Holdings Summaries as of October 31, 2023
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 |
|
|
169.1% |
|
| |
|
| Short-Term Municipal Bonds |
|
|
1.7% |
|
| |
|
| Other Assets & Liabilities, Net |
|
|
2.4% |
|
| |
|
| Floating Rate Obligations |
|
|
(2.3)% |
|
| |
|
| AMTP Shares, Net |
|
|
(5.2)% |
|
| |
|
| MFP Shares, Net |
|
|
(31.1)% |
|
| |
|
| VRDP Shares, Net |
|
|
(34.6)% |
|
| |
|
| Net Assets |
|
|
100% |
|
| |
|
|
|
| Bond Credit Quality |
|
|
|
| (% of total investment exposure) |
|
|
|
| |
|
| U.S. Guaranteed |
|
|
7.6% |
|
| |
|
| AAA |
|
|
2.3% |
|
| |
|
| AA |
|
|
33.5% |
|
| |
|
| A |
|
|
35.2% |
|
| |
|
| BBB |
|
|
13.1% |
|
| |
|
| BB or Lower |
|
|
3.1% |
|
| |
|
| N/R (not rated) |
|
|
5.2% |
|
| |
|
| Total |
|
|
100% |
|
| |
|
|
|
|
|
|
| Portfolio Composition |
|
|
|
| (% of total investments) |
|
|
|
| |
|
| Health Care |
|
|
21.6% |
|
| |
|
| Tax Obligation/Limited |
|
|
18.5% |
|
| |
|
| Transportation |
|
|
15.0% |
|
| |
|
| Tax Obligation/General |
|
|
12.6% |
|
| |
|
| Utilities |
|
|
11.9% |
|
| |
|
| U.S. Guaranteed |
|
|
8.0% |
|
| |
|
| Education and Civic Organizations |
|
|
7.3% |
|
| |
|
| Other |
|
|
5.1% |
|
| |
|
| Total |
|
|
100% |
|
| |
|
|
|
|
|
|
| States and Territories1 |
|
|
|
| (% of total municipal bonds) |
|
|
|
| |
|
| Illinois |
|
|
10.8% |
|
| |
|
| Colorado |
|
|
9.3% |
|
| |
|
| Michigan |
|
|
7.1% |
|
| |
|
| Texas |
|
|
6.7% |
|
| |
|
| New York |
|
|
6.5% |
|
| |
|
| Florida |
|
|
4.6% |
|
| |
|
| New Jersey |
|
|
4.5% |
|
| |
|
| California |
|
|
4.1% |
|
| |
|
| Pennsylvania |
|
|
3.6% |
|
| |
|
| Missouri |
|
|
3.5% |
|
| |
|
| Minnesota |
|
|
3.1% |
|
| |
|
| Ohio |
|
|
3.0% |
|
| |
|
| Georgia |
|
|
2.8% |
|
| |
|
| Wisconsin |
|
|
2.5% |
|
| |
|
| North Carolina |
|
|
2.3% |
|
| |
|
| Washington |
|
|
2.2% |
|
| |
|
| South Carolina |
|
|
2.2% |
|
| |
|
| District of Columbia |
|
|
2.1% |
|
| |
|
| Oregon |
|
|
1.7% |
|
| |
|
| Indiana |
|
|
1.6% |
|
| |
|
| Other |
|
|
15.8% |
|
| |
|
| Total |
|
|
100% |
|
| |
|
| 1 |
See the Portfolio of Investments for the remaining states comprising "Other" and not listed in the table above.
|
16
Shareholder Meeting Report
The annual meeting of shareholders was held on August 9, 2023, for NAD and NEA; at this meeting the shareholders were asked to elect Board members.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
NAD |
|
|
NEA |
|
| |
|
| |
|
Common and |
|
|
|
|
|
Common and |
|
|
|
|
| |
|
Preferred |
|
|
Preferred |
|
|
Preferred |
|
|
Preferred |
|
| |
|
shares voting |
|
|
shares voting |
|
|
shares voting |
|
|
shares voting |
|
| |
|
together |
|
|
together |
|
|
together |
|
|
together |
|
| |
|
as a class |
|
|
as a class |
|
|
as a class |
|
|
as a class |
|
| |
|
|
|
|
|
|
| Approval of the Board Members was reached as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amy B.R. Lancellotta |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For |
|
|
174,000,515 |
|
|
|
– |
|
|
|
217,189,079 |
|
|
|
– |
|
| Withhold |
|
|
12,322,058 |
|
|
|
– |
|
|
|
26,121,923 |
|
|
|
– |
|
| |
|
| Total |
|
|
186,322,573 |
|
|
|
– |
|
|
|
243,311,002 |
|
|
|
– |
|
| |
|
|
|
|
|
|
| John K. Nelson |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For |
|
|
172,461,624 |
|
|
|
– |
|
|
|
214,668,845 |
|
|
|
– |
|
| Withhold |
|
|
13,860,949 |
|
|
|
– |
|
|
|
28,642,157 |
|
|
|
– |
|
| |
|
| Total |
|
|
186,322,573 |
|
|
|
– |
|
|
|
243,311,002 |
|
|
|
– |
|
| |
|
|
|
|
|
|
| Terence J. Toth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For |
|
|
173,217,249 |
|
|
|
– |
|
|
|
216,033,138 |
|
|
|
– |
|
| Withhold |
|
|
13,105,324 |
|
|
|
– |
|
|
|
27,277,864 |
|
|
|
– |
|
| |
|
| Total |
|
|
186,322,573 |
|
|
|
– |
|
|
|
243,311,002 |
|
|
|
– |
|
| |
|
|
|
|
|
|
| Robert L. Young |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For |
|
|
173,126,275 |
|
|
|
– |
|
|
|
215,397,161 |
|
|
|
– |
|
| Withhold |
|
|
13,196,298 |
|
|
|
– |
|
|
|
27,913,841 |
|
|
|
– |
|
| |
|
| Total |
|
|
186,322,573 |
|
|
|
– |
|
|
|
243,311,002 |
|
|
|
– |
|
| |
|
|
|
|
|
|
| William C. Hunter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For |
|
|
– |
|
|
|
19,108 |
|
|
|
– |
|
|
|
347,609 |
|
| Withhold |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| |
|
| Total |
|
|
– |
|
|
|
19,108 |
|
|
|
– |
|
|
|
347,609 |
|
| |
|
|
|
|
|
|
| Albin F. Moschner |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For |
|
|
– |
|
|
|
19,108 |
|
|
|
– |
|
|
|
347,609 |
|
| Withhold |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| |
|
| Total |
|
|
– |
|
|
|
19,108 |
|
|
|
– |
|
|
|
347,609 |
|
| |
|
17
Report of Independent Registered
Public Accounting Firm
To the
Shareholders and Board of Trustees
Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income
Fund:
Opinions on the Financial Statements
We have audited the
accompanying statements of assets and liabilities of Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income Fund (the Funds), including the portfolios of investments, as of
October 31, 2023, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the
financial statements) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the
Funds as of October 31, 2023, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the years in the two year period then ended, and the financial highlights for each of
the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of
material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2023, by correspondence with custodians and brokers; when replies were not received from
brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and
financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 28, 2023
18
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund
Portfolio of Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 168.8% (98.4% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 168.8% (98.4% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama - 1.4% (0.8% 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 |
|
$ |
4,774,506 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
5,029,825 |
|
| |
5,455 |
|
|
|
|
5.000%, 10/01/34 - AGM Insured, (AMT) |
|
10/27 at 100.00 |
|
|
5,479,379 |
|
| |
5,550 |
|
|
|
|
5.000%, 10/01/35 - AGM Insured, (AMT) |
|
10/27 at 100.00 |
|
|
5,558,363 |
|
|
|
|
|
|
| |
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 |
|
|
3,024,306 |
|
|
|
|
|
|
| |
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 |
|
|
2,260,261 |
|
|
|
|
|
|
| |
7,590 |
|
|
|
|
Pike Road, Alabama, General Obligation Warrants, Series 2023, 5.000%, 3/01/52 |
|
3/33 at 100.00 |
|
|
7,663,133 |
|
|
|
|
|
|
| |
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 |
|
|
1,015,347 |
|
|
|
|
|
|
| |
4,165 |
|
|
|
|
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A |
|
5/29 at 100.00 |
|
|
3,432,786 |
|
| |
|
|
|
|
|
|
|
|
Total Alabama |
|
|
|
|
38,237,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska - 0.3% (0.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015: |
|
|
|
|
|
|
| |
1,580 |
|
|
|
|
5.000%, 1/01/24, (AMT) |
|
No Opt. Call |
|
|
1,579,816 |
|
| |
3,400 |
|
|
|
|
5.000%, 1/01/25, (AMT) |
|
No Opt. Call |
|
|
3,403,519 |
|
| |
1,000 |
|
|
|
|
5.000%, 1/01/28, (AMT) |
|
7/25 at 100.00 |
|
|
999,670 |
|
| |
1,075 |
|
|
|
|
5.000%, 1/01/29, (AMT) |
|
7/25 at 100.00 |
|
|
1,074,770 |
|
| |
300 |
|
|
|
|
5.000%, 1/01/31, (AMT) |
|
7/25 at 100.00 |
|
|
298,705 |
|
| |
|
|
|
|
|
|
|
|
Total Alaska |
|
|
|
|
7,356,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona - 2.9% (1.7% 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 |
|
|
3,229,207 |
|
|
|
|
|
|
| |
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 |
|
|
2,362,020 |
|
|
|
|
|
|
| |
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 |
|
|
855,098 |
|
|
|
|
|
|
| |
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 |
|
|
1,830,468 |
|
|
|
|
|
|
| |
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 |
|
|
11,045,086 |
|
|
|
|
|
|
| |
9,665 |
|
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019B, 5.000%, 7/01/49, (AMT) |
|
7/29 at 100.00 |
|
|
9,118,685 |
|
|
|
|
|
|
| |
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 |
|
|
15,626,095 |
|
19
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Arizona (continued) |
|
|
|
|
|
|
| |
$ 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 |
|
$ |
7,625,668 |
|
|
|
|
|
|
| |
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 |
|
|
887,401 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
511,482 |
|
| |
24,765 |
|
|
|
|
5.000%, 12/01/37 |
|
No Opt. Call |
|
|
24,040,252 |
|
|
|
|
|
|
| |
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 |
|
|
1,100,834 |
|
| |
|
|
|
|
|
|
|
|
Total Arizona |
|
|
|
|
78,232,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arkansas - 0.6% (0.3% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
5,020 |
|
|
|
|
Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A |
|
9/25 at 105.00 |
|
|
4,425,367 |
|
|
|
|
|
|
| |
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 |
|
|
5,977,485 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A |
|
9/26 at 103.00 |
|
|
3,552,299 |
|
|
|
|
|
|
| |
2,055 |
|
|
|
|
Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 4.875%, 12/01/43 |
|
12/23 at 100.00 |
|
|
1,817,459 |
|
| |
|
|
|
|
|
|
|
|
Total Arkansas |
|
|
|
|
15,772,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California - 11.8% (6.9% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
2,665 |
|
|
|
|
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 |
|
|
2,665,177 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,496,450 |
|
| |
7,150 |
|
|
|
|
0.000%, 9/01/28 - AGM Insured |
|
No Opt. Call |
|
|
5,800,011 |
|
| |
2,455 |
|
|
|
|
0.000%, 9/01/32 - AGM Insured |
|
No Opt. Call |
|
|
1,642,293 |
|
| |
105 |
|
|
(c) |
|
0.000%, 9/01/35 - AGM Insured, (ETM) |
|
No Opt. Call |
|
|
63,706 |
|
| |
95 |
|
|
|
|
0.000%, 9/01/35 - AGM Insured |
|
No Opt. Call |
|
|
54,268 |
|
|
|
|
|
|
| |
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 |
|
|
616,156 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
938,998 |
|
| |
235 |
|
|
(c) |
|
0.000%, 8/01/32 - SYNCORA GTY Insured, (ETM) |
|
No Opt. Call |
|
|
165,918 |
|
| |
60 |
|
|
(c) |
|
0.000%, 8/01/32, (ETM) |
|
No Opt. Call |
|
|
42,362 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,583,794 |
|
| |
4,505 |
|
|
|
|
0.000%, 8/01/33 - FGIC Insured |
|
No Opt. Call |
|
|
2,868,821 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,821,977 |
|
| |
2,855 |
|
|
(c) |
|
5.000%, 11/15/46, (Pre-refunded 11/15/26) |
|
11/26 at 100.00 |
|
|
2,974,624 |
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
California (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 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 |
|
$ |
16,451,740 |
|
|
|
|
|
|
| |
2,275 |
|
|
|
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A, 4.000%, 11/15/42 |
|
11/27 at 100.00 |
|
|
2,014,648 |
|
|
|
|
|
|
| |
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 |
|
|
4,731,028 |
|
|
|
|
|
|
| |
3,250 |
|
|
|
|
California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2017A, 5.000%, 2/01/47 |
|
2/27 at 100.00 |
|
|
3,067,383 |
|
|
|
|
|
|
| |
815 |
|
|
(c) |
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38, (Pre-refunded 1/02/24) |
|
1/24 at 100.00 |
|
|
816,716 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44 |
|
12/24 at 100.00 |
|
|
465,044 |
|
|
|
|
|
|
|
|
|
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 12/01/46, 144A |
|
6/26 at 100.00 |
|
|
883,669 |
|
| |
13,820 |
|
|
|
|
5.250%, 12/01/56, 144A |
|
6/26 at 100.00 |
|
|
12,243,712 |
|
|
|
|
|
|
|
|
|
|
|
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: |
|
|
|
|
|
|
| |
29 |
|
|
(d),(e) |
|
5.750%, 7/01/30 |
|
1/22 at 100.00 |
|
|
29,023 |
|
| |
80 |
|
|
(d),(e) |
|
5.500%, 7/01/39 |
|
1/22 at 100.00 |
|
|
79,485 |
|
|
|
|
|
|
| |
4,890 |
|
|
|
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 - NPFG Insured |
|
No Opt. Call |
|
|
4,366,822 |
|
|
|
|
|
|
| |
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 |
|
|
744,623 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44 |
|
6/24 at 100.00 |
|
|
4,009,618 |
|
|
|
|
|
|
| |
3,010 |
|
|
|
|
El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/25 |
|
No Opt. Call |
|
|
2,808,137 |
|
|
|
|
|
|
| |
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 |
|
|
2,196,959 |
|
|
|
|
|
|
|
|
|
|
|
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: |
|
|
|
|
|
|
| |
1,480 |
|
|
(c) |
|
5.750%, 1/15/46, (Pre-refunded 1/15/24) |
|
1/24 at 100.00 |
|
|
1,486,016 |
|
| |
6,480 |
|
|
(c) |
|
6.000%, 1/15/49, (Pre-refunded 1/15/24) |
|
1/24 at 100.00 |
|
|
6,509,166 |
|
|
|
|
|
|
| |
9,930 |
|
|
(c) |
|
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 |
|
|
10,131,753 |
|
|
|
|
|
|
|
|
|
|
|
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A: |
|
|
|
|
|
|
| |
1,455 |
|
|
(c) |
|
0.000%, 6/01/24 - AMBAC Insured, (ETM) |
|
No Opt. Call |
|
|
1,424,449 |
|
| |
3,500 |
|
|
(c) |
|
0.000%, 6/01/26 - AGM Insured, (ETM) |
|
No Opt. Call |
|
|
3,186,760 |
|
|
|
|
|
|
| |
59,280 |
|
|
|
|
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 |
|
|
4,862,282 |
|
|
|
|
|
|
| |
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 |
|
|
739,161 |
|
|
|
|
|
|
| |
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 |
|
|
3,961,550 |
|
21
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
California (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 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 |
|
$ |
1,718,657 |
|
|
|
|
|
|
| |
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 |
|
|
4,802,538 |
|
|
|
|
|
|
| |
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 |
|
|
745,597 |
|
|
|
|
|
|
| |
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 |
|
|
8,954,768 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
12,411,355 |
|
| |
40 |
|
|
(c) |
|
5.000%, 5/15/46, (Pre-refunded 11/15/31), (AMT) |
|
11/31 at 100.00 |
|
|
42,030 |
|
|
|
|
|
|
| |
2,665 |
|
|
|
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43 |
|
1/24 at 100.00 |
|
|
2,669,853 |
|
|
|
|
|
|
| |
6,215 |
|
|
(c) |
|
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 |
|
|
6,316,130 |
|
|
|
|
|
|
| |
5,955 |
|
|
(f) |
|
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 |
|
|
5,185,728 |
|
|
|
|
|
|
| |
2,700 |
|
|
|
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34 |
|
No Opt. Call |
|
|
3,143,644 |
|
|
|
|
|
|
| |
2,200 |
|
|
|
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 |
|
No Opt. Call |
|
|
2,477,930 |
|
|
|
|
|
|
| |
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 |
|
|
3,694,642 |
|
|
|
|
|
|
| |
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 |
|
|
1,834,932 |
|
|
|
|
|
|
| |
6,000 |
|
|
(c) |
|
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 |
|
|
3,843,811 |
|
|
|
|
|
|
| |
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 |
|
|
811,592 |
|
|
|
|
|
|
| |
5,000 |
|
|
(f) |
|
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, 2010 Election Series 2011A, 0.000%, 8/01/41 - AGM Insured |
|
8/36 at 100.00 |
|
|
5,218,794 |
|
|
|
|
|
|
| |
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 |
|
|
4,665,742 |
|
|
|
|
|
|
| |
4,615 |
|
|
|
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 0.000%, 10/01/38 |
|
No Opt. Call |
|
|
2,133,239 |
|
|
|
|
|
|
| |
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 |
|
|
10,444,099 |
|
|
|
|
|
|
| |
14,055 |
|
|
|
|
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 |
|
|
13,489,084 |
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
California (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 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 |
|
$ |
4,800,719 |
|
|
|
|
|
|
| |
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 |
|
|
9,703,546 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
10,585,483 |
|
| |
8,405 |
|
|
|
|
5.000%, 5/01/50, (AMT) |
|
5/29 at 100.00 |
|
|
8,031,680 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 6 Mission Bay South Public Improvements, Series 2013C, 0.000%, 8/01/43 |
|
12/23 at 31.69 |
|
|
595,276 |
|
|
|
|
|
|
| |
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 |
|
|
2,006,305 |
|
|
|
|
|
|
|
|
|
|
|
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A: |
|
|
|
|
|
|
| |
15,350 |
|
|
(c) |
|
5.000%, 1/15/44, (Pre-refunded 1/15/25) |
|
1/25 at 100.00 |
|
|
15,596,040 |
|
| |
25,840 |
|
|
(c) |
|
5.000%, 1/15/50, (Pre-refunded 1/15/25) |
|
1/25 at 100.00 |
|
|
26,254,182 |
|
|
|
|
|
|
|
|
|
|
|
|
San Jose, California, Airport Revenue Bonds, Refunding Series 2017A: |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
5.000%, 3/01/41, (AMT) |
|
3/27 at 100.00 |
|
|
4,854,617 |
|
| |
5,000 |
|
|
|
|
5.000%, 3/01/47, (AMT) |
|
3/27 at 100.00 |
|
|
4,732,111 |
|
|
|
|
|
|
| |
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 |
|
|
6,294,031 |
|
|
|
|
|
|
| |
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 |
|
|
2,335,832 |
|
|
|
|
|
|
| |
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 |
|
|
1,611,988 |
|
|
|
|
|
|
| |
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 |
|
|
848,841 |
|
|
|
|
|
|
| |
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 |
|
|
678,921 |
|
|
|
|
|
|
| |
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 |
|
|
2,141,184 |
|
|
|
|
|
|
| |
3,750 |
|
|
(f) |
|
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 0.000%, 8/01/36 - AGM Insured |
|
8/31 at 100.00 |
|
|
3,768,299 |
|
| |
|
|
|
|
|
|
|
|
Total California |
|
|
|
|
319,387,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 14.0% (8.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
4,350 |
|
|
|
|
Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021, 4.375%, 12/01/52 |
|
12/26 at 103.00 |
|
|
3,140,190 |
|
|
|
|
|
|
| |
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 |
|
|
3,035,822 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Arvada, Colorado, Water Enterprise Revenue Bonds, Series 2022, 4.000%, 12/01/48 |
|
12/32 at 100.00 |
|
|
1,672,414 |
|
|
|
|
|
|
| |
4,195 |
|
|
|
|
Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2016C, 4.000%, 12/15/34 |
|
12/26 at 100.00 |
|
|
3,968,865 |
|
|
|
|
|
|
| |
5,500 |
|
|
|
|
Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022, 5.000%, 6/01/47 |
|
6/32 at 100.00 |
|
|
5,570,232 |
|
23
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 1,775 |
|
|
|
|
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/29, 144A |
|
12/23 at 102.00 |
|
$ |
1,703,018 |
|
|
|
|
|
|
| |
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 |
|
|
1,206,234 |
|
|
|
|
|
|
| |
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 |
|
12/23 at 100.00 |
|
|
2,946,338 |
|
|
|
|
|
|
| |
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 |
|
|
1,219,406 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Liberty Common Charter School, Series 2014A, 5.000%, 1/15/44 |
|
1/24 at 100.00 |
|
|
450,518 |
|
|
|
|
|
|
| |
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 |
|
|
1,003,912 |
|
|
|
|
|
|
| |
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 |
|
|
2,670,206 |
|
|
|
|
|
|
| |
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 |
|
|
506,727 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,086,177 |
|
| |
1,600 |
|
|
|
|
4.000%, 3/01/37 |
|
3/27 at 100.00 |
|
|
1,414,730 |
|
|
|
|
|
|
| |
5,460 |
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2019A, 4.000%, 11/15/43 |
|
11/29 at 100.00 |
|
|
4,709,550 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A: |
|
|
|
|
|
|
| |
17,905 |
|
|
|
|
4.000%, 11/15/46 |
|
11/31 at 100.00 |
|
|
15,033,887 |
|
| |
11,090 |
|
|
|
|
4.000%, 11/15/50 |
|
11/31 at 100.00 |
|
|
9,051,547 |
|
|
|
|
|
|
| |
4,600 |
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 |
|
1/24 at 102.00 |
|
|
4,165,559 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2: |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
5.000%, 8/01/44 |
|
8/29 at 100.00 |
|
|
3,782,079 |
|
| |
15,395 |
|
|
|
|
4.000%, 8/01/49 |
|
8/29 at 100.00 |
|
|
11,909,118 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A: |
|
|
|
|
|
|
| |
2,725 |
|
|
|
|
5.500%, 11/01/47 |
|
11/32 at 100.00 |
|
|
2,704,774 |
|
| |
2,300 |
|
|
|
|
5.250%, 11/01/52 |
|
11/32 at 100.00 |
|
|
2,163,485 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A: |
|
|
|
|
|
|
| |
2,670 |
|
|
(c) |
|
5.000%, 6/01/28, (Pre-refunded 6/01/25) |
|
6/25 at 100.00 |
|
|
2,711,921 |
|
| |
6,425 |
|
|
(c) |
|
5.000%, 6/01/40, (Pre-refunded 6/01/25) |
|
6/25 at 100.00 |
|
|
6,525,876 |
|
|
|
|
|
|
| |
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 |
|
|
1,209,039 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Intermountain Healthcare, Series 2022A, 5.000%, 5/15/52 |
|
5/32 at 100.00 |
|
|
4,885,336 |
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 3,785 |
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2020A, 4.000%, 9/01/50 |
|
9/30 at 100.00 |
|
$ |
2,853,255 |
|
|
|
|
|
|
| |
5,535 |
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A, 5.000%, 11/01/44 |
|
11/29 at 100.00 |
|
|
5,149,599 |
|
|
|
|
|
|
| |
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 |
|
|
3,057,902 |
|
|
|
|
|
|
| |
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 |
|
|
990,285 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017C: |
|
|
|
|
|
|
| |
950 |
|
|
(c) |
|
5.000%, 3/01/43, (Pre-refunded 3/01/28) - BAM Insured |
|
3/28 at 100.00 |
|
|
1,001,233 |
|
| |
710 |
|
|
|
|
5.000%, 3/01/43 - BAM Insured |
|
3/28 at 100.00 |
|
|
719,071 |
|
|
|
|
|
|
| |
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 |
|
|
2,055,813 |
|
|
|
|
|
|
| |
3,420 |
|
|
|
|
Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2020R, 4.000%, 3/15/45 |
|
3/30 at 100.00 |
|
|
2,903,238 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2021S, 4.000%, 3/15/41 |
|
3/31 at 100.00 |
|
|
3,530,883 |
|
|
|
|
|
|
| |
3,000 |
|
|
(c) |
|
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 |
|
|
3,020,829 |
|
|
|
|
|
|
| |
7,250 |
|
|
(c) |
|
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 |
|
|
7,475,913 |
|
|
|
|
|
|
| |
8,250 |
|
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A, 5.500%, 11/15/53, (AMT) |
|
11/32 at 100.00 |
|
|
8,342,614 |
|
|
|
|
|
|
| |
3,400 |
|
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B, 5.250%, 11/15/53 |
|
11/32 at 100.00 |
|
|
3,485,620 |
|
|
|
|
|
|
|
|
|
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022D: |
|
|
|
|
|
|
| |
2,790 |
|
|
|
|
5.750%, 11/15/45, (AMT) |
|
11/32 at 100.00 |
|
|
2,927,001 |
|
| |
5,000 |
|
|
|
|
5.000%, 11/15/53, (AMT) |
|
11/32 at 100.00 |
|
|
4,703,261 |
|
|
|
|
|
|
| |
1,100 |
|
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43, (AMT) |
|
12/23 at 100.00 |
|
|
1,091,616 |
|
|
|
|
|
|
| |
4,515 |
|
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 |
|
12/23 at 100.00 |
|
|
4,457,492 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
16,369,353 |
|
| |
13,040 |
|
|
|
|
5.000%, 12/01/48, (AMT) |
|
12/28 at 100.00 |
|
|
12,225,338 |
|
| |
9,040 |
|
|
|
|
5.250%, 12/01/48, (AMT) |
|
12/28 at 100.00 |
|
|
8,830,201 |
|
|
|
|
|
|
| |
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 |
|
|
4,108,983 |
|
|
|
|
|
|
| |
1,820 |
|
|
|
|
Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 8/01/46 |
|
8/26 at 100.00 |
|
|
1,522,783 |
|
|
|
|
|
|
| |
11,000 |
|
|
|
|
Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A, 4.000%, 8/01/51 |
|
8/31 at 100.00 |
|
|
9,006,849 |
|
|
|
|
|
|
| |
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) |
|
12/23 at 100.00 |
|
|
1,879,867 |
|
25
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016: |
|
|
|
|
|
|
| |
$ 2,955 |
|
|
|
|
5.000%, 12/01/28 |
|
12/26 at 100.00 |
|
$ |
2,957,295 |
|
| |
2,000 |
|
|
|
|
5.000%, 12/01/29 |
|
12/26 at 100.00 |
|
|
1,995,181 |
|
| |
3,900 |
|
|
|
|
5.000%, 12/01/36 |
|
12/26 at 100.00 |
|
|
3,701,388 |
|
|
|
|
|
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A: |
|
|
|
|
|
|
| |
385 |
|
|
|
|
0.000%, 9/01/35 |
|
No Opt. Call |
|
|
219,188 |
|
| |
150 |
|
|
|
|
0.000%, 9/01/37 |
|
No Opt. Call |
|
|
74,472 |
|
| |
75 |
|
|
|
|
0.000%, 9/01/38 |
|
No Opt. Call |
|
|
34,736 |
|
| |
20 |
|
|
|
|
0.000%, 9/01/39 |
|
No Opt. Call |
|
|
8,674 |
|
| |
110 |
|
|
|
|
0.000%, 9/01/41 |
|
No Opt. Call |
|
|
42,338 |
|
|
|
|
|
|
| |
18,380 |
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 - NPFG Insured |
|
No Opt. Call |
|
|
16,994,284 |
|
|
|
|
|
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: |
|
|
|
|
|
|
| |
1,045 |
|
|
|
|
0.000%, 9/01/29 - NPFG Insured |
|
No Opt. Call |
|
|
814,922 |
|
| |
2,175 |
|
|
|
|
0.000%, 9/01/30 - NPFG Insured |
|
No Opt. Call |
|
|
1,618,970 |
|
| |
25,050 |
|
|
|
|
0.000%, 9/01/31 - NPFG Insured |
|
No Opt. Call |
|
|
17,779,235 |
|
| |
23,305 |
|
|
|
|
0.000%, 9/01/32 - NPFG Insured |
|
No Opt. Call |
|
|
15,759,895 |
|
| |
100 |
|
|
|
|
0.000%, 9/01/33 - NPFG Insured |
|
No Opt. Call |
|
|
64,326 |
|
|
|
|
|
|
| |
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 |
|
|
5,873,631 |
|
|
|
|
|
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: |
|
|
|
|
|
|
| |
385 |
|
|
|
|
0.000%, 9/01/28 - NPFG Insured |
|
No Opt. Call |
|
|
314,156 |
|
| |
60,000 |
|
|
|
|
0.000%, 3/01/36 - NPFG Insured |
|
No Opt. Call |
|
|
33,380,322 |
|
|
|
|
|
|
| |
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 |
|
|
1,828,739 |
|
|
|
|
|
|
| |
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 |
|
|
8,062,282 |
|
|
|
|
|
|
| |
3,550 |
|
|
|
|
Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A, 6.750%, 12/01/34, 144A |
|
9/27 at 103.00 |
|
|
3,295,557 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Firestone, Colorado, Water Enterprise Revenue Bones, Series 2020, 4.000%, 12/01/45 - BAM Insured |
|
12/30 at 100.00 |
|
|
1,640,178 |
|
|
|
|
|
|
| |
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 |
|
|
3,067,798 |
|
|
|
|
|
|
| |
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 |
|
|
2,259,036 |
|
|
|
|
|
|
| |
3,305 |
|
|
|
|
Goldsmith Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2021, 4.000%, 12/01/51 - AGM Insured |
|
12/31 at 100.00 |
|
|
2,558,676 |
|
|
|
|
|
|
| |
1,825 |
|
|
|
|
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2023, 4.375%, 12/01/53 - AGM Insured |
|
12/33 at 100.00 |
|
|
1,608,385 |
|
|
|
|
|
|
| |
1,860 |
|
|
(c) |
|
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 |
|
|
1,863,712 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
8,067,961 |
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
| |
$ 3,250 |
|
|
|
|
4.000%, 7/01/51 |
|
7/31 at 100.00 |
|
$ |
2,653,342 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,522,139 |
|
| |
2,100 |
|
|
|
|
5.000%, 12/01/46 |
|
12/26 at 100.00 |
|
|
1,887,310 |
|
|
|
|
|
|
| |
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 |
|
|
7,637,613 |
|
|
|
|
|
|
| |
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 |
|
|
1,986,080 |
|
|
|
|
|
|
| |
3,975 |
|
|
|
|
Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A, 5.000%, 12/01/51, 144A |
|
3/26 at 103.00 |
|
|
3,128,067 |
|
|
|
|
|
|
| |
700 |
|
|
|
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 |
|
No Opt. Call |
|
|
774,152 |
|
|
|
|
|
|
| |
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 |
|
|
764,742 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,077,954 |
|
| |
1,000 |
|
|
|
|
4.125%, 12/01/37 - BAM Insured |
|
12/26 at 100.00 |
|
|
929,798 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/41 |
|
3/26 at 103.00 |
|
|
390,604 |
|
|
|
|
|
|
| |
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 |
|
|
1,886,646 |
|
|
|
|
|
|
| |
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 |
|
|
5,382,174 |
|
| |
|
|
|
|
|
|
|
|
Total Colorado |
|
|
|
|
378,061,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut - 1.3% (0.7% 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 |
|
|
1,678,970 |
|
|
|
|
|
|
| |
850 |
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean Affiliates, Series 2020A, 5.000%, 1/01/45, 144A |
|
1/26 at 102.00 |
|
|
674,745 |
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2018A: |
|
|
|
|
|
|
| |
14,775 |
|
|
|
|
5.000%, 1/01/34 |
|
1/28 at 100.00 |
|
|
15,325,310 |
|
| |
6,410 |
|
|
|
|
5.000%, 1/01/37 |
|
1/28 at 100.00 |
|
|
6,573,132 |
|
| |
6,000 |
|
|
|
|
5.000%, 1/01/38 |
|
1/28 at 100.00 |
|
|
6,101,467 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
University of Connecticut, General Obligation Bonds, Series 2020A, 5.000%, 2/15/39 |
|
2/30 at 100.00 |
|
|
4,103,422 |
|
| |
|
|
|
|
|
|
|
|
Total Connecticut |
|
|
|
|
34,457,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delaware - 0.3% (0.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
800 |
|
|
|
|
Delaware Health Facilities Authroity, Revenue Bonds, Beebe Medical Center Project, Series 2018, 5.000%, 6/01/48 |
|
12/28 at 100.00 |
|
|
723,464 |
|
|
|
|
|
|
| |
7,255 |
|
|
|
|
Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 |
|
6/25 at 100.00 |
|
|
7,151,050 |
|
| |
|
|
|
|
|
|
|
|
Total Delaware |
|
|
|
|
7,874,514 |
|
|
|
|
|
|
|
|
|
27
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia - 2.4% (1.4% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 450 |
|
|
|
|
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26, (AMT) |
|
12/23 at 100.00 |
|
$ |
450,703 |
|
|
|
|
|
|
| |
34,000 |
|
|
|
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 |
|
12/23 at 24.98 |
|
|
7,296,961 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,636,307 |
|
| |
5,000 |
|
|
|
|
5.000%, 10/01/47 |
|
10/29 at 100.00 |
|
|
4,709,757 |
|
| |
7,500 |
|
|
|
|
4.000%, 10/01/49 |
|
10/29 at 100.00 |
|
|
5,878,095 |
|
|
|
|
|
|
| |
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 |
|
|
1,050,531 |
|
|
|
|
|
|
| |
5,000 |
|
|
(c) |
|
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 |
|
|
5,366,164 |
|
|
|
|
|
|
| |
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 |
|
|
15,311,022 |
|
|
|
|
|
|
| |
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 |
|
|
4,756,320 |
|
|
|
|
|
|
| |
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 |
|
|
7,671,724 |
|
|
|
|
|
|
| |
7,400 |
|
|
|
|
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2023A, 5.250%, 10/01/53, (AMT) |
|
10/32 at 100.00 |
|
|
7,331,906 |
|
|
|
|
|
|
| |
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 |
|
|
1,024,900 |
|
|
|
|
|
|
| |
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 |
|
|
1,007,282 |
|
| |
|
|
|
|
|
|
|
|
Total District of Columbia |
|
|
|
|
63,491,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida - 9.9% (5.7% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
1,480 |
|
|
|
|
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 5.000%, 11/15/37 |
|
12/23 at 100.00 |
|
|
1,342,185 |
|
|
|
|
|
|
|
|
|
|
|
|
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A: |
|
|
|
|
|
|
| |
450 |
|
|
|
|
5.000%, 9/01/45 |
|
12/23 at 100.00 |
|
|
425,084 |
|
| |
2,260 |
|
|
|
|
5.000%, 9/01/48 |
|
12/23 at 100.00 |
|
|
2,104,898 |
|
|
|
|
|
|
| |
8,280 |
|
|
|
|
Broward County, Florida, Airport System Revenue Bonds, Series 2019A, 5.000%, 10/01/44, (AMT) |
|
10/29 at 100.00 |
|
|
7,907,455 |
|
|
|
|
|
|
| |
175 |
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C, 5.000%, 9/15/40, 144A |
|
9/27 at 100.00 |
|
|
145,035 |
|
|
|
|
|
|
| |
18,500 |
|
|
|
|
Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49, (AMT), 144A |
|
1/24 at 107.00 |
|
|
18,037,522 |
|
|
|
|
|
|
|
|
|
|
|
|
Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A: |
|
|
|
|
|
|
| |
12,000 |
|
|
|
|
6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A |
|
12/23 at 102.00 |
|
|
11,422,895 |
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida (continued) |
|
|
|
|
|
|
| |
$ 15,985 |
|
|
|
|
6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A |
|
12/23 at 102.00 |
|
$ |
15,108,187 |
|
|
|
|
|
|
| |
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) |
|
12/23 at 103.50 |
|
|
4,916,207 |
|
|
|
|
|
|
| |
12,500 |
|
|
|
|
Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail Expansion Project, Series 2023C, 8.000%, 7/01/57, (AMT), (Mandatory Put 4/01/24), 144A |
|
11/23 at 100.00 |
|
|
12,588,353 |
|
|
|
|
|
|
|
|
|
|
|
|
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Priority Subordinated Series 2017A: |
|
|
|
|
|
|
| |
31,985 |
|
|
|
|
5.000%, 10/01/42, (AMT) |
|
10/27 at 100.00 |
|
|
31,022,782 |
|
| |
2,665 |
|
|
|
|
5.000%, 10/01/47, (AMT) |
|
10/27 at 100.00 |
|
|
2,513,701 |
|
|
|
|
|
|
| |
6,020 |
|
|
(c) |
|
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 |
|
|
6,052,856 |
|
|
|
|
|
|
| |
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 |
|
|
4,845,260 |
|
|
|
|
|
|
| |
2,290 |
|
|
(c) |
|
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 |
|
|
2,312,736 |
|
|
|
|
|
|
| |
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 |
|
|
10,133,924 |
|
|
|
|
|
|
| |
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 |
|
|
7,587,207 |
|
|
|
|
|
|
| |
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 |
|
|
4,518,770 |
|
|
|
|
|
|
| |
5,075 |
|
|
(c) |
|
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 |
|
|
5,134,947 |
|
|
|
|
|
|
| |
9,820 |
|
|
|
|
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 - AGM Insured |
|
2/24 at 100.00 |
|
|
9,820,319 |
|
|
|
|
|
|
| |
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 |
|
|
1,498,266 |
|
|
|
|
|
|
| |
2,930 |
|
|
|
|
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42 |
|
12/23 at 100.00 |
|
|
2,829,830 |
|
|
|
|
|
|
| |
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 |
|
|
7,807,020 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2018A, 5.000%, 4/01/53 |
|
4/28 at 100.00 |
|
|
2,822,136 |
|
|
|
|
|
|
| |
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 |
|
|
1,461,369 |
|
|
|
|
|
|
| |
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 |
|
|
5,022,696 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/35, (AMT) |
|
10/24 at 100.00 |
|
|
4,891,849 |
|
|
|
|
|
|
| |
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 |
|
|
2,944,863 |
|
|
|
|
|
|
| |
13,385 |
|
|
|
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2017B, 5.000%, 10/01/40, (AMT) |
|
10/27 at 100.00 |
|
|
12,935,038 |
|
29
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
Florida (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 1,005 |
|
|
(g) |
|
Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2022A, 5.250%, 10/01/52, (AMT), (UB) |
|
10/32 at 100.00 |
|
$ |
967,594 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2022, 5.000%, 7/01/51 |
|
7/32 at 100.00 |
|
|
4,952,680 |
|
|
|
|
|
|
| |
6,035 |
|
|
|
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2019B, 4.000%, 10/01/49 |
|
10/29 at 100.00 |
|
|
4,955,680 |
|
|
|
|
|
|
| |
3,500 |
|
|
|
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021, 4.000%, 10/01/46 |
|
4/31 at 100.00 |
|
|
2,942,258 |
|
|
|
|
|
|
| |
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 |
|
|
5,636,053 |
|
|
|
|
|
|
| |
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 |
|
|
2,146,470 |
|
|
|
|
|
|
| |
2,260 |
|
|
|
|
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 |
|
|
2,238,918 |
|
|
|
|
|
|
| |
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 |
|
|
4,663,753 |
|
|
|
|
|
|
| |
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 |
|
|
2,406,310 |
|
|
|
|
|
|
| |
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 |
|
|
9,716,679 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,937,145 |
|
| |
9,770 |
|
|
|
|
5.000%, 8/15/47 |
|
8/27 at 100.00 |
|
|
9,310,673 |
|
|
|
|
|
|
| |
705 |
|
|
|
|
Southeast Overtown/Park West Community Redevelopement Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30, 144A |
|
3/24 at 100.00 |
|
|
705,164 |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44 |
|
1/24 at 100.00 |
|
|
1,448,535 |
|
|
|
|
|
|
| |
5,545 |
|
|
|
|
Tampa, Florida, Hospital Revenue Bonds, H. Lee Moffitt Cancer Center Project, Series 2020B, 5.000%, 7/01/50 |
|
7/30 at 100.00 |
|
|
5,226,032 |
|
|
|
|
|
|
| |
180 |
|
|
(f) |
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 |
|
12/23 at 100.00 |
|
|
167,506 |
|
|
|
|
|
|
| |
195 |
|
|
(d) |
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 |
|
12/23 at 100.00 |
|
|
2 |
|
|
|
|
|
|
| |
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 |
|
|
6,243,501 |
|
| |
|
|
|
|
|
|
|
|
Total Florida |
|
|
|
|
265,818,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia - 2.4% (1.4% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
1,820 |
|
|
|
|
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 |
|
7/25 at 100.00 |
|
|
1,828,690 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Atlanta, Georgia, Airport General Revenue Bonds, Series 2022B, 5.000%, 7/01/52, (AMT) |
|
7/32 at 100.00 |
|
|
9,434,122 |
|
|
|
|
|
|
| |
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 |
|
|
2,471,929 |
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia (continued) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
2,500 |
|
|
|
|
Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B, 5.125%, 4/01/53, (WI/DD) |
|
4/33 at 100.00 |
|
$ |
2,433,449 |
|
|
|
|
|
|
| |
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 |
|
|
2,819,901 |
|
|
|
|
|
|
| |
635 |
|
|
|
|
Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 - NPFG Insured |
|
No Opt. Call |
|
|
644,870 |
|
|
|
|
|
|
| |
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 |
|
|
1,617,502 |
|
|
|
|
|
|
| |
3,500 |
|
|
|
|
Georgia Ports Authority, Revenue Bonds, Series 2021, 4.000%, 7/01/51 |
|
7/31 at 100.00 |
|
|
2,923,233 |
|
|
|
|
|
|
|
|
|
|
|
|
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds,
Series 2019A: |
|
|
|
|
|
|
| |
1,460 |
|
|
|
|
5.000%, 5/15/43 |
|
5/29 at 100.00 |
|
|
1,372,879 |
|
| |
22,700 |
|
|
|
|
5.000%, 5/15/49 |
|
No Opt. Call |
|
|
21,124,452 |
|
|
|
|
|
|
| |
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 |
|
|
3,284,416 |
|
|
|
|
|
|
| |
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 |
|
|
9,497,400 |
|
|
|
|
|
|
|
|
|
|
|
|
Paulding County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System Inc., Series 2022A: |
|
|
|
|
|
|
| |
3,465 |
|
|
|
|
5.000%, 4/01/42 |
|
4/32 at 100.00 |
|
|
3,430,107 |
|
| |
1,565 |
|
|
|
|
5.000%, 4/01/43 |
|
4/32 at 100.00 |
|
|
1,539,182 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Rockdale County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2019A, 4.000%, 7/01/44 |
|
7/29 at 100.00 |
|
|
832,276 |
|
| |
|
|
|
|
|
|
|
|
Total Georgia |
|
|
|
|
65,254,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam - 0.7% (0.4% 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 |
|
|
1,927,732 |
|
|
|
|
|
|
|
|
|
|
|
|
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A: |
|
|
|
|
|
|
| |
1,760 |
|
|
|
|
5.250%, 6/01/32 |
|
11/23 at 100.00 |
|
|
1,659,986 |
|
| |
2,915 |
|
|
|
|
5.625%, 6/01/47 |
|
11/23 at 100.00 |
|
|
2,599,765 |
|
|
|
|
|
|
| |
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 |
|
|
1,291,508 |
|
|
|
|
|
|
|
|
|
|
|
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016: |
|
|
|
|
|
|
| |
245 |
|
|
|
|
5.000%, 7/01/27 |
|
7/26 at 100.00 |
|
|
245,736 |
|
| |
1,240 |
|
|
|
|
5.000%, 1/01/46 |
|
7/26 at 100.00 |
|
|
1,137,075 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2020A, 5.000%, 1/01/50 |
|
7/30 at 100.00 |
|
|
898,543 |
|
|
|
|
|
|
|
|
|
|
|
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 12/01/23 |
|
No Opt. Call |
|
|
1,000,259 |
|
| |
2,000 |
|
|
|
|
5.000%, 12/01/33 |
|
12/26 at 100.00 |
|
|
1,997,651 |
|
| |
2,260 |
|
|
|
|
5.000%, 12/01/34 |
|
12/26 at 100.00 |
|
|
2,240,361 |
|
| |
1,175 |
|
|
|
|
5.000%, 12/01/46 |
|
12/26 at 100.00 |
|
|
1,002,907 |
|
|
|
|
|
|
|
|
|
|
|
|
Guam Port Authority, Port Revenue Bonds, Private Activity Series 2018B: |
|
|
|
|
|
|
| |
510 |
|
|
|
|
5.000%, 7/01/32, (AMT) |
|
7/28 at 100.00 |
|
|
516,327 |
|
| |
355 |
|
|
|
|
5.000%, 7/01/33, (AMT) |
|
7/28 at 100.00 |
|
|
359,287 |
|
31
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam Power Authority, Revenue Bonds, Series 2014A: |
|
|
|
|
|
|
| $ |
600 |
|
|
|
|
5.000%, 10/01/39 |
|
10/24 at 100.00 |
|
$ |
600,305 |
|
| |
575 |
|
|
|
|
5.000%, 10/01/44 |
|
10/24 at 100.00 |
|
|
554,029 |
|
| |
|
|
|
|
|
|
|
|
Total Guam |
|
|
|
|
18,031,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii - 1.3% (0.8% 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 |
|
|
3,885,388 |
|
|
|
|
|
|
| |
7,500 |
|
|
|
|
Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45, (AMT) |
|
7/25 at 100.00 |
|
|
7,197,004 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Hawaii State, Airport System Revenue Bonds, Series 2018A, 5.000%, 7/01/43, (AMT) |
|
7/28 at 100.00 |
|
|
9,692,496 |
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
Hawaii State, Airport System Revenue Bonds, Series 2022, 5.000%, 7/01/38, (AMT) |
|
7/32 at 100.00 |
|
|
5,951,629 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Hawaii State, General Obligation Bonds, Series 2017FK, 4.000%, 5/01/35 |
|
5/27 at 100.00 |
|
|
4,811,711 |
|
|
|
|
|
|
| |
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 |
|
|
3,748,123 |
|
| |
|
|
|
|
|
|
|
|
Total Hawaii |
|
|
|
|
35,286,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,567,039 |
|
|
|
|
|
|
| |
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 |
|
|
10,754,814 |
|
|
|
|
|
|
| |
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 |
|
|
1,648,979 |
|
|
|
|
|
|
| |
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 |
|
|
4,510,229 |
|
|
|
|
|
|
|
|
|
|
|
|
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A: |
|
|
|
|
|
|
| |
1,155 |
|
|
|
|
4.750%, 9/01/26 |
|
12/23 at 100.00 |
|
|
1,154,930 |
|
| |
310 |
|
|
|
|
5.000%, 9/01/32 |
|
12/23 at 100.00 |
|
|
310,037 |
|
| |
|
|
|
|
|
|
|
|
Total Idaho |
|
|
|
|
27,946,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois - 15.6% (9.1% 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 |
|
|
6,036,100 |
|
|
|
|
|
|
| |
9,250 |
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 |
|
12/25 at 100.00 |
|
|
9,453,493 |
|
|
|
|
|
|
| |
2,400 |
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 |
|
12/26 at 100.00 |
|
|
2,438,044 |
|
|
|
|
|
|
| |
11,295 |
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A |
|
12/27 at 100.00 |
|
|
11,727,671 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,603,284 |
|
| |
7,140 |
|
|
|
|
0.000%, 12/01/25 - FGIC Insured |
|
No Opt. Call |
|
|
6,445,698 |
|
| |
4,325 |
|
|
|
|
0.000%, 12/01/29 - FGIC Insured |
|
No Opt. Call |
|
|
3,192,547 |
|
| |
4,235 |
|
|
|
|
0.000%, 12/01/31 - FGIC Insured |
|
No Opt. Call |
|
|
2,804,112 |
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A: |
|
|
|
|
|
|
| |
$ 10,000 |
|
|
|
|
0.000%, 12/01/23 - FGIC Insured |
|
No Opt. Call |
|
$ |
9,959,477 |
|
| |
8,845 |
|
|
|
|
5.500%, 12/01/26 - NPFG Insured |
|
No Opt. Call |
|
|
8,910,167 |
|
|
|
|
|
|
| |
15,735 |
|
|
|
|
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 |
|
|
14,728,852 |
|
|
|
|
|
|
| |
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 |
|
|
6,355,563 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2017D, 5.000%, 1/01/47 |
|
1/27 at 100.00 |
|
|
2,813,501 |
|
|
|
|
|
|
|
|
|
|
|
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2022A: |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
5.500%, 1/01/53 - AGM Insured |
|
1/31 at 100.00 |
|
|
5,025,611 |
|
| |
8,010 |
|
|
|
|
5.500%, 1/01/55 |
|
1/32 at 100.00 |
|
|
7,995,795 |
|
|
|
|
|
|
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: |
|
|
|
|
|
|
| |
4,115 |
|
|
|
|
0.000%, 1/01/33 - FGIC Insured |
|
No Opt. Call |
|
|
2,533,935 |
|
| |
29,600 |
|
|
|
|
0.000%, 1/01/38 - FGIC Insured |
|
No Opt. Call |
|
|
12,940,324 |
|
|
|
|
|
|
| |
11,675 |
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 |
|
1/27 at 100.00 |
|
|
11,961,326 |
|
|
|
|
|
|
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Series 2019A: |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
5.000%, 1/01/40 |
|
1/29 at 100.00 |
|
|
3,876,589 |
|
| |
7,445 |
|
|
|
|
5.500%, 1/01/49 |
|
1/29 at 100.00 |
|
|
7,275,814 |
|
|
|
|
|
|
| |
6,290 |
|
|
|
|
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 - NPFG Insured |
|
No Opt. Call |
|
|
6,507,913 |
|
|
|
|
|
|
| |
1,300 |
|
|
|
|
Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 - AMBAC Insured |
|
No Opt. Call |
|
|
1,355,158 |
|
|
|
|
|
|
| |
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 |
|
|
4,409,517 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2016A, 5.000%, 11/15/31 |
|
11/26 at 100.00 |
|
|
3,026,635 |
|
|
|
|
|
|
|
|
|
|
|
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2018: |
|
|
|
|
|
|
| |
500 |
|
|
|
|
5.000%, 11/15/34 |
|
11/26 at 100.00 |
|
|
509,822 |
|
| |
4,550 |
|
|
|
|
5.000%, 11/15/35 |
|
11/26 at 100.00 |
|
|
4,610,947 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,841,294 |
|
| |
815 |
|
|
|
|
4.500%, 11/01/36 |
|
11/24 at 100.00 |
|
|
792,273 |
|
| |
2,785 |
|
|
|
|
5.500%, 11/01/36 |
|
12/23 at 100.00 |
|
|
2,788,581 |
|
|
|
|
|
|
| |
410 |
|
|
|
|
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 6.000%, 12/01/45, 144A |
|
12/25 at 100.00 |
|
|
381,137 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Refunding Series 2015: |
|
|
|
|
|
|
| |
12,025 |
|
|
(c),(g) |
|
5.000%, 5/01/45, (Pre-refunded 5/01/25), (UB) |
|
5/25 at 100.00 |
|
|
12,212,958 |
|
| |
1,930 |
|
|
(g) |
|
5.000%, 5/01/45, (UB) |
|
5/25 at 100.00 |
|
|
1,954,558 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 4.000%, 3/01/38 |
|
3/26 at 100.00 |
|
|
1,768,906 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C, 5.000%, 2/15/33 |
|
2/27 at 100.00 |
|
|
2,560,715 |
|
|
|
|
|
|
| |
3,300 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Bradley University, Refunding Series 2021A, 4.000%, 8/01/46 |
|
8/31 at 100.00 |
|
|
2,564,542 |
|
33
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: |
|
|
|
|
|
|
| |
$ 4,750 |
|
|
(c) |
|
5.000%, 9/01/39, (Pre-refunded 9/01/24) |
|
9/24 at 100.00 |
|
$ |
4,788,784 |
|
| |
6,000 |
|
|
(c) |
|
5.000%, 9/01/42, (Pre-refunded 9/01/24) |
|
9/24 at 100.00 |
|
|
6,048,990 |
|
|
|
|
|
|
| |
10,745 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 |
|
11/25 at 100.00 |
|
|
10,185,214 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
537,079 |
|
| |
3,745 |
|
|
|
|
5.000%, 8/15/44 |
|
8/25 at 100.00 |
|
|
3,522,336 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, University of Chicago Medicine, Series 2022A, 5.000%, 8/15/47 |
|
8/32 at 100.00 |
|
|
9,620,931 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A: |
|
|
|
|
|
|
| |
2,670 |
|
|
(c) |
|
5.000%, 10/01/46, (Pre-refunded 10/01/25) |
|
10/25 at 100.00 |
|
|
2,720,774 |
|
| |
330 |
|
|
|
|
5.000%, 10/01/46 |
|
10/25 at 100.00 |
|
|
328,234 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36 |
|
11/23 at 100.00 |
|
|
2,001,652 |
|
|
|
|
|
|
| |
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 |
|
|
1,830,034 |
|
|
|
|
|
|
| |
450 |
|
|
|
|
Illinois State, General Obligation Bonds, December Series 2017A,
5.000%, 12/01/39 |
|
12/27 at 100.00 |
|
|
427,443 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, February Series 2014: |
|
|
|
|
|
|
| |
5,705 |
|
|
|
|
5.250%, 2/01/33 |
|
2/24 at 100.00 |
|
|
5,631,199 |
|
| |
5,815 |
|
|
|
|
5.250%, 2/01/34 |
|
2/24 at 100.00 |
|
|
5,719,491 |
|
| |
2,000 |
|
|
|
|
5.000%, 2/01/39 |
|
2/24 at 100.00 |
|
|
1,905,359 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, January Series 2016: |
|
|
|
|
|
|
| |
3,500 |
|
|
|
|
5.000%, 1/01/29 |
|
1/26 at 100.00 |
|
|
3,542,554 |
|
| |
8,250 |
|
|
|
|
5.000%, 1/01/32 |
|
1/26 at 100.00 |
|
|
8,308,580 |
|
|
|
|
|
|
| |
4,200 |
|
|
|
|
Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/27 |
|
6/26 at 100.00 |
|
|
4,267,194 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, June Series 2022A: |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
5.500%, 3/01/42 |
|
3/32 at 100.00 |
|
|
2,034,072 |
|
| |
785 |
|
|
|
|
5.500%, 3/01/47 |
|
3/32 at 100.00 |
|
|
789,657 |
|
|
|
|
|
|
| |
16,485 |
|
|
|
|
Illinois State, General Obligation Bonds, March Series 2021A, 5.000%, 3/01/46 |
|
3/31 at 100.00 |
|
|
15,494,143 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, May Series 2020: |
|
|
|
|
|
|
| |
1,635 |
|
|
|
|
5.500%, 5/01/30 |
|
No Opt. Call |
|
|
1,712,160 |
|
| |
5,305 |
|
|
|
|
5.500%, 5/01/39 |
|
5/30 at 100.00 |
|
|
5,430,155 |
|
| |
3,000 |
|
|
|
|
5.750%, 5/01/45 |
|
5/30 at 100.00 |
|
|
3,061,421 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, May Series 2023B: |
|
|
|
|
|
|
| |
4,585 |
|
|
|
|
5.250%, 5/01/43 |
|
5/32 at 100.00 |
|
|
4,509,717 |
|
| |
4,525 |
|
|
|
|
5.500%, 5/01/47 |
|
5/32 at 100.00 |
|
|
4,551,282 |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 |
|
11/26 at 100.00 |
|
|
1,460,178 |
|
|
|
|
|
|
| |
3,510 |
|
|
|
|
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 |
|
No Opt. Call |
|
|
3,582,641 |
|
|
|
|
|
|
| |
8,865 |
|
|
|
|
Illinois State, General Obligation Bonds, October Series 2022C, 5.500%, 10/01/41 |
|
10/32 at 100.00 |
|
|
9,036,849 |
|
|
|
|
|
|
| |
1,395 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 |
|
12/23 at 100.00 |
|
|
1,394,885 |
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 4,685 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 |
|
7/25 at 100.00 |
|
$ |
4,675,985 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien
Series 2021A: |
|
|
|
|
|
|
| |
7,770 |
|
|
|
|
4.000%, 1/01/42 |
|
1/32 at 100.00 |
|
|
6,783,232 |
|
| |
10,000 |
|
|
|
|
5.000%, 1/01/46 |
|
1/32 at 100.00 |
|
|
9,997,025 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Series 2023A, 5.250%, 1/01/45 |
|
7/33 at 100.00 |
|
|
5,077,022 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0052: |
|
|
|
|
|
|
| |
1,875 |
|
|
|
|
5.460%, 1/01/38, 144A, (IF) |
|
1/23 at 100.00 |
|
|
1,874,381 |
|
| |
1,815 |
|
|
|
|
5.791%, 1/01/38, 144A, (IF) |
|
1/23 at 100.00 |
|
|
1,814,401 |
|
|
|
|
|
|
| |
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 |
|
|
3,765,989 |
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Dedicated Tax Revenue Bonds, McCormick Place Expansion Project, Series 2002A: |
|
|
|
|
|
|
| |
6,170 |
|
|
|
|
0.000%, 12/15/23 - NPFG Insured |
|
No Opt. Call |
|
|
6,139,778 |
|
| |
440 |
|
|
|
|
0.000%, 12/15/23 - NPFG Insured |
|
No Opt. Call |
|
|
437,596 |
|
|
|
|
|
|
| |
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 |
|
|
1,746,924 |
|
|
|
|
|
|
| |
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 |
|
|
993,938 |
|
|
|
|
|
|
| |
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 |
|
|
4,373,482 |
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A: |
|
|
|
|
|
|
| |
23,575 |
|
|
|
|
0.000%, 12/15/23 - NPFG Insured |
|
No Opt. Call |
|
|
23,446,191 |
|
| |
10,775 |
|
|
|
|
0.000%, 12/15/24 - NPFG Insured |
|
No Opt. Call |
|
|
10,236,542 |
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: |
|
|
|
|
|
|
| |
155 |
|
|
(c) |
|
0.000%, 12/15/23, (ETM) |
|
No Opt. Call |
|
|
154,222 |
|
| |
5,000 |
|
|
|
|
0.000%, 12/15/34 - NPFG Insured |
|
No Opt. Call |
|
|
2,916,634 |
|
| |
1,100 |
|
|
|
|
0.000%, 12/15/35 - NPFG Insured |
|
No Opt. Call |
|
|
604,472 |
|
| |
3,805 |
|
|
|
|
0.000%, 6/15/41 - NPFG Insured |
|
No Opt. Call |
|
|
1,458,497 |
|
|
|
|
|
|
| |
1,210 |
|
|
(c) |
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26, (ETM) |
|
No Opt. Call |
|
|
1,261,392 |
|
|
|
|
|
|
| |
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 |
|
|
1,135,743 |
|
|
|
|
|
|
| |
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 |
|
|
2,535,473 |
|
|
|
|
|
|
| |
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 |
|
|
2,125,972 |
|
|
|
|
|
|
|
|
|
|
|
|
Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015: |
|
|
|
|
|
|
| |
2,250 |
|
|
|
|
5.000%, 3/01/29 |
|
3/25 at 100.00 |
|
|
2,262,548 |
|
| |
3,505 |
|
|
|
|
5.000%, 3/01/40 - AGM Insured |
|
3/25 at 100.00 |
|
|
3,525,901 |
|
| |
|
|
|
|
|
|
|
|
Total Illinois |
|
|
|
|
420,149,207 |
|
|
|
|
|
|
|
|
|
35
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana - 1.1% (0.6% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 1,480 |
|
|
|
|
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, 144A |
|
6/30 at 100.00 |
|
$ |
1,164,962 |
|
|
|
|
|
|
|
|
|
|
|
|
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Fixed Rate Series 2023A: |
|
|
|
|
|
|
| |
3,950 |
|
|
|
|
5.000%, 10/01/46 |
|
No Opt. Call |
|
|
3,901,332 |
|
| |
10,000 |
|
|
|
|
5.000%, 10/01/53 |
|
10/33 at 100.00 |
|
|
9,740,045 |
|
|
|
|
|
|
| |
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 |
|
|
7,490,068 |
|
|
|
|
|
|
| |
4,500 |
|
|
|
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 4.000%, 10/01/42 |
|
12/23 at 100.00 |
|
|
3,870,602 |
|
|
|
|
|
|
| |
3,985 |
|
|
|
|
Valparaiso, Indiana, Exempt Faciltiies Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44, (AMT) |
|
1/24 at 100.00 |
|
|
3,992,809 |
|
| |
|
|
|
|
|
|
|
|
Total Indiana |
|
|
|
|
30,159,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,898,021 |
|
| |
2,000 |
|
|
|
|
5.000%, 9/01/51 |
|
9/28 at 102.00 |
|
|
1,347,306 |
|
|
|
|
|
|
| |
1,505 |
|
|
|
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42 |
|
12/23 at 100.00 |
|
|
1,324,129 |
|
|
|
|
|
|
| |
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 |
|
|
8,463,399 |
|
|
|
|
|
|
| |
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 |
|
|
5,744,983 |
|
|
|
|
|
|
| |
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 |
|
|
490,885 |
|
| |
|
|
|
|
|
|
|
|
Total Iowa |
|
|
|
|
19,268,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
6,354,927 |
|
| |
7,600 |
|
|
|
|
5.000%, 7/01/48 |
|
7/28 at 100.00 |
|
|
6,904,380 |
|
|
|
|
|
|
| |
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 |
|
|
3,673,941 |
|
| |
|
|
|
|
|
|
|
|
Total Kansas |
|
|
|
|
16,933,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky - 0.4% (0.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
2,730 |
|
|
|
|
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 |
|
7/25 at 100.00 |
|
|
2,478,459 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
5,231,280 |
|
| |
3,655 |
|
|
|
|
6.875%, 7/01/46 |
|
7/31 at 100.00 |
|
|
3,999,640 |
|
| |
|
|
|
|
|
|
|
|
Total Kentucky |
|
|
|
|
11,709,379 |
|
|
|
|
|
|
|
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana - 3.6% (2.1% 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 |
|
12/23 at 100.00 |
|
$ |
3,908,464 |
|
|
|
|
|
|
| |
2,665 |
|
|
(c) |
|
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 |
|
|
2,704,425 |
|
|
|
|
|
|
| |
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 |
|
|
3,094,171 |
|
|
|
|
|
|
|
|
|
|
|
|
Lafayette Parish School Board, Louisiana, Sales Tax Revenue Bonds, Series 2018: |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
4.000%, 4/01/40 |
|
4/27 at 100.00 |
|
|
1,325,832 |
|
| |
4,685 |
|
|
|
|
4.000%, 4/01/43 |
|
4/27 at 100.00 |
|
|
4,013,631 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A, 5.000%, 10/01/41 |
|
10/27 at 100.00 |
|
|
3,763,075 |
|
|
|
|
|
|
| |
5,200 |
|
|
(c) |
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/44,
(Pre-refunded 2/01/24) |
|
2/24 at 100.00 |
|
|
5,213,838 |
|
|
|
|
|
|
| |
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 |
|
|
6,541,846 |
|
|
|
|
|
|
| |
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 |
|
|
7,965,884 |
|
|
|
|
|
|
| |
6,900 |
|
|
|
|
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36, (AMT), 144A |
|
12/23 at 100.00 |
|
|
6,657,317 |
|
|
|
|
|
|
| |
1,265 |
|
|
(c) |
|
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 |
|
|
1,291,371 |
|
|
|
|
|
|
| |
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 |
|
|
1,726,356 |
|
|
|
|
|
|
| |
10,810 |
|
|
|
|
Louisiana Stadium and Exposition District, Revenue Bonds, Senior
Series 2023A, 5.000%, 7/01/48 |
|
7/33 at 100.00 |
|
|
10,670,228 |
|
|
|
|
|
|
| |
14,000 |
|
|
(c) |
|
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 |
|
|
14,017,155 |
|
|
|
|
|
|
|
|
|
|
|
|
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015B: |
|
|
|
|
|
|
| |
6,235 |
|
|
|
|
5.000%, 1/01/40, (AMT) |
|
1/25 at 100.00 |
|
|
6,031,125 |
|
| |
6,895 |
|
|
|
|
5.000%, 1/01/45, (AMT) |
|
1/25 at 100.00 |
|
|
6,461,832 |
|
|
|
|
|
|
| |
5,350 |
|
|
(c) |
|
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 |
|
|
5,383,320 |
|
|
|
|
|
|
| |
1,200 |
|
|
(c) |
|
New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44, (Pre-refunded 12/01/24) |
|
12/24 at 100.00 |
|
|
1,213,503 |
|
|
|
|
|
|
| |
5,655 |
|
|
|
|
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 |
|
12/25 at 100.00 |
|
|
5,629,966 |
|
| |
|
|
|
|
|
|
|
|
Total Louisiana |
|
|
|
|
97,613,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,949,186 |
|
| |
2,800 |
|
|
|
|
4.000%, 7/01/46 |
|
7/26 at 100.00 |
|
|
2,020,475 |
|
37
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maine (continued) |
|
|
|
|
|
|
| |
$ 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 |
|
$ |
2,818,732 |
|
|
|
|
|
|
|
|
|
|
|
|
Maine Turnpike Authority, Special Obligation Bonds, Series 2014: |
|
|
|
|
|
|
|
|
|
|
|
| |
1,290 |
|
|
|
|
5.000%, 7/01/33 |
|
7/24 at 100.00 |
|
|
1,297,250 |
|
| |
1,020 |
|
|
|
|
5.000%, 7/01/34 |
|
7/24 at 100.00 |
|
|
1,025,400 |
|
| |
|
|
|
|
|
|
|
|
Total Maine |
|
|
|
|
10,111,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland - 9.8% (5.7% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
1,810 |
|
|
|
|
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) |
|
12/23 at 100.00 |
|
|
1,811,232 |
|
|
|
|
|
|
| |
1,180 |
|
|
|
|
Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of Dorchester & Farmington Village Projects, Series 2013, 5.000%, 7/01/32 |
|
12/23 at 100.00 |
|
|
1,180,293 |
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
3.625%, 1/01/37 |
|
1/26 at 100.00 |
|
|
841,466 |
|
| |
2,220 |
|
|
|
|
5.000%, 1/01/37 |
|
1/26 at 100.00 |
|
|
2,206,316 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2020, 4.000%, 1/01/50 |
|
1/27 at 103.00 |
|
|
1,891,130 |
|
|
|
|
|
|
| |
635 |
|
|
|
|
Baltimore County, Maryland, Revenue Bonds, Riderwood Village Inc Facility, Series 2020, 4.000%, 1/01/50 |
|
1/27 at 103.00 |
|
|
478,961 |
|
|
|
|
|
|
| |
9,215 |
|
|
|
|
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 5.000%, 9/01/42 |
|
9/27 at 100.00 |
|
|
7,661,847 |
|
|
|
|
|
|
| |
2,480 |
|
|
(c) |
|
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, 5.000%, 7/01/38, (Pre-refunded 1/01/24) |
|
1/24 at 100.00 |
|
|
2,483,899 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2014C, 5.000%, 7/01/44 |
|
1/25 at 100.00 |
|
|
4,849,276 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A, 5.000%, 7/01/46 |
|
1/27 at 100.00 |
|
|
1,999,493 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A, 5.000%, 7/01/46, (UB) |
|
1/27 at 100.00 |
|
|
1,999,492 |
|
|
|
|
|
|
| |
625 |
|
|
(c) |
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 - FGIC Insured, (ETM) |
|
No Opt. Call |
|
|
629,453 |
|
|
|
|
|
|
| |
1,750 |
|
|
(c) |
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 7/01/28 - FGIC Insured, (ETM) |
|
8/21 at 100.00 |
|
|
1,784,639 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, 5.000%, 7/01/44 |
|
1/25 at 100.00 |
|
|
2,424,638 |
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 5.000%, 7/01/41, (UB) |
|
1/27 at 100.00 |
|
|
6,034,960 |
|
|
|
|
|
|
| |
1,450 |
|
|
|
|
Baltimore, Maryland, Special Obligation Bonds, Center/West Development Project, Series 2017A, 5.500%, 6/01/43 |
|
6/26 at 100.00 |
|
|
1,388,357 |
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015: |
|
|
|
|
|
|
| |
525 |
|
|
|
|
5.000%, 6/15/30 |
|
6/24 at 100.00 |
|
|
526,980 |
|
| |
425 |
|
|
|
|
5.000%, 6/15/33 |
|
6/24 at 100.00 |
|
|
426,555 |
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore, Maryland, Special Obligation Bonds, East Baltimore Research Park Project, Series 2017A: |
|
|
|
|
|
|
| |
1,270 |
|
|
|
|
4.500%, 9/01/33 |
|
9/27 at 100.00 |
|
|
1,184,080 |
|
| |
240 |
|
|
|
|
5.000%, 9/01/38 |
|
9/27 at 100.00 |
|
|
224,805 |
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2016: |
|
|
|
|
|
|
| |
$ 1,895 |
|
|
|
|
5.000%, 6/01/36 |
|
6/26 at 100.00 |
|
$ |
1,788,784 |
|
| |
250 |
|
|
|
|
5.125%, 6/01/43 |
|
6/26 at 100.00 |
|
|
228,360 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2019A, 3.625%, 6/01/46, 144A |
|
6/29 at 100.00 |
|
|
1,457,600 |
|
|
|
|
|
|
| |
350 |
|
|
|
|
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2019B, 3.875%, 6/01/46, 144A |
|
11/23 at 100.00 |
|
|
257,556 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
425,676 |
|
| |
739 |
|
|
|
|
5.000%, 7/01/36 |
|
1/29 at 100.00 |
|
|
709,507 |
|
|
|
|
|
|
|
|
|
|
|
|
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s University Inc., Series 2017A: |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
5.000%, 9/01/37, 144A |
|
9/27 at 100.00 |
|
|
2,717,842 |
|
| |
1,750 |
|
|
|
|
5.000%, 9/01/45, 144A |
|
9/27 at 100.00 |
|
|
1,469,215 |
|
|
|
|
|
|
| |
330 |
|
|
|
|
Frederick County, Maryland, Special Obligation Bonds, Lake Linganore Village Community Development Series 2001A, 5.700%, 7/01/29 - RAAI Insured |
|
12/23 at 100.00 |
|
|
330,372 |
|
|
|
|
|
|
| |
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 |
|
|
1,151,598 |
|
|
|
|
|
|
| |
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 |
|
|
294,457 |
|
|
|
|
|
|
| |
115 |
|
|
|
|
Frederick County, Maryland, Tax Increment and Special Tax Limited Obligation Bonds, Jefferson Technology Park Project, Refunding Series 2020B, 4.625%, 7/01/43, 144A |
|
7/30 at 102.00 |
|
|
100,980 |
|
|
|
|
|
|
|
|
|
|
|
|
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Obligated Group Project, Refunding Series 2018A: |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
5.000%, 1/01/33 |
|
1/24 at 104.00 |
|
|
1,923,052 |
|
| |
1,000 |
|
|
|
|
5.000%, 1/01/36 |
|
1/24 at 104.00 |
|
|
929,145 |
|
|
|
|
|
|
|
|
|
|
|
|
Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Commons Apartments, Series 2014A: |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
4.000%, 6/01/34 |
|
6/24 at 100.00 |
|
|
1,458,670 |
|
| |
1,550 |
|
|
|
|
5.000%, 6/01/44 |
|
6/24 at 100.00 |
|
|
1,492,092 |
|
|
|
|
|
|
| |
1,860 |
|
|
|
|
Howard County Housing Commission, Maryland, Revenue Bonds, Gateway Village Apartments, Series 2016, 4.000%, 6/01/46 |
|
6/26 at 100.00 |
|
|
1,479,859 |
|
|
|
|
|
|
|
|
|
|
|
|
Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills Project, Series 2013: |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
4.625%, 10/01/28 |
|
12/23 at 100.00 |
|
|
2,000,631 |
|
| |
3,000 |
|
|
|
|
5.000%, 10/01/28 |
|
12/23 at 100.00 |
|
|
3,001,957 |
|
|
|
|
|
|
| |
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 |
|
|
972,886 |
|
|
|
|
|
|
| |
1,290 |
|
|
|
|
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2016, 5.000%, 4/01/46 |
|
4/27 at 100.00 |
|
|
962,677 |
|
|
|
|
|
|
| |
1,710 |
|
|
|
|
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2017, 5.000%, 4/01/36 |
|
4/27 at 100.00 |
|
|
1,440,612 |
|
|
|
|
|
|
| |
1,420 |
|
|
|
|
Howard County, Maryland, Special Obligation Bonds, Annapolis Junction Town Center Project, Series 2014, 6.100%, 2/15/44 |
|
2/24 at 100.00 |
|
|
1,350,494 |
|
39
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A: |
|
|
|
|
|
|
| |
$ 1,500 |
|
|
|
|
4.125%, 2/15/34, 144A |
|
2/26 at 100.00 |
|
$ |
1,352,664 |
|
| |
1,550 |
|
|
|
|
4.375%, 2/15/39, 144A |
|
2/26 at 100.00 |
|
|
1,359,593 |
|
| |
850 |
|
|
|
|
4.500%, 2/15/47, 144A |
|
2/26 at 100.00 |
|
|
704,062 |
|
|
|
|
|
|
|
|
|
|
|
|
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016: |
|
|
|
|
|
|
| |
2,125 |
|
|
|
|
5.000%, 7/01/31 |
|
7/25 at 100.00 |
|
|
2,016,440 |
|
| |
1,640 |
|
|
|
|
5.000%, 7/01/34 |
|
7/25 at 100.00 |
|
|
1,503,430 |
|
|
|
|
|
|
| |
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 |
|
|
775,583 |
|
|
|
|
|
|
| |
1,195 |
|
|
|
|
Maryland Community Development Administration Department of Housing and Community Development, Housing Revenue Bonds, Series 2014D, 3.900%, 7/01/40 |
|
1/24 at 100.00 |
|
|
1,039,742 |
|
|
|
|
|
|
| |
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 |
|
|
549,250 |
|
|
|
|
|
|
| |
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 |
|
|
406,324 |
|
|
|
|
|
|
| |
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 |
|
|
1,151,891 |
|
|
|
|
|
|
| |
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 |
|
|
1,260,797 |
|
|
|
|
|
|
| |
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 |
|
|
1,415,429 |
|
|
|
|
|
|
| |
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 |
|
|
1,453,345 |
|
|
|
|
|
|
| |
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 |
|
|
936,710 |
|
|
|
|
|
|
| |
600 |
|
|
|
|
Maryland Economic Development Corporation Economic Development Revenue Bonds, Terminal Project, Series 2019A, 5.000%, 6/01/49, (AMT) |
|
6/29 at 100.00 |
|
|
559,086 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,009,544 |
|
| |
1,125 |
|
|
|
|
5.000%, 6/01/32 |
|
6/28 at 100.00 |
|
|
1,134,616 |
|
| |
3,360 |
|
|
|
|
5.000%, 6/01/35 |
|
6/28 at 100.00 |
|
|
3,378,040 |
|
|
|
|
|
|
| |
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 |
|
|
1,323,851 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
861,955 |
|
| |
1,080 |
|
|
|
|
4.000%, 6/01/58 |
|
6/28 at 100.00 |
|
|
695,413 |
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (continued) |
|
|
|
|
|
|
|
|
| |
$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 |
|
$ |
3,296,747 |
|
|
|
|
|
|
|
|
|
| |
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 |
|
12/23 at 100.00 |
|
|
5,861,112 |
|
|
|
|
|
|
|
|
|
| |
2,000 |
|
|
(d) |
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 |
|
12/23 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 |
|
|
1,037,759 |
|
|
|
| |
470 |
|
|
|
|
5.000%, 7/01/37 |
|
12/23 at 100.00 |
|
|
440,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
525,495 |
|
|
|
| |
355 |
|
|
|
|
4.500%, 7/01/44 |
|
1/27 at 100.00 |
|
|
302,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013: |
|
|
|
|
|
|
|
|
| |
500 |
|
|
|
|
5.000%, 6/01/27 |
|
12/23 at 100.00 |
|
|
496,749 |
|
|
|
| |
500 |
|
|
|
|
5.000%, 6/01/34 |
|
12/23 at 100.00 |
|
|
470,936 |
|
|
|
|
|
|
|
|
|
| |
1,510 |
|
|
|
|
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2012, 5.000%, 7/01/33 |
|
12/23 at 100.00 |
|
|
1,445,382 |
|
|
|
|
|
|
|
|
|
| |
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 |
|
|
466,718 |
|
|
|
|
|
|
|
|
|
| |
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 |
|
12/23 at 100.00 |
|
|
1,013,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
888,537 |
|
|
|
| |
240 |
|
|
|
|
5.000%, 6/01/31 - AGM Insured |
|
6/26 at 100.00 |
|
|
243,675 |
|
|
|
| |
2,405 |
|
|
|
|
5.000%, 6/01/35 - AGM Insured |
|
6/26 at 100.00 |
|
|
2,438,181 |
|
|
|
| |
780 |
|
|
|
|
5.000%, 6/01/43 - AGM Insured |
|
6/26 at 100.00 |
|
|
761,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
907,439 |
|
|
|
| |
2,470 |
|
|
|
|
4.250%, 7/01/35 |
|
7/25 at 100.00 |
|
|
2,217,229 |
|
|
|
| |
1,740 |
|
|
|
|
5.000%, 7/01/45 |
|
7/25 at 100.00 |
|
|
1,621,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
12/23 at 100.00 |
|
|
1,308,790 |
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 7/01/34 - AMBAC Insured |
|
12/23 at 100.00 |
|
|
1,006,828 |
|
|
|
|
|
|
|
|
|
| |
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 |
|
12/23 at 100.00 |
|
|
211,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
250,060 |
|
|
|
| |
4,820 |
|
|
|
|
5.000%, 7/01/38 |
|
7/27 at 100.00 |
|
|
4,491,787 |
|
|
|
41
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
89,813 |
|
|
|
| |
1,450 |
|
|
|
|
5.000%, 7/01/38 |
|
7/26 at 100.00 |
|
|
1,370,889 |
|
|
|
| |
600 |
|
|
|
|
4.000%, 7/01/42 |
|
7/26 at 100.00 |
|
|
487,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,410,056 |
|
|
|
| |
4,020 |
|
|
|
|
5.500%, 1/01/46 |
|
1/27 at 100.00 |
|
|
3,769,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,137,591 |
|
|
|
| |
4,090 |
|
|
|
|
5.000%, 1/01/45 |
|
7/26 at 100.00 |
|
|
3,896,885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and HIgher Educational Facilities Authority, Revenue Bonds, Frederick Health System Issue; Series 2020: |
|
|
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
3.250%, 7/01/39 |
|
7/30 at 100.00 |
|
|
715,533 |
|
|
|
| |
280 |
|
|
|
|
4.000%, 7/01/45 |
|
7/30 at 100.00 |
|
|
229,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,097,331 |
|
|
|
| |
1,200 |
|
|
|
|
5.000%, 7/01/44 |
|
7/27 at 100.00 |
|
|
1,149,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A: |
|
|
|
|
|
|
|
|
| |
265 |
|
|
|
|
5.125%, 7/01/37, 144A |
|
7/27 at 100.00 |
|
|
241,716 |
|
|
|
| |
500 |
|
|
|
|
5.250%, 7/01/47, 144A |
|
7/27 at 100.00 |
|
|
428,719 |
|
|
|
|
|
|
|
|
|
| |
1,745 |
|
|
(c) |
|
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 |
|
|
1,781,846 |
|
|
|
|
|
|
|
|
|
| |
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 |
|
|
2,149,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2013B: |
|
|
|
|
|
|
|
|
| |
500 |
|
|
|
|
5.000%, 7/01/38 |
|
11/23 at 100.00 |
|
|
500,051 |
|
|
|
| |
4,375 |
|
|
|
|
4.250%, 7/01/41 |
|
11/23 at 100.00 |
|
|
3,884,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,019,687 |
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 7/01/44 |
|
7/27 at 100.00 |
|
|
966,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015: |
|
|
|
|
|
|
|
|
| |
1,500 |
|
|
(c) |
|
4.000%, 7/01/35, (Pre-refunded 7/01/25) |
|
7/25 at 100.00 |
|
|
1,505,655 |
|
|
|
| |
1,125 |
|
|
(c) |
|
5.000%, 7/01/40, (Pre-refunded 7/01/25) |
|
7/25 at 100.00 |
|
|
1,147,211 |
|
|
|
| |
2,975 |
|
|
|
|
4.125%, 7/01/47 |
|
7/25 at 100.00 |
|
|
2,436,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
823,772 |
|
|
|
| |
1,250 |
|
|
|
|
5.000%, 10/01/45 |
|
10/24 at 100.00 |
|
|
1,237,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2012: |
|
|
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
5.000%, 6/01/34 |
|
11/23 at 100.00 |
|
|
1,500,140 |
|
|
|
| |
3,000 |
|
|
|
|
5.000%, 6/01/47 |
|
11/23 at 100.00 |
|
|
2,734,296 |
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2016: |
|
|
|
|
|
|
|
|
| $ |
175 |
|
|
|
|
5.000%, 6/01/36 |
|
6/26 at 100.00 |
|
$ |
174,680 |
|
|
|
| |
2,500 |
|
|
|
|
4.000%, 6/01/42 |
|
6/26 at 100.00 |
|
|
2,035,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
526,403 |
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 6/01/42 |
|
6/26 at 100.00 |
|
|
939,729 |
|
|
|
|
|
|
|
|
|
| |
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 |
|
|
2,489,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015: |
|
|
|
|
|
|
|
|
| |
2,790 |
|
|
(c) |
|
5.000%, 7/01/39, (Pre-refunded 7/01/24) |
|
7/24 at 100.00 |
|
|
2,805,316 |
|
|
|
| |
5,500 |
|
|
(c) |
|
5.000%, 7/01/45, (Pre-refunded 7/01/24) |
|
7/24 at 100.00 |
|
|
5,530,194 |
|
|
|
|
|
|
|
|
|
| |
865 |
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Stevenson University, Series 2021A, 4.000%, 6/01/41 |
|
6/31 at 100.00 |
|
|
734,992 |
|
|
|
|
|
|
|
|
|
| |
3,260 |
|
|
(g) |
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2017MD, 5.000%, 12/01/46, (UB) |
|
6/27 at 100.00 |
|
|
3,129,022 |
|
|
|
|
|
|
|
|
|
| |
1,000 |
|
|
(g) |
|
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 |
|
|
959,823 |
|
|
|
|
|
|
|
|
|
| |
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 |
|
|
1,009,560 |
|
|
|
|
|
|
|
|
|
| |
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 |
|
|
5,449,848 |
|
|
|
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
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 |
|
|
1,675,273 |
|
|
|
|
|
|
|
|
|
| |
12,250 |
|
|
(c) |
|
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 |
|
|
12,341,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,485,341 |
|
|
|
| |
3,650 |
|
|
(c) |
|
5.000%, 5/01/35, (Pre-refunded 5/01/26) |
|
5/26 at 100.00 |
|
|
3,766,296 |
|
|
|
| |
5,100 |
|
|
(c),(g) |
|
5.000%, 5/01/46, (Pre-refunded 5/01/26), (UB) |
|
5/26 at 100.00 |
|
|
5,262,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,071,618 |
|
|
|
| |
2,000 |
|
|
|
|
5.000%, 5/01/36 |
|
5/28 at 100.00 |
|
|
2,061,888 |
|
|
|
| |
6,250 |
|
|
(g) |
|
5.000%, 5/01/42, (UB) |
|
5/28 at 100.00 |
|
|
6,304,425 |
|
|
|
|
|
|
|
|
|
| |
7,000 |
|
|
|
|
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2020, 4.000%, 7/01/50 |
|
7/30 at 100.00 |
|
|
5,835,057 |
|
|
|
|
|
|
|
|
|
| |
1,250 |
|
|
|
|
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2021A, 5.000%, 7/01/46 |
|
7/31 at 100.00 |
|
|
1,268,084 |
|
|
|
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2014A, 3.875%, 7/01/39 |
|
7/24 at 100.00 |
|
|
1,336,552 |
|
|
|
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 4.000%, 12/01/44 |
|
6/25 at 100.00 |
|
|
5,110,266 |
|
|
|
43
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Maryland (continued) |
|
|
|
|
|
|
| $ |
320 |
|
|
|
|
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A |
|
1/26 at 100.00 |
|
$ |
286,877 |
|
|
|
|
|
|
| |
4,500 |
|
|
(g) |
|
Prince George’s County, Maryland, Certificates of Participation, University of Maryland Capital Region Medical Center, Series 2018, 5.000%, 10/01/43, (UB) |
|
10/28 at 100.00 |
|
|
4,521,101 |
|
|
|
|
|
|
| |
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 |
|
|
2,976,661 |
|
|
|
|
|
|
| |
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 |
|
|
950,209 |
|
|
|
|
|
|
|
|
|
|
|
|
Prince George’s County, Maryland, Special Obligation Bonds, Westphalia Town Center Project, Series 2018: |
|
|
|
|
|
|
| |
1,300 |
|
|
|
|
5.125%, 7/01/39, 144A |
|
7/28 at 100.00 |
|
|
1,140,950 |
|
| |
2,200 |
|
|
|
|
5.250%, 7/01/48, 144A |
|
7/28 at 100.00 |
|
|
1,873,856 |
|
|
|
|
|
|
| |
1,996 |
|
|
|
|
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35 |
|
12/23 at 100.00 |
|
|
1,996,637 |
|
|
|
|
|
|
| |
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 |
|
|
1,169,246 |
|
|
|
|
|
|
| |
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 |
|
|
724,776 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,012,026 |
|
| |
1,000 |
|
|
|
|
5.000%, 11/01/37 |
|
11/24 at 103.00 |
|
|
853,629 |
|
|
|
|
|
|
|
|
|
|
|
|
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: |
|
|
|
|
|
|
| |
500 |
|
|
|
|
5.000%, 11/01/42 |
|
11/24 at 103.00 |
|
|
405,260 |
|
| |
1,000 |
|
|
|
|
5.000%, 11/01/47 |
|
11/24 at 103.00 |
|
|
780,653 |
|
|
|
|
|
|
|
|
|
|
|
|
Washington County County Commissioners, Maryland, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2019B: |
|
|
|
|
|
|
| |
1,000 |
|
|
(c) |
|
5.000%, 1/01/29, (ETM) |
|
No Opt. Call |
|
|
1,057,022 |
|
| |
500 |
|
|
(c) |
|
5.000%, 1/01/32, (Pre-refunded 1/01/29) |
|
1/29 at 100.00 |
|
|
528,511 |
|
| |
|
|
|
|
|
|
|
|
Total Maryland |
|
|
|
|
264,056,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 0.3% (0.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
540 |
|
|
(d) |
|
Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37, 144A |
|
12/23 at 100.00 |
|
|
5,400 |
|
|
|
|
|
|
| |
677 |
|
|
(d) |
|
Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2010, 7.625%, 10/15/37 |
|
12/23 at 100.00 |
|
|
6,770 |
|
|
|
|
|
|
| |
270 |
|
|
(c) |
|
Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, Series 2019A, 4.000%, 6/01/49, (Pre-refunded 6/01/29) |
|
6/29 at 100.00 |
|
|
274,258 |
|
|
|
|
|
|
| |
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 |
|
|
767,863 |
|
|
|
|
|
|
| |
3,200 |
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 |
|
1/25 at 100.00 |
|
|
2,701,342 |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 4.000%, 7/01/41 |
|
7/26 at 100.00 |
|
|
1,189,553 |
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015: |
|
|
|
|
|
|
|
|
|
|
|
| |
1,145 |
|
|
|
|
5.000%, 9/01/40 |
|
9/25 at 100.00 |
|
|
1,029,891 |
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts (continued) |
|
|
|
|
|
|
| $ |
1,280 |
|
|
|
|
5.000%, 9/01/45 |
|
9/25 at 100.00 |
|
$ |
1,100,805 |
|
|
|
|
|
|
| |
1,100 |
|
|
|
|
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 - NPFG Insured |
|
No Opt. Call |
|
|
1,092,271 |
|
| |
|
|
|
|
|
|
|
|
Total Massachusetts |
|
|
|
|
8,168,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan - 4.1% (2.4% 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 |
|
|
628,757 |
|
|
|
|
|
|
| |
6,525 |
|
|
|
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2020I, 4.000%, 5/01/50 |
|
5/30 at 100.00 |
|
|
5,376,725 |
|
|
|
|
|
|
|
|
|
|
|
|
Eastern Michigan University, General Revenue Bonds, Series 2018A: |
|
|
|
|
|
|
| |
960 |
|
|
|
|
4.000%, 3/01/44 - AGM Insured |
|
3/28 at 100.00 |
|
|
797,242 |
|
| |
40 |
|
|
(c) |
|
4.000%, 3/01/44, (Pre-refunded 3/01/28) - AGM Insured |
|
3/28 at 100.00 |
|
|
40,488 |
|
|
|
|
|
|
| |
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 |
|
|
4,023,246 |
|
|
|
|
|
|
| |
7,615 |
|
|
|
|
Hudsonville Public Schools, Ottawa and Allegan Counties, Michigan, General Obligation Bonds, School Building & Site Series 2020-I, 4.000%, 5/01/49 |
|
5/30 at 100.00 |
|
|
6,269,343 |
|
|
|
|
|
|
| |
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 |
|
|
1,985,249 |
|
|
|
|
|
|
|
|
|
|
|
|
Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne, Second Lien Refunding Series 2020: |
|
|
|
|
|
|
| |
10,125 |
|
|
|
|
4.000%, 11/01/55 |
|
11/30 at 100.00 |
|
|
8,157,995 |
|
| |
10,000 |
|
|
|
|
4.000%, 11/01/55 |
|
11/30 at 100.00 |
|
|
7,919,337 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Michigan Finance Authority, Hospital Revenue Bonds, McLaren Health Care, Series 2019A, 4.000%, 2/15/47 |
|
8/29 at 100.00 |
|
|
4,119,272 |
|
|
|
|
|
|
| |
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 |
|
|
2,704,416 |
|
|
|
|
|
|
| |
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 |
|
|
406,037 |
|
|
|
|
|
|
| |
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 |
|
|
1,001,976 |
|
|
|
|
|
|
| |
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 |
|
|
2,491,589 |
|
|
|
|
|
|
| |
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 |
|
|
3,677,764 |
|
|
|
|
|
|
| |
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 |
|
|
4,361,228 |
|
|
|
|
|
|
| |
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 |
|
|
4,118,229 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/34 |
|
10/25 at 100.00 |
|
|
10,150,908 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Michigan State University, General Revenue Bonds, Refunding Series 2019C, 4.000%, 2/15/44 |
|
8/29 at 100.00 |
|
|
846,997 |
|
45
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Michigan (continued) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
8,000 |
|
|
|
|
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program Series 2020B, 4.000%, 11/15/45 |
|
11/30 at 100.00 |
|
$ |
6,918,466 |
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2023, 5.500%, 11/15/49 |
|
11/33 at 100.00 |
|
|
6,390,614 |
|
|
|
|
|
|
| |
7,500 |
|
|
|
|
Monroe Public Schools, Monroe County, Michigan, General Obligation Bonds, School Building & Site Series 2020I, 5.000%, 5/01/50 |
|
5/30 at 100.00 |
|
|
7,384,227 |
|
|
|
|
|
|
| |
3,805 |
|
|
|
|
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2023II, 5.000%, 5/01/46 |
|
5/33 at 100.00 |
|
|
3,778,890 |
|
|
|
|
|
|
| |
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 |
|
|
11,282,506 |
|
|
|
|
|
|
| |
3,000 |
|
|
(c) |
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37, (Pre-refunded 12/01/23) |
|
12/23 at 100.00 |
|
|
3,002,426 |
|
|
|
|
|
|
| |
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 |
|
|
1,178,594 |
|
|
|
|
|
|
| |
1,120 |
|
|
|
|
Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/36 |
|
11/25 at 100.00 |
|
|
1,129,391 |
|
| |
|
|
|
|
|
|
|
|
Total Michigan |
|
|
|
|
110,141,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota - 3.2% (1.9% 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 |
|
|
251,674 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 |
|
2/27 at 100.00 |
|
|
2,682,173 |
|
|
|
|
|
|
| |
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 |
|
|
581,998 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A, 4.000%, 7/01/37 |
|
7/25 at 100.00 |
|
|
400,373 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
6,287,846 |
|
| |
11,925 |
|
|
|
|
5.000%, 2/15/53 |
|
2/28 at 100.00 |
|
|
10,737,284 |
|
| |
1,925 |
|
|
|
|
5.250%, 2/15/53 |
|
2/28 at 100.00 |
|
|
1,854,395 |
|
|
|
|
|
|
| |
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 |
|
|
968,881 |
|
|
|
|
|
|
| |
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 |
|
|
634,209 |
|
|
|
|
|
|
| |
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 |
|
|
353,596 |
|
|
|
|
|
|
| |
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 |
|
|
1,781,394 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,014,134 |
|
| |
1,300 |
|
|
|
|
5.000%, 1/01/38, (AMT) |
|
7/29 at 100.00 |
|
|
1,271,786 |
|
| |
3,420 |
|
|
|
|
5.000%, 1/01/44, (AMT) |
|
7/29 at 100.00 |
|
|
3,269,109 |
|
| |
4,000 |
|
|
|
|
5.000%, 1/01/49, (AMT) |
|
7/29 at 100.00 |
|
|
3,729,196 |
|
46
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota (continued) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
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 |
|
$ |
2,295,039 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
471,083 |
|
| |
450 |
|
|
|
|
5.000%, 1/01/35, (AMT) |
|
1/27 at 100.00 |
|
|
446,536 |
|
| |
580 |
|
|
|
|
5.000%, 1/01/37, (AMT) |
|
1/27 at 100.00 |
|
|
568,784 |
|
| |
750 |
|
|
|
|
5.000%, 1/01/41, (AMT) |
|
1/27 at 100.00 |
|
|
728,323 |
|
|
|
|
|
|
| |
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 |
|
|
2,699,175 |
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017: |
|
|
|
|
|
|
| |
1,300 |
|
|
|
|
3.750%, 3/01/38 |
|
3/27 at 100.00 |
|
|
1,132,681 |
|
| |
1,460 |
|
|
|
|
4.000%, 3/01/41 |
|
3/27 at 100.00 |
|
|
1,267,743 |
|
|
|
|
|
|
| |
2,150 |
|
|
|
|
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2017, 4.000%, 3/01/48 |
|
3/27 at 100.00 |
|
|
1,764,651 |
|
|
|
|
|
|
| |
270 |
|
|
|
|
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2021A, 3.000%, 8/01/36 |
|
8/31 at 100.00 |
|
|
213,879 |
|
|
|
|
|
|
| |
190 |
|
|
|
|
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2021B, 3.000%, 8/01/36 |
|
8/31 at 100.00 |
|
|
150,508 |
|
|
|
|
|
|
| |
2,910 |
|
|
|
|
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2022A, 5.000%, 8/01/41 |
|
8/32 at 100.00 |
|
|
2,956,940 |
|
|
|
|
|
|
| |
910 |
|
|
|
|
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 4.000%, 11/15/48 |
|
5/28 at 100.00 |
|
|
754,961 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2022, 5.000%, 11/15/57 |
|
11/32 at 100.00 |
|
|
5,079,334 |
|
|
|
|
|
|
| |
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 |
|
|
2,038,792 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019, 5.000%, 5/01/48 |
|
5/29 at 100.00 |
|
|
1,944,075 |
|
|
|
|
|
|
| |
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 |
|
|
1,252,111 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,293,549 |
|
| |
1,250 |
|
|
|
|
5.000%, 9/01/43 |
|
9/30 at 100.00 |
|
|
1,066,086 |
|
| |
780 |
|
|
|
|
5.000%, 9/01/55 |
|
9/30 at 100.00 |
|
|
618,419 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,141,639 |
|
| |
2,500 |
|
|
|
|
5.750%, 9/01/46 |
|
9/26 at 100.00 |
|
|
2,314,556 |
|
| |
2,500 |
|
|
|
|
6.000%, 9/01/51 |
|
9/26 at 100.00 |
|
|
2,345,939 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44 |
|
12/23 at 100.00 |
|
|
415,339 |
|
47
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013: |
|
|
|
|
|
|
| $ |
1,855 |
|
|
|
|
5.000%, 5/01/33 |
|
12/23 at 100.00 |
|
$ |
1,649,215 |
|
| |
1,000 |
|
|
|
|
5.125%, 5/01/48 |
|
12/23 at 100.00 |
|
|
749,840 |
|
|
|
|
|
|
| |
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 |
|
|
2,087,984 |
|
|
|
|
|
|
| |
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 |
|
|
804,357 |
|
|
|
|
|
|
| |
750 |
|
|
(c) |
|
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 |
|
|
759,318 |
|
|
|
|
|
|
| |
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 |
|
|
1,725,603 |
|
|
|
|
|
|
| |
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 |
|
|
3,461,127 |
|
|
|
|
|
|
| |
2,000 |
|
|
(c) |
|
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46, (Pre-refunded 1/01/24) |
|
1/24 at 100.00 |
|
|
2,003,476 |
|
| |
|
|
|
|
|
|
|
|
Total Minnesota |
|
|
|
|
86,019,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,465,731 |
|
| |
6,000 |
|
|
|
|
5.000%, 9/01/41 |
|
9/26 at 100.00 |
|
|
5,682,886 |
|
| |
15,500 |
|
|
|
|
5.000%, 9/01/46 |
|
9/26 at 100.00 |
|
|
14,010,461 |
|
| |
|
|
|
|
|
|
|
|
Total Mississippi |
|
|
|
|
21,159,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri - 5.6% (3.3% 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 |
|
|
913,594 |
|
|
|
|
|
|
| |
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 |
|
|
1,890,979 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A, 4.000%, 11/01/33 |
|
11/24 at 100.00 |
|
|
467,389 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
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 |
|
|
867,155 |
|
|
|
|
|
|
| |
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 |
|
|
5,390,013 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,876,008 |
|
| |
23,675 |
|
|
|
|
5.000%, 3/01/46, (AMT) |
|
3/29 at 100.00 |
|
|
22,302,736 |
|
| |
1,525 |
|
|
|
|
5.000%, 3/01/54, (AMT) |
|
3/29 at 100.00 |
|
|
1,402,184 |
|
|
|
|
|
|
| |
400 |
|
|
|
|
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46, 144A |
|
4/26 at 100.00 |
|
|
320,863 |
|
48
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Missouri (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
6,055,918 |
|
| |
5,000 |
|
|
|
|
0.000%, 4/15/28 - AMBAC Insured |
|
No Opt. Call |
|
|
4,143,048 |
|
| |
5,000 |
|
|
|
|
0.000%, 4/15/29 - AMBAC Insured |
|
No Opt. Call |
|
|
3,956,131 |
|
|
|
|
|
|
| |
4,470 |
|
|
|
|
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, 4.000%, 1/01/42 |
|
1/28 at 100.00 |
|
|
3,863,265 |
|
|
|
|
|
|
| |
6,185 |
|
|
|
|
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2023A, 4.000%, 1/01/48 |
|
1/33 at 100.00 |
|
|
5,207,437 |
|
|
|
|
|
|
| |
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 |
|
|
787,743 |
|
|
|
|
|
|
| |
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 |
|
|
1,009,942 |
|
|
|
|
|
|
| |
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 |
|
|
9,362,979 |
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A: |
|
|
|
|
|
|
| |
1,045 |
|
|
|
|
5.000%, 11/15/44 |
|
12/23 at 100.00 |
|
|
1,011,943 |
|
| |
11,090 |
|
|
|
|
5.000%, 11/15/48 |
|
12/23 at 100.00 |
|
|
10,412,376 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,933,568 |
|
| |
10,000 |
|
|
|
|
4.000%, 11/15/47 |
|
11/27 at 100.00 |
|
|
8,188,893 |
|
| |
6,265 |
|
|
|
|
5.000%, 11/15/47 |
|
11/27 at 100.00 |
|
|
6,045,923 |
|
|
|
|
|
|
| |
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 |
|
|
7,922,731 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,449,263 |
|
| |
7,815 |
|
|
|
|
4.000%, 2/15/49 |
|
2/29 at 100.00 |
|
|
6,209,419 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,621,310 |
|
| |
3,500 |
|
|
|
|
5.000%, 6/01/48 |
|
6/28 at 100.00 |
|
|
3,209,889 |
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy Hospital, Series 2017A: |
|
|
|
|
|
|
| |
1,250 |
|
|
|
|
4.000%, 5/15/42 |
|
5/25 at 102.00 |
|
|
1,061,224 |
|
| |
16,690 |
|
|
|
|
4.000%, 5/15/48 |
|
5/25 at 102.00 |
|
|
13,467,714 |
|
|
|
|
|
|
| |
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 |
|
|
6,861,906 |
|
|
|
|
|
|
| |
3,370 |
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 |
|
2/26 at 100.00 |
|
|
2,917,933 |
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A: |
|
|
|
|
|
|
| |
725 |
|
|
|
|
4.000%, 10/01/36 |
|
4/27 at 100.00 |
|
|
654,552 |
|
| |
3,510 |
|
|
|
|
5.000%, 10/01/47 |
|
4/27 at 100.00 |
|
|
3,519,199 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,336,918 |
|
49
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Missouri (continued) |
|
|
|
|
|
|
| $ |
1,140 |
|
|
|
|
5.000%, 12/01/38 |
|
6/27 at 100.00 |
|
$ |
1,142,027 |
|
|
|
|
|
|
| |
375 |
|
|
|
|
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 |
|
12/23 at 100.00 |
|
|
357,058 |
|
|
|
|
|
|
| |
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 |
|
|
806,493 |
|
| |
|
|
|
|
|
|
|
|
Total Missouri |
|
|
|
|
151,947,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Montana - 0.4% (0.2% 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 |
|
|
1,867,192 |
|
|
|
|
|
|
| |
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 |
|
|
3,040,224 |
|
|
|
|
|
|
| |
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 |
|
|
6,947,863 |
|
| |
|
|
|
|
|
|
|
|
Total Montana |
|
|
|
|
11,855,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska - 0.2% (0.1% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Refunding Series 2020A: |
|
|
|
|
|
|
| |
1,625 |
|
|
|
|
4.000%, 11/15/40 |
|
11/30 at 100.00 |
|
|
1,385,718 |
|
| |
1,000 |
|
|
|
|
4.000%, 11/15/50 |
|
11/30 at 100.00 |
|
|
783,693 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,498,322 |
|
| |
1,000 |
|
|
|
|
5.000%, 11/01/45 |
|
11/25 at 100.00 |
|
|
966,878 |
|
| |
|
|
|
|
|
|
|
|
Total Nebraska |
|
|
|
|
4,634,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada - 1.0% (0.6% 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 |
|
|
8,876,116 |
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: |
|
|
|
|
|
|
| |
9,000 |
|
|
|
|
5.000%, 6/01/32 |
|
12/24 at 100.00 |
|
|
9,095,317 |
|
| |
5,000 |
|
|
|
|
5.000%, 6/01/39 |
|
12/24 at 100.00 |
|
|
5,021,930 |
|
|
|
|
|
|
|
|
|
|
|
|
Nevada System of Higher Education, Community College Revenue Bonds, Series 2017: |
|
|
|
|
|
|
| |
2,400 |
|
|
|
|
4.000%, 7/01/41 |
|
7/27 at 100.00 |
|
|
2,078,698 |
|
| |
2,000 |
|
|
|
|
4.000%, 7/01/47 |
|
7/27 at 100.00 |
|
|
1,653,759 |
|
| |
|
|
|
|
|
|
|
|
Total Nevada |
|
|
|
|
26,725,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire - 0.4% (0.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
3,500 |
|
|
|
|
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 4.000%, 7/01/32 |
|
12/23 at 100.00 |
|
|
3,169,656 |
|
|
|
|
|
|
| |
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 |
|
|
4,050,584 |
|
|
|
|
|
|
| |
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 |
|
|
4,623,986 |
|
| |
|
|
|
|
|
|
|
|
Total New Hampshire |
|
|
|
|
11,844,226 |
|
|
|
|
|
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey - 5.4% (3.1% 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 |
|
$ |
5,011,334 |
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
1/24 at 100.00 |
|
|
1,966,758 |
|
| |
1,865 |
|
|
|
|
5.125%, 1/01/39 - AGM Insured, (AMT) |
|
1/24 at 100.00 |
|
|
1,865,363 |
|
| |
1,585 |
|
|
|
|
5.125%, 7/01/42 - AGM Insured, (AMT) |
|
1/24 at 100.00 |
|
|
1,584,857 |
|
|
|
|
|
|
| |
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 |
|
|
6,137,130 |
|
|
|
|
|
|
| |
2,000 |
|
|
(c) |
|
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 |
|
|
2,101,069 |
|
|
|
|
|
|
| |
6,770 |
|
|
|
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 - NPFG Insured |
|
No Opt. Call |
|
|
7,140,835 |
|
|
|
|
|
|
| |
2,825 |
|
|
(c) |
|
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 |
|
|
2,843,733 |
|
|
|
|
|
|
|
2,410
|
|
|
|
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ, 4.000%, 6/15/50 |
|
12/30 at 100.00 |
|
|
1,982,571 |
|
|
|
|
|
|
| |
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 |
|
|
4,417,054 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,054,672 |
|
| |
3,340 |
|
|
|
|
5.000%, 6/15/29 |
|
6/26 at 100.00 |
|
|
3,399,018 |
|
|
|
|
|
|
| |
8,155 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023AA, 4.250%, 6/15/44 |
|
6/33 at 100.00 |
|
|
7,270,567 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 |
|
No Opt. Call |
|
|
875,624 |
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C: |
|
|
|
|
|
|
| |
21,120 |
|
|
|
|
0.000%, 12/15/28 - AMBAC Insured |
|
No Opt. Call |
|
|
16,916,746 |
|
| |
10,000 |
|
|
|
|
0.000%, 12/15/32 - AGM Insured |
|
No Opt. Call |
|
|
6,645,748 |
|
| |
20,000 |
|
|
|
|
0.000%, 12/15/33 - AGM Insured |
|
No Opt. Call |
|
|
12,652,540 |
|
| |
25,000 |
|
|
|
|
0.000%, 12/15/35 - AMBAC Insured |
|
No Opt. Call |
|
|
13,885,008 |
|
| |
30,000 |
|
|
|
|
0.000%, 12/15/36 - AMBAC Insured |
|
No Opt. Call |
|
|
15,578,190 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/32 |
|
No Opt. Call |
|
|
1,305,666 |
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: |
|
|
|
|
|
|
| |
1,690 |
|
|
|
|
5.250%, 6/15/33 |
|
6/25 at 100.00 |
|
|
1,705,540 |
|
| |
2,840 |
|
|
|
|
5.000%, 6/15/45 |
|
6/25 at 100.00 |
|
|
2,735,349 |
|
|
|
|
|
|
| |
2,800 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, 5.000%, 12/15/36 |
|
12/28 at 100.00 |
|
|
2,839,255 |
|
|
|
|
|
|
| |
665 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A, 4.000%, 12/15/39 |
|
12/29 at 100.00 |
|
|
595,104 |
|
|
|
|
|
|
| |
2,460 |
|
|
|
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 |
|
1/28 at 100.00 |
|
|
2,411,227 |
|
|
|
|
|
|
| |
5,250 |
|
|
(g) |
|
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2022B, 5.250%, 1/01/52, (UB) |
|
1/33 at 100.00 |
|
|
5,356,811 |
|
51
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 7,810 |
|
|
|
|
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Series 2020A, 5.000%, 11/01/45 |
|
11/30 at 100.00 |
|
$ |
7,414,811 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,274,366 |
|
| |
1,405 |
|
|
|
|
5.000%, 6/01/46 |
|
6/28 at 100.00 |
|
|
1,318,175 |
|
|
|
|
|
|
| |
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 |
|
|
1,193,031 |
|
| |
|
|
|
|
|
|
|
|
Total New Jersey |
|
|
|
|
144,478,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico - 0.5% (0.3% 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 |
|
|
3,283,701 |
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2019A: |
|
|
|
|
|
|
| |
1,575 |
|
|
|
|
5.000%, 8/01/44 |
|
8/29 at 100.00 |
|
|
1,538,480 |
|
| |
7,000 |
|
|
|
|
4.000%, 8/01/48 |
|
8/29 at 100.00 |
|
|
5,599,757 |
|
|
|
|
|
|
| |
2,845 |
|
|
|
|
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 - AGM Insured |
|
No Opt. Call |
|
|
2,938,047 |
|
| |
|
|
|
|
|
|
|
|
Total New Mexico |
|
|
|
|
13,359,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 10.1% (5.9% 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 |
|
|
1,972,406 |
|
|
|
|
|
|
| |
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 |
|
|
405,896 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,414,760 |
|
| |
3,195 |
|
|
|
|
5.000%, 5/01/43 |
|
5/25 at 100.00 |
|
|
3,141,345 |
|
|
|
|
|
|
| |
600 |
|
|
|
|
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/34, 144A |
|
6/27 at 100.00 |
|
|
543,630 |
|
|
|
|
|
|
| |
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 |
|
|
3,024,038 |
|
|
|
|
|
|
| |
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 |
|
|
3,994,690 |
|
|
|
|
|
|
| |
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 |
|
|
17,200,838 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 |
|
No Opt. Call |
|
|
5,245,719 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,043,356 |
|
| |
3,000 |
|
|
|
|
5.000%, 9/01/39 |
|
9/24 at 100.00 |
|
|
2,997,814 |
|
| |
860 |
|
|
|
|
5.000%, 9/01/44 |
|
9/24 at 100.00 |
|
|
850,747 |
|
|
|
|
|
|
| |
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 |
|
|
5,129,541 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32 |
|
No Opt. Call |
|
|
6,618,299 |
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 5,000 |
|
|
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 |
|
1/24 at 100.00 |
|
$ |
5,008,358 |
|
|
|
|
|
|
|
|
|
|
|
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007: |
|
|
|
|
|
|
| |
500 |
|
|
(d) |
|
5.750%, 10/01/37 |
|
12/23 at 100.00 |
|
|
400,000 |
|
| |
1,000 |
|
|
(d) |
|
2.350%, 10/01/46 |
|
12/23 at 100.00 |
|
|
800,000 |
|
|
|
|
|
|
| |
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 |
|
|
4,386,649 |
|
|
|
|
|
|
| |
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 |
|
|
1,999,907 |
|
|
|
|
|
|
| |
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 |
|
|
3,731,213 |
|
|
|
|
|
|
| |
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 |
|
|
5,043,096 |
|
|
|
|
|
|
| |
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 |
|
|
17,671,940 |
|
|
|
|
|
|
| |
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 |
|
|
8,221,298 |
|
|
|
|
|
|
| |
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 |
|
|
5,017,625 |
|
|
|
|
|
|
| |
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 |
|
|
2,070,385 |
|
|
|
|
|
|
| |
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 |
|
|
9,634,685 |
|
|
|
|
|
|
| |
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 |
|
|
2,022,854 |
|
|
|
|
|
|
| |
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 |
|
|
2,993,029 |
|
|
|
|
|
|
| |
5 |
|
|
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 |
|
12/23 at 100.00 |
|
|
5,004 |
|
|
|
|
|
|
| |
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 |
|
|
1,923,585 |
|
|
|
|
|
|
| |
125 |
|
|
|
|
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 |
|
12/23 at 100.00 |
|
|
125,009 |
|
|
|
|
|
|
| |
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 |
|
|
1,022,561 |
|
|
|
|
|
|
| |
25,170 |
|
|
|
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |
|
11/24 at 100.00 |
|
|
22,543,518 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
13,379,757 |
|
| |
4,120 |
|
|
|
|
5.000%, 3/15/50 |
|
9/30 at 100.00 |
|
|
4,099,220 |
|
|
|
|
|
|
| |
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 |
|
|
2,005,370 |
|
|
|
|
|
|
| |
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 |
|
|
16,332,132 |
|
53
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
1,860,951 |
|
| |
14,390 |
|
|
|
|
5.000%, 7/01/46, (AMT) |
|
7/24 at 100.00 |
|
|
13,251,050 |
|
| |
28,800 |
|
|
|
|
5.250%, 1/01/50, (AMT) |
|
7/24 at 100.00 |
|
|
27,142,102 |
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
11/23 at 100.00 |
|
|
109,102 |
|
| |
5,940 |
|
|
|
|
5.000%, 8/01/31, (AMT) |
|
11/23 at 100.00 |
|
|
5,750,544 |
|
|
|
|
|
|
| |
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 |
|
|
3,461,684 |
|
|
|
|
|
|
| |
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 |
|
|
2,904,075 |
|
|
|
|
|
|
| |
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 |
|
|
2,954,644 |
|
|
|
|
|
|
| |
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 |
|
|
1,139,804 |
|
|
|
|
|
|
| |
1,310 |
|
|
|
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/43, (AMT) |
|
12/23 at 100.00 |
|
|
1,311,388 |
|
|
|
|
|
|
| |
4,320 |
|
|
(c) |
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38, (Pre-refunded 12/14/23) |
|
12/23 at 100.00 |
|
|
4,325,088 |
|
|
|
|
|
|
| |
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 |
|
|
9,905,396 |
|
|
|
|
|
|
| |
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 |
|
|
5,030,864 |
|
|
|
|
|
|
| |
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 |
|
|
1,580,215 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,053,636 |
|
| |
2,700 |
|
|
|
|
5.000%, 1/01/34, (AMT) |
|
1/26 at 100.00 |
|
|
1,939,257 |
|
|
|
|
|
|
|
|
|
|
|
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006: |
|
|
|
|
|
|
| |
1,250 |
|
|
|
|
5.000%, 6/01/45 |
|
6/27 at 100.00 |
|
|
1,071,455 |
|
| |
2,850 |
|
|
|
|
5.000%, 6/01/48 |
|
6/27 at 100.00 |
|
|
2,395,986 |
|
| |
|
|
|
|
|
|
|
|
Total New York |
|
|
|
|
272,207,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,531,358 |
|
|
|
|
|
|
| |
5,730 |
|
|
|
|
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 |
|
|
5,158,020 |
|
|
|
|
|
|
| |
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 |
|
|
8,846,096 |
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 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 |
|
$ |
1,493,009 |
|
|
|
|
|
|
| |
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 |
|
|
1,612,647 |
|
|
|
|
|
|
| |
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 |
|
|
7,860,949 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/32 |
|
1/26 at 100.00 |
|
|
505,912 |
|
|
|
|
|
|
| |
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 |
|
|
10,989,100 |
|
|
|
|
|
|
| |
1,100 |
|
|
|
|
Union County, North Carolina, Enterprise System Revenue Bonds, Series 2019A, 4.000%, 6/01/44 |
|
6/29 at 100.00 |
|
|
956,524 |
|
| |
|
|
|
|
|
|
|
|
Total North Carolina |
|
|
|
|
39,953,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,751,986 |
|
|
|
|
|
|
| |
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 |
|
|
495,039 |
|
|
|
|
|
|
| |
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 |
|
|
592,472 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
University of North Dakota, Certificates of Participation, Housing Infrastructure Project, Series 2021A, 4.000%, 6/01/46 - AGM Insured |
|
6/30 at 100.00 |
|
|
1,633,788 |
|
| |
|
|
|
|
|
|
|
|
Total North Dakota |
|
|
|
|
6,473,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio - 4.2% (2.5% 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 |
|
|
5,748,023 |
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 4.000%, 8/01/36 |
|
2/28 at 100.00 |
|
|
5,546,512 |
|
|
|
|
|
|
| |
1,340 |
|
|
|
|
Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, 5.000%, 6/01/45 |
|
6/27 at 100.00 |
|
|
1,341,824 |
|
|
|
|
|
|
| |
24,740 |
|
|
|
|
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 |
|
|
2,087,472 |
|
|
|
|
|
|
| |
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 |
|
|
632,278 |
|
|
|
|
|
|
| |
38,565 |
|
|
|
|
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 |
|
|
31,592,244 |
|
|
|
|
|
|
|
|
|
|
|
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Refunding Series 2017: |
|
|
|
|
|
|
| |
3,960 |
|
|
|
|
4.000%, 11/15/34 |
|
11/27 at 100.00 |
|
|
3,479,513 |
|
| |
3,000 |
|
|
|
|
4.000%, 11/15/35 |
|
11/27 at 100.00 |
|
|
2,590,964 |
|
|
|
|
|
|
| |
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 |
|
|
1,717,893 |
|
55
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio (continued) |
|
|
|
|
|
|
| |
$ 4,795 |
|
|
|
|
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 |
|
12/23 at 100.00 |
|
$ |
3,766,076 |
|
|
|
|
|
|
| |
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 |
|
|
4,852,067 |
|
|
|
|
|
|
| |
8,360 |
|
|
(c) |
|
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 |
|
|
8,464,795 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/33 |
|
12/23 at 100.00 |
|
|
1,842,514 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
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 |
|
|
2,642,945 |
|
|
|
|
|
|
| |
4,350 |
|
|
|
|
Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series 2015A, 5.000%, 12/01/44 |
|
6/25 at 100.00 |
|
|
4,292,322 |
|
|
|
|
|
|
| |
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 |
|
|
4,115,976 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,044,524 |
|
| |
16,325 |
|
|
|
|
5.000%, 2/15/43 |
|
2/28 at 100.00 |
|
|
16,513,049 |
|
|
|
|
|
|
| |
5,450 |
|
|
|
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.750%, 6/01/33, (Mandatory Put 6/01/22) |
|
No Opt. Call |
|
|
4,985,391 |
|
|
|
|
|
|
| |
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 |
|
|
4,332,382 |
|
|
|
|
|
|
| |
725 |
|
|
|
|
Warren County, Ohio, Healthcare Facilities Revenue Bonds, Otterbein Homes Obligated Group, Refunding Series 2019A, 4.000%, 7/01/45 |
|
7/29 at 100.00 |
|
|
573,814 |
|
| |
|
|
|
|
|
|
|
|
Total Ohio |
|
|
|
|
114,162,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma - 0.3% (0.2% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
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 |
|
|
1,582,852 |
|
|
|
|
|
|
| |
4,985 |
|
|
(c) |
|
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 |
|
|
5,003,230 |
|
|
|
|
|
|
| |
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 |
|
|
943,067 |
|
| |
|
|
|
|
|
|
|
|
Total Oklahoma |
|
|
|
|
7,529,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oregon - 2.5% (1.4% 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 |
|
|
2,500,697 |
|
|
|
|
|
|
| |
725 |
|
|
|
|
Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., Series 2020A, 5.250%, 11/15/50 |
|
11/25 at 102.00 |
|
|
603,101 |
|
|
|
|
|
|
| |
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 |
|
|
4,600,436 |
|
|
|
|
|
|
| |
3,180 |
|
|
|
|
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, 5.000%, 6/01/46 |
|
6/26 at 100.00 |
|
|
3,032,327 |
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oregon (continued) |
|
|
|
|
|
|
| |
$ 2,410 |
|
|
|
|
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2022A, 5.000%, 6/01/52 |
|
6/32 at 100.00 |
|
$ |
2,214,839 |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/39 |
|
7/26 at 100.00 |
|
|
1,513,803 |
|
|
|
|
|
|
| |
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 |
|
|
4,300,025 |
|
|
|
|
|
|
| |
7,645 |
|
|
|
|
Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B, 5.000%, 7/01/47, (AMT) |
|
1/27 at 100.00 |
|
|
7,261,831 |
|
|
|
|
|
|
| |
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 |
|
|
14,707,658 |
|
|
|
|
|
|
| |
30,870 |
|
|
|
|
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Series 2019A, 4.000%, 5/15/49 |
|
5/29 at 100.00 |
|
|
24,291,334 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 |
|
4/28 at 100.00 |
|
|
2,003,346 |
|
| |
|
|
|
|
|
|
|
|
Total Oregon |
|
|
|
|
67,029,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 6.6% (3.8% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
13,000 |
|
|
|
|
Allegheny County Airport Authority, Pennsylvania, Airport Revenue Bonds, Pittsburgh International Airport, Series 2021A, 5.000%, 1/01/56, (AMT) |
|
1/31 at 100.00 |
|
|
12,039,375 |
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
4.000%, 6/01/45 |
|
12/30 at 100.00 |
|
|
843,689 |
|
| |
1,765 |
|
|
|
|
4.000%, 6/01/50 |
|
12/30 at 100.00 |
|
|
1,439,411 |
|
|
|
|
|
|
| |
3,800 |
|
|
|
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35, (Mandatory Put 7/01/33) |
|
No Opt. Call |
|
|
3,528,347 |
|
|
|
|
|
|
| |
345 |
|
|
|
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018, 5.000%, 6/01/34 |
|
6/28 at 100.00 |
|
|
352,529 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,559,777 |
|
| |
8,385 |
|
|
|
|
5.000%, 7/01/42 |
|
7/27 at 100.00 |
|
|
8,459,569 |
|
|
|
|
|
|
| |
16,515 |
|
|
|
|
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Penn State Health, Series 2021, 5.000%, 11/01/51 |
|
11/29 at 100.00 |
|
|
15,594,029 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,290,637 |
|
| |
11,000 |
|
|
|
|
0.000%, 12/01/38 |
|
No Opt. Call |
|
|
4,812,226 |
|
|
|
|
|
|
|
|
|
|
|
|
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A: |
|
|
|
|
|
|
| |
2,875 |
|
|
(c) |
|
5.125%, 12/01/47, (Pre-refunded 12/01/23) |
|
12/23 at 100.00 |
|
|
2,877,845 |
|
| |
2,500 |
|
|
|
|
5.125%, 12/01/47 |
|
12/23 at 100.00 |
|
|
2,500,340 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,412,574 |
|
| |
5,410 |
|
|
|
|
5.000%, 9/01/48 |
|
9/28 at 100.00 |
|
|
5,077,312 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
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 |
|
|
419,481 |
|
|
|
|
|
|
| |
3,430 |
|
|
(c) |
|
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 |
|
|
3,482,820 |
|
57
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania (continued) |
|
|
|
|
|
|
| |
$ 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 |
|
$ |
1,486,468 |
|
|
|
|
|
|
| |
5,155 |
|
|
|
|
Neshaminy School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2022, 4.000%, 11/01/46 |
|
5/30 at 100.00 |
|
|
4,379,352 |
|
|
|
|
|
|
| |
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 |
|
|
222,685 |
|
|
|
|
|
|
| |
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 |
|
|
8,077,208 |
|
|
|
|
|
|
| |
16,750 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 6.375%, 12/01/38 |
|
12/27 at 100.00 |
|
|
17,877,303 |
|
|
|
|
|
|
| |
4,210 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 |
|
12/25 at 100.00 |
|
|
4,139,151 |
|
|
|
|
|
|
| |
7,235 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2021B, 5.000%, 12/01/51 |
|
6/31 at 100.00 |
|
|
7,214,132 |
|
|
|
|
|
|
| |
3,635 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2022B, 5.250%, 12/01/52 |
|
12/32 at 100.00 |
|
|
3,697,759 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 2014A-1, 5.000%, 12/01/38 |
|
12/24 at 100.00 |
|
|
1,999,089 |
|
|
|
|
|
|
| |
14,500 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 - AGM Insured |
|
6/26 at 100.00 |
|
|
15,326,036 |
|
|
|
|
|
|
| |
6,890 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45 |
|
12/25 at 100.00 |
|
|
6,755,436 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46 |
|
12/25 at 100.00 |
|
|
4,910,102 |
|
|
|
|
|
|
| |
9,240 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, 4.000%, 12/01/50 |
|
12/30 at 100.00 |
|
|
7,503,342 |
|
|
|
|
|
|
| |
7,500 |
|
|
|
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2021A, 4.000%, 9/01/46 - BAM Insured |
|
9/31 at 100.00 |
|
|
6,268,967 |
|
|
|
|
|
|
| |
7,400 |
|
|
|
|
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 7/01/47, (AMT) |
|
7/27 at 100.00 |
|
|
6,935,063 |
|
|
|
|
|
|
| |
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 |
|
|
10,019,061 |
|
| |
|
|
|
|
|
|
|
|
Total Pennsylvania |
|
|
|
|
177,501,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 1.7% (1.0% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
2,815 |
|
|
|
|
Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2002, 5.500%, 5/15/39 |
|
12/23 at 100.00 |
|
|
2,821,364 |
|
|
|
|
|
|
| |
155 |
|
|
|
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC Insured |
|
No Opt. Call |
|
|
155,987 |
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: |
|
|
|
|
|
|
| |
20 |
|
|
|
|
0.000%, 7/01/24 |
|
No Opt. Call |
|
|
19,404 |
|
| |
90 |
|
|
|
|
0.000%, 7/01/27 |
|
No Opt. Call |
|
|
76,144 |
|
| |
88 |
|
|
|
|
0.000%, 7/01/29 |
|
7/28 at 98.64 |
|
|
67,749 |
|
| |
114 |
|
|
|
|
0.000%, 7/01/31 |
|
7/28 at 91.88 |
|
|
79,374 |
|
| |
128 |
|
|
|
|
0.000%, 7/01/33 |
|
7/28 at 86.06 |
|
|
80,175 |
|
| |
1,093 |
|
|
|
|
4.500%, 7/01/34 |
|
7/25 at 100.00 |
|
|
1,043,831 |
|
| |
21,208 |
|
|
|
|
0.000%, 7/01/51 |
|
7/28 at 30.01 |
|
|
3,833,599 |
|
| |
16,965 |
|
|
|
|
4.750%, 7/01/53 |
|
7/28 at 100.00 |
|
|
14,371,403 |
|
| |
19,870 |
|
|
|
|
5.000%, 7/01/58 |
|
7/28 at 100.00 |
|
|
17,396,342 |
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
3,357,012 |
|
| |
3,291 |
|
|
|
|
4.329%, 7/01/40 |
|
7/28 at 100.00 |
|
|
2,851,077 |
|
| |
20 |
|
|
|
|
4.536%, 7/01/53 |
|
7/28 at 100.00 |
|
|
16,342 |
|
| |
|
|
|
|
|
|
|
|
Total Puerto Rico |
|
|
|
|
46,169,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,089,769 |
|
|
|
|
|
|
| |
30,175 |
|
|
|
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 |
|
11/23 at 18.50 |
|
|
4,234,865 |
|
| |
|
|
|
|
|
|
|
|
Total Rhode Island |
|
|
|
|
7,324,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina - 5.2% (3.0% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
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 |
|
|
7,336,970 |
|
|
|
|
|
|
|
|
|
|
|
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: |
|
|
|
|
|
|
| |
21,565 |
|
|
|
|
0.000%, 1/01/30 - AMBAC Insured |
|
No Opt. Call |
|
|
16,043,806 |
|
| |
1,250 |
|
|
|
|
0.000%, 1/01/31 - AGC Insured |
|
No Opt. Call |
|
|
889,173 |
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, 5.000%, 1/01/41 |
|
1/26 at 100.00 |
|
|
5,999,949 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
546,765 |
|
| |
625 |
|
|
|
|
5.000%, 4/01/49 |
|
4/26 at 103.00 |
|
|
511,115 |
|
|
|
|
|
|
| |
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 |
|
|
1,642,838 |
|
|
|
|
|
|
| |
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 |
|
|
8,954,922 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
986,054 |
|
| |
2,500 |
|
|
|
|
4.000%, 11/01/48 |
|
5/28 at 100.00 |
|
|
2,064,684 |
|
| |
13,220 |
|
|
|
|
5.000%, 11/01/48 |
|
5/28 at 100.00 |
|
|
12,780,598 |
|
|
|
|
|
|
| |
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 |
|
|
8,575,378 |
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B: |
|
|
|
|
|
|
| |
9,750 |
|
|
|
|
5.000%, 12/01/46 |
|
12/26 at 100.00 |
|
|
9,298,581 |
|
| |
9,000 |
|
|
|
|
5.000%, 12/01/56 |
|
12/26 at 100.00 |
|
|
8,354,180 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A, 4.000%, 12/01/52 |
|
6/32 at 100.00 |
|
|
1,935,814 |
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022B: |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
4.000%, 12/01/39 |
|
6/32 at 100.00 |
|
|
1,730,768 |
|
| |
11,922 |
|
|
|
|
4.000%, 12/01/43 |
|
6/32 at 100.00 |
|
|
9,838,001 |
|
59
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A: |
|
|
|
|
|
|
| |
$ 8,615 |
|
|
|
|
5.000%, 12/01/49 |
|
6/24 at 100.00 |
|
$ |
8,113,175 |
|
| |
3,455 |
|
|
|
|
5.500%, 12/01/54 |
|
6/24 at 100.00 |
|
|
3,373,686 |
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina State Ports Authority, Revenue Bonds, Series 2015: |
|
|
|
|
|
|
| |
4,140 |
|
|
(c) |
|
5.250%, 7/01/55, (Pre-refunded 7/01/25), (AMT) |
|
7/25 at 100.00 |
|
|
4,191,526 |
|
| |
860 |
|
|
(c) |
|
5.250%, 7/01/55, (Pre-refunded 7/01/25), (AMT) |
|
7/25 at 100.00 |
|
|
870,703 |
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina State Ports Authority, Revenue Bonds, Series 2018: |
|
|
|
|
|
|
| |
5,350 |
|
|
|
|
5.000%, 7/01/48, (AMT) |
|
7/28 at 100.00 |
|
|
5,059,806 |
|
| |
1,000 |
|
|
|
|
5.000%, 7/01/55, (AMT) |
|
7/28 at 100.00 |
|
|
923,724 |
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina State Ports Authority, Revenue Bonds, Series 2019B: |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
5.000%, 7/01/44, (AMT) |
|
7/29 at 100.00 |
|
|
9,588,931 |
|
| |
10,365 |
|
|
|
|
5.000%, 7/01/54, (AMT) |
|
7/29 at 100.00 |
|
|
9,528,746 |
|
| |
|
|
|
|
|
|
|
|
Total South Carolina |
|
|
|
|
139,139,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,766,619 |
|
|
|
|
|
|
| |
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 |
|
|
9,705,385 |
|
|
|
|
|
|
| |
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 |
|
|
5,749,153 |
|
|
|
|
|
|
| |
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 |
|
|
3,284,103 |
|
|
|
|
|
|
| |
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 |
|
|
4,815,722 |
|
| |
|
|
|
|
|
|
|
|
Total South Dakota |
|
|
|
|
27,320,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee - 1.8% (1.0% 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 |
|
|
9,009,896 |
|
|
|
|
|
|
| |
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 |
|
|
15,846,089 |
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Government of Nashville and Davidson County Sports Authority, Tennessee, Revenue Bonds, Stadium Project, Subordinate Senior Series 2023A: |
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
5.250%, 7/01/48 - AGM Insured |
|
1/34 at 100.00 |
|
|
6,156,469 |
|
|
|
|
|
|
| |
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 |
|
|
3,000,394 |
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022B: |
|
|
|
|
|
|
| |
4,500 |
|
|
(g) |
|
5.250%, 7/01/47, (AMT), (UB) |
|
7/32 at 100.00 |
|
|
4,418,159 |
|
| |
2,000 |
|
|
(g) |
|
5.500%, 7/01/52, (AMT), (UB) |
|
7/32 at 100.00 |
|
|
2,005,388 |
|
|
|
|
|
|
| |
3,505 |
|
|
|
|
Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate Series 2019B, 5.000%, 7/01/49, (AMT) |
|
7/30 at 100.00 |
|
|
3,302,248 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26 |
|
No Opt. Call |
|
|
4,012,644 |
|
| |
|
|
|
|
|
|
|
|
Total Tennessee |
|
|
|
|
47,751,287 |
|
|
|
|
|
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
Texas - 17.3% (10.1% 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 |
|
$ |
2,002,807 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/39, (AMT) |
|
11/24 at 100.00 |
|
|
2,916,938 |
|
|
|
|
|
|
|
|
|
|
|
|
Austin, Texas, Airport System Revenue Bonds, Series 2019B: |
|
|
|
|
|
|
| |
16,615 |
|
|
|
|
5.000%, 11/15/44, (AMT) |
|
11/29 at 100.00 |
|
|
15,865,469 |
|
| |
14,450 |
|
|
|
|
5.000%, 11/15/48, (AMT) |
|
11/29 at 100.00 |
|
|
13,623,495 |
|
|
|
|
|
|
|
|
|
|
|
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A: |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
5.000%, 11/15/38 |
|
11/25 at 100.00 |
|
|
3,007,810 |
|
| |
13,705 |
|
|
(g) |
|
5.000%, 11/15/45, (UB) |
|
11/25 at 100.00 |
|
|
13,583,986 |
|
|
|
|
|
|
| |
1,450 |
|
|
|
|
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016, 5.000%, 11/15/41 |
|
11/26 at 100.00 |
|
|
1,457,245 |
|
|
|
|
|
|
| |
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 |
|
|
4,424,412 |
|
|
|
|
|
|
|
|
|
|
|
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2015: |
|
|
|
|
|
|
| |
1,060 |
|
|
(c) |
|
5.000%, 8/15/34, (Pre-refunded 8/15/24) - AGM Insured |
|
8/24 at 100.00 |
|
|
1,068,561 |
|
| |
1,160 |
|
|
(c) |
|
5.000%, 8/15/35, (Pre-refunded 8/15/24) - AGM Insured |
|
8/24 at 100.00 |
|
|
1,169,368 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31 |
|
9/25 at 100.00 |
|
|
2,030,969 |
|
|
|
|
|
|
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010: |
|
|
|
|
|
|
| |
2,945 |
|
|
|
|
0.000%, 1/01/36 |
|
No Opt. Call |
|
|
1,627,036 |
|
| |
2,205 |
|
|
|
|
0.000%, 1/01/37 |
|
No Opt. Call |
|
|
1,127,015 |
|
| |
2,160 |
|
|
|
|
0.000%, 1/01/38 |
|
No Opt. Call |
|
|
1,017,209 |
|
| |
1,000 |
|
|
|
|
0.000%, 1/01/40 |
|
No Opt. Call |
|
|
411,918 |
|
|
|
|
|
|
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: |
|
|
|
|
|
|
| |
2,600 |
|
|
(c) |
|
5.000%, 1/01/35, (Pre-refunded 7/01/25) |
|
7/25 at 100.00 |
|
|
2,645,023 |
|
| |
3,035 |
|
|
(c) |
|
5.000%, 1/01/45, (Pre-refunded 7/01/25) |
|
7/25 at 100.00 |
|
|
3,087,555 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2013, 6.000%, 8/15/43 |
|
12/23 at 100.00 |
|
|
1,000,288 |
|
|
|
|
|
|
|
|
|
|
|
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
4.350%, 12/01/42 |
|
12/23 at 100.00 |
|
|
834,699 |
|
| |
1,000 |
|
|
|
|
4.400%, 12/01/47 |
|
12/23 at 100.00 |
|
|
802,248 |
|
|
|
|
|
|
| |
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 |
|
|
2,008,398 |
|
|
|
|
|
|
| |
1,175 |
|
|
(c) |
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/36, (Pre-refunded 12/01/24) |
|
12/24 at 100.00 |
|
|
1,186,980 |
|
|
|
|
|
|
| |
1,680 |
|
|
(c) |
|
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 |
|
|
1,722,014 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 |
|
10/26 at 100.00 |
|
|
5,033,700 |
|
|
|
|
|
|
| |
200 |
|
|
|
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 |
|
9/24 at 100.00 |
|
|
184,286 |
|
|
|
|
|
|
| |
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 |
|
|
5,066,654 |
|
61
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (continued) |
|
|
|
|
|
|
| $ |
5,185 |
|
|
(g) |
|
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 |
|
$ |
5,227,989 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
El Paso County Hospital District, Texas, General Obligtion Bonds, Refunding Series 2013, 5.000%, 8/15/33 |
|
12/23 at 100.00 |
|
|
981,102 |
|
|
|
|
|
|
| |
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 |
|
|
8,213,428 |
|
|
|
|
|
|
|
|
|
|
|
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding First Tier Series 2020C: |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
4.000%, 10/01/49 |
|
4/30 at 100.00 |
|
|
8,079,184 |
|
| |
1,000 |
|
|
|
|
4.000%, 10/01/49 - AGM Insured |
|
4/30 at 100.00 |
|
|
819,815 |
|
|
|
|
|
|
| |
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 |
|
|
5,258,905 |
|
|
|
|
|
|
| |
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) |
|
12/23 at 100.00 |
|
|
4,901,356 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,535,077 |
|
| |
4,850 |
|
|
|
|
5.000%, 12/01/45 |
|
6/25 at 100.00 |
|
|
4,693,683 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
12/23 at 100.00 |
|
|
1,541,127 |
|
| |
3,000 |
|
|
|
|
5.000%, 6/01/38 |
|
12/23 at 100.00 |
|
|
2,461,775 |
|
|
|
|
|
|
| |
5,150 |
|
|
|
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 8/15/41 |
|
8/26 at 100.00 |
|
|
5,156,103 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2018A, 4.000%, 8/15/48 |
|
2/28 at 100.00 |
|
|
4,133,377 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
178,786 |
|
| |
1,020 |
|
|
|
|
0.000%, 11/15/42 - AGM Insured |
|
11/31 at 59.73 |
|
|
333,328 |
|
| |
1,255 |
|
|
|
|
0.000%, 11/15/43 - AGM Insured |
|
11/31 at 56.93 |
|
|
384,500 |
|
| |
3,305 |
|
|
|
|
0.000%, 11/15/44 - AGM Insured |
|
11/31 at 54.25 |
|
|
947,153 |
|
| |
4,460 |
|
|
|
|
0.000%, 11/15/45 - AGM Insured |
|
11/31 at 51.48 |
|
|
1,200,401 |
|
| |
6,500 |
|
|
|
|
0.000%, 11/15/47 - AGM Insured |
|
11/31 at 46.45 |
|
|
1,545,547 |
|
|
|
|
|
|
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: |
|
|
|
|
|
|
| |
495 |
|
|
|
|
0.000%, 11/15/24 - NPFG Insured |
|
No Opt. Call |
|
|
470,480 |
|
| |
105 |
|
|
(c) |
|
0.000%, 11/15/24 - NPFG Insured, (ETM) |
|
No Opt. Call |
|
|
100,274 |
|
| |
4,390 |
|
|
|
|
0.000%, 11/15/29 - NPFG Insured |
|
No Opt. Call |
|
|
3,219,221 |
|
| |
50 |
|
|
(c) |
|
0.000%, 11/15/29 - NPFG Insured, (ETM) |
|
No Opt. Call |
|
|
38,413 |
|
| |
625 |
|
|
|
|
0.000%, 11/15/30 - NPFG Insured |
|
No Opt. Call |
|
|
432,830 |
|
| |
105 |
|
|
(c) |
|
0.000%, 11/15/30 - NPFG Insured, (ETM) |
|
No Opt. Call |
|
|
77,142 |
|
| |
7,570 |
|
|
|
|
0.000%, 11/15/31 - NPFG Insured |
|
No Opt. Call |
|
|
4,941,796 |
|
| |
210 |
|
|
|
|
0.000%, 11/15/32 - NPFG Insured |
|
11/31 at 94.05 |
|
|
128,104 |
|
| |
260 |
|
|
|
|
0.000%, 11/15/33 |
|
11/31 at 88.44 |
|
|
148,066 |
|
| |
2,045 |
|
|
|
|
0.000%, 11/15/34 - NPFG Insured |
|
11/31 at 83.17 |
|
|
1,088,626 |
|
| |
1,130 |
|
|
|
|
0.000%, 11/15/36 - NPFG Insured |
|
11/31 at 73.51 |
|
|
519,527 |
|
| |
4,370 |
|
|
|
|
0.000%, 11/15/38 - NPFG Insured |
|
11/31 at 64.91 |
|
|
1,740,945 |
|
| |
2,260 |
|
|
|
|
0.000%, 11/15/39 - NPFG Insured |
|
11/31 at 60.98 |
|
|
839,910 |
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C: |
|
|
|
|
|
|
| |
$ 600 |
|
|
|
|
5.000%, 11/15/33 |
|
11/24 at 100.00 |
|
$ |
600,391 |
|
| |
400 |
|
|
|
|
5.000%, 11/15/34 |
|
11/24 at 100.00 |
|
|
400,074 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,003,482 |
|
| |
1,000 |
|
|
|
|
5.000%, 11/15/30 |
|
11/24 at 100.00 |
|
|
1,002,875 |
|
|
|
|
|
|
| |
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 |
|
|
1,132,862 |
|
|
|
|
|
|
| |
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 |
|
|
552,356 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A, 4.000%, 12/01/39 |
|
12/31 at 100.00 |
|
|
844,062 |
|
|
|
|
|
|
| |
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 |
|
|
4,881,069 |
|
|
|
|
|
|
| |
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 |
|
|
4,849,758 |
|
|
|
|
|
|
| |
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 |
|
|
367,426 |
|
|
|
|
|
|
| |
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 |
|
|
1,823,063 |
|
|
|
|
|
|
| |
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 |
|
|
966,823 |
|
|
|
|
|
|
| |
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 |
|
|
1,018,989 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,004,974 |
|
| |
4,130 |
|
|
|
|
0.000%, 9/01/26 - AMBAC Insured |
|
No Opt. Call |
|
|
3,655,778 |
|
| |
3,130 |
|
|
|
|
0.000%, 9/01/30 - AMBAC Insured |
|
No Opt. Call |
|
|
2,283,606 |
|
| |
12,030 |
|
|
|
|
0.000%, 9/01/31 - AMBAC Insured |
|
No Opt. Call |
|
|
8,344,434 |
|
| |
1,470 |
|
|
|
|
0.000%, 9/01/32 - AMBAC Insured |
|
No Opt. Call |
|
|
968,671 |
|
|
|
|
|
|
| |
1,360 |
|
|
(c) |
|
Jacksonville Independent School District, Cherokee County, Texas, General Obligation Bonds, School Building Series 2014, 5.000%, 2/15/39, (Pre-refunded 2/15/24) |
|
2/24 at 100.00 |
|
|
1,364,016 |
|
|
|
|
|
|
| |
2,675 |
|
|
(c) |
|
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 |
|
|
2,696,523 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
7,411,703 |
|
| |
2,275 |
|
|
|
|
5.000%, 8/15/40 |
|
8/25 at 100.00 |
|
|
2,286,516 |
|
|
|
|
|
|
| |
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 |
|
|
1,721,592 |
|
|
|
|
|
|
| |
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 |
|
|
4,463,528 |
|
63
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 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 |
|
$ |
9,222,602 |
|
|
|
|
|
|
|
|
|
|
|
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
5.750%, 12/01/33 |
|
12/25 at 100.00 |
|
|
986,844 |
|
| |
3,000 |
|
|
|
|
6.125%, 12/01/38 |
|
12/25 at 100.00 |
|
|
2,898,842 |
|
|
|
|
|
|
| |
3,470 |
|
|
|
|
Midland, Texas, General Obligation Bonds, Refunding Series 2022B, 5.000%, 3/01/47 |
|
3/32 at 100.00 |
|
|
3,493,325 |
|
|
|
|
|
|
| |
2,835 |
|
|
|
|
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior Lien Series 2018, 4.625%, 10/01/31, (AMT), 144A |
|
11/23 at 103.00 |
|
|
2,668,745 |
|
|
|
|
|
|
| |
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 |
|
4/24 at 100.00 |
|
|
4,241,238 |
|
|
|
|
|
|
| |
355 |
|
|
(c) |
|
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 |
|
|
363,832 |
|
|
|
|
|
|
| |
3,860 |
|
|
|
|
North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding Senior Lien Series 2013, 5.000%, 12/15/33 |
|
12/23 at 100.00 |
|
|
3,860,747 |
|
|
|
|
|
|
|
|
|
|
|
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C: |
|
|
|
|
|
|
| |
4,030 |
|
|
(c) |
|
7.000%, 9/01/43, (Pre-refunded 9/01/31) |
|
9/31 at 100.00 |
|
|
4,753,519 |
|
| |
8,470 |
|
|
(c) |
|
6.750%, 9/01/45, (Pre-refunded 9/01/31) |
|
9/31 at 100.00 |
|
|
10,036,777 |
|
|
|
|
|
|
| |
7,000 |
|
|
(c) |
|
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 |
|
|
7,196,479 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 - AGC Insured |
|
No Opt. Call |
|
|
1,397,682 |
|
|
|
|
|
|
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A: |
|
|
|
|
|
|
| |
13,355 |
|
|
|
|
5.000%, 1/01/33 |
|
1/25 at 100.00 |
|
|
13,393,755 |
|
| |
1,000 |
|
|
|
|
5.000%, 1/01/35 |
|
1/25 at 100.00 |
|
|
1,001,719 |
|
|
|
|
|
|
| |
1,425 |
|
|
|
|
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, 0.000%, 10/01/35 |
|
No Opt. Call |
|
|
858,798 |
|
|
|
|
|
|
| |
205 |
|
|
|
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39 |
|
2/24 at 100.00 |
|
|
192,931 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/27, (AMT) |
|
12/23 at 100.00 |
|
|
2,496,872 |
|
|
|
|
|
|
| |
7,950 |
|
|
|
|
San Antonio, Texas, Water System Revenue Bonds, Junior Lien Series 2022B, 5.250%, 5/15/52 |
|
5/32 at 100.00 |
|
|
8,156,446 |
|
|
|
|
|
|
| |
1,925 |
|
|
|
|
Stephen F. Austin State University, Texas, Revenue Bonds, Refunding & Improvement Series 2016, 5.000%, 10/15/42 |
|
10/28 at 100.00 |
|
|
1,946,060 |
|
|
|
|
|
|
| |
7,500 |
|
|
|
|
Tarrant County College District, Texas, General Obligation Bonds, Series 2022, 5.000%, 8/15/40 |
|
8/32 at 100.00 |
|
|
7,707,986 |
|
|
|
|
|
|
| |
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 |
|
|
4,685,075 |
|
|
|
|
|
|
| |
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 |
|
|
2,225,845 |
|
64
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 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 |
|
$ |
2,460,292 |
|
|
|
|
|
|
| |
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 |
|
|
1,979,512 |
|
|
|
|
|
|
| |
2,015 |
|
|
|
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 |
|
No Opt. Call |
|
|
2,054,163 |
|
|
|
|
|
|
| |
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 |
|
|
8,379,963 |
|
|
|
|
|
|
| |
530 |
|
|
|
|
Texas Private Activity Bond Surface Transporation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A, 4.000%, 12/31/39 |
|
12/29 at 100.00 |
|
|
460,088 |
|
|
|
|
|
|
| |
19,735 |
|
|
|
|
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 |
|
|
17,285,427 |
|
|
|
|
|
|
| |
9,395 |
|
|
|
|
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 |
|
|
8,602,865 |
|
|
|
|
|
|
| |
1,200 |
|
|
(c) |
|
Texas State, General Obligation Bonds, Texas Transportation Commission, Highway Improvement Series 2014, 5.000%, 4/01/44, (Pre-refunded 4/01/24) |
|
4/24 at 100.00 |
|
|
1,205,994 |
|
|
|
|
|
|
| |
2,000 |
|
|
(c) |
|
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014, 5.000%, 10/01/34, (Pre-refunded 4/01/24) |
|
4/24 at 100.00 |
|
|
2,008,347 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,098,326 |
|
| |
10,960 |
|
|
|
|
5.000%, 8/15/37 |
|
8/24 at 100.00 |
|
|
10,884,447 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,063,464 |
|
| |
15,750 |
|
|
|
|
5.000%, 8/15/42 |
|
8/24 at 100.00 |
|
|
14,899,761 |
|
|
|
|
|
|
| |
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 |
|
|
1,648,417 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
20,475,821 |
|
| |
3,830 |
|
|
(c) |
|
0.000%, 8/15/24 - AMBAC Insured, (ETM) |
|
No Opt. Call |
|
|
3,712,342 |
|
|
|
|
|
|
|
|
|
|
|
|
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A: |
|
|
|
|
|
|
| |
10,000 |
|
|
(g) |
|
4.000%, 10/15/42, (UB) |
|
10/27 at 100.00 |
|
|
8,794,746 |
|
| |
16,600 |
|
|
(g) |
|
5.000%, 10/15/42, (UB) |
|
10/27 at 100.00 |
|
|
16,741,732 |
|
|
|
|
|
|
| |
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 |
|
|
2,079,818 |
|
|
|
|
|
|
| |
17,220 |
|
|
|
|
University of Houston, Texas, Consolidated Revenue Bonds, Refunding Series 2022A, 5.000%, 2/15/52 |
|
2/32 at 100.00 |
|
|
17,251,860 |
|
|
|
|
|
|
| |
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 |
|
|
2,296,911 |
|
65
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 1,735 |
|
|
(c) |
|
Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38, (Pre-refunded 8/01/24) |
|
8/24 at 100.00 |
|
$ |
1,749,599 |
|
|
|
|
|
|
| |
160 |
|
|
|
|
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) |
|
12/23 at 100.00 |
|
|
160,295 |
|
|
|
|
|
|
| |
780 |
|
|
(c) |
|
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 |
|
|
256,955 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,383,638 |
|
| |
1,000 |
|
|
(c) |
|
0.000%, 8/15/45, (Pre-refunded 8/15/25) |
|
8/25 at 44.15 |
|
|
409,119 |
|
| |
4,370 |
|
|
|
|
0.000%, 8/15/50 |
|
8/25 at 35.55 |
|
|
956,145 |
|
| |
1,850 |
|
|
(c) |
|
0.000%, 8/15/50, (Pre-refunded 8/15/25) |
|
8/25 at 35.55 |
|
|
609,445 |
|
| |
|
|
|
|
|
|
|
|
Total Texas |
|
|
|
|
467,584,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah - 1.8% (1.1% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
15,000 |
|
|
|
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, 5.000%, 7/01/42, (AMT) |
|
7/27 at 100.00 |
|
|
14,551,896 |
|
|
|
|
|
|
| |
11,750 |
|
|
|
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, 7/01/43, (AMT) |
|
7/28 at 100.00 |
|
|
11,388,683 |
|
|
|
|
|
|
| |
9,850 |
|
|
|
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2021A, 5.000%, 7/01/46, (AMT) |
|
7/31 at 100.00 |
|
|
9,360,726 |
|
|
|
|
|
|
|
|
|
|
|
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A: |
|
|
|
|
|
|
| |
4,645 |
|
|
|
|
5.250%, 7/01/53, (AMT) |
|
7/33 at 100.00 |
|
|
4,541,222 |
|
| |
4,250 |
|
|
|
|
5.500%, 7/01/53, (AMT) |
|
7/33 at 100.00 |
|
|
4,274,522 |
|
|
|
|
|
|
| |
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 |
|
|
5,354,771 |
|
| |
|
|
|
|
|
|
|
|
Total Utah |
|
|
|
|
49,471,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,761,122 |
|
|
|
|
|
|
| |
1,800 |
|
|
|
|
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A |
|
9/25 at 100.00 |
|
|
1,789,001 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2006, 5.000%, 10/01/27 - FGIC Insured |
|
12/23 at 100.00 |
|
|
2,021,405 |
|
|
|
|
|
|
| |
2,240 |
|
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34 - AGM Insured, 144A |
|
10/24 at 100.00 |
|
|
2,242,041 |
|
|
|
|
|
|
| |
730 |
|
|
|
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24 |
|
12/23 at 100.00 |
|
|
716,558 |
|
| |
|
|
|
|
|
|
|
|
Total Virgin Islands |
|
|
|
|
10,530,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 2.4% (1.4% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
420 |
|
|
|
|
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 |
|
12/23 at 100.00 |
|
|
407,907 |
|
|
|
|
|
|
| |
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 |
|
|
1,197,265 |
|
|
|
|
|
|
| |
515 |
|
|
|
|
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 4.875%, 7/15/40 |
|
7/28 at 100.00 |
|
|
495,146 |
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 1,000 |
|
|
(g) |
|
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 |
|
$ |
827,000 |
|
|
|
|
|
|
| |
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) |
|
12/23 at 100.00 |
|
|
1,001,134 |
|
|
|
|
|
|
| |
16,445 |
|
|
|
|
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 |
|
|
13,871,969 |
|
|
|
|
|
|
| |
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 |
|
|
1,907,336 |
|
|
|
|
|
|
| |
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 |
|
|
6,360,590 |
|
|
|
|
|
|
| |
6,115 |
|
|
|
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 |
|
11/23 at 100.00 |
|
|
5,245,252 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,276,970 |
|
| |
15,605 |
|
|
|
|
5.000%, 12/31/56, (AMT) |
|
6/27 at 100.00 |
|
|
14,309,069 |
|
|
|
|
|
|
| |
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 |
|
|
9,087,877 |
|
| |
|
|
|
|
|
|
|
|
Total Virginia |
|
|
|
|
63,987,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 3.4% (2.0% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/40 |
|
7/24 at 100.00 |
|
|
2,005,380 |
|
|
|
|
|
|
| |
2,375 |
|
|
(c) |
|
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 |
|
|
2,436,482 |
|
|
|
|
|
|
| |
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 |
|
|
7,361,819 |
|
|
|
|
|
|
| |
2,270 |
|
|
|
|
Port Everett, Washington, Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 |
|
6/26 at 100.00 |
|
|
2,281,037 |
|
|
|
|
|
|
| |
15,220 |
|
|
|
|
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2018A, 5.000%, 5/01/43, (AMT) |
|
5/27 at 100.00 |
|
|
14,593,603 |
|
|
|
|
|
|
| |
13,725 |
|
|
|
|
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2021C, 5.000%, 8/01/46, (AMT) |
|
8/31 at 100.00 |
|
|
13,109,087 |
|
|
|
|
|
|
| |
15,000 |
|
|
|
|
Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2021A, 4.000%, 7/01/51 |
|
7/31 at 100.00 |
|
|
12,516,514 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2023, 5.000%, 3/01/53 |
|
3/33 at 100.00 |
|
|
10,026,372 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/32 |
|
12/23 at 100.00 |
|
|
4,000,296 |
|
|
|
|
|
|
| |
11,500 |
|
|
|
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2015A, 5.000%, 10/01/45 |
|
4/25 at 100.00 |
|
|
11,079,049 |
|
|
|
|
|
|
| |
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 |
|
|
3,599,807 |
|
67
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 2,410 |
|
|
|
|
Washington State Higher Education Facilities Authority, Revenue Bonds, Seattle University, Series 2020, 4.000%, 5/01/50 |
|
5/30 at 100.00 |
|
$ |
1,885,223 |
|
|
|
|
|
|
| |
320 |
|
|
|
|
Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012, 5.000%, 1/01/48 |
|
12/23 at 100.00 |
|
|
254,008 |
|
|
|
|
|
|
| |
6,480 |
|
|
|
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/24 - NPFG Insured |
|
No Opt. Call |
|
|
6,336,353 |
|
| |
|
|
|
|
|
|
|
|
Total Washington |
|
|
|
|
91,485,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia - 0.8% (0.5% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
15,000 |
|
|
|
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Series 2018A, 5.000%, 6/01/52 |
|
6/28 at 100.00 |
|
|
14,246,243 |
|
|
|
|
|
|
| |
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 |
|
|
1,918,124 |
|
|
|
|
|
|
| |
6,750 |
|
|
|
|
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2021, 4.000%, 6/01/43 |
|
6/31 at 100.00 |
|
|
5,838,024 |
|
| |
|
|
|
|
|
|
|
|
Total West Virginia |
|
|
|
|
22,002,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 2.9% (1.7% 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 |
|
|
3,326,825 |
|
|
|
|
|
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1: |
|
|
|
|
|
|
| |
34 |
|
|
(d) |
|
0.000%, 1/01/47, 144A |
|
No Opt. Call |
|
|
688 |
|
| |
30 |
|
|
(d) |
|
0.000%, 1/01/48, 144A |
|
No Opt. Call |
|
|
567 |
|
| |
29 |
|
|
(d) |
|
0.000%, 1/01/49, 144A |
|
No Opt. Call |
|
|
523 |
|
| |
29 |
|
|
(d) |
|
0.000%, 1/01/50, 144A |
|
No Opt. Call |
|
|
468 |
|
| |
28 |
|
|
(d) |
|
0.000%, 1/01/51, 144A |
|
No Opt. Call |
|
|
433 |
|
| |
36 |
|
|
(d) |
|
0.000%, 1/01/52, 144A |
|
No Opt. Call |
|
|
521 |
|
| |
36 |
|
|
(d) |
|
0.000%, 1/01/53, 144A |
|
No Opt. Call |
|
|
485 |
|
| |
35 |
|
|
(d) |
|
0.000%, 1/01/54, 144A |
|
No Opt. Call |
|
|
439 |
|
| |
34 |
|
|
(d) |
|
0.000%, 1/01/55, 144A |
|
No Opt. Call |
|
|
404 |
|
| |
33 |
|
|
(d) |
|
0.000%, 1/01/56, 144A |
|
No Opt. Call |
|
|
374 |
|
| |
1,811 |
|
|
(d) |
|
5.500%, 7/01/56, 144A |
|
3/28 at 100.00 |
|
|
941,971 |
|
| |
37 |
|
|
(d) |
|
0.000%, 1/01/57, 144A |
|
No Opt. Call |
|
|
389 |
|
| |
36 |
|
|
(d) |
|
0.000%, 1/01/58, 144A |
|
No Opt. Call |
|
|
356 |
|
| |
35 |
|
|
(d) |
|
0.000%, 1/01/59, 144A |
|
No Opt. Call |
|
|
328 |
|
| |
34 |
|
|
(d) |
|
0.000%, 1/01/60, 144A |
|
No Opt. Call |
|
|
300 |
|
| |
34 |
|
|
(d) |
|
0.000%, 1/01/61, 144A |
|
No Opt. Call |
|
|
277 |
|
| |
33 |
|
|
(d) |
|
0.000%, 1/01/62, 144A |
|
No Opt. Call |
|
|
253 |
|
| |
32 |
|
|
(d) |
|
0.000%, 1/01/63, 144A |
|
No Opt. Call |
|
|
234 |
|
| |
31 |
|
|
(d) |
|
0.000%, 1/01/64, 144A |
|
No Opt. Call |
|
|
217 |
|
| |
31 |
|
|
(d) |
|
0.000%, 1/01/65, 144A |
|
No Opt. Call |
|
|
199 |
|
| |
33 |
|
|
(d) |
|
0.000%, 1/01/66, 144A |
|
No Opt. Call |
|
|
198 |
|
| |
401 |
|
|
(d) |
|
0.000%, 1/01/67, 144A |
|
No Opt. Call |
|
|
2,141 |
|
|
|
|
|
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B: |
|
|
|
|
|
|
| |
59 |
|
|
(d) |
|
0.000%, 1/01/46, 144A |
|
No Opt. Call |
|
|
1,296 |
|
| |
59 |
|
|
(d) |
|
0.000%, 1/01/47, 144A |
|
No Opt. Call |
|
|
1,179 |
|
| |
58 |
|
|
(d) |
|
0.000%, 1/01/48, 144A |
|
No Opt. Call |
|
|
1,103 |
|
| |
58 |
|
|
(d) |
|
0.000%, 1/01/49, 144A |
|
No Opt. Call |
|
|
1,027 |
|
| |
57 |
|
|
(d) |
|
0.000%, 1/01/50, 144A |
|
No Opt. Call |
|
|
935 |
|
| |
62 |
|
|
(d) |
|
0.000%, 1/01/51, 144A |
|
No Opt. Call |
|
|
966 |
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (continued) |
|
|
|
|
|
|
| |
$ 1,606 |
|
|
(d) |
|
1.000%, 7/01/51, 144A |
|
3/28 at 100.00 |
|
$ |
848,688 |
|
| |
62 |
|
|
(d) |
|
0.000%, 1/01/52, 144A |
|
No Opt. Call |
|
|
888 |
|
| |
61 |
|
|
(d) |
|
0.000%, 1/01/53, 144A |
|
No Opt. Call |
|
|
826 |
|
| |
61 |
|
|
(d) |
|
0.000%, 1/01/54, 144A |
|
No Opt. Call |
|
|
768 |
|
| |
60 |
|
|
(d) |
|
0.000%, 1/01/55, 144A |
|
No Opt. Call |
|
|
712 |
|
| |
59 |
|
|
(d) |
|
0.000%, 1/01/56, 144A |
|
No Opt. Call |
|
|
665 |
|
| |
59 |
|
|
(d) |
|
0.000%, 1/01/57, 144A |
|
No Opt. Call |
|
|
618 |
|
| |
58 |
|
|
(d) |
|
0.000%, 1/01/58, 144A |
|
No Opt. Call |
|
|
574 |
|
| |
57 |
|
|
(d) |
|
0.000%, 1/01/59, 144A |
|
No Opt. Call |
|
|
538 |
|
| |
57 |
|
|
(d) |
|
0.000%, 1/01/60, 144A |
|
No Opt. Call |
|
|
499 |
|
| |
56 |
|
|
(d) |
|
0.000%, 1/01/61, 144A |
|
No Opt. Call |
|
|
461 |
|
| |
56 |
|
|
(d) |
|
0.000%, 1/01/62, 144A |
|
No Opt. Call |
|
|
430 |
|
| |
55 |
|
|
(d) |
|
0.000%, 1/01/63, 144A |
|
No Opt. Call |
|
|
400 |
|
| |
54 |
|
|
(d) |
|
0.000%, 1/01/64, 144A |
|
No Opt. Call |
|
|
376 |
|
| |
54 |
|
|
(d) |
|
0.000%, 1/01/65, 144A |
|
No Opt. Call |
|
|
349 |
|
| |
53 |
|
|
(d) |
|
0.000%, 1/01/66, 144A |
|
No Opt. Call |
|
|
316 |
|
| |
693 |
|
|
(d) |
|
0.000%, 1/01/67, 144A |
|
No Opt. Call |
|
|
3,702 |
|
|
|
|
|
|
| |
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 |
|
|
4,486,017 |
|
|
|
|
|
|
| |
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 |
|
|
2,200,965 |
|
|
|
|
|
|
| |
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 |
|
|
8,669,439 |
|
|
|
|
|
|
| |
5,810 |
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Incorporated Series 2022B, 5.250%, 12/01/48 |
|
12/32 at 100.00 |
|
|
5,589,174 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,246,587 |
|
| |
2,000 |
|
|
|
|
4.000%, 10/01/61 |
|
10/28 at 102.00 |
|
|
1,214,651 |
|
|
|
|
|
|
| |
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 |
|
|
9,649,087 |
|
|
|
|
|
|
| |
1,870 |
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Beloit Health System, Inc., Series 2016, 4.000%, 7/01/46 |
|
7/26 at 100.00 |
|
|
1,454,749 |
|
|
|
|
|
|
| |
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 |
|
|
3,600,436 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
10,546,008 |
|
| |
7,000 |
|
|
|
|
5.000%, 2/15/46 |
|
2/26 at 100.00 |
|
|
6,262,555 |
|
|
|
|
|
|
| |
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 |
|
|
804,266 |
|
|
|
|
|
|
| |
10,235 |
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint John’s Communities Inc., Refunding Series 2022A, 5.000%, 4/01/52 |
|
4/32 at 100.00 |
|
|
9,840,285 |
|
|
|
|
|
|
| |
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 |
|
|
8,912,813 |
|
| |
|
|
|
|
|
|
|
|
Total Wisconsin |
|
|
|
|
79,622,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds
(cost $4,848,713,829) |
|
|
|
|
4,552,790,983 |
|
|
|
|
|
|
|
|
|
69
|
|
|
| NAD |
|
Nuveen Quality Municipal Income Fund (continued) Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
|
Description (a) |
|
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT COMPANIES - 0.0% (0.0% of Total Investments) |
|
|
|
|
|
|
| |
8,812 |
|
|
|
|
BlackRock MuniHoldings Fund Inc |
|
|
|
$ |
89,177 |
|
| |
32,524 |
|
|
|
|
Invesco Quality Municipal Income Trust |
|
|
|
|
265,396 |
|
| |
|
|
|
|
|
|
|
|
Total Investment Companies
(cost $530,611) |
|
|
|
|
354,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments
(cost $4,849,244,440) |
|
|
|
|
4,553,145,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 2.7% (1.6% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 2.7% (1.6% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 0.1% (0.1% of Total Investments) |
|
|
|
|
|
|
| |
$ 2,000 |
|
|
(h) |
|
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Variable Rate Series 2018B, 4.050%, 11/15/35, (Mandatory Put 11/7/2023) |
|
11/23 at 100.00 |
|
$ |
2,000,000 |
|
| |
|
|
|
|
|
|
|
|
Total Colorado |
|
|
|
|
2,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iowa - 0.3% (0.2% of Total Investments) |
|
|
|
|
|
|
| |
8,265 |
|
|
(h) |
|
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Mortgage Backed Securities Program Variable Rate Series 2020E, 4.100%, 7/01/49, (Mandatory Put 10/13/2023) |
|
10/23 at 100.00 |
|
|
8,265,000 |
|
| |
|
|
|
|
|
|
|
|
Total Iowa |
|
|
|
|
8,265,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri - 0.3% (0.2% of Total Investments) |
|
|
|
|
|
|
| |
6,750 |
|
|
(h) |
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Variable Rate Demand Obligations, Series 2008C, 4.060%, 5/15/38, (Mandatory Put 11/7/2023) |
|
10/23 at 100.00 |
|
|
6,750,000 |
|
| |
|
|
|
|
|
|
|
|
Total Missouri |
|
|
|
|
6,750,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 0.4% (0.2% of Total Investments) |
|
|
|
|
|
|
| |
10,000 |
|
|
(h) |
|
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2018L-2, 4.060%, 5/01/50, (Mandatory Put 11/7/2023) |
|
10/23 at 100.00 |
|
|
10,000,000 |
|
| |
|
|
|
|
|
|
|
|
Total New York |
|
|
|
|
10,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas - 0.9% (0.5% of Total Investments) |
|
|
|
|
|
|
| |
25,000 |
|
|
(h) |
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Texas Children’s Hospital, Series 2015-3, 4.050%, 10/01/45, (Mandatory Put 11/7/2023) |
|
No Opt. Call |
|
|
25,000,000 |
|
| |
|
|
|
|
|
|
|
|
Total Texas |
|
|
|
|
25,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah - 0.7% (0.4% of Total Investments) |
|
|
|
|
|
|
| |
20,000 |
|
|
(h) |
|
Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2018C, 3.900%, 5/15/58, (Mandatory Put 10/31/2023) |
|
10/23 at 100.00 |
|
|
20,000,000 |
|
| |
|
|
|
|
|
|
|
|
Total Utah |
|
|
|
|
20,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds
(cost $72,015,000) |
|
|
|
|
72,015,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
(cost $72,015,000) |
|
|
|
|
72,015,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (cost $4,921,259,440) - 171.5% |
|
|
|
|
4,625,160,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations - (2.9)% |
|
|
|
|
(78,400,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMTP Shares, Net- (27.0)%(i) |
|
|
|
|
(727,262,648) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MFP Shares, Net - (25.2)%(j) |
|
|
|
|
(678,526,753) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VRDP Shares, Net- (18.7)%(k) |
|
|
|
|
(503,596,953) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets & Liabilities, Net - 2.3% |
|
|
|
|
60,011,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares - 100% |
|
|
|
$ |
2,697,385,828 |
|
|
|
|
|
|
|
|
|
70
| (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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
| (c) |
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. |
| (d) |
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the
protection of bankruptcy. |
| (e) |
For fair value measurement disclosure purposes, investment classified as Level 3. |
| (f) |
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. |
| (g) |
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in
inverse floating rate transactions. |
| (h) |
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.
|
| (i) |
AMTP Shares, Net as a percentage of Total Investments is 15.7%. |
| (j) |
MFP Shares, Net as a percentage of Total Investments is 14.7%. |
| (k) |
VRDP Shares, Net as a percentage of Total Investments is 10.9%. |
| 144A |
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may
only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| AMT |
Alternative Minimum Tax |
| 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. |
| 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
71
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
Portfolio of Investments October 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS - 169.1% (99.0% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 169.1% (99.0% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama - 1.1% (0.6% 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 |
|
$ |
14,820,065 |
|
|
|
|
|
|
| |
5,920 |
|
|
|
|
Autauga County Board of Education, Alabama, Special Tax Warrants, Series 2021, 4.000%, 4/01/51 |
|
10/31 at 100.00 |
|
|
4,761,383 |
|
|
|
|
|
|
| |
35 |
|
|
|
|
Birmingham Airport Authority, Alabama, Airport Revenue Bonds, Series 2020, 4.000%, 7/01/35 - BAM Insured |
|
7/30 at 100.00 |
|
|
33,626 |
|
|
|
|
|
|
| |
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 |
|
|
3,936,756 |
|
|
|
|
|
|
| |
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 |
|
|
4,448,352 |
|
|
|
|
|
|
| |
2,410 |
|
|
|
|
Pike Road, Alabama, General Obligation Warrants, Series 2023, 5.000%, 3/01/52 |
|
3/33 at 100.00 |
|
|
2,433,221 |
|
|
|
|
|
|
| |
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 |
|
|
1,015,347 |
|
|
|
|
|
|
| |
5,310 |
|
|
|
|
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A |
|
5/29 at 100.00 |
|
|
4,376,493 |
|
| |
|
|
|
|
|
|
|
|
Total Alabama |
|
|
|
|
35,825,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona - 1.9% (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 |
|
|
1,057,744 |
|
|
|
|
|
|
| |
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 |
|
|
7,135,719 |
|
|
|
|
|
|
| |
1,315 |
|
|
|
|
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2019A, 5.000%, 9/01/42 |
|
9/28 at 100.00 |
|
|
1,286,385 |
|
|
|
|
|
|
| |
8,895 |
|
|
|
|
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2021A, 4.000%, 9/01/51 |
|
3/31 at 100.00 |
|
|
7,062,368 |
|
|
|
|
|
|
| |
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 |
|
|
4,808,522 |
|
|
|
|
|
|
| |
3,130 |
|
|
|
|
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2017D, 4.000%, 1/01/48 |
|
7/30 at 100.00 |
|
|
2,586,933 |
|
|
|
|
|
|
|
|
|
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2019A: |
|
|
|
|
|
|
| |
6,550 |
|
|
|
|
4.000%, 7/01/49 |
|
7/29 at 100.00 |
|
|
5,427,181 |
|
| |
1,500 |
|
|
|
|
5.000%, 7/01/49 |
|
7/29 at 100.00 |
|
|
1,453,640 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
7,239,633 |
|
| |
10,000 |
|
|
|
|
5.500%, 7/01/40 - FGIC Insured |
|
No Opt. Call |
|
|
10,864,436 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 5.000%, 8/01/47 |
|
8/28 at 100.00 |
|
|
3,032,576 |
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
$ |
10,755,744 |
|
| |
|
|
|
|
|
|
|
|
Total Arizona |
|
|
|
|
62,710,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California - 7.0% (4.1% 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 |
|
|
3,335,222 |
|
|
|
|
|
|
| |
22,880 |
|
|
|
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 - NPFG Insured |
|
No Opt. Call |
|
|
15,281,648 |
|
|
|
|
|
|
| |
4,225 |
|
|
|
|
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 - AGM Insured |
|
No Opt. Call |
|
|
3,468,848 |
|
|
|
|
|
|
| |
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 |
|
|
2,706,429 |
|
|
|
|
|
|
| |
10,000 |
|
|
(c) |
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2014F-1, 5.000%, 4/01/54, (Pre-refunded 4/01/24) |
|
4/24 at 100.00 |
|
|
10,060,248 |
|
|
|
|
|
|
| |
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 |
|
|
5,363,695 |
|
|
|
|
|
|
|
|
|
|
|
|
Burbank Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2013, Series 2015A: |
|
|
|
|
|
|
| |
2,250 |
|
|
(c) |
|
5.000%, 8/01/32, (Pre-refunded 2/01/25) |
|
2/25 at 100.00 |
|
|
2,286,036 |
|
| |
1,350 |
|
|
(c) |
|
5.000%, 8/01/33, (Pre-refunded 2/01/25) |
|
2/25 at 100.00 |
|
|
1,371,622 |
|
|
|
|
|
|
| |
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 |
|
|
81,562 |
|
|
|
|
|
|
|
|
|
|
|
|
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A: |
|
|
|
|
|
|
| |
5,890 |
|
|
|
|
0.000%, 10/01/24 - NPFG Insured |
|
No Opt. Call |
|
|
5,663,789 |
|
| |
7,615 |
|
|
|
|
0.000%, 10/01/25 - NPFG Insured |
|
No Opt. Call |
|
|
7,010,357 |
|
| |
1,350 |
|
|
|
|
0.000%, 10/01/39 - NPFG Insured |
|
No Opt. Call |
|
|
585,258 |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42 |
|
7/27 at 100.00 |
|
|
1,397,740 |
|
|
|
|
|
|
| |
965 |
|
|
|
|
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47 |
|
10/26 at 100.00 |
|
|
878,908 |
|
|
|
|
|
|
| |
2,930 |
|
|
(c) |
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38, (Pre-refunded 1/02/24) |
|
1/24 at 100.00 |
|
|
2,936,169 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 4.000%, 8/01/36 |
|
8/26 at 100.00 |
|
|
4,861,444 |
|
|
|
|
|
|
| |
5 |
|
|
|
|
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 - AMBAC Insured |
|
12/23 at 100.00 |
|
|
5,004 |
|
|
|
|
|
|
| |
9,130 |
|
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A |
|
6/26 at 100.00 |
|
|
8,088,646 |
|
|
|
|
|
|
|
|
|
|
|
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: |
|
|
|
|
|
|
| |
43 |
|
|
(d),(e) |
|
5.750%, 7/01/30 |
|
1/22 at 100.00 |
|
|
42,821 |
|
| |
55 |
|
|
(d),(e) |
|
5.750%, 7/01/35 |
|
1/22 at 100.00 |
|
|
54,969 |
|
| |
66 |
|
|
(d),(e) |
|
5.500%, 7/01/39 |
|
1/22 at 100.00 |
|
|
65,962 |
|
|
|
|
|
|
| |
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 |
|
|
8,277,264 |
|
73
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
California (continued) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
4,775 |
|
|
(c) |
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 - FGIC Insured, (ETM) |
|
No Opt. Call |
|
$ |
4,462,630 |
|
|
|
|
|
|
| |
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 |
|
|
4,880,388 |
|
|
|
|
|
|
|
|
|
|
|
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: |
|
|
|
|
|
|
| |
910 |
|
|
(f) |
|
0.000%, 1/15/42 |
|
1/31 at 100.00 |
|
|
1,025,270 |
|
| |
3,350 |
|
|
(c) |
|
5.750%, 1/15/46, (Pre-refunded 1/15/24) |
|
1/24 at 100.00 |
|
|
3,363,617 |
|
| |
8,350 |
|
|
(c) |
|
6.000%, 1/15/49, (Pre-refunded 1/15/24) |
|
1/24 at 100.00 |
|
|
8,387,583 |
|
|
|
|
|
|
| |
118,565 |
|
|
|
|
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 |
|
|
9,724,974 |
|
|
|
|
|
|
| |
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 |
|
|
3,437,314 |
|
|
|
|
|
|
| |
3,040 |
|
|
|
|
Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 - AGM Insured |
|
No Opt. Call |
|
|
3,040,000 |
|
|
|
|
|
|
| |
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 |
|
|
1,312,058 |
|
|
|
|
|
|
| |
995 |
|
|
(c) |
|
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34, (ETM) |
|
12/23 at 100.00 |
|
|
996,124 |
|
|
|
|
|
|
| |
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 |
|
|
2,120,732 |
|
|
|
|
|
|
| |
10,335 |
|
|
(f) |
|
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 |
|
|
8,999,916 |
|
|
|
|
|
|
| |
5,500 |
|
|
|
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 |
|
No Opt. Call |
|
|
6,194,826 |
|
|
|
|
|
|
| |
120 |
|
|
(c) |
|
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 - AMBAC Insured, (ETM) |
|
10/21 at 100.00 |
|
|
120,109 |
|
|
|
|
|
|
| |
14,100 |
|
|
|
|
New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 - AGC Insured |
|
No Opt. Call |
|
|
8,719,699 |
|
|
|
|
|
|
| |
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 |
|
|
1,958,975 |
|
|
|
|
|
|
| |
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 |
|
|
1,173,472 |
|
|
|
|
|
|
|
|
|
|
|
|
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B: |
|
|
|
|
|
|
| |
1,745 |
|
|
(c) |
|
5.000%, 8/15/34, (Pre-refunded 8/15/32) - NPFG Insured |
|
8/32 at 100.00 |
|
|
1,927,616 |
|
| |
1,490 |
|
|
(c) |
|
5.000%, 8/15/34 - NPFG Insured, (ETM) |
|
5/21 at 100.00 |
|
|
1,600,651 |
|
|
|
|
|
|
| |
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 |
|
|
789,344 |
|
|
|
|
|
|
| |
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 |
|
|
1,937,540 |
|
|
|
|
|
|
| |
9,320 |
|
|
|
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 - AGC Insured |
|
No Opt. Call |
|
|
6,014,747 |
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
California (continued) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
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 |
|
$ |
1,481,293 |
|
|
|
|
|
|
| |
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 |
|
|
4,086,987 |
|
|
|
|
|
|
|
|
|
|
|
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A: |
|
|
|
|
|
|
| |
10,595 |
|
|
(c) |
|
5.000%, 1/15/44, (Pre-refunded 1/15/25) |
|
1/25 at 100.00 |
|
|
10,764,824 |
|
| |
32,725 |
|
|
(c) |
|
5.000%, 1/15/50, (Pre-refunded 1/15/25) |
|
1/25 at 100.00 |
|
|
33,249,539 |
|
|
|
|
|
|
| |
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 |
|
|
2,416,315 |
|
|
|
|
|
|
| |
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 |
|
|
3,579,019 |
|
|
|
|
|
|
| |
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 |
|
|
7,053,562 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,462,264 |
|
| |
6,570 |
|
|
|
|
0.000%, 8/01/47 |
|
8/25 at 30.90 |
|
|
1,811,007 |
|
|
|
|
|
|
| |
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 |
|
|
2,447,555 |
|
| |
|
|
|
|
|
|
|
|
Total California |
|
|
|
|
234,363,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 15.6% (9.1% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
1,845 |
|
|
|
|
Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2019, 5.000%, 12/01/51 |
|
12/24 at 102.00 |
|
|
1,508,068 |
|
|
|
|
|
|
| |
6,600 |
|
|
|
|
Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series 2021, 4.375%, 12/01/52 |
|
12/26 at 103.00 |
|
|
4,764,427 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
Arapahoe County Water and Wastewater Authority, Colorado, Revenue Bonds, Refunding Series 2019, 4.000%, 12/01/38 |
|
12/29 at 100.00 |
|
|
2,262,980 |
|
|
|
|
|
|
|
|
|
|
|
|
Arvada, Colorado, Water Enterprise Revenue Bonds, Series 2022: |
|
|
|
|
|
|
| |
1,610 |
|
|
|
|
4.000%, 12/01/48 |
|
12/32 at 100.00 |
|
|
1,346,293 |
|
| |
2,220 |
|
|
|
|
4.000%, 12/01/52 |
|
12/32 at 100.00 |
|
|
1,819,576 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,746,689 |
|
| |
2,000 |
|
|
|
|
4.000%, 8/01/51 |
|
8/31 at 100.00 |
|
|
1,607,897 |
|
|
|
|
|
|
| |
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 |
|
|
7,624,771 |
|
|
|
|
|
|
|
|
|
|
|
|
Brighton, Colorado, Water Activity Enterprise Revenue Bonds, Water System Project, Series 2022: |
|
|
|
|
|
|
| |
6,650 |
|
|
|
|
5.000%, 6/01/47 |
|
6/32 at 100.00 |
|
|
6,734,917 |
|
| |
4,430 |
|
|
|
|
5.000%, 6/01/52 |
|
6/32 at 100.00 |
|
|
4,459,110 |
|
|
|
|
|
|
| |
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 |
|
|
914,158 |
|
|
|
|
|
|
| |
1,060 |
|
|
|
|
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Improvement Series 2018, 5.250%, 12/01/48 |
|
12/23 at 103.00 |
|
|
912,276 |
|
|
|
|
|
|
|
|
|
|
|
|
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017: |
|
|
|
|
|
|
| |
1,575 |
|
|
|
|
5.000%, 12/01/37, 144A |
|
12/23 at 102.00 |
|
|
1,415,802 |
|
75
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
| $ |
3,620 |
|
|
|
|
5.000%, 12/01/47, 144A |
|
12/23 at 102.00 |
|
$ |
3,028,807 |
|
|
|
|
|
|
| |
1,250 |
|
|
(c) |
|
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 5.375%, 12/01/33, (Pre-refunded 12/01/23) |
|
12/23 at 100.00 |
|
|
1,251,278 |
|
|
|
|
|
|
| |
115 |
|
|
(c) |
|
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43, (Pre-refunded 12/01/23) |
|
12/23 at 100.00 |
|
|
115,065 |
|
|
|
|
|
|
| |
1,700 |
|
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A |
|
7/24 at 100.00 |
|
|
1,556,172 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: |
|
|
|
|
|
|
| |
2,005 |
|
|
(c) |
|
5.000%, 6/01/34, (Pre-refunded 6/01/27) |
|
6/27 at 100.00 |
|
|
2,079,230 |
|
| |
4,615 |
|
|
(c) |
|
5.000%, 6/01/35, (Pre-refunded 6/01/27) |
|
6/27 at 100.00 |
|
|
4,785,859 |
|
| |
7,205 |
|
|
(c) |
|
5.000%, 6/01/36, (Pre-refunded 6/01/27) |
|
6/27 at 100.00 |
|
|
7,471,747 |
|
| |
8,715 |
|
|
(c) |
|
5.000%, 6/01/37, (Pre-refunded 6/01/27) |
|
6/27 at 100.00 |
|
|
9,037,651 |
|
| |
4,105 |
|
|
(c) |
|
5.000%, 6/01/42, (Pre-refunded 6/01/27) |
|
6/27 at 100.00 |
|
|
4,256,978 |
|
| |
8,545 |
|
|
(c) |
|
5.000%, 6/01/47, (Pre-refunded 6/01/27) |
|
6/27 at 100.00 |
|
|
8,861,357 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated Group, Series 2021A: |
|
|
|
|
|
|
| |
10,575 |
|
|
|
|
4.000%, 11/15/46 |
|
11/31 at 100.00 |
|
|
8,879,271 |
|
| |
33,390 |
|
|
|
|
4.000%, 11/15/50 |
|
11/31 at 100.00 |
|
|
27,252,584 |
|
|
|
|
|
|
| |
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 |
|
|
2,916,119 |
|
|
|
|
|
|
| |
5,000 |
|
|
(c) |
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36, (Pre-refunded 12/01/23) |
|
12/23 at 100.00 |
|
|
5,000,354 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 1/01/31 |
|
1/24 at 102.00 |
|
|
955,822 |
|
| |
4,290 |
|
|
|
|
5.000%, 1/01/37 |
|
1/24 at 102.00 |
|
|
3,884,837 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2: |
|
|
|
|
|
|
| |
21,340 |
|
|
|
|
5.000%, 8/01/44 |
|
8/29 at 100.00 |
|
|
20,177,391 |
|
| |
28,740 |
|
|
|
|
4.000%, 8/01/49 |
|
8/29 at 100.00 |
|
|
22,232,416 |
|
|
|
|
|
|
| |
3,410 |
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2022A, 5.500%, 11/01/47 |
|
11/32 at 100.00 |
|
|
3,384,690 |
|
|
|
|
|
|
| |
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 |
|
|
3,291,999 |
|
|
|
|
|
|
| |
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 |
|
|
703,633 |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Refunding Series 2015B, 4.000%, 9/01/34 |
|
9/25 at 100.00 |
|
|
1,361,194 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Series 2020A: |
|
|
|
|
|
|
| |
7,080 |
|
|
|
|
4.000%, 9/01/45 |
|
9/30 at 100.00 |
|
|
5,575,365 |
|
| |
3,000 |
|
|
|
|
4.000%, 9/01/50 |
|
9/30 at 100.00 |
|
|
2,261,497 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sanford Health, Series 2019A, 4.000%, 11/01/39 |
|
11/29 at 100.00 |
|
|
3,519,688 |
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
| $ |
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 |
|
$ |
3,001,078 |
|
|
|
|
|
|
| |
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 |
|
|
4,441,218 |
|
|
|
|
|
|
| |
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 |
|
|
3,736,074 |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018: |
|
|
|
|
|
|
| |
1,895 |
|
|
|
|
5.625%, 12/01/32 |
|
12/23 at 103.00 |
|
|
1,798,521 |
|
| |
2,660 |
|
|
|
|
5.875%, 12/01/46 |
|
12/23 at 103.00 |
|
|
2,390,936 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Green Series 2023C, 5.250%, 12/01/53, (WI/DD) |
|
12/33 at 100.00 |
|
|
2,018,389 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Colorado School of Mines Board of Trustees, Golden, Colorado, Institutional Enterprise Revenue Bonds, Series 2017B, 5.000%, 12/01/42 |
|
12/27 at 100.00 |
|
|
2,004,605 |
|
|
|
|
|
|
| |
1,500 |
|
|
(c) |
|
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 |
|
|
1,562,945 |
|
|
|
|
|
|
| |
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 |
|
|
5,226,643 |
|
|
|
|
|
|
| |
7,000 |
|
|
|
|
Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2019O, 4.000%, 3/15/44 |
|
3/29 at 100.00 |
|
|
5,996,971 |
|
|
|
|
|
|
| |
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 |
|
|
2,250,912 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Colorado State, Certificates of Participation, Rural Series 2018A, 4.000%, 12/15/35 |
|
12/28 at 100.00 |
|
|
4,802,482 |
|
|
|
|
|
|
|
|
|
|
|
|
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016: |
|
|
|
|
|
|
| |
7,115 |
|
|
(c) |
|
5.000%, 8/01/41, (Pre-refunded 8/01/26) |
|
8/26 at 100.00 |
|
|
7,336,706 |
|
| |
1,000 |
|
|
(c) |
|
5.000%, 8/01/46, (Pre-refunded 8/01/26) |
|
8/26 at 100.00 |
|
|
1,031,161 |
|
|
|
|
|
|
| |
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 |
|
|
1,082,973 |
|
|
|
|
|
|
|
|
|
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B: |
|
|
|
|
|
|
| |
2,930 |
|
|
|
|
5.000%, 11/15/47 |
|
11/32 at 100.00 |
|
|
2,960,445 |
|
| |
6,700 |
|
|
|
|
5.250%, 11/15/53 |
|
11/32 at 100.00 |
|
|
6,868,722 |
|
|
|
|
|
|
| |
12,900 |
|
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 |
|
12/23 at 100.00 |
|
|
12,735,691 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,936,125 |
|
| |
2,500 |
|
|
|
|
5.000%, 12/01/48 |
|
12/28 at 100.00 |
|
|
2,447,425 |
|
|
|
|
|
|
| |
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 |
|
|
6,522,195 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Series 2021A, 4.000%, 8/01/51 |
|
8/31 at 100.00 |
|
|
4,094,023 |
|
77
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
5,060,704 |
|
| |
2,935 |
|
|
|
|
5.000%, 12/01/35 |
|
12/26 at 100.00 |
|
|
2,835,297 |
|
| |
1,800 |
|
|
|
|
5.000%, 12/01/40 |
|
12/26 at 100.00 |
|
|
1,633,690 |
|
|
|
|
|
|
| |
345 |
|
|
|
|
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban Redevelopement Area, Series 2018A, 5.250%, 12/01/39, 144A |
|
12/23 at 103.00 |
|
|
329,477 |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
DIATC Metropolitan District, Commerce City, Adams County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Series 2019, 5.000%, 12/01/49, 144A |
|
9/24 at 103.00 |
|
|
1,258,498 |
|
|
|
|
|
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: |
|
|
|
|
|
|
| |
45,540 |
|
|
|
|
0.000%, 9/01/30 - NPFG Insured |
|
No Opt. Call |
|
|
33,897,890 |
|
| |
16,635 |
|
|
|
|
0.000%, 9/01/32 - NPFG Insured |
|
No Opt. Call |
|
|
11,249,339 |
|
| |
49,250 |
|
|
|
|
0.000%, 9/01/33 - NPFG Insured |
|
No Opt. Call |
|
|
31,680,664 |
|
|
|
|
|
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: |
|
|
|
|
|
|
| |
9,310 |
|
|
|
|
0.000%, 9/01/28 - NPFG Insured |
|
No Opt. Call |
|
|
7,596,875 |
|
| |
2,900 |
|
|
|
|
0.000%, 9/01/34 - NPFG Insured |
|
No Opt. Call |
|
|
1,770,526 |
|
| |
18,500 |
|
|
|
|
0.000%, 3/01/36 - NPFG Insured |
|
No Opt. Call |
|
|
10,292,266 |
|
|
|
|
|
|
| |
5,950 |
|
|
|
|
Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue Bonds, Series 2022A, 6.750%, 12/01/34, 144A |
|
9/27 at 103.00 |
|
|
5,523,540 |
|
|
|
|
|
|
| |
3,850 |
|
|
|
|
Firestone, Colorado, Water Enterprise Revenue Bones, Series 2020, 4.000%, 12/01/49 - BAM Insured |
|
12/30 at 100.00 |
|
|
3,072,484 |
|
|
|
|
|
|
| |
10,650 |
|
|
|
|
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 |
|
|
10,829,707 |
|
|
|
|
|
|
|
|
|
|
|
|
Johnstown, Colorado, Wastewater Revenue Bonds, Series 2021: |
|
|
|
|
|
|
| |
5,700 |
|
|
|
|
4.000%, 12/01/46 - AGM Insured |
|
12/31 at 100.00 |
|
|
4,681,852 |
|
| |
1,440 |
|
|
|
|
4.000%, 12/01/51 - AGM Insured |
|
12/31 at 100.00 |
|
|
1,142,519 |
|
|
|
|
|
|
| |
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 |
|
|
1,586,832 |
|
|
|
|
|
|
| |
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 |
|
|
994,994 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 2017, 4.000%, 12/01/36 |
|
12/26 at 100.00 |
|
|
943,409 |
|
|
|
|
|
|
| |
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 |
|
|
1,567,785 |
|
|
|
|
|
|
| |
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 |
|
|
960,026 |
|
|
|
|
|
|
| |
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 |
|
12/23 at 102.00 |
|
|
1,031,430 |
|
|
|
|
|
|
| |
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 |
|
|
4,082,065 |
|
|
|
|
|
|
|
|
|
|
|
|
Northern Colorado Water Conservancy District, Certificates of Participation, Series 2022: |
|
|
|
|
|
|
| |
2,325 |
|
|
|
|
5.000%, 7/01/42 |
|
7/31 at 100.00 |
|
|
2,367,174 |
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
| |
$ 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 |
|
$ |
15,730,239 |
|
|
|
|
|
|
| |
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 |
|
|
3,513,302 |
|
|
|
|
|
|
| |
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 |
|
|
3,554,467 |
|
|
|
|
|
|
| |
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 |
|
|
2,518,732 |
|
|
|
|
|
|
| |
6,065 |
|
|
|
|
Platte River Metropolitan District, Weld County, Colorado, General Obligation Bonds, Limited Tax Refunding Series 2023A, 6.500%, 8/01/53, 144A, (WI/DD) |
|
8/29 at 103.00 |
|
|
5,701,258 |
|
|
|
|
|
|
| |
600 |
|
|
|
|
Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, Series 2021A, 4.750%, 12/01/45, 144A |
|
12/30 at 100.00 |
|
|
408,000 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,914,271 |
|
| |
3,600 |
|
|
|
|
5.000%, 12/01/47 |
|
12/27 at 100.00 |
|
|
3,580,723 |
|
|
|
|
|
|
| |
2,350 |
|
|
|
|
Roaring Fork Transporation Authority, Colorado, Property Tax Revenue Bonds, Series 2021A, 4.000%, 12/01/46 |
|
12/31 at 100.00 |
|
|
1,979,395 |
|
|
|
|
|
|
| |
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 |
|
|
824,568 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
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, 144A |
|
9/27 at 103.00 |
|
|
856,447 |
|
|
|
|
|
|
| |
1,625 |
|
|
|
|
South Maryland Creek Ranch Metropolitan District, Summitt County, Colorado, Limited Tax General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2018A, 5.625%, 12/01/47 |
|
12/23 at 103.00 |
|
|
1,675,713 |
|
|
|
|
|
|
| |
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 |
|
|
819,229 |
|
|
|
|
|
|
| |
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 |
|
|
3,275,633 |
|
|
|
|
|
|
|
|
|
|
|
|
Thompson Crossing Metropolitan District 6, Larimer County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Convertible to Unlimited Tax Series 2020: |
|
|
|
|
|
|
| |
760 |
|
|
|
|
3.000%, 12/01/30, 144A |
|
No Opt. Call |
|
|
612,930 |
|
| |
1,300 |
|
|
|
|
5.000%, 12/01/44, 144A |
|
12/30 at 100.00 |
|
|
1,122,411 |
|
|
|
|
|
|
| |
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 |
|
|
721,469 |
|
|
|
|
|
|
| |
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 |
|
|
719,051 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
University of Colorado, Enterprise System Revenue Bonds, Refunding Green Series 2021A, 4.000%, 6/01/46 |
|
6/31 at 100.00 |
|
|
2,157,224 |
|
|
|
|
|
|
| |
14,500 |
|
|
(c) |
|
University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46, (Pre-refunded 6/01/24) |
|
6/24 at 100.00 |
|
|
14,590,307 |
|
79
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Colorado (continued) |
|
|
|
|
|
|
| $ |
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 |
|
$ |
2,358,307 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Weld County School District 6, Greeley, Colorado, General Obligation Bonds, Series 2020, 5.000%, 12/01/44 |
|
12/29 at 100.00 |
|
|
5,090,988 |
|
|
|
|
|
|
| |
2,175 |
|
|
|
|
Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, 5.000%, 12/15/30 |
|
12/26 at 100.00 |
|
|
2,241,977 |
|
|
|
|
|
|
| |
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 |
|
|
6,752,575 |
|
|
|
|
|
|
| |
1,785 |
|
|
|
|
West Meadow Metropolitan District, Town of Fraser, Grand County, Colorado, Limited Tax General Obligation Bonds, Senior Series 2023A, 6.500%, 12/01/50, 144A |
|
12/28 at 103.00 |
|
|
1,734,026 |
|
|
|
|
|
|
| |
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 |
|
|
392,332 |
|
| |
|
|
|
|
|
|
|
|
Total Colorado |
|
|
|
|
520,438,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut - 0.8% (0.5% 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 |
|
|
1,604,198 |
|
|
|
|
|
|
| |
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 |
|
|
4,718,415 |
|
|
|
|
|
|
| |
2,800 |
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean Affiliates, Series 2020A, 5.000%, 1/01/55, 144A |
|
1/26 at 102.00 |
|
|
2,087,439 |
|
|
|
|
|
|
| |
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 |
|
|
6,985,103 |
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1: |
|
|
|
|
|
|
| |
500 |
|
|
|
|
5.000%, 7/01/34 |
|
7/27 at 100.00 |
|
|
508,934 |
|
| |
2,425 |
|
|
|
|
5.000%, 7/01/42 |
|
7/27 at 100.00 |
|
|
2,364,273 |
|
|
|
|
|
|
| |
7,500 |
|
|
|
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2020A, 5.000%, 5/01/37 |
|
5/30 at 100.00 |
|
|
7,824,776 |
|
| |
|
|
|
|
|
|
|
|
Total Connecticut |
|
|
|
|
26,093,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
904,329 |
|
|
|
|
|
|
| |
9,070 |
|
|
|
|
Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 |
|
6/25 at 100.00 |
|
|
8,940,045 |
|
| |
|
|
|
|
|
|
|
|
Total Delaware |
|
|
|
|
9,844,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia - 3.6% (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 |
|
11/23 at 100.00 |
|
|
1,075,485 |
|
|
|
|
|
|
| |
107,000 |
|
|
|
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 |
|
12/23 at 24.98 |
|
|
22,963,965 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
District of Columbia, General Obligation Bonds, Series 2021D, 4.000%, 2/01/46 |
|
2/31 at 100.00 |
|
|
4,302,150 |
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia, Revenue Bonds, Georgetown University, Refunding Series 2017: |
|
|
|
|
|
|
| |
3,500 |
|
|
|
|
5.000%, 4/01/35 |
|
4/27 at 100.00 |
|
|
3,542,453 |
|
| |
3,440 |
|
|
|
|
5.000%, 4/01/36 |
|
4/27 at 100.00 |
|
|
3,465,877 |
|
| |
60 |
|
|
(c) |
|
5.000%, 4/01/36, (Pre-refunded 4/01/27) |
|
4/27 at 100.00 |
|
|
62,394 |
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
10,190,104 |
|
| |
4,750 |
|
|
|
|
5.000%, 10/01/47 |
|
10/29 at 100.00 |
|
|
4,474,269 |
|
| |
13,710 |
|
|
|
|
4.000%, 10/01/49 |
|
10/29 at 100.00 |
|
|
10,745,158 |
|
|
|
|
|
|
| |
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 |
|
|
3,676,860 |
|
|
|
|
|
|
| |
32,000 |
|
|
(c) |
|
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 |
|
|
34,343,450 |
|
|
|
|
|
|
| |
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 |
|
|
18,994,255 |
|
|
|
|
|
|
| |
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 |
|
|
2,975,472 |
|
| |
|
|
|
|
|
|
|
|
Total District of Columbia |
|
|
|
|
120,811,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida - 7.9% (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 |
|
12/23 at 100.00 |
|
|
2,625,435 |
|
|
|
|
|
|
| |
2,830 |
|
|
|
|
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 |
|
9/25 at 100.00 |
|
|
2,841,422 |
|
|
|
|
|
|
| |
5,810 |
|
|
|
|
Collier County, Florida, Tourist Development Tax Revenue Bonds, Series 2018, 4.000%, 10/01/43 |
|
10/28 at 100.00 |
|
|
4,957,213 |
|
|
|
|
|
|
| |
530 |
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2020C, 5.000%, 9/15/50, 144A |
|
9/27 at 100.00 |
|
|
401,852 |
|
|
|
|
|
|
|
|
|
|
|
|
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: |
|
|
|
|
|
|
| |
1,040 |
|
|
|
|
0.000%, 11/01/25 - NPFG Insured |
|
No Opt. Call |
|
|
941,496 |
|
| |
1,590 |
|
|
|
|
0.000%, 11/01/26 - NPFG Insured |
|
No Opt. Call |
|
|
1,370,760 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 4.000%, 10/01/49 |
|
10/28 at 100.00 |
|
|
1,639,631 |
|
|
|
|
|
|
| |
15,000 |
|
|
(g) |
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2018F, 5.000%, 10/01/48, (UB) |
|
10/28 at 100.00 |
|
|
14,998,952 |
|
|
|
|
|
|
|
|
|
|
|
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B: |
|
|
|
|
|
|
| |
5,730 |
|
|
(c) |
|
5.000%, 10/01/40, (Pre-refunded 10/01/24) |
|
10/24 at 100.00 |
|
|
5,786,889 |
|
| |
12,885 |
|
|
(c) |
|
5.000%, 10/01/44, (Pre-refunded 10/01/24) |
|
10/24 at 100.00 |
|
|
13,012,926 |
|
|
|
|
|
|
| |
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 |
|
|
10,578,148 |
|
|
|
|
|
|
| |
5,060 |
|
|
|
|
Hollywood, Florida, General Obligation Bonds, Series 2022, 5.000%, 7/01/47 |
|
7/32 at 100.00 |
|
|
5,033,205 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 |
|
11/24 at 100.00 |
|
|
2,342,254 |
|
|
|
|
|
|
|
|
|
|
|
|
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A: |
|
|
|
|
|
|
| |
3,810 |
|
|
|
|
5.000%, 2/01/40 - AGM Insured |
|
2/24 at 100.00 |
|
|
3,811,444 |
|
| |
19,145 |
|
|
|
|
5.000%, 2/01/44 - AGM Insured |
|
2/24 at 100.00 |
|
|
19,145,622 |
|
81
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
176,546 |
|
| |
5,035 |
|
|
|
|
5.125%, 7/01/46 |
|
7/27 at 100.00 |
|
|
3,771,886 |
|
|
|
|
|
|
| |
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 |
|
|
7,149,180 |
|
|
|
|
|
|
| |
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 |
|
|
25,841,359 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35 |
|
12/23 at 100.00 |
|
|
10,003,084 |
|
|
|
|
|
|
| |
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 |
|
|
4,457,216 |
|
|
|
|
|
|
| |
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 |
|
|
2,525,168 |
|
|
|
|
|
|
| |
7,000 |
|
|
|
|
Miami-Dade County School District, Florida, General Obligation Bonds, School Series 2022A, 5.000%, 3/15/52 - BAM Insured |
|
3/32 at 100.00 |
|
|
7,031,774 |
|
|
|
|
|
|
| |
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 |
|
|
989,185 |
|
|
|
|
|
|
| |
14,015 |
|
|
|
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 |
|
10/26 at 100.00 |
|
|
13,552,195 |
|
|
|
|
|
|
| |
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 |
|
|
4,704,309 |
|
|
|
|
|
|
| |
7,000 |
|
|
|
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 4.000%, 7/01/48 |
|
7/28 at 100.00 |
|
|
5,766,300 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2022, 5.000%, 7/01/51 |
|
7/32 at 100.00 |
|
|
4,952,680 |
|
|
|
|
|
|
|
|
|
|
|
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2019B: |
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
4.000%, 10/01/44 |
|
10/29 at 100.00 |
|
|
5,157,967 |
|
| |
3,965 |
|
|
|
|
4.000%, 10/01/49 |
|
10/29 at 100.00 |
|
|
3,255,886 |
|
|
|
|
|
|
| |
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 |
|
|
9,049,891 |
|
|
|
|
|
|
| |
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 |
|
|
691,256 |
|
|
|
|
|
|
| |
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 |
|
|
3,865,466 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
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 |
|
|
1,795,473 |
|
|
|
|
|
|
| |
5,680 |
|
|
|
|
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 |
|
|
5,627,015 |
|
|
|
|
|
|
| |
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 |
|
|
7,892,696 |
|
|
|
|
|
|
| |
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 |
|
|
10,031,771 |
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 6,625 |
|
|
|
|
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/33 |
|
5/25 at 100.00 |
|
$ |
6,366,153 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
7,748,580 |
|
| |
8,595 |
|
|
|
|
5.000%, 8/15/47 |
|
8/27 at 100.00 |
|
|
8,190,915 |
|
|
|
|
|
|
| |
1,205 |
|
|
|
|
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 |
|
|
1,230,928 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, 4.000%, 11/15/46 |
|
5/26 at 100.00 |
|
|
3,344,420 |
|
|
|
|
|
|
| |
2,000 |
|
|
(c) |
|
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 |
|
|
2,031,688 |
|
|
|
|
|
|
| |
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 |
|
|
7,097,068 |
|
| |
|
|
|
|
|
|
|
|
Total Florida |
|
|
|
|
263,785,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia - 4.9% (2.8% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015: |
|
|
|
|
|
|
| |
3,400 |
|
|
(c) |
|
5.000%, 11/01/33, (Pre-refunded 5/01/25) |
|
5/25 at 100.00 |
|
|
3,463,559 |
|
| |
2,040 |
|
|
(c) |
|
5.000%, 11/01/35, (Pre-refunded 5/01/25) |
|
5/25 at 100.00 |
|
|
2,078,136 |
|
|
|
|
|
|
| |
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 |
|
|
9,880,536 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,940,314 |
|
| |
10,000 |
|
|
|
|
5.000%, 4/01/47 |
|
4/27 at 100.00 |
|
|
9,507,421 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B, 5.125%, 4/01/53, (WI/DD) |
|
4/33 at 100.00 |
|
|
2,433,449 |
|
|
|
|
|
|
| |
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 |
|
|
4,173,070 |
|
|
|
|
|
|
| |
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 |
|
|
5,526,729 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,200,780 |
|
| |
10,000 |
|
|
|
|
5.000%, 4/01/47 |
|
4/27 at 100.00 |
|
|
9,507,421 |
|
| |
6,370 |
|
|
|
|
4.000%, 4/01/50 |
|
4/30 at 100.00 |
|
|
5,057,643 |
|
|
|
|
|
|
| |
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 |
|
|
3,861,470 |
|
|
|
|
|
|
| |
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 |
|
|
4,043,754 |
|
|
|
|
|
|
| |
12,590 |
|
|
(c) |
|
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 |
|
|
12,844,290 |
|
83
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia (continued) |
|
|
|
|
|
|
|
|
|
|
|
| |
$ 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 |
|
$ |
7,657,379 |
|
|
|
|
|
|
| |
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 |
|
|
1,739,586 |
|
|
|
|
|
|
| |
8,000 |
|
|
|
|
Georgia Ports Authority, Revenue Bonds, Series 2021, 4.000%, 7/01/51 |
|
7/31 at 100.00 |
|
|
6,681,675 |
|
|
|
|
|
|
| |
1,860 |
|
|
|
|
Georgia Ports Authority, Revenue Bonds, Series 2022, 4.000%, 7/01/52 |
|
7/32 at 100.00 |
|
|
1,546,892 |
|
|
|
|
|
|
| |
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 |
|
|
9,482,396 |
|
|
|
|
|
|
| |
1,350 |
|
|
|
|
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.250%, 2/01/27 |
|
No Opt. Call |
|
|
1,413,197 |
|
|
|
|
|
|
|
|
|
|
|
|
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A: |
|
|
|
|
|
|
| |
1,860 |
|
|
|
|
5.000%, 5/15/43 |
|
5/29 at 100.00 |
|
|
1,749,010 |
|
| |
14,100 |
|
|
|
|
5.000%, 5/15/49 |
|
No Opt. Call |
|
|
13,121,356 |
|
|
|
|
|
|
| |
10,160 |
|
|
(g) |
|
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 |
|
|
10,094,703 |
|
|
|
|
|
|
| |
3,425 |
|
|
(g) |
|
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 |
|
|
3,402,988 |
|
|
|
|
|
|
| |
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 |
|
|
6,332,647 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
5,257,820 |
|
| |
3,300 |
|
|
|
|
5.500%, 7/01/60 |
|
7/25 at 100.00 |
|
|
3,193,060 |
|
|
|
|
|
|
| |
8,230 |
|
|
|
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40 |
|
10/25 at 100.00 |
|
|
7,851,207 |
|
|
|
|
|
|
| |
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 |
|
|
4,161,381 |
|
| |
|
|
|
|
|
|
|
|
Total Georgia |
|
|
|
|
162,203,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii - 0.1% (0.1% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
275 |
|
|
|
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43, 144A |
|
12/23 at 100.00 |
|
|
274,980 |
|
|
|
|
|
|
| |
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 |
|
|
3,526,460 |
|
| |
|
|
|
|
|
|
|
|
Total Hawaii |
|
|
|
|
3,801,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho - 0.5% (0.3% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
3,860 |
|
|
|
|
Boise State University, Idaho, General Revenue Bonds, Series 2023A, 5.250%, 4/01/53 |
|
4/33 at 100.00 |
|
|
3,899,398 |
|
|
|
|
|
|
| |
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 |
|
|
6,121,415 |
|
|
|
|
|
|
| |
2,235 |
|
|
|
|
Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 |
|
11/23 at 101.00 |
|
|
2,259,584 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, The College of Idaho Project, Series 2023, 5.875%, 11/01/53, 144A, (WI/DD) |
|
11/33 at 100.00 |
|
|
4,746,425 |
|
| |
|
|
|
|
|
|
|
|
Total Idaho |
|
|
|
|
17,026,822 |
|
|
|
|
|
|
|
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois - 18.4% (10.8% 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 |
|
$ |
1,035,000 |
|
| |
285 |
|
|
|
|
5.000%, 4/01/37 - AGM Insured |
|
4/28 at 100.00 |
|
|
290,713 |
|
| |
1,370 |
|
|
|
|
5.000%, 4/01/38 - AGM Insured |
|
4/28 at 100.00 |
|
|
1,389,584 |
|
|
|
|
|
|
|
|
|
|
|
|
Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding Series 2002B: |
|
|
|
|
|
|
| |
4,595 |
|
|
|
|
0.000%, 1/01/32 - FGIC Insured |
|
No Opt. Call |
|
|
3,075,707 |
|
| |
4,000 |
|
|
|
|
0.000%, 1/01/34 - FGIC Insured |
|
No Opt. Call |
|
|
2,419,437 |
|
|
|
|
|
|
| |
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 |
|
|
11,066,184 |
|
|
|
|
|
|
| |
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 |
|
|
3,172,861 |
|
|
|
|
|
|
| |
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 |
|
|
5,439,786 |
|
|
|
|
|
|
| |
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 |
|
|
6,090,900 |
|
|
|
|
|
|
| |
11,450 |
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 |
|
12/25 at 100.00 |
|
|
11,701,891 |
|
|
|
|
|
|
| |
1,785 |
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 |
|
12/26 at 100.00 |
|
|
1,813,295 |
|
|
|
|
|
|
| |
23,535 |
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A |
|
12/27 at 100.00 |
|
|
24,436,541 |
|
|
|
|
|
|
|
|
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2021A: |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
5.000%, 12/01/38 |
|
12/30 at 100.00 |
|
|
1,394,644 |
|
| |
1,750 |
|
|
|
|
5.000%, 12/01/40 |
|
12/30 at 100.00 |
|
|
1,602,171 |
|
|
|
|
|
|
| |
2,175 |
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2023A, 6.000%, 12/01/49, (WI/DD) |
|
12/33 at 100.00 |
|
|
2,174,896 |
|
|
|
|
|
|
| |
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 |
|
|
1,007,368 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
11,775,340 |
|
| |
4,000 |
|
|
|
|
4.000%, 12/01/50 |
|
12/29 at 100.00 |
|
|
3,088,580 |
|
|
|
|
|
|
| |
9,285 |
|
|
|
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 |
|
12/24 at 100.00 |
|
|
9,128,259 |
|
|
|
|
|
|
| |
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 |
|
|
3,867,819 |
|
|
|
|
|
|
| |
1,000 |
|
|
(g) |
|
Chicago, Illinois, General Obligation Bonds, Chicago Works Series 2023A, 5.500%, 1/01/40, (UB) |
|
1/32 at 100.00 |
|
|
1,008,526 |
|
|
|
|
|
|
| |
22,670 |
|
|
|
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 - FGIC Insured |
|
No Opt. Call |
|
|
21,471,544 |
|
|
|
|
|
|
| |
10,565 |
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 |
|
1/27 at 100.00 |
|
|
10,824,103 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.000%, 1/01/40 |
|
1/29 at 100.00 |
|
|
3,876,590 |
|
85
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
12,307,420 |
|
| |
2,000 |
|
|
|
|
5.250%, 1/01/58 - AGM Insured |
|
7/33 at 100.00 |
|
|
2,001,139 |
|
| |
6,030 |
|
|
|
|
5.500%, 1/01/62 - AGM Insured |
|
7/33 at 100.00 |
|
|
6,132,855 |
|
|
|
|
|
|
| |
7,240 |
|
|
|
|
Chicago, Illinois, Water Revenue Bonds, Second Lien Series 2023A, 5.250%, 11/01/53 - AGM Insured |
|
5/33 at 100.00 |
|
|
7,298,477 |
|
|
|
|
|
|
| |
5,125 |
|
|
|
|
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43 |
|
12/23 at 100.00 |
|
|
4,762,368 |
|
|
|
|
|
|
| |
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 |
|
|
4,409,517 |
|
|
|
|
|
|
| |
3,500 |
|
|
|
|
Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series 2018A, 4.000%, 12/01/43 |
|
6/28 at 100.00 |
|
|
2,991,817 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,484,369 |
|
| |
5,265 |
|
|
|
|
5.500%, 11/01/36 |
|
12/23 at 100.00 |
|
|
5,271,770 |
|
|
|
|
|
|
| |
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 |
|
|
2,412,017 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 2016C: |
|
|
|
|
|
|
| |
3,500 |
|
|
|
|
5.000%, 2/15/32 |
|
2/27 at 100.00 |
|
|
3,585,505 |
|
| |
25,880 |
|
|
|
|
4.000%, 2/15/41 |
|
2/27 at 100.00 |
|
|
22,826,693 |
|
| |
1,200 |
|
|
(c) |
|
4.000%, 2/15/41, (Pre-refunded 2/15/27) |
|
2/27 at 100.00 |
|
|
1,199,772 |
|
| |
55 |
|
|
(c) |
|
4.000%, 2/15/41, (Pre-refunded 2/15/27) |
|
2/27 at 100.00 |
|
|
54,989 |
|
| |
3,000 |
|
|
|
|
5.000%, 2/15/41 |
|
2/27 at 100.00 |
|
|
2,922,167 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Bradley University, Refunding Series 2021A, 4.000%, 8/01/51 |
|
8/31 at 100.00 |
|
|
1,863,887 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: |
|
|
|
|
|
|
| |
8,750 |
|
|
(c) |
|
5.000%, 9/01/39, (Pre-refunded 9/01/24) |
|
9/24 at 100.00 |
|
|
8,821,444 |
|
| |
11,030 |
|
|
(c) |
|
5.000%, 9/01/42, (Pre-refunded 9/01/24) |
|
9/24 at 100.00 |
|
|
11,120,060 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, DePaul College Prep Foundation, Series 2023A, 5.625%, 8/01/53, 144A |
|
8/33 at 100.00 |
|
|
923,484 |
|
|
|
|
|
|
| |
16,165 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/40 |
|
6/26 at 100.00 |
|
|
15,643,860 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,303,047 |
|
| |
4,155 |
|
|
|
|
5.000%, 8/15/51 |
|
8/32 at 100.00 |
|
|
3,942,547 |
|
|
|
|
|
|
| |
22,590 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 |
|
11/25 at 100.00 |
|
|
21,413,122 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
6,986,825 |
|
| |
4,135 |
|
|
|
|
5.000%, 8/15/44 |
|
8/25 at 100.00 |
|
|
3,889,148 |
|
|
|
|
|
|
| |
5,410 |
|
|
|
|
Illinois FInance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2017A, 5.000%, 3/01/47 |
|
3/27 at 100.00 |
|
|
4,995,879 |
|
|
|
|
|
|
| |
14,200 |
|
|
|
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Fixed Period Series 2021A, 4.000%, 8/15/41 |
|
8/31 at 100.00 |
|
|
12,198,805 |
|
86
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
$ |
15,448,061 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, April Series 2014: |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
5.000%, 4/01/31 |
|
4/24 at 100.00 |
|
|
2,469,949 |
|
| |
3,000 |
|
|
|
|
5.000%, 4/01/38 |
|
4/24 at 100.00 |
|
|
2,886,980 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, December Series 2017A: |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
5.000%, 12/01/34 |
|
12/27 at 100.00 |
|
|
5,035,377 |
|
| |
2,000 |
|
|
|
|
5.000%, 12/01/35 |
|
12/27 at 100.00 |
|
|
2,006,847 |
|
| |
5,420 |
|
|
|
|
5.000%, 12/01/39 |
|
12/27 at 100.00 |
|
|
5,148,310 |
|
|
|
|
|
|
| |
2,300 |
|
|
|
|
Illinois State, General Obligation Bonds, February Series 2014, 5.250%, 2/01/32 |
|
2/24 at 100.00 |
|
|
2,283,984 |
|
|
|
|
|
|
| |
1,750 |
|
|
|
|
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 |
|
1/26 at 100.00 |
|
|
1,762,426 |
|
|
|
|
|
|
| |
3,565 |
|
|
|
|
Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26 |
|
No Opt. Call |
|
|
3,622,881 |
|
|
|
|
|
|
| |
4,170 |
|
|
|
|
Illinois State, General Obligation Bonds, June Series 2022A, 5.500%, 3/01/47 |
|
3/32 at 100.00 |
|
|
4,194,739 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, May Series 2018A: |
|
|
|
|
|
|
| |
17,000 |
|
|
|
|
6.000%, 5/01/26 |
|
No Opt. Call |
|
|
17,665,835 |
|
| |
4,485 |
|
|
|
|
6.000%, 5/01/27 |
|
No Opt. Call |
|
|
4,723,150 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, May Series 2020: |
|
|
|
|
|
|
| |
1,115 |
|
|
|
|
5.500%, 5/01/30 |
|
No Opt. Call |
|
|
1,167,620 |
|
| |
5,305 |
|
|
|
|
5.500%, 5/01/39 |
|
5/30 at 100.00 |
|
|
5,430,154 |
|
| |
2,360 |
|
|
|
|
5.750%, 5/01/45 |
|
5/30 at 100.00 |
|
|
2,408,318 |
|
|
|
|
|
|
| |
4,825 |
|
|
|
|
Illinois State, General Obligation Bonds, May Series 2023B, 5.500%, 5/01/47 |
|
5/32 at 100.00 |
|
|
4,853,025 |
|
|
|
|
|
|
| |
2,515 |
|
|
|
|
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/23 |
|
No Opt. Call |
|
|
2,515,000 |
|
|
|
|
|
|
| |
9,710 |
|
|
|
|
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 |
|
No Opt. Call |
|
|
9,910,952 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Illinois State, General Obligation Bonds, October Series 2022C, 5.500%, 10/01/41 |
|
10/32 at 100.00 |
|
|
5,096,925 |
|
|
|
|
|
|
| |
5,030 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 |
|
12/23 at 100.00 |
|
|
5,029,585 |
|
|
|
|
|
|
| |
6,500 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B, 5.000%, 1/01/39 |
|
1/24 at 100.00 |
|
|
6,467,126 |
|
|
|
|
|
|
| |
29,430 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 |
|
7/25 at 100.00 |
|
|
29,373,368 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A, 5.000%, 1/01/44 |
|
7/29 at 100.00 |
|
|
10,000,877 |
|
|
|
|
|
|
| |
12,010 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A, 5.000%, 1/01/45 |
|
1/31 at 100.00 |
|
|
12,002,405 |
|
|
|
|
|
|
|
|
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A: |
|
|
|
|
|
|
| |
9,640 |
|
|
|
|
4.000%, 1/01/42 |
|
1/32 at 100.00 |
|
|
8,415,748 |
|
| |
10,455 |
|
|
|
|
5.000%, 1/01/46 |
|
1/32 at 100.00 |
|
|
10,451,890 |
|
|
|
|
|
|
| |
5,410 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Series 2023A, 5.250%, 1/01/43 |
|
7/33 at 100.00 |
|
|
5,569,930 |
|
|
|
|
|
|
| |
1,115 |
|
|
|
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0052, 5.791%, 1/01/38, 144A, (IF) |
|
1/23 at 100.00 |
|
|
1,114,632 |
|
87
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois (continued) |
|
|
|
|
|
|
| |
$ 11,050 |
|
|
|
|
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 - FGIC Insured |
|
No Opt. Call |
|
$ |
11,188,989 |
|
|
|
|
|
|
| |
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 |
|
|
1,037,479 |
|
|
|
|
|
|
| |
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 |
|
|
4,723,904 |
|
|
|
|
|
|
| |
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 |
|
|
8,746,654 |
|
|
|
|
|
|
| |
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 |
|
|
4,346,033 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
10,050,022 |
|
| |
5,355 |
|
|
|
|
0.000%, 6/15/46 - AGM Insured |
|
No Opt. Call |
|
|
1,538,254 |
|
|
|
|
|
|
| |
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 |
|
|
12,682,862 |
|
|
|
|
|
|
| |
970 |
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 - NPFG Insured |
|
No Opt. Call |
|
|
970,833 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,555,832 |
|
| |
195 |
|
|
(c) |
|
0.000%, 6/15/30, (ETM) |
|
No Opt. Call |
|
|
148,788 |
|
| |
28,000 |
|
|
|
|
0.000%, 12/15/35 - AGM Insured |
|
No Opt. Call |
|
|
15,699,099 |
|
| |
3,280 |
|
|
|
|
0.000%, 6/15/37 - NPFG Insured |
|
No Opt. Call |
|
|
1,626,228 |
|
| |
11,715 |
|
|
|
|
0.000%, 12/15/38 - NPFG Insured |
|
No Opt. Call |
|
|
5,274,643 |
|
|
|
|
|
|
| |
4,290 |
|
|
(c) |
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26, (ETM) |
|
No Opt. Call |
|
|
4,472,208 |
|
|
|
|
|
|
| |
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 |
|
|
2,556,831 |
|
|
|
|
|
|
| |
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 |
|
|
2,901,312 |
|
|
|
|
|
|
| |
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 |
|
|
2,125,972 |
|
|
|
|
|
|
|
|
|
|
|
|
Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015: |
|
|
|
|
|
|
| |
2,250 |
|
|
|
|
5.000%, 3/01/29 |
|
3/25 at 100.00 |
|
|
2,262,548 |
|
| |
7,000 |
|
|
|
|
5.000%, 3/01/31 |
|
3/25 at 100.00 |
|
|
7,047,130 |
|
| |
|
|
|
|
|
|
|
|
Total Illinois |
|
|
|
|
613,926,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana - 2.7% (1.6% 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 |
|
|
5,335,913 |
|
|
|
|
|
|
| |
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 |
|
|
5,781,151 |
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
1,661,709 |
|
| |
3,400 |
|
|
|
|
5.000%, 12/01/40 |
|
6/25 at 100.00 |
|
|
3,404,576 |
|
|
|
|
|
|
| |
13,415 |
|
|
|
|
Indiana Finance Authority, Hospital Revenue Bonds, Reid Health Series 2022, 5.000%, 1/01/52 - AGM Insured |
|
1/32 at 100.00 |
|
|
12,550,091 |
|
|
|
|
|
|
| |
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 |
|
|
10,765,558 |
|
|
|
|
|
|
| |
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 |
|
|
12,961,182 |
|
|
|
|
|
|
| |
13,215 |
|
|
|
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44 |
|
10/24 at 100.00 |
|
|
13,346,202 |
|
|
|
|
|
|
| |
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 |
|
|
5,034,185 |
|
|
|
|
|
|
|
|
|
|
|
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: |
|
|
|
|
|
|
| |
9,255 |
|
|
|
|
0.000%, 2/01/25 - AMBAC Insured |
|
No Opt. Call |
|
|
8,767,095 |
|
| |
9,560 |
|
|
|
|
0.000%, 2/01/26 - AMBAC Insured |
|
No Opt. Call |
|
|
8,668,470 |
|
|
|
|
|
|
| |
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 |
|
|
1,322,085 |
|
| |
|
|
|
|
|
|
|
|
Total Indiana |
|
|
|
|
89,598,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iowa - 0.8% (0.5% 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 |
|
|
4,564,000 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
7,322,814 |
|
| |
1,000 |
|
|
|
|
5.000%, 12/01/50, (Mandatory Put 12/01/42) |
|
12/29 at 103.00 |
|
|
910,502 |
|
|
|
|
|
|
| |
3,085 |
|
|
|
|
Iowa Finance Authority, Senior Housing Revenue Bonds, Northcrest Inc. Project, Series 2018A, 5.000%, 3/01/48 |
|
3/24 at 103.00 |
|
|
2,395,280 |
|
|
|
|
|
|
| |
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 |
|
|
766,949 |
|
|
|
|
|
|
|
|
|
|
|
|
Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016: |
|
|
|
|
|
|
| |
4,700 |
|
|
(c) |
|
5.000%, 12/01/36, (Pre-refunded 12/01/26) |
|
12/26 at 100.00 |
|
|
4,867,035 |
|
| |
5,990 |
|
|
(c) |
|
5.000%, 12/01/41, (Pre-refunded 12/01/26) |
|
12/26 at 100.00 |
|
|
6,202,881 |
|
| |
|
|
|
|
|
|
|
|
Total Iowa |
|
|
|
|
27,029,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
5,045,302 |
|
| |
3,050 |
|
|
|
|
5.000%, 9/01/47 - AGM Insured |
|
9/31 at 100.00 |
|
|
3,032,049 |
|
|
|
|
|
|
| |
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 |
|
|
3,777,622 |
|
|
|
|
|
|
|
|
|
|
|
|
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A: |
|
|
|
|
|
|
| |
6,000 |
|
|
|
|
5.000%, 7/01/43 |
|
7/28 at 100.00 |
|
|
5,632,136 |
|
| |
6,465 |
|
|
|
|
5.000%, 7/01/48 |
|
7/28 at 100.00 |
|
|
5,873,266 |
|
| |
|
|
|
|
|
|
|
|
Total Kansas |
|
|
|
|
23,360,375 |
|
|
|
|
|
|
|
|
|
89
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky - 0.7% (0.4% 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 |
|
$ |
4,730,527 |
|
|
|
|
|
|
| |
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 |
|
|
1,251,269 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
5,460,627 |
|
| |
8,610 |
|
|
|
|
6.875%, 7/01/46 |
|
7/31 at 100.00 |
|
|
9,421,859 |
|
|
|
|
|
|
| |
1,380 |
|
|
|
|
University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking Project, Series 2019A, 4.000%, 5/01/44 |
|
5/29 at 100.00 |
|
|
1,168,755 |
|
| |
|
|
|
|
|
|
|
|
Total Kentucky |
|
|
|
|
22,033,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana - 1.9% (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 |
|
12/23 at 100.00 |
|
|
6,077,156 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
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 |
|
|
3,941,528 |
|
|
|
|
|
|
| |
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 |
|
|
1,848,594 |
|
|
|
|
|
|
| |
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 |
|
|
12,700,526 |
|
|
|
|
|
|
| |
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 |
|
|
1,623,644 |
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016: |
|
|
|
|
|
|
| |
20 |
|
|
(c) |
|
4.000%, 5/15/35, (Pre-refunded 5/15/26) |
|
5/26 at 100.00 |
|
|
20,017 |
|
| |
2,345 |
|
|
|
|
4.000%, 5/15/36 |
|
5/26 at 100.00 |
|
|
2,176,213 |
|
| |
20 |
|
|
(c) |
|
5.000%, 5/15/47, (Pre-refunded 5/15/26) |
|
5/26 at 100.00 |
|
|
20,496 |
|
|
|
|
|
|
| |
1,975 |
|
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015, 5.000%, 5/15/47 |
|
5/25 at 100.00 |
|
|
1,864,150 |
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana Stadium and Exposition District, Revenue Bonds, Senior Series 2023A: |
|
|
|
|
|
|
| |
3,615 |
|
|
|
|
5.000%, 7/01/48 |
|
7/33 at 100.00 |
|
|
3,568,259 |
|
| |
10,765 |
|
|
|
|
5.250%, 7/01/53 |
|
7/33 at 100.00 |
|
|
10,790,544 |
|
|
|
|
|
|
| |
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 |
|
|
1,014,580 |
|
|
|
|
|
|
| |
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 |
|
|
4,836,269 |
|
|
|
|
|
|
| |
6,280 |
|
|
(c) |
|
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 |
|
|
6,319,112 |
|
|
|
|
|
|
| |
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 |
|
|
4,645,099 |
|
|
|
|
|
|
| |
1,355 |
|
|
|
|
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 |
|
12/25 at 100.00 |
|
|
1,349,002 |
|
| |
|
|
|
|
|
|
|
|
Total Louisiana |
|
|
|
|
62,795,189 |
|
|
|
|
|
|
|
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
5,401,489 |
|
|
|
|
|
|
| |
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 |
|
|
8,452,959 |
|
|
|
|
|
|
| |
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 |
|
|
8,917,472 |
|
| |
|
|
|
|
|
|
|
|
Total Maine |
|
|
|
|
22,771,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland - 1.8% (1.1% 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 |
|
|
4,761,636 |
|
|
|
|
|
|
| |
8,610 |
|
|
|
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 5.000%, 7/01/41 |
|
1/27 at 100.00 |
|
|
8,672,728 |
|
|
|
|
|
|
| |
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 |
|
|
1,940,980 |
|
|
|
|
|
|
| |
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 |
|
|
3,350,546 |
|
|
|
|
|
|
| |
4,125 |
|
|
|
|
Maryland Stadium Authority, Lease Revenue Bonds, Built To Learn, Series 2022A, 4.000%, 6/01/47 |
|
6/32 at 100.00 |
|
|
3,445,502 |
|
|
|
|
|
|
| |
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 |
|
|
17,148,036 |
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2020: |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
4.000%, 7/01/39 |
|
7/30 at 100.00 |
|
|
2,726,465 |
|
| |
3,000 |
|
|
|
|
4.000%, 7/01/50 |
|
7/30 at 100.00 |
|
|
2,500,739 |
|
|
|
|
|
|
| |
9,095 |
|
|
|
|
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2021A, 5.000%, 7/01/51 |
|
7/31 at 100.00 |
|
|
9,182,015 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 5.000%, 12/01/44 |
|
6/25 at 100.00 |
|
|
3,912,032 |
|
|
|
|
|
|
| |
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 |
|
|
981,673 |
|
|
|
|
|
|
| |
2,250 |
|
|
|
|
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, 5.000%, 11/01/47 |
|
11/24 at 103.00 |
|
|
1,756,470 |
|
| |
|
|
|
|
|
|
|
|
Total Maryland |
|
|
|
|
60,378,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 1.9% (1.1% 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 |
|
|
4,147,918 |
|
|
|
|
|
|
| |
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 |
|
|
865,591 |
|
|
|
|
|
|
| |
3,890 |
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Refunding Series 2023FF, 5.000%, 10/01/48 |
|
10/33 at 100.00 |
|
|
3,950,648 |
|
|
|
|
|
|
| |
3,630 |
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2, 5.000%, 7/01/53 |
|
7/28 at 100.00 |
|
|
3,448,349 |
|
|
|
|
|
|
| |
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 |
|
|
1,057,220 |
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: |
|
|
|
|
|
|
| |
2,070 |
|
|
|
|
4.500%, 1/01/45 |
|
1/25 at 100.00 |
|
|
1,747,431 |
|
91
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts (continued) |
|
|
|
|
|
|
| $ |
8,800 |
|
|
|
|
5.000%, 1/01/45 |
|
1/25 at 100.00 |
|
$ |
8,062,048 |
|
|
|
|
|
|
| |
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 |
|
|
3,804,132 |
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015: |
|
|
|
|
|
|
| |
1,380 |
|
|
|
|
5.000%, 9/01/40 |
|
9/25 at 100.00 |
|
|
1,241,266 |
|
| |
1,545 |
|
|
|
|
5.000%, 9/01/45 |
|
9/25 at 100.00 |
|
|
1,328,706 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 - AMBAC Insured |
|
No Opt. Call |
|
|
3,370,430 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2022C, 5.250%, 10/01/52 |
|
10/32 at 100.00 |
|
|
5,139,722 |
|
|
|
|
|
|
| |
14,000 |
|
|
|
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2023A, 5.000%, 5/01/48 |
|
5/33 at 100.00 |
|
|
14,211,561 |
|
|
|
|
|
|
| |
12,000 |
|
|
|
|
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2022B, 5.000%, 6/01/52 |
|
6/32 at 100.00 |
|
|
12,091,645 |
|
| |
|
|
|
|
|
|
|
|
Total Massachusetts |
|
|
|
|
64,466,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan - 12.2% (7.1% 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 |
|
|
297,657 |
|
|
|
|
|
|
| |
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 |
|
|
4,376,211 |
|
|
|
|
|
|
| |
1,135 |
|
|
|
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39 |
|
5/24 at 100.00 |
|
|
1,139,114 |
|
|
|
|
|
|
| |
1,220 |
|
|
|
|
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39 |
|
10/24 at 100.00 |
|
|
1,164,282 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36 |
|
12/23 at 100.00 |
|
|
716,030 |
|
|
|
|
|
|
| |
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 |
|
|
1,657,681 |
|
|
|
|
|
|
| |
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 |
|
|
4,099,292 |
|
|
|
|
|
|
| |
2,755 |
|
|
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 - NPFG Insured |
|
No Opt. Call |
|
|
2,809,170 |
|
|
|
|
|
|
| |
15 |
|
|
|
|
Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series 2004A, 5.000%, 7/01/34 - AGM Insured |
|
12/23 at 100.00 |
|
|
15,016 |
|
|
|
|
|
|
| |
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 |
|
|
1,670,765 |
|
|
|
|
|
|
|
|
|
|
|
|
Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A: |
|
|
|
|
|
|
| |
1,100 |
|
|
|
|
5.000%, 3/01/33 - BAM Insured |
|
3/27 at 100.00 |
|
|
1,124,842 |
|
| |
2,270 |
|
|
|
|
5.000%, 3/01/36 - BAM Insured |
|
3/27 at 100.00 |
|
|
2,316,624 |
|
|
|
|
|
|
|
|
|
|
|
|
Eastern Michigan University, General Revenue Bonds, Series 2018A: |
|
|
|
|
|
|
| |
10,710 |
|
|
|
|
4.000%, 3/01/44 - AGM Insured |
|
3/28 at 100.00 |
|
|
8,894,229 |
|
| |
455 |
|
|
(c) |
|
4.000%, 3/01/44, (Pre-refunded 3/01/28) - AGM Insured |
|
3/28 at 100.00 |
|
|
460,554 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Ferris State University, Michigan, General Revenue Bonds, Series 2020A, 4.000%, 10/01/39 |
|
10/29 at 100.00 |
|
|
419,744 |
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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: |
|
|
|
|
|
|
| $ |
8,260 |
|
|
|
|
0.000%, 12/01/23 |
|
No Opt. Call |
|
$ |
8,233,265 |
|
| |
8,575 |
|
|
|
|
0.000%, 12/01/24 |
|
No Opt. Call |
|
|
8,212,888 |
|
| |
8,900 |
|
|
|
|
0.000%, 12/01/25 |
|
No Opt. Call |
|
|
8,186,364 |
|
| |
3,000 |
|
|
|
|
0.000%, 12/01/26 |
|
No Opt. Call |
|
|
2,653,328 |
|
| |
100 |
|
|
|
|
0.000%, 12/01/27 |
|
No Opt. Call |
|
|
85,078 |
|
| |
4,305 |
|
|
|
|
0.000%, 12/01/29 |
|
No Opt. Call |
|
|
3,380,486 |
|
|
|
|
|
|
| |
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 |
|
|
1,012,545 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,230,047 |
|
| |
1,850 |
|
|
|
|
5.000%, 11/01/43 - AGM Insured |
|
5/29 at 100.00 |
|
|
1,815,118 |
|
|
|
|
|
|
|
|
|
|
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding Series 2014: |
|
|
|
|
|
|
| |
1,000 |
|
|
(c) |
|
5.000%, 1/01/32, (Pre-refunded 1/01/24) |
|
1/24 at 100.00 |
|
|
1,001,655 |
|
| |
1,000 |
|
|
(c) |
|
5.000%, 1/01/33, (Pre-refunded 1/01/24) |
|
1/24 at 100.00 |
|
|
1,001,655 |
|
| |
1,000 |
|
|
(c) |
|
5.000%, 1/01/34, (Pre-refunded 1/01/24) |
|
1/24 at 100.00 |
|
|
1,001,655 |
|
| |
1,855 |
|
|
(c) |
|
5.000%, 1/01/44, (Pre-refunded 1/01/24) |
|
1/24 at 100.00 |
|
|
1,858,071 |
|
|
|
|
|
|
|
|
|
|
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018: |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
5.000%, 1/01/43 |
|
1/28 at 100.00 |
|
|
2,498,060 |
|
| |
6,055 |
|
|
|
|
5.000%, 1/01/48 |
|
1/28 at 100.00 |
|
|
6,045,899 |
|
|
|
|
|
|
| |
4,295 |
|
|
|
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2020, 5.000%, 1/01/45 |
|
1/30 at 100.00 |
|
|
4,357,398 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,752,696 |
|
| |
1,995 |
|
|
|
|
5.000%, 7/01/39 |
|
7/28 at 100.00 |
|
|
1,989,608 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28 |
|
12/24 at 100.00 |
|
|
504,227 |
|
|
|
|
|
|
| |
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 |
|
|
1,023,673 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
6,321,788 |
|
| |
10,000 |
|
|
|
|
5.000%, 7/01/35 |
|
7/26 at 100.00 |
|
|
10,095,897 |
|
|
|
|
|
|
| |
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 |
|
|
27,203,265 |
|
|
|
|
|
|
| |
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 |
|
|
5,794,103 |
|
|
|
|
|
|
| |
1,265 |
|
|
|
|
Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017, 5.000%, 5/01/30 |
|
5/27 at 100.00 |
|
|
1,312,687 |
|
|
|
|
|
|
|
|
|
|
|
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 6/01/31 |
|
6/26 at 100.00 |
|
|
1,026,420 |
|
| |
1,445 |
|
|
|
|
5.000%, 6/01/34 |
|
6/26 at 100.00 |
|
|
1,476,763 |
|
93
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2017A: |
|
|
|
|
|
|
| $ |
1,570 |
|
|
|
|
5.000%, 6/01/36 |
|
6/27 at 100.00 |
|
$ |
1,633,259 |
|
| |
1,650 |
|
|
|
|
5.000%, 6/01/37 |
|
6/27 at 100.00 |
|
|
1,707,133 |
|
|
|
|
|
|
| |
1,025 |
|
|
|
|
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34 |
|
1/25 at 100.00 |
|
|
1,031,516 |
|
|
|
|
|
|
| |
3,440 |
|
|
|
|
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31 |
|
1/25 at 100.00 |
|
|
3,462,907 |
|
|
|
|
|
|
| |
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 |
|
|
2,385,798 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,423,881 |
|
| |
4,000 |
|
|
|
|
5.000%, 1/15/43 - AGM Insured |
|
1/28 at 100.00 |
|
|
4,003,218 |
|
|
|
|
|
|
| |
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 |
|
|
10,968,272 |
|
|
|
|
|
|
| |
13,000 |
|
|
|
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2021A, 5.000%, 7/01/51 |
|
7/31 at 100.00 |
|
|
12,819,830 |
|
|
|
|
|
|
| |
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 |
|
|
1,359,838 |
|
|
|
|
|
|
|
|
|
|
|
|
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I: |
|
|
|
|
|
|
| |
2,085 |
|
|
|
|
5.000%, 5/01/38 |
|
5/26 at 100.00 |
|
|
2,094,532 |
|
| |
2,200 |
|
|
|
|
5.000%, 5/01/41 |
|
5/26 at 100.00 |
|
|
2,209,544 |
|
|
|
|
|
|
| |
2,200 |
|
|
|
|
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A, 5.950%, 2/01/42 |
|
2/24 at 103.00 |
|
|
1,976,264 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Marquettte, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/33 |
|
7/26 at 100.00 |
|
|
504,268 |
|
|
|
|
|
|
| |
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 |
|
|
1,511,720 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
14,217,521 |
|
| |
10,005 |
|
|
|
|
4.000%, 11/01/55 |
|
11/30 at 100.00 |
|
|
7,923,297 |
|
|
|
|
|
|
| |
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 |
|
|
3,335,555 |
|
|
|
|
|
|
| |
1,780 |
|
|
(c) |
|
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 5.000%, 8/01/32, (Pre-refunded 8/01/24) |
|
8/24 at 100.00 |
|
|
1,793,013 |
|
|
|
|
|
|
| |
4,850 |
|
|
(c) |
|
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39, (Pre- refunded 6/01/24) |
|
6/24 at 100.00 |
|
|
4,876,043 |
|
|
|
|
|
|
|
|
|
|
|
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015: |
|
|
|
|
|
|
| |
3,330 |
|
|
(c) |
|
5.000%, 11/15/45, (Pre-refunded 5/15/25) |
|
5/25 at 100.00 |
|
|
3,380,828 |
|
| |
2,730 |
|
|
(c) |
|
5.000%, 11/15/45, (Pre-refunded 5/15/25) |
|
5/25 at 100.00 |
|
|
2,771,669 |
|
94
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
12/23 at 100.00 |
|
$ |
895,629 |
|
| |
2,000 |
|
|
|
|
5.000%, 10/01/25 |
|
10/24 at 100.00 |
|
|
2,015,827 |
|
| |
11,025 |
|
|
|
|
5.000%, 10/01/39 |
|
10/24 at 100.00 |
|
|
10,773,942 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,699,347 |
|
| |
1,070 |
|
|
|
|
5.000%, 7/01/35 |
|
7/25 at 100.00 |
|
|
1,078,902 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,506,572 |
|
| |
1,625 |
|
|
|
|
5.000%, 7/01/37 - AGM Insured |
|
7/24 at 100.00 |
|
|
1,629,160 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
5,201,942 |
|
| |
175 |
|
|
(c) |
|
5.000%, 12/01/45, (Pre-refunded 6/01/26) |
|
6/26 at 100.00 |
|
|
180,299 |
|
|
|
|
|
|
| |
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 |
|
|
7,244,056 |
|
|
|
|
|
|
| |
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 |
|
|
11,516,911 |
|
|
|
|
|
|
| |
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 |
|
|
1,948,601 |
|
|
|
|
|
|
| |
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 |
|
|
1,634,562 |
|
|
|
|
|
|
| |
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 |
|
|
11,534,883 |
|
|
|
|
|
|
| |
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 |
|
|
8,508,262 |
|
|
|
|
|
|
| |
200 |
|
|
|
|
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37 |
|
12/23 at 100.00 |
|
|
192,330 |
|
|
|
|
|
|
|
|
|
|
|
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I: |
|
|
|
|
|
|
| |
14,915 |
|
|
|
|
5.000%, 4/15/31 |
|
10/25 at 100.00 |
|
|
15,157,725 |
|
| |
2,085 |
|
|
(c) |
|
5.000%, 4/15/31, (Pre-refunded 10/15/25) |
|
10/25 at 100.00 |
|
|
2,127,421 |
|
| |
5,615 |
|
|
|
|
5.000%, 4/15/38 |
|
10/25 at 100.00 |
|
|
5,611,161 |
|
|
|
|
|
|
| |
960 |
|
|
(c) |
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s Health System, Series 1998A, 5.000%, 5/15/28 - AMBAC Insured, (ETM) |
|
12/23 at 100.00 |
|
|
1,031,131 |
|
|
|
|
|
|
| |
8,300 |
|
|
|
|
Michigan State University, General Revenue Bonds, Refunding Series 2019C, 4.000%, 2/15/44 |
|
8/29 at 100.00 |
|
|
7,030,078 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48 |
|
2/29 at 100.00 |
|
|
3,010,373 |
|
|
|
|
|
|
| |
1,950 |
|
|
|
|
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29 |
|
11/24 at 100.00 |
|
|
1,966,110 |
|
|
|
|
|
|
| |
4,790 |
|
|
|
|
Mona Shores Public Schools, Muskegon County, Michigan, General Obligation Bonds, School Building & Site Series 2019I, 5.000%, 5/01/48 |
|
5/29 at 100.00 |
|
|
4,801,807 |
|
95
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan (continued) |
|
|
|
|
|
|
| $ |
2,945 |
|
|
|
|
Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility Series 2013I, 5.000%, 5/01/38 |
|
5/24 at 100.00 |
|
$ |
2,950,789 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,370,615 |
|
| |
1,730 |
|
|
|
|
5.000%, 11/01/36 |
|
11/25 at 100.00 |
|
|
1,752,777 |
|
|
|
|
|
|
|
|
|
|
|
|
Northern Michigan University, General Revenue Bonds, Series 2018A: |
|
|
|
|
|
|
| |
400 |
|
|
|
|
5.000%, 12/01/33 |
|
6/28 at 100.00 |
|
|
415,963 |
|
| |
650 |
|
|
|
|
5.000%, 12/01/35 |
|
6/28 at 100.00 |
|
|
674,232 |
|
|
|
|
|
|
| |
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 |
|
|
1,004,613 |
|
|
|
|
|
|
| |
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 |
|
|
3,813,552 |
|
|
|
|
|
|
| |
5,380 |
|
|
(c) |
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39, (Pre-refunded 3/01/24) |
|
3/24 at 100.00 |
|
|
5,394,086 |
|
|
|
|
|
|
| |
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 |
|
|
1,546,497 |
|
|
|
|
|
|
| |
810 |
|
|
|
|
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35 |
|
7/26 at 100.00 |
|
|
818,712 |
|
|
|
|
|
|
| |
1,435 |
|
|
|
|
South Haven Public Schools, Van Buren Couty, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41 - BAM Insured |
|
5/24 at 100.00 |
|
|
1,440,552 |
|
|
|
|
|
|
| |
4,000 |
|
|
(c) |
|
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44, (Pre-refunded 4/01/24) |
|
4/24 at 100.00 |
|
|
4,020,146 |
|
|
|
|
|
|
|
|
|
|
|
|
University of Michigan, Michigan, General Revenue Bonds, Series 2017A: |
|
|
|
|
|
|
| |
1,065 |
|
|
(c) |
|
5.000%, 4/01/36, (Pre-refunded 4/01/27) |
|
4/27 at 100.00 |
|
|
1,114,448 |
|
| |
2,000 |
|
|
(c) |
|
5.000%, 4/01/42, (Pre-refunded 4/01/27) |
|
4/27 at 100.00 |
|
|
2,092,860 |
|
| |
7,200 |
|
|
(c) |
|
5.000%, 4/01/47, (Pre-refunded 4/01/27), (UB) |
|
4/27 at 100.00 |
|
|
7,534,296 |
|
| |
5,000 |
|
|
(c) |
|
5.000%, 4/01/47, (Pre-refunded 4/01/27) |
|
4/27 at 100.00 |
|
|
5,232,150 |
|
|
|
|
|
|
| |
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 |
|
|
986,355 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/42 - AGM Insured |
|
12/23 at 100.00 |
|
|
4,003,235 |
|
|
|
|
|
|
| |
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 |
|
|
2,160,756 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Wayne State University, Michigan, General Revenue Bonds, Series 2018A, 5.000%, 11/15/43 |
|
11/28 at 100.00 |
|
|
4,929,379 |
|
|
|
|
|
|
| |
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 |
|
|
2,692,857 |
|
|
|
|
|
|
|
|
|
|
|
|
Western Michigan University, General Revenue Bonds, Refunding Series 2015A: |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
5.000%, 11/15/40 |
|
5/25 at 100.00 |
|
|
1,492,234 |
|
| |
850 |
|
|
|
|
5.000%, 11/15/45 |
|
5/25 at 100.00 |
|
|
832,551 |
|
|
|
|
|
|
| |
3,335 |
|
|
|
|
Western Michigan University, General Revenue Bonds, Refunding Series 2019A, 5.000%, 11/15/44 |
|
11/29 at 100.00 |
|
|
3,253,912 |
|
|
|
|
|
|
| |
350 |
|
|
|
|
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 - NPFG Insured |
|
No Opt. Call |
|
|
355,424 |
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan (continued) |
|
|
|
|
|
|
| |
$ 2,700 |
|
|
|
|
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 - BAM Insured |
|
10/25 at 100.00 |
|
$ |
2,728,621 |
|
| |
|
|
|
|
|
|
|
|
Total Michigan |
|
|
|
|
406,534,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota - 5.2% (3.1% 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 |
|
|
231,377 |
|
|
|
|
|
|
| |
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 |
|
|
2,344,113 |
|
|
|
|
|
|
| |
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 |
|
|
639,914 |
|
|
|
|
|
|
| |
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 |
|
|
2,539,901 |
|
|
|
|
|
|
| |
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 |
|
|
243,375 |
|
|
|
|
|
|
| |
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 |
|
|
876,116 |
|
|
|
|
|
|
| |
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 |
|
|
3,268,180 |
|
|
|
|
|
|
|
|
|
|
|
|
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A: |
|
|
|
|
|
|
| |
1,105 |
|
|
|
|
3.500%, 8/01/25, 144A |
|
12/23 at 100.00 |
|
|
1,071,979 |
|
| |
1,000 |
|
|
|
|
5.000%, 8/01/46, 144A |
|
12/23 at 100.00 |
|
|
846,015 |
|
|
|
|
|
|
| |
590 |
|
|
|
|
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.250%, 7/01/37 |
|
7/25 at 100.00 |
|
|
544,937 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,741,272 |
|
| |
1,300 |
|
|
|
|
5.000%, 2/15/43 |
|
2/28 at 100.00 |
|
|
1,226,770 |
|
| |
4,050 |
|
|
|
|
5.000%, 2/15/48 |
|
2/28 at 100.00 |
|
|
3,688,020 |
|
| |
6,650 |
|
|
|
|
5.000%, 2/15/53 |
|
2/28 at 100.00 |
|
|
5,987,668 |
|
| |
3,000 |
|
|
|
|
5.250%, 2/15/53 |
|
2/28 at 100.00 |
|
|
2,889,966 |
|
| |
7,240 |
|
|
|
|
5.250%, 2/15/58 |
|
2/28 at 100.00 |
|
|
6,938,463 |
|
|
|
|
|
|
| |
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 |
|
|
3,235,194 |
|
|
|
|
|
|
|
|
|
|
|
|
GFW Independent School District No. 2365, Sibley, Renville, McLeod and Nicollet Counties, Minnesota, General Obligation School Building Bonds, Series 2023A: |
|
|
|
|
|
|
| |
1,725 |
|
|
|
|
5.000%, 2/01/43 |
|
2/31 at 100.00 |
|
|
1,768,070 |
|
| |
1,125 |
|
|
|
|
4.125%, 2/01/52 |
|
2/31 at 100.00 |
|
|
968,881 |
|
|
|
|
|
|
| |
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 |
|
|
378,348 |
|
|
|
|
|
|
| |
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 |
|
|
8,847,208 |
|
|
|
|
|
|
| |
2,800 |
|
|
|
|
Itasca County Independent School District 318, Minnesota, General Obligation Bonds, Series 2018A, 4.000%, 2/01/37 |
|
2/27 at 100.00 |
|
|
2,732,773 |
|
97
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota (continued) |
|
|
|
|
|
|
| |
$ 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 |
|
$ |
831,873 |
|
|
|
|
|
|
| |
405 |
|
|
|
|
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy Project, Series 2022A, 5.500%, 6/01/57 |
|
6/32 at 100.00 |
|
|
348,964 |
|
|
|
|
|
|
| |
2,250 |
|
|
|
|
Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2021, 4.000%, 11/15/40 |
|
11/31 at 100.00 |
|
|
1,971,504 |
|
|
|
|
|
|
| |
2,530 |
|
|
|
|
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A, 4.000%, 11/15/48 |
|
11/28 at 100.00 |
|
|
1,918,752 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,033,700 |
|
| |
2,245 |
|
|
|
|
5.000%, 1/01/44 |
|
7/29 at 100.00 |
|
|
2,216,769 |
|
| |
3,500 |
|
|
|
|
5.000%, 1/01/49 |
|
7/29 at 100.00 |
|
|
3,416,800 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,652,055 |
|
| |
7,000 |
|
|
|
|
5.000%, 1/01/46 |
|
1/27 at 100.00 |
|
|
6,905,952 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,706,004 |
|
| |
2,000 |
|
|
|
|
4.250%, 1/01/52 |
|
1/32 at 100.00 |
|
|
1,692,042 |
|
| |
11,885 |
|
|
|
|
5.000%, 1/01/52 |
|
1/32 at 100.00 |
|
|
11,518,722 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
842,306 |
|
| |
610 |
|
|
|
|
4.125%, 10/01/42 |
|
10/30 at 100.00 |
|
|
513,806 |
|
| |
2,140 |
|
|
|
|
5.000%, 10/01/47 |
|
10/30 at 100.00 |
|
|
2,046,657 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2020D, 4.000%, 8/01/42 |
|
8/30 at 100.00 |
|
|
860,136 |
|
|
|
|
|
|
| |
280 |
|
|
|
|
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2021A, 3.000%, 8/01/37 |
|
8/31 at 100.00 |
|
|
230,227 |
|
|
|
|
|
|
| |
650 |
|
|
|
|
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2021B, 3.000%, 8/01/35 |
|
8/31 at 100.00 |
|
|
545,100 |
|
|
|
|
|
|
| |
3,165 |
|
|
|
|
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2021C, 4.000%, 8/01/43 |
|
8/31 at 100.00 |
|
|
2,692,570 |
|
|
|
|
|
|
| |
3,805 |
|
|
|
|
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2022C, 5.000%, 8/01/41 |
|
8/32 at 100.00 |
|
|
3,866,377 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/42 |
|
12/26 at 100.00 |
|
|
2,006,678 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2022, 5.000%, 11/15/57 |
|
11/32 at 100.00 |
|
|
10,158,669 |
|
|
|
|
|
|
|
|
|
|
|
|
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019: |
|
|
|
|
|
|
| |
10,325 |
|
|
|
|
5.000%, 5/01/48 |
|
5/29 at 100.00 |
|
|
10,036,285 |
|
| |
6,000 |
|
|
|
|
4.000%, 5/01/49 |
|
5/29 at 100.00 |
|
|
4,901,758 |
|
|
|
|
|
|
| |
4,825 |
|
|
|
|
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2023, 5.500%, 3/01/53, 144A |
|
3/33 at 100.00 |
|
|
4,079,991 |
|
|
|
|
|
|
| |
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 |
|
|
1,585,690 |
|
98
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Minnesota (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A: |
|
|
|
|
|
|
| |
$ 2,000 |
|
|
|
|
5.750%, 9/01/46 |
|
9/26 at 100.00 |
|
$ |
1,851,644 |
|
| |
3,850 |
|
|
|
|
6.000%, 9/01/51 |
|
9/26 at 100.00 |
|
|
3,612,746 |
|
|
|
|
|
|
| |
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 |
|
|
458,839 |
|
|
|
|
|
|
| |
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 |
|
|
2,958,173 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,004,685 |
|
| |
3,420 |
|
|
|
|
5.000%, 7/01/33 |
|
7/25 at 100.00 |
|
|
3,427,858 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
522,949 |
|
| |
1,470 |
|
|
|
|
4.000%, 11/15/43 |
|
11/27 at 100.00 |
|
|
1,174,920 |
|
| |
3,315 |
|
|
|
|
5.000%, 11/15/47 |
|
11/27 at 100.00 |
|
|
3,083,148 |
|
|
|
|
|
|
| |
800 |
|
|
|
|
Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2023-3, 4.750%, 10/01/43 |
|
10/33 at 100.00 |
|
|
711,088 |
|
|
|
|
|
|
|
|
|
|
|
|
Saint Paul, Minnesota, Housing and Redevelopment Authority, Minnesota Charter School Lease Revenue Bonds, Series 2022A: |
|
|
|
|
|
|
| |
210 |
|
|
|
|
6.500%, 6/01/29 |
|
No Opt. Call |
|
|
203,853 |
|
| |
1,070 |
|
|
|
|
6.375%, 6/01/42 |
|
6/29 at 103.00 |
|
|
975,672 |
|
| |
3,055 |
|
|
|
|
6.500%, 6/01/57 |
|
6/29 at 103.00 |
|
|
2,736,207 |
|
|
|
|
|
|
| |
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 |
|
|
691,903 |
|
|
|
|
|
|
| |
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 |
|
|
3,734,649 |
|
|
|
|
|
|
|
|
|
|
|
|
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: |
|
|
|
|
|
|
| |
3,595 |
|
|
(c) |
|
5.000%, 11/15/40, (Pre-refunded 11/15/25) |
|
11/25 at 100.00 |
|
|
3,639,666 |
|
| |
5,315 |
|
|
(c) |
|
5.000%, 11/15/44, (Pre-refunded 11/15/25) |
|
11/25 at 100.00 |
|
|
5,381,037 |
|
|
|
|
|
|
|
|
|
|
|
|
Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019: |
|
|
|
|
|
|
| |
300 |
|
|
|
|
5.000%, 8/01/32 |
|
8/24 at 102.00 |
|
|
297,255 |
|
| |
150 |
|
|
|
|
5.000%, 8/01/33 |
|
8/24 at 102.00 |
|
|
147,942 |
|
| |
250 |
|
|
|
|
5.000%, 8/01/35 |
|
8/24 at 102.00 |
|
|
242,845 |
|
| |
600 |
|
|
|
|
4.000%, 8/01/39 |
|
8/24 at 102.00 |
|
|
498,709 |
|
| |
2,000 |
|
|
|
|
5.000%, 8/01/49 |
|
8/24 at 102.00 |
|
|
1,763,004 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2018A, 5.000%, 1/01/49 |
|
7/28 at 100.00 |
|
|
2,960,348 |
|
| |
|
|
|
|
|
|
|
|
Total Minnesota |
|
|
|
|
174,667,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,778,446 |
|
| |
|
|
|
|
|
|
|
|
Total Mississippi |
|
|
|
|
3,778,446 |
|
|
|
|
|
|
|
|
|
99
|
|
|
| NEA |
|
Nuveen AMT-Free Quality Municipal Income Fund
(continued) Portfolio of
Investments October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri - 5.6% (3.3% 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 |
|
$ |
1,899,903 |
|
| |
4,590 |
|
|
|
|
5.000%, 8/01/35 |
|
8/26 at 100.00 |
|
|
3,756,339 |
|
|
|
|
|
|
| |
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 |
|
|
3,298,275 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
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 |
|
|
4,069,045 |
|
|
|
|
|
|
| |
6,940 |
|
|
|
|
Jackson County, Missouri, Special Obligation Bonds, Series 2023A, 5.250%, 12/01/47 |
|
12/33 at 100.00 |
|
|
7,072,307 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
7,050,819 |
|
| |
5,000 |
|
|
|
|
0.000%, 4/15/31 - AMBAC Insured |
|
No Opt. Call |
|
|
3,582,477 |
|
|
|
|
|
|
|
|
|
|
|
|
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A: |
|
|
|
|
|
|
| |
2,475 |
|
|
|
|
4.000%, 1/01/38 |
|
1/28 at 100.00 |
|
|
2,219,617 |
|
| |
4,470 |
|
|
|
|
4.000%, 1/01/42 |
|
1/28 at 100.00 |
|
|
3,863,266 |
|
|
|
|
|
|
| |
1,475 |
|
|
|
|
Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2021A, 5.000%, 4/01/40 |
|
4/31 at 100.00 |
|
|
1,485,382 |
|
|
|
|
|
|
| |
1,750 |
|
|
|
|
Kansas City, Missouri, Water Revenue Bonds, Series 2023A, 4.000%, 12/01/47 |
|
12/33 at 100.00 |
|
|
1,490,060 |
|
|
|
|
|
|
| |
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 |
|
|
2,356,775 |
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2019B: |
|
|
|
|
|
|
| |
2,695 |
|
|
|
|
5.000%, 5/01/44 |
|
5/29 at 100.00 |
|
|
2,757,193 |
|
|
|
|
|
|
| |
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 |
|
|
2,303,734 |
|
|
|
|
|
|
| |
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 |
|
|
2,611,297 |
|
|
|
|
|
|
| |
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 |
|
|
1,360,821 |
|
|
|
|
|
|
| |
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 |
|
|
1,384,021 |
|
|
|
|
|
|
| |
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 |
|
|
1,623,730 |
|
|
|
|
|
|
| |
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 |
|
|
1,250,499 |
|
|
|
|
|
|
| |
14,000 |
|
|
(g) |
|
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 |
|
|
11,549,639 |
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
3,501,189 |
|
| |
4,220 |
|
|
|
|
4.000%, 11/15/49 |
|
5/29 at 100.00 |
|
|
3,434,558 |
|
|
|
|
|
|
| |
17,300 |
|
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 |
|
12/23 at 100.00 |
|
|
16,242,930 |
|
|
|
|
|
|
| |
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 |
|
|
4,860,879 |
|
|
|
|
|
|
| |
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 |
|
|
1,363,987 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
969,575 |
|
| |
2,980 |
|
|
|
|
4.000%, 11/15/37 |
|
11/27 at 100.00 |
|
|
2,700,496 |
|
| |
2,620 |
|
|
|
|
5.000%, 11/15/42 |
|
11/27 at 100.00 |
|
|
2,561,983 |
|
| |
2,500 |
|
|
|
|
5.000%, 11/15/47 |
|
11/27 at 100.00 |
|
|
2,412,579 |
|
|
|
|
|
|
| |
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 |
|
|
22,631,281 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,207,719 |
|
| |
2,000 |
|
|
|
|
4.000%, 2/15/49 |
|
2/29 at 100.00 |
|
|
1,589,103 |
|
| |
9,425 |
|
|
|
|
4.000%, 2/15/54 |
|
2/29 at 100.00 |
|
|
7,326,313 |
|
|
|
|
|
|
| |
3,000 |
|
|
(c) |
|
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 |
|
|
2,999,939 |
|
|
|
|
|
|
| |
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 |
|
|
2,346,367 |
|
|
|
|
|
|
| |
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 |
|
|
8,489,794 |
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A: |
|
|
|
|
|
|
| |
1,540 |
|
|
|
|
5.000%, 2/01/35 |
|
2/24 at 100.00 |
|
|
1,467,228 |
|
| |
2,000 |
|
|
|
|
5.000%, 2/01/44 |
|
2/24 at 100.00 |
|
|
1,756,545 |
|
|
|
|
|
|
| |
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 |
|
|
995,734 |
|
|
|
|
|
|
| |
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 |
|
|
672,800 |
|
|
|
|
|
|
| |
1,950 |
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2019A, 5.000%, 2/01/42 |
|
2/24 at 104.00 |
|
|
1,747,285 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,344,065 |
|
| |
1,000 |
|
|
|
|
4.000%, 2/01/48 |
|
2/29 at 100.00 |
|
|
729,810 |
|
|
|
|
|
|
| |
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 |
|
|
7,177,758 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Saint Charles County Francis Howell School District, Missouri, General Obligation Bonds, Series 2022, 5.000%, 3/01/41 |
|
3/31 at 100.00 |
|
|
5,118,388 |
|
101
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
1,661,195 |
|
| |
2,535 |
|
|
|
|
5.000%, 12/01/32 |
|
12/25 at 100.00 |
|
|
2,573,331 |
|
|
|
|
|
|
| |
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 |
|
|
3,100,823 |
|
|
|
|
|
|
| |
220 |
|
|
|
|
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 |
|
12/23 at 100.00 |
|
|
209,474 |
|
|
|
|
|
|
| |
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 |
|
|
5,792,475 |
|
|
|
|
|
|
| |
2,300 |
|
|
|
|
Taney County Industrial Development Authority, Missouri, Sales Tax Revenue Improvement Bonds, Big Cedar Infrastructure Project Series 2023, 6.000%, 10/01/49, 144A |
|
10/30 at 100.00 |
|
|
2,074,508 |
|
|
|
|
|
|
| |
605 |
|
|
|
|
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 |
|
|
509,292 |
|
| |
|
|
|
|
|
|
|
|
Total Missouri |
|
|
|
|
188,554,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,216,563 |
|
|
|
|
|
|
| |
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 |
|
|
4,291,724 |
|
|
|
|
|
|
| |
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 |
|
|
3,035,638 |
|
|
|
|
|
|
| |
1,825 |
|
|
|
|
Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, Series 2018A, 5.000%, 8/15/48 |
|
8/28 at 100.00 |
|
|
1,750,998 |
|
|
|
|
|
|
| |
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 |
|
|
6,235,784 |
|
| |
|
|
|
|
|
|
|
|
Total Montana |
|
|
|
|
17,530,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska - 1.0% (0.6% 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 |
|
|
13,320,042 |
|
|
|
|
|
|
| |
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 |
|
|
2,875,357 |
|
|
|
|
|
|
| |
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 |
|
|
3,384,075 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,124,166 |
|
| |
2,000 |
|
|
|
|
5.000%, 7/01/30 |
|
7/27 at 100.00 |
|
|
1,971,103 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,001,210 |
|
| |
820 |
|
|
|
|
5.000%, 7/01/33 |
|
7/25 at 100.00 |
|
|
820,501 |
|
| |
2,000 |
|
|
|
|
5.000%, 7/01/34 |
|
7/25 at 100.00 |
|
|
1,994,839 |
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska (continued) |
|
|
|
|
|
|
| $ |
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 |
|
$ |
5,221,567 |
|
| |
|
|
|
|
|
|
|
|
Total Nebraska |
|
|
|
|
32,712,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada - 2.7% (1.6% 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 |
|
|
5,851,464 |
|
|
|
|
|
|
| |
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 |
|
|
7,525,233 |
|
|
|
|
|
|
| |
365 |
|
|
|
|
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, 144A |
|
12/25 at 100.00 |
|
|
327,020 |
|
|
|
|
|
|
|
|
|
|
|
|
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016: |
|
|
|
|
|
|
| |
2,260 |
|
|
|
|
4.000%, 9/01/26 |
|
No Opt. Call |
|
|
2,198,880 |
|
| |
1,505 |
|
|
|
|
4.000%, 9/01/27 |
|
9/26 at 100.00 |
|
|
1,445,606 |
|
| |
2,615 |
|
|
|
|
4.000%, 9/01/29 |
|
9/26 at 100.00 |
|
|
2,445,902 |
|
| |
2,870 |
|
|
|
|
4.000%, 9/01/30 |
|
9/26 at 100.00 |
|
|
2,651,134 |
|
|
|
|
|
|
| |
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 |
|
|
18,083,768 |
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
5.000%, 6/01/32 |
|
12/24 at 100.00 |
|
|
5,052,954 |
|
| |
26,590 |
|
|
|
|
5.000%, 6/01/39 |
|
12/24 at 100.00 |
|
|
26,706,621 |
|
| |
11,915 |
|
|
(g) |
|
5.000%, 6/01/39, (UB) |
|
12/24 at 100.00 |
|
|
11,967,258 |
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond Trust 2015-XF0233: |
|
|
|
|
|
|
| |
2,500 |
|
|
(g) |
|
6.281%, 6/01/39, 144A, (IF) |
|
12/24 at 100.00 |
|
|
2,543,859 |
|
| |
1,250 |
|
|
(g) |
|
6.281%, 6/01/39, 144A, (IF) |
|
12/24 at 100.00 |
|
|
1,271,930 |
|
| |
1,250 |
|
|
(g) |
|
6.281%, 6/01/39, 144A, (IF) |
|
12/24 at 100.00 |
|
|
1,271,929 |
|
| |
|
|
|
|
|
|
|
|
Total Nevada |
|
|
|
|
89,343,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire - 0.2% (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 |
|
|
1,381,252 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,122,695 |
|
| |
2,935 |
|
|
|
|
5.000%, 8/01/37 |
|
2/28 at 100.00 |
|
|
2,938,021 |
|
| |
|
|
|
|
|
|
|
|
Total New Hampshire |
|
|
|
|
5,441,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey - 7.7% (4.5% 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 |
|
|
10,788,321 |
|
|
|
|
|
|
| |
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 |
|
|
5,849,183 |
|
|
|
|
|
|
| |
20,890 |
|
|
(c) |
|
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 |
|
|
21,945,668 |
|
103
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2014UU: |
|
|
|
|
|
|
| $ |
5,515 |
|
|
(c) |
|
5.000%, 6/15/30, (Pre-refunded 6/15/24) |
|
6/24 at 100.00 |
|
$ |
5,551,572 |
|
| |
4,065 |
|
|
|
|
5.000%, 6/15/40 |
|
6/24 at 100.00 |
|
|
4,084,517 |
|
| |
935 |
|
|
(c) |
|
5.000%, 6/15/40, (Pre-refunded 6/15/24) |
|
6/24 at 100.00 |
|
|
941,200 |
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2018EEE: |
|
|
|
|
|
|
| |
2,515 |
|
|
|
|
5.000%, 6/15/43 |
|
12/28 at 100.00 |
|
|
2,503,537 |
|
| |
370 |
|
|
(c) |
|
5.000%, 6/15/43, (Pre-refunded 12/15/28) |
|
12/28 at 100.00 |
|
|
394,523 |
|
|
|
|
|
|
| |
2,415 |
|
|
|
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ, 4.000%, 6/15/50 |
|
12/30 at 100.00 |
|
|
1,986,684 |
|
|
|
|
|
|
| |
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 |
|
|
2,540,730 |
|
|
|
|
|
|
| |
720 |
|
|
|
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 |
|
12/23 at 100.00 |
|
|
720,067 |
|
|
|
|
|
|
| |
19,385 |
|
|
|
|
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 |
|
|
19,178,928 |
|
|
|
|
|
|
| |
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 |
|
|
10,697,227 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,102,351 |
|
| |
7,795 |
|
|
|
|
5.000%, 6/15/29 |
|
6/26 at 100.00 |
|
|
7,932,738 |
|
|
|
|
|
|
| |
5,450 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022BB, 4.000%, 6/15/46 |
|
12/31 at 100.00 |
|
|
4,647,224 |
|
|
|
|
|
|
| |
4,390 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022CC, 5.500%, 6/15/50 |
|
12/32 at 100.00 |
|
|
4,505,852 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2023AA, 5.000%, 6/15/40 |
|
6/33 at 100.00 |
|
|
4,035,342 |
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A: |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
0.000%, 12/15/26 |
|
No Opt. Call |
|
|
4,378,120 |
|
| |
16,495 |
|
|
|
|
0.000%, 12/15/33 |
|
No Opt. Call |
|
|
10,210,636 |
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C: |
|
|
|
|
|
|
| |
1,815 |
|
|
|
|
0.000%, 12/15/26 |
|
No Opt. Call |
|
|
1,594,119 |
|
| |
10,000 |
|
|
|
|
0.000%, 12/15/30 - FGIC Insured |
|
No Opt. Call |
|
|
7,253,656 |
|
| |
38,000 |
|
|
|
|
0.000%, 12/15/33 - AGM Insured |
|
No Opt. Call |
|
|
24,039,826 |
|
| |
45,000 |
|
|
|
|
0.000%, 12/15/35 - AMBAC Insured |
|
No Opt. Call |
|
|
24,993,014 |
|
| |
10,000 |
|
|
|
|
0.000%, 12/15/36 - AMBAC Insured |
|
No Opt. Call |
|
|
5,192,730 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 |
|
No Opt. Call |
|
|
5,005,798 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A, 5.000%, 12/15/32 |
|
12/29 at 100.00 |
|
|
5,205,770 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB, 4.000%, 6/15/44 |
|
12/28 at 100.00 |
|
|
4,282,366 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA, 4.000%, 6/15/50 |
|
12/30 at 100.00 |
|
|
8,314,125 |
|
|
|
|
|
|
| |
14,000 |
|
|
|
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D- 1, 5.250%, 1/01/26 - AGM Insured |
|
No Opt. Call |
|
|
14,396,157 |
|
104
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey (continued) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
1,160 |
|
|
|
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 4.000%, 1/01/34 |
|
1/28 at 100.00 |
|
$ |
1,137,001 |
|
|
|
|
|
|
| |
1,500 |
|
|
|
|
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G, 4.000%, 1/01/33 |
|
1/28 at 100.00 |
|
|
1,478,604 |
|
|
|
|
|
|
| |
5,500 |
|
|
(g) |
|
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2022B, 5.000%, 1/01/46, (UB) |
|
1/33 at 100.00 |
|
|
5,543,194 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 - NPFG Insured |
|
No Opt. Call |
|
|
2,779,794 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Series 2022A, 5.250%, 11/01/52 |
|
11/32 at 100.00 |
|
|
4,813,284 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,715,089 |
|
| |
4,710 |
|
|
|
|
5.250%, 6/01/46 |
|
6/28 at 100.00 |
|
|
4,630,288 |
|
|
|
|
|
|
| |
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 |
|
|
2,265,367 |
|
| |
|
|
|
|
|
|
|
|
Total New Jersey |
|
|
|
|
258,634,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,163,863 |
|
|
|
|
|
|
| |
2,500 |
|
|
|
|
University of New Mexico, Revenue Bonds, System Improvement Series 2023, 5.500%, 6/01/53 - AGM Insured |
|
6/33 at 100.00 |
|
|
2,611,270 |
|
| |
|
|
|
|
|
|
|
|
Total New Mexico |
|
|
|
|
5,775,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 10.5% (6.2% 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 |
|
|
1,960,953 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
11,077,303 |
|
| |
900 |
|
|
(c) |
|
5.000%, 7/01/50, (Pre-refunded 7/01/25) |
|
7/25 at 100.00 |
|
|
917,040 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/33, 144A |
|
6/27 at 100.00 |
|
|
914,184 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
14,005,731 |
|
| |
5 |
|
|
(c) |
|
5.000%, 2/15/36, (Pre-refunded 2/15/25) |
|
2/25 at 100.00 |
|
|
5,080 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,004,556 |
|
| |
19,335 |
|
|
|
|
5.000%, 3/15/46 |
|
3/32 at 100.00 |
|
|
19,489,923 |
|
| |
4,115 |
|
|
|
|
4.000%, 3/15/49 |
|
3/32 at 100.00 |
|
|
3,514,993 |
|
|
|
|
|
|
| |
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 |
|
|
12,665,667 |
|
|
|
|
|
|
| |
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 |
|
|
31,972,058 |
|
|
|
|
|
|
| |
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 |
|
|
10,136,018 |
|
105
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York (continued) |
|
|
|
|
|
|
| $ |
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 |
|
$ |
1,558,370 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 |
|
No Opt. Call |
|
|
10,491,438 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
943,988 |
|
| |
780 |
|
|
|
|
5.000%, 9/01/44 |
|
9/24 at 100.00 |
|
|
771,608 |
|
|
|
|
|
|
| |
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 |
|
|
5,129,540 |
|
|
|
|
|
|
| |
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 |
|
|
4,386,649 |
|
|
|
|
|
|
| |
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 |
|
|
4,643,612 |
|
|
|
|
|
|
| |
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 |
|
|
5,043,097 |
|
|
|
|
|
|
| |
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 |
|
|
5,998,572 |
|
|
|
|
|
|
| |
9,500 |
|
|
|
|
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 |
|
|
8,419,464 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
13,045,825 |
|
| |
1,500 |
|
|
|
|
5.000%, 2/01/51 |
|
2/32 at 100.00 |
|
|
1,491,484 |
|
|
|
|
|
|
| |
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 |
|
|
2,070,385 |
|
|
|
|
|
|
| |
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 |
|
|
9,082,881 |
|
|
|
|
|
|
| |
3,500 |
|
|
|
|
New York City, New York, General Obligation Bonds, Fiscal 2020 SeriesD-1, 4.000%, 3/01/50 |
|
3/30 at 100.00 |
|
|
2,929,779 |
|
|
|
|
|
|
| |
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 |
|
|
10,208,164 |
|
|
|
|
|
|
| |
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 |
|
|
11,972,114 |
|
|
|
|
|
|
| |
3,665 |
|
|
|
|
New York City, New York, General Obligation Bonds, Fiscal 2024 Series A, 5.000%, 8/01/51 |
|
8/33 at 100.00 |
|
|
3,638,600 |
|
|
|
|
|
|
| |
10 |
|
|
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 |
|
12/23 at 100.00 |
|
|
10,015 |
|
|
|
|
|
|
| |
5 |
|
|
|
|
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 |
|
12/23 at 100.00 |
|
|
5,009 |
|
|
|
|
|
|
| |
23,920 |
|
|
|
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |
|
11/24 at 100.00 |
|
|
21,423,955 |
|
|
|
|
|
|
| |
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 |
|
|
1,349,087 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.250%, 1/01/56 |
|
1/26 at 100.00 |
|
|
9,889,816 |
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York (continued) |
|
|
|
|
|
|
| $ |
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 |
|
$ |
5,032,107 |
|
|
|
|
|
|
| |
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 |
|
|
3,484,491 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
25,201,731 |
|
| |
5,500 |
|
|
|
|
5.000%, 3/15/46 |
|
9/32 at 100.00 |
|
|
5,514,768 |
|
|
|
|
|
|
| |
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 |
|
|
7,662,797 |
|
|
|
|
|
|
| |
3,925 |
|
|
(c) |
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38, (Pre- refunded 12/14/23) |
|
12/23 at 100.00 |
|
|
3,929,622 |
|
|
|
|
|
|
| |
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 |
|
|
4,945,096 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
7,419,619 |
|
| |
1,105 |
|
|
|
|
0.000%, 11/15/32 |
|
No Opt. Call |
|
|
726,816 |
|
|
|
|
|
|
| |
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 |
|
|
1,285,535 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,298,835 |
|
| |
9,695 |
|
|
|
|
5.000%, 5/15/57 |
|
5/32 at 100.00 |
|
|
9,507,109 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
6,548,619 |
|
| |
12,000 |
|
|
|
|
5.250%, 5/15/52 |
|
11/32 at 100.00 |
|
|
12,286,391 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 |
|
6/27 at 100.00 |
|
|
4,285,819 |
|
| |
|
|
|
|
|
|
|
|
Total New York |
|
|
|
|
351,296,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina - 4.0% (2.3% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buncombe County, North Carolina, Limited Obligation Bonds, Refunding Series 2014A: |
|
|
|
|
|
|
| |
1,085 |
|
|
(c) |
|
5.000%, 6/01/33, (Pre-refunded 6/01/24) |
|
6/24 at 100.00 |
|
|
1,091,757 |
|
| |
1,600 |
|
|
(c) |
|
5.000%, 6/01/34, (Pre-refunded 6/01/24) |
|
6/24 at 100.00 |
|
|
1,609,965 |
|
|
|
|
|
|
|
|
|
|
|
|
Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 6/01/30 |
|
6/24 at 100.00 |
|
|
1,003,035 |
|
| |
730 |
|
|
|
|
5.000%, 6/01/31 |
|
6/24 at 100.00 |
|
|
731,814 |
|
|
|
|
|
|
|
|
|
|
|
|
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017A: |
|
|
|
|
|
|
| |
1,365 |
|
|
(g) |
|
5.000%, 7/01/42, (UB) |
|
7/27 at 100.00 |
|
|
1,371,141 |
|
| |
5,390 |
|
|
(g) |
|
5.000%, 7/01/47, (UB) |
|
7/27 at 100.00 |
|
|
5,393,867 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2023A, 5.000%, 7/01/48 |
|
7/33 at 100.00 |
|
|
5,045,468 |
|
|
|
|
|
|
| |
2,045 |
|
|
|
|
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/39 |
|
12/24 at 100.00 |
|
|
2,048,163 |
|
107
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (continued) |
|
|
|
|
|
|
| $ |
2,325 |
|
|
|
|
Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015, 5.000%, 7/01/40 |
|
7/25 at 100.00 |
|
$ |
2,335,777 |
|
|
|
|
|
|
| |
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 |
|
|
4,103,145 |
|
|
|
|
|
|
| |
4,750 |
|
|
|
|
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017A, 4.000%, 6/01/47 |
|
6/27 at 100.00 |
|
|
4,096,922 |
|
|
|
|
|
|
| |
2,000 |
|
|
(c) |
|
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 |
|
|
2,122,616 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, 5.000%, 10/01/31 |
|
10/25 at 100.00 |
|
|
507,106 |
|
|
|
|
|
|
| |
84 |
|
|
|
|
Hillsborough, North Carolina, Special Assessement Revenue Bonds, Series 2013, 7.750%, 2/01/24 |
|
12/23 at 100.00 |
|
|
83,833 |
|
|
|
|
|
|
| |
6,140 |
|
|
(c) |
|
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 |
|
|
6,426,251 |
|
|
|
|
|
|
| |
1,800 |
|
|
|
|
North Carolina Agricultural & Technical State University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/40 |
|
10/25 at 100.00 |
|
|
1,812,838 |
|
|
|
|
|
|
| |
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 |
|
|
3,916,013 |
|
|
|
|
|
|
| |
9,485 |
|
|
(c),(g) |
|
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 |
|
|
9,700,529 |
|
|
|
|
|
|
| |
1,605 |
|
|
(c),(g) |
|
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 |
|
|
1,641,471 |
|
|
|
|
|
|
| |
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 |
|
|
4,668,178 |
|
|
|
|
|
|
| |
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 |
|
|
2,503,523 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
665,673 |
|
| |
2,720 |
|
|
|
|
5.000%, 10/01/37 |
|
10/24 at 102.00 |
|
|
2,404,590 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45 |
|
12/23 at 100.00 |
|
|
2,896,546 |
|
|
|
|
|
|
| |
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 |
|
|
427,020 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,569,999 |
|
| |
1,500 |
|
|
|
|
5.000%, 1/01/32 |
|
1/26 at 100.00 |
|
|
1,517,735 |
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C: |
|
|
|
|
|
|
| |
835 |
|
|
|
|
0.000%, 7/01/28 |
|
7/26 at 91.99 |
|
|
661,711 |
|
| |
800 |
|
|
|
|
0.000%, 7/01/30 |
|
7/26 at 83.69 |
|
|
572,354 |
|
| |
850 |
|
|
|
|
0.000%, 7/01/31 |
|
7/26 at 79.58 |
|
|
577,170 |
|
| |
2,400 |
|
|
|
|
0.000%, 7/01/33 |
|
7/26 at 71.99 |
|
|
1,471,443 |
|
| |
3,160 |
|
|
|
|
0.000%, 7/01/36 |
|
7/26 at 61.63 |
|
|
1,616,932 |
|
| |
3,100 |
|
|
|
|
0.000%, 7/01/37 |
|
7/26 at 58.52 |
|
|
1,476,236 |
|
| |
1,900 |
|
|
|
|
0.000%, 7/01/40 |
|
7/26 at 50.36 |
|
|
733,608 |
|
108
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina (continued) |
|
|
|
|
|
|
| $ |
400 |
|
|
|
|
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/47 |
|
7/26 at 100.00 |
|
$ |
379,439 |
|
|
|
|
|
|
| |
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 |
|
|
2,206,390 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Series 2018, 5.000%, 1/01/40 |
|
1/29 at 100.00 |
|
|
987,594 |
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B: |
|
|
|
|
|
|
| |
150 |
|
|
|
|
0.000%, 1/01/31 - AGC Insured |
|
No Opt. Call |
|
|
108,357 |
|
| |
4,375 |
|
|
|
|
0.000%, 1/01/33 - AGC Insured |
|
No Opt. Call |
|
|
2,850,097 |
|
| |
2,300 |
|
|
|
|
0.000%, 1/01/34 - AGC Insured |
|
No Opt. Call |
|
|
1,423,286 |
|
| |
2,380 |
|
|
|
|
0.000%, 1/01/35 - AGC Insured |
|
No Opt. Call |
|
|
1,393,847 |
|
| |
7,575 |
|
|
|
|
0.000%, 1/01/37 - AGC Insured |
|
No Opt. Call |
|
|
3,906,659 |
|
| |
1,470 |
|
|
|
|
0.000%, 1/01/38 - AGC Insured |
|
No Opt. Call |
|
|
701,884 |
|
|
|
|
|
|
| |
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 |
|
|
9,572,387 |
|
|
|
|
|
|
| |
3,040 |
|
|
|
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015, 5.000%, 6/01/33 |
|
6/25 at 100.00 |
|
|
3,070,864 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016A, 4.000%, 3/01/46 |
|
3/27 at 100.00 |
|
|
4,344,451 |
|
|
|
|
|
|
|
|
|
|
|
|
Sampson County, North Carolina, Limited Obligaiton Bonds, Refunding Series 2017: |
|
|
|
|
|
|
| |
1,250 |
|
|
|
|
4.000%, 9/01/35 |
|
9/27 at 100.00 |
|
|
1,178,440 |
|
| |
1,265 |
|
|
|
|
4.000%, 9/01/36 |
|
9/27 at 100.00 |
|
|
1,169,137 |
|
| |
1,000 |
|
|
|
|
4.000%, 9/01/37 |
|
9/27 at 100.00 |
|
|
904,529 |
|
|
|
|
|
|
| |
800 |
|
|
(c) |
|
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 |
|
|
813,438 |
|
|
|
|
|
|
|
|
|
|
|
|
University of North Carolina, Charlotte, General Revenue Bonds, Series 2014: |
|
|
|
|
|
|
| |
2,070 |
|
|
(c) |
|
5.000%, 4/01/32, (Pre-refunded 4/01/24) |
|
4/24 at 100.00 |
|
|
2,079,915 |
|
| |
1,175 |
|
|
(c) |
|
5.000%, 4/01/33, (Pre-refunded 4/01/24) |
|
4/24 at 100.00 |
|
|
1,180,628 |
|
| |
1,385 |
|
|
(c) |
|
5.000%, 4/01/35, (Pre-refunded 4/01/24) |
|
4/24 at 100.00 |
|
|
1,391,634 |
|
|
|
|
|
|
| |
4,735 |
|
|
|
|
University of North Carolina, Charlotte, General Revenue Bonds, Series 2017, 5.000%, 10/01/42 |
|
10/27 at 100.00 |
|
|
4,785,796 |
|
|
|
|
|
|
|
|
|
|
|
|
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014: |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
5.000%, 4/01/32 |
|
4/24 at 100.00 |
|
|
1,002,943 |
|
| |
3,065 |
|
|
|
|
5.000%, 4/01/39 |
|
4/24 at 100.00 |
|
|
3,074,020 |
|
|
|
|
|
|
| |
4,765 |
|
|
|
|
University of North Carolina, Greensboro, General Revenue Bonds, Series 2018, 5.000%, 4/01/43 |
|
4/28 at 100.00 |
|
|
4,840,035 |
|
|
|
|
|
|
| |
1,250 |
|
|
|
|
Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45 |
|
10/25 at 100.00 |
|
|
1,253,919 |
|
| |
|
|
|
|
|
|
|
|
Total North Carolina |
|
|
|
|
133,424,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Dakota - 0.9% (0.5% 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 |
|
|
931,240 |
|
| |
8,525 |
|
|
|
|
5.000%, 12/01/42 |
|
12/27 at 100.00 |
|
|
7,637,111 |
|
| |
7,070 |
|
|
|
|
4.000%, 12/01/47 |
|
12/27 at 100.00 |
|
|
5,305,308 |
|
|
|
|
|
|
| |
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 |
|
|
1,318,262 |
|
109
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
North Dakota (continued) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
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 |
|
$ |
614,039 |
|
|
|
|
|
|
| |
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 |
|
|
761,749 |
|
|
|
|
|
|
| |
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 |
|
|
496,232 |
|
|
|
|
|
|
| |
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 |
|
|
2,137,154 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
8,320,170 |
|
| |
2,610 |
|
|
|
|
5.000%, 6/01/48 |
|
6/28 at 100.00 |
|
|
1,855,212 |
|
|
|
|
|
|
| |
1,420 |
|
|
(d) |
|
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 |
|
12/23 at 100.00 |
|
|
994,000 |
|
| |
|
|
|
|
|
|
|
|
Total North Dakota |
|
|
|
|
30,370,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio - 5.1% (3.0% 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 |
|
|
2,885,355 |
|
| |
8,255 |
|
|
|
|
5.250%, 11/15/46 |
|
11/26 at 100.00 |
|
|
7,591,988 |
|
|
|
|
|
|
| |
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 |
|
|
10,747,079 |
|
|
|
|
|
|
| |
8,655 |
|
|
|
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 4.000%, 8/01/38 |
|
2/28 at 100.00 |
|
|
7,743,384 |
|
|
|
|
|
|
| |
2,750 |
|
|
|
|
Bowling Green State University, Ohio, General Receipts Bonds, Series 2017B, 5.000%, 6/01/42 |
|
6/27 at 100.00 |
|
|
2,766,404 |
|
|
|
|
|
|
| |
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 |
|
|
2,135,989 |
|
|
|
|
|
|
| |
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 |
|
|
876,385 |
|
|
|
|
|
|
| |
40,755 |
|
|
|
|
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 |
|
|
33,386,280 |
|
|
|
|
|
|
| |
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 |
|
|
4,280,499 |
|
|
|
|
|
|
|
|
|
|
|
|
Cleveland-Cuyahoga County Port Authroity, Ohio, Cultural Facility Revenue Bonds, The Cleveland Museum of Natural History Project, Series 2021: |
|
|
|
|
|
|
| |
300 |
|
|
|
|
4.000%, 7/01/37 |
|
7/31 at 100.00 |
|
|
270,876 |
|
| |
300 |
|
|
|
|
4.000%, 7/01/38 |
|
7/31 at 100.00 |
|
|
264,135 |
|
| |
1,000 |
|
|
|
|
4.000%, 7/01/51 |
|
7/31 at 100.00 |
|
|
786,015 |
|
|
|
|
|
|
| |
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 |
|
|
4,644,488 |
|
|
|
|
|
|
| |
5,975 |
|
|
|
|
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 |
|
12/23 at 100.00 |
|
|
4,692,868 |
|
110
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
$ |
1,251,163 |
|
| |
1,120 |
|
|
|
|
5.000%, 1/01/52 |
|
1/27 at 100.00 |
|
|
909,011 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,878,733 |
|
| |
6,000 |
|
|
|
|
5.000%, 1/01/51 |
|
1/26 at 100.00 |
|
|
4,891,105 |
|
|
|
|
|
|
| |
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 |
|
|
2,911,240 |
|
|
|
|
|
|
| |
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 |
|
|
4,780,292 |
|
|
|
|
|
|
| |
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 |
|
|
6,454,684 |
|
|
|
|
|
|
| |
21,000 |
|
|
(c) |
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/49, (Pre-refunded 11/15/24) |
|
11/24 at 100.00 |
|
|
21,216,096 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Ohio Higher Educational Facility Commission, Revenue Bonds, University of Dayton, Series 2018A, 5.000%, 12/01/48 |
|
6/28 at 100.00 |
|
|
2,932,087 |
|
|
|
|
|
|
| |
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 |
|
|
2,934,906 |
|
|
|
|
|
|
| |
7,065 |
|
|
|
|
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2021A, 4.000%, 1/15/46 |
|
7/31 at 100.00 |
|
|
5,681,874 |
|
|
|
|
|
|
| |
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 |
|
|
8,376,178 |
|
|
|
|
|
|
| |
9,000 |
|
|
|
|
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission, Infrastructure Projects, Junior Lien Series 2018A, 4.000%, 2/15/46 |
|
2/28 at 100.00 |
|
|
7,517,813 |
|
|
|
|
|
|
| |
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 |
|
|
2,484,518 |
|
|
|
|
|
|
| |
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 |
|
|
4,332,382 |
|
|
|
|
|
|
| |
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 |
|
|
4,343,170 |
|
|
|
|
|
|
| |
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 |
|
|
3,345,361 |
|
| |
|
|
|
|
|
|
|
|
Total Ohio |
|
|
|
|
170,312,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,048,254 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,718,173 |
|
| |
6,340 |
|
|
|
|
5.500%, 8/15/57 |
|
8/28 at 100.00 |
|
|
5,421,946 |
|
111
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma (continued) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
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 |
|
$ |
1,060,951 |
|
| |
|
|
|
|
|
|
|
|
Total Oklahoma |
|
|
|
|
10,249,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
775,387 |
|
| |
1,000 |
|
|
|
|
5.000%, 6/15/39 |
|
6/27 at 100.00 |
|
|
1,018,235 |
|
| |
1,725 |
|
|
|
|
5.000%, 6/15/40 |
|
6/27 at 100.00 |
|
|
1,754,148 |
|
|
|
|
|
|
| |
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 |
|
|
984,358 |
|
|
|
|
|
|
| |
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 |
|
|
1,341,365 |
|
|
|
|
|
|
| |
4,170 |
|
|
|
|
Eugene, Oregon, Electric Utility Revenue Bonds, Series 2020A, 4.000%, 8/01/45 |
|
8/30 at 100.00 |
|
|
3,535,455 |
|
|
|
|
|
|
| |
2,250 |
|
|
|
|
Eugene, Oregon, Water Utility System Revenue Bonds, Series 2023, 5.000%, 8/01/52 |
|
8/33 at 100.00 |
|
|
2,282,899 |
|
|
|
|
|
|
| |
2,820 |
|
|
|
|
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2016A, 5.000%, 6/01/46 |
|
6/26 at 100.00 |
|
|
2,689,045 |
|
|
|
|
|
|
| |
7,895 |
|
|
|
|
Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Series 2022A, 5.000%, 6/01/52 |
|
6/32 at 100.00 |
|
|
7,255,666 |
|
|
|
|
|
|
|
|
|
|
|
|
Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A: |
|
|
|
|
|
|
| |
6,275 |
|
|
|
|
5.000%, 10/01/35 |
|
10/26 at 100.00 |
|
|
6,280,460 |
|
| |
2,120 |
|
|
|
|
5.000%, 10/01/46 |
|
10/26 at 100.00 |
|
|
1,886,405 |
|
| |
140 |
|
|
(c) |
|
5.000%, 10/01/46, (Pre-refunded 10/01/26) |
|
10/26 at 100.00 |
|
|
144,281 |
|
|
|
|
|
|
| |
23,400 |
|
|
|
|
Oregon Health and Science University, Revenue Bonds, Green Series 2021A, 4.000%, 7/01/51 |
|
1/32 at 100.00 |
|
|
19,135,996 |
|
|
|
|
|
|
| |
4,100 |
|
|
|
|
Port of Portland, Oregon, Portland International Airport, Revenue Bonds, Series 2019 25A, 5.000%, 7/01/49 |
|
7/29 at 100.00 |
|
|
4,001,599 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,334,380 |
|
| |
13,220 |
|
|
|
|
5.000%, 5/15/46 |
|
5/26 at 100.00 |
|
|
12,592,955 |
|
|
|
|
|
|
| |
8,005 |
|
|
|
|
Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Health Projects, Series 2019A, 5.000%, 5/15/44 |
|
5/29 at 100.00 |
|
|
7,408,102 |
|
|
|
|
|
|
| |
10,805 |
|
|
|
|
Tualatin Valley Water District, Oregon, Water Revenue Bonds, Series 2023, 5.000%, 6/01/48 |
|
6/33 at 100.00 |
|
|
10,944,139 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
University of Oregon, General Revenue Bonds, Series 2020A, 5.000%, 4/01/50 |
|
4/30 at 100.00 |
|
|
10,040,015 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
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, 144A |
|
5/29 at 100.00 |
|
|
516,462 |
|
| |
|
|
|
|
|
|
|
|
Total Oregon |
|
|
|
|
97,921,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 5.7% (3.3% 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 |
|
|
1,408,960 |
|
| |
2,000 |
|
|
|
|
4.000%, 6/01/50 |
|
12/30 at 100.00 |
|
|
1,631,061 |
|
112
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
3,060,257 |
|
| |
3,155 |
|
|
|
|
0.000%, 5/15/26 - AGM Insured |
|
No Opt. Call |
|
|
2,814,093 |
|
| |
4,145 |
|
|
|
|
0.000%, 11/15/26 - AGM Insured |
|
No Opt. Call |
|
|
3,614,805 |
|
| |
2,800 |
|
|
|
|
0.000%, 5/15/28 - AGM Insured |
|
No Opt. Call |
|
|
2,284,701 |
|
| |
3,000 |
|
|
|
|
0.000%, 11/15/28 - AGM Insured |
|
No Opt. Call |
|
|
2,392,965 |
|
|
|
|
|
|
| |
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 |
|
|
1,113,022 |
|
|
|
|
|
|
| |
895 |
|
|
|
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018, 5.000%, 6/01/34 |
|
6/28 at 100.00 |
|
|
914,532 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,626,971 |
|
| |
5,000 |
|
|
|
|
5.000%, 7/01/47 |
|
7/27 at 100.00 |
|
|
4,987,234 |
|
|
|
|
|
|
| |
395 |
|
|
|
|
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 - AMBAC Insured |
|
No Opt. Call |
|
|
416,745 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Penn State Health, Series 2021, 5.000%, 11/01/51 |
|
11/29 at 100.00 |
|
|
4,721,171 |
|
|
|
|
|
|
| |
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 |
|
|
3,567,440 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,039,715 |
|
| |
5,180 |
|
|
|
|
0.000%, 12/01/32 |
|
No Opt. Call |
|
|
3,334,317 |
|
|
|
|
|
|
|
|
|
|
|
|
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A: |
|
|
|
|
|
|
| |
4,960 |
|
|
(c) |
|
5.125%, 12/01/47, (Pre-refunded 12/01/23) |
|
12/23 at 100.00 |
|
|
4,964,908 |
|
| |
4,310 |
|
|
|
|
5.125%, 12/01/47 |
|
12/23 at 100.00 |
|
|
4,310,587 |
|
|
|
|
|
|
| |
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 |
|
|
4,991,118 |
|
|
|
|
|
|
| |
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 |
|
|
838,962 |
|
|
|
|
|
|
| |
5,000 |
|
|
(c) |
|
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 |
|
|
5,076,997 |
|
|
|
|
|
|
| |
2,905 |
|
|
|
|
Neshaminy School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2022, 4.000%, 11/01/43 |
|
5/30 at 100.00 |
|
|
2,514,944 |
|
|
|
|
|
|
| |
630 |
|
|
|
|
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 0.900%, 12/31/23 |
|
12/23 at 100.00 |
|
|
113,437 |
|
|
|
|
|
|
| |
324 |
|
|
|
|
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 0.900%, 12/31/23, (cash 5.000%, PIK 5.000%) |
|
No Opt. Call |
|
|
58,192 |
|
|
|
|
|
|
| |
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 |
|
|
4,985,514 |
|
|
|
|
|
|
| |
16,000 |
|
|
|
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2021A, 4.000%, 12/01/51 |
|
12/31 at 100.00 |
|
|
13,285,586 |
|
113
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania (continued) |
|
|
|
|
|
|
| $ |
16,805 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 6.375%, 12/01/38 |
|
12/27 at 100.00 |
|
$ |
17,936,005 |
|
|
|
|
|
|
| |
8,510 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 |
|
12/25 at 100.00 |
|
|
8,366,787 |
|
|
|
|
|
|
| |
6,340 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, 5.000%, 12/01/41 |
|
6/26 at 100.00 |
|
|
6,284,966 |
|
|
|
|
|
|
| |
5,800 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2019A, 5.000%, 12/01/49 |
|
12/29 at 100.00 |
|
|
5,749,072 |
|
|
|
|
|
|
| |
6,500 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2021B, 5.000%, 12/01/46 |
|
6/31 at 100.00 |
|
|
6,487,784 |
|
|
|
|
|
|
| |
17,375 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2023A, 5.250%, 12/01/53 |
|
12/33 at 100.00 |
|
|
17,699,183 |
|
|
|
|
|
|
| |
19,250 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 - AGM Insured |
|
6/26 at 100.00 |
|
|
20,346,634 |
|
|
|
|
|
|
| |
7,475 |
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, 4.000%, 12/01/45 |
|
12/30 at 100.00 |
|
|
6,243,491 |
|
|
|
|
|
|
| |
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 |
|
|
1,181,431 |
|
|
|
|
|
|
| |
7,500 |
|
|
|
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2021A, 4.000%, 9/01/46 - BAM Insured |
|
9/31 at 100.00 |
|
|
6,268,967 |
|
|
|
|
|
|
| |
3,410 |
|
|
(c) |
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured, (ETM) |
|
10/21 at 100.00 |
|
|
3,563,801 |
|
|
|
|
|
|
| |
8,135 |
|
|
|
|
Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Series 2019A, 4.000%, 6/01/49 |
|
6/29 at 100.00 |
|
|
6,612,461 |
|
| |
|
|
|
|
|
|
|
|
Total Pennsylvania |
|
|
|
|
190,808,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 2.1% (1.2% 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 |
|
|
722,359 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding National Series 2007VV, 5.250%, 7/01/24 - NPFG Insured |
|
No Opt. Call |
|
|
998,120 |
|
|
|
|
|
|
| |
625 |
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/25 - SYNCORA GTY Insured |
|
12/23 at 100.00 |
|
|
620,019 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
5,043,434 |
|
| |
6,000 |
|
|
|
|
0.000%, 7/01/51 |
|
7/28 at 30.01 |
|
|
1,084,571 |
|
| |
23,031 |
|
|
|
|
4.750%, 7/01/53 |
|
7/28 at 100.00 |
|
|
19,510,037 |
|
| |
24,161 |
|
|
|
|
5.000%, 7/01/58 |
|
7/28 at 100.00 |
|
|
21,153,146 |
|
|
|
|
|
|
| |
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 |
|
|
1,219,458 |
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2: |
|
|
|
|
|
|
| |
10,580 |
|
|
|
|
4.329%, 7/01/40 |
|
7/28 at 100.00 |
|
|
9,165,724 |
|
| |
5,951 |
|
|
|
|
4.329%, 7/01/40 |
|
7/28 at 100.00 |
|
|
5,155,503 |
|
| |
5,000 |
|
|
|
|
4.784%, 7/01/58 |
|
7/28 at 100.00 |
|
|
4,205,518 |
|
| |
|
|
|
|
|
|
|
|
Total Puerto Rico |
|
|
|
|
68,877,889 |
|
|
|
|
|
|
|
|
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island - 0.8% (0.5% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| $ |
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 |
|
$ |
1,223,809 |
|
|
|
|
|
|
| |
174,390 |
|
|
|
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 |
|
11/23 at 18.50 |
|
|
24,474,503 |
|
|
|
|
|
|
| |
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 |
|
|
2,243,908 |
|
| |
|
|
|
|
|
|
|
|
Total Rhode Island |
|
|
|
|
27,942,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina - 3.7% (2.2% 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 |
|
|
1,261,959 |
|
| |
4,000 |
|
|
|
|
5.000%, 11/01/46 |
|
5/26 at 100.00 |
|
|
3,830,579 |
|
|
|
|
|
|
|
|
|
|
|
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: |
|
|
|
|
|
|
| |
26,955 |
|
|
|
|
0.000%, 1/01/31 - AMBAC Insured |
|
No Opt. Call |
|
|
19,040,503 |
|
| |
15,420 |
|
|
|
|
0.000%, 1/01/32 - AMBAC Insured |
|
No Opt. Call |
|
|
10,329,748 |
|
|
|
|
|
|
| |
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 |
|
|
1,094,400 |
|
|
|
|
|
|
| |
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 |
|
|
11,216,839 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
8,904,071 |
|
| |
6,210 |
|
|
|
|
4.000%, 11/01/48 |
|
5/28 at 100.00 |
|
|
5,128,676 |
|
| |
3,490 |
|
|
|
|
5.000%, 11/01/48 |
|
5/28 at 100.00 |
|
|
3,374,001 |
|
|
|
|
|
|
| |
16,760 |
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 |
|
12/24 at 100.00 |
|
|
15,984,022 |
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B: |
|
|
|
|
|
|
| |
6,800 |
|
|
|
|
5.000%, 12/01/46 |
|
12/26 at 100.00 |
|
|
6,485,164 |
|
| |
10,000 |
|
|
|
|
5.000%, 12/01/56 |
|
12/26 at 100.00 |
|
|
9,282,422 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A, 4.000%, 12/01/52 |
|
6/32 at 100.00 |
|
|
3,871,628 |
|
|
|
|
|
|
| |
8,686 |
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022B, 4.000%, 12/01/39 |
|
6/32 at 100.00 |
|
|
7,516,724 |
|
|
|
|
|
|
| |
17,240 |
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 |
|
6/24 at 100.00 |
|
|
16,834,255 |
|
| |
|
|
|
|
|
|
|
|
Total South Carolina |
|
|
|
|
124,154,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota - 1.6% (0.9% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Clay County, South Dakota, General Obligation Bonds, Series 2023, 5.000%, 12/01/52 |
|
12/31 at 100.00 |
|
|
3,933,334 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,439,820 |
|
| |
3,150 |
|
|
|
|
5.125%, 11/01/47 |
|
11/26 at 100.00 |
|
|
2,495,678 |
|
|
|
|
|
|
| |
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 |
|
|
10,170,602 |
|
115
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota (continued) |
|
|
|
|
|
|
| $ |
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 |
|
$ |
4,993,685 |
|
|
|
|
|
|
| |
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 |
|
|
18,352,468 |
|
|
|
|
|
|
| |
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 |
|
|
2,345,788 |
|
|
|
|
|
|
| |
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 |
|
|
8,694,406 |
|
| |
|
|
|
|
|
|
|
|
Total South Dakota |
|
|
|
|
53,425,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,195,396 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,757,385 |
|
| |
1,000 |
|
|
|
|
5.000%, 9/01/47 |
|
9/26 at 100.00 |
|
|
858,997 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
445,487 |
|
| |
1,755 |
|
|
|
|
5.000%, 4/01/36 |
|
4/27 at 100.00 |
|
|
1,702,079 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,206,920 |
|
| |
7,015 |
|
|
|
|
5.250%, 7/01/53 - AGM Insured |
|
1/34 at 100.00 |
|
|
7,168,962 |
|
|
|
|
|
|
| |
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 |
|
|
4,123,463 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,102,282 |
|
| |
2,910 |
|
|
|
|
5.000%, 10/01/45 |
|
10/26 at 100.00 |
|
|
2,671,876 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
4,897,435 |
|
| |
6,000 |
|
|
|
|
5.000%, 7/01/46 |
|
7/26 at 100.00 |
|
|
5,817,925 |
|
|
|
|
|
|
| |
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 |
|
|
7,252,064 |
|
| |
|
|
|
|
|
|
|
|
Total Tennessee |
|
|
|
|
48,200,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas - 11.5% (6.7% 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 |
|
|
2,286,645 |
|
|
|
|
|
|
| |
14,615 |
|
|
(g) |
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45, (UB) |
|
11/25 at 100.00 |
|
|
14,485,951 |
|
|
|
|
|
|
| |
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 |
|
|
8,874,021 |
|
|
|
|
|
|
| |
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 |
|
|
670,633 |
|
116
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (continued) |
|
|
|
|
|
|
| $ |
7,750 |
|
|
(c) |
|
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 |
|
$ |
7,884,202 |
|
|
|
|
|
|
|
|
|
|
|
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A: |
|
|
|
|
|
|
| |
1,925 |
|
|
|
|
4.350%, 12/01/42 |
|
12/23 at 100.00 |
|
|
1,606,795 |
|
| |
1,000 |
|
|
|
|
4.400%, 12/01/47 |
|
12/23 at 100.00 |
|
|
802,248 |
|
|
|
|
|
|
| |
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 |
|
|
10,041,990 |
|
|
|
|
|
|
| |
6,125 |
|
|
|
|
Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2021B., 4.000%, 11/01/45 |
|
11/30 at 100.00 |
|
|
5,192,961 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Dallas Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2022B, 5.000%, 11/01/50 |
|
11/32 at 100.00 |
|
|
9,733,692 |
|
|
|
|
|
|
| |
9,000 |
|
|
|
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2021A, 4.000%, 11/01/46 |
|
11/30 at 100.00 |
|
|
7,602,195 |
|
|
|
|
|
|
| |
160 |
|
|
|
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 |
|
9/24 at 100.00 |
|
|
147,429 |
|
|
|
|
|
|
| |
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 |
|
|
3,743,122 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,049,625 |
|
| |
27,280 |
|
|
|
|
4.000%, 10/01/45 |
|
4/30 at 100.00 |
|
|
22,506,895 |
|
| |
12,695 |
|
|
|
|
4.000%, 10/01/49 - AGM Insured |
|
4/30 at 100.00 |
|
|
10,407,556 |
|
|
|
|
|
|
| |
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 |
|
|
5,258,904 |
|
|
|
|
|
|
| |
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 |
|
|
7,529,187 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,304,640 |
|
| |
2,320 |
|
|
|
|
5.000%, 12/01/45 |
|
6/25 at 100.00 |
|
|
2,245,226 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2018A, 4.000%, 8/15/48 |
|
2/28 at 100.00 |
|
|
4,133,377 |
|
|
|
|
|
|
| |
4,040 |
|
|
(g) |
|
Harris County, Texas, Toll Road Revenue Bonds, Tender Options Bond Trust 2015-XF2184. Formerly Tender Options Bond Trust 3028, 6.146%, 8/15/28 - AGM Insured, 144A, (IF) |
|
No Opt. Call |
|
|
4,874,479 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
418,920 |
|
| |
2,390 |
|
|
|
|
0.000%, 11/15/42 - AGM Insured |
|
11/31 at 59.73 |
|
|
781,033 |
|
| |
2,660 |
|
|
|
|
0.000%, 11/15/43 - AGM Insured |
|
11/31 at 56.93 |
|
|
814,957 |
|
| |
7,260 |
|
|
|
|
0.000%, 11/15/44 - AGM Insured |
|
11/31 at 54.25 |
|
|
2,080,583 |
|
| |
10,440 |
|
|
|
|
0.000%, 11/15/45 - AGM Insured |
|
11/31 at 51.48 |
|
|
2,809,908 |
|
| |
7,165 |
|
|
|
|
0.000%, 11/15/49 - AGM Insured |
|
11/31 at 41.91 |
|
|
1,502,929 |
|
| |
3,000 |
|
|
|
|
0.000%, 11/15/52 - AGM Insured |
|
11/31 at 35.81 |
|
|
521,225 |
|
|
|
|
|
|
| |
1,000 |
|
|
|
|
Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee Revenue Bonds, Senior Lien Series 2022A, 4.000%, 12/01/40 |
|
12/31 at 100.00 |
|
|
832,002 |
|
|
|
|
|
|
| |
2,710 |
|
|
|
|
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B, 5.000%, 7/01/48 |
|
7/28 at 100.00 |
|
|
2,634,969 |
|
117
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (continued) |
|
|
|
|
|
|
| $ |
365 |
|
|
|
|
Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 - AGM Insured |
|
No Opt. Call |
|
$ |
368,449 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
10,014,036 |
|
| |
1,715 |
|
|
|
|
0.000%, 9/01/32 - AMBAC Insured |
|
No Opt. Call |
|
|
1,130,117 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,738,794 |
|
| |
4,000 |
|
|
|
|
4.000%, 8/15/41 |
|
8/25 at 100.00 |
|
|
3,519,074 |
|
|
|
|
|
|
| |
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 |
|
|
8,155,108 |
|
|
|
|
|
|
|
|
|
|
|
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: |
|
|
|
|
|
|
| |
1,780 |
|
|
|
|
5.750%, 12/01/33 |
|
12/25 at 100.00 |
|
|
1,756,582 |
|
| |
1,800 |
|
|
|
|
6.125%, 12/01/38 |
|
12/25 at 100.00 |
|
|
1,739,305 |
|
|
|
|
|
|
|
|
|
|
|
|
Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2017: |
|
|
|
|
|
|
| |
16,285 |
|
|
|
|
5.000%, 1/01/36 |
|
1/27 at 100.00 |
|
|
16,626,943 |
|
| |
10,040 |
|
|
|
|
5.000%, 1/01/38 - AGM Insured |
|
1/27 at 100.00 |
|
|
10,173,032 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,916,585 |
|
| |
1,815 |
|
|
|
|
5.000%, 9/15/48 |
|
9/25 at 100.00 |
|
|
1,620,554 |
|
|
|
|
|
|
| |
4,240 |
|
|
|
|
New Braunfels, Comal County, Texas, Utility System Revenue Bonds, Refunding Series 2022, 5.000%, 7/01/47 |
|
7/32 at 100.00 |
|
|
4,261,016 |
|
|
|
|
|
|
| |
850 |
|
|
(c) |
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communites Crestview Project, Series 2016, 5.000%, 11/15/31,
(Pre-refunded 11/15/24) |
|
11/24 at 102.00 |
|
|
873,752 |
|
|
|
|
|
|
| |
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 |
|
4/24 at 100.00 |
|
|
3,493,311 |
|
|
|
|
|
|
|
|
|
|
|
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C: |
|
|
|
|
|
|
| |
1,880 |
|
|
(c) |
|
7.000%, 9/01/43, (Pre-refunded 9/01/31) |
|
9/31 at 100.00 |
|
|
2,217,522 |
|
| |
7,990 |
|
|
(c) |
|
6.750%, 9/01/45, (Pre-refunded 9/01/31) |
|
9/31 at 100.00 |
|
|
9,467,987 |
|
|
|
|
|
|
| |
4,000 |
|
|
(c) |
|
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 |
|
|
4,112,274 |
|
|
|
|
|
|
| |
2,125 |
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/28 - AGC Insured |
|
No Opt. Call |
|
|
1,779,505 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/45 |
|
1/25 at 100.00 |
|
|
1,980,704 |
|
|
|
|
|
|
| |
14,610 |
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A, 5.000%, 1/01/43 |
|
1/28 at 100.00 |
|
|
14,682,140 |
|
|
|
|
|
|
| |
5,000 |
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2018, 5.000%, 1/01/48 |
|
1/28 at 100.00 |
|
|
4,977,429 |
|
118
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A: |
|
|
|
|
|
|
| $ |
6,285 |
|
|
|
|
5.000%, 1/01/33 |
|
1/25 at 100.00 |
|
$ |
6,303,238 |
|
| |
8,000 |
|
|
|
|
5.000%, 1/01/35 |
|
1/25 at 100.00 |
|
|
8,013,754 |
|
|
|
|
|
|
| |
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 |
|
|
10,448,801 |
|
|
|
|
|
|
| |
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 |
|
|
1,963,240 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
San Antonio, Texas, General Obligation Bonds, General Improvement Series 2021, 4.000%, 8/01/41 |
|
8/31 at 100.00 |
|
|
1,765,380 |
|
|
|
|
|
|
| |
7,975 |
|
|
|
|
Tarrant County College District, Texas, General Obligation Bonds, Series 2022, 5.000%, 8/15/39 |
|
8/32 at 100.00 |
|
|
8,228,976 |
|
|
|
|
|
|
| |
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 |
|
|
2,063,909 |
|
|
|
|
|
|
| |
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 |
|
|
1,155,067 |
|
|
|
|
|
|
| |
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 |
|
|
2,474,390 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,634,618 |
|
| |
1,200 |
|
|
|
|
4.000%, 6/30/38 |
|
12/30 at 100.00 |
|
|
1,078,836 |
|
| |
1,300 |
|
|
|
|
4.000%, 6/30/39 |
|
12/30 at 100.00 |
|
|
1,157,626 |
|
|
|
|
|
|
| |
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 |
|
|
7,294,367 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
3,586,497 |
|
| |
6,385 |
|
|
|
|
5.000%, 8/15/37 |
|
8/24 at 100.00 |
|
|
6,155,602 |
|
| |
44,120 |
|
|
|
|
5.000%, 8/15/42 |
|
8/24 at 100.00 |
|
|
41,738,252 |
|
|
|
|
|
|
| |
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 |
|
|
3,704,772 |
|
|
|
|
|
|
| |
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 |
|
|
4,228,648 |
|
|
|
|
|
|
| |
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 |
|
|
8,735,235 |
|
|
|
|
|
|
| |
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 |
|
|
6,918,876 |
|
| |
|
|
|
|
|
|
|
|
Total Texas |
|
|
|
|
384,032,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah - 0.4% (0.3% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B: |
|
|
|
|
|
|
| |
3,560 |
|
|
|
|
5.000%, 7/01/42 |
|
7/27 at 100.00 |
|
|
3,516,179 |
|
| |
1,975 |
|
|
|
|
5.000%, 7/01/47 |
|
7/27 at 100.00 |
|
|
1,940,893 |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, 5.000%, 7/01/48 |
|
7/28 at 100.00 |
|
|
3,916,468 |
|
119
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
974,501 |
|
| |
2,320 |
|
|
|
|
5.000%, 10/15/43 |
|
10/27 at 100.00 |
|
|
2,182,583 |
|
| |
2,040 |
|
|
|
|
5.000%, 10/15/48 |
|
10/27 at 100.00 |
|
|
1,868,786 |
|
| |
|
|
|
|
|
|
|
|
Total Utah |
|
|
|
|
14,399,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
898,003 |
|
| |
10,000 |
|
|
|
|
5.000%, 10/01/45 |
|
10/25 at 100.00 |
|
|
9,760,742 |
|
|
|
|
|
|
| |
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 |
|
|
2,726,107 |
|
| |
|
|
|
|
|
|
|
|
Total Vermont |
|
|
|
|
13,384,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
2,600,828 |
|
| |
|
|
|
|
|
|
|
|
Total Virgin Islands |
|
|
|
|
2,600,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 0.4% (0.2% 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 |
|
|
1,416,325 |
|
|
|
|
|
|
| |
430 |
|
|
|
|
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 4.875%, 7/15/40 |
|
7/28 at 100.00 |
|
|
413,423 |
|
|
|
|
|
|
| |
4,000 |
|
|
(g) |
|
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 |
|
|
3,307,998 |
|
|
|
|
|
|
| |
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 |
|
|
6,811,563 |
|
| |
|
|
|
|
|
|
|
|
Total Virginia |
|
|
|
|
11,949,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 3.8% (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 |
|
|
7,077,157 |
|
|
|
|
|
|
| |
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 |
|
|
11,013,828 |
|
|
|
|
|
|
| |
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 |
|
|
7,041,126 |
|
|
|
|
|
|
| |
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 |
|
|
4,211,437 |
|
|
|
|
|
|
| |
7,600 |
|
|
|
|
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 |
|
|
7,278,887 |
|
|
|
|
|
|
| |
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 |
|
|
8,852,504 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/40 |
|
10/24 at 100.00 |
|
|
2,983,001 |
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington (continued) |
|
|
|
|
|
|
| $ |
1,250 |
|
|
(c) |
|
Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44, (Pre-refunded 12/01/23) |
|
12/23 at 100.00 |
|
$ |
1,250,908 |
|
|
|
|
|
|
| |
10,535 |
|
|
|
|
Seattle, Washington, Drainage and Wastewater System Revenue Bonds, Improvement Series 2023, 5.000%, 2/01/49 |
|
2/33 at 100.00 |
|
|
10,662,684 |
|
|
|
|
|
|
| |
15,000 |
|
|
|
|
Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2021A, 4.000%, 7/01/47 |
|
7/31 at 100.00 |
|
|
12,682,976 |
|
|
|
|
|
|
| |
3,750 |
|
|
|
|
Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2022, 5.000%, 7/01/52 |
|
7/32 at 100.00 |
|
|
3,761,357 |
|
|
|
|
|
|
| |
10,000 |
|
|
|
|
Seattle, Washington, Municipal Light and Power Revenue Bonds, Refunding & Improvement Series 2023, 5.000%, 3/01/53 |
|
3/33 at 100.00 |
|
|
10,026,372 |
|
|
|
|
|
|
| |
5,250 |
|
|
|
|
Tacoma, Washington, Sewer Revenue Bonds, Series 2018, 4.000%, 12/01/48 |
|
12/28 at 100.00 |
|
|
4,367,795 |
|
|
|
|
|
|
| |
535 |
|
|
|
|
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1, 4.000%, 8/01/44 |
|
8/29 at 100.00 |
|
|
431,235 |
|
|
|
|
|
|
| |
5,180 |
|
|
|
|
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/44 |
|
8/29 at 100.00 |
|
|
4,897,792 |
|
|
|
|
|
|
|
|
|
|
|
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A: |
|
|
|
|
|
|
| |
4,000 |
|
|
|
|
5.000%, 10/01/32 |
|
12/23 at 100.00 |
|
|
4,000,296 |
|
| |
10,000 |
|
|
|
|
4.250%, 10/01/40 |
|
12/23 at 100.00 |
|
|
8,533,067 |
|
|
|
|
|
|
| |
3,000 |
|
|
|
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2014D, 5.000%, 10/01/41 |
|
10/24 at 100.00 |
|
|
2,855,945 |
|
|
|
|
|
|
| |
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 |
|
|
4,256,644 |
|
|
|
|
|
|
| |
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 |
|
|
1,476,860 |
|
|
|
|
|
|
| |
2,525 |
|
|
|
|
Washington State Higher Education Facilities Authority, Revenue Bonds, Seattle University, Series 2020, 4.000%, 5/01/45 |
|
5/30 at 100.00 |
|
|
2,050,709 |
|
|
|
|
|
|
| |
500 |
|
|
|
|
Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Proejct, Refunding Series 2016A, 5.000%, 1/01/46, 144A |
|
1/25 at 102.00 |
|
|
364,598 |
|
|
|
|
|
|
| |
9,000 |
|
|
|
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 - FGIC Insured |
|
No Opt. Call |
|
|
7,546,419 |
|
| |
|
|
|
|
|
|
|
|
Total Washington |
|
|
|
|
127,623,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
12,170,499 |
|
|
|
|
|
|
| |
2,065 |
|
|
|
|
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2021, 5.000%, 6/01/47 |
|
6/31 at 100.00 |
|
|
2,088,813 |
|
|
|
|
|
|
| |
5,750 |
|
|
|
|
West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 4.000%, 6/01/42 |
|
6/28 at 100.00 |
|
|
4,989,224 |
|
| |
|
|
|
|
|
|
|
|
Total West Virginia |
|
|
|
|
19,248,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 4.2% (2.5% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B: |
|
|
|
|
|
|
| |
43 |
|
|
(d) |
|
0.000%, 1/01/46, 144A |
|
No Opt. Call |
|
|
938 |
|
| |
42 |
|
|
(d) |
|
0.000%, 1/01/47, 144A |
|
No Opt. Call |
|
|
853 |
|
| |
42 |
|
|
(d) |
|
0.000%, 1/01/48, 144A |
|
No Opt. Call |
|
|
798 |
|
121
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (continued) |
|
|
|
|
|
|
| $ |
42 |
|
|
(d) |
|
0.000%, 1/01/49, 144A |
|
No Opt. Call |
|
$ |
743 |
|
| |
41 |
|
|
(d) |
|
0.000%, 1/01/50, 144A |
|
No Opt. Call |
|
|
677 |
|
| |
45 |
|
|
(d) |
|
0.000%, 1/01/51, 144A |
|
No Opt. Call |
|
|
699 |
|
| |
1,163 |
|
|
(d) |
|
1.000%, 7/01/51, 144A |
|
3/28 at 100.00 |
|
|
614,120 |
|
| |
45 |
|
|
(d) |
|
0.000%, 1/01/52, 144A |
|
No Opt. Call |
|
|
642 |
|
| |
44 |
|
|
(d) |
|
0.000%, 1/01/53, 144A |
|
No Opt. Call |
|
|
598 |
|
| |
44 |
|
|
(d) |
|
0.000%, 1/01/54, 144A |
|
No Opt. Call |
|
|
555 |
|
| |
43 |
|
|
(d) |
|
0.000%, 1/01/55, 144A |
|
No Opt. Call |
|
|
516 |
|
| |
43 |
|
|
(d) |
|
0.000%, 1/01/56, 144A |
|
No Opt. Call |
|
|
481 |
|
| |
42 |
|
|
(d) |
|
0.000%, 1/01/57, 144A |
|
No Opt. Call |
|
|
447 |
|
| |
42 |
|
|
(d) |
|
0.000%, 1/01/58, 144A |
|
No Opt. Call |
|
|
415 |
|
| |
42 |
|
|
(d) |
|
0.000%, 1/01/59, 144A |
|
No Opt. Call |
|
|
390 |
|
| |
41 |
|
|
(d) |
|
0.000%, 1/01/60, 144A |
|
No Opt. Call |
|
|
361 |
|
| |
41 |
|
|
(d) |
|
0.000%, 1/01/61, 144A |
|
No Opt. Call |
|
|
334 |
|
| |
40 |
|
|
(d) |
|
0.000%, 1/01/62, 144A |
|
No Opt. Call |
|
|
311 |
|
| |
40 |
|
|
(d) |
|
0.000%, 1/01/63, 144A |
|
No Opt. Call |
|
|
290 |
|
| |
39 |
|
|
(d) |
|
0.000%, 1/01/64, 144A |
|
No Opt. Call |
|
|
272 |
|
| |
39 |
|
|
(d) |
|
0.000%, 1/01/65, 144A |
|
No Opt. Call |
|
|
252 |
|
| |
39 |
|
|
(d) |
|
0.000%, 1/01/66, 144A |
|
No Opt. Call |
|
|
229 |
|
| |
501 |
|
|
(d) |
|
0.000%, 1/01/67, 144A |
|
No Opt. Call |
|
|
2,679 |
|
|
|
|
|
|
| |
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 |
|
|
1,292,414 |
|
|
|
|
|
|
| |
8,335 |
|
|
|
|
Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A, 5.000%, 6/15/48, 144A |
|
6/26 at 100.00 |
|
|
7,043,003 |
|
|
|
|
|
|
| |
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 |
|
|
8,648,192 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
7,953,391 |
|
| |
8,000 |
|
|
|
|
4.000%, 8/15/51 |
|
8/31 at 100.00 |
|
|
6,276,829 |
|
|
|
|
|
|
| |
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 |
|
|
8,894,994 |
|
|
|
|
|
|
| |
2,000 |
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016B, 5.000%, 2/15/35 |
|
2/26 at 100.00 |
|
|
1,982,574 |
|
|
|
|
|
|
| |
7,625 |
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 |
|
12/23 at 100.00 |
|
|
7,259,967 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
1,574,260 |
|
| |
2,470 |
|
|
|
|
4.000%, 10/01/61 |
|
10/28 at 102.00 |
|
|
1,500,094 |
|
|
|
|
|
|
| |
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 |
|
|
4,906,779 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
946,908 |
|
| |
955 |
|
|
|
|
5.000%, 6/01/41 |
|
6/25 at 103.00 |
|
|
778,481 |
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A: |
|
|
|
|
|
|
| |
1,000 |
|
|
(c) |
|
5.000%, 9/01/30, (Pre-refunded 9/01/27) |
|
9/27 at 100.00 |
|
|
1,040,029 |
|
| |
1,110 |
|
|
(c) |
|
5.000%, 9/01/31, (Pre-refunded 9/01/27) |
|
9/27 at 100.00 |
|
|
1,154,433 |
|
| |
1,100 |
|
|
(c) |
|
5.000%, 9/01/32, (Pre-refunded 9/01/27) |
|
9/27 at 100.00 |
|
|
1,144,032 |
|
122
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin (continued) |
|
|
|
|
|
|
| $ |
1,725 |
|
|
(c) |
|
5.000%, 9/01/33, (Pre-refunded 9/01/27) |
|
9/27 at 100.00 |
|
$ |
1,794,051 |
|
| |
1,775 |
|
|
(c) |
|
5.000%, 9/01/34, (Pre-refunded 9/01/27) |
|
9/27 at 100.00 |
|
|
1,846,052 |
|
| |
1,910 |
|
|
(c) |
|
5.000%, 9/01/35, (Pre-refunded 9/01/27) |
|
9/27 at 100.00 |
|
|
1,986,456 |
|
| |
2,065 |
|
|
(c) |
|
5.000%, 9/01/36, (Pre-refunded 9/01/27) |
|
9/27 at 100.00 |
|
|
2,147,660 |
|
|
|
|
|
|
| |
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 |
|
|
12,791,085 |
|
|
|
|
|
|
| |
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 |
|
|
17,886,469 |
|
|
|
|
|
|
| |
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 |
|
|
7,573,030 |
|
|
|
|
|
|
| |
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 |
|
|
5,010,523 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
8,062,323 |
|
| |
10,000 |
|
|
|
|
4.000%, 12/01/51 |
|
12/31 at 100.00 |
|
|
7,830,633 |
|
|
|
|
|
|
| |
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 |
|
|
1,153,929 |
|
|
|
|
|
|
| |
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 |
|
|
10,707,054 |
|
| |
|
|
|
|
|
|
|
|
Total Wisconsin |
|
|
|
|
141,813,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds
(cost $6,018,040,876) |
|
|
|
|
5,648,275,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments
(cost $6,018,040,876) |
|
|
|
|
5,648,275,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 1.7% (1.0% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS - 1.7% (1.0% of Total Investments) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 0.4% (0.2% of Total Investments) |
|
|
|
|
|
|
| $ |
12,555 |
|
|
(h) |
|
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Variable Rate Series 2018B, 4.050%, 11/15/35, (Mandatory Put 11/7/2023) |
|
11/23 at 100.00 |
|
$ |
12,555,000 |
|
| |
|
|
|
|
|
|
|
|
Total Colorado |
|
|
|
|
12,555,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri - 0.2% (0.2% of Total Investments) |
|
|
|
|
|
|
| |
6,000 |
|
|
(h) |
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Variable Rate Demand Obligations, Series 2008C, 4.060%, 5/15/38, (Mandatory Put 11/7/2023) |
|
10/23 at 100.00 |
|
|
6,000,000 |
|
| |
2,400 |
|
|
(h) |
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Variable Rate Demand Obligations, Series 2000B, 3.850%, 3/01/40, (Mandatory Put 10/31/2023) |
|
11/23 at 100.00 |
|
|
2,400,000 |
|
| |
|
|
|
|
|
|
|
|
Total Missouri |
|
|
|
|
8,400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 0.5% (0.3% of Total Investments) |
|
|
|
|
|
|
| |
16,715 |
|
|
(h) |
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Variable Rate Obligation Series C-5, 4.090%, 11/01/41, (Mandatory Put 11/7/2023) |
|
10/23 at 100.00 |
|
|
16,715,000 |
|
| |
|
|
|
|
|
|
|
|
Total New York |
|
|
|
|
16,715,000 |
|
|
|
|
|
|
|
|
|
123
NEA Nuveen AMT-Free Quality Municipal Income Fund
(continued)
Portfolio of Investments October 31,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal
Amount (000) |
|
|
|
|
Description (a) |
|
Optional Call
Provisions (b) |
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 0.6% (0.3% of Total Investments) |
|
|
|
|
|
|
| $ |
11,435 |
|
|
(h) |
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Eighth Series, Variable Rate Demand Obligations, Series 2009D, 4.070%, 8/01/31, (Mandatory Put 11/7/2023) |
|
11/23 at 100.00 |
|
$ |
11,435,000 |
|
| |
7,700 |
|
|
(h) |
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Eighth Series, Variable Rate Demand Obligations, Series 2009E, 4.070%, 8/01/31, (Mandatory Put 11/7/2023) |
|
11/23 at 100.00 |
|
|
7,700,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Pennsylvania |
|
|
|
|
19,135,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds
(cost $56,805,000) |
|
|
|
|
56,805,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
(cost $56,805,000) |
|
|
|
|
56,805,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (cost $6,074,845,876) - 170.8% |
|
|
|
|
5,705,080,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations - (2.3)% |
|
|
|
|
(78,320,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMTP Shares, Net- (5.2)%(i) |
|
|
|
|
(172,921,697) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MFP Shares, Net - (31.1)%(j) |
|
|
|
|
(1,037,002,279) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VRDP Shares, Net- (34.6)%(k) |
|
|
|
|
(1,154,720,661) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets & Liabilities, Net - 2.4% |
|
|
|
|
77,481,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares - 100% |
|
|
|
$ |
3,339,596,816 |
|
|
|
|
|
|
|
|
|
| (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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
|
| (c) |
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. |
| (d) |
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the
protection of bankruptcy. |
| (e) |
For fair value measurement disclosure purposes, investment classified as Level 3. |
| (f) |
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. |
| (g) |
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in
inverse floating rate transactions. |
| (h) |
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.
|
| (i) |
AMTP Shares, Net as a percentage of Total Investments is 3.0%. |
| (j) |
MFP Shares, Net as a percentage of Total Investments is 18.2%. |
| (k) |
VRDP Shares, Net as a percentage of Total Investments is 20.2%. |
| 144A |
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may
only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| 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
124
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
| October 31, 2023 |
|
NAD |
|
|
NEA |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Long-term investments, at
value† |
|
$ |
4,553,145,556 |
|
|
$ |
5,648,275,135 |
|
|
|
|
| Short-term investments, at valueà |
|
|
72,015,000 |
|
|
|
56,805,000 |
|
|
|
|
| Receivables: |
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
313 |
|
|
|
- |
|
|
|
|
| Interest |
|
|
68,164,546 |
|
|
|
81,399,409 |
|
|
|
|
| Investments sold |
|
|
22,415,272 |
|
|
|
48,043,701 |
|
| Other |
|
|
1,487,254 |
|
|
|
2,449,104 |
|
| |
|
|
| Total assets |
|
|
4,717,227,941 |
|
|
|
5,836,972,349 |
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
| Cash overdraft |
|
|
3,044,099 |
|
|
|
3,361,479 |
|
|
|
|
| Floating rate obligations |
|
|
78,400,000 |
|
|
|
78,320,000 |
|
|
|
|
| AMTP Shares, Net* |
|
|
727,262,648 |
|
|
|
172,921,697 |
|
|
|
|
| MFP Shares, Net** |
|
|
678,526,753 |
|
|
|
1,037,002,279 |
|
|
|
|
| VRDP Shares, Net*** |
|
|
503,596,953 |
|
|
|
1,154,720,661 |
|
|
|
|
| Payables: |
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
8,400,258 |
|
|
|
10,016,533 |
|
|
|
|
| Interest |
|
|
955,864 |
|
|
|
857,154 |
|
|
|
|
| Investments purchased - regular settlement |
|
|
13,305,178 |
|
|
|
18,071,815 |
|
|
|
|
| Investments purchased - when-issued/delayed-delivery settlement |
|
|
2,435,050 |
|
|
|
17,216,209 |
|
|
|
|
| Accrued expenses: |
|
|
|
|
|
|
|
|
|
|
|
| Custodian fees |
|
|
300,251 |
|
|
|
315,138 |
|
|
|
|
| Investor relations |
|
|
76,947 |
|
|
|
96,411 |
|
|
|
|
| Management fees |
|
|
2,228,854 |
|
|
|
2,733,324 |
|
|
|
|
| Trustees fees |
|
|
1,175,535 |
|
|
|
1,583,399 |
|
|
|
|
| Professional fees |
|
|
23,765 |
|
|
|
24,978 |
|
|
|
|
| Shareholder reporting expenses |
|
|
71,541 |
|
|
|
88,677 |
|
|
|
|
| Shareholder servicing agent fees |
|
|
16,833 |
|
|
|
17,130 |
|
|
|
|
| Other |
|
|
21,584 |
|
|
|
28,649 |
|
| |
|
|
| Total liabilities |
|
|
2,019,842,113 |
|
|
|
2,497,375,533 |
|
|
|
|
| Commitments and contingencies(1) |
|
|
|
|
|
|
|
|
|
|
|
| Net assets applicable to common shares |
|
$ |
2,697,385,828 |
|
|
$ |
3,339,596,816 |
|
|
|
|
| Common shares outstanding |
|
|
233,404,655 |
|
|
|
298,992,392 |
|
| Net asset value (“NAV”) per common share
outstanding |
|
$ |
11.56 |
|
|
$ |
11.17 |
|
| 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 |
|
|
3,239,460,830 |
|
|
|
4,011,880,077 |
|
|
|
|
| Total distributable earnings (loss) |
|
|
(544,409,049 |
) |
|
|
(675,273,185 |
) |
| |
|
|
| Net assets applicable to common shares |
|
$ |
2,697,385,828 |
|
|
$ |
3,339,596,816 |
|
|
|
|
| Authorized shares: |
|
|
|
|
|
|
|
|
|
|
|
| Common |
|
|
Unlimited |
|
|
|
Unlimited |
|
| Preferred |
|
|
Unlimited |
|
|
|
Unlimited |
|
|
|
|
|
† Long-term
investments, cost |
|
$ |
4,849,244,440 |
|
|
$ |
6,018,040,876 |
|
|
|
|
| à Short-term investments, cost |
|
$ |
72,015,000 |
|
|
$ |
56,805,000 |
|
|
|
|
| * AMTP Shares, liquidation preference |
|
|
727,500,000 |
|
|
|
173,000,000 |
|
|
|
|
| ** MFP Shares, liquidation
preference |
|
|
679,000,000 |
|
|
|
1,038,900,000 |
|
|
|
|
| *** VRDP Shares, liquidation
preference |
|
|
504,300,000 |
|
|
|
1,159,400,000 |
|
| (1) |
As disclosed in Notes to Financial Statements. |
See Notes to Financial Statements
125
Statement of Operations
|
|
|
|
|
|
|
|
|
| Year Ended October 31, 2023 |
|
NAD |
|
|
NEA |
|
|
|
|
| INVESTMENT INCOME |
|
|
|
|
|
|
|
|
| Dividends |
|
$ |
18,844 |
|
|
$ |
– |
|
| Interest |
|
|
223,302,061 |
|
|
|
268,077,695 |
|
| Total investment income |
|
|
223,320,905 |
|
|
|
268,077,695 |
|
|
|
|
| EXPENSES |
|
|
|
|
|
|
|
|
| Management fees |
|
|
27,569,986 |
|
|
|
33,960,346 |
|
| Shareholder servicing agent fees |
|
|
103,571 |
|
|
|
108,373 |
|
| Interest expense and amortization of offering costs |
|
|
78,407,806 |
|
|
|
88,368,911 |
|
| Trustees fees |
|
|
168,265 |
|
|
|
209,328 |
|
| Custodian expenses, net |
|
|
218,954 |
|
|
|
215,965 |
|
| Investor relations expenses |
|
|
180,793 |
|
|
|
214,241 |
|
| Liquidity fees |
|
|
3,924,692 |
|
|
|
10,648,571 |
|
| Merger expenses |
|
|
675 |
|
|
|
3,596 |
|
| Professional fees |
|
|
343,227 |
|
|
|
418,230 |
|
| Remarketing fees |
|
|
513,787 |
|
|
|
2,246,383 |
|
| Shareholder reporting expenses |
|
|
148,406 |
|
|
|
185,826 |
|
| Stock exchange listing fees |
|
|
70,116 |
|
|
|
101,765 |
|
| Other |
|
|
176,128 |
|
|
|
245,979 |
|
|
|
|
| Total expenses |
|
|
111,826,406 |
|
|
|
136,927,514 |
|
|
|
|
| Net investment income (loss) |
|
|
111,494,499 |
|
|
|
131,150,181 |
|
|
|
|
| REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
| Realized gain (loss) from: |
|
|
|
|
|
|
|
|
| Investments |
|
|
(59,006,602 |
) |
|
|
(78,469,770 |
) |
| Net realized gain (loss) |
|
|
(59,006,602 |
) |
|
|
(78,469,770 |
) |
|
|
|
| Change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
| Investments |
|
|
(9,283,730 |
) |
|
|
(18,105,892 |
) |
| Net change in unrealized appreciation (depreciation) |
|
|
(9,283,730 |
) |
|
|
(18,105,892 |
) |
|
|
|
| Net realized and unrealized gain (loss) |
|
|
(68,290,332 |
) |
|
|
(96,575,662 |
) |
|
|
|
| Net increase (decrease) in net assets applicable to common
shares from operations |
|
$ |
43,204,167 |
|
|
$ |
34,574,519 |
|
See Notes to Financial Statements
126
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
NAD |
|
|
NEA |
|
| |
|
Year Ended
10/31/23 |
|
|
Year Ended
10/31/22 |
|
|
Year Ended
10/31/23 |
|
|
Year Ended
10/31/22 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment income (loss) |
|
$ |
111,494,499 |
|
|
$ |
148,191,328 |
|
|
$ |
131,150,181 |
|
|
$ |
179,487,588 |
|
| Net realized gain (loss) |
|
|
(59,006,602) |
|
|
|
(127,718,956) |
|
|
|
(78,469,770) |
|
|
|
(178,698,633) |
|
| Net change in unrealized appreciation (depreciation) |
|
|
(9,283,730) |
|
|
|
(854,448,481) |
|
|
|
(18,105,892) |
|
|
|
(1,066,387,164) |
|
|
|
|
|
|
| Net increase (decrease) in net assets applicable to common shares
from operations |
|
|
43,204,167 |
|
|
|
(833,976,109) |
|
|
|
34,574,519 |
|
|
|
(1,065,598,209) |
|
|
|
|
|
|
| DISTRIBUTIONS TO COMMON SHAREHOLDERS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
(111,450,722) |
|
|
|
(159,765,489) |
|
|
|
(131,275,845) |
|
|
|
(194,972,381) |
|
|
|
|
|
|
| Total distributions |
|
|
(111,450,722) |
|
|
|
(159,765,489) |
|
|
|
(131,275,845) |
|
|
|
(194,972,381) |
|
|
|
|
|
|
| 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 |
|
|
(68,246,555) |
|
|
|
(993,741,598) |
|
|
|
(97,146,676) |
|
|
|
(1,260,570,590) |
|
| Net assets applicable to common shares at the beginning of the
period |
|
|
2,765,632,383 |
|
|
|
3,759,373,981 |
|
|
|
3,436,743,492 |
|
|
|
4,697,314,082 |
|
|
|
|
|
|
| Net assets applicable to common shares at the end of the
period |
|
$ |
2,697,385,828 |
|
|
$ |
2,765,632,383 |
|
|
$ |
3,339,596,816 |
|
|
$ |
3,436,743,492 |
|
See Notes to Financial Statements
127
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
| Year Ended October 31, 2023 |
|
NAD |
|
|
NEA |
|
| |
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
| Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations |
|
$ |
43,204,167 |
|
|
$ |
34,574,519 |
|
| Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from
operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
| Purchases of investments |
|
|
(1,169,399,314 |
) |
|
|
(1,400,657,477 |
) |
| Proceeds from sale and maturities of investments |
|
|
1,269,107,818 |
|
|
|
1,550,684,595 |
|
| Proceeds from (Purchase of) short-term investments, net |
|
|
(72,015,000) |
|
|
|
(56,805,000) |
|
| Taxes paid |
|
|
(14,217) |
|
|
|
(8,183) |
|
| Amortization (Accretion) of premiums and discounts, net |
|
|
(7,099,630) |
|
|
|
(5,396,779) |
|
| Amortization of deferred offering costs |
|
|
598,921 |
|
|
|
924,660 |
|
| (Increase) Decrease in: |
|
|
|
|
|
|
|
|
| Receivable for dividends |
|
|
106 |
|
|
|
– |
|
| Receivable for interest |
|
|
1,085,671 |
|
|
|
364,998 |
|
| Receivable for investments sold |
|
|
41,449,729 |
|
|
|
1,331,744 |
|
| Other assets |
|
|
(82,436) |
|
|
|
(183,490) |
|
| Increase (Decrease) in: |
|
|
|
|
|
|
|
|
| Payable for interest |
|
|
328,217 |
|
|
|
(12,127) |
|
| Payable for investments purchased - regular settlement |
|
|
13,305,178 |
|
|
|
11,858,229 |
|
| Payable for investments purchased - when-issued/delayed-delivery settlement |
|
|
(5,946,853) |
|
|
|
8,669,256 |
|
| Accrued custodian fees |
|
|
(111,860) |
|
|
|
(124,612) |
|
| Accrued investor relations fees |
|
|
(47,850) |
|
|
|
(70,076) |
|
| Accrued management fees |
|
|
(109,931) |
|
|
|
(164,919) |
|
| Accrued Trustees fees |
|
|
181,904 |
|
|
|
241,277 |
|
| Accrued professional fees |
|
|
(56,756) |
|
|
|
(65,713) |
|
| Accrued shareholder reporting expenses |
|
|
(11,932) |
|
|
|
(11,861) |
|
| Accrued shareholder servicing agent fees |
|
|
(1,031) |
|
|
|
(3,257) |
|
| Accrued other expenses |
|
|
(46,852) |
|
|
|
(8,996) |
|
| Net realized (gain) loss from investments |
|
|
59,006,602 |
|
|
|
78,469,770 |
|
| Net realized (gain) loss from paydowns |
|
|
(79,577) |
|
|
|
(21,097) |
|
| Net change in unrealized (appreciation) depreciation of investments |
|
|
9,283,730 |
|
|
|
18,105,892 |
|
| |
|
|
|
|
| Net cash provided by (used in) operating activities |
|
|
182,528,804 |
|
|
|
241,691,353 |
|
| |
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
| Proceeds from borrowings |
|
|
27,771,121 |
|
|
|
40,692,539 |
|
| (Repayments) of borrowings |
|
|
(80,171,121) |
|
|
|
(70,192,539) |
|
| Proceeds from floating rate obligations |
|
|
10,095,000 |
|
|
|
8,875,000 |
|
| (Repayments of) floating rate obligations |
|
|
(28,380,000) |
|
|
|
(42,120,000) |
|
| Proceeds from MFP Shares issued, at liquidation preference |
|
|
– |
|
|
|
(50,000,000) |
|
| (Repayments for) MFP Shares redeemed, at liquidation preference |
|
|
– |
|
|
|
(143,500,000) |
|
| (Repayments for) VRDP Shares redeemed, at liquidation preference |
|
|
(127,700,000) |
|
|
|
– |
|
| Increase (Decrease) in: |
|
|
|
|
|
|
|
|
| Cash overdraft |
|
|
1,435,368 |
|
|
|
3,361,479 |
|
| Cash distributions paid to common shareholders |
|
|
(113,279,172) |
|
|
|
(133,951,284) |
|
| Cost of common shares repurchased and retired |
|
|
– |
|
|
|
(445,350) |
|
| |
|
|
|
|
| Net cash provided by (used in) financing activities |
|
|
(310,228,804) |
|
|
|
(387,280,155) |
|
| |
|
| Net increase (decrease) in Cash |
|
|
(127,700,000) |
|
|
|
(145,588,802) |
|
|
|
|
| Cash at the beginning of period |
|
|
127,700,000 |
|
|
|
145,588,802 |
|
|
|
|
| Cash at the end of period |
|
$ |
– |
|
|
$ |
– |
|
| |
|
|
|
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
NAD |
|
|
NEA |
|
| |
|
|
|
|
| Cash paid for interest |
|
$ |
77,461,118 |
|
|
$ |
87,444,740 |
|
| |
|
See Notes to Financial Statements
128
[This page intentionally left
blank.]
129
Financial Highlights
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) |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| 10/31/23 |
|
|
11.49 |
|
|
|
0.44 |
|
|
|
(0.32) |
|
|
|
0.12 |
|
|
|
(0.44) |
|
|
|
– |
|
|
|
(0.44) |
|
|
|
–(c) |
|
|
|
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) |
Percentage is not annualized. |
130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares |
|
| |
|
Common Share
Total Returns |
|
|
|
|
|
|
|
Ratios to Average
Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Based
on Net Asset
Value(a) |
|
|
|
|
Based
on Share
Price(a) |
|
|
|
|
Net
Assets, End of
Period (000) |
|
|
|
|
Expenses(b) |
|
|
|
|
Net
Investment Income
(Loss)(b) |
|
|
|
|
Portfolio
Turnover
Rate |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
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 |
|
| |
|
| (b) |
● 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: |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Ratios of Interest Expense to
Average Net Assets Applicable
to Common Shares |
|
|
|
| |
|
| |
|
NAD |
|
|
NEA |
|
| |
|
| 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 |
|
| |
|
| (c) |
Value rounded to zero. |
See Notes to Financial Statements
131
Financial Highlights (continued)
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| 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. |
| (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: |
|
|
|
|
|
|
|
| |
|
Asset
Coverage Per
$1,000 Share(c) |
|
|
|
| |
|
| NEA |
|
|
|
| |
|
| 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 |
|
| |
|
| (e) |
Includes all preferred shares presented for the Fund. |
132
Notes to Financial Statements
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 diversified
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 October 31, 2023, and the period covered by these Notes to Financial Statements is the
fiscal year ended October 31, 2023 (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 Board of Trustees (the “Board”) amended the Funds’ 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 Funds’ 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.
| 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:
133
Notes to Financial Statements (continued)
|
|
|
|
|
| Fund |
|
Gross
Custodian Fee
Credits |
|
| |
|
|
|
| NAD |
|
$ |
182,196 |
|
|
|
| NEA |
|
|
205,506 |
|
| |
|
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.
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.
New Accounting Pronouncement: In March
2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new
guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial
Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional
analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. In December 2022, FASB deferred ASU 2022-04 and issued ASU 2022-06, Reference Rate Reform: Deferral of the Sunset Date of Topic 848, which extends the application of the amendments through December 31, 2024. Management has not yet elected to apply the amendments, is
continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial
statements and various filings.
| 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:
134
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, 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NAD |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
$ |
– |
|
|
$ |
4,552,682,475 |
|
|
$ |
108,508* |
|
|
$ |
4,552,790,983 |
|
| Investment Companies |
|
|
354,573 |
|
|
|
– |
|
|
|
– |
|
|
|
354,573 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
|
– |
|
|
|
72,015,000 |
|
|
|
– |
|
|
|
72,015,000 |
|
| |
|
| Total |
|
$ |
354,573 |
|
|
$ |
4,624,697,475 |
|
|
$ |
108,508 |
|
|
$ |
4,625,160,556 |
|
| |
|
|
|
|
|
|
| NEA |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
| Long-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
$ |
– |
|
|
$ |
5,648,111,383 |
|
|
$ |
163,752* |
|
|
$ |
5,648,275,135 |
|
| Short-Term Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
|
– |
|
|
|
56,805,000 |
|
|
|
– |
|
|
|
56,805,000 |
|
| |
|
| Total |
|
$ |
– |
|
|
$ |
5,704,916,383 |
|
|
$ |
163,752 |
|
|
$ |
5,705,080,135 |
|
| |
|
| * |
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
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.
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.
135
Notes to Financial Statements (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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Floating Rate
Obligations: Self-
Deposited Inverse Floaters |
|
|
Floating Rate
Obligations:
Externally-Deposited
Inverse Floaters |
|
|
Total |
|
| |
|
|
|
|
|
| NAD |
|
$ |
78,400,000 |
|
|
$ |
11,075,000 |
|
|
$ |
89,475,000 |
|
|
|
|
|
| NEA |
|
|
78,320,000 |
|
|
|
26,425,000 |
|
|
|
104,745,000 |
|
| |
|
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:
|
|
|
|
|
|
|
|
|
| Fund |
|
Average Floating
Rate Obligations Outstanding |
|
|
Average Annual
Interest Rate And Fees |
|
| |
|
|
|
|
| NAD |
|
$ |
89,160,863 |
|
|
|
3.67% |
|
|
|
|
| NEA |
|
|
93,796,151 |
|
|
|
3.62 |
|
| |
|
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.
136
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Maximum Exposure
to Recourse Trusts:
Self-Deposited Inverse Floaters |
|
|
Maximum Exposure
to Recourse Trusts: Externally-Deposited Inverse Floaters |
|
|
Total |
|
| |
|
|
|
|
|
| NAD |
|
$ |
78,400,000 |
|
|
$ |
5,450,000 |
|
|
$ |
83,850,000 |
|
|
|
|
|
| NEA |
|
|
78,320,000 |
|
|
|
26,425,000 |
|
|
|
104,745,000 |
|
| |
|
Zero Coupon Securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the
security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market
prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Purchases and sales:
Long-term purchases and sales during the current fiscal period were as follows:
|
|
|
|
|
|
|
|
|
| Fund |
|
Non-U.S.
Government Purchases |
|
|
Non-U.S.
Government Sales
and Maturities |
|
| |
|
|
|
|
| NAD |
|
$ |
1,169,399,314 |
|
|
$ |
1,269,107,818 |
|
|
|
|
| NEA |
|
|
1,400,657,477 |
|
|
|
1,550,684,595 |
|
| |
|
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.
Common Share Transactions: Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as
follows:
137
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
| |
|
NEA |
|
| |
|
Year Ended
10/31/23 |
|
|
Year Ended
10/31/22 |
|
|
|
|
| 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)% |
|
|
|
-% |
|
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 $727,262,648 and $172,921,697 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| |
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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. |
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
|
|
|
|
|
|
|
|
|
| Fund |
|
Average
Liquidation
Preference of
AMTP Shares
Outstanding |
|
|
Annualized
Dividend Rate |
|
| |
|
|
|
|
| NAD |
|
$ |
727,500,000 |
|
|
|
4.06% |
|
|
|
|
| NEA |
|
|
173,000,000 |
|
|
|
4.03 |
|
| |
|
138
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. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
● Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be
established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require
a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully
remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the
shares. Each Fund is required 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.
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.
139
Notes to Financial Statements (continued)
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 $678,526,753 and $1,037,002,279 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Series |
|
|
Shares
Outstanding |
|
|
Liquidation
Preference |
|
|
Term
Redemption Date |
|
|
Mode |
|
|
Mode
Termination Date |
|
| |
|
| NAD |
|
|
A |
|
|
|
6,070 |
|
|
|
$607,000,000 |
|
|
|
January 3, 2028 |
|
|
|
VRM |
|
|
|
January 3, 2028* |
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
720 |
|
|
|
$72,000,000 |
|
|
|
September 1, 2047 |
|
|
|
VRM |
|
|
|
April 1, 2024 |
|
| |
|
| NEA |
|
|
A |
|
|
|
1,350 |
|
|
|
$135,000,000 |
|
|
|
February 3, 2048 |
|
|
|
VRM |
|
|
|
February 3, 2048* |
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
3,350 |
|
|
|
$335,000,000 |
|
|
|
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. |
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
|
|
|
|
|
|
|
|
|
| Fund |
|
Average
Liquidation Preference of MFP
Shares Outstanding |
|
|
Annualized
Dividend Rate |
|
| |
|
|
|
|
| NAD |
|
$ |
679,000,000 |
|
|
|
4.19% |
|
|
|
|
| NEA |
|
|
1,041,639,726 |
|
|
|
3.80 |
|
| |
|
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 $503,596,953 and $1,154,720,661 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Series |
|
|
Shares
Outstanding |
|
|
Remarketing
Fees* |
|
|
Liquidation
Preference |
|
|
Maturity |
|
| |
|
| NAD |
|
|
1 |
|
|
|
2,368 |
|
|
|
0.10% |
|
|
$ |
236,800,000 |
|
|
|
September 11, 2026 |
|
|
|
|
2 |
|
|
|
2,675 |
|
|
|
0.10% |
|
|
$ |
267,500,000 |
|
|
|
September 11, 2026 |
|
| |
|
| NEA |
|
|
1 |
|
|
|
2,190 |
|
|
|
0.10% |
|
|
$ |
219,000,000 |
|
|
|
June 1, 2040 |
|
|
|
|
3 |
|
|
|
3,509 |
|
|
|
0.05% |
|
|
$ |
350,900,000 |
|
|
|
March 1, 2040 |
|
|
|
|
4 |
|
|
|
4,895 |
|
|
|
0.10% |
|
|
$ |
489,500,000 |
|
|
|
September 11, 2026 |
|
|
|
|
5 |
|
|
|
1,000 |
|
|
|
0.10% |
|
|
$ |
100,000,000 |
|
|
|
October 1, 2046 |
|
| |
|
| * |
Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series.
|
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.
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.
140
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the
current fiscal period were as follows:
|
|
|
|
|
|
|
|
|
| Fund |
|
Average
Liquidation
Preference of VRDP
Shares
Outstanding |
|
|
Annualized
Dividend Rate |
|
| |
|
| NAD |
|
$ |
504,300,000 |
|
|
|
3.26% |
|
|
|
|
| NEA |
|
1,159,400,000 |
|
|
3.23 |
|
| |
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
October 31, 2023 |
|
| NEA |
|
Series |
|
|
Shares |
|
|
Amount |
|
| |
|
| AMTP Shares noticed for redemption |
|
|
2028 |
|
|
|
(1,435 |
) |
|
$ |
(143,500,000) |
|
| |
|
Transactions in MFP Shares for the Funds, where applicable, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
October 31, 2023 |
|
| NEA |
|
Series |
|
|
Shares |
|
|
Amount |
|
| |
|
| MFP Shares redeemed |
|
|
A |
|
|
|
(500 |
) |
|
$ |
(50,000,000) |
|
| |
|
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
October 31, 2023 |
|
| NAD |
|
Series |
|
|
Shares |
|
|
Amount |
|
| |
|
| VRDP Shares noticed for redemption |
|
|
3 |
|
|
|
(1,277 |
) |
|
$ |
(127,700,000) |
|
| |
|
| 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.
141
Notes to Financial Statements (continued)
Differences between amounts for financial statement and federal income tax purposes are primarily due to timing
differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate
primarily to investments in partnerships, nondeductible offering costs, nondeductible reorganization expenses, paydowns, taxable market discount, distressed PIK bond adjustments, tax basis earnings and profit adjustments, and taxes paid. Temporary
and permanent differences have no impact on a Fund’s net assets.
As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all
investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Tax Cost |
|
|
Gross Unrealized
Appreciation |
|
|
Gross
Unrealized (Depreciation) |
|
|
Net
Unrealized Appreciation
(Depreciation) |
|
| NAD |
|
$ |
4,838,186,453 |
|
|
$ |
40,671,463 |
|
|
$ |
(332,097,407) |
|
|
$ |
(291,425,944) |
|
|
|
|
|
|
| NEA |
|
5,990,752,387 |
|
|
63,340,271 |
|
|
(427,332,476) |
|
|
(363,992,205) |
|
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 year end, the components of accumulated earnings on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Undistributed
Tax-Exempt
Income1 |
|
|
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
dividend declared on October 2, 2023 and paid on November 1, 2023. |
The tax character of distributions paid was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
10/31/23 |
|
|
10/31/22 |
|
|
|
|
|
|
|
|
| Fund |
|
Tax-Exempt
Income1 |
|
|
Ordinary
Income |
|
|
Long-Term
Capital Gains |
|
|
Tax-Exempt
Income |
|
|
Ordinary
Income |
|
|
Long-Term
Capital Gains |
|
| NAD |
|
$ |
111,085,011 |
|
|
$ |
365,711 |
|
|
$ |
– |
|
|
$ |
159,533,710 |
|
|
$ |
231,779 |
|
|
$ |
– |
|
|
|
|
|
|
|
|
| NEA |
|
|
130,286,846 |
|
|
|
988,999 |
|
|
|
– |
|
|
|
193,772,024 |
|
|
|
1,200,357 |
|
|
|
– |
|
| 1 |
Each Fund designates these amounts paid during the period as Exempt Interest Dividends. |
As of year end, the Funds had capital loss carryforwards, which will not expire:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Short-Term |
|
|
Long-Term |
|
|
Total |
|
| NAD1 |
|
$ |
137,780,533 |
|
|
$ |
111,506,049 |
|
|
$ |
249,286,582 |
|
|
|
|
|
| NEA1
|
|
|
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. |
| 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:
142
|
|
|
|
|
| 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 |
|
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined
according to the following schedule by the Fund’s daily managed assets:
|
|
|
|
|
| Complex-Level Eligible Asset Breakpoint Level* |
|
Effective Complex-Level Fee Rate at Breakpoint Level |
|
| $55 billion |
|
|
0.2000 |
% |
| $56 billion |
|
|
0.1996 |
|
| $57 billion |
|
|
0.1989 |
|
| $60 billion |
|
|
0.1961 |
|
| $63 billion |
|
|
0.1931 |
|
| $66 billion |
|
|
0.1900 |
|
| $71 billion |
|
|
0.1851 |
|
| $76 billion |
|
|
0.1806 |
|
| $80 billion |
|
|
0.1773 |
|
| $91 billion |
|
|
0.1691 |
|
| $125 billion |
|
|
0.1599 |
|
| $200 billion |
|
|
0.1505 |
|
| $250 billion |
|
|
0.1469 |
|
| $300 billion |
|
|
0.1445 |
|
| * |
For the complex-level fees, managed assets include closed-end fund assets managed
by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse
floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as
to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen
open-end and closed-end funds that constitute ‘’eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds
or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, 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 October 31, 2023, the complex-level fee for each Fund was as follows:
|
|
|
|
|
|
| Fund |
|
Complex-Level Fee |
|
| |
|
| NAD |
|
|
0.1623% |
|
|
|
| NEA |
|
|
0.1623% |
|
| |
|
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 (“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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Purchases |
|
|
Sales |
|
|
Realized
Gain (Loss) |
|
| |
|
| NAD |
|
$ |
192,067,978 |
|
|
$ |
191,423,762 |
|
|
$ |
(13,218,843) |
|
|
|
|
|
| NEA |
|
|
214,700,323 |
|
|
|
222,870,897 |
|
|
|
(14,907,566) |
|
| |
|
143
Notes to Financial Statements (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.
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 ongoing 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 current credit facility was entered into on June 21, 2023 expiring on June 19, 2024, replacing the previous facility, which expired in June 2023.
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. The Participating Funds also incurred a 0.05% upfront fee on the increased commitments from select lenders. 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:
|
|
|
|
|
| Fund |
|
Maximum
Outstanding Balance |
|
| NAD |
|
|
$ 22,128,276 |
|
|
|
| NEA |
|
19,934,204 |
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
|
Utilization
Period (Days Outstanding) |
|
|
Average
Daily Balance
Outstanding |
|
|
Average Annual
Interest Rate |
|
| |
|
| NAD |
|
|
18 |
|
|
$ |
7,674,535 |
|
|
|
5.43% |
|
|
|
|
|
| NEA |
|
|
32 |
|
|
|
10,044,119 |
|
|
|
5.33 |
|
| |
|
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
144
priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total
outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its
aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the
duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and
may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The
Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the
Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there
is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another
fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period,
none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
Updated Distribution Policy: As noted in the Common Share information section of this report, effective with distributions payable on December 1, 2023, each
Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from
time to time). The Fund intends to distribute all or substantially all of its net investment income 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 the Fund’s distribution includes anything other than net investment income,
the Fund will provide a notice to shareholders of its best estimate of the distribution sources at that the time of the distribution. 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.
145
Shareholder Update
(Unaudited)
CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS
NUVEEN QUALITY MUNICIPAL INCOME FUND (NAD)
Investment
Objectives
The Fund’s investment objectives are to provide current income exempt from regular federal income tax and to enhance portfolio value relative to
the municipal bond market by investing in tax-exempt municipal securities that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are
undervalued.
Investment Policies
Under normal circumstances, the Fund
will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes.
“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the
Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not
those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.
Under normal circumstances:
| |
● |
|
The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the
federal alternative minimum tax. |
| |
● |
|
The Fund may invest up to 35% of its Managed Assets in securities that, at the time of investment, are rated below the three
highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s
sub-adviser. |
| |
● |
|
The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. |
| |
● |
|
The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s
Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
| |
● |
|
The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.
|
The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may
change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from
regular federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the
approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than
50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
Portfolio Contents
The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects,
certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts
(“TOB Trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of
interest income that is exempt from regular U.S. federal income tax.
Municipal securities are debt obligations generally issued by states, cities and local
authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may also invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers
(“AMT Bonds”). AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.
The Fund may
invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to
acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an
installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under
146
such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata
undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation
interest in the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally
are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue
anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various
tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available
under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond
anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the
Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from
taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.”
Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund may invest in pre-refunded municipal securities. The principal of and interest
on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S.
government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal
securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower
market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However,
except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or
are redeemed by the issuer.
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds
to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity.
Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal
tax laws place substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing
districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district
and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets
Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes
called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the
TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate
securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing
provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity
or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that
institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are
organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial
period after the issuance of the obligation.
The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a
later date, normally within 15 to 45 days of the trade date.
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable),
including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the
“1933 Act”), and repurchase agreements with maturities in excess of seven days.
147
Shareholder Update (Unaudited) (continued)
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to
enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit
default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve
a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a
synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted
to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).
The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded
funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and
regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).
Use of Leverage
The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a
number of methods including the issuance of preferred shares of beneficial interest (“Preferred Shares”), investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and
borrowings (subject to certain investment restrictions). In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary
depending on market conditions.
Temporary Defensive Periods
During
temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary
dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully
invested, the Fund may invest any percentage of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may
not achieve its investment objectives during such periods.
148
NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND (NEA)
Investment Objectives
The Fund’s investment objectives are to provide
current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio value relative to the municipal bond market by investing in
tax-exempt municipal securities that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.
Investment Policies
As a fundamental investment policy, under normal
circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments that pay interest exempt from regular federal income tax. Additionally, as a fundamental investment policy, under
normal circumstances, the Fund will invest at least 80% of its Assets in a portfolio of securities, the income from which is exempt from the federal alternative minimum tax applicable to individuals. As
a non-fundamental investment policy, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) in municipal securities and other related investments the income
from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase.
“Assets” means net assets of the Fund plus
the amount of any borrowings for investment purposes. “Managed Assets” means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total
assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and
derivatives will be valued at their market value.
Additionally, as a non-fundamental policy, the Fund:
| |
● |
|
May invest up to 35% of its Managed Assets in securities rated, at the time of investment, below the three highest grades
(Baa or BBB or lower) by at least one NRSRO which includes below-investment-grade securities, or unrated securities judged to be of comparable quality by the Fund’s sub-adviser.
|
| |
● |
|
May invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is
in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the
Fund’s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another
party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the
Fund. |
| |
● |
|
May invest up to 15% of its Managed Assets in inverse floating rate securities. |
| |
● |
|
The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s
Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
| |
● |
|
The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.
|
The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may
change the policies described above without a shareholder vote. However, with respect to the Fund’s fundamental policy of investing at least 80% of its Assets in municipal securities and other related investments that pay interest exempt from
both regular federal income tax and the federal alternative minimum tax applicable to individuals such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common
shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or
more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.
Portfolio Contents
The Fund generally invests its assets in a portfolio of
municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB Trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments
that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.
Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as
Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.
The Fund may invest in municipal securities
that are additionally secured by insurance, bank credit agreements or escrow accounts.
149
Shareholder Update (Unaudited) (continued)
The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such
leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes
in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency,
a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided
interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in
the underlying municipal securities, plus accrued interest.
The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to
provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes,
bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such
as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue
sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and
revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure
these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing
generally secure the obligations of an issuer of municipal notes.
The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal
securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.
The Fund
may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original
revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as
the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call
or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument
for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made,
the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.
The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated
housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private
activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place
substantial limitations on the size of such issues.
The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are
organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos
bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.
The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets
Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes
called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the
TOB trust, which effectively leverages the Fund’s investment.
The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate
securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing
provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity
or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that
institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are
organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.
The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period
after the issuance of the obligation.
The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later
date, normally within 15 to 45 days of the trade date.
150
The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not
limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess
of seven days.
The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain
risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and MMD Rate
Locks), options on financial futures, options on swap contracts or other derivative instruments.
The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock
permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the
price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will
ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield
curves (i.e., wide differences between short term and long term interest rates).
The Fund may also invest in securities of other
open-or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the
rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.
Use of Leverage
The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a
number of methods including the issuance of Preferred Shares, investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (subject to certain investment
restrictions). In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.
Temporary Defensive Periods
During temporary defensive periods or in order to
help keep the Fund’s assets fully invested, including during the period within which the net proceeds of an offering of Securities are first being invested, the Fund may deviate from its investment policies and objectives. During such periods,
the Fund may invest any percentage of its Managed Assets in short-term investments, including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its
investment objectives during such periods.
151
Shareholder Update (Unaudited) (continued)
PRINCIPAL RISKS OF THE FUNDS
The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject
to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can
change over time.
|
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|
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| Risk |
|
Nuveen Quality Municipal
Income Fund
(NAD) |
|
Nuveen AMT-Free Quality
Municipal Income Fund
(NEA) |
|
|
|
| Portfolio
Level Risks |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alternative Minimum Tax Risk |
|
|
|
X |
|
|
|
|
- |
|
|
|
|
| Below Investment Grade Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Call Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Credit Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Credit Spread Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Deflation Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Derivatives Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Distressed or Defaulted Securities Risk |
|
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|
X |
|
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|
|
X |
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|
| Duration Risk |
|
|
|
X |
|
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|
X |
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|
| Economic Sector Risk |
|
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|
X |
|
|
|
|
X |
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|
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| Financial Futures and Options Risk |
|
|
|
X |
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|
X |
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| Hedging Risk |
|
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|
X |
|
|
|
|
X |
|
|
|
|
| Illiquid Investments Risk |
|
|
|
X |
|
|
|
|
X |
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|
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|
| Income Risk |
|
|
|
X |
|
|
|
|
X |
|
|
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| Inflation Risk |
|
|
|
X |
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|
X |
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| Insurance Risk |
|
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|
X |
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|
X |
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| Interest Rate Risk |
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|
X |
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|
X |
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| Inverse Floating Rate Securities Risk |
|
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|
X |
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|
X |
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| Municipal Securities Market Liquidity
Risk |
|
|
|
X |
|
|
|
|
X |
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|
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| Municipal Securities Market Risk |
|
|
|
X |
|
|
|
|
X |
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| Other Investment Companies Risk |
|
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|
X |
|
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|
X |
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|
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| Puerto Rico Municipal Securities Market
Risk |
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|
X |
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|
X |
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| Reinvestment Risk |
|
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|
X |
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|
X |
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| Special Risks Related to Certain Municipal
Obligations |
|
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|
X |
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|
X |
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|
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| Swap Transactions Risk |
|
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|
X |
|
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|
|
X |
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| Tax Risk |
|
|
|
X |
|
|
|
|
X |
|
|
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| Taxability Risk |
|
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|
X |
|
|
|
|
X |
|
|
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| Tobacco Settlement Bond Risk |
|
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|
X |
|
|
|
|
X |
|
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|
| Unrated Securities Risk |
|
|
|
X |
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|
|
|
X |
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|
|
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| Valuation Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
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| Zero Coupon Bonds Risk |
|
|
|
X |
|
|
|
|
X |
|
152
|
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|
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| Risk |
|
Nuveen Quality Municipal
Income Fund
(NAD) |
|
Nuveen AMT-Free Quality
Municipal Income Fund
(NEA) |
|
|
|
| Fund Level
and Other Risks |
|
|
|
|
|
|
|
|
|
|
|
|
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| Anti-Takeover Provisions |
|
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|
X |
|
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|
X |
|
|
|
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| Counterparty Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
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| Cybersecurity Risk |
|
|
|
X |
|
|
|
|
X |
|
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|
|
| Economic and Political Events Risk |
|
|
|
X |
|
|
|
|
X |
|
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| Fund Tax Risk |
|
|
|
X |
|
|
|
|
X |
|
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|
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| Global Economic Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
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| Investment and Market Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
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| Legislation and Regulatory Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Leverage Risk |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Market Discount from Net Asset Value |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Recent Market Conditions |
|
|
|
X |
|
|
|
|
X |
|
|
|
|
| Reverse Repurchase Agreement Risk |
|
|
|
X |
|
|
|
|
X |
|
153
Shareholder Update (Unaudited) (continued)
Portfolio Level Risks:
Alternative Minimum Tax Risk. The Fund may invest in AMT Bonds. Therefore, a portion of the Fund’s otherwise exempt-interest dividends may be taxable
to those shareholders subject to the federal alternative minimum tax.
Below Investment Grade Risk. Investments of below investment grade quality are regarded
as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade investments of comparable terms
and duration. Issuers of lower grade investments may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade investments are typically more sensitive to negative developments,
such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated investments may not be as liquid as the secondary market for more highly rated investments, a factor which may have an adverse
effect on the Fund’s ability to dispose of a particular investment. If a below investment grade security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.
Call Risk. The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the
issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the
possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the
Fund’s income.
Credit Risk. Issuers of municipal securities in which the Fund may invest may default on their obligations to pay principal or interest
when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing non-payment and potentially a
decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely
affected.
Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to
differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often
increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.
Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of
issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.
Derivatives Risk. The use of
derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal
security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses
that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the
Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a
cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be
more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for
gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested.
It is
possible that regulatory or other developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability successfully use derivative instruments.
Distressed or Defaulted Securities Risk. Investments in “distressed” securities, meaning those whose issuers are experiencing financial difficulties or
distress at the time of acquisition, present a substantial risk of future default. In the event distressed securities become defaulted securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional
expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire
investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale.
Duration Risk. Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates
(or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or
portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a
security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to
maturity.
Economic Sector Risk. The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may
make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of
the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the
municipal securities market, such as health care facilities, private educational facilities, special taxing
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districts and start-up utility districts, and private activity bonds including
industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund
invests a significant portion of its assets in one or more particular sectors, the Fund’s performance may be subject to additional risk and variability.
Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of
increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.
If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be
required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a
put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset
by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option
position, and the Fund would remain obligated to meet margin requirements until the position is closed.
Hedging Risk. The Fund’s use of
derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the sub-adviser’s ability to predict correctly changes in the relationships of
such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be
correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by
offsetting the positive effects of favorable price movements and may result in net losses.
Illiquid Investments Risk. Illiquid investments are
investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or, if they are
unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could
sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can
also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and
demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with
substantial losses. Periods of such market dislocation may occur again at any time.
Income Risk. The Fund’s income could decline due to falling market
interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.
Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of
money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase.
Insurance Risk. The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the
companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to
sub-prime mortgages and other lower credit quality investments. As a result, such losses reduced the insurers’ capital and called into question their continued ability to perform their obligations under
such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the
market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not
add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares
represented by such insured obligation.
Interest Rate Risk. Interest rate risk is the risk that municipal securities in the Fund’s portfolio will decline
in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier
than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities,
potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal
securities as interest rates change.
Inverse Floating Rate Securities Risk. The Fund may invest in inverse floating rate securities. In general, income on
inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated
interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the
market value of such securities generally will be more volatile than that of fixed rate securities.
The Fund may invest in inverse floating rate securities issued by
special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.
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Shareholder Update (Unaudited) (continued)
The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other
Fund portfolio holdings in certain circumstances, including, but not limited to, the following:
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● |
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If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market
conditions; |
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If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently
seek to terminate their respective outstanding special purpose trusts; and |
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If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund.
|
Municipal Securities Market Liquidity Risk. Inventories of municipal securities held by brokers and dealers have decreased in recent years,
lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities at attractive prices, and increase municipal security
price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease
the Fund’s ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a
negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities’ prices and hurt performance.
Municipal Securities Market Risk. The amount of public information available about the municipal securities in the Fund’s portfolio is generally less than
that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the sub-adviser than if the Fund were a stock fund or taxable
bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability
to sell its municipal securities at attractive prices.
Other Investment Companies Risk. The Fund may invest in the securities of other investment companies,
including ETFs. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other
investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing
directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the
Fund’s leverage risk.
With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and
relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of
authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their
NAV.
Puerto Rico Municipal Securities Market Risk. To the extent that the Fund invests a significant portion of its assets in
the securities issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations (collectively referred to as “Puerto Rico” or the “Commonwealth”), it will be
disproportionally affected by political, social and economic conditions and developments in the Commonwealth. In addition, economic, political or regulatory changes in that territory could adversely affect the value of the Fund’s investment
portfolio.
Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of
unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund’s investments in Puerto Rican municipal securities. Several major ratings agencies have
downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. Puerto Rico recently defaulted on its
debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico
economy and may negatively affect the value, liquidity, and volatility of the Fund’s investments in Puerto Rican municipal securities. Additionally, numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic
Stability Act (“PROMESA”), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico’s case is the first ever heard under PROMESA and there is no existing
case precedent to guide the proceedings. Accordingly, Puerto Rico’s debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will
ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and
other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Legislation that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that
Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund’s investments in Puerto Rican municipal securities.
These challenges and uncertainties have been exacerbated by multiple hurricanes and the resulting natural disasters that have stuck Puerto Rico since 2017. The full
extent of the natural disasters’ impact on Puerto Rico’s economy and foreign investment in Puerto Rico is difficult to estimate.
Reinvestment Risk.
Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current
earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.
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Special Risks Related to Certain Municipal Obligations. Municipal leases and certificates of participation
involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental
issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of
the inclusion in many leases or contracts of “non-appropriation” clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is
appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the
leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or
foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund’s original investment. In the event of non-appropriation, the
issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued.
Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the
certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing
the certificate of participation.
Swap Transactions Risk. The Fund may enter into debt-related derivative instruments such as credit default swap
contracts and interest rate swaps. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In
addition, the use of swaps requires an understanding by the adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these
techniques were not used.
Tax Risk. The value of the Fund’s investments and its NAV may be adversely affected by changes in tax rates, rules and
policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income
tax rates or changes in the tax exempt status of interest income from municipal securities. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax exempt or
tax-deferred accounts, for investors who are not sensitive to the federal income tax consequences of their investments.
Taxability Risk. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest
paid on those securities will be excludable from gross income for regular federal income tax purposes, and the sub-adviser will not independently verify that opinion. Subsequent to the Fund’s acquisition
of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as “exempt-interest dividends” could be
adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. Certain other investments made by the Fund, including derivatives transactions, may result in the receipt of taxable income or gains by the
Fund.
Tobacco Settlement Bond Risk. The Fund may invest in tobacco settlement bonds. Tobacco settlement bonds are municipal securities that are backed solely
by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate
share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the “MSA”). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is
dependent on many factors, including, among other things, reduced cigarette consumption. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.
Unrated Securities Risk. The Fund may purchase securities that are not rated by any rating organization. Unrated securities determined by the
Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less
public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty
selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would
be the case when the Fund invests in rated securities.
Valuation Risk. The municipal securities in which the Fund invests typically are valued by a pricing
service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no
assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price municipal securities assuming orderly transactions of an
institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into
their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could
be a material impact, either positive or negative, on the Fund’s NAV.
Zero Coupon Bonds Risk. Because interest on zero coupon bonds is not paid on a
current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not
produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.
Fund Level and Other Risks:
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Shareholder Update (Unaudited) (continued)
Anti-Takeover Provisions. The Fund’s organizational documents include provisions that could limit the
ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status, which include those commonly known as “Control Share Acquisition” provisions. Although the
application of the “Control Share Acquisition” provisions has currently been suspended, these provisions could have the effect of depriving the common shareholders of opportunities to sell their common shares at a premium over the
then-current market price of the common shares.
Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties
with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may
incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have
reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could
experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.
Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents
refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide
technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes
or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage,
and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put
in place by its service providers or any other third parties whose operations may affect the Fund.
Economic and Political Events Risk. The Fund may be more
sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or
utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or
local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities.
Fund Tax Risk. The Fund
has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S.
federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and
diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any
of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital
gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital
gain (if any), would be taxable to shareholders as dividends.
Global Economic Risk. National and regional economies and financial markets are becoming
increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic
conditions may cause fluctuations in markets and assets prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies like China’s, may
have global negative economic and market repercussions. Additionally, instability in various countries, such as Afghanistan and Syria, war and natural and environmental disasters, and the spread of infectious illnesses or other public health
emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, the European debt crisis, the response of the international community—through economic sanctions and
otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress and other similar events may adversely affect the global economy and the markets and issuers in
which the Fund invests. Recent examples of such events include Hamas’ attack on Israel in October 2023 and the ensuing conflict, the outbreak of a novel coronavirus known as COVID-19 that was first
detected in China in December 2019 and heightened concerns regarding North Korea’s nuclear weapons and long-range ballistic missile programs. In addition, Russia’s invasion of Ukraine in February 2022 has resulted in sanctions imposed by
several nations, such as the United States, United Kingdom, European Union and Canada. The current sanctions and potential further sanctions may negatively impact certain sectors of Russia’s economy, but also may negatively impact the value of
the Fund’s investments that do not have direct exposure to Russia. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global
economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s sub-adviser, rely, and could otherwise
disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.
The Fund does not know and cannot predict how
long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements
and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and
international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and
agreements.
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Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major
economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick
reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you
invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original
investment, even after taking into account the reinvestment of Fund dividends and distributions.
Legislation and Regulatory Risk. At any time after the date
of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such
legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.
Leverage Risk. The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater
volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price,
than if the Fund were not to have used leverage.
The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of
leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions, composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may
impact the Fund’s distributions and the price of the common shares in the secondary market. There is no assurance that the Fund’s use of leverage will be successful.
The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the
form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result
in a higher yield or return to common shareholders.
The amount of fees paid to the investment adviser and the sub-advisor for
investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the
sub-advisor to leverage the Fund or increase the Fund’s leverage.
Market Discount from Net Asset Value. Shares of
closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a
result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above
or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during
periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such
as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV.
The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.
Recent Market
Conditions. Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some
countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/ or reductions to corporate taxes. The scope of these policy
changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such
changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected
global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant
exposure to such country or region.
Ukraine has experienced ongoing military conflict, most recently in February 2022 when Russia invaded Ukraine; this conflict may
expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but
could profoundly affect global economies and markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel’s southern border from the Gaza Strip. Israel has since
declared war against Hamas and it’s possible that this conflict could escalate into a greater regional conflict. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect
global economies and markets.
The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other
country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of
individual companies and/or large segments of China’s export industry, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in
China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade
159
Shareholder Update (Unaudited) (continued)
tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as
the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.
Recently the U.S. Federal Reserve (the “Fed”) has sharply raised interest rates and has signaled an intention to continue to do so or maintain higher interest
rates until current inflation levels re-align with the Fed’s long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in
March 2023, the Federal Deposit Insurance Corporation (“ “FDIC” ”) was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second-and third-largest bank failures in U.S. history, which failures may be
attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally.
Reverse
Repurchase Agreement Risk. A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a
leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse
repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be
identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio
actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.
160
EFFECTS OF LEVERAGE
The
following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other
forms of leverage, such as reverse repurchase agreements and investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments
held in a Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of October 31, 2023
as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Funds on such instruments (based on actual leverage costs incurred during the fiscal year
ended October 31, 2023) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest
expense rate. The information below does not reflect any Fund’s use of certain derivative instruments.
The numbers are merely estimates, used for illustration.
The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment
portfolio returns experienced or expected to be experienced by the Funds. Your actual returns may be greater or less than those appearing below.
|
|
|
|
|
|
|
|
|
|
|
| |
|
Nuveen Quality
Municipal Income
Fund
(NAD) |
|
Nuveen AMT-Free
Quality Municipal Income Fund
(NEA) |
|
|
|
| Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage) |
|
42.58% |
|
42.58% |
|
|
|
| Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage |
|
3.92% |
|
3.58% |
|
|
|
| Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest
Expense Rate on Leverage |
|
1.67% |
|
1.52% |
|
|
|
| Common Share Total Return for (10.00)% Assumed Portfolio Total Return |
|
(20.32)% |
|
(20.07)% |
|
|
|
| Common Share Total Return for (5.00)% Assumed Portfolio Total Return |
|
(11.61)% |
|
(11.36)% |
|
|
|
| Common Share Total Return for 0.00% Assumed Portfolio Total Return |
|
(2.91)% |
|
(2.65)% |
|
|
|
| Common Share Total Return for 5.00% Assumed Portfolio Total Return |
|
5.80% |
|
6.05% |
|
|
|
| Common Share Total Return for 10.00% Assumed Portfolio Total
Return |
|
14.51% |
|
14.76% |
Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount
of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities
and other instruments the Fund owns. As required by SEC rules, the table assumes that the Funds are more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the
income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the
value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such
leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time,
will depend on many factors.
161
Shareholder Update (Unaudited) (continued)
DIVIDEND REINVESTMENT PLAN
Nuveen Closed-End Funds Automatic Reinvestment Plan
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest,
you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions
that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month
you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be
purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading
at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the “Plan Agent”) begins purchasing Fund shares on the open market while shares are trading below NAV, but the
Fund’s shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares
at a price equal to the greater of the shares’ NAV or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested
shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the
market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid
by Dividend Reinvestment Plan (the “Plan”) participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at
any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your
behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the
Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.
162
CHANGES OCCURRING DURING THE FISCAL YEAR
The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes
that have occurred since you purchased shares of a Fund.
During the most recent fiscal year, there have been no changes required to be reported in connection with:
(i) the Funds’ investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; (iv) a Fund’s charter
or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders except as follows:
Principal Risks
The following risk factor was added as
a principal risk to the Funds:
Fund Tax Risk. The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company
(“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net
capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when
it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the
Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income
were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends.
The following principal risks were consolidated into a single risk factor entitled, “Economic Sector Risk,” and are therefore no longer included as stand-alone
principal risks:
Sector and Industry Risk. Subject to the concentration limits of the Fund’s investment policies and guidelines, a Fund may
invest a significant portion of its net assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more
susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its net assets in the sectors noted above, the Fund’s performance may be
subject to additional risk and variability.
Sector Focus Risk. At times, the Fund may focus its investments (i.e., overweight its investments relative to the
overall municipal securities market) in one or more particular sectors, which may subject the Fund to additional risk and variability. Securities issued in the same sector may be similarly affected by economic or market events, making the Fund more
vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the NAV of the
Fund’s common shares.
The following principal risk was removed as a principal risk of the Funds:
LIBOR Replacement Risk. The London Inter-Offered Bank Rate (“LIBOR”) is an index rate that historically has been widely used in lending transactions and
remains a common reference rate for setting the floating interest rate on private loans. The use of the LIBOR will begin to be phased out in the near future, which may adversely affect the Fund’s investments whose value is tied to LIBOR. While
the Secured Overnight Financing Rate (“SOFR”) has been recommended as the replacement rate for LIBOR, and some product markets have adopted the use of SOFR, LIBOR may still be used as a reference rate until such time that private markets
have fully transitioned to using SOFR or other alternative reference rates recommended by applicable market regulators. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for
instruments that currently rely on LIBOR. The potential effect of a discontinuation of LIBOR on the Fund’s investments will vary depending on, among other things: (1) existing fallback provisions that provide a replacement reference rate
if LIBOR is no longer available; (2) termination provisions in individual contracts; and (3) how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments held by
the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR until it is clearer how the Fund’s products and instruments will be impacted by this transition.
Developments Regarding the Funds’ Control Share By-Law
On October 5, 2020, the Nuveen Quality Municipal Income Fund and the Nuveen AMT-Free Quality Municipal Income Fund (each a
“Fund” and collectively 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’
163
Shareholder Update (Unaudited) (continued)
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
Board amended the Funds’ bylaws 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.
Investment Policies
Effective June 22, 2023, the Board of Trustees (the “Board”) of each Fund approved a change in each Fund’s maturity policy. Each Fund’s maturity
policy effective as of June 22, 2023 is presented below:
“Under normal circumstances, the Fund will generally maintain an investment portfolio with an
overall weighted average maturity of greater than 10 years.”
Portfolio Managers
Effective October 13, 2023, Stephen J. Candido and Michael S. Hamilton were added as portfolio managers for each Fund. Christopher L. Drahn will retire from Nuveen
April 1, 2024 and will continue to serve as portfolio manager for each Fund until that time.
Stephen J. Candido, CFA, is Managing Director and Portfolio
Manager at Nuveen Asset Management, LLC (“NAM”). He began his career in the financial services industry when he joined NAM in 1996. He served as a research analyst specializing in high yield sectors before assuming portfolio management
responsibilities in 2016.
Michael S. Hamilton is Managing Director and Portfolio Manager at NAM. He began his career in the financial services industry in 1989 and
joined NAM in 2011. He assumed portfolio management responsibilities in 1992.
164
UPDATED DISCLOSURES FOR THE FUND’S EFFECTIVE SHELF OFFERING REGISTRATION STATEMENT
The following includes additional disclosures for the Fund in this annual report with an effective shelf offering registration statement as of the fiscal year ended
October 31, 2023.
NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND (NEA)
SENIOR SECURITIES
The following table sets forth information regarding the
Fund’s outstanding senior securities as of the end of the Fund’s last ten fiscal years, as applicable. The Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as
defined in the Investment Company Act of 1940, as amended (1940 Act). The information in this table has been audited by KPMG LLP, independent registered public accounting firm. The Fund’s audited financial statements, including the report of
KPMG LLP thereon, and accompanying notes thereto, are included in this Annual Report.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Adjustable Rate
MuniFund Term
Preferred (AMTP)
Shares at the End of
Period |
|
|
MuniFund Preferred
(MFP) Shares at the End
of Period |
|
|
MuniFund Term
Preferred (MTP)Shares at
the End of Period |
|
|
Variable Rate
MuniFund Term
Preferred (VMTP)
Shares at the End of
Period |
|
|
Variable Rate
Demand Preferred
(VRDP) Shares at the
End of Period |
|
|
AMTP, MFP,
MTP, VMTP and/or
VRDP Shares at
the End of
Period |
|
| |
|
| Year Ended
10/31: |
|
Aggregate
Amount |
|
|
Asset
Coverage Per
$100,000 Share(2) |
|
|
Aggregate
Amount Outstanding
(000)(1) |
|
|
Asset
Coverage Per
$100,000 Share(2),(3) |
|
|
Aggregate
Amount Outstanding
(000)(1) |
|
|
Asset
Coverage Per $10 Share(4) |
|
|
Aggregate
Amount Outstanding
(000)(1) |
|
|
Asset
Coverage |
|
|
Aggregate
Amount Outstanding
(000)(1) |
|
|
Asset
Coverage Per
$100,000 Share(2) |
|
|
Asset
Coverage Per $1
Liquidation Preference |
|
| |
|
| 2023 |
|
|
$173,000 |
|
|
|
$240,834 |
|
|
|
$1,038,900 |
|
|
|
$240,834 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$1,159,400 |
|
|
|
$240,834 |
|
|
|
$2.41 |
|
| 2022 |
|
|
$173,000 |
|
|
|
$240,229 |
|
|
|
$1,088,900 |
|
|
|
$240,229 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$1,159,400 |
|
|
|
$240,229 |
|
|
|
$2.40 |
|
| 2021 |
|
|
$316,500 |
|
|
|
$283,145 |
|
|
|
$1,088,900 |
|
|
|
$283,145 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$1,159,400 |
|
|
|
$283,145 |
|
|
|
$2.83 |
|
| 2020 |
|
|
$143,500 |
|
|
|
$280,550 |
|
|
|
$ 958,000 |
|
|
|
$280,550 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$1,290,300 |
|
|
|
$280,550 |
|
|
|
$2.81 |
|
| 2019 |
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 958,000 |
|
|
|
$282,066 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$1,290,300 |
|
|
|
$282,066 |
|
|
|
$2.82 |
|
| 2018 |
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 958,000 |
|
|
|
$265,448 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$1,290,300 |
|
|
|
$265,448 |
|
|
|
$2.65 |
|
| 2017 |
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$773,000 |
|
|
|
$291,919 |
|
|
|
$1,290,300 |
|
|
|
$291,919 |
|
|
|
$2.92 |
|
| 2016 |
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$773,000 |
|
|
|
$295,667 |
|
|
|
$1,290,300 |
|
|
|
$295,667 |
|
|
|
$2.96 |
|
| 2015 |
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$151,000 |
|
|
|
$333,349 |
|
|
|
$ 349,900 |
|
|
|
$333,349 |
|
|
|
$3.33 |
|
| 2014 |
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$ 0 |
|
|
|
$0 |
|
|
|
$0 |
|
|
|
$151,000 |
|
|
|
$338,193 |
|
|
|
$ 349,900 |
|
|
|
$338,193 |
|
|
|
$3.38 |
|
| |
|
| (1) |
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. |
| (2) |
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. |
| (3) |
The Fund’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 the Fund’s Series D MFP Shares were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Fiscal Year Ended October 31 |
| Series D MFP Shares |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
2018 |
| Asset Coverage Per $1,000 Share* |
|
$2,408 |
|
$2,402 |
|
$2,831 |
|
$2,805 |
|
$2,800 |
|
$0 |
165
Shareholder Update (Unaudited) (continued)
| * |
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, and multiplying the result by 1,000.
|
| (4) |
Asset Coverage Per $10: Asset coverage per $10 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, and multiplying the result by 10. The Ending and
Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows: |
|
|
|
|
|
| |
|
Fiscal Year Ended
October 31 |
|
|
| Series 2015 (NEA PRCCL) |
|
2014 |
| Ending Market Value per Share |
|
$0 |
| Average Market Value per Share |
|
$10.05** |
| ** |
For the period November 1, 2013 through December 20, 2013. |
UNRESOLVED STAFF COMMENTS
The Fund believes that there are no material
unresolved written comments, received 180 days or more before October 31, 2023, from the Staff of the Securities and Exchange Commission (SEC) regarding any of its periodic or current reports under the Securities Exchange Act or the Investment
Company Act of 1940, or its registration statement.
166
Important Tax Information
(Unaudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are
advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to
shareholders shortly after calendar year end.
Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to
Section 852(b)(3) of the Internal Revenue Code:
|
|
|
|
|
| Fund |
|
Net Long-Term
Capital Gains |
|
| NAD |
|
|
$– |
|
| NEA |
|
|
– |
|
167
Additional Fund Information
(Unaudited)
|
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| Board of Trustees |
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| Jack B. Evans |
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William C. Hunter |
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Amy B.R. Lancellotta |
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Joanne T. Medero |
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Albin F. Moschner |
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John K. Nelson |
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| Matthew Thornton III |
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Terence J. Toth |
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Margaret L. Wolff |
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Robert L. Young |
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| Investment Adviser Nuveen Fund Advisors, LLC
333 West Wacker Drive Chicago, IL 60606 |
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Custodian State Street Bank
& Trust Company One Lincoln Street
Boston, MA 02111 |
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Legal Counsel Chapman and Cutler LLP
Chicago, IL 60603 |
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Independent Registered Public Accounting Firm
KPMG LLP 200 East Randolph Street
Chicago, IL 60601 |
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Transfer Agent and Shareholder Services
Computershare Trust Company, N.A. 150 Royall Street
Canton, MA 02021 (800) 257-8787 |
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.
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NAD |
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NEA |
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| Common shares repurchased |
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0 |
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45,000 |
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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.
168
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.
Gross Domestic Product (GDP): The total market value of all final goods and
services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Inverse Floating Rate Securities: Inverse floating rate securities 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
169
Glossary of Terms Users in the Report (Unaudited) (continued)
generally are more volatile than the market prices of bonds that pay interest periodically.
170
Annual Investment Management Agreement Approval Process
(Unaudited)
At a meeting held
on May 23-25, 2023 (the “May Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of the Funds, which are comprised entirely of Board
Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for their respective Fund, the renewal of the management
agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the
sub-advisory agreement (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 for an additional one-year term. As the Board is comprised of all Independent Board Members, the references to the Board and the Independent Board Members are interchangeable.
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 the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”
The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information,
knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and the applicable sub-advisers in their annual review of the
advisory agreements. Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to the Board’s annual
consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser’s strategic plans; product initiatives for various funds; the
review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the Nuveen funds; management of distributions; valuation of
securities; fund expenses; securities lending; liquidity management; 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 seeks to meet periodically with the Nuveen funds’ sub-advisers and/or portfolio teams, when feasible. The presentations, discussions, and meetings throughout the year also provide a means for the Board to evaluate the level, breadth and quality of services provided
by the Adviser 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 for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of such
advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of
the nature, extent and quality of services provided by the Fund Advisers; a review of product actions advanced in 2022 for the benefit of particular Nuveen funds and/or the Nuveen fund complex; a review of each
sub-adviser to the Nuveen funds and/or the applicable investment team; an analysis of fund performance with a focus on any Nuveen funds considered performance outliers; an analysis of the fees and expense
ratios of the Nuveen funds with a focus on any Nuveen funds considered expense outliers; a review of management fee schedules; a description of portfolio manager compensation; an overview of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of secondary market performance and commentary regarding the leverage management, share repurchase and shelf offering programs of Nuveen closed-end funds); a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by
the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information provided to the Board and its
committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the Nuveen funds is based on all the information provided to the Board and its committees
throughout the year as well as the information prepared specifically with respect to the annual review of such advisory agreements. 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 Independent Board Members.
As part of its review, the Board met on April
11-12, 2023 (the “April Meeting”) to review and discuss, in part, the performance of the Nuveen funds and the Adviser’s evaluation of each sub-adviser to
the Nuveen funds and/or its investment teams. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting.
The Independent 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 from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent 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 decision to renew the Advisory Agreements was not based on a single identified factor, but rather the 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 renewal process. The contractual arrangements are a result of multiple years of review,
negotiation and information provided in connection with the Board’s annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds. Each Board Member may have attributed different levels of importance to the
various factors and information considered in connection with the approval process and may place 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.
171
Annual Investment Management Agreement Approval Process (Unaudited)
(continued)
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the
applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements or changes to such services provided during the last year. The Independent 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 respective roles of the Adviser and the
Sub-Adviser in providing services to the Funds.
The Board recognized that the Adviser provides a wide array of management,
oversight and administrative services to manage and operate the Nuveen funds and that the scope and complexity of these services, along with the undertakings required of the Adviser in connection with providing these services, have expanded over
time as a result of, among other things, regulatory, market and other developments. The Board noted the Adviser’s dedication of resources, time, personnel and capital and commitment to continuing to develop improvements and innovations that
seek to enhance the Nuveen fund complex and meet the needs of the Nuveen funds in an increasingly complex regulatory environment. The Board received and reviewed information regarding, among other things, the Adviser’s investment oversight
responsibilities, regulatory and compliance services, administrative duties and other services.
The Board considered the breadth and the quality of the services the
Adviser and its various teams provide in overseeing the investment management of the Nuveen funds, including, among other things, overseeing and reviewing the services provided by the various sub-advisers to
the Nuveen funds and their investment teams; evaluating fund performance and market conditions; overseeing operational and investment risks; evaluating investment strategies and recommending any changes thereto; managing liquidity; managing the
daily valuation of portfolio securities; overseeing trade execution and securities lending; and setting and managing distributions consistent with the respective fund’s product design. With respect to
closed-end 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 also reviewed
the structure of investment personnel compensation of each Fund Adviser and considered whether the structure provides appropriate incentives to attract and maintain qualified personnel and to act in the best interests of the respective Nuveen fund.
Given the Nuveen funds operate in a highly regulated industry, the Board further considered the extensive compliance, regulatory and administrative services the
Adviser and its various teams provide to manage and operate the Nuveen funds. The Board recognized such services included, but were not limited to, managing compliance policies; monitoring compliance with applicable policies, laws and regulations;
devising internal compliance programs in seeking to enhance compliance with regulatory requirements and creating a framework to review and assess compliance programs; overseeing sub-adviser compliance testing;
preparing compliance training materials; and responding to regulatory requests. The Board reviewed highlights of the various initiatives Nuveen compliance had taken in 2022 including, among other things, additional due diligence of service providers
as their operating environments evolve post-Covid to more hybrid in-person working arrangements; investments in supporting and expanding international trading capabilities; continuing efforts to enhance
policies and controls to address compliance risks including those related to environmental, social and governance (“ESG”) matters and new regulatory developments or guidance; and establishing and maintaining compliance policies and
comprehensive compliance training programs. The Board also considered information regarding the Adviser’s business continuity, disaster recovery and information security programs and the periodic testing and review of such programs.
In addition to the above functions, the Board considered the quality and extent of other non-advisory services the Adviser
provides including, among other things, various fund administration services (such as preparing, overseeing or assisting with the preparation of tax and regulatory filings); product management services (such as evaluating and enhancing products and
strategies); legal support services; shareholder services and transfer agency function oversight services; and board support and reporting services. With respect to board support services, the Board reviewed a summary of the annual, quarterly, and
special reports the Adviser and/or its affiliates provided to the Board throughout 2022.
The Board further acknowledged various initiatives the Adviser had
undertaken or continued in 2022 in seeking to improve the effectiveness of its organization, the Nuveen funds product line-up as well as particular Nuveen fund(s) through, among other things, rationalizing the
product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; reopening certain funds previously closed to new investors; adding or modifying
the share classes offered by certain funds; implementing fee waivers and expense cap changes for certain funds and 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 represented.
Aside from the services provided, the Board recognized the financial resources of the Adviser and its affiliates and their willingness to make investments in the
technology, personnel and infrastructure to support the Nuveen funds, including maintaining a seed capital budget to support new or existing funds and/or facilitate changes for a respective fund. The Board noted 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 Nuveen funds including during stressed times. The Board recognized the
overall reputation and capabilities of the Adviser and its affiliates, the Adviser’s continuing commitment to provide high quality services, its willingness to implement operational or organizational changes in seeking, among other things, to
enhance efficiencies and services to the Nuveen funds and its responsiveness to the Board’s questions and/or concerns raised throughout the year and during the annual review of advisory agreements. The Board also considered the significant
risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring new funds and ongoing risks with managing the funds such as investment, operational, reputational,
regulatory, compliance and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the
Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the
oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable investment
team and changes thereto, a summary of the applicable investment team and changes to such team, the investment process
172
and philosophy of the applicable investment team, the performance of the Nuveen funds
sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s
compliance programs and trade execution. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services
provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Nuveen funds prepared
specifically for the annual review of the advisory agreements as well as the performance data the Board received throughout the year representing different time periods. In this regard, leading into the May Meeting, the Board reviewed, among other
things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2022 and March 31, 2023. In addition, the Board reviewed and discussed performance data at its
regularly scheduled quarterly meetings during the year. The Board therefore took into account the performance data, presentations and discussions (written and oral) that have been provided for the annual review as well as in prior meetings over time
in evaluating fund performance, including the Adviser’s analysis of a fund’s performance with particular focus on performance outliers (both overperformance and underperformance), the factors contributing to performance (including relative
to a fund’s benchmark and peers and the impact of market conditions) and any recommendations or steps that had been taken or were proposed to be taken to address significant performance concerns. In this regard, the Board noted, among other
things, that certain Nuveen funds had changes in portfolio managers or other significant changes to their investment strategies or policies since March 2020, and, as a result, the Board reviewed certain tracking performance data comparing the
performance of such funds before and after such changes.
The Board recognized 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 noted 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 Nuveen fund performance results from different
perspectives. In general, subject to certain exceptions, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods and evaluated 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”) 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 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 Nuveen fund. With respect to relative performance of a Nuveen 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, the Adviser has ranked the relevancy of
the peer group to the Funds as low, medium or high.
The 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 over specified 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 acknowledged 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 helping to provide income.
The Board also evaluated Nuveen fund 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 acknowledged 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 recognized that the 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 recognized that longer periods of performance may reflect full market cycles.
In relation to recent general market
conditions, the Board had recognized the general market volatility and underperformance of the market in 2022 in considering Nuveen fund performance. The Board took into account the Adviser’s assessment of a fund’s performance during the
recent period of significant market volatility. 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
173
Annual Investment Management Agreement Approval Process (Unaudited)
(continued)
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 closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to
address such issues, and reviews the results of any steps undertaken.
The Board’s determinations with respect to each Fund are summarized below.
For Nuveen Quality Municipal Income Fund, the Board noted that the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended December 31, 2022 and March 31, 2023. The Fund, however, ranked in the second quartile of its Performance Peer Group for the
one- and three-year periods ended December 31, 2022 and March 31, 2023 and first quartile for the five-year periods ended December 31, 2022 and March 31, 2023. 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 in light of these factors, the Fund’s performance supported renewal of the Advisory Agreements.
For Nuveen
AMT-Free Quality Municipal Income Fund, the Board noted that the Fund’s performance was below the performance of its blended benchmark for the one-, three- and
five-year periods ended December 31, 2022 and March 31, 2023. However, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period ended December 31, 2022 and
second quartile for the three- and five-year periods ended December 31, 2022. In addition, although the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended March 31, 2023, the Fund ranked in the
second quartile of its Performance Peer Group for the one- and five-year periods ended March 31, 2023. 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 in light of these factors, the Fund’s performance
supported renewal of the Advisory Agreements.
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 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 considered the total operating expense ratio of a fund (after any fee waivers and/or expense reimbursements). More specifically, the Independent Board
Members reviewed, among other things, each Nuveen closed-end fund’s actual management fee rate (after fee waivers and/or expense reimbursements, if any) and net total expense ratio in relation to those of
a comparable universe of funds (the “Peer Universe”) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the
applicable fund and its respective Peer Universe as well as changes to the composition of the Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members take these limitations and differences
into account when reviewing comparative peer data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each Nuveen fund with a net total expense ratio (excluding investment-related
costs of leverage for closed-end funds) of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”) and an analysis as to the factors contributing to each
such fund’s higher relative net total expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) for certain of the closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly,
in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net total expense ratio and fees (excluding leverage costs and leveraged assets for the closed-end
funds) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer
average of the Peer Universe.
The Independent Board Members also considered, in relevant part, a Nuveen fund’s management fee and net total
expense ratio in light of its performance history, including reviewing certain funds identified by the Adviser 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 addition, with respect to closed-end funds that utilize leverage, the Independent Board Members recognized that
certain assets attributable to a fund’s use of leverage may be included in the amount of assets upon which the advisory fee or sub-advisory fee is calculated. The Independent Board Members acknowledged
the fact that a decision to employ leverage or increase a fund’s leverage which has the effect, all other things being equal, of increasing the assets upon which an advisory or sub-advisory fee is based
(and, in turn, increasing the Adviser’s and applicable sub-adviser’s management fees), means that the Adviser and applicable sub-adviser may have a conflict of
interest in determining whether to use or increase leverage. The Independent Board Members recognized, however, that the Adviser and sub-advisers would seek to manage the potential conflict by recommending to
the Board to leverage the applicable fund or increase such leverage when the Adviser and/or 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.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members also considered the management fee schedules, including the
complex-wide and fund-level breakpoint schedules, as applicable. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $62.4 million and fund-level breakpoints reduced fees by
approximately $76.1 million in 2022.
174
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 and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the
Sub-Adviser is the responsibility of the Adviser, not the Funds.
The Independent
Board Members noted that each Fund had an actual management fee and a net total expense ratio that were below the respective peer averages.
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.
2. Comparisons with the Fees of Other Clients
In evaluating the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain
other types of clients and the type of services provided to these other clients. With respect to the municipal Nuveen funds, such other clients may include retail and institutional municipal managed accounts
sub-advised by the Sub-Adviser, municipal exchange-traded funds (“ETFs”) sub-advised by the Sub-Adviser that are offered by another fund complex, municipal managed accounts offered by an unaffiliated adviser and certain municipal private limited partnerships offered by Nuveen. The Board reviewed, among
other things, the fee range and average fee of municipal retail advisory accounts and municipal institutional accounts, the sub-advisory fee the Sub-Adviser received for
serving as sub-adviser to certain municipal ETFs offered outside the Nuveen family and the management fee rates paid by the municipal private limited partnerships operated by Nuveen.
In considering the comparative fee data, the Board recognized that differences, including but not limited to, the amount, type and level of services
provided by the Adviser to the Nuveen funds compared to that provided to other clients as well as differences in investment policies; eligible portfolio assets and the manner of managing such assets; product structure; investor profiles; account
sizes; and regulatory requirements contribute to the variations in the fee schedules. The Board acknowledged the wide range of services in addition to investment management that the Adviser had provided to the Nuveen 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 Nuveen funds. In general, 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 further considered that the Sub-Adviser’s fee
is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels
of fees were justified given, among other things, the 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 Independent Board Members considered estimated profitability information of Nuveen as a result of its advisory services to the Nuveen
funds as well as profitability data of other publicly traded 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 2022 and 2021 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 and certain other expenses) for the 2022 and 2021 calendar years. The Independent Board Members
also considered a summary of some of the key factors that impacted Nuveen’s profitability in 2022. In addition, the Board reviewed the revenues, expenses and operating margin (pre- and after-tax) the Adviser derived from its ETF product line for the 2022 and 2021 calendar years.
In developing the
profitability data of the Adviser for its advisory services to the Nuveen funds, the Independent Board Members recognized 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 perfect 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 history of changes to the methodology over the
years from 2010 through 2022, 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 2022. The Board had also appointed four Independent Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to meet with representatives of the Adviser
and review the development of the profitability data and to report to the full Board.
175
Annual Investment Management Agreement Approval Process (Unaudited)
(continued)
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 recognized 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 2012 to 2022. Although the total company operating margins of Nuveen Investments were in the bottom
half of the peer group range for 2022 and 2021, the Independent Board Members recognized 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.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers
Insurance and Annuity Association of America (“TIAA”). Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2022 and 2021 calendar years to consider
the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also noted the reinvestments Nuveen, its parent and/or
other affiliates made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to technological capabilities.
In addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Adviser from its
relationships with the respective Nuveen funds. In this regard, the Independent 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, 2022 and December 31, 2021. The Independent
Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and after-tax) by asset type for the Sub-Adviser for the calendar years ending December 31, 2022 and December 31, 2021.
In evaluating the
reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the
Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the
management of the Nuveen funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board recognized that economies of scale are
difficult to measure with any precision and certain expenses may not decline with a rise in assets, the Board considered that Nuveen shares the benefits of economies of scale, if any, in a number of ways including 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 Nuveen’s business which can enhance the services provided to the funds for the fees paid. In this regard, the
Board recognized that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and
complex-level fee schedules. With this structure, the Board noted that the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets 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 are designed to share economies of scale with shareholders if the particular fund grows. The Board noted, however, that 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.
As noted above, the Independent Board Members also recognized the continued
reinvestment in Nuveen’s business to enhance its capabilities and services to the benefit of its various clients. The Board understood that many of these investments in the Nuveen business were not specific to individual Nuveen funds but rather
incurred across of a variety of products and services pursuant to which the family of Nuveen funds as a whole may benefit. In addition, the Board also considered that Nuveen has provided, without raising advisory fees to the Nuveen funds, certain
additional services, including, but not limited to, services required by new regulations and regulatory interpretations, and this was also a means of sharing economies of scale with the funds and their shareholders.
Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in Nuveen’s business appropriately shared any economies
of scale with shareholders.
E. Indirect Benefits
The Independent Board
Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Board acknowledged that an affiliate of the Adviser may
receive compensation for serving as a co-manager in the initial public offerings of new Nuveen closed-end funds (if any) and for serving as an underwriter on shelf
offerings of existing Nuveen closed-end funds and reviewed the amounts paid for such services, if any, in 2021 and 2022.
In
addition, the Independent Board Members noted that the various sub-advisers to the Nuveen funds do not generally benefit from soft dollar arrangements with respect to Nuveen fund portfolio transactions.
176
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 Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The
Independent 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.
177
Board Members & Officers
(Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the
Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and
business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.
|
|
|
|
|
|
|
|
|
|
|
|
|
| Name,
Year of Birth & Address |
|
Position(s) Held
with the Funds |
|
Year First
Elected or Appointed
and Term(1) |
|
|
Principal Occupation(s)
Including other Directorships During Past 5 Years |
|
Number of
Portfolios in Fund
Complex Overseen By
Board Member |
|
|
|
|
|
|
| Independent Trustees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Terence J. Toth
1959 333 W. Wacker Drive Chicago, IL 60606 |
|
Chair and Board Member |
|
|
2008
Class II |
|
|
Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); formerly, Director, Quality Control Corporation
(manufacturing) (2012-2021); Chair of the Board of the Kehrein Center for the Arts (philanthropy) (since 2021); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), formerly, Chair of its
Investment Committee (2017-2022); formerly, Member, Chicago Fellowship Board (philanthropy) (2005-2016); formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director,
LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services)
(2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds
Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). |
|
|
132 |
|
|
|
|
|
|
| Jack B. Evans
1948 333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
1999
Class III |
|
|
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Life Trustee of Coe College and the Iowa College Foundation;
formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System (2007- 2013); Director and Chairman (2009-2021), United Fire Group, a publicly held company; Director,
Public Member, American Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), The Gazette Company (media and publishing); Director (1997- 2003), Federal Reserve Bank of Chicago; President and Chief
Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). |
|
|
132 |
|
|
|
|
|
|
| William C. Hunter 1948
333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
2003
Class I |
|
|
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The
International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and
Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. |
|
|
132 |
|
178
|
|
|
|
|
|
|
|
|
|
|
| Name,
Year of Birth & Address |
|
Position(s) Held
with the Funds |
|
Year First
Elected or Appointed
and Term(1) |
|
|
Principal Occupation(s)
Including other Directorships During Past 5 Years |
|
Number of
Portfolios in Fund
Complex Overseen By
Board Member |
|
|
|
|
|
| Amy B. R. Lancellotta
1959 333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
2021
Class II |
|
|
Formerly, Managing Director, Independent Directors Council (IDC) (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents
regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); President (since 2023) and Member (since 2020) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA). |
|
132 |
|
|
|
|
|
| Joanne T. Medero 1954
333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
2021
Class III |
|
|
Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm);
formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses) (2006-2009); formerly, Managing Director, Global General Counsel
and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading
Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the
Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019). |
|
132 |
|
|
|
|
|
| Albin F. Moschner 1952
333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
2016
Class III |
|
|
Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider
of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including
Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One
Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer
(1995-1996) of Zenith Electronics Corporation (consumer electronics). |
|
132 |
|
|
|
|
|
| John K. Nelson 1962
333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
2013
Class II |
|
|
Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served The President’s Council of Fordham University (2010-2019) and
previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian
University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank
N.V. between 1996 and 2007. |
|
132 |
179
Board Members & Officers (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
| Name,
Year of Birth & Address |
|
Position(s) Held
with the Funds |
|
Year First
Elected or Appointed
and Term(1) |
|
|
Principal Occupation(s)
Including other Directorships During Past 5 Years |
|
Number of
Portfolios in Fund
Complex Overseen By
Board Member |
|
|
|
|
|
| Matthew Thornton III 1958
333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
2020
Class III |
|
|
Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (FedEx) (provider of transportation, e-commerce and
business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company
(develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). |
|
132 |
| |
|
|
|
|
| Margaret L. Wolff
1955 333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
2016
Class I |
|
|
Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the
Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services) (2005- 2014); Member of the Board of Trustees of New
York-Presbyterian Hospital (since 2005); Member (since 2004) formerly, Chair (2015- 2022) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and
Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. |
|
132 |
|
|
|
|
|
| Robert L. Young 1963
333 W. Wacker Drive Chicago, IL 60606 |
|
Board Member |
|
|
2017
Class I |
|
|
Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief
Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan
Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). |
|
132 |
|
|
|
|
|
|
|
| Name,
Year of Birth & Address |
|
Position(s) Held
with the Funds |
|
Year First
Elected or
Appointed(2) |
|
Principal Occupation(s)
Including other Directorships
During Past 5 Years |
|
|
|
|
| Officers of the Funds: |
|
|
|
|
|
|
|
|
|
|
| David J. Lamb 1963
333 W. Wacker Drive Chicago, IL 60606 |
|
Chief Administrative Officer |
|
2015 |
|
Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Managing Director (since 2021), formerly, Managing Director (2020-2021) of Nuveen Securities, LLC; Senior Managing Director (since 2021), formerly, Managing
Director (2017-2021), Senior Vice President of Nuveen (2006-2017). |
| |
|
|
|
| Brett E. Black 1972
333 W. Wacker Drive Chicago, IL 60606 |
|
Vice President and Chief Compliance Officer |
|
2022 |
|
Managing Director, Chief Compliance Officer of Nuveen (since 2022); formerly, Vice President (2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017-2022), Deputy Chief Compliance Officer (2014-2017)
of BMO Funds, Inc. |
180
|
|
|
|
|
|
|
| Name, Year of Birth
& Address |
|
Position(s) Held
with the Funds |
|
Year First
Elected or
Appointed(2) |
|
Principal Occupation(s)
Including other Directorships During Past 5 Years |
|
|
|
|
| Mark J. Czarniecki
1979 901 Marquette Avenue
Minneapolis, MN 55402 |
|
Vice President and Assistant Secretary |
|
2013 |
|
Managing Director (since 2022), formerly, Vice President (2016-2022), and Assistant Secretary (since 2016) of Nuveen Securities, LLC; Managing Director (since 2022),
formerly, Vice President (2017-2022) and Assistant Secretary (since 2017) of Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel (since January 2022), formerly, Vice President and Associate General Counsel of Nuveen
(2013-2021); Managing Director (since 2022), formerly, Vice President (2018-2022), Assistant Secretary and Associate General Counsel (since 2018) of Nuveen Asset Management, LLC; Managing Director, Associate General Counsel and Assistant Secretary
of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2023). |
|
|
|
|
| Diana R. Gonzalez
1978 8500 Andrew Carnegie
Blvd. Charlotte, NC 28262 |
|
Vice President and Assistant Secretary |
|
2017 |
|
Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel and Assistant Secretary of Nuveen Asset
Management, LLC (since 2022); Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2023); Vice President and Associate General Counsel of Nuveen (since 2017);
formerly, Associate General Counsel of Jackson National Asset Management (2012-2017). |
|
|
|
|
| Nathaniel T. Jones
1979 333 W. Wacker Drive
Chicago, IL 60606 |
|
Vice President and Treasurer |
|
2016 |
|
Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017) of Nuveen; Managing Director (since 2015) of Nuveen Fund
Advisors, LLC; Chartered Financial Analyst. |
|
|
|
|
| Brian H. Lawrence
1982 8500 Andrew Carnegie
Blvd. Charlotte, NC 28262 |
|
Vice President and Assistant Secretary |
|
2023 |
|
Vice President and Associate General Counsel of Nuveen (since 2023); Vice President, Associate General Counsel and Assistant Secretary (since 2023) of Teachers Advisors,
LLC and TIAA-CREF Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton (2018-2022). |
|
|
|
|
| Tina M. Lazar
1961 333 W. Wacker Drive Chicago, IL 60606 |
|
Vice President |
|
2002 |
|
Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. |
|
|
|
|
| Brian J. Lockhart
1974 333 W. Wacker Drive Chicago, IL 60606 |
|
Vice President |
|
2019 |
|
Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of
Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. |
|
|
|
|
| John M. McCann 1975
8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
|
Vice President and Assistant Secretary |
|
2022 |
|
Managing Director (since 2021), General Counsel and Secretary (since 2023), formerly, Assistant Secretary (2021-2023), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and
Assistant Secretary of Nuveen Asset Management, LLC (since 2021); Managing Director (since 2021) and Assistant Secretary (since 2016) of TIAA SMA Strategies LLC; Managing Director (since 2019, formerly, Vice President and Director), Associate
General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA- CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2018), formerly, Vice President and
Director, Associate General Counsel and Assistant Secretary of Teachers Insurance and Annuity Association of America, Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Managing Director (since 2022), formerly, Vice President
(2017-2022), Associate General Counsel and Assistant Secretary (since 2011) of Nuveen Alternative Advisors LLC; General Counsel and Assistant Secretary of Covariance Capital Management, Inc.
(2014-2017). |
181
Board Members & Officers (Unaudited) (continued)
|
|
|
|
|
|
|
| Name, Year of Birth
& Address |
|
Position(s) Held
with the Funds |
|
Year First
Elected or
Appointed(2) |
|
Principal Occupation(s)
Including other Directorships During Past 5 Years |
|
|
|
|
| Kevin J. McCarthy
1966 333 W. Wacker Drive
Chicago, IL 60606 |
|
Vice President and Assistant Secretary |
|
2007 |
|
Executive Vice President (since 2022) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Senior Managing Director (2017- 2022); Executive
Vice President (since 2023) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Senior Managing Director (2017-2023); Executive Vice President and Assistant Secretary (since 2023) of Nuveen Fund Advisors, LLC, formerly, Senior
Managing Director (2017-2023), Secretary (2016-2023) and Co- General Counsel (2011-2020); Executive Vice President (since 2023) and Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Senior Managing Director (2017-2023) and Associate
General Counsel (2011-2020); Executive Vice President (since 2021) and Secretary (since 2023) of Teachers Advisors, LLC, formerly, General Counsel and Assistant Secretary (2021-2023); Executive Vice President (since 2017) and Secretary (since 2023)
of TIAA-CREF Investment Management, LLC, formerly General Counsel and Assistant Secretary (2017- 2023); formerly, Vice President (2007-2021) and Secretary (2016-2021), of NWQ Investment Management Company, LLC and Santa Barbara Asset Management,
LLC; Vice President and Secretary of Winslow Capital Management, LLC (since 2010); Executive Vice President (since 2023) and Secretary (since 2016) of Nuveen Alternative Investments, LLC, formerly Senior Managing Director (2017-2023). |
|
|
|
|
| Jon Scott Meissner
1973 8500 Andrew Carnegie Blvd.
Charlotte, NC 28262 |
|
Vice President and Assistant Secretary |
|
2019 |
|
Managing Director, Mutual Fund Tax and Expense Administration (since 2022), formerly, Managing Director of Mutual Fund Tax and Financial Reporting groups (2017-2022), at
Nuveen; Managing Director of Nuveen Fund Advisors, LLC (since 2019); Managing Director (since 2021), formerly, Senior Director (2016-2021), of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director, Mutual Fund Tax and
Expense Administration (since 2022), formerly, Senior Director Mutual Fund Taxation (2015-2022), to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held
various positions with TIAA since 2004. |
|
|
|
|
| William A. Siffermann
1975 333 W. Wacker Drive
Chicago, IL 60606 |
|
Vice President |
|
2017 |
|
Managing Director (since 2017), formerly Senior Vice President (2016-2017) of Nuveen. |
|
|
|
|
| E. Scott Wickerham
1973 8500 Andrew Carnegie Blvd.
Charlotte, NC 28262 |
|
Vice President and Controller |
|
2019 |
|
Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund
Advisors, LLC; Senior Managing Director (since 2022) of Nuveen Asset Management, LLC; Senior Managing Director of Teachers Advisors, LLC (since 2021) and TIAA-CREF Investment Management, LLC (since 2016); Principal Financial Officer, Principal
Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Officer, Principal Accounting Officer (since 2020) and
Treasurer (since 2017) of the CREF Accounts; has held various positions with TIAA since 2006. |
|
|
|
|
| Mark L. Winget 1968
333 W. Wacker Drive Chicago, IL 60606 |
|
Vice President and Secretary |
|
2008 |
|
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and
Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2023) and Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019) of Nuveen. |
|
|
|
|
| Rachael Zufall 1973
8500 Andrew Carnegie Blvd. Charlotte, NC 28262 |
|
Vice President and Assistant Secretary |
|
2022 |
|
Managing Director and Assistant Secretary (since 2023) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2014) of the CREF Accounts,
TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of Teachers Advisors, LLC and TIAA-CREF
Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA (since 2017). |
| (1) |
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being
elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of
Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed
represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex. |
| (2) |
Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their
resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. |
182
Notes
183
|
|
|
| |
|
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 |
|
|
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 |
www.nuveen.com EAN-B-1023P 3241318-INV-Y-12/24 |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the
code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
| ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant
has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and
Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of
SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the
“CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial
statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the
preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a
consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held
various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August
2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point
Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for
clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to
2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income,
Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of
The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment
Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and
Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail
mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young
interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and
procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there,
he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
| ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Nuveen Quality Municipal Income Fund
The
following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval
exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The
pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if:
(A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize
the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the
services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities
to its Chair (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended |
|
Audit Fees
Billed to Fund 1 |
|
|
Audit-Related Fees
Billed to Fund
2 |
|
|
Tax Fees
Billed to Fund 3 |
|
|
All Other Fees
Billed to Fund 4 |
|
| October 31, 2023 |
|
$ |
40,000 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval
exception |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| October 31, 2022 |
|
$ |
37,620 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval
exception |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and
regulatory filings or engagements.
2 “Audit Related Fees” are the aggregate fees billed
for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and
leverage.
3 “Tax Fees” are the aggregate fees billed for professional services for tax
advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
4 “All Other Fees” are the aggregate fees billed for products and services other than
“Audit Fees”, “Audit Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”),
and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and
financial reporting, during the Fund’s last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services)
waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and
Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the
Fund’s audit is completed.
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended |
|
Audit-Related Fees
Billed to Adviser and
Affiliated
Fund
Service Providers |
|
|
Tax Fees
Billed to Adviser and
Affiliated Fund
Service Providers |
|
|
All Other Fees
Billed to Adviser and
Affiliated Fund
Service Providers |
|
| October 31, 2023 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval
exception |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| October 31, 2022 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage approved pursuant to pre-approval
exception |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-AUDIT SERVICES
The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for
non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and
any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The
Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service
Provider. The Committee considered this information in evaluating KPMG LLP’s independence.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fiscal Year Ended |
|
Total Non-Audit Fees
Billed to Fund |
|
|
Total Non-Audit Fees
billed to Adviser and
Affiliated
Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Fund) |
|
|
Total Non-Audit Fees
billed to Adviser and
Affiliated
Fund Service
Providers (all other
engagements) |
|
|
Total |
|
| October 31, 2023 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
| October 31, 2022 |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
0 |
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent
“Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the
hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time,
permanent employees.
Audit Committee
Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s
independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and
financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for his verbal approval prior to engagement if they are expected
to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
| ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act
of 1934, as amended (15 U.S.C. 78c(a) (58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, Albin F. Moschner, John K. Nelson, Chair, Margaret L. Wolff, and Robert L. Young.
| ITEM 6. |
SCHEDULE OF INVESTMENTS. |
| a) |
|
See Portfolio of Investments in Item 1. |
| ITEM 7. |
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES. |
Nuveen Fund Advisors, LLC is the registrant’s investment adviser
(referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain
clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary
investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related
duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying
out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
| ITEM 8. |
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the
selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC
(“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:
| ITEM 8(a)(1). |
PORTFOLIO MANAGER BIOGRAPHIES |
As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the
day-to-day implementation of the registrant’s investment strategies:
Christopher L. Drahn, CFA, Managing Director at Nuveen Asset Management,
manages tax-exempt fixed income portfolios as well as mutual funds and closed-end funds. He began working in the investment industry when he joined the firm in 1980. Chris became a portfolio manager in 1988. He received a B.A. from Wartburg College
and an M.B.A. in finance from the University of Minnesota. Chris holds the Chartered Financial Analyst designation and is a member of the CFA Institute, the Minnesota Society of Municipal Analysts and the CFA Society of Minnesota.
Michael S. Hamilton, Managing Director, manages tax-exempt fixed income portfolios for Nuveen. He began
working in the investment industry when he joined the firm in 1989, as a fixed-income fund manager and trader. He became a portfolio manager in 1992. He received a B.A. from the College of Idaho and an M.B.A. from Western Washington University. He
is a member of the CFA Institute and the Portland Society of Financial Analysts.
Stephen J. Candido, CFA, Managing Director at Nuveen Asset
Management, is a portfolio manager for high yield municipal strategies at Nuveen, managing high yield funds and institutional accounts. He also has responsibility for tax-exempt open-end funds and closed-end funds that allocate to both investment
grade and high yield municipals. Stephen started working in the investment industry in 1996 when he joined Nuveen in the Unit Trust Division. Prior to his current role, he was a vice president and senior research analyst specializing in high yield
sectors including land secured credits, project finance and housing. Stephen was also an assistant vice president for Nuveen’s Global Structured Products team beginning in 2005. He also served as the manager of the Fixed Income Unit Trust
Product Management and Pricing Group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. Stephen graduated with a B.S. in Finance from Miami University and an M.B.A. in Finance from the
University of Illinois at Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.
| ITEM 8(a)(2). |
OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS |
Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio
management of the following accounts:
|
|
|
|
|
|
|
|
|
|
|
| Portfolio Manager |
|
Type of Account Managed |
|
Number of
Accounts |
|
|
|
|
Assets* |
| Christopher L. Drahn |
|
Registered Investment Company |
|
|
10 |
|
|
|
|
$13.69 billion |
|
|
Other Pooled Investment Vehicles |
|
|
0 |
|
|
|
|
$0 |
|
|
Other Accounts |
|
|
1 |
|
|
|
|
$152 million |
|
|
|
|
|
|
|
|
|
|
|
| Michael S. Hamilton |
|
Registered Investment Company |
|
|
18 |
|
|
|
|
$10.49 billion |
|
|
Other Pooled Investment Vehicles |
|
|
0 |
|
|
|
|
$0 |
|
|
Other Accounts |
|
|
3 |
|
|
|
|
$189 million |
|
|
|
|
|
|
|
|
|
|
|
| Stephen J. Candido |
|
Registered Investment Company |
|
|
29 |
|
|
|
|
$44.75 billion |
|
|
Other Pooled Investment Vehicles |
|
|
2 |
|
|
|
|
$482 million |
|
|
Other Accounts |
|
|
3 |
|
|
|
|
$268 million |
|
| * Assets are as of October 31, 2023. None of the assets in these
accounts are subject to an advisory fee based on performance. |
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account.
More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset
Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment
strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more
than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted
procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management
determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to
the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the
market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject
to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other
accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with
respect to which a portfolio manager has day-to-day management responsibilities.
Conflicts of interest may also arise when the Sub-Adviser invests one or
more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where
there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in
governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage.
In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular
accounts.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among
investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Nuveen Asset
Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from
purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset
Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or
instruments with respect to which investment limits have been reached.
The investment activities of Nuveen Asset Management or its affiliates may also
limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or
are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client
accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of
the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or
other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential
regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.
| ITEM 8(a)(3). |
FUND MANAGER COMPENSATION |
As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:
Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award;
and (iii) participation in a profits interest plan.
Base salary. A portfolio manager’s base salary is determined based upon an
analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.
Cash bonus. A portfolio
manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio
manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.
Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the
award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the
portfolio manager during the vesting period and the performance of the TIAA organization as a whole.
Profits interest plan. Portfolio managers are
eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each
portfolio manager based on such person’s overall contribution to the firms.
There are generally no differences between the methods used to determine
compensation with respect to the Fund and the Other Accounts shown in the table above.
| ITEM 8(a)(4). |
OWNERSHIP OF NAD SECURITIES AS OF OCTOBER 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Name of Portfolio Manager |
|
None |
|
$1 -
$10,000 |
|
$10,001-
$50,000 |
|
$50,001-
$100,000 |
|
$100,001-
$500,000 |
|
$500,001-
$1,000,000 |
|
Over
$1,000,000 |
| Christopher L. Drahn |
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
| Daniel J. Close |
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
| Stephen J. Candido |
|
X |
|
|
|
|
|
|
|
|
|
|
|
|
| ITEM 9. |
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 10. |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the
registrant last provided disclosure in response to this Item.
| ITEM 11. |
CONTROLS AND PROCEDURES. |
| (a) |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date
of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17
CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the 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.
File the exhibits listed below as part of this Form.
(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted
on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a)(2) A separate certification for each principal executive officer and principal financial
officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below:
Ex-99.CERT Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14 (b) or Rule 15d-14(b) under the Exchange
Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification
furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached
hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Quality Municipal Income Fund
|
|
|
| By (Signature and Title) |
|
/s/ David J. Lamb |
|
|
David J. Lamb |
|
|
Chief Administrative Officer |
Date: January 5, 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: January 5, 2024
|
|
|
| By (Signature and Title) |
|
/s/ E. Scott Wickerham |
|
|
E. Scott Wickerham |
|
|
Vice President and Funds Controller |
|
|
(principal financial officer) |
Date: January 5, 2024
Exhibit 99.CERT
CERTIFICATION
I, David J. Lamb, certify that:
1. I have reviewed this report on Form N-CSR of Nuveen Quality Municipal Income Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:
| |
(a) |
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
(b) |
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
(c) |
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and |
| |
(d) |
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other
certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
| |
(a) |
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record,
process, summarize, and report financial information; and |
| |
(b) |
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
|
|
|
| Date: January 5, 2024 |
|
/s/ David J. Lamb |
|
|
David J. Lamb |
|
|
Chief Administrative Officer |
|
|
(principal executive officer) |
CERTIFICATION
I, E. Scott Wickerham, certify that:
1. I have
reviewed this report on Form N-CSR of Nuveen Quality Municipal Income Fund;
2. Based on my
knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
| |
(a) |
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
(b) |
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
(c) |
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of this report based on such evaluation; and |
| |
(d) |
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other
certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
| |
(a) |
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record,
process, summarize, and report financial information; and |
| |
(b) |
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
|
|
|
| Date: January 5, 2024 |
|
/s/ E. Scott Wickerham |
|
|
E. Scott Wickerham |
|
|
Vice President and Funds Controller |
|
|
(principal financial officer) |
Exhibit 99.906CERT
Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer
and Chief Financial Officer, based on each such officer’s knowledge and belief.
The undersigned officers of Nuveen Quality Municipal Income Fund
(the “Fund”) certify that, to the best of each such officer’s knowledge and belief:
| |
1. |
|
The Form N-CSR of the Fund for the period ended October 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and |
| |
2. |
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. |
Date: January 5, 2024
|
| /s/ David J. Lamb |
| David J. Lamb |
| Chief Administrative Officer |
| (principal executive officer) |
|
| /s/ E. Scott Wickerham |
| E. Scott Wickerham |
| Vice President and Funds Controller |
| (principal financial officer) |
|
|
|
|
|
| Nuveen Proxy Voting Policy |
|
|
|
|
|
|
|
| Policy Purpose and Statement |
|
|
|
Applicability |
| Proxy voting is the primary means by which shareholders may influence a publicly
traded company’s governance and operations and thus create the potential for value and positive long-term investment performance. When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote
proxies in the best interests of its clients and must not subrogate its clients’ interests to its own. In their capacity as fiduciaries and investment advisers, Nuveen Asset Management, LLC (“NAM”), Teachers Advisors, LLC
(“TAL”) and TIAA-CREF Investment Management, LLC (“TCIM”), (each an “Adviser” and, collectively, the “Advisers”), vote proxies for the Portfolio Companies held by their respective clients, including investment
companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest
Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen’s Stewardship Group to administer the Advisers’ proxy voting. The Stewardship
Group adheres to the Advisers’ Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers’ clients. |
|
|
|
This Policy applies to employees of Nuveen acting on behalf of Nuveen Asset
Management, LLC, (“NAM”),Teachers Advisors, LLC, (“TAL”) and TIAA-CREF Investment Management, LLC (“TCIM”), each an “Adviser” and, collectively, referred to as the “Advisers”) |
|
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|
|
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|
|
Policy Statement
Proxy voting is a key component of a Portfolio Company’s corporate
governance program and is the primary method for exercising shareholder rights and influencing the Portfolio Company’s behavior. Nuveen makes informed voting decisions in compliance with Rule
206(4)-6 (the “Rule”) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and applicable laws and regulations, (e.g., the Employee Retirement Income Security Act
of 1974, “ERISA”). |
|
|
Enforcement
As provided in the TIAA Code of Business Conduct, all employees are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures
and compliance manuals that apply to Nuveen’s business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.
Terms and Definitions
Advisory
Personnel includes the Adviser’s portfolio managers and research analysts.
Proxy Voting Guidelines (the
“Guidelines”) are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies,
and other interested parties in understanding how the Advisers intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or
resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate decision-making authority with
respect to how proxies will be voted.
Portfolio Company includes any publicly traded company held in an account that is managed by an Adviser.
Policy Requirements
Investment advisers,
in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts
that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies.
The Nuveen Proxy Voting Committee (the “Committee”), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements
outlined below under Roles and Responsibilities.
Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to
securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best
interest of clients.
Roles and Responsibilities
Nuveen Proxy Voting Committee
The purpose of the
Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee’s voting members will be comprised from Research, the Advisers, and Nuveen’s Stewardship
Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or or ad hoc
basis to attend Committee meetings. The CCOs of CREF/TC Funds and the Nuveen Funds shall be standing, non-
voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee’s ultimate
oversight and responsibility as outlined in the Committee’s Proxy Voting Charter.
Advisers
| |
1. |
Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless
otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser’s clients to do so. The
rationale for all such contrary vote determinations will be documented and maintained. |
| |
2. |
When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective
client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained. |
| |
3. |
Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential
material conflicts of interest. |
Nuveen Stewardship Group
| |
1. |
Performs day-to-day administration of the
Advisers’ proxy voting processes. |
| |
2. |
Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the
best interests of clients. In applying the Guidelines, the Stewardship Group, on behalf of the Advisers, takes into account several factors, including, but not limited to: |
| |
• |
|
Input from Advisory Personnel |
| |
• |
|
Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.
|
| |
3. |
Assists in the development of securities lending recall protocols in cooperation with the Securities Lending Committee.
|
| |
4. |
Performs Form N-PX filings in accordance with regulatory requirements.
|
| |
5. |
Delivers copies of the Advisers’ Policy to clients and prospective clients upon request in a timely manner, as
appropriate. |
| |
6. |
Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable
regulations. |
| |
7. |
Prepares reports of proxies voted on behalf of the Advisers’ investment company clients to their Boards or
committees thereof, as applicable. |
| |
8. |
Performs an annual vote reconciliation for review by the Committee. |
| |
9. |
Arranges the annual service provider due diligence, including a review of the service provider’s potential conflicts
of interests, and presents the results to the Committee. |
| |
10. |
Facilitates quarterly Committee meetings, including agenda and meeting minute preparation. |
| |
11. |
Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of
interest. |
| |
12. |
Creates and retains certain records in accordance with Nuveen’s Record Management program. |
| |
13. |
Oversees the proxy voting service provider with respect to its responsibilities, including making and retaining certain
records as required under applicable regulation. |
Nuveen Compliance
| |
1. |
Seeks to ensure proper disclosure of Advisers’ Policy to clients as required by regulation or otherwise.
|
| |
2. |
Seeks to ensure proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.
|
3
| |
3. |
Assists the Stewardship Group with arranging the annual service provider due diligence and presenting the results to the
Committee. |
| |
4. |
Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to
Nuveen’s Records Management program. |
Nuveen Legal
| |
1. |
Provide legal guidance as requested. |
Governance
Review and
Approval
This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee
and the NEFI Compliance Committee are responsible for the review and approval of this Policy.
Implementation
Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for
the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.
Exceptions
Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance
committee(s), where appropriate.
Related Documents
| |
• |
|
Nuveen Proxy Voting Committee Charter |
| |
• |
|
Nuveen Proxy Voting Guidelines |
| |
• |
|
Nuveen Proxy Voting Conflicts of Interest Policy and Procedures |
| |
• |
|
Nuveen Policy Statement on Responsible Investing |
|
|
|
| |
|
|
|
|
|
| Policy Adoption Date
|
|
February 3, 2020
|
| Effective Date of Current
Policy/Last Date Reviewed |
|
December 18, 2023 |
| Governance
|
|
NEFI Compliance Committee
|
| Policy Owner
|
|
Nuveen Proxy Voting Committee
|
| Policy Leader
|
|
Nuveen Compliance
|
G-3250864P-E1123W
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