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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23440

Nuveen Municipal Credit Opportunities Fund
(Exact name of registrant as specified in charter)

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

Mark L. Winget
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: Date: October 31

Date of reporting period: October 31, 2020

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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Chair’s Letter
to Shareholders
Dear Shareholders,
As 2020 draws to a close, the concerns that dominated much of the year are beginning to show signs of easing. COVID-19 vaccines are being administered around the world, with several of the vaccine candidates announcing high efficacy rates during their phase 3 trials. Markets took a generally positive view of Joe Biden winning the Electoral College, with Congress’s final confirmation of the Electoral College vote anticipated on January 6, 2021. The U.S. economy has made a significant, although incomplete, turnaround from the depths of a historic recession. In December, Congress passed another $900 billion in aid to individuals and businesses, extending some of the programs enacted earlier in the crisis. The bill’s next step is the President’s review and his approval or disapproval. Ongoing fiscal and monetary stimulus along with widening vaccine distribution have bolstered confidence that a semblance of normalcy can return in 2021.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue into the new year. COVID-19 cases are still alarmingly high in some regions, and the renewed restrictions on social and business activity taken by local and, in some cases, national authorities will undoubtedly hinder the economy’s momentum. The pandemic’s course can still be unpredictable. The timeline of vaccine rollouts depends on many variables, public confidence can shift and real-world efficacy remains to be seen. Additionally, the outcome of the Senate majority – which determines whether the government will be under split control or a Democrat majority – rests with Georgia’s two run-off elections on January 5, 2021. Nevertheless, short-term market fluctuations can provide opportunities to invest in new ideas as well as upgrade existing positioning, within our goal of providing long-term value for our shareholders.
The new year can be an opportune time to assess your portfolio’s resilience and readiness for what may come next. 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.
Sincerely,
Terence J. Toth
Chair of the Board
December 22, 2020
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Portfolio Managers’ Comments


Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Nuveen Municipal Credit Income Fund (NZF)
Nuveen Municipal High Income Opportunity Fund (NMZ)
Nuveen Municipal Credit Opportunities Fund (NMCO)
Nuveen Dynamic Municipal Opportunities Fund (NDMO)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio managers John V. Miller, CFA, Steve M. Hlavin, Paul L. Brennan, CFA, Scott R. Romans, PhD and Timothy T. Ryan, CFA discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of NVG, NZF, NMZ and NMCO and NDMO in the abbreviated reporting period since its inception on August 26, 2020. Paul has managed NVG since 2006, Scott assumed portfolio management responsibility for NZF in 2016, John has managed NMZ since its inception in 2003, John and Steve have managed NMCO since its inception in 2019 and John and Tim have managed NDMO since its inception in 2020.
During May and October 2019, the Board of Trustees and Shareholders approved the merger of the Nuveen Connecticut Quality Municipal Income Fund (NTC) to the acquiring Fund, the Nuveen AMT-Free Municipal Credit Income Fund (NVG). The merger was completed prior to the open of business on November 18, 2019.
What factors affected the U.S. economy and financial markets during the twelve-month reporting period ended October 31, 2020?
The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures. As business and social activities were drastically restricted in March and April 2020 to slow the spread of COVID-19, U.S. gross domestic product (GDP) shrank 31.4% on an annualized basis in the second quarter of 2020 (following a 5% decline in the first quarter), according to the Bureau of Economic Analysis (BEA) “third” estimate. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Government relief programs provided significant aid to individuals and businesses as the economy began reopening in May 2020, which helped the economy bounce back strongly over the summer months. GDP rose 33.1% in the third quarter of 2020, according to the BEA’s “second” estimate. While the third quarter gain was historic, the economy remained below pre-pandemic growth levels. GDP growth was 2.4% in the fourth quarter of 2019 and 2.2% for 2019 overall.

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.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
Consumer spending, the largest driver of the economy, was well supported earlier in this reporting period by low unemployment, wage gains and tax cuts. However, the COVID-19 crisis containment measures drove a significant drop in consumer spending and a sharp rise in unemployment starting in March 2020. The Bureau of Labor Statistics said the unemployment rate rose to 6.9% in October 2020 from 3.6% in October 2019. As of October 2020, slightly more than half of the 22 million jobs lost in March and April 2020 have been recovered. The average hourly earnings rate appeared to soar, growing at an annualized rate of 4.5% in October 2020, despite the spike in unemployment. Earnings data was skewed by the concentration of job losses in lower-wage work, which effectively eliminated most of the low-wage data, resulting in an average of mostly higher numbers. The overall trend of inflation remained muted, as decreases in gasoline, apparel and transportation prices offset an increase in food prices. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 1.2% over the twelve-month reporting period ended October 31, 2020 before seasonal adjustment.
Prior to the COVID-19 crisis recession, the U.S. Federal Reserve (the Fed) had reduced its benchmark interest rate to support the economy’s slowing growth. The Fed also stopped shrinking its bond portfolio sooner than scheduled and began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels.
As the health and economic crisis deepened, the Fed enacted an array of emergency measures in March 2020 to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and allowing unlimited bond purchases, known as quantitative easing. There were no policy changes at the Fed’s April, June and July 2020 meetings, where Chairman Powell reiterated a commitment to keep rates near zero until the economy recovers and maintained a cautious outlook for the U.S. economy. Also at the July 2020 meeting, the Fed extended some of its pandemic funding facilities by another three months to December 2020. At the annual Jackson Hole Economic Symposium, held virtually in August 2020, the Fed announced a change in inflation policy to average inflation targeting. Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% rate over time. The Fed provided further clarification of the new inflation policy and left the benchmark interest rate unchanged at its September 2020 meeting. (As expected, there were no policy changes at the Fed’s November 2020 meeting, which occurred after the close of this reporting period.)
In March and April 2020, the U.S. government approved three aid packages. These included $2 trillion allocated across direct payments to Americans, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, as well as more than $100 billion in funding to health agencies and employers offering paid leave. As some of these programs began to expire, additional relief measures were under discussion in Congress, but a final deal had not been reached as of the end of this reporting period. The election outcome, subsequent to the close of the reporting period, did not change expectations for a stimulus bill, but the timing and size remained uncertain.
The COVID-19 crisis rapidly dwarfed all other market concerns starting in late February 2020. Equity and commodity markets sold-off and safe-haven assets rallied in March 2020 as China, other countries and then the United States initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to assess, which amplified market volatility. An ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia, which caused oil prices to plunge in March 2020, exacerbated the market sell-off.
Geopolitical uncertainty remained elevated with the U.S. presidential election, the Brexit transition period winding down and U.S.-China relations deteriorating. While markets remained concerned about the potential for a disputed outcome, the next round of fiscal stimulus was expected to follow the presidential election. In Europe, the EU and U.K. continued to negotiate, but had not yet reached, a final Brexit agreement after the U.K. formally exited at the end of January 2020 and triggered the one-year transition period (which ends on December 31, 2020). Although China and the U.S. signed a “phase one” trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong’s sovereignty and the management of the COVID-19 crisis.
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Despite the severe sell-off in March 2020, municipal bonds managed positive performance over the twelve-month reporting period. For most of the reporting period, a significant decline in interest rates drove municipal bond prices higher, with positive technical and fundamental conditions also supporting credit spread tightening. Prior to the emergence of the novel coronavirus, interest rates had been pressured lower by signs that the economy’s momentum was slowing, a more dovish central bank policy, geopolitical tensions (especially regarding trade) and bouts of equity market volatility. Then, from late February through March 2020, coronavirus risks permeated the markets, sending U.S. Treasury yields to historic lows. Rate volatility increased sharply in that six-week period. As liquidity became stressed, investors began to liquidate any asset possible, including municipal bonds. Municipal bond prices declined rapidly (and yields spiked higher), amid rampant selling across both the high grade and high yield segments that was exacerbated in some cases by exchange-traded fund and closed-end fund selling. Municipal bond prices became severely dislocated from Treasury prices. Credit spreads widened significantly during the March 2020 sell-off, ending the month above their long-term average. Monetary and fiscal interventions from the Fed and U.S. government helped the market recover in April and May, although spreads remain wider than average as of the end of the reporting period. The municipal yield curve steepened over this reporting period, with a pronounced drop in yields at the short end of the curve spearheading the steepening.
Prior to the market turmoil in March 2020, municipal bond gross issuance nationwide had been robust. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 30% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been adequate, the net has not and this was an overall positive technical factor on municipal bond investment performance in recent years. Notably, taxable municipal bond issuance has increased meaningfully since the advent of the Tax Cut and Jobs Act of 2017, which prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. However, municipalities have taken advantage of the low interest rate environment and the strong demand for yield to issue taxable municipal debt, enabling them to save on net interest costs while adding to the scarcity value of tax-exempt issues.
Municipal bond funds saw consistently positive cash flows throughout 2019 and into early 2020, then suffered significant outflows in March 2020, particularly from high yield municipal bond funds. After the market stabilized in April 2020, fund flows subsequently turned positive again, bringing year-to-date flows through October 2020 back into positive territory. Demand has been resilient even though municipal defaults, as expected, have increased somewhat in 2020. Notably, default activity has occurred mainly in sectors with greater COVID-19 risk exposure, such as senior living, corporate-backed and real estate-backed. Additionally, while municipal credit ratings remain under pressure given the uncertain economic outlook, a wave of downgrades has not materialized. With interest rates in the U.S. and globally remaining near all-time lows, the appetite for yield has continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as tax payers have adjusted to the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, there has been increased demand for tax-exempt municipal bonds, especially in states with high income taxes and/or property taxes.
What key strategies were used to manage the four Funds during the twelve-month reporting period and NDMO during the abbreviated reporting period ended October 31, 2020 and how did these strategies influence performance?
The Nuveen AMT-Free Municipal Credit Income Fund seeks 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 bonds that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued. The Fund invests in municipal securities that are exempt from federal income taxes. The Fund uses leverage. By investment policy, the Fund may invest up to 55% of its managed assets in municipal securities rated at the time of investment Baa/BBB and below or judged to be of comparable quality by the Fund’s portfolio management team.
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Portfolio Managers’ Comments (continued)
The Nuveen Municipal Credit Income Fund seeks to provide current income exempt from regular federal income tax by investing in an actively managed portfolio of tax-exempt municipal securities. Up to 55% of its managed assets may be in securities rated BBB and below at the time of purchase or, if unrated, judged to be of comparable quality by the Fund’s portfolio management team, and the Fund uses leverage.
The Nuveen Municipal High Income Opportunity Fund seeks to provide high current income exempt from regular federal income tax. Its secondary investment objective is to seek attractive total return consistent with its primary objective. The Fund invests in municipal securities that are exempt from federal income taxes; the Fund uses leverage. By investment policy, up to 75% of its managed assets may be invested in municipal securities rated, at the time of investment, Baa/BBB or lower by at least one nationally recognized statistical rating organization including below investment grade securities, or unrated securities judged by the manager to be of comparable quality. No more than 10% of the Fund’s managed assets may be invested in municipal securities rated below B3/B-, or that are unrated but judged to be of comparable quality by the Fund’s portfolio management team.
The Nuveen Municipal Credit Opportunities Fund seeks to provide a high level of current income exempt from regular U.S. federal income tax and secondarily, total return. The Fund invests primarily in high yielding, low- to medium-quality municipal securities that, at the time of investment, are rated Baa/BBB or lower or, if unrated, are judged to be of comparable quality by the Fund’s portfolio management team. No more than 30% of the Fund’s managed assets will be in municipal securities rated CCC+/Caa1 or lower at the time of investment or unrated but judged to be of comparable quality. No more than 10% of the Fund’s managed assets can be in defaulted securities or securities of issuers in bankruptcy or insolvency proceedings at the time of investment. The Fund uses leverage and has a 12-year term with the potential to convert to perpetual.
The Nuveen Dynamic Municipal Opportunities Fund seeks to provide a total return through income exempt from regular federal income taxes and capital appreciation. The Fund invests primarily in municipal securities, the income on which is exempt from regular U.S. federal income tax. The Fund may invest in municipal securities of any maturity and credit quality, without limit in below investment grade municipal securities rated BB+/Ba1 or lower at the time of investment or unrated but judged to be of comparable quality by the Fund’s portfolio management team, and without limit in municipal securities that generate income subject to the U.S. federal alternative minimum tax (“AMT Bonds”). No more than 20% of Managed Assets can be in taxable debt obligations, including taxable municipal securities, and no more than 10% of Managed Assets can be in defaulted securities or securities of issuers in bankruptcy or insolvency proceedings at the time of investment. The Fund uses leverage and has a 12-year term with the potential to convert to perpetual.
Despite historic volatility in the municipal market during March and April 2020, municipal bond performance was positive during the twelve-month reporting period overall. Municipal yields fell, in concert with a steep drop in Treasury yields as the U.S. economy fell into a deep recession amid the virus lockdown. The decline was more dramatic at the short end of the municipal yield curve, which steepened the yield curve over the reporting period. Demand for municipal bonds recovered after the March-April 2020 sell-off, with mutual fund inflows resuming a positive trend (although more so for high grade than high yield municipal funds) and the market absorbing significant supply. With demand normalizing, high grade municipal bonds have made a full recovery from the March-April 2020 COVID-19 crisis, while high yield credit spreads have narrowed meaningfully but remained wider than where they began during the reporting period.
We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. Our trading activity continued to focus on pursuing the Funds’ investment objectives.
NVG’s trading activity was mainly driven by bonds rolling off the portfolio due to bond calls and maturities. One of the larger refundings during the reporting period was Buckeye Tobacco Settlement bonds, which the state of Ohio refunded in March 2020 and issued new replacement bonds. NVG, NZF, NMZ and NMCO owned the legacy bonds and bought some of the replacement bonds. NVG also held Los Angeles County tobacco bonds that were refunded during this reporting period. Early in the COVID-19 related
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sell-off, we took some small precautionary steps to prepare for the possibility of deleveraging, including delaying the reinvestment of cash proceeds from called bonds and coupon income. However, market liquidity, although stressed, remained sufficient and deleveraging was not needed. After the sell-off, the market was favorable for executing tax-loss swaps. This strategy entailed selling depreciated bonds with lower yields and buying similarly structured but higher yielding bonds. This approach was implemented to enhance NVG’s income earning capability and seek to make the Fund more tax efficient. The portfolio’s overall positioning was relatively unchanged over the reporting period. We bought bonds across a range of sectors, including health care, transportation, tax-supported (such as Puerto Rico and Illinois debt) and housing, and across the credit quality spectrum, although there was a slight skew toward investment grade bonds.
In NZF, prior to the March-April 2020 sell-off, municipal yields were very low and credit spreads were tight, providing fewer attractive relative value opportunities. We worked to reinvest call and maturity proceeds into some A rated names we considered suitable long-term investments as well as some highly liquid, AA rated placeholder credits to keep the Fund fully invested until more attractive opportunities were available in the marketplace. NZF also held legacy Buckeye Tobacco bonds that were refunded, and reinvested some of proceeds into the new issue replacement bonds and rotated some into Puerto Rico sales tax revenue bonds (known as COFINAs), where longer-term fundamentals looked more attractive. After the COVID-19 crisis sell-off, we also took advantage of the favorable environment for tax loss swaps in NZF’s portfolio, which were implemented in three approaches: first, higher prevailing yields on AAA rated paper enabled us to swap out of high grade positions into other, relatively higher yielding high grade positions with similar risk characteristics; second, rotating some of the Fund’s high grade, lower yielding placeholder bonds into lower rated, higher yielding investments, as capital outflows from lower rated bonds provided attractive buying opportunities in airports and airline-related, health care, public transportation and certain Manhattan real estate redevelopment bonds; and third, making one-for-one exchanges within high yield positions, including COFINAs, health care, convention center related, airports and state of Illinois, to reset embedded yields higher. As the market stabilized and the high yield liquidity crisis abated, the tax loss swap opportunity waned and we refocused on credit fundamentals. NFZ bought primarily A rated debt in airports and health care, which were funded from the proceeds of called and maturating bonds.
For most of the reporting period, NMZ worked to reinvest coupon income, call proceeds, payments from sinking funds (a fund formed by periodically setting aside money for the gradual repayment of a debt) and capital inflows from secondary share marketing. Some of the larger refundings affecting NMZ during this reporting period were Buckeye Tobacco, high coupon toll roads and high coupon hospitals. We added to some high performing sectors, such as tobacco and COFINAs, in the secondary market. We also continued to invest in individual primary market opportunities, including land secured (Castle Oaks Metropolitan District in Denver), charter schools (Renaissance Charter School in Florida), single family housing (especially suburban areas), New York Metropolitan Transportation Authority and airline bonds backed by important airports (e.g., New York JFK International backed by American Airlines, Denver Special Facilities backed by United Airlines and Port of Seattle backed by Delta Air Lines). There were no material sells for credit or duration reasons.
NMCO’s invest-up period ended during the first half of the reporting period. By the March 2020 sell-off, the Fund had all of its cash invested but approximately 20% of the portfolio was held in mid-grade bonds, which served as temporary placeholders while we worked to source opportunities in higher yielding, lower rated bonds. The Fund was therefore well positioned to make advantageous relative value swaps in March 2020, when market weakness provided opportunity to buy into long-term high yield positions at attractive spreads. As a result, trading activity was elevated in March 2020 as we worked to set up the Fund for a high yield recovery. Industrial development revenue (IDR) bonds are NMCO’s largest sector exposure, which tend to be more economically sensitive and could benefit from further spread normalization.
Additionally, at the end of March 2020, NMCO delevered to help mitigate net asset value volatility and manage the leverage ratio within the stated target. These efforts influenced the timing and size of the Fund’s distribution cut. Under normal market conditions, portfolio managers would be able to take mitigating steps, through tax loss bond exchanges and other strategies, to offset the impact of unwinding leverage. However, due to the unprecedented velocity of the market’s sell-off and the compressed time period
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Portfolio Managers’ Comments (continued)
in which it occurred, we believe it was in the best long-term interest of our shareholders to take these prudent actions in the short term. We believe this can ultimately help enhance earnings over the long run.
Also during this reporting period, NVG, NZF, NMZ and NMCO acquired shares in Energy Harbor when their holdings of certain municipal bonds issued by FirstEnergy Solutions were converted into Energy Harbor equity as part of FirstEnergy Solution’s emergence from bankruptcy protection. The share price appreciated strongly post its March 2020 issuance. In July 2020, the stock suffered a correction on negative headline news about the predecessor company and its former parent company. During the reporting period, the negative performance impact to NZF, NMZ and NMCO was relatively muted and the combined equity and debt position was a detractor for NVG. Over time, we expect to sell these shares and reinvest the proceeds into municipal bonds.
NDMO began operations in late August 2020 and since then we have worked to invest the portfolio in investment grade and high yield opportunities that support high income earnings and offer total return potential.
As of October 31, 2020, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement.
How did the four Funds perform during the twelve-month reporting period and NDMO during the abbreviated reporting period ended October 31, 2020?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns at net asset value (NAV) for the period ended October 31, 2020. Each Fund’s total returns at NAV are compared with the performance of a corresponding market index.
For the twelve months ended October 31, 2020, the total returns at NAV for NVG, NZF and NMZ underperformed the return for the national S&P Municipal Bond Index. NVG and NZF underperformed the return for the secondary benchmark (composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index), and NMZ and NMCO underperformed the return on the S&P Municipal Yield Index. For the abbreviated reporting period, the total returns at NAV for NDMO outperformed the return of the S&P Municipal Bond Index.
The main factors influencing the Funds’ relative performance in this reporting period were yield curve and duration positioning, credit quality allocation and sector allocation. In addition, the use of regulatory leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
The main drivers of NVG and NZF’s relative performance were yield curve and duration positioning, credit quality allocations and sector allocations. NVG and NZF were favorably positioned for the falling interest rate environment during this reporting period. The two Funds were positioned with longer durations than the benchmark, with overweights to longer duration bonds and underweights to shorter duration bonds, which was advantageous because longer bonds generally outperformed.
Credit ratings allocations detracted from NVG and NZF’s relative performance, offsetting the positive contribution of duration and yield curve positioning. The largest drag came from overweight allocations to bonds rated BBB and lower, which performed poorly during the March-April 2020 market weakness and hadn’t fully recovered by the end of the reporting period.
The volatility during the reporting period skewed performance at the sector level. Overall, sector allocations adversely affected NVG but were modestly beneficial for NZF. The tobacco sector performed strongly, largely due to the refundings and restructurings of some legacy tobacco issues (such as Buckeye Tobacco) that occurred during the reporting period. The defensively oriented tax-supported and utilities sectors also held up well, as did the pre-refunded sector, due to its high credit quality composition. Conversely, the weaker performers were more economically sensitive sectors and/or those with greater exposure to coronavirus impacts such as IDR, health care (especially senior living facilities), transportation and higher education.
NMZ’s performance, which is primarily compared to the S&P Municipal Yield Index, continued to be driven by our bottom-up credit selection. Within the high yield municipal market, there was a wide dispersion of returns by sector and individual security, resulting in a mix of very strong and very weak performers within NMZ’s portfolio. The best performing sectors were tobacco, Puerto Rico,
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dedicated tax and land secured, while the weakest groups were senior living facilities and IDRs. Hospitals, airports and multi-family housing fell in the middle of the pack. NMZ holds underweight allocations relative to the benchmark’s much higher weightings in tobacco and Puerto Rico bonds, given our views about the risk-reward offered by these sectors, and this was the main detractor from relative performance.
Partially offsetting the relative weakness, however, were our relatively lower exposures to the two weakest performing sectors, IDRs and senior living facilities, as well as the Fund’s higher exposure to land secured debt, which performed well. Other notable detractors were individual securities that suffered from short-term, event-specific headwinds. For example, pandemic-related concerns drove valuations meaningfully lower for Brightline (formerly Virgin Trains USA), a South Florida high-speed passenger rail project, and American Dream, the retail and entertainment mega-plex at the Meadowlands, New Jersey. However, our research suggests these bonds are structured to weather short-term disruption and investors may be overlooking the longer-term potential for these projects. Overall, the underperformance of these and other laggards in NMZ’s portfolio has been perception-driven more than reality-driven, in our opinion. The default rate in the Fund has remained very low, and in most sectors, the technicals rather than fundamentals have exaggerated performance, whether to the upside or the downside.
NMCO’s performance is also primarily compared to the S&P Municipal Yield Index. The Fund’s performance was shaped by three major events during the reporting period. The first was the Fund’s invest-up period, which coincided with the first half of the reporting period. There was a natural drag on performance due to the Fund putting money to work during the strong performing market preceding the advent of the COVID-19 crisis. The second event was the March-April 2020 sell-off. The Fund underperformed significantly during the market panic, due to its leveraged duration and higher exposure to high yield bonds in general, where spreads widened sharply. However, the prevailing market also enabled us to make advantageous relative value swaps out of the placeholder investment grade bonds into longer-term high yield exposures that positioned the Fund for a high yield recovery. The third event, the municipal market’s stabilization and the high yield segment’s partial recovery over the summer months, benefited the Fund’s high yield positioning. Although NMCO’s overweight to the IDR sector, which hasn’t yet fully recovered, and underweights to the stronger performing dedicated tax and Puerto Rico sectors were all detractors from relative performance, the Fund benefited from an underweight to senior living facilities, the worst performing segment, and favorable security selection in the tobacco sector.
During the abbreviated reporting period, NDMO outperformed the benchmark S&P Municipal Bond Index, primarily due to strong security selection. Top performing positions included Southern Ohio Port Authority PureCycle, Chicago Transit Authority sales tax revenue, Delta Air Lines - LaGuardia Airport Terminal and Colorado International Metropolitan District Number 8. The weakest performing holdings included New York MTA, selected Puerto Rico general obligation bonds, Big River Steel and Talen Energy. The Fund’s longer duration positioning, partially managed with the use of inverse floaters, was somewhat disadvantageous as interest rates drifted higher in the abbreviated reporting period.
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Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest a Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
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 municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. 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 tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The use of leverage had a negative impact on the total return performance of NVG, NZF, NMZ and NMCO and a negligible impact on the total return performance of NDMO over the reporting period.
As of October 31, 2020, the Funds’ percentages of leverage are as shown in the accompanying table.
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Effective Leverage* 
38.00% 
38.09% 
35.25% 
40.88% 
14.54% 
Regulatory Leverage* 
35.04% 
37.62% 
7.35% 
39.73% 
0.00% 
 
*     
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.

12
 

THE FUNDS’ REGULATORY LEVERAGE
As of October 31, 2020, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
                   
 
       
Variable Rate
       
 
 
Variable Rate
   
Remarketed
       
 
 
Preferred*
   
Preferred**
       
 
 
Shares Issued
   
Shares Issued at
       
 
 
at Liquidation
   
at Liquidation
       
 
 
Preference
   
Preference
   
Total
 
NVG 
 
$
317,400,000
   
$
1,611,600,000
   
$
1,929,000,000
 
NZF 
 
$
1,172,000,000
   
$
196,000,000
   
$
1,368,000,000
 
NMZ 
 
$
87,000,000
   
$
   
$
87,000,000
 
NMCO 
 
$
350,000,000
   
$
100,000,000
   
$
450,000,000
 
 
*     
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.
**     
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP- VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on preferred shares and each Funds’ respective transactions.
13
 

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 2020. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
                               
 
 
Per Common Share Amounts
 
Monthly Distributions (Ex-Dividend Date) 
 
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO
 
November 2019 
 
$
0.0710
   
$
0.0660
   
$
0.0595
   
$
0.0640
   
$
 
December 
   
0.0655
     
0.0625
     
0.0595
     
0.0640
     
 
January 
   
0.0655
     
0.0625
     
0.0595
     
0.0640
     
 
February 
   
0.0655
     
0.0625
     
0.0595
     
0.0640
     
 
March 
   
0.0655
     
0.0625
     
0.0595
     
0.0640
     
 
April 
   
0.0655
     
0.0625
     
0.0595
     
0.0525
     
 
May 
   
0.0655
     
0.0625
     
0.0620
     
0.0525
     
 
June 
   
0.0655
     
0.0625
     
0.0620
     
0.0525
     
 
July 
   
0.0655
     
0.0625
     
0.0620
     
0.0620
     
 
August 
   
0.0655
     
0.0625
     
0.0620
     
0.0620
     
 
September 
   
0.0655
     
0.0625
     
0.0620
     
0.0620
     
 
October 2020 
   
0.0675
     
0.0660
     
0.0620
     
0.0620
     
0.0765
 
Total Distributions from Net Investment Income 
 
$
0.7935
   
$
0.7570
   
$
0.7290
   
$
0.7255
   
$
0.0765
 
Total Distributions from Long Term Capital Gains* 
 
$
0.0314
   
$
   
$
   
$
   
$
 
Total Distributions 
 
$
0.8249
   
$
0.7570
   
$
0.7290
   
$
0.7255
   
$
0.0765
 
   
Yields 
                                       
Market Yield** 
   
5.19
%
   
5.37
%
   
5.63
%
   
6.37
%
   
6.12
%
Taxable-Equivalent Yield** 
   
8.76
%
   
9.07
%
   
9.35
%
   
10.69
%
   
10.34
%
 
*     
Distribution paid in December 2019.
**     
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 an 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 Note 6 — Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
14
 

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 Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
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-closedendfunds, 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 EQUITY SHELF PROGRAM
During the current reporting period, NMZ was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under this program, NMZ, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. The total amount of common shares authorized under this Shelf Offering, are as shown in the accompanying table.
   
 
NMZ 
Additional authorized common shares 
19,500,000 
 
During the current reporting period, NMZ sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share as shown in the accompanying table.
       
 
 
NMZ
 
Common shares sold through shelf offering 
   
13,935,297
 
Weighted average premium to NAV per common share sold 
   
1.38
%
 
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on Shelf Offerings and the Fund’s transactions.
15
 

Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2020, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing NVG, NZF, NMZ and NMCO to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
As of October 31, 2020, and since the inception of the Funds’ repurchase programs, the following Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
         
 
NVG 
NZF 
NMZ 
NMCO 
Common shares cumulatively repurchased and retired 
202,500 
47,500 
— 
— 
Common shares authorized for repurchase 
21,335,000 
14,210,000 
8,170,000 
5,325,000 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of October 31, 2020, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
                               
 
 
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO
 
Common share NAV 
 
$
16.76
   
$
15.96
   
$
13.22
   
$
12.81
   
$
14.92
 
Common share price 
 
$
15.62
   
$
14.74
   
$
13.22
   
$
11.68
   
$
15.00
 
Premium/(Discount) to NAV 
   
(6.80
)%
   
(7.64
)%
   
0.00
%
   
(8.82
)%
   
0.54
%
12-month average premium/(discount) to NAV 
   
(6.73
)%
   
(6.52
)%
   
0.17
%
   
(1.83
)%
   
0.32
%
 
16
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Performance Overview and Holding Summaries as of October 31, 2020
 
       
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of October 31, 2020 
 
 
Average Annual 
 
1-Year 
5-Year 
10-Year 
NVG at Common Share NAV 
2.53% 
6.28% 
6.53% 
NVG at Common Share Price 
0.06% 
8.04% 
6.54% 
S&P Municipal Bond Index 
3.55% 
3.68% 
4.05% 
NVG Custom Blended Fund Performance Benchmark(1) 
3.32% 
4.44% 
4.43% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
1 The Blended Index consists of the returns of the S&P Municipal Bond Investment Grade Index prior to 4/11/16 and thereafter: 1) 60% of the return of the S&P Municipal Bond Investment Grade Index and 2) 40% of the return of the S&P Municipal Bond High Yield Index.
17
 

   
NVG
Performance Overview and Holding Summaries as of October 31, 2020 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
157.4% 
Common Stocks 
0.4% 
Other Assets Less Liabilities 
1.3% 
Net Assets Plus Floating Rate Obligations, 
 
AMTP Shares, net of deferred offering 
 
costs, MFP Shares, net of deferred 
 
offering costs & VRDP Shares, 
 
net of deferred offering costs 
159.1% 
Floating Rate Obligations 
(5.3)% 
AMTP Shares, net of deferred 
 
offering costs 
(3.1)% 
MFP Shares, net of deferred 
 
offering costs 
(11.3)% 
VRDP Shares, net of deferred 
 
offering costs 
(39.4)% 
Net Assets 
100% 

 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
11.8% 
AAA 
2.7% 
AA 
12.0% 
25.5% 
BBB 
19.7% 
BB or Lower 
15.1% 
N/R (not rated) 
13.0% 
N/A (not applicable) 
0.2% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
19.4% 
Tax Obligation/Limited 
17.9% 
Transportation 
11.2% 
U.S. Guaranteed 
10.9% 
Tax Obligation/General 
10.0% 
Education and Civic Organizations 
9.9% 
Utilities 
7.1% 
Consumer Staples 
5.5% 
Other 
8.1% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
15.1% 
California 
9.1% 
Texas 
7.4% 
Colorado 
6.6% 
Ohio 
5.9% 
Connecticut 
4.2% 
New York 
4.0% 
Pennsylvania 
3.9% 
New Jersey 
3.6% 
Florida 
3.0% 
Wisconsin 
2.5% 
South Carolina 
2.0% 
Iowa 
2.0% 
Indiana 
1.9% 
Puerto Rico 
1.9% 
Georgia 
1.9% 
Massachusetts 
1.7% 
Arizona 
1.6% 
Missouri 
1.5% 
Virginia 
1.5% 
Other1 
18.7% 
Total 
100% 
 
1 See Portfolio of Investments for details on “other” States and Territories.
18
 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Performance Overview and Holding Summaries as of October 31, 2020 
 
       
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of October 31, 2020 
 
 
Average Annual 
 
1-Year 
5-Year 
10-Year 
NZF at Common Share NAV 
0.58% 
5.60% 
6.40% 
NZF at Common Share Price 
(3.34)% 
7.02% 
6.09% 
S&P Municipal Bond Index 
3.55% 
3.68% 
4.05% 
NZF Custom Blended Fund Performance Benchmark(1) 
3.32% 
4.44% 
4.43% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
1 The Blended Index consists of the returns of the S&P Municipal Bond Investment Grade Index prior to 4/11/16 and thereafter: 1) 60% of the return of the S&P Municipal Bond Investment Grade Index and 2) 40% of the return of the S&P Municipal Bond High Yield Index.
19
 

   
NZF
Performance Overview and Holding Summaries as of October 31, 2020 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
158.0% 
Common Stocks 
1.1% 
Investment Companies 
0.1% 
Corporate Bonds 
0.0% 
Other Assets Less Liabilities 
1.6% 
Net Assets Plus Floating Rate 
 
Obligations, MFP Shares, net of 
 
deferred offering costs & VRDP 
 
Shares, net of deferred offering costs 
160.8% 
Floating Rate Obligations 
(0.7)% 
MFP Shares, net of deferred 
 
offering costs 
(28.2)% 
VRDP Shares, net of deferred 
 
offering costs 
(31.9)% 
Net Assets 
100% 

 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.8% 
AAA 
1.0% 
AA 
11.2% 
25.8% 
BBB 
21.3% 
BB or Lower 
19.3% 
N/R (not rated) 
11.9% 
N/A (not applicable) 
0.7% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
19.8% 
Transportation 
19.0% 
Health Care 
15.2% 
Tax Obligation/General 
14.8% 
U.S. Guaranteed 
8.9% 
Utilities 
6.6% 
Education and Civic Organizations 
4.9% 
Other 
10.8% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
19.2% 
California 
14.0% 
New York 
11.0% 
Texas 
9.8% 
Florida 
4.7% 
Colorado 
4.0% 
New Jersey 
3.4% 
Pennsylvania 
3.4% 
Puerto Rico 
2.5% 
Missouri 
2.4% 
Indiana 
2.3% 
Ohio 
1.9% 
South Carolina 
1.9% 
Other1 
19.5% 
Total 
100% 
 
1 See Portfolio of Investments for details on “other” States and Territories.
20
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Performance Overview and Holding Summaries as of October 31, 2020
 
       
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of October 31, 2020 
 
 
 Average Annual 
 
1-Year 
5-Year 
10-Year 
NMZ at Common Share NAV 
(0.49)% 
5.27% 
7.65% 
NMZ at Common Share Price 
(1.84)% 
5.16% 
6.99% 
S&P Municipal Yield Index 
2.59% 
5.58% 
6.00% 
S&P Municipal Bond High Yield Index 
2.88% 
5.77% 
6.34% 
S&P Municipal Bond Index 
3.55% 
3.68% 
4.05% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
21
 

   
NMZ
Performance Overview and Holding Summaries as of October 31, 2020 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
143.3% 
Common Stocks 
1.6% 
Corporate Bonds 
0.2% 
Other Assets Less Liabilities 
2.4% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 
147.5% 
Floating Rate Obligations 
(39.6)% 
AMTP Shares, net of deferred 
 
offering costs 
(7.9)% 
Net Assets 
100% 

   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
5.3% 
AA 
13.7% 
9.0% 
BBB 
16.1% 
BB or Lower 
18.6% 
N/R (not rated) 
36.2% 
N/A (not applicable) 
1.1% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
27.7% 
Health Care 
15.7% 
Transportation 
13.6% 
Education and Civic Organizations 
11.1% 
Tax Obligation/General 
6.9% 
Utilities 
5.3% 
Consumer Staples 
5.0% 
Other 
14.7% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
18.4% 
California 
11.3% 
Florida 
9.5% 
New York 
6.6% 
Colorado 
5.7% 
Puerto Rico 
5.4% 
Ohio 
4.9% 
Wisconsin 
4.0% 
Kentucky 
4.0% 
New Jersey 
3.7% 
Texas 
2.7% 
Arizona 
2.0% 
South Carolina 
2.0% 
Other1 
19.8% 
Total 
100% 
 
1 See Portfolio of Investments for further details on “other” States and Territories.
22
 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Performance Overview and Holding Summaries as of October 31, 2020 
 
     
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of October 31, 2020 
 
 
Average Annual 
 
 
Since 
 
1-Year 
Inception 
NMCO at Common Share NAV 
(10.33)% 
(8.82)% 
NMCO at Common Share Price 
(19.78)% 
(15.91)% 
S&P Municipal Yield Index 
2.59% 
3.08% 
 
Since inception returns are from 9/16/19. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
23
 

   
NMCO
Performance Overview and Holding Summaries as of October 31, 2020 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
159.1% 
Common Stocks 
2.5% 
Exchange-Traded Funds 
0.3% 
Short-Term Municipal Bonds 
2.2% 
Other Assets Less Liabilities 
4.9% 
Net Assets Plus Floating 
 
Rate Obligations, MFP Shares, 
 
net of deferred offerings 
169.0% 
Floating Rate Obligations 
(3.2)% 
MFP Shares, net of deferred 
 
offerings 
(65.8)% 
Net Assets 
100% 

 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
AA 
3.3% 
0.8% 
BBB 
9.3% 
BB or Lower 
36.0% 
N/R (not rated) 
48.9% 
N/A (not applicable) 
1.7% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
20.3% 
Industrials 
15.4% 
Transportation 
12.0% 
Education and Civic Organizations 
11.2% 
Consumer Staples 
8.2% 
Health Care 
8.1% 
Tax Obligation/General 
7.5% 
Utilities 
6.6% 
Long-Term Care 
6.4% 
Other 
4.3% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Florida 
11.7% 
Illinois 
11.6% 
New York 
8.4% 
Ohio 
7.0% 
Puerto Rico 
6.4% 
Colorado 
6.2% 
Wisconsin 
5.2% 
California 
4.0% 
Pennsylvania 
4.0% 
Alabama 
3.8% 
Arizona 
3.1% 
Virgin Islands 
2.7% 
New Jersey 
2.6% 
Arkansas 
2.5% 
Iowa 
2.1% 
Other1 
18.7% 
Total 
100% 
 
1 See Portfolio of Investments for further details on “other” States and Territories.
24
 
   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund
 
Performance Overview and Holding Summaries as of October 31, 2020 

   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Cumulative Total Returns as of October 31, 2020 
 
 
Since 
 
Inception 
NDMO at Common Share NAV 
(0.02)% 
NDMO at Common Share Price 
0.51% 
S&P Municipal Bond Index 
(0.21)% 
 
Since inception returns are from 8/26/20. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
25
 

   
NDMO
Performance Overview and Holding Summaries as of October 31, 2020 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
105.8% 
Corporate Bonds 
0.1% 
Other Assets Less Liabilities 
11.1% 
Net Assets Plus Floating 
 
Rate Obligations 
117.0% 
Floating Rate Obligations 
(17.0)% 
Net Assets 
100% 

 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
AA 
16.7% 
25.8% 
BBB 
17.3% 
BB or Lower 
14.3% 
N/R (not rated) 
25.9% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
23.4% 
Transportation 
20.5% 
Health Care 
17.6% 
Education and Civic Organizations 
15.4% 
Industrials 
6.4% 
Tax Obligation/General 
4.9% 
Other 
11.8% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
New York 
18.8% 
California 
14.4% 
Florida 
9.4% 
Colorado 
9.0% 
Arizona 
6.1% 
Ohio 
6.0% 
Illinois 
5.6% 
Puerto Rico 
4.9% 
Missouri 
3.4% 
Texas 
3.1% 
Other1 
19.3% 
Total 
100% 
 
1 See Portfolio of Investments for further details on “other” States and Territories.
26
 

Shareholder Meeting Report
The annual meeting of shareholders was held on August 5, 2020 for NMZ, NVG and NZF. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.
             
 
NMZ 
 NVG 
NZF 
 
Common and 
 
Common and 
 
Common and 
 
 
Preferred 
 
Preferred 
Preferred 
Preferred 
Preferred 
 
shares voting 
 
shares voting 
shares voting 
shares voting 
shares voting 
 
together 
Preferred 
together 
together 
together 
together 
 
as a class 
Shares 
as a class 
as a class 
as a class 
as a class 
Approval of the Board Members was reached as follows: 
 
 
 
 
 
 
John K. Nelson 
 
 
 
 
 
 
For 
61,404,334 
— 
170,335,443 
— 
114,505,552 
— 
Withhold 
1,775,687 
— 
6,595,221 
— 
3,655,195 
— 
Total 
63,180,021 
— 
176,930,664 
— 
118,160,747 
— 
Terence J. Toth 
 
 
 
 
 
 
For 
61,326,657 
— 
170,446,939 
— 
114,789,558 
— 
Withhold 
1,853,364 
— 
6,483,725 
— 
3,371,189 
— 
Total 
63,180,021 
— 
176,930,664 
— 
118,160,747 
— 
Robert L. Young 
 
 
 
 
 
 
For 
61,400,374 
— 
170,817,454 
— 
115,137,619 
— 
Withhold 
1,779,647 
— 
6,113,210 
— 
3,023,128 
— 
Total 
63,180,021 
— 
176,930,664 
— 
118,160,747 
— 
William C. Hunter 
 
 
 
 
 
 
For 
— 
870 
— 
185,695 
— 
13,680 
Withhold 
— 
— 
— 
21,320 
— 
— 
Total 
— 
870 
— 
207,015 
— 
13,680 
Albin F. Moschner 
 
 
 
 
 
 
For 
— 
870 
— 
207,015 
— 
13,680 
Withhold 
— 
— 
— 
— 
— 
— 
Total 
— 
870 
— 
207,015 
— 
13,680 
 
27
 

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
Nuveen AMT-Free Municipal Credit Income Fund
Nuveen Municipal Credit Income Fund
Nuveen Municipal High Income Opportunity Fund
Nuveen Municipal Credit Opportunities Fund
Nuveen Dynamic Municipal Opportunities Fund:


Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen AMT-Free Municipal Credit Income Fund, Nuveen Municipal Credit Income Fund, Nuveen Municipal High Income Opportunity Fund, Nuveen Municipal Credit Opportunities Fund, and Nuveen Dynamic Municipal Opportunities Fund (the Funds), including the portfolios of investments, as of October 31, 2020, the related statements of operations and cash flows for the year then ended (the period from August 26, 2020 (commencement of operations) to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund), the statements of changes in net assets for each of the years in the two-year period then ended (the year then ended and the period from September 16, 2019 (commencement of operations) to October 31, 2019 for Nuveen Municipal Credit Opportunities Fund and the period from August 26, 2020 to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund), and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended (the year then ended and the period from September 16, 2019 to October 31, 2019 for Nuveen Municipal Credit Opportunities Fund and the period from August 26, 2020 to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund). 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, 2020, the results of their operations and cash flows for the year then ended (the period from August 26, 2020 to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund), the changes in their net assets for each of the years in the two year period then ended (the year then ended and the period from September 16, 2019 to October 31, 2019 for Nuveen Municipal Credit Opportunities Fund and the period from August 26, 2020 to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund), and the financial highlights for each of the years in the five year period then ended (the year then ended and the period from September 16, 2019 to October 31, 2019 for Nuveen Municipal Credit Opportunities Fund and the period from August 26, 2020 to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund), 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, 2020, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 28, 2020
28
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 157.8% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 157.4% (99.8% of Total Investments) 
 
 
 
 
 
Alabama – 2.0% (1.3% of Total Investments) 
 
 
 
$ 3,645 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
$ 3,783,510 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 
 
 
 
5,000 
 
Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A, 
7/28 at 100.00 
A– 
5,006,800 
 
 
4.000%, 7/01/43 
 
 
 
22,655 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 
No Opt. Call 
A3 
31,066,575 
 
 
5.000%, 9/01/46 
 
 
 
8,100 
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, 
4/25 at 100.00 
N/R 
8,339,193 
 
 
Spring Hill College Project, Series 2015, 5.875%, 4/15/45 
 
 
 
 
 
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B: 
 
 
 
1,250 
 
4.000%, 6/01/29 (Pre-refunded 6/01/21) – AGM Insured 
6/21 at 100.00 
Aa3 (11) 
1,277,713 
1,000 
 
4.250%, 6/01/31 (Pre-refunded 6/01/21) – AGM Insured 
6/21 at 100.00 
Aa3 (11) 
1,023,610 
 
 
The Improvement District of the City of Mobile – McGowin Park Project, Alabama, Sales 
 
 
 
 
 
Tax Revenue Bonds, Series 2016A: 
 
 
 
1,000 
 
5.250%, 8/01/30 
8/26 at 100.00 
N/R 
1,015,760 
1,300 
 
5.500%, 8/01/35 
8/26 at 100.00 
N/R 
1,311,713 
5,970 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
5/29 at 100.00 
N/R 
6,557,030 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A 
 
 
 
12,000 
 
UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2019B, 4.000%, 9/01/44 
9/29 at 100.00 
AA– 
13,568,280 
61,920 
 
Total Alabama 
 
 
72,950,184 
 
 
Alaska – 0.6% (0.4% of Total Investments) 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2006A: 
 
 
 
7,010 
 
5.000%, 6/01/32 
11/20 at 100.00 
B3 
7,011,753 
12,635 
 
5.000%, 6/01/46 
11/20 at 100.00 
B3 
12,688,572 
19,645 
 
Total Alaska 
 
 
19,700,325 
 
 
Arizona – 2.4% (1.6% of Total Investments) 
 
 
 
4,230 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 
A– 
4,377,415 
 
 
Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
1,475 
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/27 at 100.00 
BB 
1,565,742 
 
 
Basis Schools, Inc Projects, Series 2017D, 5.000%, 7/01/47, 144A 
 
 
 
3,790 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
7/29 at 100.00 
BB 
3,979,955 
 
 
Math & Science Projects, Series 2019, 5.000%, 7/01/54, 144A 
 
 
 
3,260 
 
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus 
6/28 at 100.00 
N/R 
3,584,989 
 
 
Academy Project, Series 2018A, 6.375%, 6/01/39, 144A 
 
 
 
10,000 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 
10,487,200 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/31 
 
 
 
3,325 
 
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, 
7/27 at 100.00 
N/R 
2,560,250 
 
 
Series 2017A, 7.000%, 7/01/41, 144A (4) 
 
 
 
 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
 
 
 
 
 
Legacy Traditional Schools Projects, Taxable Series 2019B: 
 
 
 
1,730 
 
5.000%, 7/01/49, 144A 
7/29 at 100.00 
Ba2 
1,843,748 
1,975 
 
5.000%, 7/01/54, 144A 
7/29 at 100.00 
Ba2 
2,098,062 
800 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid 
7/26 at 100.00 
Baa3 
869,680 
 
 
Traditional School Projects, Series 2016, 5.000%, 7/01/47 
 
 
 
 
29
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arizona (continued) 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion 
 
 
 
 
 
Project, Series 2005B: 
 
 
 
$ 6,000 
 
5.500%, 7/01/37 – FGIC Insured 
No Opt. Call 
AA 
$ 8,982,780 
8,755 
 
5.500%, 7/01/39 – FGIC Insured 
No Opt. Call 
AA 
13,302,084 
 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Basis Schools, Inc Projects, Series 2016A: 
 
 
 
620 
 
5.000%, 7/01/35, 144A 
7/25 at 100.00 
BB 
658,291 
1,025 
 
5.000%, 7/01/46, 144A 
7/25 at 100.00 
BB 
1,071,248 
2,045 
 
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, 
7/24 at 101.00 
N/R 
1,967,106 
 
 
Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Edkey Charter Schools Project, Refunding Series 2013: 
 
 
 
490 
 
6.000%, 7/01/33 
11/20 at 102.00 
BB– 
500,437 
610 
 
6.000%, 7/01/43 
11/20 at 102.00 
BB– 
622,798 
350 
 
6.000%, 7/01/48 
11/20 at 102.00 
BB– 
357,329 
1,425 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
11/20 at 102.00 
BB– 
1,456,407 
 
 
Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Edkey Charter Schools Project, Series 2016: 
 
 
 
1,130 
 
5.250%, 7/01/36 
7/26 at 100.00 
BB– 
1,171,132 
1,850 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB– 
1,891,514 
2,135 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
2,187,542 
2,920 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 103.00 
N/R 
3,109,946 
 
 
Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A 
 
 
 
885 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/24 at 100.00 
N/R 
922,338 
 
 
San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 
 
 
 
3,050 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/28 at 100.00 
N/R 
3,353,262 
 
 
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A 
 
 
 
105 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah 
11/20 at 102.00 
BB– 
107,325 
 
 
Webster Schools ? Pima Project, Series 2014A, 7.250%, 7/01/39 
 
 
 
 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy 
 
 
 
 
 
Inc Prepay Contract Obligations, Series 2007: 
 
 
 
6,820 
 
5.000%, 12/01/32 
No Opt. Call 
BBB+ 
8,828,490 
2,465 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
3,296,864 
2,000 
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
8/23 at 100.00 
A2 
2,192,800 
 
 
Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33 
 
 
 
75,265 
 
Total Arizona 
 
 
87,346,734 
 
 
Arkansas – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas 
 
 
 
 
 
Cancer Research Center Project, Series 2006: 
 
 
 
2,500 
 
0.000%, 7/01/36 – AMBAC Insured 
No Opt. Call 
Aa2 
1,680,075 
20,460 
 
0.000%, 7/01/46 – AMBAC Insured 
No Opt. Call 
Aa2 
9,183,471 
22,960 
 
Total Arkansas 
 
 
10,863,546 
 
 
California – 14.3% (9.1% of Total Investments) 
 
 
 
6,135 
 
Alhambra Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
AA 
5,180,946 
 
 
Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured 
 
 
 
 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
 
 
 
 
 
Project, Series 1997C: 
 
 
 
5,785 
 
0.000%, 9/01/35 – AGM Insured 
No Opt. Call 
AA 
4,098,846 
6,765 
 
0.000%, 9/01/35 – AGM Insured (ETM) 
No Opt. Call 
AA (11) 
5,240,101 
4,100 
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 
3/26 at 100.00 
Ba3 
4,121,279 
 
 
5.000%, 3/01/41 
 
 
 
 
30
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 5,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
4/23 at 100.00 
A1 (11) 
$ 5,574,400 
 
 
Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) 
 
 
 
1,430 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
6/30 at 100.00 
BBB+ 
1,591,047 
 
 
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 
 
 
 
580 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
6/30 at 100.00 
BBB– 
671,222 
 
 
Los Angeles County Securitization Corporation, Series 2020B-1, 5.000%, 6/01/49 
 
 
 
50,460 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
6/30 at 26.72 
N/R 
9,002,569 
 
 
Los Angeles County Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 
 
 
 
22,965 
 
California Educational Facilities Authority, Revenue Bonds, Stanford University Series 
No Opt. Call 
AAA 
35,340,379 
 
 
2016U-7, 5.000%, 6/01/46 (UB) (5) 
 
 
 
15,850 
 
California Educational Facilities Authority, Revenue Bonds, Stanford University Series 
No Opt. Call 
AAA 
24,909,067 
 
 
2019V-1, 5.000%, 5/01/49 
 
 
 
10,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/22 at 100.00 
A+ 
10,494,700 
 
 
Children’s Hospital, Series 2012A, 5.000%, 8/15/51 
 
 
 
1,600 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health 
7/23 at 100.00 
AA– 
1,761,328 
 
 
System, Series 2013A, 5.000%, 7/01/37 
 
 
 
6,665 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
8/25 at 100.00 
AA– 
7,528,584 
 
 
Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (5) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2015-XF0131: 
 
 
 
1,555 
 
9.284%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA 
1,752,096 
1,650 
 
9.292%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA 
1,859,336 
4,075 
 
9.292%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA 
4,591,995 
5,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 
8/23 at 100.00 
A+ (11) 
5,653,850 
 
 
2013A, 5.000%, 8/15/52 (Pre-refunded 8/15/23) 
 
 
 
 
 
California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace 
 
 
 
 
 
Academy Project, Series 2016A: 
 
 
 
3,065 
 
5.000%, 7/01/31, 144A 
7/26 at 100.00 
BB 
3,331,931 
1,000 
 
5.000%, 7/01/36, 144A 
7/26 at 100.00 
BB 
1,070,020 
555 
 
5.000%, 7/01/41, 144A 
7/26 at 100.00 
BB 
588,028 
195 
 
5.000%, 7/01/46, 144A 
7/26 at 100.00 
BB 
205,286 
 
 
California Municipal Finance Authority, Education Revenue Bonds, American Heritage 
 
 
 
 
 
Foundation Project, Series 2016A: 
 
 
 
260 
 
5.000%, 6/01/36 
6/26 at 100.00 
BBB– 
290,209 
435 
 
5.000%, 6/01/46 
6/26 at 100.00 
BBB– 
476,199 
5,425 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San 
1/29 at 100.00 
Baa3 
6,179,780 
 
 
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, 
 
 
 
 
 
11/21/45, 144A 
 
 
 
2,050 
 
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 
10/26 at 100.00 
BBB– 
2,256,169 
 
 
2017, 5.000%, 10/15/47 
 
 
 
735 
 
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – 
6/26 at 100.00 
N/R 
772,522 
 
 
Obligated Group, Series 2016, 5.000%, 6/01/46, 144A 
 
 
 
715 
 
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education 
6/25 at 100.00 
N/R 
766,237 
 
 
? Obligated Group, Series 2016A, 5.000%, 6/01/36, 144A 
 
 
 
570 
 
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education 
6/26 at 100.00 
N/R 
612,362 
 
 
? Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A 
 
 
 
80 
 
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – 
11/20 at 100.00 
AA– 
80,272 
 
 
NPFG Insured 
 
 
 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – 
11/20 at 100.00 
AA– 
5,017 
 
 
AMBAC Insured 
 
 
 
3,500 
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 3/01/30 
11/20 at 100.00 
AA– 
3,512,740 
12,710 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
13,753,999 
 
 
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
 
31
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 65,505 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/26 at 100.00 
BB– 
$ 72,076,462 
 
 
Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A 
 
 
 
10,130 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/28 at 100.00 
BB– 
11,455,511 
 
 
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
4,000 
 
California Statewide Communities Development Authority, Revenue Bonds, Huntington 
7/24 at 100.00 
A– 
4,249,440 
 
 
Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39 
 
 
 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
 
 
 
 
 
Charity Health System, Series 2005A: 
 
 
 
808 
 
5.750%, 7/01/30 (4) 
11/20 at 100.00 
N/R 
743,961 
2,334 
 
5.750%, 7/01/35 (4) 
11/20 at 100.00 
N/R 
2,147,068 
5,000 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, 
No Opt. Call 
Baa2 (11) 
4,873,700 
 
 
Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) 
 
 
 
3,400 
 
Coachella Valley Unified School District, Riverside County, California, General 
No Opt. Call 
A2 
2,617,728 
 
 
Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured 
 
 
 
14,375 
 
Corona-Norco Unified School District, Riverside County, California, General Obligation 
No Opt. Call 
Aa3 
8,550,538 
 
 
Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – 
 
 
 
 
 
AGM Insured 
 
 
 
 
 
El Rancho Unified School District, Los Angeles County, California, General Obligation 
 
 
 
 
 
Bonds, Election 2010 Series 2011A: 
 
 
 
2,615 
 
0.000%, 8/01/31 – AGM Insured (7) 
8/28 at 100.00 
A1 
3,150,892 
3,600 
 
0.000%, 8/01/34 – AGM Insured (7) 
8/28 at 100.00 
A1 
4,295,232 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Senior Lien Series 2015A: 
 
 
 
3,960 
 
0.000%, 1/15/34 – AGM Insured 
No Opt. Call 
BBB 
2,941,528 
5,000 
 
0.000%, 1/15/35 – AGM Insured 
No Opt. Call 
BBB 
3,597,200 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
910 
 
0.000%, 1/15/42 (7) 
1/31 at 100.00 
Baa2 
1,027,254 
3,610 
 
5.750%, 1/15/46 
1/24 at 100.00 
Baa2 
4,032,117 
6,610 
 
6.000%, 1/15/49 (Pre-refunded 1/15/24) 
1/24 at 100.00 
Baa2 (11) 
7,811,301 
4,445 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
7/29 at 100.00 
Baa2 
4,715,567 
 
 
Refunding Term Rate Sub-Series 2013B-1, 3.500%, 1/15/53 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
 
 
 
 
 
Asset-Backed Bonds, Series 2018A-1: 
 
 
 
9,795 
 
5.000%, 6/01/47 
6/22 at 100.00 
N/R 
10,075,333 
6,240 
 
5.250%, 6/01/47 
6/22 at 100.00 
N/R 
6,429,821 
10,250 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
10,543,355 
 
 
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
 
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair & 
 
 
 
 
 
Improvement, Election 2002 Series 2006: 
 
 
 
5,600 
 
0.000%, 11/01/24 – AGM Insured 
No Opt. Call 
AA 
5,448,464 
5,795 
 
0.000%, 11/01/25 – AGM Insured 
No Opt. Call 
AA 
5,564,127 
1,160 
 
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited 
9/21 at 100.00 
AA 
1,193,988 
 
 
Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured 
 
 
 
7,575 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
AA 
7,807,401 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 
 
 
 
3,310 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
No Opt. Call 
BBB+ 
5,156,351 
 
 
Series 2009B, 6.500%, 11/01/39 
 
 
 
 
32
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
Oceanside Unified School District, San Diego County, California, General Obligation 
 
 
 
 
 
Bonds, Capital Appreciation, 2008 Election Series 2009A: 
 
 
 
$ 530 
 
0.000%, 8/01/26 – AGC Insured (ETM) 
No Opt. Call 
Aa3 (11) 
$ 510,607 
605 
 
0.000%, 8/01/26 – AGC Insured (ETM) 
No Opt. Call 
Aa3 (11) 
582,863 
4,770 
 
0.000%, 8/01/26 – AGC Insured 
No Opt. Call 
Aa3 
4,480,270 
225 
 
0.000%, 8/01/28 – AGC Insured (ETM) 
No Opt. Call 
Aa3 (11) 
211,509 
1,995 
 
0.000%, 8/01/28 – AGC Insured 
No Opt. Call 
Aa3 
1,786,423 
1,020 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue 
11/20 at 100.00 
N/R (11) 
1,086,769 
 
 
Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM) 
 
 
 
3,905 
 
Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 
8/25 at 100.00 
N/R 
4,176,554 
 
 
Esencia Village, Series 2015A, 4.250%, 8/15/38 
 
 
 
3,700 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, 
No Opt. Call 
BBB– 
3,497,314 
 
 
Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured 
 
 
 
7,875 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, 
8/29 at 100.00 
BBB– 
11,206,913 
 
 
8/01/38 – AGC Insured 
 
 
 
9,145 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
No Opt. Call 
7,641,288 
 
 
Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured 
 
 
 
4,150 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates 
10/21 at 100.00 
A2 
4,357,625 
 
 
of Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured 
 
 
 
670 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, 
6/23 at 100.00 
BBB+ 
723,620 
 
 
Series 2013A, 5.750%, 6/01/48 
 
 
 
 
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 
 
 
 
 
 
2006-1 Marblehead Coastal, Series 2015: 
 
 
 
485 
 
5.000%, 9/01/40 
9/25 at 100.00 
N/R 
539,955 
910 
 
5.000%, 9/01/46 
9/25 at 100.00 
N/R 
1,003,311 
4,000 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
5/23 at 100.00 
4,367,120 
 
 
International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 
 
 
 
66,685 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien 
No Opt. Call 
AA+ (11) 
66,660,327 
 
 
Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM) 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
 
 
 
 
 
Revenue Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
2,680 
 
5.000%, 1/15/44 
1/25 at 100.00 
BBB 
2,946,955 
8,275 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB 
9,057,815 
7,210 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
No Opt. Call 
Baa2 
6,914,823 
 
 
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
3,250 
 
San Mateo County Community College District, California, General Obligation Bonds, 
No Opt. Call 
AAA 
2,800,980 
 
 
Series 2006C, 0.000%, 9/01/30 – NPFG Insured 
 
 
 
4,325 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
3,200,543 
 
 
Election Series 2012G, 0.000%, 8/01/34 – AGM Insured 
 
 
 
5,690 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 
8/25 at 41.10 
A3 
2,137,562 
 
 
Refunding Series 2015, 0.000%, 8/01/42 
 
 
 
 
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration 
 
 
 
 
 
and Housing Facility, Series 1994A: 
 
 
 
4,630 
 
6.250%, 7/01/24 (ETM) 
No Opt. Call 
Baa2 (11) 
5,216,390 
4,630 
 
6.250%, 7/01/24 
No Opt. Call 
Baa2 
5,231,946 
3,500 
 
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A+ 
3,440,745 
 
 
Series 2006, 0.000%, 8/01/23 – FGIC Insured 
 
 
 
610 
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities 
9/27 at 100.00 
N/R 
648,448 
 
 
District 16-01, Series 2017, 6.250%, 9/01/47, 144A 
 
 
 
 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2005A-1: 
 
 
 
725 
 
4.750%, 6/01/23 
11/20 at 100.00 
BBB 
726,008 
1,600 
 
5.500%, 6/01/45 
11/20 at 100.00 
B– 
1,607,984 
524,737 
 
Total California 
 
 
510,539,522 
 
33
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado – 10.4% (6.6% of Total Investments) 
 
 
 
$ 850 
 
Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
$ 872,678 
 
 
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 
 
 
 
 
 
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2016A: 
 
 
 
890 
 
5.500%, 12/01/36 
12/21 at 103.00 
N/R 
922,788 
1,175 
 
5.750%, 12/01/46 
12/21 at 103.00 
N/R 
1,215,843 
1,100 
 
Belleview Station Metropolitan District 2, Denver City and County, Colorado, General 
12/21 at 103.00 
N/R 
1,119,690 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Refunding & Improvement Series 
 
 
 
 
 
2017, 5.000%, 12/01/36 
 
 
 
700 
 
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited 
12/22 at 103.00 
N/R 
717,619 
 
 
Tax Convertible to Unlimited Tax, Series 2017A, 5.000%, 12/01/47 
 
 
 
3,410 
 
Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation 
12/22 at 103.00 
N/R 
3,561,370 
 
 
and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 
 
 
 
1,690 
 
Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation 
12/22 at 103.00 
N/R 
1,765,019 
 
 
and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 
 
 
 
 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
 
 
 
 
 
Improvement Series 2017: 
 
 
 
1,140 
 
5.000%, 12/01/37, 144A 
12/22 at 103.00 
N/R 
1,178,110 
5,465 
 
5.000%, 12/01/47, 144A 
12/22 at 103.00 
N/R 
5,587,853 
1,475 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
12/25 at 103.00 
N/R 
1,509,382 
 
 
Improvement Series 2020A, 5.000%, 12/01/51 
 
 
 
195 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, 
12/23 at 100.00 
BB 
202,116 
 
 
Refunding Series 2014, 5.000%, 12/01/43 
 
 
 
1,200 
 
Clear Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General 
12/22 at 103.00 
N/R 
1,222,752 
 
 
Obligation Refunding & Improvement Series 2017A, 5.000%, 12/01/47 
 
 
 
930 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/26 at 100.00 
A+ 
956,598 
 
 
Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 
 
 
 
1,165 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
12/24 at 100.00 
A+ 
1,290,459 
 
 
The Classical Academy Project, Refunding Series 2015A, 5.000%, 12/01/38 
 
 
 
3,675 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
6/26 at 100.00 
A+ 
3,799,252 
 
 
Vanguard School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47 
 
 
 
1,750 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
6/26 at 100.00 
A+ 
1,770,002 
 
 
Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 
 
 
 
 
 
3.250%, 6/01/46 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The 
 
 
 
 
 
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: 
 
 
 
2,460 
 
5.000%, 6/01/42 (Pre-refunded 6/01/27) 
6/27 at 100.00 
N/R (11) 
3,157,066 
23,470 
 
5.000%, 6/01/47 (Pre-refunded 6/01/27) 
6/27 at 100.00 
N/R (11) 
30,120,459 
3,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
2/21 at 100.00 
BBB+ (11) 
3,034,710 
 
 
Initiatives, Series 2011A, 5.000%, 2/01/41 (Pre-refunded 2/01/21) 
 
 
 
11,520 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
1/23 at 100.00 
BBB+ (11) 
12,718,310 
 
 
Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) 
 
 
 
3,005 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 
BBB+ 
3,236,926 
 
 
Series 2019A-2, 4.000%, 8/01/49 
 
 
 
3,320 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 
BBB+ 
3,576,238 
 
 
Series 2019A-2, 4.000%, 8/01/49, (UB) (5) 
 
 
 
4,900 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living 
12/27 at 103.00 
A– 
5,209,239 
 
 
Communities & Services, Series 2020A, 4.000%, 12/01/50 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement 
 
 
 
 
 
Communities Inc, Refunding Series 2012B: 
 
 
 
1,640 
 
5.000%, 12/01/22 (ETM) 
No Opt. Call 
A– (11) 
1,797,374 
2,895 
 
5.000%, 12/01/23 (Pre-refunded 12/01/22) 
12/22 at 100.00 
A– (11) 
3,172,804 
4,200 
 
5.000%, 12/01/24 (Pre-refunded 12/01/22) 
12/22 at 100.00 
A– (11) 
4,603,032 
 
34
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
 
 
 
 
 
Samaritan Society Project, Series 2013: 
 
 
 
$ 765 
 
5.500%, 6/01/33 (Pre-refunded 6/01/23) 
6/23 at 100.00 
N/R (11) 
$ 866,860 
1,575 
 
5.625%, 6/01/43 (Pre-refunded 6/01/23) 
6/23 at 100.00 
N/R (11) 
1,789,751 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
 
 
 
 
 
Samaritan Society Project, Series 2013A: 
 
 
 
1,410 
 
5.000%, 6/01/32 (Pre-refunded 6/01/25) 
6/25 at 100.00 
N/R (11) 
1,706,777 
2,000 
 
5.000%, 6/01/33 (Pre-refunded 6/01/25) 
6/25 at 100.00 
N/R (11) 
2,420,960 
5,855 
 
5.000%, 6/01/40 (Pre-refunded 6/01/25) 
6/25 at 100.00 
N/R (11) 
7,087,360 
6,820 
 
5.000%, 6/01/45 (Pre-refunded 6/01/25) 
6/25 at 100.00 
N/R (11) 
8,255,474 
2,035 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, 
5/27 at 100.00 
N/R 
2,316,440 
 
 
Refunding & Improvement Series 2017A, 5.250%, 5/15/47 
 
 
 
4,105 
 
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax 
12/23 at 103.00 
N/R 
4,333,731 
 
 
General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 
 
 
 
500 
 
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, Limited Tax General 
12/20 at 103.00 
N/R 
517,135 
 
 
Obligation Bonds, Refunding Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45 
 
 
 
500 
 
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, Limited Tax General 
12/20 at 103.00 
N/R 
516,940 
 
 
Obligation Bonds, Series 2006, 5.250%, 12/01/30 
 
 
 
600 
 
Copperleaf Metropolitan District 4, Arapahoe County, Colorado, Limited Tax General 
3/25 at 103.00 
N/R 
607,458 
 
 
Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/49 
 
 
 
1,480 
 
Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, 
12/22 at 103.00 
N/R 
1,509,570 
 
 
Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A, 5.250%, 12/01/47 
 
 
 
1,275 
 
Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, 
12/22 at 103.00 
N/R 
1,298,804 
 
 
Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B, 5.250%, 12/01/47 
 
 
 
500 
 
Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/25 at 100.00 
N/R 
515,850 
 
 
Refunding Series 2016, 5.250%, 12/01/40 
 
 
 
10,640 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 
11/23 at 100.00 
11,595,791 
 
 
2013B, 5.000%, 11/15/43 
 
 
 
505 
 
Denver Connection West Metropolitan District, City and County of Denver, Colorado, Limited 
12/22 at 103.00 
N/R 
519,529 
 
 
Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, 8/01/47 
 
 
 
 
 
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado 
 
 
 
 
 
Urban Redevelopment Area, Series 2018A: 
 
 
 
1,005 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
1,033,894 
2,310 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
2,376,412 
11,700 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation 
No Opt. Call 
6,773,598 
 
 
Series 2010A, 0.000%, 9/01/41 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 
 
 
 
35,995 
 
0.000%, 9/01/23 – NPFG Insured 
No Opt. Call 
35,276,900 
6,525 
 
0.000%, 9/01/26 – NPFG Insured 
No Opt. Call 
6,128,671 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
17,030 
 
0.000%, 9/01/25 – NPFG Insured 
No Opt. Call 
16,326,491 
9,915 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
7,874,096 
43,090 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
33,138,364 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: 
 
 
 
20,000 
 
0.000%, 9/01/27 – NPFG Insured 
No Opt. Call 
18,367,600 
1,150 
 
0.000%, 9/01/28 – NPFG Insured 
No Opt. Call 
1,028,537 
7,000 
 
0.000%, 9/01/34 – NPFG Insured 
No Opt. Call 
5,225,570 
500 
 
Erie Highlands Metropolitan District No 1 (In the Town of Erie), Weld County, Colorado, 
12/20 at 103.00 
N/R 
512,070 
 
 
General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 
 
 
 
500 
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
507,785 
 
 
Limited Tax Bonds, Series 2016, 5.125%, 12/01/46 
 
 
 
590 
 
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 
12/24 at 100.00 
N/R 
607,051 
 
 
2014, 6.000%, 12/01/38 
 
 
 
 
35
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 825 
 
Forest Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General 
12/21 at 103.00 
N/R (11) 
$ 891,553 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016A, 5.000%, 12/01/46 
 
 
 
 
 
(Pre-refunded 12/01/21) 
 
 
 
1,355 
 
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, 
12/21 at 100.00 
N/R 
1,371,382 
 
 
General Obligation Bonds, Series 2016A, 5.000%, 12/01/46 
 
 
 
750 
 
Green Gables Metropolitan District No 1, Jefferson County, Colorado, General Obligation 
12/21 at 103.00 
N/R (11) 
784,223 
 
 
Bonds, Series 2016A, 5.300%, 12/01/46 (Pre-refunded 12/01/21) 
 
 
 
700 
 
Harmony Technology Park Metropolitan District 2, Fort Collins, Colorado, General 
12/22 at 103.00 
N/R 
713,160 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47 
 
 
 
500 
 
Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax 
12/24 at 103.00 
N/R 
491,890 
 
 
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 
 
 
 
3,740 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue 
12/20 at 103.00 
N/R (11) 
3,867,422 
 
 
Bonds, Refunding Series 2015, 5.500%, 12/01/45 (Pre-refunded 12/01/20) 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
2,325 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
2,372,732 
8,955 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
9,120,041 
 
 
Lambertson Farms Metropolitan District 1, Colorado, Revenue Bonds, Refunding & 
 
 
 
 
 
Improvement Series 2015: 
 
 
 
1,005 
 
5.750%, 12/15/46 
12/23 at 100.00 
N/R 
789,498 
5,355 
 
6.000%, 12/15/50 
12/23 at 100.00 
N/R 
4,211,547 
980 
 
Leyden Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax 
12/21 at 103.00 
N/R 
1,006,166 
 
 
General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 
 
 
 
500 
 
Littleton Village Metropolitan District No 2, Colorado, Limited Tax General Obligation 
12/20 at 103.00 
N/R 
509,915 
 
 
and Special Revenue Bonds, Series 2015, 5.375%, 12/01/45 
 
 
 
860 
 
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/25 at 100.00 
N/R 
889,541 
 
 
Refunding Series 2016, 5.000%, 12/01/35 
 
 
 
5,155 
 
North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, 
12/25 at 100.00 
A2 
5,361,870 
 
 
Series 2016B, 3.500%, 12/01/45 
 
 
 
 
 
North Range Metropolitan District No 2 , In the City of Commerce City, Adams County, 
 
 
 
 
 
Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds, 
 
 
 
 
 
Refunding Series 2017A: 
 
 
 
1,000 
 
5.625%, 12/01/37 
12/22 at 103.00 
N/R 
1,046,160 
1,000 
 
5.750%, 12/01/47 
12/22 at 103.00 
N/R 
1,041,120 
585 
 
Overlook Metropolitan District in the Town of Parker, Douglas County, Colorado, General 
12/21 at 103.00 
N/R 
597,367 
 
 
Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46 
 
 
 
 
 
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, 
 
 
 
 
 
Series 2019: 
 
 
 
3,380 
 
5.000%, 12/01/39 
12/24 at 103.00 
N/R 
3,563,027 
6,900 
 
5.000%, 12/01/49 
12/24 at 103.00 
N/R 
7,178,967 
 
 
Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax 
 
 
 
 
 
Refunding & Improvement Series 2016: 
 
 
 
660 
 
5.000%, 12/01/36 
12/26 at 100.00 
Baa3 
742,738 
1,060 
 
5.000%, 12/01/46 
12/26 at 100.00 
Baa3 
1,178,116 
660 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/25 at 100.00 
756,862 
 
 
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
880 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
A2 (11) 
884,039 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
5,435 
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, 
12/20 at 100.00 
AA 
5,455,273 
 
 
Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured 
 
 
 
2,760 
 
Prairie Center Metropolitan District No 3, In the City of Brighton, Adams County, 
12/26 at 100.00 
N/R 
2,819,616 
 
 
Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding 
 
 
 
 
 
Series 2017A, 5.000%, 12/15/41, 144A 
 
 
 
 
36
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General 
 
 
 
 
 
Obligation Bonds, Refunding Series 2018: 
 
 
 
$ 1,310 
 
5.375%, 12/01/37 
12/23 at 103.00 
N/R 
$ 1,361,719 
2,765 
 
5.500%, 12/01/47 
12/23 at 103.00 
N/R 
2,858,512 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project 
 
 
 
 
 
Private Activity Bonds, Series 2010: 
 
 
 
6,500 
 
6.500%, 1/15/30 
11/20 at 100.00 
Baa3 
6,514,105 
3,750 
 
6.000%, 1/15/41 
11/20 at 100.00 
Baa3 
3,756,750 
1,280 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
1,320,166 
 
 
Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
930 
 
SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 
12/21 at 103.00 
N/R 
942,964 
 
 
2016, 5.000%, 12/01/46 
 
 
 
1,000 
 
St Vrain Lakes Metropolitan District No 2, Weld County, Colorado, Limited Tax General 
12/22 at 103.00 
N/R 
1,025,220 
 
 
Obligation Bonds, Series 2017A, 5.000%, 12/01/37 
 
 
 
 
 
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General 
 
 
 
 
 
Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A: 
 
 
 
1,000 
 
5.000%, 12/01/38 
12/24 at 103.00 
N/R 
1,026,300 
570 
 
5.000%, 12/01/49 
12/24 at 103.00 
N/R 
578,094 
 
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax 
 
 
 
 
 
Supported Revenue Bonds, Senior Series 2015A: 
 
 
 
500 
 
5.500%, 12/01/35 
12/20 at 103.00 
N/R 
517,035 
1,000 
 
5.750%, 12/01/45 
12/20 at 103.00 
N/R 
1,034,270 
765 
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Supported Revenue 
12/25 at 102.00 
N/R 
785,196 
 
 
Bonds, Limited Tax Refunding Improvement Senior Series 2020A, 4.250%, 12/01/50 (WI/DD, 
 
 
 
 
 
Settling 11/05/20) 
 
 
 
500 
 
Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
512,265 
 
 
Obligation Bonds, Series 2016A, 5.250%, 12/01/45 
 
 
 
500 
 
The Village at Dry Creek Metropolitan District No 2, In the City of Thornton, Adams 
9/24 at 103.00 
N/R 
480,890 
 
 
County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019, 
 
 
 
 
 
4.375%, 12/01/44 
 
 
 
8,500 
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 
11/22 at 100.00 
Aa3 
9,056,410 
 
 
5.000%, 11/15/42 
 
 
 
3,410 
 
Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and 
12/29 at 100.00 
AA 
4,120,542 
 
 
Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2020, 
 
 
 
 
 
5.000%, 12/01/50 – AGM Insured 
 
 
 
376,700 
 
Total Colorado 
 
 
372,887,821 
 
 
Connecticut – 6.6% (4.2% of Total Investments) 
 
 
 
 
 
Bridgeport, Connecticut, General Obligation Bonds, Series 2014A: 
 
 
 
2,345 
 
5.000%, 7/01/32 – AGM Insured 
7/24 at 100.00 
A2 
2,621,757 
1,600 
 
5.000%, 7/01/34 – AGM Insured 
7/24 at 100.00 
A2 
1,781,792 
2,800 
 
Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 – 
8/26 at 100.00 
A2 
3,241,476 
 
 
AGM Insured 
 
 
 
 
 
Bridgeport, Connecticut, General Obligation Bonds, Series 2017A: 
 
 
 
1,470 
 
5.000%, 11/01/36 
11/27 at 100.00 
Baa1 
1,694,072 
750 
 
5.000%, 11/01/37 
11/27 at 100.00 
Baa1 
862,035 
5,500 
 
Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford 
7/25 at 100.00 
6,246,790 
 
 
HealthCare, Series 2015F, 5.000%, 7/01/45 
 
 
 
4,250 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut 
7/26 at 100.00 
A2 
4,555,107 
 
 
College, Refunding Series 2016L-1, 4.000%, 7/01/46 
 
 
 
1,150 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut 
7/21 at 100.00 
A2 (11) 
1,186,214 
 
 
College, Series 2011H, 5.000%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
1,100 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc, 
8/24 at 100.00 
BBB 
1,142,493 
 
 
Series 2014A, 5.000%, 8/01/44 
 
 
 
 
37
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut (continued) 
 
 
 
$ 5,565 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield 
7/26 at 100.00 
A– 
$ 6,258,566 
 
 
University, Series 2016Q-1, 5.000%, 7/01/46 
 
 
 
7,025 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford 
7/21 at 100.00 
A (11) 
7,241,440 
 
 
HealthCare, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
500 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford 
7/24 at 100.00 
556,700 
 
 
HealthCare, Series 2014E, 5.000%, 7/01/42 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare 
 
 
 
 
 
Facility Expansion Church Home of Hartford Inc Project, Series 2016A: 
 
 
 
590 
 
5.000%, 9/01/46, 144A 
9/26 at 100.00 
BB 
604,632 
740 
 
5.000%, 9/01/53, 144A 
9/26 at 100.00 
BB 
753,801 
3,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home 
10/24 at 104.00 
BB 
3,005,700 
 
 
Issue, Series 2019A-1, 5.000%, 10/01/54, 144A 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex 
 
 
 
 
 
Hospital, Series 2011N: 
 
 
 
1,105 
 
5.000%, 7/01/25 (Pre-refunded 7/01/21) 
7/21 at 100.00 
A3 (11) 
1,139,796 
400 
 
5.000%, 7/01/26 (Pre-refunded 7/01/21) 
7/21 at 100.00 
A3 (11) 
412,596 
500 
 
5.000%, 7/01/27 (Pre-refunded 7/01/21) 
7/21 at 100.00 
A3 (11) 
515,745 
1,915 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex 
7/25 at 100.00 
A3 
2,141,908 
 
 
Hospital, Series 2015O, 5.000%, 7/01/36 
 
 
 
1,125 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Norwich Free 
7/23 at 100.00 
1,182,105 
 
 
Academy, Series 2013B, 4.000%, 7/01/34 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health 
 
 
 
 
 
Series 2019A: 
 
 
 
1,000 
 
4.000%, 7/01/41 
7/29 at 100.00 
Baa2 
1,075,490 
1,370 
 
4.000%, 7/01/49 
7/29 at 100.00 
Baa2 
1,451,364 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac 
 
 
 
 
 
University, Refunding Series 2015L: 
 
 
 
10,105 
 
4.125%, 7/01/41 
7/25 at 100.00 
A– 
10,821,444 
7,030 
 
5.000%, 7/01/45 
7/25 at 100.00 
A– 
7,831,701 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac 
 
 
 
 
 
University, Series 2016M: 
 
 
 
500 
 
5.000%, 7/01/34 
7/26 at 100.00 
A– 
580,475 
1,250 
 
5.000%, 7/01/36 
7/26 at 100.00 
A– 
1,443,675 
250 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart 
7/21 at 100.00 
A3 (11) 
258,080 
 
 
University, Series 2011G, 5.125%, 7/01/26 (Pre-refunded 7/01/21) 
 
 
 
6,145 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart 
7/27 at 100.00 
A3 
7,145,160 
 
 
University, Series 2017I-1, 5.000%, 7/01/42 
 
 
 
1,275 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford 
7/21 at 100.00 
BBB+ 
1,301,699 
 
 
Hospital, Series 2010-I, 5.000%, 7/01/30 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford 
 
 
 
 
 
Hospital, Series 2012J: 
 
 
 
1,000 
 
5.000%, 7/01/37 
7/22 at 100.00 
BBB+ 
1,041,530 
8,055 
 
5.000%, 7/01/42 
7/22 at 100.00 
BBB+ 
8,360,929 
4,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford 
7/26 at 100.00 
BBB+ 
4,201,080 
 
 
Hospital, Series 2016K, 4.000%, 7/01/46 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, The Loomis 
 
 
 
 
 
Chaffee School Issue, Series 2011-I: 
 
 
 
560 
 
5.000%, 7/01/23 (Pre-refunded 7/01/21) – AGM Insured 
7/21 at 100.00 
A1 (11) 
577,634 
225 
 
5.000%, 7/01/24 (Pre-refunded 7/01/21) – AGM Insured 
7/21 at 100.00 
A1 (11) 
232,085 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health 
 
 
 
 
 
Credit Group, Series 2016CT: 
 
 
 
2,650 
 
5.000%, 12/01/41 
6/26 at 100.00 
AA– 
3,083,858 
770 
 
5.000%, 12/01/45 
6/26 at 100.00 
AA– 
890,028 
 
38
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut (continued) 
 
 
 
$ 2,250 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of 
7/28 at 100.00 
BBB 
$ 2,391,773 
 
 
New Haven, Series 2018K-1, 5.000%, 7/01/38 
 
 
 
4,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western 
7/21 at 100.00 
A– (11) 
4,127,320 
 
 
Connecticut Health, Series 2011N, 5.000%, 7/01/29 (Pre-refunded 7/01/21) 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven 
 
 
 
 
 
Health Issue, Series 2014E: 
 
 
 
2,610 
 
5.000%, 7/01/32 
7/24 at 100.00 
AA– 
2,938,860 
2,740 
 
5.000%, 7/01/33 
7/24 at 100.00 
AA– 
3,077,568 
900 
 
5.000%, 7/01/34 
7/24 at 100.00 
AA– 
1,009,395 
5,580 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut 
11/23 at 100.00 
6,211,433 
 
 
State University System, Series 2013N, 5.000%, 11/01/31 
 
 
 
1,185 
 
Connecticut Housing Finance Authority, State Supported Special Obligation Bonds, 
11/20 at 100.00 
1,188,875 
 
 
Refunding Series 2010-16, 5.000%, 6/15/30 
 
 
 
 
 
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, 
 
 
 
 
 
Tender Option Bond Trust 2016-XG0059: 
 
 
 
1,295 
 
16.944%, 1/01/32, 144A (IF) (5) 
1/23 at 100.00 
AA– 
1,768,271 
410 
 
16.787%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
AA– 
545,628 
1,000 
 
Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31 
11/21 at 100.00 
1,039,380 
3,500 
 
Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34 
11/24 at 100.00 
3,993,430 
2,630 
 
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34 
11/25 at 100.00 
3,088,146 
3,730 
 
Connecticut State, General Obligation Bonds, Series 2017A, 5.000%, 4/15/35 
4/27 at 100.00 
4,500,058 
 
 
Connecticut State, General Obligation Bonds, Series 2018A: 
 
 
 
3,500 
 
5.000%, 4/15/35 (UB) (5) 
4/28 at 100.00 
4,273,115 
5,000 
 
5.000%, 4/15/38 (UB) (5) 
4/28 at 100.00 
6,046,500 
3,855 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 
10/23 at 100.00 
A+ 
4,294,586 
 
 
Series 2013A, 5.000%, 10/01/33 
 
 
 
1,380 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 
8/25 at 100.00 
A+ 
1,627,337 
 
 
Series 2015A, 5.000%, 8/01/33 
 
 
 
 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 
 
 
 
 
 
Series 2016A: 
 
 
 
5,300 
 
5.000%, 9/01/33 
9/26 at 100.00 
A+ 
6,374,628 
1,075 
 
5.000%, 9/01/34 
9/26 at 100.00 
A+ 
1,290,957 
3,500 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, 
9/24 at 100.00 
A+ 
4,025,280 
 
 
Series 2014A, 5.000%, 9/01/33 
 
 
 
 
 
Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System 
 
 
 
 
 
Revenue Bonds, Series 2012A: 
 
 
 
655 
 
5.000%, 1/01/31 
1/22 at 100.00 
Aa3 
688,503 
500 
 
5.000%, 1/01/32 
1/22 at 100.00 
Aa3 
525,215 
2,830 
 
5.000%, 1/01/42 
1/22 at 100.00 
Aa3 
2,956,501 
 
 
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater 
 
 
 
 
 
System Revenue Bonds, Refunding Series 2014B: 
 
 
 
500 
 
5.000%, 8/15/30 (Pre-refunded 8/15/24) 
8/24 at 100.00 
A1 (11) 
588,340 
1,000 
 
5.000%, 8/15/31 (Pre-refunded 8/15/24) 
8/24 at 100.00 
A1 (11) 
1,176,680 
55 
 
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater 
11/20 at 100.00 
A1 
55,197 
 
 
System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured 
 
 
 
225 
 
Hamden, Connecticut, General Obligation Bonds, Series 2016, 5.000%, 8/15/32 – 
8/24 at 100.00 
AA 
251,975 
 
 
BAM Insured 
 
 
 
2,315 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation 
4/27 at 100.00 
N/R 
2,483,926 
 
 
Revenue Bonds, Harbor Point Project, Refunding Series 2017, 5.000%, 4/01/39, 144A 
 
 
 
10,015 
 
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, 
11/24 at 100.00 
AA– 
11,420,205 
 
 
Refunding Green Bond Series 2014A, 5.000%, 11/01/42 
 
 
 
 
39
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut (continued) 
 
 
 
 
 
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, 
 
 
 
 
 
Series 2013A: 
 
 
 
$ 4,100 
 
5.000%, 4/01/36 (Pre-refunded 4/01/22) 
4/22 at 100.00 
AA– (11) 
$ 4,375,356 
2,500 
 
5.000%, 4/01/39 (Pre-refunded 4/01/22) 
4/22 at 100.00 
AA– (11) 
2,667,900 
2,285 
 
Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series 
7/28 at 100.00 
Aa3 
2,809,225 
 
 
2018, 5.000%, 7/15/36 
 
 
 
870 
 
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – 
11/20 at 100.00 
A2 
872,697 
 
 
AGC Insured 
 
 
 
 
 
Milford, Connecticut, General Obligation Bonds, Series 2018: 
 
 
 
1,055 
 
4.000%, 11/01/36 
11/24 at 100.00 
AA+ 
1,161,101 
1,055 
 
4.000%, 11/01/37 
11/24 at 100.00 
AA+ 
1,159,192 
1,550 
 
New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%, 
8/26 at 100.00 
BBB 
1,813,733 
 
 
8/15/35 – AGM Insured 
 
 
 
985 
 
New Haven, Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 8/01/33 – 
8/24 at 100.00 
BBB 
1,098,915 
 
 
AGM Insured 
 
 
 
 
 
New Haven, Connecticut, General Obligation Bonds, Series 2015: 
 
 
 
790 
 
5.000%, 9/01/32 – AGM Insured 
9/25 at 100.00 
BBB 
910,491 
1,620 
 
5.000%, 9/01/33 – AGM Insured 
9/25 at 100.00 
BBB 
1,861,412 
500 
 
5.000%, 9/01/35 – AGM Insured 
9/25 at 100.00 
BBB 
572,515 
 
 
New Haven, Connecticut, General Obligation Bonds, Series 2017A: 
 
 
 
1,000 
 
5.000%, 8/01/35 
8/27 at 100.00 
BBB 
1,125,630 
1,425 
 
5.000%, 8/01/36 
8/27 at 100.00 
BBB 
1,598,864 
900 
 
North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 
No Opt. Call 
Aa1 
1,056,213 
795 
 
South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth 
8/24 at 100.00 
AA– (11) 
934,022 
 
 
Series 2014A, 5.000%, 8/01/44 (Pre-refunded 8/01/24) 
 
 
 
 
 
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, 
 
 
 
 
 
Refunding Thirty-Second Series 2016B: 
 
 
 
2,715 
 
4.000%, 8/01/36 
8/26 at 100.00 
AA– 
3,017,831 
2,220 
 
5.000%, 8/01/37 
8/26 at 100.00 
AA– 
2,668,573 
3,870 
 
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, 
8/21 at 100.00 
AA– (11) 
4,008,391 
 
 
Twentieth-Sixth Series, 2011, 5.000%, 8/01/41 (Pre-refunded 8/01/21) 
 
 
 
3,250 
 
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, 
8/22 at 100.00 
AA– (11) 
3,519,132 
 
 
Twenty-Seventh Series 2012, 5.000%, 8/01/33 (Pre-refunded 8/01/22) 
 
 
 
1,725 
 
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, 
4/21 at 100.00 
N/R (11) 
1,772,524 
 
 
Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21) 
 
 
 
500 
 
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 
8/23 at 100.00 
Aa2 
561,950 
 
 
2013A, 5.250%, 8/15/43 
 
 
 
 
 
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, 
 
 
 
 
 
Series 2019: 
 
 
 
200 
 
4.000%, 4/01/37 
4/29 at 100.00 
AA+ 
234,016 
250 
 
4.000%, 4/01/38 
4/29 at 100.00 
AA+ 
291,388 
600 
 
Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/32 
12/22 at 100.00 
A2 
653,994 
1,500 
 
Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 – 
1/27 at 100.00 
A2 
1,675,290 
 
 
BAM Insured 
 
 
 
1,000 
 
Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A, 5.000%, 
8/28 at 100.00 
BBB 
1,222,860 
 
 
8/15/30 – BAM Insured 
 
 
 
2,500 
 
University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/32 
8/23 at 100.00 
2,757,525 
760 
 
University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31 
2/24 at 100.00 
848,890 
2,250 
 
University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 3/15/31 
3/26 at 100.00 
2,659,387 
 
40
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut (continued) 
 
 
 
 
 
Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015: 
 
 
 
$ 445 
 
5.000%, 8/01/30 – BAM Insured 
8/25 at 100.00 
AA– 
$ 531,357 
390 
 
5.000%, 8/01/31 – BAM Insured 
8/25 at 100.00 
AA– 
464,478 
610 
 
5.000%, 8/01/32 – BAM Insured 
8/25 at 100.00 
AA– 
723,680 
445 
 
5.000%, 8/01/33 – BAM Insured 
8/25 at 100.00 
AA– 
526,342 
445 
 
5.000%, 8/01/34 – BAM Insured 
8/25 at 100.00 
AA– 
525,211 
210,255 
 
Total Connecticut 
 
 
234,080,124 
 
 
Delaware – 0.2% (0.1% of Total Investments) 
 
 
 
2,615 
 
Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River 
11/20 at 100.00 
Baa2 
2,621,459 
 
 
Power LLC Project, Series 2010, 5.375%, 10/01/45 
 
 
 
 
 
Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate 
 
 
 
 
 
Housing Foundation – Dover LLC Delaware State University Project, Series 2018A: 
 
 
 
2,585 
 
5.000%, 7/01/53 
1/28 at 100.00 
BB+ 
2,449,649 
1,000 
 
5.000%, 7/01/58 
1/28 at 100.00 
BB+ 
937,330 
6,200 
 
Total Delaware 
 
 
6,008,438 
 
 
District of Columbia – 1.3% (0.9% of Total Investments) 
 
 
 
3,780 
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard 
10/22 at 100.00 
BB– 
3,501,490 
 
 
Properties LLC Issue, Series 2013, 5.000%, 10/01/45 
 
 
 
3,990 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
No Opt. Call 
Baa1 
4,373,798 
 
 
Bonds, Series 2001, 6.500%, 5/15/33 
 
 
 
186,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
11/20 at 20.76 
N/R 
38,520,600 
 
 
Bonds, Series 2006A, 0.000%, 6/15/46 
 
 
 
1,500 
 
District of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A, 
7/24 at 103.00 
N/R 
1,425,645 
 
 
5.000%, 7/01/42 
 
 
 
195,270 
 
Total District of Columbia 
 
 
47,821,533 
 
 
Florida – 4.7% (3.0% of Total Investments) 
 
 
 
990 
 
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue 
5/26 at 100.00 
N/R 
1,029,323 
 
 
Bonds, Series 2016, 4.700%, 5/01/36 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin 
7/26 at 100.00 
N/R 
1,051,310 
 
 
Academy Projects, Series 2020, 5.000%, 12/15/50, 144A 
 
 
 
 
 
Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, 
 
 
 
 
 
Series 2018: 
 
 
 
1,290 
 
6.100%, 8/15/38, 144A 
8/28 at 100.00 
N/R 
1,333,396 
1,045 
 
6.200%, 8/15/48, 144A 
8/28 at 100.00 
N/R 
1,080,018 
 
 
Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,065 
 
5.375%, 7/01/37, 144A 
7/27 at 100.00 
Ba1 
1,144,673 
1,470 
 
5.500%, 7/01/47, 144A 
7/27 at 100.00 
Ba1 
1,565,006 
5,225 
 
Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, 
6/28 at 100.00 
N/R 
1,985,500 
 
 
Orlando Project, Series 2018, 7.500%, 6/01/48, 144A 
 
 
 
 
 
Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, 
 
 
 
 
 
Series 2017A: 
 
 
 
6,050 
 
5.125%, 6/15/37, 144A 
6/27 at 100.00 
N/R 
6,478,037 
1,885 
 
5.250%, 6/15/47, 144A 
6/27 at 100.00 
N/R 
2,008,656 
880 
 
Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 
10/27 at 100.00 
Ba2 
917,726 
 
 
2017A, 5.000%, 10/15/37, 144A 
 
 
 
735 
 
Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 
10/27 at 100.00 
Ba2 
752,743 
 
 
2019A, 5.000%, 10/15/49, 144A 
 
 
 
4,670 
 
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 
9/25 at 100.00 
AA– 
5,517,745 
1,025 
 
Cityplace Community Development District, Florida, Special Assessment and Revenue 
No Opt. Call 
1,171,770 
 
 
Bonds, Refunding Series 2012, 5.000%, 5/01/26 
 
 
 
 
41
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,480 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges 
11/23 at 100.00 
BB+ 
$ 1,539,111 
 
 
University, Refunding Series 2013, 6.125%, 11/01/43 
 
 
 
 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment 
 
 
 
 
 
Bonds, Area 1 Project, Series 2016A-1: 
 
 
 
240 
 
5.250%, 11/01/37 
11/28 at 100.00 
N/R 
262,625 
310 
 
5.600%, 11/01/46 
11/28 at 100.00 
N/R 
342,789 
 
 
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University 
 
 
 
 
 
Project, Series 2013A: 
 
 
 
3,445 
 
6.000%, 4/01/42 (Pre-refunded 4/01/23) 
4/23 at 100.00 
Baa1 (11) 
3,911,901 
1,720 
 
5.625%, 4/01/43 (Pre-refunded 4/01/23) 
4/23 at 100.00 
Baa1 (11) 
1,939,420 
4,000 
 
Davie, Florida, Water and Sewer Revenue Bonds, Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
A1 (11) 
4,174,320 
 
 
(Pre-refunded 10/01/21) – AGM Insured 
 
 
 
 
 
Downtown Doral Community Development District, Florida, Special Assessment Bonds, 
 
 
 
 
 
Series 2015: 
 
 
 
280 
 
5.250%, 5/01/35 
5/26 at 100.00 
N/R 
294,854 
315 
 
5.300%, 5/01/36 
5/26 at 100.00 
N/R 
331,686 
475 
 
5.500%, 5/01/45 
5/26 at 100.00 
N/R 
503,495 
655 
 
5.500%, 5/01/46 
5/26 at 100.00 
N/R 
693,953 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical 
 
 
 
 
 
Preparatory Incorporated Project, Series 2017A: 
 
 
 
255 
 
6.000%, 6/15/37, 144A 
6/26 at 100.00 
N/R 
267,847 
665 
 
6.125%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
694,253 
415 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical 
6/26 at 100.00 
N/R 
435,908 
 
 
Preparatory Incorporated Project, Series 2018A, 6.000%, 6/15/37, 144A 
 
 
 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown 
 
 
 
 
 
Doral Charter Upper School Project, Series 2017C: 
 
 
 
2,375 
 
5.650%, 7/01/37, 144A 
7/27 at 101.00 
N/R 
2,562,957 
3,735 
 
5.750%, 7/01/47, 144A 
7/27 at 101.00 
N/R 
3,982,145 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida 
 
 
 
 
 
Charter Foundation Inc Projects, Series 2016A: 
 
 
 
1,485 
 
6.250%, 6/15/36, 144A 
6/26 at 100.00 
N/R 
1,628,050 
2,075 
 
4.750%, 7/15/36, 144A 
7/26 at 100.00 
N/R 
2,172,899 
4,350 
 
6.375%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
4,723,621 
1,335 
 
5.000%, 7/15/46, 144A 
7/26 at 100.00 
N/R 
1,401,323 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater 
 
 
 
 
 
Academy Projects, Series 2020A: 
 
 
 
4,330 
 
5.000%, 6/15/50 
6/27 at 100.00 
BBB 
4,804,308 
3,405 
 
5.000%, 6/15/55 
6/27 at 100.00 
BBB 
3,754,149 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
 
 
 
 
 
Renaissance Charter School Income Projects, Series 2015A: 
 
 
 
3,090 
 
6.000%, 6/15/35, 144A 
6/25 at 100.00 
N/R 
3,448,625 
3,450 
 
6.125%, 6/15/46, 144A 
6/25 at 100.00 
N/R 
3,810,042 
550 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
6/24 at 100.00 
N/R 
588,390 
 
 
Renaissance Charter School, Inc Projects, Series 2014A, 6.125%, 6/15/44 
 
 
 
4,380 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest 
6/27 at 100.00 
N/R 
4,534,702 
 
 
Charter Foundation Inc Projects, Series 2017A, 6.125%, 6/15/47, 144A 
 
 
 
1,435 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/26 at 100.00 
N/R 
1,489,056 
 
 
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 
 
 
 
 
 
Indian Trace Development District, Florida, Water Management Special Benefit Assessment 
 
 
 
 
 
Bonds, Series 2005: 
 
 
 
1,645 
 
5.000%, 5/01/25 – NPFG Insured 
12/20 at 100.00 
Baa2 
1,649,261 
1,830 
 
5.000%, 5/01/27 – NPFG Insured 
12/20 at 100.00 
Baa2 
1,834,246 
600 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 
10/22 at 100.00 
A+ 
647,976 
 
 
2012, 5.000%, 10/01/30 
 
 
 
 
42
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 2,215 
 
Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University 
6/28 at 100.00 
N/R 
$ 2,193,802 
 
 
Project, Series 2018B, 5.000%, 6/01/53, 144A 
 
 
 
1,000 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding 
11/21 at 100.00 
A2 
1,041,620 
 
 
Series 2011, 5.000%, 11/15/25 
 
 
 
625 
 
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb 
5/27 at 100.00 
N/R 
669,663 
 
 
Project, Series 2017, 5.000%, 5/01/37, 144A 
 
 
 
4,125 
 
Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin 
11/24 at 100.00 
N/R (11) 
4,890,724 
 
 
Memorial Medical Center, Series 2015, 5.000%, 11/15/45 (Pre-refunded 11/15/24) 
 
 
 
 
 
Miami Dade County Industrial Development Authority, Florida, Educational Facilities 
 
 
 
 
 
Revenue Bonds, South Florida Autism Charter School Project, Series 2017: 
 
 
 
1,080 
 
5.875%, 7/01/37, 144A 
7/27 at 100.00 
N/R 
1,149,876 
1,920 
 
6.000%, 7/01/47, 144A 
7/27 at 100.00 
N/R 
2,025,274 
5,965 
 
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 
10/24 at 100.00 
BBB+ 
6,451,028 
 
 
5.000%, 10/01/43 
 
 
 
2,130 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami 
7/27 at 100.00 
BB+ 
1,673,711 
 
 
Jewish Health System Inc Project, Series 2017, 5.125%, 7/01/46 
 
 
 
1,545 
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 
2/21 at 100.00 
Aa3 (11) 
1,566,954 
 
 
6.000%, 2/01/31 (Pre-refunded 2/01/21) – AGM Insured 
 
 
 
5,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 
7/24 at 100.00 
BBB+ 
5,498,950 
 
 
2014A, 5.000%, 7/01/44 
 
 
 
2,400 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 
10/22 at 100.00 
A2 
2,582,544 
 
 
2012B, 5.000%, 10/01/37 
 
 
 
6,305 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 
10/22 at 100.00 
A+ (11) 
6,876,863 
 
 
10/01/42 (Pre-refunded 10/01/22) 
 
 
 
4,785 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement 
8/26 at 100.00 
N/R 
5,343,697 
 
 
Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 
 
 
 
4,270 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando 
4/22 at 100.00 
A2 (11) 
4,550,496 
 
 
Health, Inc, Series 2012A, 5.000%, 10/01/42 (Pre-refunded 4/01/22) 
 
 
 
 
 
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & 
 
 
 
 
 
Improvement Series 2019A-1: 
 
 
 
1,245 
 
5.000%, 10/01/44 
10/29 at 100.00 
BBB– 
1,452,143 
1,645 
 
5.000%, 10/01/49 
10/29 at 100.00 
BBB– 
1,906,275 
3,345 
 
4.000%, 10/01/54 
10/29 at 100.00 
BBB– 
3,543,091 
230 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences 
6/22 at 102.00 
N/R 
250,875 
 
 
of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
825 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 
11/26 at 100.00 
N/R 
870,309 
 
 
Project, Series 2016, 5.000%, 11/01/46 
 
 
 
 
 
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue 
 
 
 
 
 
Bonds, Assessment Area 2, Series 2016: 
 
 
 
225 
 
4.750%, 11/01/28 
11/27 at 100.00 
N/R 
236,558 
375 
 
5.375%, 11/01/36 
11/27 at 100.00 
N/R 
402,169 
920 
 
South Fork III Community Development District, Florida, Special Assessment Revenue 
5/27 at 100.00 
N/R 
990,858 
 
 
Bonds, Refunding Series 2016, 5.375%, 5/01/37 
 
 
 
1,200 
 
St Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 
No Opt. Call 
N/R (11) 
1,256,052 
 
 
10/01/21 – FGIC Insured (ETM) 
 
 
 
4,100 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
4,325,705 
 
 
5.000%, 11/15/33 
 
 
 
760 
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St Joseph’s 
11/20 at 100.00 
N/R (11) 
797,118 
 
 
Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM) 
 
 
 
1,735 
 
Tampa, Florida, Revenue Bonds, H Lee Moffitt Cancer Center and Research Institute, 
7/30 at 100.00 
A– 
2,094,787 
 
 
Series 2020B, 5.000%, 7/01/50 
 
 
 
10,095 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 
7/22 at 100.00 
A2 (11) 
10,882,309 
 
 
2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
 
43
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 2,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle 
10/21 at 100.00 
A2 (11) 
$ 2,088,900 
 
 
Aeronautical University, Inc Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded 
 
 
 
 
 
10/15/21) – AGM Insured 
 
 
 
5,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson 
6/25 at 100.00 
A– 
5,605,600 
 
 
University Inc Project, Series 2015, 5.000%, 6/01/40 
 
 
 
158,720 
 
Total Florida 
 
 
167,677,766 
 
 
Georgia – 3.0% (1.9% of Total Investments) 
 
 
 
5,715 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 
2/28 at 100.00 
BBB+ 
6,303,302 
 
 
Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 
 
 
 
11,255 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 
2/28 at 100.00 
BBB+ 
12,413,590 
 
 
Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 
 
 
 
2,000 
 
Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 (Pre-refunded 
12/21 at 100.00 
A2 (11) 
2,118,760 
 
 
12/01/21) – AGM Insured 
 
 
 
10,000 
 
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc 
7/29 at 100.00 
A1 
11,113,000 
 
 
Project, Series 2019A, 4.000%, 7/01/49 
 
 
 
15,305 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
2/25 at 100.00 
AA– 
17,673,142 
 
 
Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54 
 
 
 
 
 
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A: 
 
 
 
4,515 
 
3.950%, 12/01/43 
6/27 at 100.00 
AAA 
4,869,473 
5,000 
 
4.000%, 12/01/48 
6/27 at 100.00 
AAA 
5,339,400 
1,300 
 
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for 
6/27 at 100.00 
N/R 
1,349,088 
 
 
Classical Education, Series 2017, 5.750%, 6/15/37, 144A 
 
 
 
4,000 
 
Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life 
11/27 at 100.00 
Ba3 
4,101,960 
 
 
University, Inc Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A 
 
 
 
10,825 
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, 
7/25 at 100.00 
Baa1 
11,994,533 
 
 
Series 2015A, 5.000%, 7/01/60 
 
 
 
 
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, 
 
 
 
 
 
Series 2019A: 
 
 
 
8,680 
 
5.000%, 1/01/49 
7/28 at 100.00 
Baa1 
10,249,517 
4,000 
 
5.000%, 1/01/59 
7/28 at 100.00 
Baa1 
4,669,640 
1,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/22 at 100.00 
Baa1 
1,055,590 
 
 
Refunding Series 2012C, 5.250%, 10/01/27 
 
 
 
10,090 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/25 at 100.00 
Baa1 
10,848,768 
 
 
Series 2015, 5.000%, 10/01/40 
 
 
 
1,710 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South 
10/21 at 100.00 
AA– (11) 
1,784,522 
 
 
Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21) 
 
 
 
95,395 
 
Total Georgia 
 
 
105,884,285 
 
 
Guam – 0.5% (0.3% of Total Investments) 
 
 
 
1,500 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 
11/25 at 100.00 
BB 
1,644,180 
 
 
5.000%, 11/15/39 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
840 
 
5.250%, 1/01/36 
1/22 at 100.00 
BB 
865,696 
3,200 
 
5.125%, 1/01/42 
1/22 at 100.00 
BB 
3,288,896 
 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
 
 
 
 
 
Refunding Series 2017: 
 
 
 
1,335 
 
5.000%, 7/01/36 
7/27 at 100.00 
Baa2 
1,549,801 
890 
 
5.000%, 7/01/40 
7/27 at 100.00 
Baa2 
1,022,957 
3,695 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 
Baa2 (11) 
4,197,520 
 
 
2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) 
 
 
 
235 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/26 at 100.00 
Baa2 
262,920 
 
 
2016, 5.000%, 1/01/46 
 
 
 
 
44
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Guam (continued) 
 
 
 
$ 4,770 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/30 at 100.00 
Baa2 
$ 5,708,116 
 
 
2020A, 5.000%, 1/01/50 
 
 
 
250 
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 – AGM Insured 
10/22 at 100.00 
A2 
268,100 
16,715 
 
Total Guam 
 
 
18,808,186 
 
 
Hawaii – 0.4% (0.2% of Total Investments) 
 
 
 
1,500 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade 
1/25 at 100.00 
Ba3 
1,222,980 
 
 
University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A 
 
 
 
5,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
A1 
5,460,900 
 
 
Health Obligated Group, Series 2013A, 5.500%, 7/01/43 
 
 
 
170 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
174,597 
 
 
University, Series 2013A, 6.875%, 7/01/43 
 
 
 
5,075 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health 
7/25 at 100.00 
A1 
5,475,874 
 
 
Systems, Series 2015A, 4.000%, 7/01/40 
 
 
 
11,745 
 
Total Hawaii 
 
 
12,334,351 
 
 
Idaho – 0.8% (0.5% of Total Investments) 
 
 
 
 
 
Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014: 
 
 
 
3,300 
 
4.375%, 7/01/34, 144A 
7/24 at 100.00 
3,559,512 
12,495 
 
4.750%, 7/01/44, 144A 
7/24 at 100.00 
13,442,870 
1,250 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, 
9/26 at 100.00 
BB+ 
1,389,125 
 
 
Refunding Series 2016, 5.000%, 9/01/37 
 
 
 
8,730 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, 
3/22 at 100.00 
A– 
8,998,535 
 
 
Series 2012A, 5.000%, 3/01/47 
 
 
 
1,000 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, 
3/24 at 100.00 
A– 
1,055,580 
 
 
Series 2014A, 4.125%, 3/01/37 
 
 
 
 
 
Idaho Housing and Finance Association NonProfit Facilities Revenue Bonds, Gem Prep 
 
 
 
 
 
Meridian North LLC, Series 2020A: 
 
 
 
500 
 
5.000%, 7/01/40, 144A 
7/25 at 100.00 
N/R 
497,490 
1,415 
 
5.250%, 7/01/55, 144A 
7/25 at 100.00 
N/R 
1,405,944 
28,690 
 
Total Idaho 
 
 
30,349,056 
 
 
Illinois – 23.7% (15.1% of Total Investments) 
 
 
 
675 
 
Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding 
7/23 at 100.00 
A2 (11) 
758,828 
 
 
Series 2013A, 5.000%, 1/01/25 (Pre-refunded 7/01/23) 
 
 
 
67,135 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A– 
77,135,430 
 
 
Series 2016, 6.000%, 4/01/46 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A– 
1,064,610 
 
 
Series 2017, 5.000%, 4/01/46 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
 
 
 
 
 
Series 2011A: 
 
 
 
6,210 
 
5.500%, 12/01/39 
12/21 at 100.00 
B1 
6,293,338 
1,865 
 
5.000%, 12/01/41 
12/21 at 100.00 
B1 
1,879,342 
5,205 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
12/22 at 100.00 
B1 
5,270,323 
 
 
Series 2012A, 5.000%, 12/01/42 
 
 
 
8,400 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
BB– 
10,443,468 
 
 
Refunding Series 2017B, 7.000%, 12/01/42, 144A 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Refunding Series 2017H: 
 
 
 
5,835 
 
5.000%, 12/01/36 
12/27 at 100.00 
BB– 
6,281,844 
4,940 
 
5.000%, 12/01/46 
12/27 at 100.00 
BB– 
5,207,847 
6,055 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/28 at 100.00 
BB– 
6,401,285 
 
 
Refunding Series 2018D, 5.000%, 12/01/46 
 
 
 
 
45
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 38,905 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/25 at 100.00 
BB– 
$ 45,854,989 
 
 
Series 2016A, 7.000%, 12/01/44 
 
 
 
14,805 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/26 at 100.00 
BB– 
17,300,531 
 
 
Series 2016B, 6.500%, 12/01/46 
 
 
 
19,585 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
BB– 
24,208,627 
 
 
Series 2017A, 7.000%, 12/01/46, 144A 
 
 
 
1,345 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
No Opt. Call 
BB– 
955,797 
 
 
Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured 
 
 
 
2,235 
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal 
6/21 at 100.00 
A2 
2,292,462 
 
 
Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 
 
 
 
 
 
5.250%, 6/01/26 – AGM Insured 
 
 
 
 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien 
 
 
 
 
 
Series 2020A: 
 
 
 
1,405 
 
4.000%, 12/01/50 
12/29 at 100.00 
A+ 
1,511,471 
2,585 
 
5.000%, 12/01/55 
12/29 at 100.00 
A+ 
3,018,298 
1,100 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A3 (11) 
1,159,400 
 
 
5.250%, 12/01/40 (Pre-refunded 12/01/21) 
 
 
 
12,215 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 
12/24 at 100.00 
AA 
13,822,005 
 
 
5.250%, 12/01/49 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
1,500 
 
0.000%, 1/01/31 – NPFG Insured 
No Opt. Call 
BBB– 
1,069,680 
32,670 
 
0.000%, 1/01/32 – FGIC Insured 
No Opt. Call 
BBB– 
22,257,744 
12,360 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB– 
6,663,523 
2,500 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 
1/24 at 100.00 
Ba1 
2,569,650 
 
 
5.250%, 1/01/33 
 
 
 
17,605 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 
1/27 at 100.00 
BBB– 
19,268,496 
 
 
6.000%, 1/01/38 
 
 
 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 
1/21 at 100.00 
Ba1 
1,000,340 
10,200 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 
1/22 at 100.00 
Ba1 
10,263,852 
2,605 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 
1/26 at 100.00 
BBB– 
2,667,859 
3,000 
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 
1/25 at 100.00 
A– 
3,423,600 
 
 
5.000%, 1/01/39 
 
 
 
10,000 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago 
12/23 at 100.00 
BBB 
10,443,700 
 
 
City Colleges, Series 2013, 5.250%, 12/01/43 
 
 
 
 
 
DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College 
 
 
 
 
 
District 523, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B: 
 
 
 
2,500 
 
0.000%, 2/01/33 (Pre-refunded 2/01/21) 
2/21 at 44.26 
AA– (11) 
1,105,525 
2,000 
 
0.000%, 2/01/34 (Pre-refunded 2/01/21) 
2/21 at 41.04 
AA– (11) 
820,120 
 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural 
 
 
 
 
 
History, Series 2002RMKT: 
 
 
 
2,500 
 
4.450%, 11/01/36 
11/25 at 102.00 
A2 
2,810,475 
3,400 
 
5.500%, 11/01/36 
11/23 at 100.00 
3,856,178 
3,075 
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 
11/20 at 100.00 
Baa2 
3,083,210 
 
 
2000, 5.800%, 6/01/30 – NPFG Insured 
 
 
 
 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools 
 
 
 
 
 
Belmont School Project, Series 2015A: 
 
 
 
1,700 
 
5.750%, 12/01/35, 144A 
12/25 at 100.00 
N/R 
1,811,316 
115 
 
6.000%, 12/01/45, 144A 
12/25 at 100.00 
N/R 
123,395 
 
 
Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident 
 
 
 
 
 
Group – UIC Surgery Center, LLC – University of Illinois Health Services Facility Project, 
 
 
 
 
 
Series 2020: 
 
 
 
3,835 
 
4.000%, 10/01/50 
10/30 at 100.00 
BBB+ 
4,091,600 
1,335 
 
4.000%, 10/01/55 
10/30 at 100.00 
BBB+ 
1,414,967 
 
46
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, 
 
 
 
 
 
Series 2016C: 
 
 
 
$ 80 
 
4.000%, 2/15/41 (Pre-refunded 2/15/27) 
2/27 at 100.00 
N/R (11) 
$ 96,802 
1,755 
 
4.000%, 2/15/41 (Pre-refunded 2/15/27) 
2/27 at 100.00 
N/R (11) 
2,123,603 
37,840 
 
4.000%, 2/15/41 
2/27 at 100.00 
Aa2 
41,641,028 
6,750 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 
9/22 at 100.00 
AA+ 
7,191,720 
 
 
5.000%, 9/01/38 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: 
 
 
 
1,485 
 
5.000%, 9/01/34 
9/24 at 100.00 
AA+ 
1,670,803 
19,025 
 
5.000%, 9/01/42 
9/24 at 100.00 
AA+ 
21,078,749 
1,750 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 
5/22 at 100.00 
A1 (11) 
1,843,748 
 
 
5/15/43 (Pre-refunded 5/15/22) 
 
 
 
4,000 
 
Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A, 
11/26 at 103.00 
N/R 
4,158,600 
 
 
5.000%, 11/01/49 
 
 
 
15,805 
 
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 
6/26 at 100.00 
A3 
17,717,563 
 
 
5.000%, 12/01/46 
 
 
 
1,630 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 
8/22 at 100.00 
Aa2 
1,734,825 
 
 
2013, 5.000%, 8/15/37 
 
 
 
1,435 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 
7/23 at 100.00 
A– 
1,577,553 
 
 
2013A, 6.000%, 7/01/43 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research 
 
 
 
 
 
Building Project, Series 2017C: 
 
 
 
1,000 
 
5.000%, 8/01/42 
8/27 at 100.00 
BBB+ 
1,088,170 
1,000 
 
5.000%, 8/01/46 
8/27 at 100.00 
BBB+ 
1,081,410 
1,000 
 
5.000%, 8/01/47 
8/27 at 100.00 
BBB+ 
1,080,570 
 
 
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 
BBB+ 
630,941 
6,140 
 
5.000%, 8/15/44 
8/25 at 100.00 
BBB+ 
6,769,534 
8,960 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 
8/21 at 100.00 
A2 
9,267,597 
 
 
8/15/41 – AGM Insured 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
 
 
 
 
 
Series 2011C: 
 
 
 
1,150 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
2/21 at 100.00 
AA– (11) 
1,166,882 
 
 
Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) 
 
 
 
4,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
2/21 at 100.00 
AA– (11) 
4,566,060 
 
 
Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) 
 
 
 
20,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 
10/25 at 100.00 
AA– 
22,894,400 
 
 
2015A, 5.000%, 10/01/46 (UB) (5) 
 
 
 
19,975 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
20,664,337 
 
 
5.000%, 10/01/51 
 
 
 
3,665 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 
6/24 at 100.00 
BB+ 
4,066,427 
 
 
5.250%, 6/15/31 – AGM Insured 
 
 
 
 
 
Illinois State, General Obligation Bonds, December Series 2017A: 
 
 
 
11,800 
 
5.000%, 12/01/38 
12/27 at 100.00 
BBB– 
12,261,380 
1,330 
 
5.000%, 12/01/39 
12/27 at 100.00 
BBB– 
1,378,598 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
3,275 
 
5.000%, 2/01/24 
No Opt. Call 
BBB– 
3,509,392 
1,575 
 
5.250%, 2/01/34 
2/24 at 100.00 
BBB– 
1,635,701 
7,500 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB– 
7,645,500 
5,200 
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/29 
1/26 at 100.00 
BBB– 
5,552,560 
 
 
Illinois State, General Obligation Bonds, May Series 2014: 
 
 
 
510 
 
5.000%, 5/01/36 
5/24 at 100.00 
BBB– 
523,214 
1,915 
 
5.000%, 5/01/39 
5/24 at 100.00 
BBB– 
1,953,702 
 
47
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 4,460 
 
Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 
5/30 at 100.00 
BBB– 
$ 4,921,521 
13,200 
 
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/41 
11/26 at 100.00 
BBB– 
13,557,984 
31,250 
 
Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 
11/27 at 100.00 
BBB– 
33,435,312 
2,040 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 
No Opt. Call 
BBB– 
2,213,930 
5,000 
 
Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/35 
11/29 at 100.00 
BBB– 
4,910,850 
5,000 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB– 
5,399,700 
2,625 
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 
11/20 at 100.00 
BBB– 
2,631,221 
1,190 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 
8/22 at 100.00 
BBB– 
1,234,101 
 
 
Illinois State, General Obligation Bonds, Series 2013: 
 
 
 
2,000 
 
5.250%, 7/01/31 
7/23 at 100.00 
BBB– 
2,081,900 
4,140 
 
5.500%, 7/01/38 
7/23 at 100.00 
BBB– 
4,266,560 
5,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
A1 
5,423,200 
 
 
5.000%, 1/01/35 
 
 
 
18,920 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
A1 
21,893,467 
 
 
5.000%, 1/01/40 
 
 
 
10,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A, 
7/29 at 100.00 
A1 
12,289,800 
 
 
5.000%, 1/01/44 
 
 
 
1,395 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
1,854,025 
 
 
2015-XF0051, 17.207%, 1/01/38, 144A (IF) 
 
 
 
7,400 
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate 
1/21 at 100.00 
A2 
7,460,014 
 
 
Revenue Source Series 2011A, 5.250%, 1/01/37 – AGM Insured 
 
 
 
17,500 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BB+ 
17,880,275 
 
 
Bonds, Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
540 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/25 at 100.00 
BB+ 
572,557 
 
 
Bonds, Refunding Series 2015B, 5.000%, 6/15/52 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Refunding Series 2020A: 
 
 
 
12,325 
 
4.000%, 6/15/50 
12/29 at 100.00 
BB+ 
12,394,020 
15,160 
 
5.000%, 6/15/50 
12/29 at 100.00 
BB+ 
16,664,327 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Series 2015A: 
 
 
 
2,890 
 
0.000%, 12/15/52 
No Opt. Call 
BB+ 
677,358 
5,185 
 
5.000%, 6/15/53 
12/25 at 100.00 
BB+ 
5,495,115 
5,700 
 
5.500%, 6/15/53 
12/25 at 100.00 
BB+ 
6,172,587 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Capital Appreciation Refunding Series 2010B-1: 
 
 
 
25,000 
 
0.000%, 6/15/44 – AGM Insured 
No Opt. Call 
BB+ 
10,583,000 
43,200 
 
0.000%, 6/15/45 – AGM Insured 
No Opt. Call 
BB+ 
17,446,752 
10,000 
 
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
BB+ 
3,874,400 
8,750 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
BBB 
7,130,200 
 
 
Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Series 2002A: 
 
 
 
18,085 
 
0.000%, 12/15/24 – NPFG Insured 
No Opt. Call 
BB+ 
16,652,306 
20,045 
 
0.000%, 12/15/35 – AGM Insured 
No Opt. Call 
BB+ 
12,435,116 
9,000 
 
0.000%, 6/15/37 – NPFG Insured 
No Opt. Call 
BB+ 
4,950,360 
465 
 
Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment 
1/26 at 100.00 
N/R 
443,094 
 
 
Project, Senior Lien Series 2019, 5.000%, 1/01/39 
 
 
 
1,846 
 
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, 
3/24 at 100.00 
AA 
2,050,943 
 
 
Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured 
 
 
 
2,600 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
A2 
3,520,920 
 
 
Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured 
 
 
 
 
48
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 3,900 
 
Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 
12/20 at 100.00 
A2 (11) 
$ 3,916,536 
 
 
5.600%, 12/01/35 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
7,025 
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial 
11/23 at 100.00 
N/R (11) 
8,513,176 
 
 
Group, Inc, Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) 
 
 
 
4,000 
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 
No Opt. Call 
Baa2 
3,779,000 
 
 
2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured 
 
 
 
12,125 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – 
3/25 at 100.00 
A2 
13,986,309 
 
 
AGM Insured 
 
 
 
 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General 
 
 
 
 
 
Obligation Bonds, Capital Appreciation Series 2004: 
 
 
 
780 
 
0.000%, 11/01/22 – NPFG Insured (ETM) 
No Opt. Call 
Baa2 (11) 
771,194 
2,550 
 
0.000%, 11/01/22 – NPFG Insured 
No Opt. Call 
Baa2 
2,500,887 
6,415 
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital 
No Opt. Call 
Aa3 
6,189,513 
 
 
Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured 
 
 
 
 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, 
 
 
 
 
 
General Obligation Bonds, Series 2011: 
 
 
 
930 
 
7.000%, 12/01/21 – AGM Insured 
12/20 at 100.00 
A2 
934,855 
1,035 
 
7.000%, 12/01/22 – AGM Insured 
12/20 at 100.00 
A2 
1,040,403 
1,155 
 
7.000%, 12/01/23 – AGM Insured 
12/20 at 100.00 
A2 
1,161,029 
1,065 
 
7.000%, 12/01/26 – AGM Insured 
12/20 at 100.00 
A2 
1,070,559 
2,085 
 
7.250%, 12/01/29 (Pre-refunded 12/01/20) – AGM Insured 
12/20 at 100.00 
A2 (11) 
2,096,280 
2,295 
 
7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured 
12/20 at 100.00 
A2 (11) 
2,307,416 
865,281 
 
Total Illinois 
 
 
848,960,566 
 
 
Indiana – 3.0% (1.9% of Total Investments) 
 
 
 
 
 
Allen County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior 
 
 
 
 
 
Series 2017A-1: 
 
 
 
500 
 
6.625%, 1/15/34, 144A (4) 
1/24 at 104.00 
N/R 
491,645 
675 
 
6.750%, 1/15/43, 144A (4) 
1/24 at 104.00 
N/R 
662,810 
1,605 
 
Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, 
1/24 at 104.00 
N/R 
1,575,628 
 
 
Series 2016, 6.250%, 1/15/43, 144A (4) 
 
 
 
2,640 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown 
No Opt. Call 
Baa2 
2,584,111 
 
 
Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured 
 
 
 
12,045 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University 
10/24 at 100.00 
Baa1 
12,679,531 
 
 
Project, Series 2014, 5.000%, 10/01/44 
 
 
 
10,425 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, 
5/23 at 100.00 
A (11) 
11,625,126 
 
 
Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/23) 
 
 
 
10,000 
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation 
12/29 at 100.00 
AA 
11,355,000 
 
 
Group, Fixed Rate Series 2019A, 4.000%, 12/01/49 
 
 
 
5,000 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 
12/20 at 100.00 
AA– (11) 
5,018,650 
 
 
2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) 
 
 
 
13,880 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/21 at 100.00 
A1 
14,354,418 
 
 
Series 2011B, 5.000%, 10/01/41 
 
 
 
17,970 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/24 at 100.00 
A+ 
20,478,792 
 
 
Series 2014A, 5.000%, 10/01/44 
 
 
 
 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
 
 
 
10,000 
 
0.000%, 2/01/26 – AMBAC Insured 
No Opt. Call 
AA– 
9,545,800 
20,000 
 
0.000%, 2/01/28 – AMBAC Insured 
No Opt. Call 
AA– 
18,273,400 
104,740 
 
Total Indiana 
 
 
108,644,911 
 
 
Iowa – 3.1% (2.0% of Total Investments) 
 
 
 
10,000 
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, 
2/23 at 100.00 
A1 (11) 
11,135,200 
 
 
Series 2013A, 5.250%, 2/15/44 (Pre-refunded 2/15/23) 
 
 
 
 
49
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Iowa (continued) 
 
 
 
$ 10,690 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
$ 11,382,071 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
18,290 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
11/20 at 104.00 
19,041,170 
 
 
Company Project, Series 2016, 5.875%, 12/01/27, 144A 
 
 
 
21,280 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 105.00 
BB– 
22,435,291 
 
 
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37) 
 
 
 
5,700 
 
Iowa Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc Project, 
8/23 at 102.00 
N/R 
5,882,856 
 
 
Series 2018, 5.250%, 8/01/55 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
8,285 
 
5.375%, 6/01/38 
11/20 at 100.00 
B– 
8,398,422 
2,200 
 
5.500%, 6/01/42 
11/20 at 100.00 
B– 
2,230,118 
21,420 
 
5.625%, 6/01/46 
11/20 at 100.00 
B– 
21,713,240 
8,400 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
11/20 at 100.00 
B– 
8,514,996 
 
 
5.600%, 6/01/34 
 
 
 
106,265 
 
Total Iowa 
 
 
110,733,364 
 
 
Kansas – 0.3% (0.2% of Total Investments) 
 
 
 
1,000 
 
Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Series 
5/27 at 100.00 
BB+ 
1,054,630 
 
 
2017A, 5.000%, 5/15/43 
 
 
 
 
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation 
 
 
 
 
 
Bonds, Vacation Village Project Area 1 and 2A, Series 2015: 
 
 
 
4,205 
 
5.000%, 9/01/27 
9/25 at 100.00 
N/R 
4,051,602 
2,380 
 
5.750%, 9/01/32 
9/25 at 100.00 
N/R 
2,157,232 
2,575 
 
6.000%, 9/01/35 
9/25 at 100.00 
N/R 
2,331,765 
10,160 
 
Total Kansas 
 
 
9,595,229 
 
 
Kentucky – 1.7% (1.1% of Total Investments) 
 
 
 
4,565 
 
Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 
2/26 at 100.00 
BB+ 
5,033,597 
 
 
2016, 5.500%, 2/01/44 
 
 
 
3,770 
 
Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington 
No Opt. Call 
N/R 
3,687,098 
 
 
Project, Series 2016A, 4.400%, 10/01/24 
 
 
 
10,000 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro 
6/27 at 100.00 
BB+ 
10,980,200 
 
 
Health, Refunding Series 2017A, 5.000%, 6/01/37 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
 
 
 
 
 
Information Highway Project, Senior Series 2015A: 
 
 
 
4,345 
 
5.000%, 7/01/37 
7/25 at 100.00 
Baa2 
4,654,755 
17,615 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa2 
18,634,909 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: 
 
 
 
4,360 
 
0.000%, 7/01/43 (7) 
7/31 at 100.00 
Baa3 
4,752,574 
8,510 
 
0.000%, 7/01/46 (7) 
7/31 at 100.00 
Baa3 
9,292,154 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Series 2013A: 
 
 
 
2,390 
 
5.750%, 7/01/49 
7/23 at 100.00 
Baa3 
2,590,617 
480 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
522,715 
56,035 
 
Total Kentucky 
 
 
60,148,619 
 
 
Louisiana – 1.3% (0.8% of Total Investments) 
 
 
 
2,765 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala 
7/23 at 100.00 
N/R 
2,855,830 
 
 
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
4,330 
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson 
1/21 at 100.00 
A2 (11) 
4,369,836 
 
 
Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
 
50
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries 
 
 
 
 
 
of Our Lady Health System, Series 1998A: 
 
 
 
$ 135 
 
5.750%, 7/01/25 (ETM) (UB) 
No Opt. Call 
A2 (11) 
$ 168,178 
8,435 
 
5.750%, 7/01/25 (UB) 
No Opt. Call 
A2 
9,528,935 
5,080 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children’s 
6/30 at 100.00 
A+ 
5,678,678 
 
 
Medical Center Hospital, Series 2020A, 4.000%, 6/01/50 
 
 
 
11,000 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, 
10/33 at 100.00 
BBB 
10,374,540 
 
 
Refunding Series 2017, 0.000%, 10/01/46 (7) 
 
 
 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Series 2015: 
 
 
 
1,000 
 
4.250%, 5/15/40 
5/25 at 100.00 
A3 
1,081,170 
6,970 
 
5.000%, 5/15/47 
5/25 at 100.00 
A3 
7,792,321 
1,000 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 
6/24 at 100.00 
BBB+ 
1,094,440 
 
 
4.250%, 6/01/34 
 
 
 
3,275 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 
6/30 at 100.00 
BB– 
3,882,250 
 
 
2010A, 6.350%, 10/01/40, 144A 
 
 
 
43,990 
 
Total Louisiana 
 
 
46,826,178 
 
 
Maine – 1.5% (0.9% of Total Investments) 
 
 
 
7,530 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
7/23 at 100.00 
Ba1 
7,818,474 
 
 
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
 
 
 
 
 
Medical Center Obligated Group Issue, Series 2016A: 
 
 
 
5,450 
 
4.000%, 7/01/41 
7/26 at 100.00 
Ba1 
5,548,427 
10,215 
 
4.000%, 7/01/46 
7/26 at 100.00 
Ba1 
10,293,655 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General 
 
 
 
 
 
Medical Center, Series 2011: 
 
 
 
1,050 
 
6.750%, 7/01/41 
7/21 at 100.00 
Ba3 
1,071,746 
1,000 
 
6.950%, 7/01/41 
7/21 at 100.00 
Ba3 
1,022,930 
10,000 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth 
7/24 at 100.00 
A+ 
11,010,400 
 
 
Issue, Series 2015, 5.000%, 7/01/39 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineHealth 
 
 
 
 
 
Issue, Series 2020A: 
 
 
 
2,745 
 
4.000%, 7/01/45 
7/30 at 100.00 
A+ 
3,079,204 
5,000 
 
4.000%, 7/01/50 
7/30 at 100.00 
A+ 
5,575,100 
6,695 
 
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D, 
5/29 at 100.00 
AA+ 
6,859,228 
 
 
2.800%, 11/15/45 
 
 
 
49,685 
 
Total Maine 
 
 
52,279,164 
 
 
Maryland – 1.4% (0.9% of Total Investments) 
 
 
 
 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
1,280 
 
5.000%, 9/01/33 
9/27 at 100.00 
BB– 
1,136,230 
3,050 
 
5.000%, 9/01/39 
9/27 at 100.00 
BB– 
2,679,272 
4,025 
 
5.000%, 9/01/46 
9/27 at 100.00 
BB– 
3,505,091 
1,000 
 
Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 
2/26 at 100.00 
N/R 
1,010,990 
 
 
2017A, 4.375%, 2/15/39, 144A 
 
 
 
2,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/22 at 100.00 
Baa3 
2,621,700 
 
 
Healthcare, Series 2011A, 6.000%, 1/01/26 
 
 
 
13,315 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 
Baa3 
14,950,748 
 
 
Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
10,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 
7/25 at 100.00 
A+ 
11,149,300 
 
 
Health System, Series 2015, 5.000%, 7/01/47 
 
 
 
1,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula 
7/24 at 100.00 
A3 
1,635,945 
 
 
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
 
51
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
   
 
     
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Maryland (continued) 
 
 
 
$ 3,010 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
7/22 at 100.00 
A– (11) 
$ 3,242,131 
 
 
of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22) 
 
 
 
 
 
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, 
 
 
 
 
 
Suitland-Naylor Road Project, Series 2016: 
 
 
 
2,000 
 
4.750%, 7/01/36, 144A 
1/26 at 100.00 
N/R 
2,086,280 
2,300 
 
5.000%, 7/01/46, 144A 
1/26 at 100.00 
N/R 
2,410,653 
 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: 
 
 
 
1,335 
 
4.250%, 11/01/37 
11/24 at 103.00 
B– 
1,216,973 
1,250 
 
4.500%, 11/01/43 
11/24 at 103.00 
B– 
1,131,850 
2,650 
 
5.000%, 11/01/47 
11/24 at 103.00 
B– 
2,543,868 
49,215 
 
Total Maryland 
 
 
51,321,031 
 
 
Massachusetts – 2.7% (1.7% of Total Investments) 
 
 
 
 
 
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, 
 
 
 
 
 
Series 2014A: 
 
 
 
2,245 
 
5.250%, 7/01/34 
7/24 at 100.00 
2,160,049 
6,195 
 
5.500%, 7/01/44 
7/24 at 100.00 
5,758,748 
 
 
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the 
 
 
 
 
 
Charles, Inc Issue, Series 2017: 
 
 
 
8,200 
 
4.125%, 10/01/42, 144A 
10/22 at 105.00 
BB+ 
8,271,012 
3,000 
 
5.000%, 10/01/57, 144A 
10/22 at 105.00 
BB+ 
3,183,210 
10,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 
7/28 at 100.00 
A3 
11,541,300 
 
 
2018J-2, 5.000%, 7/01/53 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: 
 
 
 
4,020 
 
4.500%, 1/01/45 
1/25 at 100.00 
Baa2 
4,221,402 
2,950 
 
5.000%, 1/01/45 
1/25 at 100.00 
Baa2 
3,181,073 
4,035 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 
10/26 at 100.00 
Baa2 
4,157,180 
 
 
4.000%, 10/01/46 
 
 
 
16,280 
 
Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of 
No Opt. Call 
AAA 
25,773,682 
 
 
Technology, Series 2020P, 5.000%, 7/01/50 
 
 
 
900 
 
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center 
7/30 at 100.00 
BB+ 
1,018,341 
 
 
Issue, Series 2020G, 5.000%, 7/15/46, 144A 
 
 
 
6,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call 
AA– 
9,269,820 
 
 
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured 
 
 
 
7,405 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts 
No Opt. Call 
AAA 
10,786,789 
 
 
Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5) 
 
 
 
2,800 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2014D, 3.875%, 12/01/39 
6/24 at 100.00 
AA– 
2,967,076 
4,560 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
5/23 at 100.00 
Aa2 (11) 
5,099,266 
 
 
Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23) 
 
 
 
425 
 
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, 
11/20 at 100.00 
AAA 
426,692 
 
 
Subordinate Series 1999A, 5.750%, 8/01/29 
 
 
 
79,015 
 
Total Massachusetts 
 
 
97,815,640 
 
 
Michigan – 2.2% (1.4% of Total Investments) 
 
 
 
5,490 
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and 
No Opt. Call 
AA 
6,932,992 
 
 
Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) 
 
 
 
3,665 
 
Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst 
7/24 at 100.00 
AA 
4,070,349 
 
 
Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured 
 
 
 
2,985 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A1 (11) 
3,232,755 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22) 
 
 
 
 
 
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding 
 
 
 
 
 
Series 2015: 
 
 
 
4,495 
 
4.000%, 11/15/35 
5/25 at 100.00 
4,842,463 
2,550 
 
4.000%, 11/15/36 
5/25 at 100.00 
2,740,817 
 
52
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan (continued) 
 
 
 
 
 
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
 
 
 
 
 
Refunding Series 2016MI: 
 
 
 
$ 145 
 
5.000%, 12/01/45 (Pre-refunded 6/01/26) (UB) (5) 
6/26 at 100.00 
N/R (11) 
$ 180,667 
9,855 
 
5.000%, 12/01/45 (UB) 
6/26 at 100.00 
AA– 
11,391,197 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding 
 
 
 
 
 
Series 2011MI: 
 
 
 
10 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (11) 
10,502 
3,240 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
12/21 at 100.00 
AA– (11) 
3,406,277 
2,705 
 
Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco 
12/30 at 100.00 
BBB 
3,074,097 
 
 
Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 
 
 
 
1,000 
 
Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco 
12/30 at 100.00 
BBB+ 
1,088,210 
 
 
Receipts, Series 2020A-CL-1, 4.000%, 6/01/49 
 
 
 
4,000 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 
1/22 at 100.00 
BBB+ 
4,156,080 
 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
 
 
 
 
 
2011-II-A: 
 
 
 
2,750 
 
5.375%, 10/15/36 (Pre-refunded 10/15/21) 
10/21 at 100.00 
AA– (11) 
2,884,723 
8,260 
 
5.375%, 10/15/41 (Pre-refunded 10/15/21) 
10/21 at 100.00 
AA– (11) 
8,664,657 
13,855 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, 
6/22 at 100.00 
AA– (11) 
14,881,517 
 
 
Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22) 
 
 
 
 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
 
 
 
 
 
County Airport, Series 2015D: 
 
 
 
3,550 
 
5.000%, 12/01/40 
12/25 at 100.00 
A– 
4,108,202 
3,600 
 
5.000%, 12/01/45 
12/25 at 100.00 
A– 
4,147,164 
72,155 
 
Total Michigan 
 
 
79,812,669 
 
 
Minnesota – 1.7% (1.1% of Total Investments) 
 
 
 
 
 
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory 
 
 
 
 
 
Academy, Refunding Series 2016A: 
 
 
 
155 
 
4.000%, 8/01/36 
8/26 at 100.00 
BB+ 
159,728 
440 
 
4.000%, 8/01/41 
8/26 at 100.00 
BB+ 
448,813 
2,000 
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy 
3/25 at 100.00 
BB– 
2,045,120 
 
 
Project, Refunding Series 2015A, 5.000%, 3/01/34 
 
 
 
1,720 
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 
7/25 at 100.00 
BB+ 
1,867,456 
 
 
Series 2015A, 5.500%, 7/01/50 
 
 
 
 
 
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
 
 
 
 
 
Essentia Health Obligated Group, Series 2018A: 
 
 
 
9,560 
 
4.250%, 2/15/43 
2/28 at 100.00 
A– 
10,389,999 
27,325 
 
4.250%, 2/15/48 
2/28 at 100.00 
A– 
29,471,925 
1,410 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, 
7/24 at 102.00 
N/R 
1,460,478 
 
 
Series 2016A, 5.000%, 7/01/47 
 
 
 
2,920 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E, 
7/29 at 100.00 
AA+ 
2,957,201 
 
 
2.700%, 7/01/44 
 
 
 
 
 
Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, 
 
 
 
 
 
Series 2016A: 
 
 
 
405 
 
5.000%, 4/01/36 (4) 
4/26 at 100.00 
N/R 
275,400 
605 
 
5.000%, 4/01/46 (4) 
4/26 at 100.00 
N/R 
411,400 
2,500 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 
7/25 at 100.00 
2,700,800 
 
 
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 
 
 
 
145 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue 
4/23 at 100.00 
N/R 
148,876 
 
 
Bonds, 2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25 
 
 
 
 
 
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, 
 
 
 
 
 
HealthEast Inc, Series 2015A: 
 
 
 
2,785 
 
5.000%, 11/15/40 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (11) 
3,414,939 
3,190 
 
5.000%, 11/15/44 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (11) 
3,911,546 
55,160 
 
Total Minnesota 
 
 
59,663,681 
 
53
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Mississippi – 0.2% (0.1% of Total Investments) 
 
 
 
$ 5,445 
 
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System 
No Opt. Call 
A2 (11) 
$ 6,129,164 
 
 
Project, Series 2005, 5.250%, 7/01/24 – AGM Insured (ETM) 
 
 
 
 
 
Missouri – 2.3% (1.5% of Total Investments) 
 
 
 
2,960 
 
Chesterfield Valley Transportation Development District, Missouri, Transportation Sales 
5/23 at 100.00 
A– 
3,073,338 
 
 
Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31 
 
 
 
 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
 
 
 
 
 
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016: 
 
 
 
400 
 
5.000%, 4/01/36, 144A 
4/26 at 100.00 
N/R 
397,856 
1,520 
 
5.000%, 4/01/46, 144A 
4/26 at 100.00 
N/R 
1,456,662 
15,000 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 
No Opt. Call 
A1 
13,414,200 
 
 
2004B-1, 0.000%, 4/15/28 – AMBAC Insured 
 
 
 
4,345 
 
Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, 
5/27 at 100.00 
BB 
4,545,131 
 
 
Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50 
 
 
 
 
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty 
 
 
 
 
 
Commons Project, Series 2015A: 
 
 
 
1,575 
 
5.750%, 6/01/35, 144A 
6/25 at 100.00 
N/R 
1,520,710 
1,055 
 
6.000%, 6/01/46, 144A 
6/25 at 100.00 
N/R 
1,021,483 
2,460 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
5/23 at 100.00 
BBB 
2,575,128 
 
 
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
 
 
 
 
 
Bonds, Saint Louis College of Pharmacy, Series 2015B: 
 
 
 
1,410 
 
5.000%, 5/01/40 
11/23 at 100.00 
BBB 
1,465,145 
2,000 
 
5.000%, 5/01/45 
11/23 at 100.00 
BBB 
2,067,120 
7,040 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
7,615,379 
 
 
CoxHealth, Series 2013A, 5.000%, 11/15/48 
 
 
 
2,250 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
2/22 at 100.00 
A1 
2,338,897 
 
 
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
Mosaic Health System, Series 2019A: 
 
 
 
6,330 
 
4.000%, 2/15/44 
2/29 at 100.00 
A1 
7,076,434 
13,545 
 
4.000%, 2/15/49 
2/29 at 100.00 
A1 
15,031,293 
1,010 
 
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax 
5/21 at 100.00 
N/R 
1,015,323 
 
 
Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 
 
 
 
405 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/23 at 100.00 
BB+ 
431,673 
 
 
Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint 
 
 
 
 
 
Andrew’s Resources for Seniors, Series 2015A: 
 
 
 
1,650 
 
5.000%, 12/01/35 
12/25 at 100.00 
N/R 
1,619,112 
455 
 
5.125%, 12/01/45 
12/25 at 100.00 
N/R 
433,101 
4,125 
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport, 
No Opt. Call 
A– 
5,365,965 
 
 
Series 2005, 5.500%, 7/01/29 – NPFG Insured 
 
 
 
15,350 
 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley 
No Opt. Call 
N/R 
11,523,398 
 
 
Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured 
 
 
 
84,885 
 
Total Missouri 
 
 
83,987,348 
 
 
Montana – 0.1% (0.1% of Total Investments) 
 
 
 
 
 
Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran 
 
 
 
 
 
Corporation, Series 2017A: 
 
 
 
1,175 
 
5.250%, 5/15/37 
5/25 at 102.00 
N/R 
1,186,609 
375 
 
5.250%, 5/15/47 
5/25 at 102.00 
N/R 
372,338 
3,000 
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System 
1/21 at 100.00 
A2 (11) 
3,026,490 
 
 
Obligated Group, Series 2011A, 5.750%, 1/01/31 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
4,550 
 
Total Montana 
 
 
4,585,437 
 
54
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nebraska – 1.4% (0.9% of Total Investments) 
 
 
 
$ 10,665 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding 
No Opt. Call 
BBB+ 
$ 14,514,425 
 
 
Crossover Series 2017A, 5.000%, 9/01/42 
 
 
 
4,435 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
BBB+ 
4,752,102 
 
 
5.000%, 9/01/32 
 
 
 
1,330 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
1,491,263 
 
 
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 
 
 
 
 
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
 
 
 
 
 
Methodist Health System, Refunding Series 2015: 
 
 
 
2,090 
 
4.125%, 11/01/36 
11/25 at 100.00 
2,273,920 
2,325 
 
5.000%, 11/01/48 
11/25 at 100.00 
2,602,233 
4,010 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, 
11/21 at 100.00 
A (11) 
4,192,054 
 
 
Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
 
 
 
 
 
(Pre-refunded 11/01/21) 
 
 
 
2,230 
 
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 
9/27 at 100.00 
AA+ 
2,428,492 
 
 
2018C, 3.750%, 9/01/38 
 
 
 
9,160 
 
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 
3/29 at 100.00 
AA+ 
9,308,209 
 
 
2020A, 2.700%, 9/01/43 
 
 
 
6,800 
 
Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional 
2/27 at 100.00 
BB+ 
7,156,388 
 
 
West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/01/37 
 
 
 
43,045 
 
Total Nebraska 
 
 
48,719,086 
 
 
Nevada – 1.1% (0.7% of Total Investments) 
 
 
 
410 
 
Director of the State of Nevada Department of Business and Industry, Charter School 
12/25 at 100.00 
BB 
425,900 
 
 
Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A 
 
 
 
23,605 
 
Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue 
7/28 at 100.00 
24,700,508 
 
 
Bonds, Series 2018B, 4.000%, 7/01/49 
 
 
 
3,150 
 
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series 
7/27 at 100.00 
3,332,227 
 
 
2017B, 4.000%, 7/01/36 
 
 
 
1,000 
 
Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement 
6/21 at 100.00 
N/R 
978,190 
 
 
District, Series 2016, 4.375%, 6/15/35, 144A 
 
 
 
500 
 
Nevada State Director of the Department of Business and Industry, Charter School Revenue 
7/25 at 100.00 
BB+ 
536,700 
 
 
Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37, 144A 
 
 
 
4,000 
 
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno 
12/28 at 100.00 
A3 
4,047,840 
 
 
Transportation Rail Access Corridor Project, Series 2018A, 4.000%, 6/01/43 
 
 
 
4,500 
 
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, 
7/38 at 31.26 
N/R 
618,930 
 
 
ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A 
 
 
 
3,210 
 
Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue Refunding Bonds, Series 2020, 
7/30 at 100.00 
N/R 
3,403,884 
 
 
5.000%, 7/01/51 (WI/DD, Settling 11/10/20) 
 
 
 
40,375 
 
Total Nevada 
 
 
38,044,179 
 
 
New Hampshire – 0.2% (0.1% of Total Investments) 
 
 
 
5,000 
 
National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta 
7/23 at 100.00 
5,053,950 
 
 
Project, Refunding Series 2018B, 4.625%, 11/01/42, 144A 
 
 
 
1,185 
 
National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta 
7/25 at 100.00 
1,170,330 
 
 
Project, Refunding Series 2020A, 3.625%, 7/01/43 (Mandatory Put 7/02/40), 144A 
 
 
 
500 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at 
10/26 at 100.00 
BBB+ 
533,665 
 
 
Hanover, Series 2016, 5.000%, 10/01/40 
 
 
 
6,685 
 
Total New Hampshire 
 
 
6,757,945 
 
 
New Jersey – 5.6% (3.5% of Total Investments) 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Refunding Series 2016BBB: 
 
 
 
34,310 
 
5.500%, 6/15/29 
12/26 at 100.00 
BBB+ 
40,072,708 
2,110 
 
5.500%, 6/15/30 
12/26 at 100.00 
BBB+ 
2,466,084 
 
55
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Series 2005N-1: 
 
 
 
$ 6,835 
 
5.500%, 9/01/24 – AMBAC Insured 
No Opt. Call 
BBB+ 
$ 7,811,243 
5,000 
 
5.500%, 9/01/28 – NPFG Insured 
No Opt. Call 
BBB+ 
6,056,350 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Series 2015WW: 
 
 
 
655 
 
5.250%, 6/15/40 (Pre-refunded 6/15/25) 
6/25 at 100.00 
N/R (11) 
803,200 
11,335 
 
5.250%, 6/15/40 
6/25 at 100.00 
BBB+ 
12,390,062 
600 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
7/21 at 100.00 
BB+ 
615,342 
 
 
Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 
 
 
 
1,500 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
11/20 at 100.00 
BB+ 
1,504,290 
 
 
Peters University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
3,310 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, 
7/24 at 100.00 
A1 
3,656,954 
 
 
Refunding Series 2014A, 5.000%, 7/01/44 
 
 
 
2,015 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
BBB+ 
1,714,221 
 
 
Appreciation Series 2010A, 0.000%, 12/15/26 
 
 
 
2,150 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
BBB+ 
2,161,180 
 
 
Series 2006A, 5.250%, 12/15/20 
 
 
 
20,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
BBB+ 
13,634,400 
 
 
Series 2006C, 0.000%, 12/15/33 – AGM Insured 
 
 
 
20,040 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
6/24 at 100.00 
BBB+ 
21,526,968 
 
 
2014AA, 5.000%, 6/15/44 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 
 
 
 
 
 
Series 2015AA: 
 
 
 
13,680 
 
4.750%, 6/15/38 
6/25 at 100.00 
BBB+ 
14,575,082 
8,230 
 
5.000%, 6/15/45 
6/25 at 100.00 
BBB+ 
8,844,946 
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/28 at 100.00 
BBB+ 
5,679,600 
 
 
2019AA, 5.250%, 6/15/43 
 
 
 
33,200 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – 
No Opt. Call 
A2 
40,707,516 
 
 
AGM Insured 
 
 
 
200 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 
7/22 at 100.00 
256,198 
 
 
17.227%, 1/01/43, 144A (IF) (5) 
 
 
 
1,135 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 
5/23 at 100.00 
A+ (11) 
1,268,680 
 
 
5/01/43 (Pre-refunded 5/01/23) 
 
 
 
5,000 
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 
11/30 at 100.00 
Baa2 
5,425,650 
 
 
Series 2020A, 4.000%, 11/01/50 
 
 
 
3,000 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BBB+ 
3,512,130 
 
 
Bonds, Series 2018A, 5.250%, 6/01/46 
 
 
 
3,410 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BB+ 
3,859,267 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
1,330 
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation 
No Opt. Call 
A2 
1,617,799 
 
 
Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured 
 
 
 
184,045 
 
Total New Jersey 
 
 
200,159,870 
 
 
New Mexico – 0.1% (0.0% of Total Investments) 
 
 
 
 
 
Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement 
 
 
 
 
 
Residences Project, Series 2019A: 
 
 
 
670 
 
5.000%, 5/15/44 
5/26 at 103.00 
BB+ 
702,709 
1,200 
 
5.000%, 5/15/49 
5/26 at 103.00 
BB+ 
1,252,476 
1,870 
 
Total New Mexico 
 
 
1,955,185 
 
 
New York – 6.4% (4.0% of Total Investments) 
 
 
 
15,275 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of 
9/25 at 100.00 
N/R 
16,395,574 
 
 
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
 
56
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 2,250 
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School 
No Opt. Call 
Baa2 
$ 2,508,053 
 
 
of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured 
 
 
 
9,700 
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 
No Opt. Call 
AAA 
15,106,295 
 
 
2017A, 5.000%, 10/01/47 (UB) (5) 
 
 
 
4,070 
 
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at 
7/25 at 100.00 
A– 
4,558,970 
 
 
Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45 
 
 
 
 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical 
 
 
 
 
 
Center Obligated Group, Series 2015: 
 
 
 
2,700 
 
5.000%, 12/01/40, 144A 
6/25 at 100.00 
BBB– 
2,974,914 
5,600 
 
5.000%, 12/01/45, 144A 
6/25 at 100.00 
BBB– 
6,123,320 
7,500 
 
Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, 
7/29 at 100.00 
AA 
8,604,525 
 
 
Series 2019C, 4.000%, 7/01/49 
 
 
 
2,120 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The 
2/30 at 100.00 
N/R 
2,172,110 
 
 
Academy Charter School Project, Refunding Series 2020B, 5.570%, 2/01/41 
 
 
 
2,695 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The 
2/27 at 100.00 
N/R 
2,849,909 
 
 
Academy Charter School Project, Series 2017A, 6.240%, 2/01/47 
 
 
 
2,965 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The 
2/28 at 100.00 
N/R 
3,269,120 
 
 
Academy Charter School Project, Series 2018A, 6.760%, 2/01/48 
 
 
 
1,270 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The 
2/30 at 100.00 
N/R 
1,301,001 
 
 
Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
105 
 
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (11) 
106,507 
2,295 
 
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
2,324,399 
325 
 
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
329,729 
525 
 
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (11) 
533,279 
6,075 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
A2 (11) 
6,221,164 
 
 
5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured 
 
 
 
 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A: 
 
 
 
3,320 
 
5.000%, 9/01/42 (Pre-refunded 9/01/22) 
9/22 at 100.00 
N/R (11) 
3,609,936 
6,680 
 
5.000%, 9/01/42 
9/22 at 100.00 
A2 
7,068,108 
7,500 
 
Metropolitan Transportation Authority, New York, Series 2020E, 4.000%, 11/15/45 (WI/DD, 
11/30 at 100.00 
BBB+ 
7,476,450 
 
 
Settling 11/13/20) 
 
 
 
7,150 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond 
No Opt. Call 
N/R 
7,275,268 
 
 
Anticipation Note Series 2020A-1, 5.000%, 2/01/23 
 
 
 
 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
 
 
 
 
 
Climate Bond Certified Series 2020C-1: 
 
 
 
2,790 
 
5.000%, 11/15/50 
5/30 at 100.00 
BBB+ 
3,020,817 
3,155 
 
5.250%, 11/15/55 
5/30 at 100.00 
BBB+ 
3,483,435 
5,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
11/30 at 100.00 
BBB+ 
5,016,350 
 
 
Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49 
 
 
 
2,440 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
No Opt. Call 
BBB+ 
2,582,179 
 
 
Green Climate Certified Series 2017C-1, 5.000%, 11/15/24 
 
 
 
11,790 
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
AA 
11,911,201 
 
 
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40 
 
 
 
3,585 
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann’s 
1/26 at 103.00 
N/R 
3,678,999 
 
 
Community Project, Series 2019, 5.000%, 1/01/50 
 
 
 
1,000 
 
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic 
7/24 at 100.00 
A– 
1,113,770 
 
 
Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31 
 
 
 
15,000 
 
New York City Housing Development Corporation, New York, Sustainable Impact Revenue 
2/28 at 100.00 
Aa2 
15,199,500 
 
 
Bonds, Williamsburg Housing Preservation LP, Series 2020A, 2.800%, 2/01/50 
 
 
 
11,570 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/25 at 100.00 
AA+ 
13,457,298 
 
 
General Resolution Revenue Bonds, Fiscal 2016 Series BB-1, 5.000%, 6/15/46 (UB) (5) 
 
 
 
 
57
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 5 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – 
11/20 at 100.00 
AA 
$ 5,018 
 
 
FGIC Insured 
 
 
 
28,615 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
29,317,212 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
2,560 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of 
3/29 at 100.00 
Baa2 
2,443,699 
 
 
America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 3, 
 
 
 
 
 
2.800%, 9/15/69 
 
 
 
3,500 
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond 
5/28 at 100.00 
Aa2 
3,579,345 
 
 
Certified/Sustainability Series 2019P, 3.050%, 11/01/49 
 
 
 
6,500 
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 211, 
4/27 at 100.00 
Aa1 
6,964,165 
 
 
3.750%, 10/01/43 
 
 
 
5,655 
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital 
7/22 at 100.00 
N/R (11) 
6,094,054 
 
 
Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
8,550 
 
5.500%, 12/01/31 
12/20 at 100.00 
BBB 
8,584,969 
3,155 
 
6.000%, 12/01/36 
12/20 at 100.00 
BBB 
3,167,904 
7,110 
 
TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
7,347,047 
212,100 
 
Total New York 
 
 
227,775,593 
 
 
North Carolina – 0.7% (0.4% of Total Investments) 
 
 
 
10,000 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke 
6/22 at 100.00 
AA (11) 
10,749,100 
 
 
University Health System, Series 2012A, 5.000%, 6/01/42 (Pre-refunded 6/01/22) 
 
 
 
4,715 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant 
6/22 at 100.00 
A2 (11) 
5,064,334 
 
 
Health, Refunding Series 2012A, 5.000%, 6/01/36 (Pre-refunded 6/01/22) 
 
 
 
2,150 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
10/22 at 100.00 
A2 
2,268,013 
 
 
Refunding Series 2012A, 5.000%, 10/01/38 
 
 
 
2,150 
 
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue 
7/27 at 100.00 
N/R 
2,146,711 
 
 
Bonds, Aldersgate United Retirement Community Inc, Refunding Series 2017A, 5.000%, 7/01/47 
 
 
 
1,690 
 
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 
7/26 at 100.00 
Baa3 
1,874,548 
 
 
5.000%, 7/01/54 
 
 
 
1,625 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien 
1/30 at 100.00 
BBB 
1,816,490 
 
 
Series 2019, 4.000%, 1/01/55 – AGM Insured 
 
 
 
22,330 
 
Total North Carolina 
 
 
23,919,196 
 
 
North Dakota – 2.1% (1.3% of Total Investments) 
 
 
 
9,950 
 
Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health 
2/28 at 100.00 
A– 
10,731,771 
 
 
Obligated Group, Series 2018B, 4.250%, 2/15/48 
 
 
 
 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 
 
 
 
 
 
Obligated Group, Series 2012: 
 
 
 
7,000 
 
5.000%, 12/01/29 
12/21 at 100.00 
Baa2 
7,185,640 
6,650 
 
5.000%, 12/01/32 
12/21 at 100.00 
Baa2 
6,801,354 
2,245 
 
5.000%, 12/01/35 
12/21 at 100.00 
Baa2 
2,291,472 
4,525 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 
12/27 at 100.00 
Baa2 
4,952,658 
 
 
Obligated Group, Series 2017A, 5.000%, 12/01/42 
 
 
 
1,000 
 
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley 
12/26 at 100.00 
N/R 
1,017,780 
 
 
Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, 
 
 
 
 
 
Series 2017C: 
 
 
 
10,000 
 
5.000%, 6/01/38 
6/28 at 100.00 
BBB– 
11,095,000 
28,000 
 
5.000%, 6/01/53 
6/28 at 100.00 
BBB– 
30,302,160 
545 
 
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, 
No Opt. Call 
543,474 
 
 
Series 2012A, 5.000%, 3/01/21 
 
 
 
 
58
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
North Dakota (continued) 
 
 
 
$ 2,535 
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC 
9/23 at 100.00 
N/R 
$ 1,115,400 
 
 
Project, Series 2013, 7.750%, 9/01/38 (4) 
 
 
 
72,450 
 
Total North Dakota 
 
 
76,036,709 
 
 
Ohio – 9.2% (5.9% of Total Investments) 
 
 
 
2,235 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities 
11/30 at 100.00 
Baa2 
2,207,644 
 
 
Revenue Bonds, Summa Health Obligated Group, Refunding Series 2020, 3.000%, 11/15/40 
 
 
 
4,185 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/22 at 100.00 
A1 
4,361,984 
 
 
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 
 
 
 
 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, 
 
 
 
 
 
Refunding and Improvement Series 2012A: 
 
 
 
2,740 
 
4.000%, 5/01/33 (Pre-refunded 5/01/22) 
5/22 at 100.00 
A+ (11) 
2,889,796 
1,930 
 
5.000%, 5/01/33 (Pre-refunded 5/01/22) 
5/22 at 100.00 
A+ (11) 
2,064,251 
3,405 
 
5.000%, 5/01/42 (Pre-refunded 5/01/22) 
5/22 at 100.00 
A+ (11) 
3,641,852 
70,220 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 22.36 
N/R 
9,950,876 
 
 
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, 
 
 
 
 
 
0.000%, 6/01/57 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1: 
 
 
 
41,460 
 
3.000%, 6/01/48 
6/30 at 100.00 
BBB+ 
39,726,972 
7,535 
 
4.000%, 6/01/48 
6/30 at 100.00 
BBB+ 
8,173,742 
39,825 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
42,639,433 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
10,000 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R (11) 
10,930,800 
 
 
Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22) 
 
 
 
1,000 
 
Butler County Port Authority, Ohio, Revenue Bonds, StoryPoint Fairfield Project, Senior 
1/24 at 104.00 
N/R 
983,200 
 
 
Series 2017A-1, 6.250%, 1/15/34, 144A (4) 
 
 
 
 
 
Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, 
 
 
 
 
 
Refunding & Improvement Series 2017: 
 
 
 
2,750 
 
5.250%, 11/01/37 
11/27 at 100.00 
N/R 
2,865,885 
3,200 
 
5.250%, 11/01/47 
11/27 at 100.00 
N/R 
3,277,056 
3,345 
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation 
6/23 at 100.00 
A1 
3,663,812 
 
 
Bonds, School Improvement Series 2014, 5.000%, 12/01/51 
 
 
 
5,000 
 
County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, 
11/28 at 100.00 
Baa3 
5,660,600 
 
 
Series 2018A, 5.250%, 11/15/48 
 
 
 
37,150 
 
Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series 
6/24 at 100.00 
A1 
38,702,127 
 
 
2014, 4.375%, 12/01/44 (UB) (5) 
 
 
 
 
 
Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, 
 
 
 
 
 
Series 2019A: 
 
 
 
1,165 
 
4.000%, 9/01/40 
9/29 at 100.00 
BB+ 
1,211,239 
1,750 
 
4.000%, 9/01/45 
9/29 at 100.00 
BB+ 
1,811,355 
2,000 
 
5.000%, 9/01/49 
9/29 at 100.00 
BB+ 
2,097,140 
6,840 
 
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 
12/29 at 100.00 
BBB– 
6,860,383 
 
 
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 
 
 
 
7,870 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
5/22 at 100.00 
Aa2 
8,204,160 
 
 
Improvement Series 2012A, 5.000%, 11/01/42 
 
 
 
3,985 
 
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 
12/27 at 100.00 
AA– 
4,161,575 
 
 
3.250%, 12/01/42 
 
 
 
6,425 
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien 
1/23 at 100.00 
Aa3 (11) 
7,080,864 
 
 
Series 2013A, 5.000%, 1/01/38 (Pre-refunded 1/01/23) (UB) 
 
 
 
 
59
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, 
 
 
 
 
 
Tender Option Bond Trust 2016-XG0052: 
 
 
 
$ 390 
 
17.555%, 1/01/38, 144A (Pre-refunded 1/01/23) (IF) (5) 
1/23 at 100.00 
AA+ (11) 
$ 548,028 
1,750 
 
17.676%, 1/01/38, 144A (Pre-refunded 1/01/23) (IF) (5) 
1/23 at 100.00 
AA+ (11) 
2,464,158 
625 
 
17.685%, 1/01/38, 144A (Pre-refunded 1/01/23) (IF) (5) 
1/23 at 100.00 
AA+ (11) 
880,200 
1,250 
 
17.685%, 1/01/38, 144A (Pre-refunded 1/01/23) (IF) (5) 
1/23 at 100.00 
AA+ (11) 
1,760,400 
1,725 
 
17.685%, 1/01/38, 144A (Pre-refunded 1/01/23) (IF) (5) 
1/23 at 100.00 
AA+ (11) 
2,429,352 
2,000 
 
17.685%, 1/01/38, 144A (Pre-refunded 1/01/23) (IF) (5) 
1/23 at 100.00 
AA+ (11) 
2,816,640 
2,885 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
Baa3 (11) 
3,054,840 
 
 
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2007: 
 
 
 
4,380 
 
5.250%, 12/01/27 – AGM Insured 
No Opt. Call 
A2 
5,645,470 
6,000 
 
5.250%, 12/01/31 – AGM Insured 
No Opt. Call 
A2 
8,135,280 
12,000 
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System 
2/23 at 100.00 
Ba2 
12,340,920 
 
 
Obligated Group Project, Series 2013, 5.000%, 2/15/48 
 
 
 
8,500 
 
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, 
No Opt. Call 
N/R 
10,625 
 
 
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (4) 
 
 
 
1,050 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
1,313 
 
 
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (4) 
 
 
 
2,020 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
2,525 
 
 
FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33 (4) 
 
 
 
1,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
1,250 
 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2005B, 3.125%, 1/01/34 (4) 
 
 
 
20,765 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
20,920,737 
 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory 
 
 
 
 
 
Put 6/01/22) 
 
 
 
4,975 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien 
2/23 at 100.00 
A+ (11) 
5,505,434 
 
 
Series 2013A-1, 5.000%, 2/15/48 (Pre-refunded 2/15/23) 
 
 
 
1,240 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
A+ 
1,501,094 
 
 
Convertible Series 2013A-3, 0.000%, 2/15/36 (7) 
 
 
 
1,610 
 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
2,012 
 
 
Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 (4) 
 
 
 
1,130 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
1,413 
 
 
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (4) 
 
 
 
20,405 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
20,558,037 
 
 
Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22) 
 
 
 
20,480 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
20,633,600 
 
 
Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) 
 
 
 
3,000 
 
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment 
11/30 at 100.00 
N/R 
2,697,900 
 
 
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, 
 
 
 
 
 
Senior Lien Series 2019A, 5.000%, 11/01/51 
 
 
 
 
 
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health 
 
 
 
 
 
System Obligated Group Project, Refunding and Improvement Series 2012: 
 
 
 
1,095 
 
5.750%, 12/01/32 
12/22 at 100.00 
BB– 
1,145,085 
870 
 
6.000%, 12/01/42 
12/22 at 100.00 
BB– 
898,693 
1,615 
 
Toledo Lucas County Port Authority, Ohio, Revenue Bonds, StoryPoint Waterville Project, 
1/24 at 104.00 
N/R 
1,587,820 
 
 
Series 2016A-1, 6.125%, 1/15/34, 144A (4) 
 
 
 
1,330 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education 
3/25 at 100.00 
N/R 
1,389,172 
 
 
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 
 
 
 
 
 
6.000%, 3/01/45 
 
 
 
390,105 
 
Total Ohio 
 
 
330,098,744 
 
60
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Oklahoma – 0.7% (0.4% of Total Investments) 
 
 
 
$ 1,090 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise 
8/21 at 100.00 
N/R (11) 
$ 1,160,676 
 
 
Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 (Pre-refunded 
 
 
 
 
 
8/25/21), 144A 
 
 
 
 
 
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, 
 
 
 
 
 
Series 2011: 
 
 
 
1,500 
 
5.000%, 7/01/40 
7/21 at 100.00 
AAA 
1,540,725 
1,000 
 
5.375%, 7/01/40 
7/21 at 100.00 
AAA 
1,030,300 
 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 
 
 
 
 
 
Project, Series 2018B: 
 
 
 
5,290 
 
5.500%, 8/15/52 
8/28 at 100.00 
BB+ 
6,163,590 
10,530 
 
5.500%, 8/15/57 
8/28 at 100.00 
BB+ 
12,227,752 
2,340 
 
Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, 
11/25 at 102.00 
BBB– 
2,466,383 
 
 
Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/45 
 
 
 
21,750 
 
Total Oklahoma 
 
 
24,589,426 
 
 
Oregon – 0.2% (0.2% of Total Investments) 
 
 
 
 
 
Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc, 
 
 
 
 
 
Series 2020A: 
 
 
 
500 
 
5.125%, 11/15/40 
11/25 at 102.00 
N/R 
529,465 
220 
 
5.250%, 11/15/50 
11/25 at 102.00 
N/R 
232,566 
315 
 
5.375%, 11/15/55 
11/25 at 102.00 
N/R 
334,379 
 
 
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South 
 
 
 
 
 
Waterfront, Refunding Series 2014A: 
 
 
 
1,000 
 
5.400%, 10/01/44 
10/24 at 100.00 
N/R 
1,039,900 
800 
 
5.500%, 10/01/49 
10/24 at 100.00 
N/R 
832,432 
 
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A: 
 
 
 
555 
 
5.250%, 4/01/31 
4/21 at 100.00 
Aa2 
565,556 
3,445 
 
5.250%, 4/01/31 (Pre-refunded 4/01/21) 
4/21 at 100.00 
N/R (11) 
3,515,588 
1,670 
 
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G, 
8/21 at 100.00 
AA+ (11) 
1,729,953 
 
 
5.000%, 8/01/36 (Pre-refunded 8/02/21) 
 
 
 
8,505 
 
Total Oregon 
 
 
8,779,839 
 
 
Pennsylvania – 6.1% (3.9% of Total Investments) 
 
 
 
14,855 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny 
4/28 at 100.00 
16,128,371 
 
 
Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44 
 
 
 
3,335 
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 
12/20 at 100.00 
Aa3 
3,347,440 
 
 
2010, 5.000%, 6/01/40 – AGM Insured 
 
 
 
2,540 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/27 at 100.00 
Baa3 
2,645,639 
 
 
Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A 
 
 
 
 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
 
 
 
 
 
Bonds, FirstEnergy Generation Project, Refunding Series 2006A: 
 
 
 
13,235 
 
4.375%, 1/01/35 (Mandatory Put 7/01/22) 
No Opt. Call 
N/R 
13,334,262 
3,145 
 
3.500%, 4/01/41 (4) 
No Opt. Call 
N/R 
3,931 
1,245 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
1,556 
 
 
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (4) 
 
 
 
1,240 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
1,550 
 
 
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4) 
 
 
 
7,750 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
7,808,125 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory 
 
 
 
 
 
Put 4/01/21) 
 
 
 
21,895 
 
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue 
11/27 at 100.00 
BB+ 
22,964,133 
 
 
Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50 
 
 
 
 
61
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
 
 
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane 
 
 
 
 
 
Charter School Project, Series 2016: 
 
 
 
$ 2,410 
 
5.125%, 3/15/36 
3/27 at 100.00 
BBB– 
$ 2,679,992 
6,420 
 
5.125%, 3/15/46 
3/27 at 100.00 
BBB– 
6,990,224 
10,850 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
6/28 at 100.00 
A1 
12,244,117 
 
 
Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured (UB) (5) 
 
 
 
1,000 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
1/25 at 100.00 
BBB+ 
1,089,920 
 
 
Social Ministries Project, Series 2015, 5.000%, 1/01/29 
 
 
 
7,665 
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle 
6/22 at 100.00 
8,053,002 
 
 
Health System Project, Series 2012A, 5.000%, 6/01/42 
 
 
 
3,000 
 
Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands 
1/28 at 100.00 
A– 
3,413,970 
 
 
Healthcare, Series 2018, 5.000%, 7/15/48 
 
 
 
1,250 
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes 
7/25 at 100.00 
BBB– 
1,302,075 
 
 
Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 
 
 
 
 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown 
 
 
 
 
 
Concession, Series 2013A: 
 
 
 
695 
 
5.125%, 12/01/47 
12/23 at 100.00 
773,674 
805 
 
5.125%, 12/01/47 (Pre-refunded 12/01/23) 
12/23 at 100.00 
N/R (11) 
921,765 
 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 
 
 
 
 
 
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: 
 
 
 
10,530 
 
5.250%, 1/15/45 
1/25 at 100.00 
Ba1 
10,998,585 
1,200 
 
5.250%, 1/15/46 
1/25 at 100.00 
Ba1 
1,252,152 
10,765 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 
9/25 at 100.00 
CCC+ 
8,890,275 
 
 
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
3,500 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
4/29 at 100.00 
Aa2 
3,665,165 
 
 
2019-131A, 3.100%, 10/01/44 
 
 
 
13,500 
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A, 
12/28 at 100.00 
Aa3 
16,916,715 
 
 
5.250%, 12/01/44 
 
 
 
3,705 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 
6/25 at 100.00 
A+ 
4,194,097 
 
 
5.000%, 12/01/45 
 
 
 
6,450 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2, 
12/28 at 100.00 
A1 
7,821,399 
 
 
5.000%, 12/01/43 
 
 
 
11,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 
6/26 at 100.00 
A2 
13,939,860 
 
 
6.250%, 6/01/33 – AGM Insured 
 
 
 
15,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 
12/25 at 100.00 
A3 
17,030,550 
 
 
5.000%, 12/01/45 
 
 
 
5,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A, 
12/29 at 100.00 
A3 
5,496,950 
 
 
4.000%, 12/01/49 
 
 
 
10,305 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
Ba1 
10,895,889 
 
 
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 
 
 
 
 
 
5.625%, 7/01/42 
 
 
 
7,055 
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel 
11/20 at 100.00 
A2 
7,066,782 
 
 
Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGM Insured 
 
 
 
 
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A: 
 
 
 
1,125 
 
5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured 
12/21 at 100.00 
AA (11) 
1,185,750 
1,000 
 
5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured 
12/21 at 100.00 
AA (11) 
1,056,690 
5,790 
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
1/23 at 100.00 
Baa3 
5,743,506 
 
 
Series 2012B, 4.000%, 1/01/33 
 
 
 
209,260 
 
Total Pennsylvania 
 
 
219,858,111 
 
 
Puerto Rico – 3.0% (1.9% of Total Investments) 
 
 
 
4,934 
 
Puerto Rico Cofina Class 2 Trust Tax-Exempt Class 2047, 0.000%, 8/01/47 Puerto Rico Urgent 
No Opt. Call 
N/R 
1,369,564 
 
 
Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
 
 
 
 
62
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Puerto Rico (continued) 
 
 
 
$ 9,761 
 
Puerto Rico Cofina Class 2 Trust Tax-Exempt Class 2054, Series 2007, 0.000%, 8/01/54 
No Opt. Call 
N/R 
$ 1,874,489 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A: 
 
 
 
 
 
Series 2007 Sr. Bond: 
 
 
 
1,727 
 
6.000%, 7/01/38 
11/20 at 100.00 
CC 
1,752,905 
9,425 
 
6.000%, 7/01/44 
11/20 at 100.00 
CC 
9,566,375 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
2,200 
 
5.125%, 7/01/37 
7/22 at 100.00 
CC 
2,271,500 
8,040 
 
5.250%, 7/01/42 
7/22 at 100.00 
CC 
8,301,300 
8,315 
 
6.000%, 7/01/47 
7/22 at 100.00 
CC 
8,720,356 
590 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 
11/20 at 100.00 
Baa2 
594,112 
 
 
5.000%, 7/01/29 – NPFG Insured 
 
 
 
1,500 
 
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured 
11/20 at 100.00 
A2 
1,531,290 
950 
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 
No Opt. Call 
AA+ 
1,028,641 
 
 
5.125%, 6/01/24 – AMBAC Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, 
 
 
 
 
 
Restructured 2018A-1: 
 
 
 
3,000 
 
0.000%, 7/01/31 
7/28 at 91.88 
N/R 
2,166,690 
9,828 
 
0.000%, 7/01/33 
7/28 at 86.06 
N/R 
6,458,961 
255 
 
4.500%, 7/01/34 
7/25 at 100.00 
N/R 
266,985 
8,553 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
1,782,189 
17,852 
 
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
18,783,339 
14,548 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
15,498,712 
723 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 
7/28 at 100.00 
N/R 
750,590 
 
 
Cofina Project Series 2019B-2, 4.536%, 7/01/53 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
 
 
 
 
 
Restructured Cofina Project Series 2019A-2: 
 
 
 
8,239 
 
4.329%, 7/01/40 
7/28 at 100.00 
N/R 
8,476,118 
8,260 
 
4.329%, 7/01/40 
7/28 at 100.00 
N/R 
8,497,723 
6,206 
 
4.784%, 7/01/58 
7/28 at 100.00 
N/R 
6,523,995 
124,906 
 
Total Puerto Rico 
 
 
106,215,834 
 
 
Rhode Island – 1.5% (0.9% of Total Investments) 
 
 
 
1,000 
 
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New 
9/23 at 100.00 
N/R (11) 
1,156,990 
 
 
England Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23) 
 
 
 
5,650 
 
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond 
4/29 at 100.00 
AA+ 
5,821,139 
 
 
Program, 2019 Series 71, 3.100%, 10/01/44 
 
 
 
292,435 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed 
11/20 at 15.49 
CCC– 
45,213,375 
 
 
Bonds, Series 2007A, 0.000%, 6/01/52 
 
 
 
299,085 
 
Total Rhode Island 
 
 
52,191,504 
 
 
South Carolina – 3.1% (2.0% of Total Investments) 
 
 
 
7,600 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
A– 
6,299,640 
 
 
0.000%, 1/01/31 – AMBAC Insured 
 
 
 
2,255 
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, 
4/21 at 100.00 
A2 (11) 
2,301,678 
 
 
Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 
 
 
 
 
 
4/01/44 (Pre-refunded 4/01/21) – AGC Insured 
 
 
 
 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
 
 
 
 
 
Bishop Gadsden Episcopal Retirement Community, Series 2019A: 
 
 
 
890 
 
5.000%, 4/01/49 
4/26 at 103.00 
BBB– 
969,059 
1,165 
 
4.000%, 4/01/54 
4/26 at 103.00 
BBB– 
1,158,581 
1,630 
 
5.000%, 4/01/54 
4/26 at 103.00 
BBB– 
1,770,571 
 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
 
 
 
 
 
Hilton Head Christian Academy, Series 2020: 
 
 
 
405 
 
5.000%, 1/01/40, 144A 
1/30 at 100.00 
N/R 
375,957 
1,000 
 
5.000%, 1/01/55, 144A 
1/30 at 100.00 
N/R 
903,420 
 
63
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Carolina (continued) 
 
 
 
 
 
South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
Lutheran Homes of South Carolina Inc, Refunding Series 2017B: 
 
 
 
$ 1,000 
 
5.000%, 5/01/37 
5/23 at 104.00 
N/R 
$ 976,950 
750 
 
5.000%, 5/01/42 
5/23 at 104.00 
N/R 
712,118 
1,250 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto 
8/21 at 100.00 
AA (11) 
1,307,675 
 
 
Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
4,000 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma 
5/28 at 100.00 
A3 
4,581,960 
 
 
Health Obligated Group, Series 2018A, 5.000%, 5/01/48 
 
 
 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
 
 
 
 
 
Improvement Series 2015A: 
 
 
 
11,170 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A– 
12,624,446 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
34,000 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A– 
38,427,140 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 (UB) (5) 
 
 
 
8,630 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
12/30 at 100.00 
A– 
10,695,159 
 
 
Improvement Series 2020A, 5.000%, 12/01/43 (WI/DD, Settling 11/05/20) 
 
 
 
5,000 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
12/24 at 100.00 
A– 
5,611,300 
 
 
Series 2014C, 5.000%, 12/01/46 
 
 
 
1,310 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 
12/23 at 100.00 
A– 
1,442,245 
 
 
2013A, 5.125%, 12/01/43 
 
 
 
10,285 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 
6/24 at 100.00 
A– 
11,548,924 
 
 
2014A, 5.500%, 12/01/54 
 
 
 
10,250 
 
Spartanburg Regional Health Services District, Inc, South Carolina, Hospital Revenue 
4/22 at 100.00 
A3 
10,743,742 
 
 
Bonds, Refunding Series 2012A, 5.000%, 4/15/32 
 
 
 
102,590 
 
Total South Carolina 
 
 
112,450,565 
 
 
South Dakota – 1.1% (0.7% of Total Investments) 
 
 
 
15,000 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, 
7/27 at 100.00 
A1 
17,420,850 
 
 
Refunding Series 2017, 5.000%, 7/01/46 
 
 
 
12,400 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument 
9/30 at 100.00 
A1 
13,597,468 
 
 
Health, Inc, Series 2020A, 4.000%, 9/01/50 
 
 
 
3,765 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional 
9/27 at 100.00 
A1 
4,452,489 
 
 
Health, Refunding Series 2017, 5.000%, 9/01/40 
 
 
 
4,350 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, 
7/21 at 100.00 
A1 (11) 
4,485,502 
 
 
Series 2012A, 5.000%, 7/01/42 (Pre-refunded 7/01/21) 
 
 
 
35,515 
 
Total South Dakota 
 
 
39,956,309 
 
 
Tennessee – 0.8% (0.5% of Total Investments) 
 
 
 
12,895 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 
1/23 at 100.00 
BBB+ (11) 
14,221,638 
 
 
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) 
 
 
 
1,850 
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, 
10/24 at 100.00 
Baa3 
1,992,857 
 
 
Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39 
 
 
 
2,000 
 
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue 
2/29 at 100.00 
2,199,620 
 
 
Bonds, East Tennessee Children’s Hospital, Series 2019, 4.000%, 11/15/48 
 
 
 
2,645 
 
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, 
7/27 at 100.00 
N/R 
2,316,993 
 
 
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.500%, 7/01/37 
 
 
 
3,560 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
6/27 at 100.00 
N/R 
2,136,000 
 
 
Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 0.000%, 
 
 
 
 
 
6/15/37, 144A (4) 
 
 
 
1,000 
 
Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2020-3A, 
7/29 at 100.00 
AA+ 
1,016,890 
 
 
2.550%, 1/01/45 
 
 
 
 
64
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tennessee (continued) 
 
 
 
$ 10,000 
 
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue 
6/27 at 100.00 
N/R 
$ 6,500,000 
 
 
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 
 
 
 
 
 
6/01/47, 144A (4) 
 
 
 
33,950 
 
Total Tennessee 
 
 
30,383,998 
 
 
Texas – 11.7% (7.4% of Total Investments) 
 
 
 
735 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside 
8/21 at 100.00 
BB+ 
738,308 
 
 
Schools, Series 2016A, 4.375%, 8/15/36 
 
 
 
3,580 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
9/23 at 103.00 
N/R 
3,824,979 
 
 
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
3,045 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
9/23 at 103.00 
N/R 
3,244,996 
 
 
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 
 
 
 
5,480 
 
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 
11/25 at 100.00 
Aa3 
6,478,620 
 
 
11/15/45 (UB) (5) 
 
 
 
2,500 
 
Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage 
12/25 at 100.00 
BB 
2,569,825 
 
 
Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 
 
 
 
2,340 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement 
3/23 at 103.00 
N/R 
2,448,670 
 
 
District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
4,145 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement 
3/23 at 103.00 
N/R 
4,317,432 
 
 
District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 
 
 
 
 
 
8.250%, 9/01/40 
 
 
 
390 
 
Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District 
9/24 at 100.00 
N/R 
406,758 
 
 
Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
1,500 
 
5.750%, 1/01/31 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (11) 
1,513,380 
1,700 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (11) 
1,716,473 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A: 
 
 
 
3,000 
 
5.000%, 1/01/44 
1/30 at 100.00 
Baa1 
3,644,820 
3,940 
 
5.000%, 1/01/49 
1/30 at 100.00 
Baa1 
4,755,738 
3,335 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020E, 
1/30 at 100.00 
Baa1 
4,040,119 
 
 
5.000%, 1/01/45 (WI/DD, Settling 11/19/20) 
 
 
 
13,685 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
Baa1 
15,345,401 
 
 
5.000%, 1/01/45 
 
 
 
6,375 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, 
1/26 at 100.00 
Baa1 
6,647,021 
 
 
3.375%, 1/01/41 
 
 
 
535 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea 
No Opt. Call 
A– 
551,098 
 
 
Public Schools, Series 2012, 3.750%, 8/15/22 
 
 
 
 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift 
 
 
 
 
 
Education Charter School, Series 2013A: 
 
 
 
765 
 
4.350%, 12/01/42 
12/22 at 100.00 
BBB– 
777,118 
685 
 
4.400%, 12/01/47 
12/22 at 100.00 
BBB– 
695,097 
4,000 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift 
6/25 at 100.00 
BBB– 
4,262,160 
 
 
Education Charter School, Series 2015A, 5.000%, 12/01/45 
 
 
 
 
 
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, 
 
 
 
 
 
Improvement Area 1 Project, Series 2016: 
 
 
 
605 
 
5.750%, 9/01/28 
9/23 at 103.00 
N/R 
668,543 
770 
 
6.500%, 9/01/46 
9/23 at 103.00 
N/R 
848,817 
11,735 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding & 
11/21 at 100.00 
12,178,114 
 
 
Improvement Series 2012C, 5.000%, 11/01/45 
 
 
 
2,520 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 
9/23 at 100.00 
N/R 
2,694,182 
 
 
2013A, 6.375%, 9/01/42 
 
 
 
400 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 
9/24 at 100.00 
BBB– 
427,196 
 
 
2014A, 5.250%, 9/01/44 
 
 
 
 
65
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 1,255 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy 
11/22 at 100.00 
Baa2 
$ 1,299,728 
 
 
Inc Project, Series 2012A RMKT, 4.750%, 5/01/38 
 
 
 
8,920 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy 
11/22 at 100.00 
Baa2 
9,202,675 
 
 
Inc Project, Series 2012B, 4.750%, 11/01/42 
 
 
 
6,660 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding 
4/30 at 100.00 
A2 
7,593,466 
 
 
First Tier Series 2020C, 4.000%, 10/01/49 
 
 
 
 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
 
 
 
 
 
Lien Series 2013B: 
 
 
 
20,000 
 
5.250%, 10/01/51 (Pre-refunded 10/01/23) 
10/23 at 100.00 
AA (11) 
22,886,200 
10,000 
 
5.000%, 4/01/53 (Pre-refunded 10/01/23) (UB) (5) 
10/23 at 100.00 
AA (11) 
11,370,600 
5,470 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender 
10/23 at 100.00 
AA+ (11) 
8,469,748 
 
 
Option Bond Trust 2015-XF0228, 17.898%, 11/01/44, 144A (Pre-refunded 10/01/23) (IF) (5) 
 
 
 
4,255 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
6/25 at 100.00 
AA 
4,854,785 
 
 
Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 
 
 
 
1,545 
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, 
11/21 at 100.00 
AAA 
1,765,240 
 
 
Tender Option Bond Trust 2016-XG0054, 13.452%, 11/01/41, 144A (Pre-refunded 
 
 
 
 
 
11/01/21) (IF) (5) 
 
 
 
4,080 
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond 
No Opt. Call 
AAA 
9,388,570 
 
 
Trust 2015-XF0074, 14.243%, 8/15/32, 144A (IF) 
 
 
 
6,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation 
11/31 at 44.13 
A2 
1,796,040 
 
 
Refunding Senior Lien Series 2014A, 0.000%, 11/15/48 
 
 
 
6,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien 
11/24 at 100.00 
BBB 
6,276,420 
 
 
Series 2014A, 5.000%, 11/15/53 
 
 
 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3: 
 
 
 
1,940 
 
0.000%, 11/15/34 (Pre-refunded 11/15/24) – NPFG Insured 
11/24 at 55.69 
Baa2 (11) 
1,052,081 
14,055 
 
0.000%, 11/15/34 – NPFG Insured 
11/24 at 55.69 
BB 
6,900,302 
5,000 
 
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc, 
8/25 at 100.00 
AAA 
5,431,650 
 
 
Refunding Series 2015, 4.000%, 8/15/44 
 
 
 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and 
 
 
 
 
 
Entertainment Project, Series 2001B: 
 
 
 
4,130 
 
0.000%, 9/01/26 – AMBAC Insured 
No Opt. Call 
A2 
3,803,523 
4,865 
 
0.000%, 9/01/27 – AGM Insured 
No Opt. Call 
A2 
4,366,143 
4,715 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, 
9/24 at 100.00 
4,836,175 
 
 
5.000%, 9/01/40 
 
 
 
17,000 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 
No Opt. Call 
A2 (11) 
25,502,550 
 
 
2002A, 5.750%, 12/01/32 – AGM Insured (ETM) 
 
 
 
6,700 
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, 
8/21 at 100.00 
A+ 
6,910,916 
 
 
Refunding Series 2012A, 5.000%, 8/01/46 
 
 
 
940 
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
8/25 at 100.00 
A– 
1,073,762 
 
 
Memorial Hospital Project, Series 2015, 5.000%, 8/15/30 
 
 
 
1,000 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA 
5/25 at 100.00 
1,146,740 
 
 
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 
 
 
 
 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
 
 
 
3,095 
 
5.750%, 12/01/33 
12/25 at 100.00 
B1 
3,391,996 
3,125 
 
6.125%, 12/01/38 
12/25 at 100.00 
B1 
3,429,969 
 
 
Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien 
 
 
 
 
 
Series 2018: 
 
 
 
1,900 
 
5.000%, 9/15/43 
9/25 at 100.00 
BBB– 
2,067,694 
1,785 
 
5.000%, 9/15/48 
9/25 at 100.00 
BBB– 
1,933,084 
 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility 
 
 
 
 
 
Revenue Bonds, Legacy at Willow Bend Project, Series 2016: 
 
 
 
2,335 
 
5.000%, 11/01/46 
11/23 at 103.00 
BBB– 
2,441,896 
6,015 
 
5.000%, 11/01/51 
11/23 at 103.00 
BBB– 
6,257,946 
 
66
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 745 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility 
1/25 at 100.00 
N/R 
$ 766,106 
 
 
Revenue Bonds, Wesleyan Homes, Inc Project, Series 2014, 5.500%, 1/01/43 
 
 
 
210 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
188,124 
 
 
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, LLC-Texas A&M University-Corpus 
 
 
 
 
 
Christi Project, Series 2016A, 5.000%, 4/01/48 
 
 
 
4,530 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
A2 
4,741,007 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M 
 
 
 
 
 
University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured 
 
 
 
820 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
BBB– 
794,400 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M 
 
 
 
 
 
University – San Antonio Project,, 5.000%, 4/01/48 
 
 
 
 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
 
 
 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, LLC – Tarleton State 
 
 
 
 
 
University Project, Series 2014A: 
 
 
 
1,000 
 
5.000%, 4/01/34 (Pre-refunded 4/01/24) 
4/24 at 100.00 
N/R (11) 
1,132,720 
2,200 
 
5.000%, 4/01/39 (Pre-refunded 4/01/24) 
4/24 at 100.00 
N/R (11) 
2,491,984 
1,600 
 
5.000%, 4/01/46 (Pre-refunded 4/01/24) 
4/24 at 100.00 
N/R (11) 
1,812,352 
5,540 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
Baa3 
5,540,554 
 
 
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, 
 
 
 
 
 
Series 2014A, 5.000%, 4/01/39 
 
 
 
3,220 
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
A2 
3,379,197 
 
 
12/15/36 – AGM Insured 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible 
 
 
 
 
 
Capital Appreciation Series 2011C: 
 
 
 
2,590 
 
0.000%, 9/01/43 (Pre-refunded 9/01/31) (7) 
9/31 at 100.00 
N/R (11) 
3,521,778 
3,910 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (7) 
9/31 at 100.00 
N/R (11) 
5,758,218 
6,155 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A+ 
6,619,641 
 
 
5.000%, 1/01/40 
 
 
 
2,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 
1/25 at 100.00 
2,295,480 
 
 
2015A, 5.000%, 1/01/38 
 
 
 
610 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 
2/24 at 100.00 
Ba1 
636,706 
 
 
2014A, 5.125%, 2/01/39 
 
 
 
1,000 
 
Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint 
6/26 at 100.00 
BBB 
1,015,520 
 
 
Edward’s University Project, Series 2016, 4.000%, 6/01/41 
 
 
 
2,410 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
11/21 at 100.00 
AA– (11) 
2,526,258 
 
 
Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 (Pre-refunded 11/15/21) 
 
 
 
1,870 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
9/23 at 100.00 
A3 
2,032,671 
 
 
Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 
 
 
 
17,640 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
5/26 at 100.00 
AA– 
20,369,614 
 
 
Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) (5) 
 
 
 
4,300 
 
Texas City Industrial Development Corporation, Texas, Industrial Development Revenue 
2/25 at 100.00 
Baa2 
4,472,473 
 
 
Bonds, NRG Energy, inc Project, Fixed Rate Series 2012, 4.125%, 12/01/45 
 
 
 
4,000 
 
Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, 
9/27 at 100.00 
AA+ 
4,454,440 
 
 
Series 2018A, 4.250%, 9/01/43 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
2,500 
 
5.000%, 12/15/26 
12/22 at 100.00 
BBB+ 
2,697,900 
2,500 
 
5.000%, 12/15/29 
12/22 at 100.00 
BBB+ 
2,676,025 
4,355 
 
5.000%, 12/15/30 
12/22 at 100.00 
BBB+ 
4,652,316 
2,975 
 
5.000%, 12/15/32 
12/22 at 100.00 
BBB+ 
3,164,686 
 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue 
 
 
 
 
 
Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A: 
 
 
 
5,810 
 
4.000%, 12/31/36 
12/30 at 100.00 
BBB– 
6,559,955 
2,735 
 
4.000%, 6/30/37 
12/30 at 100.00 
BBB– 
3,071,870 
 
67
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 3,150 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 
8/22 at 100.00 
A3 (11) 
$ 3,416,648 
 
 
First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22) 
 
 
 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 
 
 
 
 
 
First Tier Series 2015B: 
 
 
 
11,280 
 
0.000%, 8/15/36 
8/24 at 59.60 
A3 
6,070,896 
10,000 
 
0.000%, 8/15/37 
8/24 at 56.94 
A3 
5,135,900 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 
 
 
 
 
 
Second Tier Series 2015C: 
 
 
 
5,000 
 
5.000%, 8/15/37 
8/24 at 100.00 
Baa1 
5,628,000 
31,810 
 
5.000%, 8/15/42 
8/24 at 100.00 
Baa1 
35,539,722 
7,500 
 
Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll 
2/29 at 100.00 
Baa3 
8,513,325 
 
 
Series 2019A, 5.000%, 8/01/57 
 
 
 
4,400 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A3 
4,176,392 
 
 
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
1,840 
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue 
5/21 at 100.00 
AA– 
1,889,220 
 
 
Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured 
 
 
 
392,755 
 
Total Texas 
 
 
417,986,862 
 
 
Virgin Islands – 0.1% (0.0% of Total Investments) 
 
 
 
1,790 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
10/22 at 100.00 
A2 
1,914,047 
 
 
Series 2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
 
 
Virginia – 2.3% (1.5% of Total Investments) 
 
 
 
 
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, 
 
 
 
 
 
Series 2015: 
 
 
 
1,200 
 
5.300%, 3/01/35, 144A 
3/25 at 100.00 
N/R 
1,236,336 
1,085 
 
5.600%, 3/01/45, 144A 
3/25 at 100.00 
N/R 
1,119,503 
 
 
Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Senior 
 
 
 
 
 
Lien Series 2020A: 
 
 
 
5,000 
 
4.000%, 7/01/60 
7/30 at 100.00 
AA 
5,673,400 
5,500 
 
5.000%, 7/01/60 
7/30 at 100.00 
AA 
6,786,450 
11,380 
 
Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads 
1/28 at 100.00 
AA 
14,095,496 
 
 
Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.500%, 7/01/57 
 
 
 
1,810 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/29 at 100.00 
A2 
1,979,217 
 
 
Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, 
 
 
 
 
 
4.000%, 10/01/53 – AGM Insured 
 
 
 
3,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
3,600,810 
 
 
Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A, 
 
 
 
 
 
5.000%, 10/01/44 
 
 
 
14,945 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
4/22 at 100.00 
Baa1 
15,570,448 
 
 
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
11,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/26 at 100.00 
A3 
13,744,830 
 
 
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, 
 
 
 
 
 
10/01/41 – AGC Insured 
 
 
 
10,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
Baa1 
12,892,200 
 
 
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 
 
 
 
2,000 
 
Peninsula Town Center Community Development Authority, Virginia, Special Obligation 
9/27 at 100.00 
N/R 
2,080,700 
 
 
Bonds, Refunding Series 2018, 5.000%, 9/01/45, 144A 
 
 
 
1,000 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount 
7/25 at 100.00 
Ba2 
1,027,350 
 
 
University Project, Green Series 2015B, 5.250%, 7/01/35, 144A 
 
 
 
2,030 
 
Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue 
4/28 at 112.76 
N/R 
2,116,011 
 
 
Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, 
 
 
 
 
 
4/01/41, 144A 
 
 
 
69,950 
 
Total Virginia 
 
 
81,922,751 
 
68
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington – 1.9% (1.2% of Total Investments) 
 
 
 
$ 5,000 
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, 
7/25 at 100.00 
AA– 
$ 5,857,200 
 
 
Refunding Series 2015A, 5.000%, 7/01/38 (UB) (5) 
 
 
 
5,750 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
1/21 at 100.00 
A2 (11) 
5,799,622 
 
 
Research Center, Series 2011A, 5.625%, 1/01/35 (Pre-refunded 1/01/21) 
 
 
 
1,250 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & 
10/24 at 100.00 
AA– 
1,913,313 
 
 
Services, Tender Option Bond Trust 2015-XF0132, 17.712%, 10/01/44, 144A (IF) (5) 
 
 
 
16,550 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center 
9/30 at 100.00 
A2 
19,854,207 
 
 
Alliance, Series 2020, 5.000%, 9/01/55 
 
 
 
6,565 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
6,976,232 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
 
 
Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, 
 
 
 
 
 
Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A: 
 
 
 
5,450 
 
5.000%, 1/01/46, 144A 
1/25 at 102.00 
BB 
5,577,203 
3,650 
 
5.000%, 1/01/51, 144A 
1/25 at 102.00 
BB 
3,725,373 
21,510 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 
No Opt. Call 
AA+ 
19,718,647 
 
 
0.000%, 6/01/28 – NPFG Insured (UB) (5) 
 
 
 
65,725 
 
Total Washington 
 
 
69,421,797 
 
 
West Virginia – 1.3% (0.8% of Total Investments) 
 
 
 
1,900 
 
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, 
6/27 at 100.00 
N/R 
1,956,145 
 
 
University Town Centre Economic Opportunity Development District, Refunding & Improvement 
 
 
 
 
 
Series 2017A, 5.500%, 6/01/37, 144A 
 
 
 
40,855 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 
6/23 at 100.00 
44,213,281 
 
 
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
42,755 
 
Total West Virginia 
 
 
46,169,426 
 
 
Wisconsin – 4.0% (2.5% of Total Investments) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter 
 
 
 
 
 
Academy, North Carolina, Series 2016A: 
 
 
 
1,750 
 
5.000%, 2/01/36, 144A 
2/26 at 100.00 
N/R 
1,799,403 
305 
 
5.125%, 2/01/46, 144A 
2/26 at 100.00 
N/R 
310,941 
1,715 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community 
6/26 at 100.00 
N/R 
1,737,518 
 
 
School Bonds, North Carolina, Series 2019A, 5.000%, 6/15/49, 144A 
 
 
 
500 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community 
6/24 at 100.00 
N/R 
506,800 
 
 
School, North Carolina, Series 2017A, 5.125%, 6/15/47, 144A 
 
 
 
1,480 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science 
5/26 at 100.00 
N/R 
1,523,127 
 
 
Academy Project, Series 2016A, 5.125%, 5/01/36, 144A 
 
 
 
6,000 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy 
6/24 at 100.00 
N/R 
5,945,280 
 
 
Charter School, North Carolina, Series 2017A, 5.625%, 6/15/37, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter 
 
 
 
 
 
Academy, North Carolina, Series 2017A: 
 
 
 
1,000 
 
5.500%, 6/15/37, 144A 
6/27 at 100.00 
N/R 
961,510 
1,790 
 
5.625%, 6/15/47, 144A 
6/27 at 100.00 
N/R 
1,747,649 
35,100 
 
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 
12/27 at 100.00 
N/R 
30,314,817 
 
 
Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A 
 
 
 
1,700 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, 
10/27 at 100.00 
N/R 
1,944,528 
 
 
Senior Series 2017A, 7.000%, 10/01/47, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,575 
 
5.000%, 12/01/27 
No Opt. Call 
BBB– 
1,721,050 
1,815 
 
5.200%, 12/01/37 
12/27 at 100.00 
BBB– 
2,028,607 
 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health 
 
 
 
 
 
Sciences, Series 2020: 
 
 
 
1,300 
 
5.000%, 4/01/40, 144A 
4/30 at 100.00 
BB 
1,391,598 
4,765 
 
5.000%, 4/01/50, 144A 
4/30 at 100.00 
BB 
5,024,502 
 
69
 

   
NVG
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
 
 
Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter 
 
 
 
 
 
School, Series 2018A: 
 
 
 
$ 4,050 
 
5.000%, 6/15/38, 144A 
6/26 at 100.00 
BBB– 
$ 4,445,280 
1,575 
 
5.000%, 6/15/48, 144A 
6/26 at 100.00 
BBB– 
1,702,512 
2,500 
 
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, 
5/26 at 100.00 
BBB– 
2,693,775 
 
 
Refunding Series 2016C, 4.050%, 11/01/30 
 
 
 
8,460 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health 
7/21 at 100.00 
Aa3 (11) 
8,745,102 
 
 
Care, Inc, Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) 
 
 
 
6,620 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health 
10/22 at 100.00 
AA 
7,017,928 
 
 
Inc Obligated Group, Series 2012A, 5.000%, 4/01/42 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
 
 
 
 
 
Series 2012B: 
 
 
 
3,495 
 
4.500%, 2/15/40 
2/22 at 100.00 
A– 
3,581,641 
1,485 
 
5.000%, 2/15/40 
2/22 at 100.00 
A– 
1,539,351 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, 
 
 
 
 
 
Inc, Series 2012: 
 
 
 
11,000 
 
5.000%, 6/01/32 
6/22 at 100.00 
A3 
11,496,650 
1,500 
 
5.000%, 6/01/39 
6/22 at 100.00 
A3 
1,559,220 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, 
5/21 at 100.00 
N/R (11) 
1,284,200 
 
 
Inc, Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21) 
 
 
 
1,450 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education 
6/26 at 100.00 
N/R 
1,554,734 
 
 
Obligated Group, Series 2017C, 5.250%, 6/01/40, 144A 
 
 
 
16,190 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen 
10/21 at 100.00 
A1 
16,675,051 
 
 
Lutheran, Series 2011A, 5.250%, 10/15/39 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American 
8/24 at 103.00 
N/R 
954,070 
 
 
Baptist Homes of the Midwest Obligated Group, Refunding Series 2017, 5.000%, 8/01/37 
 
 
 
2,500 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aurora 
4/23 at 100.00 
Aa3 (11) 
2,787,050 
 
 
Health Care, Inc, Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/15/23) 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
 
 
 
 
 
Hollow Project Series 2014: 
 
 
 
1,000 
 
5.375%, 10/01/44 
10/22 at 102.00 
N/R 
1,039,040 
1,500 
 
5.500%, 10/01/49 
10/22 at 102.00 
N/R 
1,561,410 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers 
7/24 at 100.00 
1,116,250 
 
 
Memorial Hospital, Inc, Series 2014A, 5.000%, 7/01/34 
 
 
 
1,850 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint 
11/26 at 103.00 
N/R 
1,852,645 
 
 
Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint 
 
 
 
 
 
John’s Communities Inc, Series 2015B: 
 
 
 
550 
 
5.000%, 9/15/37 
9/22 at 100.00 
BBB– 
561,363 
1,350 
 
5.000%, 9/15/45 
9/22 at 100.00 
BBB– 
1,371,317 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three 
8/23 at 100.00 
1,065,250 
 
 
Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, 
 
 
 
 
 
Woodland Hills Senior Housing Project, Series 2014: 
 
 
 
2,565 
 
5.000%, 12/01/44 
12/22 at 102.00 
N/R 
2,631,408 
1,775 
 
5.250%, 12/01/49 
12/22 at 102.00 
N/R 
1,832,705 
 
 
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, 
 
 
 
 
 
Series 2019A: 
 
 
 
2,800 
 
3.150%, 11/01/44 
11/28 at 100.00 
Aa3 
2,948,148 
4,000 
 
3.200%, 11/01/49 
11/28 at 100.00 
Aa3 
4,200,680 
143,260 
 
Total Wisconsin 
 
 
143,174,110 
 
70
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wyoming – 0.1% (0.0% of Total Investments) 
 
 
 
 
 
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St John’s Medical 
 
 
 
 
 
Center Project, Series 2011B: 
 
 
 
$ 1,000 
 
5.500%, 12/01/27 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (11) 
$ 1,055,010 
1,000 
 
6.000%, 12/01/36 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (11) 
1,060,160 
2,000 
 
Total Wyoming 
 
 
2,115,170 
$ 5,917,599 
 
Total Municipal Bonds (cost $5,154,889,505) 
 
 
5,628,351,128 
 
Shares 
 
Description (1) 
 
 
Value 
 
 
COMMON STOCKS – 0.4% (0.2% of Total Investments) 
 
 
 
 
 
Electric Utilities – 0.4% (0.2% of Total Investments) 
 
 
 
676,308 
 
Energy Harbor Corp (6), (12), (13) 
 
 
$ 13,526,160 
 
 
Total Common Stocks (cost $15,015,822) 
 
 
13,526,160 
 
 
Total Long-Term Investments (cost $5,169,905,327) 
 
 
5,641,877,288 
 
 
Floating Rate Obligations – (5.3)% 
 
 
(191,075,000) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (3.1)% (8) 
 
 
(111,913,155) 
 
 
MuniFund Term Preferred Shares, net of deferred offering costs – (11.3)% (9) 
 
 
(403,997,740) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (39.4)% (10) 
 
 
(1,408,052,524) 
 
 
Other Assets Less Liabilities – 1.3% 
 
 
49,516,699 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 3,576,355,568 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(6) 
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. 
(7) 
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. 
(8) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 2.0%. 
(9) 
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 7.2%. 
(10) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 25.0%. 
(11) 
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. 
(12) 
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.125%, 1/01/34, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33. 
(13) 
Non-income producing; issuer has not declared a dividend within the past twelve months. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, 
which are normally those transactions with qualified institutional buyers. 
 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association 
(SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
71
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 159.2% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 158.0% (99.3% of Total Investments) 
 
 
 
 
 
Alabama – 1.0% (0.6% of Total Investments) 
 
 
 
$ 8,585 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
$ 8,911,230 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 
 
 
 
5,250 
 
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, 
11/20 at 100.00 
N/R (12) 
5,608,680 
 
 
Daughters of Charity National Health System – Providence Hospital and St Vincent’s Hospital, 
 
 
 
 
 
Series 1995, 5.000%, 11/01/25 (ETM) 
 
 
 
5,835 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 
No Opt. Call 
A3 
8,001,477 
 
 
5.000%, 9/01/46 
 
 
 
19,670 
 
Total Alabama 
 
 
22,521,387 
 
 
Alaska – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham 
 
 
 
 
 
Hydroelectric Project, Refunding Series 2015: 
 
 
 
1,000 
 
5.000%, 1/01/31 (AMT) 
7/25 at 100.00 
Baa2 
1,104,900 
2,950 
 
5.000%, 1/01/33 (AMT) 
7/25 at 100.00 
Baa2 
3,239,218 
2,900 
 
5.000%, 1/01/34 (AMT) 
7/25 at 100.00 
Baa2 
3,173,702 
70 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
11/20 at 100.00 
A1 
70,018 
 
 
Bonds, Series 2006A, 4.625%, 6/01/23 
 
 
 
6,920 
 
Total Alaska 
 
 
7,587,838 
 
 
Arizona – 2.1% (1.3% of Total Investments) 
 
 
 
1,300 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 
A– 
1,345,305 
 
 
Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
2,820 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals 
12/24 at 100.00 
A2 
3,198,980 
 
 
Project, Refunding Series 2014A, 5.000%, 12/01/39 
 
 
 
10,450 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 
10,973,127 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/30 
 
 
 
2,255 
 
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, 
7/27 at 100.00 
N/R 
1,736,350 
 
 
Series 2017A, 7.000%, 7/01/41, 144A (4) 
 
 
 
3,185 
 
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, 
7/25 at 100.00 
N/R 
3,383,425 
 
 
Series 2015, 5.000%, 7/15/39, 144A 
 
 
 
1,750 
 
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
9/28 at 100.00 
A2 
2,079,437 
 
 
HonorHealth, Series 2019A, 5.000%, 9/01/42 
 
 
 
 
 
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa 
 
 
 
 
 
Project, Series 2012: 
 
 
 
400 
 
5.000%, 7/01/27 (AMT) 
7/22 at 100.00 
A1 
424,976 
950 
 
5.000%, 7/01/32 (AMT) 
7/22 at 100.00 
A1 
1,008,662 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Edkey Charter Schools Project, Refunding Series 2013: 
 
 
 
335 
 
6.000%, 7/01/33 
11/20 at 102.00 
BB– 
342,136 
365 
 
6.000%, 7/01/43 
11/20 at 102.00 
BB– 
372,658 
205 
 
6.000%, 7/01/48 
11/20 at 102.00 
BB– 
209,293 
1,390 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
11/20 at 102.00 
BB– 
1,420,636 
 
 
Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Edkey Charter Schools Project, Series 2016: 
 
 
 
1,790 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB– 
1,830,168 
2,140 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
2,192,665 
595 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/24 at 100.00 
N/R 
620,103 
 
 
San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 
 
 
 
 
72
 

         
Principal 
 
Optional Call 
 
 
Amount (000) 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
Arizona (continued) 
 
 
 
$ 2,060 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/28 at 100.00 
N/R 
$ 2,264,826 
 
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A 
 
 
 
865 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah 
11/20 at 102.00 
BB– 
884,151 
 
Webster Schools Pima Project, Series 2014A, 7.250%, 7/01/39 
 
 
 
3,710 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding 
7/21 at 100.00 
A+ (12) 
3,834,211 
 
Series 2011, 5.250%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
7,235 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy 
No Opt. Call 
BBB+ 
9,676,595 
 
Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
43,800 
Total Arizona 
 
 
47,797,704 
 
California – 22.1% (13.9% of Total Investments) 
 
 
 
2,000 
ABC Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
1,966,140 
 
Series 2000B, 0.000%, 8/01/23 – FGIC Insured 
 
 
 
4,225 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, 
No Opt. Call 
AA 
3,830,132 
 
Series 2005B, 0.000%, 8/01/28 – AGM Insured 
 
 
 
535 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 
3/26 at 100.00 
Ba3 
537,777 
 
5.000%, 3/01/41 
 
 
 
1,900 
Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, 
11/25 at 100.00 
N/R 
2,126,670 
 
Redevelopment Project 1, Refunding Series 2015, 5.000%, 5/01/38 
 
 
 
 
Calexico Unified School District, Imperial County, California, General Obligation Bonds, 
 
 
 
 
Series 2005B: 
 
 
 
4,070 
0.000%, 8/01/32 – FGIC Insured 
No Opt. Call 
A3 
3,214,038 
6,410 
0.000%, 8/01/34 – FGIC Insured 
No Opt. Call 
A3 
4,749,938 
1,515 
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
8/29 at 100.00 
N/R 
1,681,938 
 
Verdant at Green Valley Apartments, Series 2019A, 5.000%, 8/01/49, 144A 
 
 
 
1,295 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
11/20 at 100.00 
N/R 
1,295,155 
 
Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health 
 
 
 
 
System, Series 2013A: 
 
 
 
3,840 
5.000%, 7/01/33 
7/23 at 100.00 
AA– 
4,242,662 
710 
5.000%, 7/01/37 
7/23 at 100.00 
AA– 
781,589 
825 
California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa 
7/25 at 100.00 
BB+ 
875,639 
 
Academy Project, Series 2015, 5.375%, 7/01/45, 144A 
 
 
 
1,795 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San 
1/29 at 100.00 
Baa3 
2,072,758 
 
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, 
 
 
 
 
7/01/39, 144A 
 
 
 
2,000 
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – 
6/26 at 100.00 
N/R 
2,097,000 
 
Obligated Group, Series 2016, 5.000%, 6/01/51, 144A 
 
 
 
2,000 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of 
3/23 at 100.00 
A+ 
2,194,280 
 
California, Various Projects Series 2013A, 5.000%, 3/01/38 
 
 
 
4,500 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, 
10/21 at 100.00 
A+ 
4,688,955 
 
Series 2011A, 5.125%, 10/01/31 
 
 
 
3,000 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32 
10/21 at 100.00 
AA– 
3,131,340 
10,000 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
10,821,400 
 
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
 
 
 
 
Linda University Medical Center, Series 2016A: 
 
 
 
2,250 
5.000%, 12/01/41, 144A 
6/26 at 100.00 
BB– 
2,458,575 
17,155 
5.000%, 12/01/46, 144A 
6/26 at 100.00 
BB– 
18,564,283 
7,335 
5.250%, 12/01/56, 144A 
6/26 at 100.00 
BB– 
8,070,847 
27,545 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/28 at 100.00 
BB– 
31,149,263 
 
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
 
73

 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 527 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
11/20 at 100.00 
N/R 
$ 484,665 
 
 
Charity Health System, Series 2005A, 5.500%, 7/01/39 (4) 
 
 
 
355 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
11/20 at 100.00 
N/R 
327,149 
 
 
Charity Health System, Series 2005H, 5.750%, 7/01/25 (4) 
 
 
 
9,955 
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, 
No Opt. Call 
Baa2 
7,948,570 
 
 
Community Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured 
 
 
 
 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, 
 
 
 
 
 
Election 2012 Series 2013B: 
 
 
 
1,135 
 
5.000%, 8/01/38 (Pre-refunded 8/01/23) 
8/23 at 100.00 
AA (12) 
1,283,027 
1,865 
 
5.000%, 8/01/38 (Pre-refunded 8/01/23) 
8/23 at 100.00 
N/R (12) 
2,105,492 
4,000 
 
Coast Community College District, Orange County, California, General Obligation Bonds, 
No Opt. Call 
AA+ 
3,967,840 
 
 
Series 2005, 0.000%, 8/01/22 – NPFG Insured 
 
 
 
3,795 
 
Colton Joint Unified School District, San Bernardino County, California, General 
No Opt. Call 
A+ 
2,513,163 
 
 
Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured 
 
 
 
1,365 
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage 
No Opt. Call 
AA+ (12) 
1,437,563 
 
 
Revenue Bonds, Series 1989, 7.750%, 5/01/22 (AMT) (ETM) 
 
 
 
1,320 
 
Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, 
9/25 at 100.00 
N/R 
1,470,203 
 
 
5.000%, 9/01/40 
 
 
 
5,000 
 
Escondido Union School District, San Diego County, California, General Obligation Bonds, 
8/27 at 100.00 
Aa2 
5,668,050 
 
 
Election 2014 Series 2018B, 4.000%, 8/01/47 
 
 
 
2,510 
 
Folsom Cordova Unified School District, Sacramento County, California, General 
No Opt. Call 
AA– 
2,252,800 
 
 
Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – 
 
 
 
 
 
NPFG Insured 
 
 
 
3,360 
 
Folsom Cordova Unified School District, Sacramento County, California, General 
No Opt. Call 
AA– 
3,124,901 
 
 
Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – 
 
 
 
 
 
NPFG Insured 
 
 
 
3,725 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
BBB 
2,766,967 
 
 
Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured 
 
 
 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
3,000 
 
0.000%, 1/15/26 (6) 
No Opt. Call 
Baa2 
3,024,960 
1,560 
 
5.750%, 1/15/46 
1/24 at 100.00 
Baa2 
1,742,411 
3,560 
 
6.000%, 1/15/49 (Pre-refunded 1/15/24) 
1/24 at 100.00 
Baa2 (12) 
4,206,994 
4,505 
 
Foothill-De Anza Community College District, Santa Clara County, California, Election of 
No Opt. Call 
AAA 
3,882,454 
 
 
1999 General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured 
 
 
 
5,855 
 
Fremont Union High School District, Santa Clara County, California, General Obligation 
8/27 at 100.00 
AAA 
6,678,564 
 
 
Bonds, Refunding Series 2017A, 4.000%, 8/01/46 
 
 
 
2,315 
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 
No Opt. Call 
A+ 
1,828,132 
 
 
0.000%, 8/01/32 – FGIC Insured 
 
 
 
1,000 
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, 
8/21 at 100.00 
Aa3 (12) 
1,041,650 
 
 
California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 
 
 
 
 
 
(Pre-refunded 8/01/21) 
 
 
 
8,495 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/25 at 100.00 
A+ 
9,714,033 
 
 
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 
 
 
 
3,170 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
No Opt. Call 
Aa3 
2,997,552 
 
 
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured 
 
 
 
8,550 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
8,810,091 
 
 
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47 
 
 
 
500 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
514,310 
 
 
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
7,150 
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 
7/21 at 100.00 
Aaa (12) 
7,448,227 
 
 
6.125%, 7/15/40 (Pre-refunded 7/15/21) 
 
 
 
 
74
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 3,190 
 
Hillsborough City School District, San Mateo County, California, General Obligation 
No Opt. Call 
AAA 
$ 2,985,872 
 
 
Bonds, Series 2006B, 0.000%, 9/01/27 
 
 
 
5,000 
 
Huntington Beach Union High School District, Orange County, California, General 
No Opt. Call 
Aa2 
4,092,500 
 
 
Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured 
 
 
 
2,500 
 
Huntington Beach Union High School District, Orange County, California, General 
No Opt. Call 
AA– 
1,981,125 
 
 
Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured 
 
 
 
14,565 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/28 at 100.00 
A+ 
17,094,795 
 
 
Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (AMT) 
 
 
 
2,750 
 
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Bonds, 
1/22 at 100.00 
A– 
2,824,828 
 
 
LAXFUEL Corporation at Los Angeles International Airport, Refunding Series 2012, 4.500%, 
 
 
 
 
 
1/01/27 (AMT) 
 
 
 
2,000 
 
Martinez Unified School District, Contra Costa County, California, General Obligation 
8/24 at 100.00 
AA (12) 
2,417,340 
 
 
Bonds, Series 2011, 5.875%, 8/01/31 (Pre-refunded 8/01/24) 
 
 
 
1,000 
 
Mendocino-Lake Community College District, Mendocino and Lake Counties, California, 
8/26 at 100.00 
A1 
1,260,370 
 
 
General Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31 – AGM Insured 
 
 
 
10,000 
 
Milpitas Municipal Financing Authority, California, Wastewater Revenue Bonds, Series 
11/29 at 100.00 
AA+ 
11,449,700 
 
 
2019, 4.000%, 11/01/49 
 
 
 
2,335 
 
Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2018A, 
10/28 at 100.00 
BBB– 
2,548,162 
 
 
5.000%, 10/01/42, 144A 
 
 
 
 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
 
 
 
 
 
Obligation Bonds, Election of 2008, Series 2013A: 
 
 
 
1,030 
 
0.000%, 8/01/28 (6) 
2/28 at 100.00 
AA 
1,191,813 
2,320 
 
0.000%, 8/01/43 (6) 
8/35 at 100.00 
AA 
2,391,178 
5,420 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
No Opt. Call 
BBB+ 
8,443,330 
 
 
Series 2009B, 6.500%, 11/01/39 
 
 
 
 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
 
 
 
 
 
Series 2009C: 
 
 
 
2,700 
 
7.000%, 11/01/34 
No Opt. Call 
BBB+ 
4,135,239 
2,200 
 
6.500%, 11/01/39 
No Opt. Call 
BBB+ 
3,427,182 
 
 
North Orange County Community College District, California, General Obligation Bonds, 
 
 
 
 
 
Election of 2002 Series 2003B: 
 
 
 
7,735 
 
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA+ 
7,503,646 
4,180 
 
0.000%, 8/01/26 – FGIC Insured 
No Opt. Call 
AA+ 
3,978,064 
10,885 
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General 
No Opt. Call 
A+ 
10,465,057 
 
 
Obligation Bonds, Election 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured 
 
 
 
6,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, 
No Opt. Call 
BBB– 
5,760,240 
 
 
Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured 
 
 
 
12,210 
 
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital 
8/30 at 100.00 
BBB– 
16,928,188 
 
 
Appreciation, Election 2004 Series 2010A, 6.750%, 8/01/40 
 
 
 
5,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, 
8/29 at 100.00 
BBB– 
7,115,500 
 
 
8/01/38 – AGC Insured 
 
 
 
1,750 
 
Paramount Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
Aa3 
1,718,483 
 
 
Bonds, Series 2001B, 0.000%, 9/01/23 – AGM Insured 
 
 
 
9,315 
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage 
No Opt. Call 
AA+ (12) 
10,673,593 
 
 
Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (AMT) (ETM) 
 
 
 
2,500 
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 
5/21 at 100.00 
AA+ (12) 
2,561,400 
 
 
5.500%, 5/01/32 (Pre-refunded 5/01/21) 
 
 
 
3,850 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates 
10/21 at 100.00 
A2 
4,042,616 
 
 
of Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured 
 
 
 
3,200 
 
Redlands Unified School District, San Bernardino County, California, General Obligation 
No Opt. Call 
A2 
2,944,736 
 
 
Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured 
 
 
 
205 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, 
6/23 at 100.00 
BBB+ 
221,841 
 
 
Series 2013A, 5.750%, 6/01/44 
 
 
 
 
75
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 2,755 
 
Sacramento City Unified School District, Sacramento County, California, General 
No Opt. Call 
BBB+ 
$ 2,609,646 
 
 
Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured 
 
 
 
3,550 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 
12/21 at 100.00 
BB 
3,707,514 
 
 
2011, 7.500%, 12/01/41 
 
 
 
165 
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 
9/25 at 100.00 
N/R 
183,696 
 
 
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 
 
 
 
3,000 
 
San Diego Community College District, California, General Obligation Bonds, Tender 
8/21 at 100.00 
Aaa 
3,324,630 
 
 
Option Bond Trust 2016-XG0053, 13.665%, 8/01/41, 144A (Pre-refunded 8/01/21) (IF) (7) 
 
 
 
50,510 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
5/28 at 100.00 
58,486,539 
 
 
International Airport, Second Series 2018D, 5.000%, 5/01/48 (AMT) 
 
 
 
 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
 
 
 
 
 
International Airport, Second Series 2019A: 
 
 
 
1,000 
 
5.000%, 5/01/44 (AMT) 
5/29 at 100.00 
1,185,360 
22,975 
 
5.000%, 5/01/49 (AMT) 
5/29 at 100.00 
27,045,481 
2,700 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
1/25 at 100.00 
BBB– 
2,975,292 
 
 
Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
 
 
 
 
 
Revenue Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
6,630 
 
5.000%, 1/15/44 
1/25 at 100.00 
BBB 
7,290,414 
3,160 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB 
3,458,936 
7,205 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
No Opt. Call 
Baa2 
6,910,027 
 
 
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
9,750 
 
San Luis Obispo County Community College District, California, General Obligation Bonds, 
8/28 at 100.00 
AA– 
11,270,318 
 
 
Election of 2014 Series 2018B, 4.000%, 8/01/43 
 
 
 
5,760 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 
8/25 at 34.92 
A3 
1,831,046 
 
 
Refunding Series 2015, 0.000%, 8/01/45 
 
 
 
5,520 
 
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 
2/28 at 100.00 
AA 
6,261,336 
 
 
2018, 4.000%, 8/01/42 
 
 
 
 
 
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement 
 
 
 
 
 
Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A: 
 
 
 
7,500 
 
0.000%, 6/01/36 
11/20 at 42.32 
N/R 
3,161,325 
37,555 
 
0.000%, 6/01/47 
11/20 at 22.55 
N/R 
8,433,726 
1,820 
 
Southwestern Community College District, San Diego County, California, General 
8/27 at 100.00 
AA– 
2,079,514 
 
 
Obligation Bonds, Election of 2016, Series 2017A, 4.000%, 8/01/42 
 
 
 
1,800 
 
Walnut Valley Unified School District, Los Angeles County, California, General 
No Opt. Call 
AA– 
1,678,212 
 
 
Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured 
 
 
 
 
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, 
 
 
 
 
 
Series 2011B: 
 
 
 
4,005 
 
0.000%, 8/01/36 – AGM Insured (6) 
8/31 at 100.00 
AA 
4,456,323 
3,900 
 
5.625%, 5/01/41 (Pre-refunded 8/01/21) – AGM Insured 
8/21 at 100.00 
AA (12) 
4,058,808 
3,000 
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 
8/21 at 100.00 
Aa2 (12) 
3,113,790 
 
 
Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) 
 
 
 
501,577 
 
Total California 
 
 
501,468,878 
 
 
Colorado – 6.3% (4.0% of Total Investments) 
 
 
 
1,250 
 
Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation 
12/20 at 100.00 
Aa2 (12) 
1,255,900 
 
 
Bonds, Series 2010, 6.250%, 12/01/35 (Pre-refunded 12/01/20) 
 
 
 
1,500 
 
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 
12/25 at 100.00 
A1 
1,788,135 
 
 
2015, 5.000%, 12/01/35 – BAM Insured 
 
 
 
1,215 
 
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding 
12/21 at 103.00 
N/R 
1,259,761 
 
 
Series 2016A, 5.500%, 12/01/36 
 
 
 
 
76
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General 
 
 
 
 
 
Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A: 
 
 
 
$ 775 
 
6.000%, 12/01/37 
12/22 at 103.00 
N/R 
$ 808,635 
2,320 
 
6.125%, 12/01/47 
12/22 at 103.00 
N/R 
2,422,985 
685 
 
Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation 
12/22 at 103.00 
N/R 
715,407 
 
 
and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 
 
 
 
500 
 
Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General 
12/20 at 103.00 
N/R (12) 
516,830 
 
 
Obligation Limited Tax Bonds, Series 2016, 5.500%, 12/01/45 (Pre-refunded 12/01/20) 
 
 
 
 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
 
 
 
 
 
Improvement Series 2017: 
 
 
 
770 
 
5.000%, 12/01/37, 144A 
12/22 at 103.00 
N/R 
795,741 
2,210 
 
5.000%, 12/01/47, 144A 
12/22 at 103.00 
N/R 
2,259,681 
625 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, 
12/23 at 100.00 
BBB– 
678,900 
 
 
Refunding Series 2013A, 6.000%, 12/01/38 
 
 
 
1,000 
 
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue 
12/25 at 100.00 
N/R 
1,021,530 
 
 
Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 
 
 
 
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
11/20 at 100.00 
AA– 
1,001,510 
 
 
Pinnacle Charter School, Inc High School Project, Series 2010, 5.000%, 12/01/29 
 
 
 
9,335 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
1/23 at 100.00 
BBB+ (12) 
10,306,027 
 
 
Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) 
 
 
 
2,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital 
12/23 at 100.00 
A+ 
2,190,380 
 
 
Colorado Project, Series 2013A, 5.000%, 12/01/36 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
 
 
 
 
 
Series 2019A-2: 
 
 
 
4,000 
 
5.000%, 8/01/37 
8/29 at 100.00 
BBB+ 
4,859,640 
8,335 
 
5.000%, 8/01/38 
8/29 at 100.00 
BBB+ 
10,094,685 
6,500 
 
5.000%, 8/01/39 
8/29 at 100.00 
BBB+ 
7,848,555 
2,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, 
12/22 at 100.00 
A+ 
2,066,040 
 
 
Series 2012, 4.000%, 12/01/42 
 
 
 
585 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/23 at 100.00 
N/R (12) 
664,765 
 
 
Samaritan Society Project, Series 2013, 5.625%, 6/01/43 (Pre-refunded 6/01/23) 
 
 
 
3,655 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/25 at 100.00 
N/R (12) 
4,424,304 
 
 
Samaritan Society Project, Series 2013A, 5.000%, 6/01/45 (Pre-refunded 6/01/25) 
 
 
 
2,105 
 
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax 
12/23 at 103.00 
N/R 
2,222,291 
 
 
General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 
 
 
 
2,250 
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 
11/23 at 100.00 
Aa2 
2,528,595 
 
 
5.000%, 11/15/38 
 
 
 
1,000 
 
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, 
12/20 at 100.00 
BBB+ (12) 
1,003,820 
 
 
Refunding Series 2010, 5.375%, 12/01/40 (Pre-refunded 12/01/20) 
 
 
 
500 
 
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, Limited Tax General 
12/20 at 103.00 
N/R 
516,940 
 
 
Obligation Bonds, Series 2006, 5.250%, 12/01/30 
 
 
 
2,200 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 
11/22 at 100.00 
A+ (12) 
2,409,440 
 
 
11/15/32 (Pre-refunded 11/15/22) 
 
 
 
3,870 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 
11/23 at 100.00 
4,217,642 
 
 
2013B, 5.000%, 11/15/43 
 
 
 
 
 
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado 
 
 
 
 
 
Urban Redevelopment Area, Series 2018A: 
 
 
 
835 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
859,006 
1,310 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
1,347,662 
10,000 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation 
No Opt. Call 
5,789,400 
 
 
Series 2010A, 0.000%, 9/01/41 
 
 
 
8,845 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 
No Opt. Call 
8,307,755 
 
 
9/01/26 – NPFG Insured 
 
 
 
 
77
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
$ 7,550 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
$ 6,557,552 
11,100 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
9,103,665 
10,000 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
7,941,600 
 
 
Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, 
 
 
 
 
 
Series 2015: 
 
 
 
475 
 
5.500%, 12/01/30 
12/22 at 100.00 
N/R 
491,739 
180 
 
5.250%, 12/01/34 
12/22 at 100.00 
N/R 
184,250 
500 
 
Erie Highlands Metropolitan District No 1 (In the Town of Erie), Weld County, Colorado, 
12/20 at 103.00 
N/R 
512,070 
 
 
General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 
 
 
 
922 
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
936,356 
 
 
Limited Tax Bonds, Series 2016, 5.125%, 12/01/46 
 
 
 
 
 
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, 
 
 
 
 
 
Series 2014: 
 
 
 
1,125 
 
5.750%, 12/01/30 
12/24 at 100.00 
N/R 
1,171,834 
1,000 
 
6.000%, 12/01/38 
12/24 at 100.00 
N/R 
1,028,900 
770 
 
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, 
12/21 at 100.00 
N/R 
779,309 
 
 
General Obligation Bonds, Series 2016A, 5.000%, 12/01/46 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
1,590 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
1,622,643 
6,130 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
6,242,976 
1,000 
 
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding 
12/21 at 100.00 
A– (12) 
1,049,080 
 
 
Bonds, Series 2011A, 5.000%, 12/01/41 (Pre-refunded 12/01/21) 
 
 
 
825 
 
North Range Metropolitan District No 2 , In the City of Commerce City, Adams County, 
12/22 at 103.00 
N/R 
858,924 
 
 
Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds, 
 
 
 
 
 
Refunding Series 2017A, 5.750%, 12/01/47 
 
 
 
4,310 
 
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, 
12/24 at 103.00 
N/R 
4,543,386 
 
 
Series 2019, 5.000%, 12/01/39 
 
 
 
1,870 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/25 at 100.00 
2,144,441 
 
 
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
3,015 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
A2 (12) 
3,028,839 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
500 
 
Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General 
12/26 at 100.00 
N/R 
513,950 
 
 
Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45 
 
 
 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project 
 
 
 
 
 
Private Activity Bonds, Series 2010: 
 
 
 
4,355 
 
6.000%, 1/15/34 
11/20 at 100.00 
Baa3 
4,362,839 
2,365 
 
6.000%, 1/15/41 
11/20 at 100.00 
Baa3 
2,369,257 
1,006 
 
Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General 
12/26 at 100.00 
N/R 
1,030,838 
 
 
Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/45 
 
 
 
525 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
541,475 
 
 
Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
640 
 
Thompson Crossing Metropolitan District 6, Johnstown, Larimer County, Colorado, General 
12/20 at 103.00 
N/R 
658,387 
 
 
Obligation Limited Tax Bonds Series 2015A, 6.000%, 12/01/44 
 
 
 
55 
 
Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding 
12/26 at 100.00 
N/R 
57,527 
 
 
Series 2016, 5.250%, 12/01/40 
 
 
 
105 
 
Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, 
12/26 at 100.00 
N/R 
110,110 
 
 
Refunding Series 2016, 5.250%, 12/01/40 
 
 
 
145,088 
 
Total Colorado 
 
 
144,023,909 
 
 
Connecticut – 0.3% (0.2% of Total Investments) 
 
 
 
1,500 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford 
7/21 at 100.00 
A (12) 
1,546,215 
 
 
HealthCare, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
 
78

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut (continued) 
 
 
 
$ 5,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health 
6/26 at 100.00 
AA– 
$ 5,779,400 
 
 
Credit Group, Series 2016CT, 5.000%, 12/01/45 
 
 
 
6,500 
 
Total Connecticut 
 
 
7,325,615 
 
 
Florida – 7.4% (4.7% of Total Investments) 
 
 
 
 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
 
 
 
 
 
Academy, Inc Project, Series 2013A: 
 
 
 
1,005 
 
5.000%, 9/01/43 
9/23 at 100.00 
BBB 
1,057,019 
865 
 
5.000%, 9/01/45 
9/23 at 100.00 
BBB 
908,086 
625 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, 
11/27 at 100.00 
N/R 
683,081 
 
 
Series 2016A, 5.375%, 11/01/36 
 
 
 
665 
 
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue 
5/26 at 100.00 
N/R 
691,414 
 
 
Bonds, Series 2016, 4.700%, 5/01/36 
 
 
 
3,430 
 
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc, Series 2000, 
10/20 at 100.00 
Caa3 
3,430,000 
 
 
7.500%, 11/01/20 (AMT) 
 
 
 
1,480 
 
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC 
4/23 at 100.00 
AA 
1,622,139 
 
 
Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (AMT) 
 
 
 
4,390 
 
Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments 
7/25 at 100.00 
CCC+ 
3,006,360 
 
 
Project, Series 2015A, 5.000%, 7/01/50 
 
 
 
 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment 
 
 
 
 
 
Bonds, Area 1 Project, Series 2016A-1: 
 
 
 
120 
 
5.250%, 11/01/37 
11/28 at 100.00 
N/R 
131,312 
155 
 
5.600%, 11/01/46 
11/28 at 100.00 
N/R 
171,394 
 
 
Downtown Doral Community Development District, Florida, Special Assessment Bonds, 
 
 
 
 
 
Series 2015: 
 
 
 
555 
 
5.250%, 5/01/35 
5/26 at 100.00 
N/R 
584,443 
615 
 
5.300%, 5/01/36 
5/26 at 100.00 
N/R 
647,577 
955 
 
5.500%, 5/01/45 
5/26 at 100.00 
N/R 
1,012,290 
1,305 
 
5.500%, 5/01/46 
5/26 at 100.00 
N/R 
1,382,608 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown 
 
 
 
 
 
Doral Charter Upper School Project, Series 2017C: 
 
 
 
1,115 
 
5.650%, 7/01/37, 144A 
7/27 at 101.00 
N/R 
1,203,241 
3,385 
 
5.750%, 7/01/47, 144A 
7/27 at 101.00 
N/R 
3,608,986 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida 
 
 
 
 
 
Charter Foundation Inc Projects, Series 2016A: 
 
 
 
1,015 
 
6.250%, 6/15/36, 144A 
6/26 at 100.00 
N/R 
1,112,775 
1,420 
 
4.750%, 7/15/36, 144A 
7/26 at 100.00 
N/R 
1,486,996 
2,475 
 
6.375%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
2,687,578 
1,465 
 
5.000%, 7/15/46, 144A 
7/26 at 100.00 
N/R 
1,537,781 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin 
 
 
 
 
 
Academies Inc, Series 2016A: 
 
 
 
1,000 
 
5.000%, 7/01/36 
7/26 at 100.00 
N/R 
982,890 
6,785 
 
5.125%, 7/01/46 
7/26 at 100.00 
N/R 
6,526,967 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
 
 
 
 
 
Renaissance Charter School Income Projects, Series 2015A: 
 
 
 
900 
 
6.000%, 6/15/35, 144A 
6/25 at 100.00 
N/R 
1,004,454 
560 
 
6.125%, 6/15/46, 144A 
6/25 at 100.00 
N/R 
618,442 
120 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
9/27 at 100.00 
N/R 
127,879 
 
 
Renaissance Charter School, Inc Projects, Series 2020C, 5.000%, 9/15/40, 144A 
 
 
 
 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
 
 
 
 
 
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: 
 
 
 
30,000 
 
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A 
11/20 at 104.00 
N/R 
26,087,100 
10,000 
 
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A 
11/20 at 105.00 
N/R 
8,585,600 
10,000 
 
6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A 
11/20 at 105.00 
N/R 
8,568,100 
 
79
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,100 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova 
4/21 at 100.00 
Baa1 (12) 
$ 1,127,291 
 
 
Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 (Pre-refunded 4/01/21) 
 
 
 
320 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/26 at 100.00 
N/R 
332,054 
 
 
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 
 
 
 
14,505 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 
10/29 at 100.00 
AA– 
16,092,572 
 
 
2019A, 4.000%, 10/01/44 (AMT) 
 
 
 
5,000 
 
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 
10/27 at 100.00 
A+ 
5,719,400 
 
 
Priority Subordinated Series 2017, 5.000%, 10/01/47 (AMT) 
 
 
 
14,375 
 
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, 
6/26 at 100.00 
A– 
16,485,538 
 
 
Refunding & Improvement Series 2016, 5.000%, 6/01/36 
 
 
 
1,750 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International 
10/24 at 100.00 
1,960,140 
 
 
Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (AMT) 
 
 
 
4,695 
 
Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer 
10/24 at 100.00 
BBB+ 
5,178,350 
 
 
Facility Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44 
 
 
 
2,490 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 
10/22 at 100.00 
A2 
2,679,389 
 
 
2012B, 5.000%, 10/01/37 
 
 
 
7,045 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 
10/22 at 100.00 
A+ (12) 
7,683,982 
 
 
10/01/42 (Pre-refunded 10/01/22) 
 
 
 
2,140 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement 
8/26 at 100.00 
N/R 
2,389,866 
 
 
Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 
 
 
 
2,185 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando 
4/22 at 100.00 
A2 (12) 
2,328,533 
 
 
Health, Inc, Series 2012A, 5.000%, 10/01/42 (Pre-refunded 4/01/22) 
 
 
 
2,335 
 
Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, 
10/24 at 100.00 
Aa2 
2,700,544 
 
 
5.000%, 10/01/46 
 
 
 
13,080 
 
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist 
8/29 at 100.00 
A1 
14,552,154 
 
 
Health Systems of South Florida Obligated Group, Series 2019, 4.000%, 8/15/49 
 
 
 
85 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences 
6/22 at 102.00 
N/R 
92,715 
 
 
of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
1,745 
 
Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm 
4/29 at 100.00 
Ba1 
1,742,836 
 
 
Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/39, 144A 
 
 
 
545 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 
11/26 at 100.00 
N/R 
574,931 
 
 
Project, Series 2016, 5.000%, 11/01/46 
 
 
 
 
 
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue 
 
 
 
 
 
Bonds, Assessment Area 2, Series 2016: 
 
 
 
160 
 
4.750%, 11/01/28 
11/27 at 100.00 
N/R 
168,219 
265 
 
5.375%, 11/01/36 
11/27 at 100.00 
N/R 
284,199 
375 
 
South Village Community Development District, Clay County, Florida, Capital Improvement 
5/26 at 100.00 
392,040 
 
 
Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35 
 
 
 
 
 
South Village Community Development District, Clay County, Florida, Capital Improvement 
 
 
 
 
 
Revenue Bonds, Refunding Series 2016A2: 
 
 
 
120 
 
4.350%, 5/01/26 
No Opt. Call 
N/R 
125,359 
100 
 
4.875%, 5/01/35 
5/26 at 100.00 
N/R 
107,113 
1,350 
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central 
1/24 at 100.00 
A– 
1,482,935 
 
 
Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34 
 
 
 
3,300 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
3,481,665 
 
 
5.000%, 11/15/33 
 
 
 
85 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
66,786 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 
 
 
 
110 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 
11/20 at 100.00 
N/R 
 
 
Series 2007-3, 6.650%, 5/01/40 (4) 
 
 
 
295 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
11/20 at 100.00 
N/R 
268,901 
 
 
Series 2015-1, 0.000%, 5/01/40 (6) 
 
 
 
 
80
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 180 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
11/20 at 100.00 
N/R 
$ 126,421 
 
 
Series 2015-2, 0.000%, 5/01/40 (6) 
 
 
 
195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
11/20 at 100.00 
N/R 
 
 
Series 2015-3, 6.610%, 5/01/40 (4) 
 
 
 
300 
 
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, 
11/27 at 100.00 
N/R 
326,478 
 
 
Series 2016A-1, 5.375%, 11/01/37 
 
 
 
166,635 
 
Total Florida 
 
 
167,936,926 
 
 
Georgia – 1.5% (0.9% of Total Investments) 
 
 
 
2,725 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 
7/25 at 100.00 
A+ 
2,982,676 
 
 
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
15,000 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 
1/21 at 100.00 
Aa3 
15,121,650 
3,010 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – 
No Opt. Call 
AA– 
3,172,871 
 
 
FGIC Insured 
 
 
 
840 
 
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for 
6/27 at 100.00 
N/R 
870,391 
 
 
Classical Education, Series 2017, 5.875%, 6/15/47, 144A 
 
 
 
1,070 
 
Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A, 
5/29 at 100.00 
A3 
1,250,680 
 
 
5.000%, 5/15/43 
 
 
 
3,000 
 
Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life 
11/27 at 100.00 
Ba3 
3,076,470 
 
 
University, Inc Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A 
 
 
 
2,750 
 
Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia 
6/24 at 100.00 
Baa1 
2,827,495 
 
 
Power Company – Scherer Plant, First Series 1995, 2.250%, 7/01/25 
 
 
 
4,010 
 
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, 
7/25 at 100.00 
Baa1 
4,443,241 
 
 
Series 2015A, 5.000%, 7/01/60 
 
 
 
32,405 
 
Total Georgia 
 
 
33,745,474 
 
 
Guam – 0.0% (0.0% of Total Investments) 
 
 
 
810 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 
Baa2 (12) 
920,160 
 
 
2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) 
 
 
 
 
 
Hawaii – 0.2% (0.1% of Total Investments) 
 
 
 
3,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
A1 
3,276,540 
 
 
Health Obligated Group, Series 2013A, 5.500%, 7/01/43 
 
 
 
1,175 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
1,211,590 
 
 
University, Series 2013A, 6.625%, 7/01/33 
 
 
 
4,175 
 
Total Hawaii 
 
 
4,488,130 
 
 
Idaho – 0.1% (0.1% of Total Investments) 
 
 
 
1,175 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, 
9/26 at 100.00 
BB+ 
1,305,777 
 
 
Refunding Series 2016, 5.000%, 9/01/37 
 
 
 
595 
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights 
9/22 at 100.00 
A3 
641,214 
 
 
Mitigation Series 2012A, 5.000%, 9/01/32 
 
 
 
1,770 
 
Total Idaho 
 
 
1,946,991 
 
 
Illinois – 30.4% (19.1% of Total Investments) 
 
 
 
50,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A– 
57,448,000 
 
 
Series 2016, 6.000%, 4/01/46 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
12/21 at 100.00 
B1 
1,013,420 
 
 
Series 2011A, 5.500%, 12/01/39 
 
 
 
8,500 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/22 at 100.00 
B1 
8,714,965 
 
 
Refunding Series 2012B, 5.000%, 12/01/33 
 
 
 
8,400 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
BB– 
10,443,468 
 
 
Refunding Series 2017B, 7.000%, 12/01/42, 144A 
 
 
 
 
81
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Series 2016A: 
 
 
 
$ 1,800 
 
7.000%, 12/01/26 
12/25 at 100.00 
BB– 
$ 2,184,516 
51,780 
 
7.000%, 12/01/44 
12/25 at 100.00 
BB– 
61,029,979 
6,210 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
BB– 
7,676,057 
 
 
Series 2017A, 7.000%, 12/01/46, 144A 
 
 
 
450 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 
No Opt. Call 
BB– 
379,670 
 
 
12/01/26 – NPFG Insured 
 
 
 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
 
 
 
 
 
Tax Revenues, Series 1998B-1: 
 
 
 
1,715 
 
0.000%, 12/01/26 – NPFG Insured 
No Opt. Call 
BB– 
1,446,963 
1,765 
 
0.000%, 12/01/30 – NPFG Insured 
No Opt. Call 
BB– 
1,254,262 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
 
 
 
 
 
Tax Revenues, Series 1999A: 
 
 
 
2,585 
 
0.000%, 12/01/27 – NPFG Insured 
No Opt. Call 
BB– 
2,096,719 
8,565 
 
0.000%, 12/01/31 – NPFG Insured 
No Opt. Call 
BB– 
5,824,971 
2,430 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien 
12/29 at 100.00 
A+ 
2,868,736 
 
 
Series 2020A, 5.000%, 12/01/45 
 
 
 
4,300 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A3 (12) 
4,532,200 
 
 
5.250%, 12/01/40 (Pre-refunded 12/01/21) 
 
 
 
15,000 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 
12/24 at 100.00 
AA 
16,973,400 
 
 
5.250%, 12/01/49 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
25,755 
 
0.000%, 1/01/29 – NPFG Insured 
No Opt. Call 
BBB– 
20,002,106 
8,765 
 
0.000%, 1/01/34 – FGIC Insured 
No Opt. Call 
BBB– 
5,428,340 
17,310 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB– 
9,332,167 
670 
 
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 
1/25 at 100.00 
Ba1 
707,433 
 
 
2002B, 5.500%, 1/01/31 
 
 
 
2,695 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 
1/24 at 100.00 
Ba1 
2,742,324 
 
 
5.000%, 1/01/35 
 
 
 
27,095 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 
1/27 at 100.00 
BBB– 
29,655,207 
 
 
6.000%, 1/01/38 
 
 
 
2,000 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 
1/25 at 100.00 
Ba1 
2,076,420 
 
 
5.500%, 1/01/40 
 
 
 
4,930 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 
1/21 at 100.00 
Ba1 
4,931,676 
550 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/34 
1/22 at 100.00 
Ba1 
553,041 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E: 
 
 
 
10,115 
 
5.500%, 1/01/35 
1/25 at 100.00 
Ba1 
10,571,996 
5,890 
 
5.500%, 1/01/42 
1/25 at 100.00 
Ba1 
6,107,577 
765 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35 
1/26 at 100.00 
BBB– 
785,877 
1,610 
 
Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 
No Opt. Call 
A2 
1,271,175 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2015A: 
 
 
 
1,000 
 
5.500%, 1/01/35 
1/25 at 100.00 
BBB– 
1,045,180 
9,800 
 
5.500%, 1/01/39 
1/25 at 100.00 
BBB– 
10,189,158 
5,630 
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38 
1/22 at 100.00 
N/R (12) 
5,957,497 
 
 
(Pre-refunded 1/01/22) 
 
 
 
3,095 
 
Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal 
6/22 at 100.00 
A2 
3,291,409 
 
 
Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured 
 
 
 
25,375 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 
11/20 at 100.00 
A2 
25,437,676 
 
 
5.250%, 11/15/33 
 
 
 
800 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools 
12/25 at 100.00 
N/R 
853,488 
 
 
Belmont School Project, Series 2015A, 5.500%, 12/01/30, 144A 
 
 
 
 
82
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, 
 
 
 
 
 
Refunding and Improvement Series 2011A: 
 
 
 
$ 1,300 
 
6.875%, 10/01/31 
10/21 at 100.00 
BB+ 
$ 1,344,304 
2,535 
 
7.125%, 10/01/41 
10/21 at 100.00 
BB+ 
2,613,357 
2,675 
 
Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, 
12/25 at 100.00 
BBB+ 
2,875,571 
 
 
5.000%, 12/01/37 
 
 
 
5,220 
 
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 
4/21 at 100.00 
A (12) 
5,339,851 
 
 
10/01/27 (Pre-refunded 4/01/21) 
 
 
 
845 
 
Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding 
9/26 at 100.00 
Baa2 
909,490 
 
 
Series 2016, 5.000%, 9/01/46 
 
 
 
5,015 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 
5/22 at 100.00 
A1 (12) 
5,340,925 
 
 
5/15/43 (Pre-refunded 5/15/22) 
 
 
 
20,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 
1/28 at 100.00 
Aa2 
23,963,400 
 
 
2017A, 5.000%, 7/15/42 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, 
 
 
 
 
 
Series 2013A: 
 
 
 
415 
 
5.500%, 7/01/28 
7/23 at 100.00 
A– 
454,475 
905 
 
6.000%, 7/01/43 
7/23 at 100.00 
A– 
994,903 
1,050 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/25 at 100.00 
BBB+ 
1,157,656 
 
 
Refunding Series 2015C, 5.000%, 8/15/44 
 
 
 
2,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
2/21 at 100.00 
AA– (12) 
2,536,700 
 
 
Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (7) 
 
 
 
3,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 
10/25 at 100.00 
AA– 
3,434,160 
 
 
2015A, 5.000%, 10/01/46 (UB) (7) 
 
 
 
4,125 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
4,267,354 
 
 
5.000%, 10/01/51 
 
 
 
 
 
Illinois State, General Obligation Bonds, April Series 2014: 
 
 
 
6,165 
 
5.000%, 4/01/38 
4/24 at 100.00 
BBB– 
6,296,438 
5,000 
 
5.000%, 4/01/39 
4/24 at 100.00 
BBB– 
5,100,200 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
4,100 
 
5.250%, 2/01/31 
2/24 at 100.00 
BBB– 
4,296,226 
2,200 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB– 
2,295,018 
2,435 
 
5.250%, 2/01/33 
2/24 at 100.00 
BBB– 
2,534,494 
6,000 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB– 
6,116,400 
1,785 
 
Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 
5/30 at 100.00 
BBB– 
1,969,712 
 
 
Illinois State, General Obligation Bonds, November Series 2016: 
 
 
 
3,100 
 
5.000%, 11/01/35 
11/26 at 100.00 
BBB– 
3,229,952 
3,000 
 
5.000%, 11/01/37 
11/26 at 100.00 
BBB– 
3,109,200 
2,400 
 
5.000%, 11/01/40 
11/26 at 100.00 
BBB– 
2,471,304 
5,795 
 
Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 
11/27 at 100.00 
BBB– 
6,200,244 
3,800 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 
No Opt. Call 
BBB– 
4,123,988 
5,000 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 
No Opt. Call 
BBB– 
5,470,100 
5,350 
 
Illinois State, General Obligation Bonds, Refunding April Series 2019B, 5.125%, 9/01/26 
No Opt. Call 
BBB– 
5,881,415 
27,215 
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 
7/23 at 100.00 
BBB– 
28,046,963 
7,250 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
A1 
7,845,805 
 
 
5.000%, 1/01/38 
 
 
 
2,755 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
A1 
3,187,976 
 
 
5.000%, 1/01/40 
 
 
 
560 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
744,268 
 
 
2015-XF0051, 17.207%, 1/01/38, 144A (IF) 
 
 
 
2,500 
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation 
No Opt. Call 
Aa2 
2,436,550 
 
 
Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured 
 
 
 
 
83
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, 
 
 
 
 
 
General Obligation Bonds, Series 2003: 
 
 
 
$ 570 
 
0.000%, 1/01/21 – FGIC Insured 
No Opt. Call 
N/R 
$ 569,230 
745 
 
0.000%, 1/01/21 (ETM) 
No Opt. Call 
N/R (12) 
744,613 
13,785 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BB+ 
14,124,662 
 
 
Bonds, Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured 
 
 
 
2,500 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BB+ 
2,554,325 
 
 
Bonds, Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
5,400 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/25 at 100.00 
BB+ 
5,725,566 
 
 
Bonds, Refunding Series 2015B, 5.000%, 6/15/52 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Refunding Series 2020A: 
 
 
 
15,000 
 
4.000%, 6/15/50 
12/29 at 100.00 
BB+ 
15,084,000 
7,945 
 
5.000%, 6/15/50 
12/29 at 100.00 
BB+ 
8,733,382 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Series 2015A: 
 
 
 
23,110 
 
0.000%, 12/15/52 
No Opt. Call 
BB+ 
5,416,522 
2,455 
 
5.000%, 6/15/53 
12/25 at 100.00 
BB+ 
2,601,834 
45,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
BB+ 
19,913,850 
 
 
Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Refunding Series 1998A: 
 
 
 
145 
 
5.500%, 6/15/29 – NPFG Insured (ETM) 
No Opt. Call 
Baa2 (12) 
171,734 
2,680 
 
5.500%, 6/15/29 – NPFG Insured 
No Opt. Call 
BBB 
3,077,364 
1,165 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
Baa2 (12) 
1,161,633 
 
 
Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured (ETM) 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
 
 
 
 
 
Expansion Project, Series 2002A: 
 
 
 
2,195 
 
5.700%, 6/15/24 (Pre-refunded 6/15/22) 
6/22 at 101.00 
N/R (12) 
2,402,581 
7,305 
 
5.700%, 6/15/24 
6/22 at 101.00 
BB+ 
7,803,493 
8,400 
 
0.000%, 12/15/30 – NPFG Insured 
No Opt. Call 
BB+ 
6,127,884 
7,940 
 
0.000%, 6/15/33 – NPFG Insured 
No Opt. Call 
BB+ 
5,160,841 
450 
 
0.000%, 12/15/34 – NPFG Insured 
No Opt. Call 
BB+ 
275,441 
12,500 
 
0.000%, 6/15/35 – NPFG Insured 
No Opt. Call 
BB+ 
7,489,000 
10,620 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
BB+ 
6,226,400 
11,505 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
BB+ 
6,455,571 
65,000 
 
0.000%, 12/15/38 – NPFG Insured 
No Opt. Call 
BB+ 
33,489,950 
38,040 
 
0.000%, 6/15/40 – NPFG Insured 
No Opt. Call 
BB+ 
18,335,280 
3,720 
 
0.000%, 6/15/41 – NPFG Insured 
No Opt. Call 
BB+ 
1,708,112 
 
 
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana 
 
 
 
 
 
College, Series 2012: 
 
 
 
480 
 
5.000%, 10/01/25 
10/22 at 100.00 
Baa1 
504,821 
400 
 
5.000%, 10/01/26 
10/22 at 100.00 
Baa1 
418,828 
780 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, 
No Opt. Call 
801,575 
 
 
Series 2010, 5.250%, 6/01/21 
 
 
 
965 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
A2 
965,000 
 
 
Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured 
 
 
 
11,690 
 
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 
1/28 at 100.00 
AA– 
13,487,571 
 
 
2018A, 5.000%, 1/01/37 
 
 
 
3,815 
 
Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US 
8/22 at 100.00 
Caa2 
3,438,841 
 
 
Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT) 
 
 
 
1,580 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
Baa1 
1,753,768 
 
 
6.000%, 10/01/32 
 
 
 
11,350 
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
A2 
10,908,598 
 
 
Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured 
 
 
 
783,580 
 
Total Illinois 
 
 
689,047,742 
 
84
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana – 3.6% (2.2% of Total Investments) 
 
 
 
 
 
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: 
 
 
 
$ 1,950 
 
0.000%, 2/01/24 
No Opt. Call 
Aa3 
$ 1,886,644 
2,705 
 
0.000%, 2/01/25 
No Opt. Call 
Aa3 
2,576,269 
4,400 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown 
No Opt. Call 
Baa2 
4,306,852 
 
 
Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured 
 
 
 
680 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University 
2/22 at 100.00 
A– 
706,194 
 
 
Project, Refunding Series 2012B, 5.000%, 2/01/29 
 
 
 
1,050 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
11/20 at 100.00 
1,051,585 
 
 
Educational Excellence, Inc, Series 2009A, 7.000%, 10/01/39 
 
 
 
1,230 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
8/22 at 100.00 
Caa2 
1,108,722 
 
 
Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT) 
 
 
 
1,815 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, 
5/23 at 100.00 
A (12) 
2,023,943 
 
 
Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/23) 
 
 
 
9,300 
 
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, 
10/23 at 100.00 
Baa3 
9,781,368 
 
 
5.000%, 10/01/44 
 
 
 
 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
 
 
 
 
 
Project, Series 2013A: 
 
 
 
5,380 
 
5.000%, 7/01/44 (AMT) 
7/23 at 100.00 
BBB+ 
5,707,588 
5,100 
 
5.000%, 7/01/48 (AMT) 
7/23 at 100.00 
BBB+ 
5,399,829 
5,370 
 
5.250%, 1/01/51 (AMT) 
7/23 at 100.00 
BBB+ 
5,713,573 
6,700 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/21 at 100.00 
A1 
6,929,006 
 
 
Series 2011B, 5.000%, 10/01/41 
 
 
 
13,000 
 
Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, 
10/24 at 100.00 
A+ 
14,814,930 
 
 
First Lien Series 2014A, 5.000%, 10/01/44 
 
 
 
5,100 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project 
1/30 at 100.00 
6,172,836 
 
 
Revenue Bonds, Series 2019I-1, 5.000%, 1/01/44 
 
 
 
10,000 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – 
No Opt. Call 
AA– 
9,545,800 
 
 
AMBAC Insured 
 
 
 
1,000 
 
Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, 
4/24 at 102.00 
N/R 
1,021,350 
 
 
Series 2016, 5.750%, 4/01/36 
 
 
 
1,250 
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, 
11/23 at 100.00 
N/R 
1,316,675 
 
 
Series 2013, 7.250%, 11/01/43 (AMT) 
 
 
 
830 
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 
1/24 at 100.00 
N/R 
930,704 
 
 
2013, 7.000%, 1/01/44 (AMT) 
 
 
 
76,860 
 
Total Indiana 
 
 
80,993,868 
 
 
Iowa – 1.2% (0.8% of Total Investments) 
 
 
 
1,255 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
1,336,249 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
1,470 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
11/20 at 104.00 
1,530,373 
 
 
Company Project, Series 2016, 5.875%, 12/01/27, 144A 
 
 
 
1,710 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 103.00 
BB– 
1,779,375 
 
 
Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) 
 
 
 
1,630 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University 
10/21 at 100.00 
BBB 
1,668,582 
 
 
of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31 
 
 
 
1,900 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa 
9/23 at 100.00 
N/R (12) 
2,152,985 
 
 
University Project, Series 2012, 5.000%, 9/01/43 (Pre-refunded 9/01/23) 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
6,425 
 
5.375%, 6/01/38 
11/20 at 100.00 
B– 
6,512,958 
525 
 
5.500%, 6/01/42 
11/20 at 100.00 
B– 
532,187 
5,045 
 
5.625%, 6/01/46 
11/20 at 100.00 
B– 
5,114,066 
6,590 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
11/20 at 100.00 
B– 
6,680,217 
 
 
5.600%, 6/01/34 
 
 
 
26,550 
 
Total Iowa 
 
 
27,306,992 
 
85
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Kansas – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
Johnson/Miami County Unified School District 230 Spring Hill, Kansas, General Obligation 
 
 
 
 
 
Bonds, Series 2011A: 
 
 
 
$ 2,000 
 
5.000%, 9/01/26 
9/21 at 100.00 
Aa3 
$ 2,076,800 
1,000 
 
5.000%, 9/01/27 
9/21 at 100.00 
Aa3 
1,038,400 
2,000 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health 
5/22 at 100.00 
AA 
2,125,640 
 
 
System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 
 
 
 
1,485 
 
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 
12/20 at 100.00 
A3 (12) 
1,490,480 
 
 
2012A, 5.000%, 12/01/31 (Pre-refunded 12/01/20) 
 
 
 
370 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak 
11/20 at 100.00 
BBB 
369,985 
 
 
Park Mall Project, Series 2010, 5.900%, 4/01/32 
 
 
 
6,855 
 
Total Kansas 
 
 
7,101,305 
 
 
Kentucky – 2.5% (1.5% of Total Investments) 
 
 
 
 
 
Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, 
 
 
 
 
 
Series 2016: 
 
 
 
5,000 
 
5.375%, 2/01/36 
2/26 at 100.00 
BB+ 
5,566,800 
435 
 
5.500%, 2/01/44 
2/26 at 100.00 
BB+ 
479,653 
 
 
Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue 
 
 
 
 
 
Bonds, Rosedale Green Project, Refunding Series 2015: 
 
 
 
500 
 
5.750%, 11/15/45 
11/25 at 100.00 
N/R 
463,210 
2,250 
 
5.750%, 11/15/50 
11/25 at 100.00 
N/R 
2,055,870 
19,575 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 
BBB+ 
23,010,217 
 
 
Series 2019A-2, 5.000%, 8/01/49 
 
 
 
5,070 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
7/25 at 100.00 
Baa2 
5,363,553 
 
 
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 
 
 
 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: 
 
 
 
1,335 
 
0.000%, 7/01/43 (6) 
7/31 at 100.00 
Baa3 
1,455,203 
2,295 
 
0.000%, 7/01/46 (6) 
7/31 at 100.00 
Baa3 
2,505,933 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Series 2013A: 
 
 
 
3,080 
 
5.750%, 7/01/49 
7/23 at 100.00 
Baa3 
3,338,535 
615 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
669,729 
5,400 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State 
6/21 at 100.00 
A– 
5,518,746 
 
 
Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 
 
 
 
 
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc Project, 
 
 
 
 
 
Improvement and Refunding Series 2011: 
 
 
 
500 
 
6.250%, 3/01/31 (Pre-refunded 3/01/21) 
3/21 at 100.00 
Baa2 (12) 
509,770 
4,500 
 
6.250%, 3/01/31 (Pre-refunded 3/01/21) 
3/21 at 100.00 
Baa2 (12) 
4,587,930 
215 
 
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community 
10/22 at 100.00 
A+ 
225,159 
 
 
Hospital Corporation, Series 2012A, 4.000%, 10/01/29 
 
 
 
50,770 
 
Total Kentucky 
 
 
55,750,308 
 
 
Louisiana – 1.5% (0.9% of Total Investments) 
 
 
 
2,000 
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East 
7/21 at 100.00 
N/R (12) 
2,079,500 
 
 
Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
5,000 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic 
5/27 at 100.00 
A3 
5,803,050 
 
 
Foundation Project, Refunding Series 2017, 5.000%, 5/15/46 
 
 
 
6,625 
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
6,916,169 
 
 
(US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A 
 
 
 
 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries 
 
 
 
 
 
of Our Lady Health System, Refunding Series 2015A: 
 
 
 
10 
 
5.000%, 7/01/39 (Pre-refunded 7/01/25) 
7/25 at 100.00 
N/R (12) 
12,112 
1,450 
 
5.000%, 7/01/39 
7/25 at 100.00 
1,627,770 
 
86
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 4,425 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
A3 (12) 
$ 4,577,972 
 
 
Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 
 
 
 
1,060 
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter 
12/23 at 100.00 
N/R 
1,113,011 
 
 
Academy Foundation Project, Series 2013A, 8.375%, 12/15/43 
 
 
 
2,235 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 
7/23 at 100.00 
A2 
2,398,602 
 
 
2013A, 5.000%, 7/01/36 
 
 
 
5,100 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 
1/25 at 100.00 
A– 
5,654,523 
 
 
Project, Series 2015B, 5.000%, 1/01/45 (AMT) 
 
 
 
2,560 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 
6/24 at 100.00 
BBB+ 
2,862,259 
 
 
5.000%, 6/01/44 
 
 
 
30,465 
 
Total Louisiana 
 
 
33,044,968 
 
 
Maine – 0.5% (0.3% of Total Investments) 
 
 
 
4,965 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
7/26 at 100.00 
Ba1 
5,300,485 
 
 
Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 
 
 
 
2,750 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth 
7/28 at 100.00 
A+ 
3,273,297 
 
 
Issue, Series 2018A, 5.000%, 7/01/43 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General 
 
 
 
 
 
Medical Center, Series 2011: 
 
 
 
2,000 
 
6.750%, 7/01/36 
7/21 at 100.00 
Ba3 
2,044,860 
1,050 
 
6.750%, 7/01/41 
7/21 at 100.00 
Ba3 
1,071,746 
10,765 
 
Total Maine 
 
 
11,690,388 
 
 
Maryland – 0.5% (0.3% of Total Investments) 
 
 
 
2,000 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt 
11/20 at 100.00 
N/R 
1,200,000 
 
 
Conference Center, Series 2006A, 0.000%, 12/01/31 (4) 
 
 
 
7,145 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 
Baa3 
8,022,763 
 
 
Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
555 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
11/20 at 100.00 
555,272 
 
 
Retirement Community, Series 2007, 4.750%, 7/01/34 
 
 
 
2,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula 
7/24 at 100.00 
A3 
2,181,260 
 
 
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
355 
 
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, 
1/26 at 100.00 
N/R 
372,079 
 
 
Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A 
 
 
 
12,055 
 
Total Maryland 
 
 
12,331,374 
 
 
Massachusetts – 1.6% (1.0% of Total Investments) 
 
 
 
475 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/25 at 100.00 
BBB 
523,953 
 
 
Green Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
1,525 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 
1/25 at 100.00 
Baa2 
1,601,402 
 
 
4.500%, 1/01/45 
 
 
 
20,450 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 
7/24 at 100.00 
20,669,224 
 
 
2016J, 3.500%, 7/01/33 (AMT) 
 
 
 
400 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 
7/21 at 100.00 
BBB+ (12) 
412,928 
 
 
2011A, 5.125%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
4,560 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
5/23 at 100.00 
Aa2 (12) 
5,099,266 
 
 
Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23) 
 
 
 
7,175 
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking 
7/21 at 100.00 
A– 
7,344,115 
 
 
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
34,585 
 
Total Massachusetts 
 
 
35,650,888 
 
87
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan – 2.1% (1.3% of Total Investments) 
 
 
 
 
 
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013: 
 
 
 
$ 840 
 
6.000%, 10/01/33 
10/23 at 100.00 
N/R 
$ 850,433 
1,250 
 
6.000%, 10/01/43 
10/23 at 100.00 
N/R 
1,252,225 
15,000 
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and 
No Opt. Call 
AA 
18,942,600 
 
 
Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) 
 
 
 
1,930 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A1 (12) 
2,090,190 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22) 
 
 
 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 
11/20 at 100.00 
A2 
5,015 
 
 
4.500%, 7/01/35 – NPFG Insured 
 
 
 
3,000 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 
No Opt. Call 
A2 
3,769,320 
 
 
5.500%, 7/01/29 – NPFG Insured 
 
 
 
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 
11/20 at 100.00 
A2 
5,016 
 
 
5.000%, 7/01/36 – FGIC Insured 
 
 
 
2,000 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 
7/21 at 100.00 
A1 (12) 
2,066,960 
 
 
7/01/41 (Pre-refunded 7/01/21) 
 
 
 
2,000 
 
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson 
7/24 at 100.00 
A1 
2,188,520 
 
 
Healthcare, Series 2014A, 5.000%, 7/01/47 
 
 
 
3,580 
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 
7/21 at 100.00 
AA– (12) 
3,705,765 
 
 
5.500%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
1,000 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
A2 
1,135,690 
 
 
Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – 
 
 
 
 
 
NPFG Insured 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding 
 
 
 
 
 
Series 2011MI: 
 
 
 
20 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (12) 
21,004 
4,980 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
12/21 at 100.00 
AA– (12) 
5,235,574 
1,350 
 
Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco 
12/30 at 100.00 
BBB 
1,534,208 
 
 
Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 
 
 
 
2,250 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
AA– (12) 
2,360,227 
 
 
2011-I-A, 5.375%, 10/15/41 (Pre-refunded 10/15/21) 
 
 
 
2,000 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
12/22 at 100.00 
A– 
2,144,000 
 
 
County Airport, Series 2012A, 5.000%, 12/01/37 
 
 
 
41,210 
 
Total Michigan 
 
 
47,306,747 
 
 
Minnesota – 0.8% (0.5% of Total Investments) 
 
 
 
700 
 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy 
7/24 at 102.00 
N/R 
735,112 
 
 
Project, Series 2016A, 5.000%, 7/01/47 
 
 
 
1,500 
 
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 
8/22 at 102.00 
BB+ 
1,589,265 
 
 
Academy, Series 2014A, 5.750%, 8/01/44 
 
 
 
795 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, 
7/24 at 102.00 
N/R 
832,826 
 
 
Series 2016A, 5.000%, 7/01/36 
 
 
 
 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
 
 
 
 
 
Bonds, Hmong College Prep Academy Project, Series 2016A: 
 
 
 
750 
 
5.750%, 9/01/46 
9/26 at 100.00 
BB+ 
853,042 
4,000 
 
6.000%, 9/01/51 
9/26 at 100.00 
BB+ 
4,590,960 
5,265 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 
7/25 at 100.00 
6,005,628 
 
 
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/33 
 
 
 
4,250 
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
11/20 at 100.00 
N/R 
4,252,890 
 
 
Project, Series 2007-1, 5.000%, 8/01/36 
 
 
 
17,260 
 
Total Minnesota 
 
 
18,859,723 
 
88
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri – 3.8% (2.4% of Total Investments) 
 
 
 
$ 1,400 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/22 at 100.00 
AA– (12) 
$ 1,526,980 
 
 
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 
 
 
 
 
 
(Pre-refunded 10/01/22) 
 
 
 
1,085 
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities 
3/23 at 103.00 
Ba1 
1,205,652 
 
 
Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 
 
 
 
655 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, 
11/20 at 100.00 
A– 
656,375 
 
 
Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
 
 
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation 
 
 
 
 
 
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B: 
 
 
 
19,950 
 
5.000%, 3/01/46 (AMT) 
3/29 at 100.00 
A– 
22,961,253 
13,000 
 
5.000%, 3/01/54 (AMT) 
3/29 at 100.00 
A– 
14,860,820 
135 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
4/26 at 100.00 
N/R 
129,375 
 
 
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 
 
 
 
 
 
5.000%, 4/01/46, 144A 
 
 
 
12,005 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 
No Opt. Call 
A1 
10,416,138 
 
 
2004B-1, 0.000%, 4/15/29 – AMBAC Insured 
 
 
 
650 
 
Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue 
2/28 at 100.00 
N/R 
670,657 
 
 
Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B, 5.000%, 2/01/40, 144A 
 
 
 
1,000 
 
Liberty Public School District 53, Clay County, Missouri, Lease Participation 
4/22 at 100.00 
AA– 
1,057,130 
 
 
Certificates, School Boards Association, Series 2014, 5.000%, 4/01/31 
 
 
 
 
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty 
 
 
 
 
 
Commons Project, Series 2015A: 
 
 
 
1,430 
 
5.125%, 6/01/25, 144A 
No Opt. Call 
N/R 
1,423,894 
3,810 
 
5.750%, 6/01/35, 144A 
6/25 at 100.00 
N/R 
3,678,669 
3,695 
 
6.000%, 6/01/46, 144A 
6/25 at 100.00 
N/R 
3,577,610 
 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
 
 
 
 
 
Bonds, Kansas City University of Medicine and Biosciences, Series 2013A: 
 
 
 
1,590 
 
5.000%, 6/01/30 
6/23 at 100.00 
A1 
1,755,344 
2,700 
 
5.000%, 6/01/33 
6/23 at 100.00 
A1 
2,968,245 
665 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
5/23 at 100.00 
BBB 
696,528 
 
 
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 
 
 
 
505 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
10/23 at 100.00 
A+ 
560,530 
 
 
Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
CoxHealth, Series 2013A: 
 
 
 
50 
 
5.000%, 11/15/44 
11/23 at 100.00 
A2 
54,194 
6,930 
 
5.000%, 11/15/48 
11/23 at 100.00 
A2 
7,496,389 
2,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/24 at 100.00 
A+ 
2,207,720 
 
 
Mercy Health, Series 2014F, 5.000%, 11/15/45 
 
 
 
2,500 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington 
11/21 at 100.00 
AA+ (12) 
2,623,275 
 
 
University, Series 2011B, 5.000%, 11/15/37 (Pre-refunded 11/15/21) 
 
 
 
 
 
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue 
 
 
 
 
 
Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016: 
 
 
 
1,275 
 
5.000%, 11/15/41 
11/25 at 100.00 
N/R 
1,310,343 
1,105 
 
5.000%, 11/15/46 
11/25 at 100.00 
N/R 
1,129,619 
430 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/23 at 100.00 
BB+ 
458,320 
 
 
Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint 
 
 
 
 
 
Andrew’s Resources for Seniors, Series 2015A: 
 
 
 
450 
 
5.000%, 12/01/35 
12/25 at 100.00 
N/R 
441,576 
130 
 
5.125%, 12/01/45 
12/25 at 100.00 
N/R 
123,743 
925 
 
Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue 
3/23 at 103.00 
Ba1 
1,015,289 
 
 
Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37 
 
 
 
 
89
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
$ 700 
 
The Industrial Development Authority of the City of Saint Louis, Missouri, Development 
11/26 at 100.00 
N/R 
$ 615,839 
 
 
Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 
 
 
 
80,770 
 
Total Missouri 
 
 
85,621,507 
 
 
Nebraska – 0.6% (0.4% of Total Investments) 
 
 
 
580 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
650,325 
 
 
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 
 
 
 
 
 
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna 
 
 
 
 
 
Rehabilitation Hospital Project, Series 2014: 
 
 
 
1,930 
 
5.000%, 5/15/27 
5/24 at 100.00 
A– 
2,165,325 
3,000 
 
5.000%, 5/15/36 
5/24 at 100.00 
A– 
3,281,160 
 
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
 
 
 
 
 
Methodist Health System, Refunding Series 2015: 
 
 
 
4,070 
 
5.000%, 11/01/45 
11/25 at 100.00 
4,563,488 
2,110 
 
5.000%, 11/01/48 
11/25 at 100.00 
2,361,596 
500 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, 
11/21 at 100.00 
A (12) 
522,700 
 
 
Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
 
 
 
 
 
(Pre-refunded 11/01/21) 
 
 
 
12,190 
 
Total Nebraska 
 
 
13,544,594 
 
 
Nevada – 0.7% (0.4% of Total Investments) 
 
 
 
10,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 
6/21 at 100.00 
AA 
10,229,200 
 
 
2011C, 5.000%, 6/01/38 
 
 
 
4,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 
12/24 at 100.00 
AA 
4,611,280 
 
 
2015, 5.000%, 6/01/39 
 
 
 
14,000 
 
Total Nevada 
 
 
14,840,480 
 
 
New Jersey – 5.5% (3.4% of Total Investments) 
 
 
 
520 
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control 
No Opt. Call 
Ba1 
543,145 
 
 
Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (AMT) 
 
 
 
1,100 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
BBB+ 
1,212,948 
 
 
Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (AMT) 
 
 
 
17,580 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
12/26 at 100.00 
BBB+ 
20,461,010 
 
 
Refunding Series 2016BBB, 5.500%, 6/15/31 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Series 2016AAA: 
 
 
 
1,000 
 
5.000%, 6/15/36 
12/26 at 100.00 
BBB+ 
1,114,410 
10,000 
 
5.000%, 6/15/41 
12/26 at 100.00 
BBB+ 
11,051,400 
2,000 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/27 at 100.00 
BBB+ 
2,244,880 
 
 
2017DDD, 5.000%, 6/15/35 
 
 
 
15,040 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
12/28 at 100.00 
BBB+ 
16,725,984 
 
 
2018EEE, 5.000%, 6/15/48 
 
 
 
3,050 
 
New Jersey Economic Development Authority, School Facilities Construction Financing 
3/21 at 100.00 
BBB+ 
3,092,426 
 
 
Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 
 
 
 
1,120 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
7/23 at 100.00 
BBB+ 
1,176,638 
 
 
Series 2013D, 5.000%, 7/01/33 
 
 
 
600 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
7/21 at 100.00 
BB+ 
615,342 
 
 
Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 
 
 
 
405 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University 
7/25 at 100.00 
BB– 
445,549 
 
 
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
 
90
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
 
 
 
 
 
Appreciation Series 2010A: 
 
 
 
$ 3,130 
 
0.000%, 12/15/28 
No Opt. Call 
BBB+ 
$ 2,466,565 
3,000 
 
0.000%, 12/15/31 
No Opt. Call 
BBB+ 
2,084,010 
12,715 
 
0.000%, 12/15/33 
No Opt. Call 
BBB+ 
8,094,750 
610 
 
0.000%, 12/15/34 
No Opt. Call 
BBB+ 
372,856 
2,480 
 
0.000%, 12/15/40 
No Opt. Call 
BBB+ 
1,150,125 
10,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
BBB+ 
6,817,200 
 
 
Series 2006C, 0.000%, 12/15/33 – AGM Insured 
 
 
 
19,175 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
BBB+ 
11,208,746 
 
 
2008A, 0.000%, 12/15/35 
 
 
 
15,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
BBB+ 
7,297,200 
 
 
2009A, 0.000%, 12/15/39 
 
 
 
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/24 at 100.00 
BBB+ 
5,515,800 
 
 
2009C, 5.250%, 6/15/32 
 
 
 
6,305 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
6/25 at 100.00 
BBB+ 
6,776,110 
 
 
2015AA, 5.000%, 6/15/45 
 
 
 
1,595 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BBB+ 
1,840,120 
 
 
Bonds, Series 2018A, 5.000%, 6/01/46 
 
 
 
10,000 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BB+ 
11,317,500 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
141,425 
 
Total New Jersey 
 
 
123,624,714 
 
 
New Mexico – 0.4% (0.3% of Total Investments) 
 
 
 
4,185 
 
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian 
8/29 at 100.00 
Aa3 
5,105,575 
 
 
Healthcare Services, Series 2019A, 5.000%, 8/01/44 
 
 
 
4,180 
 
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross 
11/20 at 103.00 
N/R 
4,220,504 
 
 
Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30, 144A 
 
 
 
8,365 
 
Total New Mexico 
 
 
9,326,079 
 
 
New York – 17.4% (10.9% of Total Investments) 
 
 
 
1,755 
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
12/20 at 100.00 
BB 
1,756,895 
 
 
Schools, Series 2007A, 5.000%, 4/01/32 
 
 
 
 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
 
Bonds, Barclays Center Project, Series 2009: 
 
 
 
3,400 
 
0.000%, 7/15/44 
No Opt. Call 
Ba1 
1,249,126 
12,020 
 
0.000%, 7/15/46 
No Opt. Call 
Ba1 
4,007,468 
450 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 
7/25 at 100.00 
BBB 
509,238 
 
 
Bonds, Catholic Health System, Inc Project, Series 2015, 5.250%, 7/01/35 
 
 
 
200 
 
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College 
11/24 at 100.00 
BB 
207,840 
 
 
of New York, Series 2014, 5.000%, 11/01/39 
 
 
 
3,170 
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, 
7/25 at 100.00 
A– 
3,476,602 
 
 
Series 2015A, 5.000%, 7/01/50 
 
 
 
15,270 
 
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of 
12/26 at 100.00 
BB– 
15,061,106 
 
 
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46, 144A 
 
 
 
4,675 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/21 at 100.00 
Aa2 
4,745,125 
 
 
General Purpose Series 2011C, 5.000%, 3/15/41 
 
 
 
81,270 
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
11/20 at 15.70 
N/R 
8,930,760 
 
 
Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50, 144A 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
270 
 
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (12) 
273,875 
5,890 
 
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
5,965,451 
800 
 
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
811,640 
1,300 
 
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (12) 
1,320,501 
 
91
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 3,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/24 at 100.00 
$ 3,424,710 
 
 
2014A, 5.000%, 9/01/39 
 
 
 
1,200 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
A2 (12) 
1,228,872 
 
 
5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured 
 
 
 
 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A: 
 
 
 
1,990 
 
5.000%, 9/01/42 (Pre-refunded 9/01/22) 
9/22 at 100.00 
N/R (12) 
2,163,787 
4,010 
 
5.000%, 9/01/42 
9/22 at 100.00 
A2 
4,242,981 
6,280 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
5/30 at 100.00 
BBB+ 
6,933,748 
 
 
Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 
 
 
 
4,210 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/26 at 100.00 
BBB+ 
4,470,725 
 
 
Green Series 2016B, 5.000%, 11/15/34 
 
 
 
1,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/25 at 100.00 
BBB+ 
1,050,280 
 
 
Series 2015F, 5.000%, 11/15/35 
 
 
 
5,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
5/28 at 100.00 
BBB+ 
5,415,050 
 
 
Series 2017D, 5.000%, 11/15/32 
 
 
 
 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, 
 
 
 
 
 
Series 2011A: 
 
 
 
285 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
11/21 at 100.00 
N/R (12) 
299,145 
465 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
11/21 at 100.00 
BBB+ (12) 
488,078 
2,500 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/23 at 100.00 
BBB+ 
2,563,275 
 
 
2013A, 5.000%, 11/15/38 
 
 
 
6,095 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/23 at 100.00 
BBB+ 
6,277,911 
 
 
2013D, 5.000%, 11/15/38 
 
 
 
16,290 
 
New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes 
11/20 at 100.00 
BB+ 
15,833,065 
 
 
Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured 
 
 
 
 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System 
 
 
 
 
 
Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE: 
 
 
 
1,480 
 
5.375%, 6/15/43 
12/20 at 100.00 
AA+ 
1,488,984 
2,895 
 
5.375%, 6/15/43 (Pre-refunded 12/15/20) 
12/20 at 100.00 
N/R (12) 
2,912,573 
4,400 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/30 at 100.00 
AA+ 
5,588,660 
 
 
General Resolution Revenue Bonds, Fiscal 2020 Series FF, 5.000%, 6/15/41 
 
 
 
 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
 
 
 
 
 
General Resolution Revenue Bonds, Fiscal 2020 Series GG-1: 
 
 
 
11,000 
 
4.000%, 6/15/50 
6/30 at 100.00 
AA+ 
12,592,360 
9,925 
 
5.000%, 6/15/50 
6/30 at 100.00 
AA+ 
12,397,417 
5,000 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
Aa3 
5,990,500 
 
 
Fiscal 2019 Subseries S-1, 5.000%, 7/15/45 
 
 
 
4,440 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
Aa3 
5,451,476 
 
 
Fiscal 2019 Subseries S-3A, 5.000%, 7/15/36 
 
 
 
10,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
5/23 at 100.00 
Aa1 
11,069,000 
 
 
Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 
 
 
 
19,305 
 
New York City Municipal Water Finance Authority, Water and Sewer System Second General 
12/29 at 100.00 
AA+ 
23,912,910 
 
 
Resolution Revenue Bonds, Fiscal 2020 Series BB-1, 5.000%, 6/15/49 
 
 
 
63,090 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
64,638,229 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
5,200 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
5,399,056 
 
 
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A 
 
 
 
 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
 
 
 
 
 
Center Project, Series 2011: 
 
 
 
1,870 
 
5.000%, 11/15/44 
11/21 at 100.00 
1,945,099 
2,000 
 
5.750%, 11/15/51 
11/21 at 100.00 
2,100,380 
3,000 
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38 
11/21 at 100.00 
AA 
3,140,220 
 
92
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 5,000 
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, 
1/26 at 100.00 
A– 
$ 5,719,000 
 
 
Series 2016A, 5.000%, 1/01/51 
 
 
 
 
 
New York Transportation Development Corporation, New York, Special Facilities Bonds, 
 
 
 
 
 
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: 
 
 
 
1,800 
 
4.000%, 7/01/41 (AMT) 
7/24 at 100.00 
Baa3 
1,849,122 
10,680 
 
5.000%, 7/01/41 (AMT) 
7/24 at 100.00 
Baa3 
11,478,971 
16,810 
 
5.000%, 7/01/46 (AMT) 
7/24 at 100.00 
Baa3 
18,005,191 
29,150 
 
5.250%, 1/01/50 (AMT) 
7/24 at 100.00 
Baa3 
31,421,659 
 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
2,565 
 
5.000%, 8/01/26 (AMT) 
8/21 at 100.00 
B– 
2,575,183 
16,200 
 
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
B– 
16,138,602 
4,825 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/30 at 100.00 
B– 
4,973,079 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Series 2020, 
 
 
 
 
 
5.250%, 8/01/31 (AMT) 
 
 
 
4,350 
 
New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta 
1/28 at 100.00 
BB+ 
4,708,397 
 
 
Air Lines, Inc – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%, 
 
 
 
 
 
1/01/31 (AMT) 
 
 
 
2,100 
 
New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta 
10/30 at 100.00 
BB+ 
2,293,725 
 
 
Air Lines, Inc – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, 5.000%, 
 
 
 
 
 
10/01/35 (AMT) 
 
 
 
10,000 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
4/27 at 100.00 
A+ 
11,793,400 
 
 
Series 2017, 5.250%, 10/15/57 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
6,065 
 
6.500%, 12/01/28 
11/20 at 100.00 
BBB 
6,143,057 
3,430 
 
6.000%, 12/01/36 
12/20 at 100.00 
BBB 
3,444,029 
795 
 
6.000%, 12/01/42 
12/20 at 100.00 
BBB 
798,236 
2,500 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
5/25 at 100.00 
AA– 
2,842,200 
 
 
Refunding Series 2015A, 5.000%, 11/15/50 
 
 
 
6,945 
 
Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & 
11/30 at 100.00 
AA– 
8,578,533 
 
 
Tunnels, Series 2020A, 5.000%, 11/15/49 
 
 
 
449,615 
 
Total New York 
 
 
394,096,502 
 
 
North Carolina – 0.2% (0.1% of Total Investments) 
 
 
 
3,300 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
10/22 at 100.00 
A2 
3,506,052 
 
 
Refunding Series 2012A, 5.000%, 10/01/31 
 
 
 
 
 
North Dakota – 2.3% (1.5% of Total Investments) 
 
 
 
1,000 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/21 at 100.00 
N/R (12) 
1,029,120 
 
 
Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) 
 
 
 
 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding 
 
 
 
 
 
Series 2011: 
 
 
 
1,500 
 
6.000%, 11/01/28 (Pre-refunded 11/01/21) 
11/21 at 100.00 
A+ (12) 
1,583,445 
2,190 
 
6.250%, 11/01/31 (Pre-refunded 11/01/21) 
11/21 at 100.00 
A+ (12) 
2,317,239 
 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 
 
 
 
 
 
Obligated Group, Series 2012: 
 
 
 
3,000 
 
5.000%, 12/01/29 
12/21 at 100.00 
Baa2 
3,079,560 
1,875 
 
5.000%, 12/01/32 
12/21 at 100.00 
Baa2 
1,917,675 
39,670 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 
6/28 at 100.00 
BBB– 
42,931,667 
 
 
2017C, 5.000%, 6/01/53 
 
 
 
49,235 
 
Total North Dakota 
 
 
52,858,706 
 
93
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio – 3.0% (1.9% of Total Investments) 
 
 
 
$ 800 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, 
5/22 at 100.00 
A+ (12) 
$ 855,648 
 
 
Refunding and Improvement Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/22) 
 
 
 
8,015 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
BBB+ 
8,694,432 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 
 
 
 
20,305 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
21,739,954 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
5,800 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 
Aa2 (12) 
6,085,998 
 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
4,615 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
Baa3 (12) 
4,886,685 
 
 
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
1,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
1,250 
 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4) 
 
 
 
10 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding 
2/22 at 100.00 
CCC 
9,747 
 
 
Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (AMT) 
 
 
 
6,945 
 
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc, Series 
1/30 at 100.00 
8,353,377 
 
 
2020A, 5.000%, 1/15/50 
 
 
 
2,000 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien 
2/23 at 100.00 
A+ 
2,179,980 
 
 
Series 2013A-1, 5.250%, 2/15/33 
 
 
 
330 
 
Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States 
11/21 at 100.00 
Caa2 
316,064 
 
 
Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29 
 
 
 
3,000 
 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
3,750 
 
 
Generating Corporation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4) 
 
 
 
13,350 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
13,450,125 
 
 
Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22) 
 
 
 
2,500 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
2,518,750 
 
 
Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) 
 
 
 
68,670 
 
Total Ohio 
 
 
69,095,760 
 
 
Oklahoma – 2.6% (1.6% of Total Investments) 
 
 
 
1,555 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise 
8/21 at 100.00 
N/R (12) 
1,655,826 
 
 
Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 (Pre-refunded 
 
 
 
 
 
8/25/21), 144A 
 
 
 
 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 
 
 
 
 
 
Project, Series 2018B: 
 
 
 
3,515 
 
5.250%, 8/15/43 
8/28 at 100.00 
BB+ 
4,091,425 
11,870 
 
5.250%, 8/15/48 
8/28 at 100.00 
BB+ 
13,714,717 
10,570 
 
5.500%, 8/15/52 
8/28 at 100.00 
BB+ 
12,315,530 
21,360 
 
5.500%, 8/15/57 
8/28 at 100.00 
BB+ 
24,803,873 
2,055 
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 
6/23 at 100.00 
Baa1 
2,265,370 
 
 
5.375%, 6/01/33 (AMT) 
 
 
 
50,925 
 
Total Oklahoma 
 
 
58,846,741 
 
 
Oregon – 0.1% (0.0% of Total Investments) 
 
 
 
1,270 
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, 
5/22 at 100.00 
BBB 
1,297,686 
 
 
Refunding Series 2014A, 5.000%, 5/01/40 
 
 
 
 
 
Pennsylvania – 5.4% (3.4% of Total Investments) 
 
 
 
380 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental 
8/22 at 100.00 
Caa2 
342,532 
 
 
Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 
 
 
 
 
 
8/01/42 (AMT) 
 
 
 
1,355 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/27 at 100.00 
Baa3 
1,411,354 
 
 
Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A 
 
 
 
10,650 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
10,729,875 
 
 
Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35 (Mandatory 
 
 
 
 
 
Put 7/01/22) 
 
 
 
 
94
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 32,785 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
$ 40,981 
 
 
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4) 
 
 
 
23,670 
 
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue 
11/27 at 100.00 
BB+ 
24,825,806 
 
 
Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50 
 
 
 
2,950 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
6/28 at 100.00 
3,640,949 
 
 
Settlement, Series 2018, 5.000%, 6/01/35 
 
 
 
2,080 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
1/25 at 100.00 
BBB+ 
2,214,680 
 
 
Social Ministries Project, Series 2015, 5.000%, 1/01/38 
 
 
 
6,335 
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, 
2/27 at 100.00 
A1 
7,436,530 
 
 
Geisinger Health System, Series 2017A-1, 5.000%, 2/15/45 
 
 
 
22,875 
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, 
4/30 at 100.00 
A1 
26,219,096 
 
 
Geisinger Health System, Series 2020A, 4.000%, 4/01/39 
 
 
 
 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 
 
 
 
 
 
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: 
 
 
 
6,190 
 
5.250%, 1/15/36 
1/25 at 100.00 
Ba1 
6,540,416 
3,535 
 
5.250%, 1/15/45 
1/25 at 100.00 
Ba1 
3,692,307 
2,206 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue 
11/20 at 100.00 
N/R 
551,431 
 
 
Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 1.250%, 12/31/23 
 
 
 
672 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue 
No Opt. Call 
N/R 
168,002 
 
 
Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 1.250%, 12/31/23 
 
 
 
 
 
(cash 5.000%, PIK 5.000%) 
 
 
 
4,135 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
11/24 at 100.00 
N/R 
4,242,096 
 
 
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (AMT) 
 
 
 
11,750 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 
9/25 at 100.00 
CCC+ 
9,703,737 
 
 
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
1,085 
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, 
6/26 at 100.00 
BBB 
1,227,515 
 
 
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (AMT) 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
 
 
 
 
 
Bonds, Subordinate Series 2010A1&2: 
 
 
 
315 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
N/R (12) 
316,298 
1,435 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
A (12) 
1,440,970 
5,140 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
12/21 at 100.00 
A2 (12) 
5,403,785 
 
 
Bonds, Subordinate Series 2011B, 5.000%, 12/01/34 (Pre-refunded 12/01/21) 
 
 
 
5,660 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 
6/25 at 100.00 
A+ 
6,407,177 
 
 
5.000%, 12/01/45 
 
 
 
3,170 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 
12/25 at 100.00 
A3 
3,611,930 
 
 
5.000%, 12/01/46 
 
 
 
 
 
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, 
 
 
 
 
 
Guaranteed Lease Revenue Bonds, Series 2016A: 
 
 
 
220 
 
5.000%, 11/15/21 
No Opt. Call 
BB+ 
220,282 
1,255 
 
5.000%, 11/15/28 
5/24 at 100.00 
BB+ 
1,221,015 
149,848 
 
Total Pennsylvania 
 
 
121,608,764 
 
 
Puerto Rico – 3.9% (2.5% of Total Investments) 
 
 
 
1,805 
 
Puerto Rico Cofina Class 2 Trust Tax-Exempt Class 2054 Unit Exchanged From Cusip 
No Opt. Call 
N/R 
346,560 
 
 
74529JAP0, 0.000%, 8/01/54 
 
 
 
3,325 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
11/20 at 100.00 
CC 
3,374,875 
 
 
6.000%, 7/01/44 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
1,800 
 
5.500%, 7/01/28 
7/22 at 100.00 
CC 
1,887,750 
6,640 
 
5.750%, 7/01/37 
7/22 at 100.00 
CC 
6,930,500 
5,425 
 
6.000%, 7/01/47 
7/22 at 100.00 
CC 
5,689,469 
215 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
236,717 
 
 
5.500%, 7/01/29 – AMBAC Insured 
 
 
 
 
95
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Puerto Rico (continued) 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, 
 
 
 
 
 
Restructured 2018A-1: 
 
 
 
$ 10,685 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
$ 3,087,431 
62,339 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
66,412,853 
493 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
7/28 at 100.00 
N/R 
511,813 
 
 
Restructured Cofina Project Series 2019A-2, 4.536%, 7/01/53 
 
 
 
92,727 
 
Total Puerto Rico 
 
 
88,477,968 
 
 
Rhode Island – 0.1% (0.1% of Total Investments) 
 
 
 
21,570 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed 
11/20 at 15.49 
CCC– 
3,334,938 
 
 
Bonds, Series 2007A, 0.000%, 6/01/52 
 
 
 
 
 
South Carolina – 2.9% (1.9% of Total Investments) 
 
 
 
5,000 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding 
No Opt. Call 
A– 
5,048,200 
 
 
Series 1991, 6.250%, 1/01/21 – FGIC Insured 
 
 
 
 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 
 
 
 
1,220 
 
0.000%, 1/01/23 – FGIC Insured 
No Opt. Call 
A– 
1,199,931 
21,570 
 
0.000%, 1/01/30 – AMBAC Insured 
No Opt. Call 
A– 
18,394,249 
5,560 
 
0.000%, 1/01/31 – AGC Insured 
No Opt. Call 
A3 
4,655,332 
10,000 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A– 
11,302,100 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
7,110 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
12/30 at 100.00 
A– 
8,098,930 
 
 
Improvement Series 2020A, 4.000%, 12/01/40 (WI/DD, Settling 11/05/20) 
 
 
 
6,930 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
12/24 at 100.00 
A– 
7,846,631 
 
 
Series 2014C, 5.000%, 12/01/39 
 
 
 
9,155 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 
6/24 at 100.00 
A– 
10,280,058 
 
 
2014A, 5.500%, 12/01/54 
 
 
 
66,545 
 
Total South Carolina 
 
 
66,825,431 
 
 
South Dakota – 0.2% (0.1% of Total Investments) 
 
 
 
4,455 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/24 at 100.00 
A+ 
5,002,430 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
 
 
Tennessee – 1.2% (0.8% of Total Investments) 
 
 
 
8,890 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 
1/23 at 100.00 
BBB+ (12) 
9,804,603 
 
 
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) 
 
 
 
4,000 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 
8/29 at 100.00 
BBB+ 
4,338,120 
 
 
CommonSpirit Health, Series 2019A-1, 4.000%, 8/01/44 
 
 
 
1,665 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 
8/29 at 100.00 
BBB+ 
1,970,228 
 
 
CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/44 
 
 
 
2,395 
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, 
10/24 at 100.00 
Baa3 
2,559,058 
 
 
Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44 
 
 
 
2,540 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
6/27 at 100.00 
N/R 
1,524,000 
 
 
Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 0.000%, 
 
 
 
 
 
6/15/37, 144A (4) 
 
 
 
5,830 
 
Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate 
7/30 at 100.00 
A2 
6,874,211 
 
 
Series 2019A, 5.000%, 7/01/54 
 
 
 
25,320 
 
Total Tennessee 
 
 
27,070,220 
 
 
Texas – 15.5% (9.7% of Total Investments) 
 
 
 
 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift 
 
 
 
 
 
Education, Series 2016A: 
 
 
 
165 
 
5.000%, 12/01/36 
12/26 at 100.00 
BBB– 
182,569 
130 
 
5.000%, 12/01/46 
12/26 at 100.00 
BBB– 
141,023 
760 
 
5.000%, 12/01/51 
12/26 at 100.00 
BBB– 
822,411 
 
96
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 495 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside 
8/21 at 100.00 
BB+ 
$ 497,228 
 
 
Schools, Series 2016A, 4.375%, 8/15/36 
 
 
 
900 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
9/23 at 103.00 
N/R 
961,587 
 
 
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
765 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
9/23 at 103.00 
N/R 
815,245 
 
 
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 
 
 
 
 
 
Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage 
 
 
 
 
 
Revenue Bonds, Refunding & Improvement Series 2015: 
 
 
 
3,135 
 
5.250%, 12/01/35 
12/25 at 100.00 
BB 
3,430,662 
3,340 
 
5.000%, 12/01/40 
12/25 at 100.00 
BB 
3,500,721 
1,030 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement 
3/23 at 103.00 
N/R 
1,077,833 
 
 
District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
1,815 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement 
3/23 at 103.00 
N/R 
1,890,504 
 
 
District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 
 
 
 
 
 
8.250%, 9/01/40 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
3,250 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (12) 
3,280,192 
2,700 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (12) 
2,726,163 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: 
 
 
 
2,000 
 
5.000%, 1/01/40 
7/25 at 100.00 
Baa1 
2,257,460 
3,625 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa1 
4,064,821 
 
 
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, 
 
 
 
 
 
Improvement Area 1 Project, Series 2016: 
 
 
 
550 
 
6.250%, 9/01/35 
9/23 at 103.00 
N/R 
606,732 
520 
 
6.500%, 9/01/46 
9/23 at 103.00 
N/R 
573,227 
4,500 
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 
1/21 at 100.00 
AA– (12) 
4,535,055 
 
 
5.000%, 1/01/36 (Pre-refunded 1/01/21) 
 
 
 
4,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 
11/22 at 100.00 
4,259,600 
 
 
2013C, 5.000%, 11/01/38 (AMT) 
 
 
 
2,600 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding & 
11/21 at 100.00 
2,698,176 
 
 
Improvement Series 2012C, 5.000%, 11/01/45 
 
 
 
1,000 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy 
11/22 at 100.00 
Baa2 
1,035,640 
 
 
Inc Project, Series 2012A RMKT, 4.750%, 5/01/38 
 
 
 
2,335 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier 
10/23 at 100.00 
BBB 
2,485,981 
 
 
Series 2013A, 5.125%, 10/01/43 
 
 
 
17,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
10/23 at 100.00 
AA (12) 
19,453,270 
 
 
Lien Series 2013B, 5.250%, 10/01/51 (Pre-refunded 10/01/23) 
 
 
 
4,410 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
4/28 at 100.00 
AA 
5,378,833 
 
 
Lien Series 2018A Tela Supported, 5.000%, 10/01/48 
 
 
 
1,140 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender 
10/23 at 100.00 
AA+ (12) 
1,765,176 
 
 
Option Bond Trust 2015-XF0228, 17.898%, 11/01/44, 144A (Pre-refunded 10/01/23) (IF) (7) 
 
 
 
10,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
11/20 at 100.00 
B3 
10,005,000 
 
 
Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (AMT) 
 
 
 
3,480 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
6/25 at 100.00 
AA 
3,970,541 
 
 
Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 
 
 
 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation 
 
 
 
 
 
Refunding Senior Lien Series 2014A: 
 
 
 
295 
 
0.000%, 11/15/41 – AGM Insured 
11/31 at 62.66 
A2 
129,493 
590 
 
0.000%, 11/15/42 – AGM Insured 
11/31 at 59.73 
A2 
245,859 
1,000 
 
0.000%, 11/15/43 – AGM Insured 
11/31 at 56.93 
A2 
395,450 
2,000 
 
0.000%, 11/15/44 – AGM Insured 
11/31 at 54.25 
A2 
749,640 
2,600 
 
0.000%, 11/15/45 – AGM Insured 
11/31 at 51.48 
A2 
919,698 
4,180 
 
0.000%, 11/15/53 – AGM Insured 
11/31 at 33.96 
A2 
950,532 
 
97
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 6,170 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 
11/31 at 69.08 
BB+ 
$ 2,805,190 
 
 
0.000%, 11/15/37 – NPFG Insured 
 
 
 
4,565 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 52.47 
BB 
2,108,984 
 
 
0.000%, 11/15/35 – NPFG Insured 
 
 
 
40,500 
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior 
11/30 at 54.04 
A2 
15,991,425 
 
 
Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured 
 
 
 
3,855 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 
7/22 at 100.00 
A (12) 
4,138,921 
 
 
2012A, 5.000%, 7/01/32 (Pre-refunded 7/01/22) (AMT) 
 
 
 
2,000 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc 
7/25 at 100.00 
2,021,000 
 
 
Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/35 (AMT) 
 
 
 
235 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc 
7/24 at 100.00 
240,565 
 
 
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) 
 
 
 
2,845 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc 
No Opt. Call 
BB– 
2,983,182 
 
 
Terminal E Project, Refunding Series 2020A, 5.000%, 7/01/27 (AMT) 
 
 
 
3,750 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc 
No Opt. Call 
BB– 
3,932,025 
 
 
Terminal Improvements Project, Refunding Series 2020B-2, 5.000%, 7/15/27 (AMT) 
 
 
 
10,000 
 
Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 5.000%, 
11/21 at 100.00 
AA (12) 
10,493,100 
 
 
11/15/40 (Pre-refunded 11/15/21) 
 
 
 
5,000 
 
Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 
11/30 at 100.00 
Aa2 
5,924,900 
 
 
2020C, 4.000%, 11/15/43 
 
 
 
5,335 
 
Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2019A, 
3/29 at 100.00 
Aa3 
6,872,013 
 
 
5.000%, 3/01/32 
 
 
 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and 
 
 
 
 
 
Entertainment Project, Series 2001B: 
 
 
 
28,305 
 
0.000%, 9/01/28 – AMBAC Insured 
No Opt. Call 
23,755,537 
5,000 
 
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
3,890,750 
5,765 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
4,316,832 
6,000 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 
No Opt. Call 
AA+ (12) 
7,763,640 
 
 
2001B, 5.500%, 12/01/29 – NPFG Insured (ETM) 
 
 
 
7,500 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 
No Opt. Call 
A2 (12) 
11,251,125 
 
 
2002A, 5.750%, 12/01/32 – AGM Insured (ETM) 
 
 
 
720 
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
8/25 at 100.00 
A– 
809,122 
 
 
Memorial Hospital Project, Series 2015, 5.000%, 8/15/35 
 
 
 
2,750 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA 
5/25 at 100.00 
3,178,285 
 
 
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 
 
 
 
1,750 
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, 
4/21 at 100.00 
BBB 
1,776,075 
 
 
Series 2011A, 7.250%, 4/01/36 
 
 
 
2,505 
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, 
No Opt. Call 
3,137,112 
 
 
Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (AMT) 
 
 
 
8,630 
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, 
10/21 at 105.00 
BB– 
9,144,693 
 
 
Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A 
 
 
 
15,600 
 
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro 
1/26 at 102.00 
N/R 
1,086,852 
 
 
Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (AMT), 144A (4), (5) 
 
 
 
150 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
134,375 
 
 
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, LLC-Texas A&M University-Corpus 
 
 
 
 
 
Christi Project, Series 2016A, 5.000%, 4/01/48 
 
 
 
565 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
BBB– 
547,361 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M 
 
 
 
 
 
University – San Antonio Project,, 5.000%, 4/01/48 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible 
 
 
 
 
 
Capital Appreciation Series 2011C: 
 
 
 
6,330 
 
0.000%, 9/01/43 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (12) 
8,607,281 
9,130 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (12) 
13,445,660 
 
98
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital 
 
 
 
 
 
Appreciation Series 2008I: 
 
 
 
$ 2,555 
 
6.200%, 1/01/42 – AGC Insured 
1/25 at 100.00 
A1 
$ 3,048,141 
7,000 
 
6.500%, 1/01/43 
1/25 at 100.00 
A+ 
8,410,500 
10,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
A1 
9,055,600 
 
 
0.000%, 1/01/28 – AGC Insured 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B: 
 
 
 
2,870 
 
5.000%, 1/01/40 
1/23 at 100.00 
A+ 
3,086,656 
4,880 
 
5.000%, 1/01/45 
1/25 at 100.00 
A+ 
5,554,270 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, 
 
 
 
 
 
Series 2015A: 
 
 
 
7,855 
 
5.000%, 1/01/33 
1/25 at 100.00 
9,094,990 
2,205 
 
5.000%, 1/01/34 
1/25 at 100.00 
2,547,238 
1,000 
 
5.000%, 1/01/35 
1/25 at 100.00 
1,153,450 
2,345 
 
5.000%, 1/01/38 
1/25 at 100.00 
2,691,450 
1,570 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 
2/24 at 100.00 
Ba1 
1,644,182 
 
 
2014A, 5.000%, 2/01/34 
 
 
 
1,680 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, 
No Opt. Call 
A– 
1,967,482 
 
 
Senior Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
2,500 
 
5.000%, 12/15/27 
12/22 at 100.00 
BBB+ 
2,691,125 
4,835 
 
5.000%, 12/15/28 
12/22 at 100.00 
BBB+ 
5,189,696 
13,235 
 
5.000%, 12/15/29 
12/22 at 100.00 
BBB+ 
14,166,876 
435 
 
5.000%, 12/15/32 
12/22 at 100.00 
BBB+ 
462,736 
2,000 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue 
9/23 at 100.00 
Baa3 
2,278,260 
 
 
Bonds, NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility, Series 2013, 7.000%, 
 
 
 
 
 
12/31/38 (AMT) 
 
 
 
5,355 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 
8/22 at 100.00 
A3 (12) 
5,808,301 
 
 
First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22) 
 
 
 
13,000 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 
8/30 at 100.00 
A3 
16,580,070 
 
 
First Tier Series 2020A, 5.000%, 8/15/39 
 
 
 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 
 
 
 
 
 
Second Tier Series 2015C: 
 
 
 
4,000 
 
5.000%, 8/15/32 
8/24 at 100.00 
Baa1 
4,543,920 
1,875 
 
5.000%, 8/15/37 
8/24 at 100.00 
Baa1 
2,110,500 
 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier 
 
 
 
 
 
Series 2002A: 
 
 
 
300 
 
0.000%, 8/15/21 – AMBAC Insured (ETM) 
No Opt. Call 
A3 (12) 
299,295 
1,020 
 
0.000%, 8/15/21 – AMBAC Insured 
No Opt. Call 
A3 
1,014,431 
3,600 
 
0.000%, 8/15/25 – AMBAC Insured 
No Opt. Call 
A3 
3,417,048 
5,000 
 
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master 
10/27 at 100.00 
AAA 
5,856,400 
 
 
Trust Series 2017A, 4.000%, 10/15/37 
 
 
 
2,400 
 
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, 
11/20 at 100.00 
N/R (12) 
2,421,048 
 
 
Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) 
 
 
 
374,780 
 
Total Texas 
 
 
351,255,992 
 
 
Utah – 0.3% (0.2% of Total Investments) 
 
 
 
2,030 
 
Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, 
12/27 at 100.00 
N/R 
1,626,456 
 
 
Senior Series 2017A, 8.000%, 12/01/39 (AMT), 144A (4) 
 
 
 
3,000 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, 
7/28 at 100.00 
A2 
3,466,860 
 
 
7/01/48 (AMT) 
 
 
 
1,555 
 
Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
11/20 at 100.00 
BB 
1,557,877 
 
 
School, Series 2010A, 6.375%, 7/15/40 
 
 
 
6,585 
 
Total Utah 
 
 
6,651,193 
 
99
 

   
NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Virginia – 1.2% (0.8% of Total Investments) 
 
 
 
$ 540 
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, 
3/25 at 100.00 
N/R 
$ 557,172 
 
 
Series 2015, 5.600%, 3/01/45, 144A 
 
 
 
1,800 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours 
11/22 at 100.00 
N/R (12) 
1,964,322 
 
 
Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) 
 
 
 
10,935 
 
Metropolitan Washington DC Airports Authority, Virginia, Airport System Revenue Bonds, 
10/27 at 100.00 
A+ 
12,680,117 
 
 
Refunding Series 2017, 5.000%, 10/01/47 (AMT) 
 
 
 
1,810 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes 
1/22 at 100.00 
BBB– 
1,871,305 
 
 
LLC Project, Series 2012, 5.000%, 1/01/40 (AMT) 
 
 
 
 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
 
 
 
 
 
Crossing, Opco LLC Project, Series 2012: 
 
 
 
1,885 
 
5.250%, 1/01/32 (AMT) 
7/22 at 100.00 
BBB– 
1,976,912 
4,480 
 
6.000%, 1/01/37 (AMT) 
7/22 at 100.00 
BBB– 
4,769,677 
3,810 
 
5.500%, 1/01/42 (AMT) 
7/22 at 100.00 
BBB– 
3,978,707 
25,260 
 
Total Virginia 
 
 
27,798,212 
 
 
Washington – 2.3% (1.5% of Total Investments) 
 
 
 
1,260 
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle 
11/20 at 100.00 
AAA 
1,406,437 
 
 
Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured 
 
 
 
6,000 
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, 
7/25 at 100.00 
AA– 
7,028,640 
 
 
Refunding Series 2015A, 5.000%, 7/01/38 (UB) (7) 
 
 
 
10,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 
2/21 at 100.00 
BBB+ (12) 
10,114,500 
 
 
2011A, 5.000%, 2/01/41 (Pre-refunded 2/01/21) 
 
 
 
6,065 
 
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health 
7/25 at 100.00 
Baa1 
6,352,724 
 
 
Services Association, Refunding Series 2015, 4.000%, 7/01/36 
 
 
 
7,190 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
1/21 at 100.00 
A2 (12) 
7,252,050 
 
 
Research Center, Series 2011A, 5.625%, 1/01/35 (Pre-refunded 1/01/21) 
 
 
 
2,940 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical 
12/20 at 100.00 
N/R (12) 
2,952,113 
 
 
Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 
 
 
 
3,300 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center 
9/30 at 100.00 
A2 
3,974,883 
 
 
Alliance, Series 2020, 5.000%, 9/01/50 
 
 
 
2,185 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
2,321,868 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
8,780 
 
Washington State Convention Center Public Facilities District, Lodging Tax Revenue 
7/28 at 100.00 
BBB 
9,702,339 
 
 
Bonds, Series 2018, 5.000%, 7/01/43 
 
 
 
1,410 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 
No Opt. Call 
AA+ 
1,377,499 
 
 
12/01/24 – NPFG Insured 
 
 
 
49,130 
 
Total Washington 
 
 
52,483,053 
 
 
West Virginia – 0.6% (0.4% of Total Investments) 
 
 
 
2,950 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue 
12/20 at 100.00 
Baa1 
2,960,738 
 
 
Bonds, Appalachian Power Company – Amos Project, Series 2010, 5.375%, 12/01/38 
 
 
 
5,160 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 
6/23 at 100.00 
5,584,152 
 
 
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
5,000 
 
West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health 
6/27 at 100.00 
5,826,750 
 
 
System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/47 
 
 
 
13,110 
 
Total West Virginia 
 
 
14,371,640 
 
 
Wisconsin – 1.5% (0.9% of Total Investments) 
 
 
 
1,000 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science 
5/26 at 100.00 
N/R 
1,029,140 
 
 
Academy Project, Series 2016A, 5.125%, 5/01/36, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina 
 
 
 
 
 
Charter Educational Foundation Project, Series 2016A: 
 
 
 
5,375 
 
5.000%, 6/15/36, 144A 
6/26 at 100.00 
N/R 
5,413,915 
4,430 
 
5.000%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
4,329,616 
 
100
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, 
 
 
 
 
 
Lombard Public Facilities Corporation, First Tier Series 2018A-1: 
 
 
 
$ 80 
 
0.000%, 1/01/47, 144A (4) 
No Opt. Call 
N/R 
$ 1,911 
70 
 
0.000%, 1/01/48, 144A (4) 
No Opt. Call 
N/R 
1,641 
69 
 
0.000%, 1/01/49, 144A (4) 
No Opt. Call 
N/R 
1,576 
66 
 
0.000%, 1/01/50, 144A (4) 
No Opt. Call 
N/R 
1,461 
65 
 
0.000%, 1/01/51, 144A (4) 
No Opt. Call 
N/R 
1,407 
85 
 
0.000%, 1/01/52, 144A (4) 
No Opt. Call 
N/R 
1,752 
84 
 
0.000%, 1/01/53, 144A (4) 
No Opt. Call 
N/R 
1,691 
81 
 
0.000%, 1/01/54, 144A (4) 
No Opt. Call 
N/R 
1,586 
79 
 
0.000%, 1/01/55, 144A (4) 
No Opt. Call 
N/R 
1,515 
77 
 
0.000%, 1/01/56, 144A (4) 
No Opt. Call 
N/R 
1,454 
4,002 
 
5.500%, 7/01/56, 144A (4) 
3/28 at 100.00 
N/R 
2,882,211 
86 
 
0.000%, 1/01/57, 144A (4) 
No Opt. Call 
N/R 
1,561 
84 
 
0.000%, 1/01/58, 144A (4) 
No Opt. Call 
N/R 
1,481 
81 
 
0.000%, 1/01/59, 144A (4) 
No Opt. Call 
N/R 
1,411 
80 
 
0.000%, 1/01/60, 144A (4) 
No Opt. Call 
N/R 
1,333 
79 
 
0.000%, 1/01/61, 144A (4) 
No Opt. Call 
N/R 
1,272 
76 
 
0.000%, 1/01/62, 144A (4) 
No Opt. Call 
N/R 
1,202 
75 
 
0.000%, 1/01/63, 144A (4) 
No Opt. Call 
N/R 
1,147 
73 
 
0.000%, 1/01/64, 144A (4) 
No Opt. Call 
N/R 
1,098 
72 
 
0.000%, 1/01/65, 144A (4) 
No Opt. Call 
N/R 
1,042 
78 
 
0.000%, 1/01/66, 144A (4) 
No Opt. Call 
N/R 
1,064 
935 
 
0.000%, 1/01/67, 144A (4) 
No Opt. Call 
N/R 
11,873 
1,200 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
8/26 at 100.00 
N/R 
1,143,252 
 
 
Company Project, Refunding Series 2016, 4.000%, 8/01/35 (AMT) 
 
 
 
1,000 
 
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, 
5/26 at 100.00 
BBB– 
1,090,260 
 
 
Refunding Series 2016C, 4.300%, 11/01/30 (AMT) 
 
 
 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
1,302,287 
 
 
Series 2012B, 5.000%, 2/15/32 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, 
 
 
 
 
 
Inc, Series 2012: 
 
 
 
2,105 
 
5.000%, 6/01/32 
6/22 at 100.00 
A3 
2,200,041 
2,500 
 
5.000%, 6/01/39 
6/22 at 100.00 
A3 
2,598,700 
1,120 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
10/22 at 102.00 
N/R 
1,163,501 
 
 
Hollow Project Series 2014, 5.250%, 10/01/39 
 
 
 
4,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, 
8/24 at 100.00 
A+ 
4,472,000 
 
 
ProHealth Care, Inc Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers 
 
 
 
 
 
Memorial Hospital, Inc, Series 2014A: 
 
 
 
1,415 
 
5.000%, 7/01/27 
7/24 at 100.00 
1,612,916 
1,310 
 
5.000%, 7/01/29 
7/24 at 100.00 
1,481,099 
3,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers 
7/24 at 100.00 
3,299,940 
 
 
Memorial Hospital, Inc, Series 2014B, 5.000%, 7/01/44 
 
 
 
36,182 
 
Total Wisconsin 
 
 
34,059,356 
$ 3,765,582 
 
Total Municipal Bonds (cost $3,280,647,204) 
 
 
3,584,445,333 
 
Shares 
 
Description (1) 
 
 
Value 
 
 
COMMON STOCKS – 1.1% (0.7% of Total Investments) 
 
 
 
 
 
Electric Utilities – 1.1% (0.7% of Total Investments) 
 
 
 
1,189,215 
 
Energy Harbor Corp (8), (13), (14) 
 
 
$ 23,784,300 
 
 
Total Common Stocks (cost $33,900,553) 
 
 
23,784,300 
 
101
 

NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued) October 31, 2020
 
             
Shares 
 
Description (1), (9) 
 
 
 
Value 
 
 
INVESTMENT COMPANIES – 0.1% (0.0% of Total Investments) 
 
 
 
 
6,266 
 
BlackRock MuniHoldings Fund Inc 
 
 
 
$ 94,115 
26,880 
 
BNY Mellon Strategic Municipals Inc 
 
 
 
218,534 
30,000 
 
Invesco Municipal Opportunity Trust 
 
 
 
368,400 
43,020 
 
Invesco Trust for Investment Grade Municipals 
 
 
 
533,448 
43,420 
 
PIMCO Municipal Income Fund II 
 
 
 
571,842 
 
 
Total Investment Companies (cost $1,790,280) 
 
 
 
1,786,339 

Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.0% (0.0% of Total Investments) 
 
 
 
 
 
 
Industrials – 0.0% (0.0% of Total Investments) 
 
 
 
 
$ 3,135 
 
EWM P1 LLC (cash 13.750%, PIK 1.250%) (4), (5) 
15.000% 
9/01/28 
N/R 
$ 32 
2,335 
 
EWM P1 LLC (4), (5) 
15.000% 
9/01/28 
N/R 
23 
546 
 
EWM P1 LLC 
15.000% 
9/01/28 
N/R 
545,456 
$ 6,016 
 
Total Corporate Bonds (cost $5,649,547) 
 
 
 
545,511 
 
 
Total Long-Term Investments (cost $3,321,987,584) 
 
 
 
3,610,561,483 
 
 
Floating Rate Obligations – (0.7)% 
 
 
 
(16,275,000) 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (28.2)% (10) 
 
 
 
(640,010,468) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (31.9)% (11) 
 
 
 
(722,526,702) 
 
 
Other Assets Less Liabilities – 1.6% 
 
 
 
36,216,168 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$ 2,267,965,481 
 
102
 

   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
 
 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below 
BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national 
rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(5) 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. 
(6) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(7) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(8) 
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. 
(9) 
A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. 
(10) 
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 17.7%. 
(11) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.0%. 
(12) 
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. 
(13) 
 
 
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32. 
(14) 
Non-income producing; issuer has not declared a dividend within the past twelve months. 
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. 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information.
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
103
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 145.1% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 143.3% (98.7% of Total Investments) 
 
 
 
 
 
Alabama – 2.0% (1.4% of Total Investments) 
 
 
 
$ 182 
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, 
11/20 at 100.00 
N/R 
$ 2 
 
 
Big Sky Environmental LLC Project, Refunding Taxable Series 2017C, 1.000%, 9/01/37, 144A (4) 
 
 
 
1,000 
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, 
9/27 at 100.00 
N/R 
700,000 
 
 
Big Sky Environmental LLC Project, Series 2017A, 6.750%, 9/01/37, 144A (4) 
 
 
 
213 
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, 
9/27 at 100.00 
N/R 
148,646 
 
 
Big Sky Environmental LLC Project, Taxable Series 2017B, 6.750%, 9/01/37, 144A (4) 
 
 
 
1,000 
 
Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City 
11/20 at 100.00 
B1 
999,960 
 
 
Fiber Co Project, Series 1993, 6.450%, 12/01/23 (AMT) 
 
 
 
2,000 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
2,076,000 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 
 
 
 
10,765 
 
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
10/29 at 100.00 
Caa2 
9,502,158 
 
 
United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT) 
 
 
 
5,000 
 
Jefferson County, Alabama, Sewer Revenue Warrants, Capital Appreciation Subordinate Lien 
10/23 at 105.00 
BB 
4,980,800 
 
 
Series 2013F, 0.000%, 10/01/50 (5) 
 
 
 
1,000 
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 0.000%, 
10/23 at 105.00 
BB+ 
989,890 
 
 
10/01/38 – AGM Insured (5) 
 
 
 
2,000 
 
Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, 
11/29 at 100.00 
N/R 
1,996,860 
 
 
4.000%, 11/01/45, 144A 
 
 
 
1,000 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
5/29 at 100.00 
N/R 
1,098,330 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A 
 
 
 
24,160 
 
Total Alabama 
 
 
22,492,646 
 
 
Arizona – 2.9% (2.0% of Total Investments) 
 
 
 
 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona 
 
 
 
 
 
Christian University Project, Series 2019A: 
 
 
 
400 
 
5.500%, 10/01/40, 144A 
10/26 at 103.00 
N/R 
402,496 
800 
 
5.625%, 10/01/49, 144A 
10/26 at 103.00 
N/R 
800,784 
5,000 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest 
9/23 at 105.00 
BB+ 
5,553,600 
 
 
Academy of Nevada ? Sloan Canyon Campus Project, Series 2020A-2, 6.150%, 9/15/53, 144A 
 
 
 
1,000 
 
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus 
6/28 at 100.00 
N/R 
1,090,970 
 
 
Academy Project, Series 2018A, 6.500%, 6/01/50, 144A 
 
 
 
1,000 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
1/30 at 100.00 
N/R 
1,006,280 
 
 
Gateway Academy Project, Series 2019A, 5.750%, 1/01/50, 144A 
 
 
 
3,000 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University 
6/22 at 100.00 
N/R 
3,387,030 
 
 
Project, Tender Option Bond Trust 2016-XF2337, 17.301%, 6/01/42, 144A (IF) (6) 
 
 
 
435 
 
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, 
7/24 at 101.00 
N/R 
418,431 
 
 
Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 
 
 
 
1,000 
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, 
5/24 at 100.00 
N/R 
1,087,670 
 
 
Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Edkey Charter Schools Project, Refunding Series 2013: 
 
 
 
500 
 
6.000%, 7/01/33 
11/20 at 102.00 
BB– 
510,650 
1,000 
 
6.000%, 7/01/48 
11/20 at 102.00 
BB– 
1,020,940 
3,000 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 103.00 
N/R 
3,006,300 
 
 
Edkey Charter Schools Project, Refunding Series 2020, 5.000%, 7/01/49, 144A (WI/DD, 
 
 
 
 
 
Settling 11/18/20) 
 
 
 
 
104
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arizona (continued) 
 
 
 
$ 100 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
11/20 at 102.00 
BB– 
$ 102,211 
 
 
Edkey Charter Schools Project, Series 2014A, 6.875%, 7/01/34 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Edkey Charter Schools Project, Series 2016: 
 
 
 
245 
 
5.250%, 7/01/36 
7/26 at 100.00 
BB– 
253,918 
400 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB– 
408,976 
475 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
486,690 
1,000 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 103.00 
N/R 
1,065,050 
 
 
Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A 
 
 
 
2,000 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/24 at 100.00 
N/R 
2,275,760 
 
 
San Tan Montessori School Project, Series 2014A, 9.000%, 2/01/44 
 
 
 
365 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
6/28 at 100.00 
N/R 
370,055 
 
 
Synergy Public Charter School Project, Series 2020, 5.000%, 6/15/35, 144A 
 
 
 
100 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/25 at 100.00 
N/R 
100,921 
 
 
The Paideia Academies Project, 2019, 5.125%, 7/01/39 
 
 
 
2,500 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden 
1/22 at 100.00 
B– 
2,447,800 
 
 
Traditional Schools Project, Series 2012, 7.500%, 1/01/42 
 
 
 
605 
 
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract 
11/20 at 100.00 
BBB– 
605,702 
 
 
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured 
 
 
 
1,295 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development 
5/22 at 100.00 
BB– 
1,361,537 
 
 
Bonds, Series 2012A, 9.750%, 5/01/25 
 
 
 
2,500 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy 
No Opt. Call 
Ba3 
3,524,400 
 
 
Inc Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37, 144A 
 
 
 
945 
 
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West 
12/20 at 100.00 
N/R 
880,286 
 
 
Water & Sewer Inc Refunding, Series 2007A, 6.375%, 12/01/37 (AMT) 
 
 
 
29,665 
 
Total Arizona 
 
 
32,168,457 
 
 
Arkansas – 0.4% (0.3% of Total Investments) 
 
 
 
4,000 
 
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 
9/26 at 103.00 
4,009,960 
 
 
Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A 
 
 
 
 
 
California – 16.2% (11.2% of Total Investments) 
 
 
 
18,875 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
Baa2 
21,718,141 
 
 
Subordinate Lien Series 2016B, 5.000%, 10/01/37 (UB) (6) 
 
 
 
2,250 
 
California Enterprise Development Authority, Charter School Revenue Bonds, Norton 
7/27 at 102.00 
N/R 
2,308,725 
 
 
Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A 
 
 
 
1,000 
 
California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, 
4/21 at 100.00 
N/R 
1,007,690 
 
 
SunPower Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31 
 
 
 
 
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford 
 
 
 
 
 
Hospital and Clinics, Tender Option Bond Trust 2016-XF2353, Formerly Tender Option Bond 
 
 
 
 
 
Trust 3267: 
 
 
 
1,250 
 
18.763%, 11/15/40, 144A (Pre-refunded 11/15/21) (IF) (6) 
11/21 at 100.00 
AA– (7) 
1,511,588 
1,875 
 
19.753%, 11/15/40, 144A (Pre-refunded 11/15/21) (IF) (6) 
11/21 at 100.00 
N/R (7) 
2,286,731 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los 
 
 
 
 
 
Angeles, Series 2017A: 
 
 
 
5,165 
 
5.000%, 8/15/42 (UB) (6) 
8/27 at 100.00 
Baa2 
5,948,221 
22,115 
 
5.000%, 8/15/47 (UB) (6) 
8/27 at 100.00 
Baa2 
25,275,012 
12,500 
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente 
11/27 at 100.00 
AA– 
13,927,125 
 
 
System, Series 2017A-2, 4.000%, 11/01/44 (UB) (6) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2015-XF0131: 
 
 
 
1,000 
 
17.834%, 8/15/51, 144A (IF) (6) 
8/22 at 100.00 
AA 
1,253,660 
250 
 
17.839%, 8/15/51, 144A (IF) (6) 
8/22 at 100.00 
AA 
313,433 
 
105
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 1,020 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas 
8/24 at 100.00 
N/R 
$ 1,102,079 
 
 
Affordable Housing Inc Projects, Series 2014B, 5.875%, 8/15/49 
 
 
 
500 
 
California Municipal Finance Authority, Revenue Bonds, California Baptist University, 
11/26 at 100.00 
N/R 
530,795 
 
 
Series 2016A, 5.000%, 11/01/36, 144A 
 
 
 
7,430 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, 
7/27 at 100.00 
BBB– 
7,881,893 
 
 
Refunding Series 2017B, 4.000%, 7/01/42 (UB) (6) 
 
 
 
20,925 
 
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien 
6/28 at 100.00 
BBB– 
22,086,965 
 
 
Series 2018A, 4.000%, 12/31/47 (AMT) (UB) (6) 
 
 
 
2,000 
 
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, 
No Opt. Call 
B+ 
1,991,180 
 
 
Inc Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) 
 
 
 
400 
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, 
No Opt. Call 
N/R 
120,000 
 
 
Aemerge Redpak Services Southern California, LLC Project, Subordinate Series 2017, 8.000%, 
 
 
 
 
 
12/01/27 (AMT), 144A (4) 
 
 
 
1,000 
 
California Public Finance Authority, Charter School Lease Revenue Bonds, California 
7/28 at 100.00 
N/R 
1,000,000 
 
 
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A (WI/DD, Settling 11/10/20) 
 
 
 
1,000 
 
California School Finance Authority, California, Charter School Revenue Bonds, Alta 
6/28 at 102.00 
N/R 
1,046,640 
 
 
Public Schools – Obligated Group, Series 2020A, 6.000%, 6/01/59, 144A 
 
 
 
 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
 
 
 
 
 
Linda University Medical Center, Series 2014A: 
 
 
 
800 
 
5.250%, 12/01/44 
12/24 at 100.00 
BB– 
859,968 
1,000 
 
5.500%, 12/01/54 
12/24 at 100.00 
BB– 
1,082,140 
6,940 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/26 at 100.00 
BB– 
7,636,221 
 
 
Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A 
 
 
 
500 
 
California Statewide Communities Development Authority, Revenue Bonds, Lancer 
6/26 at 100.00 
N/R 
510,955 
 
 
Educational Student Housing Project, Refunding Series 2016A, 5.000%, 6/01/46, 144A 
 
 
 
1,000 
 
California Statewide Communities Development Authority, Special Tax Bonds, Community 
9/22 at 100.00 
N/R 
1,053,050 
 
 
Facilities District 2012-01, Fancher Creek, Series 2013A, 5.700%, 9/01/43 
 
 
 
1,530 
 
California Statewide Communities Development Authority, Statewide Community 
9/21 at 100.00 
N/R 
1,469,993 
 
 
Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 
 
 
 
500 
 
California Statewide Community Development Authority, Revenue Bonds, California Baptist 
11/21 at 100.00 
N/R (7) 
535,405 
 
 
University, Series 2011A, 7.500%, 11/01/41 (Pre-refunded 11/01/21) 
 
 
 
790 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
11/20 at 100.00 
N/R 
726,998 
 
 
Charity Health System, Series 2005A, 5.500%, 7/01/39 (4) 
 
 
 
1,800 
 
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, 
11/20 at 100.00 
N/R 
1,802,214 
 
 
Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C, 6.500%, 12/15/47 
 
 
 
2,000 
 
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue 
11/20 at 100.00 
A+ 
2,005,340 
 
 
Bonds, Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
 
 
 
 
 
Asset-Backed Revenue Bonds, Refunding Series 2015A: 
 
 
 
2,000 
 
5.000%, 6/01/40 (UB) (6) 
6/25 at 100.00 
A+ 
2,305,340 
2,000 
 
5.000%, 6/01/45 (UB) (6) 
6/25 at 100.00 
A+ 
2,287,000 
3,500 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
B– 
3,609,445 
 
 
Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 
 
 
 
5,960 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
6,130,575 
 
 
Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
5,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
5,143,100 
 
 
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
860 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/25 at 100.00 
Aa1 
1,353,365 
 
 
Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, 17.278%, 6/01/45, 144A (IF) (6) 
 
 
 
1,500 
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond 
7/21 at 100.00 
N/R 
1,750,275 
 
 
Trust 3253, 22.290%, 7/15/40, 144A (IF) (6) 
 
 
 
 
106
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, 
 
 
 
 
 
Series 2005: 
 
 
 
$ 1,000 
 
5.000%, 8/01/25 – AMBAC Insured 
11/20 at 100.00 
N/R 
$ 1,002,900 
1,000 
 
5.000%, 8/01/35 – AMBAC Insured 
11/20 at 100.00 
N/R 
1,000,690 
390 
 
Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series 
9/23 at 100.00 
N/R 
422,561 
 
 
2013B, 5.250%, 9/01/32 
 
 
 
850 
 
Los Angeles County, California, Community Development Commission Headquarters Office 
No Opt. Call 
N/R 
961,138 
 
 
Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc, 
 
 
 
 
 
Tender Option Bond Trust, 18.389%, 9/01/42, 144A (IF) (6) 
 
 
 
1,000 
 
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, 
9/21 at 100.00 
1,042,590 
 
 
Subordinate Lien Series 2011A, 7.000%, 9/01/31 
 
 
 
1,500 
 
March Joint Powers Redevelopment Agency, California, Tax Allocation Revenue Bonds, March 
8/21 at 100.00 
N/R (7) 
1,579,890 
 
 
Air Force Base Redevelopment Project, Series 2011A, 7.500%, 8/01/41 (Pre-refunded 8/01/21) 
 
 
 
500 
 
National City Community Development Commission, California, Tax Allocation Bonds, 
8/21 at 100.00 
A (7) 
525,060 
 
 
National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21) 
 
 
 
330 
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field 
9/21 at 100.00 
A– (7) 
347,698 
 
 
Redevelopment Project, Series 2011, 6.750%, 9/01/40 (Pre-refunded 9/01/21) 
 
 
 
1,200 
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley 
10/21 at 100.00 
1,270,704 
 
 
Project Area, Series 2011B, 6.750%, 10/01/30 
 
 
 
2,015 
 
Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease 
No Opt. Call 
AA– 
5,187,819 
 
 
Program Facilities Projects, Tender Option Bond Trust 2016-XG0100, 18.172%, 
 
 
 
 
 
12/01/33, 144A (IF) (6) 
 
 
 
750 
 
Sacramento City Financing Authority, California, Master Lease Program Facilities 
No Opt. Call 
AA– 
1,731,030 
 
 
Revenue Bonds, Tender Option Bond Trust 2016-XG0067, 18.382%, 12/01/30, 144A (IF) (6) 
 
 
 
 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, 
 
 
 
 
 
Series 2011: 
 
 
 
960 
 
8.000%, 12/01/26 
12/21 at 100.00 
BB 
1,020,067 
1,000 
 
8.000%, 12/01/31 
12/21 at 100.00 
BB 
1,055,230 
4,095 
 
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax 
8/21 at 61.78 
N/R 
2,470,964 
 
 
Allocation Bonds, Mission Bay South Redevelopment Project, Subordinate Series 2016D, 0.000%, 
 
 
 
 
 
8/01/31, 144A 
 
 
 
960 
 
Santa Margarita Water District, California, Special Tax Bonds, Community Facilities 
9/23 at 100.00 
N/R 
1,043,750 
 
 
District 2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43 
 
 
 
1,065 
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities 
9/27 at 100.00 
N/R 
1,132,127 
 
 
District 16-01, Series 2017, 6.250%, 9/01/47, 144A 
 
 
 
1,890 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
11/20 at 100.00 
B– 
1,899,431 
 
 
Bonds, Series 2005A-1, 5.500%, 6/01/45 
 
 
 
650 
 
Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners 
9/21 at 100.00 
BBB+ (7) 
689,241 
 
 
Project Area, Series 2011A, 7.650%, 9/01/42 (Pre-refunded 9/01/21) 
 
 
 
1,250 
 
University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001, 
5/23 at 100.00 
N/R 
1,770,050 
 
 
17.810%, 5/15/39, 144A (IF) (6) 
 
 
 
160,640 
 
Total California 
 
 
177,724,202 
 
 
Colorado – 8.1% (5.6% of Total Investments) 
 
 
 
500 
 
Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
509,985 
 
 
General Obligation Bonds, Subordinate Series 2019B, 7.750%, 12/15/48 
 
 
 
1,500 
 
Belford North Metropolitan District, Douglas County, Colorado, General Obligation 
12/25 at 103.00 
N/R 
1,502,925 
 
 
Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50 
 
 
 
3,275 
 
Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General 
12/20 at 103.00 
N/R 
3,385,302 
 
 
Obligation Limited Tax Bonds, Refunding Series 2017, 5.000%, 12/01/37 
 
 
 
500 
 
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue 
12/21 at 103.00 
N/R 
505,210 
 
 
Bonds, Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37 
 
 
 
 
107
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 685 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
11/20 at 100.00 
BB+ 
$ 686,617 
 
 
Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28 
 
 
 
2,140 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
10/22 at 100.00 
N/R 
2,220,507 
 
 
Mountain Phoenix Community School, Series 2012, 7.000%, 10/01/42 
 
 
 
560 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
7/24 at 100.00 
BB 
571,598 
 
 
Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A 
 
 
 
2,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of 
2/24 at 100.00 
N/R 
2,649,600 
 
 
the Midwest Obligated Group, Series 2013, 8.000%, 8/01/43 
 
 
 
1,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes 
2/26 at 100.00 
N/R 
977,910 
 
 
Project, Series 2016, 6.125%, 2/01/46, 144A 
 
 
 
1,285 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, 
12/22 at 100.00 
A+ 
1,368,512 
 
 
Series 2012, 5.000%, 12/01/32 (UB) (6) 
 
 
 
518 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, 
No Opt. Call 
N/R 
 
 
Series 2007, 5.000%, 3/01/21 (4), (8) 
 
 
 
 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, 
 
 
 
 
 
Series 2017: 
 
 
 
4,831 
 
0.000%, 4/01/27 (AMT) (4), (8) 
No Opt. Call 
N/R 
66,666 
2,130 
 
0.000%, 10/01/27 (AMT) (4), (8) 
No Opt. Call 
N/R 
29,388 
3,144 
 
Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited 
9/25 at 103.00 
N/R 
3,165,411 
 
 
Tax General Obligation Bonds, Series 2020, 6.500%, 12/01/50 
 
 
 
2,000 
 
Compark Business Campus Metropolitan District, Douglas County, Colorado, General 
12/22 at 100.00 
N/R (7) 
2,256,260 
 
 
Obligation Bonds, Series 2012A, 6.750%, 12/01/39 (Pre-refunded 12/01/22) 
 
 
 
 
 
Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
 
 
 
 
 
Series 2007: 
 
 
 
1,000 
 
5.400%, 12/01/27 (4) 
11/20 at 100.00 
N/R 
800,000 
1,500 
 
5.450%, 12/01/34 (4) 
11/20 at 100.00 
N/R 
1,200,000 
1,000 
 
Crowfoot Valley Ranch Metropolitan District No 2, Douglas County, Colorado, Limited Tax 
12/23 at 103.00 
N/R 
1,063,200 
 
 
General Obligation Bonds, Series 2018A, 5.625%, 12/01/38 
 
 
 
1,000 
 
Dacono Urban Renewal Authority, Weld County, Colorado, Tax Increment Revenue Bonds, 
12/25 at 103.00 
N/R 
1,002,350 
 
 
Series 2020, 6.250%, 12/01/39 
 
 
 
10,000 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 
12/28 at 100.00 
10,779,300 
 
 
2018A, 4.000%, 12/01/48 (AMT) (UB) (6) 
 
 
 
3,000 
 
Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United 
10/23 at 100.00 
3,040,530 
 
 
Airlines, Inc Project, Refunding Series 2017, 5.000%, 10/01/32 (AMT) 
 
 
 
500 
 
Dinosaur Ridge Metropolitan District, Golden, Jefferson County, Colorado, Special 
6/24 at 103.00 
N/R 
505,845 
 
 
Revenue Refunding and Improvement Bonds, Series 2019A, 5.000%, 6/01/49 
 
 
 
708 
 
Erie Highlands Metropolitan District No 1 (In the Town of Erie), Weld County, Colorado, 
12/20 at 103.00 
N/R 
719,116 
 
 
General Obligation Limited Tax Bonds, Series 2015B, 7.750%, 12/15/45 
 
 
 
 
 
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, 
 
 
 
 
 
Series 2014: 
 
 
 
1,000 
 
5.750%, 12/01/30 
12/24 at 100.00 
N/R 
1,041,630 
2,080 
 
6.000%, 12/01/38 
12/24 at 100.00 
N/R 
2,140,112 
500 
 
Fourth Street Crossing Business Improvement District, Silverthorne, Summit County, Colorado, 
6/24 at 103.00 
N/R 
511,865 
 
 
Special Revenue and Tax Supported Bonds, Senior Series 2019A, 5.375%, 12/01/49, 144A 
 
 
 
1,989 
 
Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue 
11/20 at 100.00 
N/R 
1,656,817 
 
 
Bonds, Series 2009A-1, 9.000%, 8/01/39 (4) 
 
 
 
2,000 
 
Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited 
12/24 at 100.00 
N/R 
2,104,560 
 
 
Tax, Refunding & Improvement Series 2015, 6.125%, 12/01/44 
 
 
 
993 
 
Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General 
12/20 at 103.00 
N/R (7) 
1,027,149 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2015, 6.250%, 12/01/44 
 
 
 
 
 
(Pre-refunded 12/01/20) 
 
 
 
 
108
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 305 
 
Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General 
12/21 at 103.00 
N/R 
$ 311,432 
 
 
Obligation Bonds, Subordinated Limited Tax Convertible to Unlimited Tax Series 2016B, 
 
 
 
 
 
8.000%, 12/15/46 
 
 
 
2,000 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue 
12/20 at 103.00 
N/R (7) 
2,068,140 
 
 
Bonds, Refunding Series 2015, 5.500%, 12/01/45 (Pre-refunded 12/01/20) 
 
 
 
810 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special 
12/23 at 103.00 
N/R 
828,427 
 
 
Revenue Bonds, Subordinate Series 2020B, 5.750%, 12/15/50 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
675 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
688,858 
1,265 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
1,288,314 
1,000 
 
Johnstown Village Metropolitan District 2, Weld County, own of Johnstown, Colorado, 
9/25 at 103.00 
N/R 
1,007,340 
 
 
General Obligation Limited Tax Bonds, Series 2020A, 5.000%, 12/01/50 
 
 
 
1,700 
 
Jones District Community Authority Board, Centennial, Colorado, Special Revenue 
12/25 at 103.00 
N/R 
1,286,543 
 
 
Convertible Capital Appreciation Bonds, Series 2020A, 0.000%, 12/01/50 
 
 
 
2,810 
 
Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, 
11/20 at 100.00 
N/R 
2,809,887 
 
 
Series 2007, 6.750%, 1/01/34 
 
 
 
500 
 
Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
510,065 
 
 
General Obligation Bonds, Series 2019A, 5.000%, 12/01/49 
 
 
 
500 
 
Larkridge Metropolitan District No 2, In the City of Thornton, Adams County, Colorado, 
12/23 at 103.00 
N/R 
515,170 
 
 
General Obligation, Limited Tax Convertible to Unlimited Tax, Improvement Bonds, Refunding 
 
 
 
 
 
Series 2019, 5.250%, 12/01/48 
 
 
 
1,250 
 
Lewis Pointe Metropolitan District, Thornton, Colorado, Limited Tax Convertible to 
12/20 at 100.00 
N/R 
1,250,912 
 
 
Unlimited Tax General Obligation Bonds, Series 2015A, 6.000%, 12/01/44 
 
 
 
500 
 
Leyden Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax 
12/21 at 103.00 
N/R 
513,350 
 
 
General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 
 
 
 
500 
 
Leyden Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax 
12/21 at 103.00 
N/R 
512,735 
 
 
General Obligation Bonds, Refunding and Improvement Series 20016B, 7.250%, 12/15/45 
 
 
 
500 
 
Midcities Metropolitan District No 2, In the City and County of Broomfield, Colorado, 
12/21 at 103.00 
N/R 
509,540 
 
 
Subordinate Special Revenue Refunding Bonds, Series 2016B, 7.750%, 12/15/46 
 
 
 
2,000 
 
Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, 
11/20 at 100.00 
N/R 
2,000,000 
 
 
Refunding & Improvement Series 2006, 6.125%, 12/01/35 (4) 
 
 
 
1,000 
 
North Range Metropolitan District No 3, 5.250%, 12/01/50 
12/25 at 103.00 
N/R 
1,000,000 
1,535 
 
North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax 
3/25 at 103.00 
N/R 
1,560,665 
 
 
General Obligation Bonds, Series 2020, 5.125%, 12/01/49 
 
 
 
 
 
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, 
 
 
 
 
 
Series 2019: 
 
 
 
1,500 
 
5.000%, 12/01/39 
12/24 at 103.00 
N/R 
1,581,225 
5,000 
 
5.000%, 12/01/49 
12/24 at 103.00 
N/R 
5,202,150 
500 
 
Palisade Park West Metropolitan District, Broomfield County, Colorado, Limited Tax 
6/24 at 103.00 
N/R 
509,335 
 
 
General Obligation Bonds, Convertible to Unlimited Tax, Series 2019A, 5.125%, 12/01/49 
 
 
 
500 
 
Parkdale Community Authority, Erie, Colorado, Limited Tax Supported Revenue Bonds, 
9/25 at 103.00 
N/R 
506,475 
 
 
District 1, Series 2020A, 5.250%, 12/01/50 
 
 
 
1,080 
 
Promenade at Castle Rock Metropolitan District 1, Colorado, General Obligation Bonds, 
12/20 at 103.00 
N/R 
1,113,577 
 
 
Limited Tax Series 2015A, 5.750%, 12/01/39 
 
 
 
500 
 
Raindance Metropolitan District 1, Acting by and through its Water Activity Enterprise 
12/25 at 103.00 
N/R 
504,230 
 
 
In the Town of Windsor, Weld County, Colorado, Non-Potable Water Enterprise Revenue Bonds, 
 
 
 
 
 
Series 2020, 5.250%, 12/01/50 
 
 
 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project 
 
 
 
 
 
Private Activity Bonds, Series 2010: 
 
 
 
1,000 
 
6.500%, 1/15/30 
11/20 at 100.00 
Baa3 
1,002,170 
1,000 
 
6.000%, 1/15/41 
11/20 at 100.00 
Baa3 
1,001,800 
500 
 
Ritoro Metropolitan District In the Town of Elizabeth, Elbert County, Colorado, Limited 
6/24 at 103.00 
N/R 
511,510 
 
 
Tax , Convertible to Unlimited Tax, General Obligation Bonds, Series 2019A, 5.000%, 12/01/49 
 
 
 
 
109
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 500 
 
Riverdale Ranch Metropolitan District, Thornton City, Adams County, Colorado, Limited 
9/24 at 103.00 
N/R 
$ 505,730 
 
 
Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 
 
 
 
1,000 
 
South Aurora Regional Improvement Authority, Aurora, Colorado, Special Revenue Bonds, 
12/23 at 103.00 
N/R 
1,025,940 
 
 
Series 2018, 6.250%, 12/01/57 
 
 
 
3,000 
 
Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax 
11/20 at 100.00 
N/R 
480,000 
 
 
Convertible to Unlimited, Series 2007, 0.000%, 12/01/31 (4) 
 
 
 
1,815 
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax 
12/20 at 100.00 
N/R 
1,816,942 
 
 
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 
 
 
 
965 
 
VDW Metropolitan District 2, Larimer County, Colorado, General Obligation Bonds, 
12/21 at 103.00 
N/R 
994,346 
 
 
Refunding Limited Tax Series 2016B, 7.250%, 12/15/45 
 
 
 
1,000 
 
Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General 
12/23 at 103.00 
N/R 
1,042,320 
 
 
Obligation Bonds, Series 2019, 5.375%, 12/01/39 
 
 
 
1,500 
 
Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General 
12/23 at 81.31 
N/R 
988,560 
 
 
Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 0.000%, 12/01/50 
 
 
 
1,570 
 
Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General 
12/23 at 103.00 
N/R 
1,548,036 
 
 
Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 
 
 
 
500 
 
Village East Community Metropolitan District, Frederick, Weld County, Colorado, Limited 
9/25 at 103.00 
N/R 
509,600 
 
 
Tax General Obligation Bonds, Series 2020A, 5.250%, 12/01/50 
 
 
 
1,100 
 
Village Metropolitan District In the Town of Avon, Eagle County, Colorado, Special Revenue 
12/25 at 103.00 
N/R 
1,145,947 
 
 
and Limited Property Tax Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40 
 
 
 
705 
 
Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited 
9/24 at 103.00 
N/R 
710,612 
 
 
Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/49 
 
 
 
97,923 
 
Total Colorado 
 
 
88,850,253 
 
 
Connecticut – 0.1% (0.1% of Total Investments) 
 
 
 
500 
 
Great Pond Improvement District, Connecticut, Special Obligation Revenue Bonds, Great 
10/26 at 102.00 
N/R 
484,935 
 
 
Pond Phase 1 Project, Series 20019, 4.750%, 10/01/48, 144A 
 
 
 
6,267 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate 
No Opt. Call 
N/R 
407,326 
 
 
Series 2013A, 0.070%, 7/01/31 (cash 4.000%, PIK 2.050%) (4) 
 
 
 
6,767 
 
Total Connecticut 
 
 
892,261 
 
 
Delaware – 0.2% (0.2% of Total Investments) 
 
 
 
2,500 
 
Delaware Economic Development Authority, Revenue Bonds, Odyssey Charter School Inc 
3/25 at 100.00 
N/R 
2,678,150 
 
 
Project, Series 2015A, 7.000%, 9/01/45, 144A 
 
 
 
 
 
District of Columbia – 0.5% (0.3% of Total Investments) 
 
 
 
105 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
No Opt. Call 
Baa1 
115,100 
 
 
Bonds, Series 2001, 6.500%, 5/15/33 
 
 
 
2,500 
 
District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 
4/21 at 100.00 
A1 (7) 
2,752,000 
 
 
2016-XG0094, 22.661%, 10/01/37, 144A (Pre-refunded 4/01/21) (IF) (6) 
 
 
 
250 
 
District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2013A, 6.000%, 7/01/33 
7/23 at 100.00 
N/R (7) 
287,380 
 
 
(Pre-refunded 7/01/23) 
 
 
 
2,000 
 
District of Columbia, Revenue Bonds, Saint Paul on Fourth Street, Inc, Series 2019A, 
5/30 at 100.00 
N/R 
1,809,200 
 
 
5.250%, 5/15/55, 144A 
 
 
 
4,855 
 
Total District of Columbia 
 
 
4,963,680 
 
 
Florida – 13.7% (9.4% of Total Investments) 
 
 
 
500 
 
Academical Village Community Development District, Davie, Florida, Special Assessment 
5/30 at 100.00 
N/R 
506,985 
 
 
Revenue Bonds, Series 2020, 4.000%, 5/01/51 
 
 
 
1,500 
 
Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, 
11/21 at 100.00 
N/R 
1,467,420 
 
 
Terraces at Bonita Springs Project, Series 2011A, 8.125%, 11/15/46 
 
 
 
1,775 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 
5/22 at 100.00 
N/R 
1,865,383 
 
 
Series 2012, 6.700%, 5/01/42 
 
 
 
 
110
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,735 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 
5/25 at 100.00 
N/R 
$ 1,786,200 
 
 
Series 2015, 5.375%, 5/01/45 
 
 
 
995 
 
Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special 
11/25 at 100.00 
N/R 
1,056,819 
 
 
Assessment Bonds, Series 2015, 5.250%, 11/01/46 
 
 
 
905 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, 
No Opt. Call 
N/R 
1,074,968 
 
 
Phase 1 Project, Series 2013A, 6.125%, 11/01/33 
 
 
 
1,750 
 
Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, 
5/23 at 100.00 
N/R 
1,796,708 
 
 
Refunding Series 2013, 5.125%, 5/01/43 
 
 
 
700 
 
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc, Series 2000, 
10/20 at 100.00 
Caa3 
700,000 
 
 
7.500%, 11/01/20 (AMT) 
 
 
 
2,500 
 
Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South 
6/25 at 105.00 
N/R 
2,571,525 
 
 
Bay Project, Series 2020A, 6.000%, 6/15/55, 144A 
 
 
 
3,135 
 
Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, 
6/28 at 100.00 
N/R 
1,191,300 
 
 
Orlando Project, Series 2018, 7.500%, 6/01/48, 144A 
 
 
 
830 
 
Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 
6/26 at 100.00 
N/R 
876,903 
 
 
2019A, 5.000%, 6/15/39, 144A 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens of Palm Coast Project, 
4/24 at 103.00 
N/R 
547,050 
 
 
Series 2017A, 7.000%, 10/01/49, 144A 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior 
8/24 at 103.00 
N/R 
746,360 
 
 
Housing, Inc Project, Series 2017, 5.875%, 8/01/52, 144A 
 
 
 
955 
 
Celebration Pointe Community Development District 1, Alachua County, Florida, Special 
5/24 at 100.00 
N/R 
987,508 
 
 
Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45 
 
 
 
500 
 
Charlotte County Industrial Development Authority, Florida, Utility System Revenue 
10/27 at 100.00 
N/R 
545,595 
 
 
Bonds, Town & Country Utilities Project, Series 2019, 5.000%, 10/01/49 (AMT), 144A 
 
 
 
2,000 
 
Collier County Industrial Development Authority, Florida, Continuing Care Community 
5/24 at 100.00 
N/R 
1,547,500 
 
 
Revenue Bonds, Arlington of Naples Project, Series 2014A, 0.000%, 5/15/35, 144A (4) 
 
 
 
865 
 
Cordoba Ranch Community Development District, Hillsborough County, Florida, Special 
11/20 at 100.00 
N/R 
859,282 
 
 
Assessment Revenue Bonds, Series 2006, 5.550%, 5/01/37 
 
 
 
1,000 
 
Cross Creek North Community Development District, Clay County, Florida, Special 
11/29 at 100.00 
N/R 
1,091,480 
 
 
Assessment Bonds, Series 2018, 5.375%, 11/01/50, 144A 
 
 
 
1,605 
 
Cypress Mill Community Development District, Hillsborough County, Florida, Special 
6/30 at 100.00 
N/R 
1,641,000 
 
 
Assessment Bonds, Assessment Area 2, Series 2020, 4.000%, 6/15/40 
 
 
 
700 
 
Fishhawk Community Development District IV, Hillsborough County, Florida, Special 
5/23 at 100.00 
N/R 
773,213 
 
 
Assessment Revenue Bonds, Series 2013A, 7.000%, 5/01/33 
 
 
 
1,850 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown 
7/24 at 100.00 
N/R 
1,968,974 
 
 
Doral Charter Elementary School Project, Series 2014A, 6.500%, 7/01/44 
 
 
 
1,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown 
7/27 at 100.00 
N/R 
1,042,840 
 
 
Doral Charter Elementary School Project, Series 2017A, 5.750%, 7/01/44, 144A 
 
 
 
565 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida 
7/26 at 100.00 
N/R 
593,069 
 
 
Charter Foundation Inc Projects, Series 2016A, 5.000%, 7/15/46, 144A 
 
 
 
1,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami 
6/24 at 100.00 
N/R 
893,620 
 
 
Arts Charter School Projects, Series 2014, 6.000%, 6/15/44, 144A 
 
 
 
655 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin 
1/27 at 100.00 
N/R 
659,788 
 
 
Academies of Pasco County Inc, Series 2020A, 5.000%, 1/01/50, 144A 
 
 
 
2,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
6/21 at 100.00 
N/R (7) 
2,090,960 
 
 
Renaissance Charter School, Inc Projects, Series 2011A, 7.625%, 6/15/41 (Pre-refunded 6/15/21) 
 
 
 
5,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
6/23 at 100.00 
N/R 
5,611,800 
 
 
Renaissance Charter School, Inc Projects, Series 2013A, 8.500%, 6/15/44 
 
 
 
120 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
9/27 at 100.00 
N/R 
126,916 
 
 
Renaissance Charter School, Inc Projects, Series 2020C, 5.000%, 9/15/50, 144A 
 
 
 
 
111
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
 
 
 
 
 
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: 
 
 
 
$ 6,405 
 
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A 
11/20 at 104.00 
N/R 
$ 5,569,596 
31,170 
 
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A 
11/20 at 105.00 
N/R 
26,761,315 
7,705 
 
6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A 
11/20 at 105.00 
N/R 
6,601,721 
 
 
FRERC Community Development District, Ocoee, Florida, Special Assessment Bonds, 
 
 
 
 
 
Series 2020: 
 
 
 
2,750 
 
5.375%, 11/01/40 
11/29 at 100.00 
N/R 
2,800,023 
2,000 
 
5.500%, 11/01/50 
11/29 at 100.00 
N/R 
2,039,780 
2,500 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
11/22 at 100.00 
N/R 
2,616,150 
 
 
Assessment Bonds, Doral Breeze Project Series 2012, 5.500%, 11/01/32 
 
 
 
1,000 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/24 at 100.00 
N/R 
1,102,710 
 
 
Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2, 
 
 
 
 
 
6.500%, 5/01/39 
 
 
 
200 
 
Gulfstream Polo Community Development District, Palm Beach County, Florida, Special 
11/29 at 100.00 
N/R 
209,078 
 
 
Assessment Bonds, Phase 2 Project, Series 2019, 4.375%, 11/01/49 
 
 
 
1,915 
 
Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, 
5/24 at 100.00 
N/R 
1,995,507 
 
 
Special Assessment, Refunding Series 2014, 5.250%, 5/01/32 
 
 
 
200 
 
Hawkstone Community Development District, Florida, Special Assessment Revenue Bonds, 
11/29 at 100.00 
N/R 
203,818 
 
 
Assessment Area 2, Series 2019, 4.000%, 11/01/39 
 
 
 
1,000 
 
Lakes by the Bay South Community Development District, Florida, Special Assessment 
11/22 at 100.00 
N/R 
1,050,710 
 
 
Bonds, Series 2012, 5.750%, 11/01/42 
 
 
 
625 
 
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood 
5/25 at 100.00 
N/R 
654,131 
 
 
Centre North Project, Series 2015, 4.875%, 5/01/45 
 
 
 
2,000 
 
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee 
11/20 at 100.00 
BB– 
2,000,780 
 
 
County Community Charter Schools, Series 2007A, 5.375%, 6/15/37 
 
 
 
630 
 
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue 
12/22 at 105.00 
N/R 
624,494 
 
 
Bonds, Preserve Project, Series 2017A, 5.750%, 12/01/52, 144A 
 
 
 
1,000 
 
Magic Place Community Development District, Osceola County, Florida, Special Assessment 
5/30 at 100.00 
N/R 
1,053,640 
 
 
Revenue Bonds, Series 2019, 4.500%, 5/01/51 
 
 
 
12,190 
 
Miami Beach, Florida, Resort Tax Revenue Bonds, Series 2015, 5.000%, 9/01/45 (UB) (6) 
9/25 at 100.00 
AA– 
13,541,871 
750 
 
Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue 
7/27 at 100.00 
N/R 
791,123 
 
 
Bonds, South Florida Autism Charter School Project, Series 2017, 6.000%, 7/01/47, 144A 
 
 
 
2,085 
 
Miami World Center Community Development District, Miami-Dade County, Florida, Special 
11/27 at 100.00 
N/R 
2,259,848 
 
 
Assessment Bonds, Series 2017, 5.250%, 11/01/49 
 
 
 
1,750 
 
Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op 
9/25 at 100.00 
N/R 
1,831,568 
 
 
Charter Schools Project, Series 2015A, 6.000%, 9/15/45, 144A 
 
 
 
505 
 
Mirada Community Development District, Pasco County, Florida, Bond Anticipation Note, 
11/20 at 100.00 
N/R 
505,444 
 
 
Assessment Area 3, Series 2019, 4.500%, 5/01/24 
 
 
 
400 
 
North Park Isle Community Development District, Plant City, Florida, Special Assessment 
5/29 at 100.00 
N/R 
416,056 
 
 
Revenue Bonds, Assessment Area 1, Series 2019, 4.750%, 5/01/50 
 
 
 
930 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement 
8/26 at 100.00 
N/R 
1,025,399 
 
 
Bonds, Development Unit 53, Series 2015, 5.500%, 8/01/46 
 
 
 
 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences 
 
 
 
 
 
of Boca Raton Project, Series 2014A: 
 
 
 
620 
 
7.000%, 6/01/29 
6/22 at 102.00 
N/R 
676,432 
3,110 
 
7.500%, 6/01/49 
6/22 at 102.00 
N/R 
3,391,455 
500 
 
Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm 
4/29 at 100.00 
Ba1 
481,090 
 
 
Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/51, 144A 
 
 
 
3,385 
 
Pine Island Community Development District, Florida, Special Assessment Bonds, Bella 
11/20 at 100.00 
N/R 
3,388,182 
 
 
Collina, Series 2004, 5.750%, 5/01/35 
 
 
 
500 
 
Portico Community Development District, Lee County, Florida, Special Assessment, 
5/30 at 100.00 
N/R 
500,385 
 
 
Improvement Series 2020-2, 4.000%, 5/01/50 
 
 
 
 
112
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,605 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Series 
5/22 at 100.00 
N/R 
$ 1,669,922 
 
 
2004A-1, 6.250%, 5/01/36 
 
 
 
2,500 
 
Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 
11/27 at 100.00 
N/R 
2,856,475 
 
 
2016, 6.000%, 11/01/47 
 
 
 
1,000 
 
Saddle Creek Preserve of Polk County Community Development District, Florida, Special 
6/30 at 100.00 
N/R 
1,016,760 
 
 
Assessment Bonds, Series 2020, 4.000%, 6/15/50 
 
 
 
990 
 
Shingle Creek Community Development District, Osceola County, Florida, Special 
11/25 at 100.00 
N/R 
1,082,624 
 
 
Assessment Revenue Bonds, Series 2015, 5.400%, 11/01/45 
 
 
 
1,540 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
1,210,009 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5) 
 
 
 
 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 
 
 
 
 
 
Series 2007-3: 
 
 
 
120 
 
6.375%, 5/01/20 (4) 
No Opt. Call 
N/R 
1,360 
 
6.650%, 5/01/40 (4) 
11/20 at 100.00 
N/R 
14 
2,845 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 
11/20 at 100.00 
N/R 
28 
 
 
Series 2007A-2, 5.250%, 5/01/39 (4) 
 
 
 
3,740 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
11/20 at 100.00 
N/R 
3,409,122 
 
 
Series 2015-1, 0.000%, 5/01/40 (5) 
 
 
 
2,300 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
11/20 at 100.00 
N/R 
1,615,382 
 
 
Series 2015-2, 0.000%, 5/01/40 (5) 
 
 
 
2,505 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
11/20 at 100.00 
N/R 
25 
 
 
Series 2015-3, 6.610%, 5/01/40 (4) 
 
 
 
1,230 
 
Touchstone Community Development District, Hillsborough County, Florida, Special 
12/29 at 100.00 
N/R 
1,290,467 
 
 
Assessment Bonds, 2019 Project, Series 2019, 4.000%, 12/15/40 
 
 
 
 
 
Turtle Run Community Development District, Florida, Special Assessment Benefit Tax 
 
 
 
 
 
Bonds, Series 2017-2: 
 
 
 
1,000 
 
5.000%, 5/01/37 
5/28 at 100.00 
A2 
1,140,950 
2,020 
 
5.000%, 5/01/47 
5/28 at 100.00 
A2 
2,286,842 
2,260 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
5/29 at 100.00 
N/R 
2,414,539 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A, 4.500%, 5/01/32, 144A 
 
 
 
1,960 
 
Twin Creeks North Community Development District, Florida, Special Assessment Bonds, 
11/31 at 100.00 
N/R 
2,191,084 
 
 
Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47 
 
 
 
3,645 
 
Twin Creeks North Community Development District, Florida, Special Assessment Bonds, 
11/31 at 100.00 
N/R 
4,074,746 
 
 
Master Infrastructure Improvements, Series 2016A-2, 6.375%, 11/01/47 
 
 
 
500 
 
Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, 
12/29 at 100.00 
N/R 
512,670 
 
 
Expansion Area Project, Series 2019, 4.000%, 12/15/49 
 
 
 
1,000 
 
Venetian Parc Community Development District, Miami-Dade County, Florida, Special 
11/28 at 100.00 
N/R 
1,295,790 
 
 
Assessment Bonds, Area One Project, Series 2013, 6.500%, 11/01/43 
 
 
 
975 
 
Waterset North Community Development District, Hillsborough County, Florida, Special 
11/24 at 100.00 
N/R 
1,031,813 
 
 
  Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45 
 
 
 
161,060 
 
Total Florida 
 
 
149,812,735 
 
 
Georgia – 0.7% (0.5% of Total Investments) 
 
 
 
1,000 
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 
BB+ 
985,180 
 
 
Testletree Village Apartments, Series 2013A, 5.000%, 11/01/48 
 
 
 
1,167 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta 
11/20 at 100.00 
B+ 
1,170,993 
 
 
Air Lines, Inc Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
1,880 
 
Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten 
10/23 at 100.00 
N/R 
1,989,999 
 
 
Academy Project, Series 2013A, 7.125%, 10/01/43 
 
 
 
1,000 
 
Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project, 
4/23 at 100.00 
N/R (7) 
1,142,570 
 
 
Series 2013A, 6.500%, 4/01/43 (Pre-refunded 4/01/23) 
 
 
 
 
113
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Georgia (continued) 
 
 
 
 
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: 
 
 
 
$ 250 
 
5.500%, 7/15/23 (Pre-refunded 7/15/21) 
7/21 at 100.00 
N/R (7) 
$ 257,593 
767 
 
5.500%, 7/15/30 (Pre-refunded 7/15/21) 
7/21 at 100.00 
N/R (7) 
794,627 
841 
 
5.500%, 1/15/36 (Pre-refunded 7/15/21) 
7/21 at 100.00 
N/R (7) 
872,362 
6,905 
 
Total Georgia 
 
 
7,213,324 
 
 
Guam – 0.0% (0.0% of Total Investments) 
 
 
 
330 
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 
10/23 at 100.00 
BB+ 
354,272 
 
 
10/01/43 (AMT) 
 
 
 
 
 
Idaho – 0.1% (0.1% of Total Investments) 
 
 
 
500 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, 
3/22 at 100.00 
AA– 
561,515 
 
 
Tender Option Bond Trust 2016-XG0066, 16.697%, 3/01/47, 144A (IF) (6) 
 
 
 
565 
 
Idaho Housing and Finance Association NonProfit Facilities Revenue Bonds, Gem Prep 
7/25 at 100.00 
N/R 
561,384 
 
 
Meridian North LLC, Series 2020A, 5.250%, 7/01/55, 144A 
 
 
 
1,065 
 
Total Idaho 
 
 
1,122,899 
 
 
Illinois – 26.3% (18.1% of Total Investments) 
 
 
 
536 
 
Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24 
11/20 at 100.00 
N/R 
503,417 
10,670 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A– 
12,259,403 
 
 
Series 2016, 6.000%, 4/01/46 (UB) (6) 
 
 
 
1,500 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/24 at 100.00 
BB– 
1,579,575 
 
 
Project Series 2015C, 5.250%, 12/01/39 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/20 at 100.00 
B1 
1,001,100 
 
 
Refunding Series 2010F, 5.000%, 12/01/31 
 
 
 
15,385 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/25 at 100.00 
BB– 
18,133,376 
 
 
Series 2016A, 7.000%, 12/01/44 
 
 
 
2,025 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/26 at 100.00 
BB– 
2,366,334 
 
 
Series 2016B, 6.500%, 12/01/46 
 
 
 
9,910 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
BB– 
12,249,553 
 
 
Series 2017A, 7.000%, 12/01/46, 144A 
 
 
 
3,000 
 
Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation 
12/24 at 100.00 
AA+ 
3,422,400 
 
 
Bonds, Capital Improvement, Green 2014 Series 2015A, 5.000%, 12/01/44 (UB) (6) 
 
 
 
7,500 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A3 (7) 
7,905,000 
 
 
5.250%, 12/01/40 (Pre-refunded 12/01/21) (UB) (6) 
 
 
 
1,413 
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State 
11/20 at 100.00 
N/R 
1,412,889 
 
 
Redevelopment Project, Series 2012, 6.100%, 1/15/29 
 
 
 
2,274 
 
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue 
11/20 at 100.00 
N/R 
1,635,096 
 
 
Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (4) 
 
 
 
5,000 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, 
1/29 at 100.00 
5,422,050 
 
 
Refunding Senior Lien Series 2018A, 4.000%, 1/01/43 (AMT) (UB) (6) 
 
 
 
30,500 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior 
1/29 at 100.00 
35,735,630 
 
 
Lien Series 2018B, 5.000%, 1/01/48 (UB) (6) 
 
 
 
2,000 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 
1/24 at 100.00 
Ba1 
2,070,740 
 
 
5.250%, 1/01/30 
 
 
 
9,400 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 
1/27 at 100.00 
BBB– 
10,288,206 
 
 
6.000%, 1/01/38 
 
 
 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 
1/25 at 100.00 
Ba1 
1,040,890 
 
 
5.500%, 1/01/37 
 
 
 
130 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 
1/26 at 100.00 
BBB– 
133,137 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2019A: 
 
 
 
7,500 
 
5.000%, 1/01/44 (UB) (6) 
1/29 at 100.00 
BBB– 
7,579,650 
8,000 
 
5.500%, 1/01/49 (UB) (6) 
1/29 at 100.00 
BBB– 
8,472,400 
 
114
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 1,500 
 
Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, 
1/25 at 100.00 
Ba1 
$ 1,555,410 
 
 
5.500%, 1/01/42 
 
 
 
5,000 
 
Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A, 6.375%, 
11/26 at 100.00 
N/R 
3,724,950 
 
 
11/01/46, 144A (4) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, 
 
 
 
 
 
Series 2016C: 
 
 
 
25 
 
4.000%, 2/15/41 (Pre-refunded 2/15/27) (UB) 
2/27 at 100.00 
N/R (7) 
30,251 
495 
 
4.000%, 2/15/41 (Pre-refunded 2/15/27) (UB) 
2/27 at 100.00 
N/R (7) 
598,965 
10,655 
 
4.000%, 2/15/41 (UB) 
2/27 at 100.00 
Aa2 
11,725,295 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 
10/22 at 100.00 
BBB– 
1,030,310 
 
 
6.000%, 10/01/48 
 
 
 
5,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 
1/28 at 100.00 
Aa2 
5,498,050 
 
 
2017A, 4.000%, 7/15/47 (UB) (6) 
 
 
 
2,000 
 
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B, 6.125%, 
10/28 at 100.50 
N/R 
2,032,020 
 
 
4/01/58, 144A 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond 
 
 
 
 
 
Trust 2015-XF0121: 
 
 
 
1,685 
 
21.494%, 8/15/41, 144A (IF) (6) 
8/21 at 100.00 
AA 
1,916,233 
250 
 
21.509%, 8/15/41, 144A (IF) (6) 
8/21 at 100.00 
AA 
284,332 
5,000 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
2/27 at 100.00 
AA– 
5,476,300 
 
 
Series 2016B, 4.000%, 8/15/41 (UB) (6) 
 
 
 
1,715 
 
Illinois State, General Obligation Bonds, May Series 2020, 5.750%, 5/01/45 
5/30 at 100.00 
BBB– 
1,900,512 
 
 
Illinois State, General Obligation Bonds, November Series 2016: 
 
 
 
1,000 
 
5.000%, 11/01/35 
11/26 at 100.00 
BBB– 
1,041,920 
1,000 
 
5.000%, 11/01/37 
11/26 at 100.00 
BBB– 
1,036,400 
9,945 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 
No Opt. Call 
BBB– 
10,792,911 
 
 
11/01/27 (UB) (6) 
 
 
 
630 
 
Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36 
3/22 at 100.00 
BBB– 
639,292 
5,445 
 
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation 
6/26 at 100.00 
BBB 
5,705,434 
 
 
September Series 2016C, 4.000%, 6/15/31 (UB) (6) 
 
 
 
2,000 
 
Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue 
3/28 at 100.00 
N/R 
1,862,980 
 
 
Bonds, First Tier Series 2005A-2, 5.500%, 1/01/36, 144A (4) 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Refunding Series 2020A: 
 
 
 
16,000 
 
4.000%, 6/15/50 
12/29 at 100.00 
BB+ 
16,089,600 
45,550 
 
4.000%, 6/15/50 (UB) (6) 
12/29 at 100.00 
BB+ 
45,805,080 
2,500 
 
5.000%, 6/15/50 
12/29 at 100.00 
BB+ 
2,748,075 
800 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, 
6/21 at 100.00 
N/R (7) 
826,632 
 
 
Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) 
 
 
 
870 
 
Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series 
12/23 at 100.00 
N/R 
879,004 
 
 
2013B, 7.000%, 12/01/33 
 
 
 
 
 
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, 
 
 
 
 
 
Series 2018C: 
 
 
 
9,875 
 
5.000%, 1/01/36 (UB) (6) 
1/29 at 100.00 
AA– 
11,626,430 
17,750 
 
5.250%, 1/01/48 (UB) (6) 
1/29 at 100.00 
AA– 
20,611,655 
895 
 
Yorkville United City Business District, Illinois, Storm Water and Water Improvement 
11/20 at 100.00 
N/R 
366,950 
 
 
Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (4) 
 
 
 
267,328 
 
Total Illinois 
 
 
289,015,837 
 
 
Indiana – 1.2% (0.8% of Total Investments) 
 
 
 
2,810 
 
Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 
11/20 at 100.00 
N/R 
2,833,969 
 
 
6.650%, 7/15/24 
 
 
 
1,000 
 
Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender 
No Opt. Call 
AA 
2,358,070 
 
 
Option Bond Trust 2016-XL0019, 18.286%, 4/01/30, 144A (IF) (6) 
 
 
 
 
115
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$ 1,000 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter 
12/25 at 100.00 
BB– 
$ 1,080,230 
 
 
School Project, Series 2015A, 7.250%, 12/01/45 
 
 
 
2,000 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
8/22 at 100.00 
Caa2 
1,802,800 
 
 
Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT) 
 
 
 
500 
 
Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health 
11/20 at 100.00 
Baa2 
500,860 
 
 
Services, Series 2010, 5.500%, 8/15/45 
 
 
 
1,290 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group Revenue Bonds, Tender 
12/20 at 100.00 
AA– (7) 
1,309,247 
 
 
Option Bond Trust 2015-XF0106, 17.528%, 12/01/37, 144A (Pre-refunded 12/01/20) (IF) (6) 
 
 
 
895 
 
Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village 
11/20 at 100.00 
N/R 
897,846 
 
 
Apartments, Series 2005A, 7.500%, 7/01/35 
 
 
 
1,000 
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, 
11/23 at 100.00 
N/R 
1,053,340 
 
 
Series 2013, 7.250%, 11/01/43 (AMT) 
 
 
 
1,375 
 
Terre Haute, Indiana, Economic Development Solid Waste Facility Revenue Bonds, Pyrolyx 
No Opt. Call 
N/R 
1,244,485 
 
 
USA Indiana, LLC Project, Series 2017A, 7.250%, 12/01/28 (AMT) 
 
 
 
11,870 
 
Total Indiana 
 
 
13,080,847 
 
 
Iowa – 0.6% (0.4% of Total Investments) 
 
 
 
1,030 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc Project, 
8/22 at 100.00 
Ba3 
1,048,756 
 
 
Series 2012, 4.750%, 8/01/42 
 
 
 
2,000 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
2,129,480 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
1,000 
 
5.375%, 6/01/38 
11/20 at 100.00 
B– 
1,013,690 
2,900 
 
5.625%, 6/01/46 
11/20 at 100.00 
B– 
2,939,701 
6,930 
 
Total Iowa 
 
 
7,131,627 
 
 
Kansas – 0.6% (0.4% of Total Investments) 
 
 
 
5,305 
 
University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health 
9/25 at 100.00 
AA– 
6,032,846 
 
 
System, Refunding & Improvement Series 2015, 5.000%, 9/01/45 (UB) (6) 
 
 
 
1,000 
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation 
9/25 at 100.00 
N/R 
906,400 
 
 
Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 
 
 
 
6,305 
 
Total Kansas 
 
 
6,939,246 
 
 
Kentucky – 5.7% (3.9% of Total Investments) 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro 
 
 
 
 
 
Health, Refunding Series 2017A: 
 
 
 
5,450 
 
5.000%, 6/01/41 
6/27 at 100.00 
BB+ 
5,936,794 
3,300 
 
5.000%, 6/01/45 
6/27 at 100.00 
BB+ 
3,543,144 
12,665 
 
5.000%, 6/01/45 (UB) (6) 
6/27 at 100.00 
BB+ 
13,598,157 
 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
 
 
 
 
 
Information Highway Project, Senior Series 2015A: 
 
 
 
11,000 
 
5.000%, 7/01/37 (UB) 
7/25 at 100.00 
Baa2 
11,784,190 
9,295 
 
5.000%, 7/01/40 (UB) 
7/25 at 100.00 
Baa2 
9,905,775 
16,800 
 
5.000%, 1/01/45 (UB) 
7/25 at 100.00 
Baa2 
17,772,720 
58,510 
 
Total Kentucky 
 
 
62,540,780 
 
 
Louisiana – 1.1% (0.7% of Total Investments) 
 
 
 
2,050 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala 
7/23 at 100.00 
N/R 
2,117,342 
 
 
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
500 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College 
6/27 at 100.00 
N/R 
496,625 
 
 
Prep Project, Series 2019A, 5.000%, 6/01/58, 144A 
 
 
 
500 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Young Audiences Charter 
4/27 at 100.00 
N/R 
481,345 
 
 
School, Series 2019A, 5.000%, 4/01/57, 144A 
 
 
 
1,910 
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
1,993,945 
 
 
(US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A 
 
 
 
 
116
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 1,660 
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy 
12/21 at 100.00 
N/R 
$ 1,733,704 
 
 
Foundation Project, Series 2011A, 7.750%, 12/15/31 
 
 
 
2,000 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, 
No Opt. Call 
BBB 
1,933,440 
 
 
Refunding Series 2017, 0.000%, 10/01/33 (5) 
 
 
 
2,110 
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter 
12/23 at 100.00 
N/R 
2,252,594 
 
 
Academy Foundation Project, Series 2013A, 8.125%, 12/15/33 
 
 
 
2,000 
 
Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, 
No Opt. Call 
N/R 
20 
 
 
Louisiana Pellets Inc Project, Series 2015, 7.000%, 7/01/24 (AMT), 144A (4) 
 
 
 
540 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2010, 
6/30 at 100.00 
BB– 
640,127 
 
 
6.350%, 7/01/40, 144A 
 
 
 
13,270 
 
Total Louisiana 
 
 
11,649,142 
 
 
Maryland – 0.6% (0.4% of Total Investments) 
 
 
 
3,000 
 
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine 
11/20 at 100.00 
BB– 
3,007,590 
 
 
Terminals Inc Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 
 
 
 
4,000 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt 
11/20 at 100.00 
N/R 
2,400,000 
 
 
Conference Center, Series 2006A, 0.000%, 12/01/31 (4) 
 
 
 
2,500 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt 
11/20 at 100.00 
N/R 
1,500,000 
 
 
Conference Center, Series 2006B, 0.000%, 12/01/31 (4) 
 
 
 
9,500 
 
Total Maryland 
 
 
6,907,590 
 
 
Massachusetts – 1.4% (0.9% of Total Investments) 
 
 
 
5,735 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, 
7/26 at 100.00 
5,978,967 
 
 
Series 2017B, 4.250%, 7/01/46 (AMT) (UB) (6) 
 
 
 
5,000 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, 
3/24 at 100.00 
AA 
5,663,050 
 
 
3/01/46 (UB) (6) 
 
 
 
2,985 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E, 4.000%, 
4/25 at 100.00 
AA 
3,374,572 
 
 
4/01/33 (UB) (6) 
 
 
 
13,720 
 
Total Massachusetts 
 
 
15,016,589 
 
 
Michigan – 1.7% (1.2% of Total Investments) 
 
 
 
 
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, 
 
 
 
 
 
Series 1998A: 
 
 
 
 
5.500%, 5/01/21 – ACA Insured 
11/20 at 100.00 
B– 
5,007 
170 
 
5.500%, 5/01/21 
11/20 at 100.00 
B– 
168,133 
88 
 
Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/22 
11/20 at 100.00 
N/R 
87,710 
900 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope 
4/21 at 100.00 
816,912 
 
 
Academy Project, Series 2011, 8.125%, 4/01/41 
 
 
 
1,235 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, 
7/27 at 100.00 
N/R 
1,063,446 
 
 
Voyageur Academy Project, Refunding Series 2017 Private Placement of 2017, 5.900%, 
 
 
 
 
 
7/15/46, 144A 
 
 
 
 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2015A: 
 
 
 
2,225 
 
4.350%, 10/01/45 (UB) (6) 
10/24 at 100.00 
AA 
2,357,276 
4,500 
 
4.600%, 4/01/52 (UB) (6) 
10/24 at 100.00 
AA 
4,794,255 
1,565 
 
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American 
11/20 at 100.00 
N/R 
1,566,456 
 
 
Montessori Academy, Series 2007, 6.500%, 12/01/37 
 
 
 
1,000 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, 
11/20 at 100.00 
BBB– 
1,001,800 
 
 
Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 
 
 
 
1,000 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, 
11/20 at 100.00 
BBB– 
1,000,490 
 
 
Richfield Public School Academy, Series 2007, 5.000%, 9/01/36 
 
 
 
775 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, 
11/20 at 100.00 
N/R 
775,178 
 
 
David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37 
 
 
 
100,000 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
6/33 at 11.41 
N/R 
4,650,000 
 
 
Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58 
 
 
 
 
117
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan (continued) 
 
 
 
$ 500 
 
Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 
11/20 at 100.00 
B+ 
$ 500,335 
 
 
6.375%, 11/01/35 
 
 
 
113,963 
 
Total Michigan 
 
 
18,786,998 
 
 
Minnesota – 0.7% (0.5% of Total Investments) 
 
 
 
665 
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy 
7/25 at 100.00 
N/R 
693,774 
 
 
Project, Series 2015A, 5.500%, 7/01/35 
 
 
 
1,000 
 
Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, 
7/25 at 100.00 
989,750 
 
 
Series 2015A, 6.000%, 7/01/45 
 
 
 
505 
 
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of 
7/26 at 100.00 
N/R 
512,671 
 
 
Performing Arts Project, Series 2016A, 5.000%, 7/01/47 
 
 
 
100 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep 
7/30 at 100.00 
N/R 
102,224 
 
 
Project, Series 2020A, 5.000%, 7/01/55 
 
 
 
2,000 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
7/26 at 100.00 
N/R 
2,119,480 
 
 
Bonds, Community School of Excellence, Series 2016A, 5.750%, 7/01/47, 144A 
 
 
 
3,000 
 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint 
10/22 at 100.00 
Ba1 
3,020,640 
 
 
Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A 
 
 
 
7,270 
 
Total Minnesota 
 
 
7,438,539 
 
 
Mississippi – 0.1% (0.1% of Total Investments) 
 
 
 
500 
 
Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King 
10/26 at 100.00 
N/R 
437,755 
 
 
Edward Mixed-Use Project, Refunding Series 2019A, 4.250%, 10/15/49 (Mandatory Put 
 
 
 
 
 
10/15/39), 144A 
 
 
 
582 
 
Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care 
12/20 at 100.00 
N/R 
560,376 
 
 
Apartments, Series 2004-2, 6.125%, 9/01/34 (AMT) 
 
 
 
1,082 
 
Total Mississippi 
 
 
998,131 
 
 
Missouri – 1.5% (1.1% of Total Investments) 
 
 
 
655 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, 
11/20 at 100.00 
A– 
656,375 
 
 
Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
655 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
4/26 at 100.00 
N/R 
627,706 
 
 
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 
 
 
 
 
 
5.000%, 4/01/46, 144A 
 
 
 
2,000 
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty 
6/25 at 100.00 
N/R 
1,957,780 
 
 
Commons Project, Subordinate Lien Series 2015B, 8.500%, 6/15/46, 144A 
 
 
 
10,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/27 at 100.00 
AA– 
10,986,100 
 
 
Mercy Health, Series 2017C, 4.000%, 11/15/49 (UB) (6) 
 
 
 
1,100 
 
Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, 
11/20 at 100.00 
N/R 
1,054,020 
 
 
Series 2007A, 5.350%, 6/15/32 
 
 
 
1,353 
 
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square 
3/21 at 100.00 
N/R 
1,347,656 
 
 
Redevelopment Project, Series 2008A, 6.300%, 8/22/26 
 
 
 
732 
 
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment 
No Opt. Call 
N/R 
183,000 
 
 
Projects, Series 2007A, 6.000%, 12/31/26 
 
 
 
16,495 
 
Total Missouri 
 
 
16,812,637 
 
 
Nevada – 1.3% (0.9% of Total Investments) 
 
 
 
1,000 
 
City of Henderson, Nevada, Local Improvement District No T-20 Rainbow Canyon, Local 
9/28 at 100.00 
N/R 
1,063,650 
 
 
Improvement Bonds, Series 2018, 5.375%, 9/01/48 
 
 
 
2,000 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
8/29 at 100.00 
N/R 
1,814,560 
 
 
Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38 (AMT), 144A 
 
 
 
10,000 
 
Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue 
7/28 at 100.00 
10,464,100 
 
 
Bonds, Series 2018B, 4.000%, 7/01/49 (UB) (6) 
 
 
 
575 
 
North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley 
12/28 at 100.00 
N/R 
588,012 
 
 
Vista, Series 2019, 4.625%, 6/01/49 
 
 
 
13,575 
 
Total Nevada 
 
 
13,930,322 
 
118
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey – 5.2% (3.6% of Total Investments) 
 
 
 
$ 2,500 
 
New Jersey Economic Development Authority, Lease Revenue Bonds, State Government 
12/27 at 100.00 
BBB+ 
$ 2,770,275 
 
 
Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, 
 
 
 
 
 
6/15/47 (UB) (6) 
 
 
 
5,000 
 
New Jersey Economic Development Authority, Lease Revenue Bonds, State Government 
12/27 at 100.00 
BBB+ 
5,540,550 
 
 
Buildings-Juvenile Justice Commission Facilities Project, Series 2018C, 5.000%, 6/15/47 (UB) (6) 
 
 
 
9,500 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/27 at 100.00 
BBB+ 
10,538,825 
 
 
2017DDD, 5.000%, 6/15/42 (UB) (6) 
 
 
 
4,100 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
8/22 at 101.00 
B+ 
4,189,134 
 
 
Airlines Inc, Series 1999, 5.250%, 9/15/29 (AMT) 
 
 
 
2,080 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
3/24 at 101.00 
B+ 
2,161,515 
 
 
Airlines Inc, Series 2000A & 2000B, 5.625%, 11/15/30 (AMT) 
 
 
 
5,200 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
11/20 at 100.00 
BB+ 
5,214,872 
 
 
Peters University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
40,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
BBB+ 
22,874,800 
 
 
Series 2006C, 0.000%, 12/15/36 – AMBAC Insured (UB) (6) 
 
 
 
1,750 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/28 at 100.00 
BBB+ 
1,791,843 
 
 
2019BB, 4.000%, 6/15/50 
 
 
 
2,200 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BB+ 
2,489,850 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
72,330 
 
Total New Jersey 
 
 
57,571,664 
 
 
New Mexico – 0.5% (0.4% of Total Investments) 
 
 
 
320 
 
Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital 
3/21 at 58.09 
N/R 
147,290 
 
 
Appreciation Taxable Series 2015D, 0.000%, 3/01/32 
 
 
 
50 
 
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, 
9/25 at 100.00 
N/R 
49,827 
 
 
Series 2015A, 5.900%, 9/01/32 
 
 
 
215 
 
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, 
9/25 at 100.00 
N/R 
214,256 
 
 
Series 2015B, 5.900%, 9/01/32 
 
 
 
375 
 
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, 
No Opt. Call 
N/R 
365,936 
 
 
Series 2015C, 5.900%, 9/01/32 
 
 
 
1,210 
 
Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy 
10/23 at 100.00 
N/R 
1,235,217 
 
 
Revenue Bonds, Series 2013, 7.250%, 10/01/43 
 
 
 
1,020 
 
Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue 
10/24 at 100.00 
N/R 
1,029,302 
 
 
Bonds, Series 2014, 6.750%, 10/01/33 
 
 
 
1,500 
 
Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross 
11/23 at 103.00 
N/R 
1,449,825 
 
 
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A (WI/DD, 
 
 
 
 
 
Settling 11/17/20) 
 
 
 
1,452 
 
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross 
11/20 at 103.00 
N/R 
1,459,318 
 
 
Receipts Tax Increment Bonds, Senior Lien Series 2015, 6.000%, 5/01/40, 144A 
 
 
 
6,142 
 
Total New Mexico 
 
 
5,950,971 
 
 
New York – 9.5% (6.5% of Total Investments) 
 
 
 
2,455 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of 
9/25 at 100.00 
N/R 
2,635,099 
 
 
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
10,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, 
3/30 at 100.00 
A2 
9,931,100 
 
 
Series 2020A, 3.000%, 9/01/50 – AGM Insured (UB) (6) 
 
 
 
200 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical 
6/27 at 100.00 
BBB– 
227,602 
 
 
Center Obligated Group, Series 2017, 5.000%, 12/01/36, 144A 
 
 
 
1,000 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The 
2/30 at 100.00 
N/R 
1,024,410 
 
 
Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 
 
 
 
1,000 
 
Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College 
6/22 at 100.00 
N/R 
992,730 
 
 
Project, Series 2019A, 5.500%, 9/01/22 
 
 
 
 
119
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 1,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
11/30 at 100.00 
BBB+ 
$ 1,088,000 
 
 
Climate Bond Certified Series 2020D-1, 5.000%, 11/15/43 (UB) (6) 
 
 
 
1,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
11/30 at 100.00 
BBB+ 
1,003,270 
 
 
Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49 (UB) (6) 
 
 
 
10,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/26 at 100.00 
BBB+ 
10,526,700 
 
 
2016C-1, 5.000%, 11/15/56 (UB) (6) 
 
 
 
14,260 
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue 
9/26 at 100.00 
Aa2 
15,302,834 
 
 
Bonds, Sustainable Neighborhood Series 2018K, 4.125%, 11/01/53 (UB) (6) 
 
 
 
 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
 
 
 
 
 
Bronx Parking Development Company, LLC Project, Series 2007: 
 
 
 
1,500 
 
0.000%, 10/01/37 (4) 
11/20 at 100.00 
N/R 
1,155,000 
5,000 
 
0.000%, 10/01/46 (4) 
11/20 at 100.00 
N/R 
3,850,000 
320 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
11/20 at 100.00 
N/R 
301,734 
 
 
Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23 
 
 
 
7,075 
 
New York City, New York, General Obligation Bonds, Fiscal 2017 Series A-1, 5.000%, 
8/26 at 100.00 
AA 
8,261,407 
 
 
8/01/38 (UB) (6) 
 
 
 
2,000 
 
New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term 
11/20 at 100.00 
B– 
2,021,380 
 
 
Series 2005A, 5.000%, 6/01/42 
 
 
 
500 
 
New York Liberty Development Corporation, Liberty Revenue Bonds, Secured by Port 
12/21 at 100.00 
AA– 
587,170 
 
 
Authority Consolidated Bonds, Tender Option Bonds Trust 2016-XG0062, 17.785%, 
 
 
 
 
 
12/15/41, 144A (IF) (6) 
 
 
 
1,000 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
1,024,540 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
3,250 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
3,374,410 
 
 
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A 
 
 
 
6,000 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
6,223,740 
 
 
Center Project, Class 3 Series 2014, 7.250%, 11/15/44, 144A 
 
 
 
10,000 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/21 at 100.00 
B– 
9,962,100 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 
 
 
 
 
 
2016, 5.000%, 8/01/31 (AMT) 
 
 
 
3,070 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/30 at 100.00 
B– 
3,181,656 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Series 2020, 
 
 
 
 
 
5.375%, 8/01/36 (AMT) 
 
 
 
4,985 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia 
7/24 at 100.00 
A2 
5,461,018 
 
 
Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
 
 
(AMT) (UB) (6) 
 
 
 
3,265 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
4/27 at 100.00 
AA– 
3,780,543 
 
 
Series 2017, 5.000%, 4/15/57 (UB) (6) 
 
 
 
530 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB 
532,157 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
805 
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue 
11/20 at 100.00 
N/R 
811,867 
 
 
Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (AMT) 
 
 
 
9,975 
 
Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester 
11/25 at 100.00 
BBB– 
10,835,942 
 
 
Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 (UB) (6) 
 
 
 
100,190 
 
Total New York 
 
 
104,096,409 
 
 
North Carolina – 0.1% (0.1% of Total Investments) 
 
 
 
940 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/21 at 100.00 
AA– 
964,384 
 
 
Carolinas HealthCare System, Tender Option Bond Trust 2016-XF2222, Formerly Tender Option 
 
 
 
 
 
Bond Trust 11963, 18.543%, 1/15/42, 144A (IF) 
 
 
 
 
 
North Dakota – 0.1% (0.1% of Total Investments) 
 
 
 
2,000 
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC 
9/23 at 100.00 
N/R 
880,000 
 
 
Project, Series 2013, 7.750%, 9/01/38 (4) 
 
 
 
 
120
 

         
Principal 
 
Optional Call 
 
 
Amount (000) 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
Ohio – 7.0% (4.8% of Total Investments) 
 
 
 
$ 81,601 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 22.36 
N/R 
$ 11,637,225 
 
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, 
 
 
 
 
0.000%, 6/01/57 
 
 
 
32,045 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
34,309,620 
 
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
5,455 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R (7) 
5,962,751 
 
Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22) 
 
 
 
1,500 
Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center 
12/22 at 100.00 
N/R 
1,485,135 
 
Project, Liberty Community Authority, Series 2014C, 6.000%, 12/01/43 
 
 
 
340 
Evans Farm New Community Authority, Ohio, Community Development Charge Revenue Bonds, 
6/29 at 100.00 
N/R 
313,283 
 
Evans Farm Mixed-Use Project, Series 2020, 4.000%, 12/01/46 
 
 
 
1,270 
Medina County Port Authority, Ohio, Development Revenue Bond, Fiber Network Project, 
12/20 at 100.00 
AA– 
1,275,702 
 
Series 2010B, 6.000%, 12/01/30 
 
 
 
11,160 
Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network 
8/26 at 100.00 
A2 
12,062,063 
 
Obligated Group, Series 2016, 4.000%, 8/01/47 (UB) (6) 
 
 
 
2,800 
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, 
No Opt. Call 
N/R 
3,500 
 
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (4) 
 
 
 
3,310 
Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG 
7/29 at 100.00 
B3 
3,375,042 
 
Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A 
 
 
 
365 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
456 
 
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (4) 
 
 
 
4,750 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
5,938 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4) 
 
 
 
3,085 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
3,856 
 
Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/20 (4) 
 
 
 
3,000 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
3,750 
 
Generating Corporation Project, Refunding Series 2005B, 4.000%, 1/01/34 (4) 
 
 
 
255 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
319 
 
Generating Corporation Project, Refunding Series 2008B, 3.625%, 10/01/33 (4) 
 
 
 
1,015 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
1,269 
 
Generating Corporation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4) 
 
 
 
2,725 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
3,406 
 
Generating Corporation Project, Refunding Series 2010A, 3.750%, 7/01/33 (4) 
 
 
 
3,000 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
3,022,500 
 
Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) 
 
 
 
1,000 
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment 
11/30 at 100.00 
N/R 
899,300 
 
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, 
 
 
 
 
Senior Lien Series 2019A, 5.000%, 11/01/51 
 
 
 
2,000 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education 
3/25 at 100.00 
N/R 
2,088,980 
 
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 
 
 
 
 
6.000%, 3/01/45 
 
 
 
160,676 
Total Ohio 
 
 
76,454,095 
 
Oklahoma – 1.8% (1.2% of Total Investments) 
 
 
 
1,550 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise 
8/21 at 100.00 
N/R (7) 
1,650,502 
 
Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 (Pre-refunded 
 
 
 
 
8/25/21), 144A 
 
 
 
15,000 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc, Refunding 
6/23 at 100.00 
N/R 
15,309,450 
 
Series 2000B, 5.500%, 6/01/35 (AMT) 
 
 
 
2,600 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc, Refunding 
6/23 at 100.00 
N/R 
2,653,638 
 
Series 2001B, 5.500%, 12/01/35 (AMT) 
 
 
 
19,150 
Total Oklahoma 
 
 
19,613,590 
 
121

 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Oregon – 0.1% (0.1% of Total Investments) 
 
 
 
 
 
Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, 
 
 
 
 
 
Series 2020A: 
 
 
 
$ 1,750 
 
0.000%, 6/15/49 
6/30 at 57.54 
Aa1 
$ 767,918 
2,000 
 
0.000%, 6/15/50 
6/30 at 55.67 
Aa1 
847,180 
3,750 
 
Total Oregon 
 
 
1,615,098 
 
 
Pennsylvania – 1.6% (1.1% of Total Investments) 
 
 
 
1,250 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/28 at 100.00 
N/R 
1,313,338 
 
 
Bonds, City Center Project, Subordinate Lien, Series 2018, 5.125%, 5/01/32, 144A 
 
 
 
2,500 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
3,125 
 
 
Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.500%, 4/01/41 (4) 
 
 
 
2,715 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
3,394 
 
 
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4) 
 
 
 
290 
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University 
10/29 at 100.00 
BB+ 
283,481 
 
 
Project, Series 2020, 5.000%, 10/01/49 
 
 
 
1,720 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
6/30 at 100.00 
N/R 
1,802,766 
 
 
KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A 
 
 
 
1,720 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
6/30 at 100.00 
N/R 
1,802,766 
 
 
KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40 (AMT), 144A 
 
 
 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
No Opt. Call 
N/R 
 
 
Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41 (4) 
 
 
 
6,650 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 
9/25 at 100.00 
CCC+ 
5,491,902 
 
 
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
1,000 
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana 
12/27 at 100.00 
N/R 
1,017,670 
 
 
Bracetti Academy Project, Series 2020A, 5.375%, 6/15/50, 144A 
 
 
 
 
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana 
 
 
 
 
 
Bracetti Academy Project, Taxable Series 2020B: 
 
 
 
1,000 
 
6.875%, 12/15/35, 144A 
12/27 at 100.00 
N/R 
988,500 
1,000 
 
7.125%, 12/15/44, 144A 
12/27 at 100.00 
N/R 
988,280 
2,500 
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva 
1/23 at 100.00 
N/R 
2,722,750 
 
 
Esperanza, Inc – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33 
 
 
 
510 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
Ba1 
541,477 
 
 
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/36 
 
 
 
180 
 
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, 
5/24 at 100.00 
BB+ 
175,126 
 
 
Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 
 
 
 
23,040 
 
Total Pennsylvania 
 
 
17,134,581 
 
 
Puerto Rico – 7.7% (5.3% of Total Investments) 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A: 
 
 
 
5,260 
 
6.000%, 7/01/38 
11/20 at 100.00 
CC 
5,338,900 
3,125 
 
6.000%, 7/01/44 
11/20 at 100.00 
CC 
3,171,875 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
4,870 
 
5.125%, 7/01/37 
7/22 at 100.00 
CC 
5,028,275 
1,000 
 
5.250%, 7/01/42 
7/22 at 100.00 
CC 
1,032,500 
2,000 
 
6.000%, 7/01/47 
7/22 at 100.00 
CC 
2,097,500 
8,625 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build 
11/20 at 100.00 
6,026,719 
 
 
America Bonds, Series 2010YY, 4.050%, 7/01/40 (4) 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: 
 
 
 
4,835 
 
3.957%, 7/01/42 (4) 
7/22 at 100.00 
3,360,325 
185 
 
3.961%, 7/01/42 (4) 
7/22 at 100.00 
128,575 
2,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 
No Opt. Call 
1,392,500 
 
 
3.999%, 7/01/20 (4) 
 
 
 
1,025 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 
11/20 at 100.00 
712,375 
 
 
3.957%, 7/01/37 (4) 
 
 
 
 
122
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Puerto Rico (continued) 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: 
 
 
 
$ 5,690 
 
3.978%, 7/01/22 (4) 
11/20 at 100.00 
$ 3,961,662 
1,186 
 
3.978%, 7/01/28 (4) 
11/20 at 100.00 
825,752 
890 
 
3.978%, 7/01/29 (4) 
11/20 at 100.00 
619,663 
658 
 
3.978%, 7/01/31 (4) 
11/20 at 100.00 
458,133 
405 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC, 
11/20 at 100.00 
281,475 
 
 
3.957%, 7/01/28 (4) 
 
 
 
1,350 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 
11/20 at 100.00 
939,937 
 
 
3.978%, 7/01/40 (4) 
 
 
 
3,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 
11/20 at 100.00 
2,088,750 
 
 
3.978%, 7/01/25 (4) 
 
 
 
1,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A, 
7/23 at 100.00 
715,000 
 
 
4.102%, 7/01/36 (4) 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: 
 
 
 
360 
 
3.988%, 7/01/22 (4) 
11/20 at 100.00 
251,100 
710 
 
3.988%, 7/01/23 (4) 
11/20 at 100.00 
495,225 
375 
 
5.250%, 7/01/33 (4) 
11/20 at 100.00 
261,094 
5,500 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Build America Bond 
11/20 at 100.00 
3,836,250 
 
 
Series 2010EE, 4.044%, 7/01/32 (4) 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, 
 
 
 
 
 
Restructured 2018A-1: 
 
 
 
57,000 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
16,470,150 
76,600 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
15,961,142 
6,000 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
6,392,100 
4,500 
 
Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 
11/20 at 100.00 
2,700,000 
 
 
3.180%, 7/01/35 (4) 
 
 
 
198,149 
 
Total Puerto Rico 
 
 
84,546,977 
 
 
Rhode Island – 0.3% (0.2% of Total Investments) 
 
 
 
18,260 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed 
11/20 at 15.49 
CCC– 
2,823,179 
 
 
Bonds, Series 2007A, 0.000%, 6/01/52 
 
 
 
 
 
South Carolina – 2.9% (2.0% of Total Investments) 
 
 
 
4,000 
 
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement 
11/20 at 100.00 
N/R 
840,000 
 
 
District, Series 2007A, 7.750%, 11/01/39 (4) 
 
 
 
3,477 
 
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement 
No Opt. Call 
N/R 
730,170 
 
 
District, Series 2007B, 7.700%, 11/01/21 (4) 
 
 
 
5,000 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
8/26 at 100.00 
Baa1 (7) 
6,242,150 
 
 
Custodial Receipts CR-086, 5.000%, 8/15/36 (Pre-refunded 8/15/26), 144A 
 
 
 
400 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
1/30 at 100.00 
N/R 
361,368 
 
 
Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A 
 
 
 
980 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
11/24 at 100.00 
N/R 
1,086,741 
 
 
Midland Valley Preparatory School Project, Series 2014, 7.750%, 11/15/45, 144A 
 
 
 
4,215 
 
South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue 
12/29 at 100.00 
Baa3 
4,653,023 
 
 
Bonds, Lowcountry Leadership Charter School Project, Series 2019A, 5.000%, 12/01/49, 144A 
 
 
 
1,250 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto 
8/21 at 100.00 
AA (7) 
1,307,675 
 
 
Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
3,000 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding 
12/26 at 100.00 
A– 
3,502,980 
 
 
Series 2016B, 5.000%, 12/01/46 (UB) (6) 
 
 
 
11,615 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 
6/24 at 100.00 
A– 
12,848,281 
 
 
2014A, 5.000%, 12/01/49 (UB) (6) 
 
 
 
33,937 
 
Total South Carolina 
 
 
31,572,388 
 
123

 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tennessee – 2.8% (1.9% of Total Investments) 
 
 
 
$ 1,000 
 
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, 
7/27 at 100.00 
N/R 
$ 849,050 
 
 
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46 
 
 
 
 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 
 
 
 
 
 
Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A: 
 
 
 
11,095 
 
5.000%, 7/01/40 (UB) 
7/26 at 100.00 
Aa1 
12,812,062 
5,240 
 
5.000%, 7/01/46 (UB) (6) 
7/26 at 100.00 
Aa1 
5,987,853 
5,000 
 
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue 
6/27 at 100.00 
N/R 
3,250,000 
 
 
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 
 
 
 
 
 
6/01/47, 144A (4) 
 
 
 
6,024 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 
No Opt. Call 
BBB 
7,319,943 
 
 
5.625%, 9/01/26 
 
 
 
930 
 
Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue 
11/20 at 100.00 
N/R 
724,247 
 
 
Bonds, Rutland Place Inc Project, Series 2015A, 5.500%, 1/01/46 
 
 
 
29,289 
 
Total Tennessee 
 
 
30,943,155 
 
 
Texas – 3.8% (2.6% of Total Investments) 
 
 
 
500 
 
Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public 
9/29 at 100.00 
N/R 
521,580 
 
 
Improvement District Neighborhood Improvement Areas 2-3 Project, Series 2019, 4.250%, 
 
 
 
 
 
9/01/49, 144A 
 
 
 
1,000 
 
Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement 
9/22 at 103.00 
N/R 
1,051,190 
 
 
District Phase 1 Project, Series 2014, 7.000%, 9/01/40 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
250 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (7) 
252,322 
1,000 
 
6.750%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa2 (7) 
1,010,310 
4,165 
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 
12/25 at 100.00 
Aa2 
4,953,684 
 
 
5.000%, 12/01/48 (UB) (6) 
 
 
 
 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, 
 
 
 
 
 
Series 2013A: 
 
 
 
365 
 
6.625%, 9/01/31 
9/23 at 100.00 
N/R 
398,423 
1,000 
 
6.375%, 9/01/42 
9/23 at 100.00 
N/R 
1,069,120 
165 
 
Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public 
8/27 at 100.00 
N/R 
173,425 
 
 
Improvement District 1 Phase 2B, 2C & 3A1, Series 2019, 4.250%, 8/15/49, 144A 
 
 
 
1,500 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy 
11/22 at 100.00 
Baa2 
1,553,460 
 
 
Inc Project, Series 2012A RMKT, 4.750%, 5/01/38 
 
 
 
1,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
11/20 at 100.00 
B3 
1,000,500 
 
 
Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (AMT) 
 
 
 
125 
 
Haslett, Texas, Special Assessment Revenue Bonds, Haslet Public Improvement District 5 
9/29 at 100.00 
N/R 
132,404 
 
 
Improvement Area 1 Project, Series 2019, 4.375%, 9/01/49, 144A 
 
 
 
805 
 
Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 
11/20 at 100.00 
N/R 
804,936 
 
 
2006A, 6.000%, 2/15/36 
 
 
 
1,000 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines 
7/21 at 100.00 
1,014,740 
 
 
Inc – Terminal Improvement Project, Refunding Series 2011, 6.625%, 7/15/38 (AMT) 
 
 
 
3,165 
 
Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area 
7/22 at 100.00 
N/R (7) 
3,545,465 
 
 
Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012, 
 
 
 
 
 
8.250%, 7/01/32 (Pre-refunded 7/01/22) 
 
 
 
1,170 
 
McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement 
9/29 at 100.00 
N/R 
1,268,853 
 
 
District Improvement Area 2 Project, Series 2019, 4.250%, 9/15/39, 144A 
 
 
 
 
 
Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District 
 
 
 
 
 
Project, Series 2019: 
 
 
 
300 
 
5.750%, 9/15/39, 144A 
9/29 at 100.00 
N/R 
323,286 
500 
 
6.000%, 9/15/49, 144A 
9/29 at 100.00 
N/R 
538,020 
2,000 
 
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro 
1/26 at 102.00 
N/R 
139,340 
 
 
Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (AMT), 144A (4), (8) 
 
 
 
 
124
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
B– 
$ 869,390 
 
 
Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, LLC-Texas A&M University-Corpus 
 
 
 
 
 
Christi Project, Series 2014A, 5.000%, 4/01/44 
 
 
 
1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
BBB– 
968,780 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M University – 
 
 
 
 
 
San Antonio Project,, 5.000%, 4/01/48 
 
 
 
1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
Baa3 
980,420 
 
 
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, 
 
 
 
 
 
Series 2014A, 5.000%, 4/01/44 
 
 
 
 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
 
 
 
 
 
Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, 
 
 
 
 
 
Series 2015A: 
 
 
 
1,250 
 
5.000%, 7/01/35 
7/25 at 100.00 
CCC 
1,037,500 
2,445 
 
5.000%, 7/01/47 
7/25 at 100.00 
CCC 
2,029,350 
2,250 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond 
9/21 at 100.00 
N/R (7) 
2,640,442 
 
 
Trust 2016-XG0036, Formerly Tender Option Bond Trust 11946, 19.661%, 9/01/41, 144A 
 
 
 
 
 
(Pre-refunded 9/01/21) (IF) 
 
 
 
1,070 
 
Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point Public 
9/30 at 100.00 
N/R 
1,073,413 
 
 
Improvement District 2 Project, Series 2020, 4.000%, 9/01/50, 144A (WI/DD, Settling 11/16/20) 
 
 
 
440 
 
Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility 
1/22 at 103.00 
N/R 
440,317 
 
 
Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, 4.000%, 1/01/50 (AMT), 144A 
 
 
 
205 
 
Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement 
9/29 at 100.00 
N/R 
216,956 
 
 
District 2 Phase 1 Project, Series 2019, 4.750%, 9/01/49, 144A 
 
 
 
185 
 
Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement 
9/29 at 100.00 
N/R 
202,433 
 
 
District 2 Phase 2-6 Major Improvement Project, Series 2019, 5.500%, 9/01/39, 144A 
 
 
 
2,000 
 
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue 
12/21 at 100.00 
N/R 
1,325,000 
 
 
Bonds, Eden Home Inc, Series 2012, 0.000%, 12/15/32 (4) 
 
 
 
160 
 
Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District 
3/24 at 102.00 
N/R 
162,624 
 
 
North Improvement Area, Series 2016, 5.750%, 9/15/36 
 
 
 
5,000 
 
Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, 
9/27 at 100.00 
AA+ 
5,481,250 
 
 
Series 2018A, 4.250%, 9/01/48 (UB) (6) 
 
 
 
785 
 
Texas Public Finance Authority Charter School Finance Corporation, Charter School 
11/20 at 100.00 
BB– 
786,758 
 
 
Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34 
 
 
 
2,040 
 
Texas State Affordable Housing Corporation Multifamily Housing Revenue Bonds, Peoples El 
1/34 at 100.00 
N/R 
2,148,452 
 
 
Shaddai Village and St James Manor Apartments Project, Series 2016, 4.850%, 12/01/56, 144A 
 
 
 
1,653 
 
Viridian Municipal Management District, Texas, Assessment Revenue Bonds, Series 2017, 
12/25 at 100.00 
N/R 
1,752,015 
 
 
4.250%, 12/01/44 
 
 
 
42,493 
 
Total Texas 
 
 
41,866,158 
 

Utah – 0.2% (0.1% of Total Investments)
 
 
 
1,980 
 
Utah Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy High 
5/21 at 100.00 
N/R (7) 
2,061,952 
 
 
School, Series 2011A, 8.125%, 5/15/31 (Pre-refunded 5/15/21) 
 
 
 
 
 
Vermont – 0.5% (0.3% of Total Investments) 
 
 
 
3,400 
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of 
6/26 at 100.00 
3,854,784 
 
 
Vermont Medical Center Project, Green Series 2016B, 5.000%, 12/01/46 (UB) (6) 
 
 
 
1,155 
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law 
1/21 at 100.00 
N/R (7) 
1,165,903 
 
 
School Project, Series 2011A, 6.250%, 1/01/41 (Pre-refunded 1/01/21) 
 
 
 
4,555 
 
Total Vermont 
 
 
5,020,687 
 
 
Virgin Islands – 0.9% (0.6% of Total Investments) 
 
 
 
 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
 
 
 
 
 
Series 2014C: 
 
 
 
1,000 
 
5.000%, 10/01/30 
10/24 at 100.00 
N/R 
942,160 
5,000 
 
5.000%, 10/01/39 
10/24 at 100.00 
N/R 
4,537,850 
 
125
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Virgin Islands (continued) 
 
 
 
$ 1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo 
11/20 at 100.00 
Caa3 
$ 1,003,740 
 
 
Project, Series 2009A, 6.750%, 10/01/37 
 
 
 
3,270 
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond 
No Opt. Call 
N/R 
3,269,416 
 
 
Anticipation Notes, Series 2020A, 7.500%, 7/01/22, 144A 
 
 
 
10,270 
 
Total Virgin Islands 
 
 
9,753,166 
 
 
Virginia – 2.5% (1.7% of Total Investments) 
 
 
 
762 
 
Celebrate Virginia North Community Development Authority, Special Assessment Revenue 
No Opt. Call 
N/R 
457,200 
 
 
Bonds, Series 2003B, 4.125%, 3/01/21 (4) 
 
 
 
10,000 
 
Industrial Development Authority of the City of Newport News, Virginia, Health System 
7/27 at 100.00 
N/R 
11,112,000 
 
 
Revenue Bonds, Riverside Health System, Series 2017A, 5.000%, 7/01/46, 144A 
 
 
 
1,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed 
11/20 at 100.00 
B– 
1,004,230 
 
 
Bonds, Series 2007B1, 5.000%, 6/01/47 
 
 
 
7,000 
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, 
7/34 at 100.00 
N/R 
7,258,580 
 
 
Provident Resource Group – Rixey Student Housing Project, Series 2019A, 5.500%, 7/01/54, 144A 
 
 
 
7,000 
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, 
No Opt. Call 
N/R 
7,032,760 
 
 
Provident Resource Group – Rixey Student Housing Project, Series 2019B, 7.500%, 7/01/52, 144A 
 
 
 
 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
 
 
 
 
 
Crossing, Opco LLC Project, Series 2012: 
 
 
 
80 
 
6.000%, 1/01/37 (AMT) 
7/22 at 100.00 
BBB– 
85,173 
130 
 
5.500%, 1/01/42 (AMT) 
7/22 at 100.00 
BBB– 
135,756 
25,972 
 
Total Virginia 
 
 
27,085,699 
 
 
Washington – 2.2% (1.5% of Total Investments) 
 
 
 
1,000 
 
King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie 
12/25 at 100.00 
N/R 
1,077,680 
 
 
Valley Hospital, Series 2015A, 6.250%, 12/01/45 
 
 
 
1,000 
 
Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing 
11/20 at 100.00 
N/R 
1,000,840 
 
 
Revenue Bonds, Series 2007, 5.600%, 6/01/37 (AMT) 
 
 
 
1,300 
 
Port of Seattle Industrial Development Corporation, Washington, Special Facilities 
4/23 at 100.00 
BB 
1,333,605 
 
 
Revenue Refunding Bonds, Delta Air Lines, Inc Project, Series 2012, 5.000%, 4/01/30 (AMT) 
 
 
 
195 
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 
11/20 at 100.00 
N/R 
195,082 
 
 
Series 2013, 5.750%, 4/01/43 
 
 
 
3,065 
 
Washington Economic Development Finance Authority, Environmental Facilities Revenue 
1/28 at 100.00 
N/R 
2,298,750 
 
 
Bonds, Columbia Pulp I, LLC Project, Series 2017A, 7.500%, 1/01/32 (AMT), 144A 
 
 
 
545 
 
Washington Economic Development Finance Authority, Environmental Facilities Revenue 
1/28 at 100.00 
N/R 
408,750 
 
 
Bonds, Columbia Pulp I, LLC Project, Series 2018, 7.250%, 1/01/32 (AMT), 144A 
 
 
 
1,565 
 
Washington Economic Development Finance Authority, Environmental Facilities Revenue 
1/28 at 100.00 
N/R 
1,173,750 
 
 
Bonds, Columbia Pulp I, LLC Project, Series 2019A, 7.500%, 1/01/32 (AMT), 144A 
 
 
 
7,330 
 
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 
8/27 at 100.00 
BBB– 
7,607,294 
 
 
Center, Series 2017, 4.000%, 8/15/42 (UB) 
 
 
 
8,525 
 
Washington State Higher Education Facilities Authority Revenue Bonds, Gonzaga University 
10/29 at 100.00 
A2 
8,215,798 
 
 
Project, Series 2019A, 3.000%, 4/01/49 (UB) (6) 
 
 
 
1,000 
 
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella 
10/22 at 100.00 
N/R 
1,022,680 
 
 
Project, Series 2012A, 6.750%, 10/01/47, 144A 
 
 
 
25,525 
 
Total Washington 
 
 
24,334,229 
 
 
West Virginia – 0.2% (0.2% of Total Investments) 
 
 
 
1,361 
 
Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial 
12/23 at 100.00 
N/R 
1,391,160 
 
 
Development Revenue Bonds, Scattered Site Housing Projects, Series 2010, 5.750%, 12/01/44 
 
 
 
1,125 
 
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, 
6/27 at 100.00 
N/R 
1,160,944 
 
 
University Town Centre Economic Opportunity Development District, Refunding & Improvement 
 
 
 
 
 
Series 2017A, 5.750%, 6/01/43, 144A 
 
 
 
2,486 
 
Total West Virginia 
 
 
2,552,104 
 
126
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin – 5.7% (3.9% of Total Investments) 
 
 
 
$ 2,000 
 
Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue 
12/27 at 100.00 
N/R 
$ 1,999,860 
 
 
Bonds, Refunding Series 2017, 6.750%, 6/01/32 
 
 
 
150 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of 
7/28 at 100.00 
BB– 
154,315 
 
 
Las Vegas, Series 2020A, 5.000%, 7/01/55 
 
 
 
4,985 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina 
6/26 at 100.00 
N/R 
4,872,040 
 
 
Charter Educational Foundation Project, Series 2016A, 5.000%, 6/15/46, 144A 
 
 
 
500 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Point College 
6/27 at 103.00 
N/R 
496,710 
 
 
Preparatory, Series 2020A, 5.000%, 6/15/55, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, 
 
 
 
 
 
Lombard Public Facilities Corporation, First Tier Series 2018A-1: 
 
 
 
13 
 
0.000%, 1/01/47, 144A (4) 
No Opt. Call 
N/R 
302 
11 
 
0.000%, 1/01/48, 144A (4) 
No Opt. Call 
N/R 
259 
11 
 
0.000%, 1/01/49, 144A (4) 
No Opt. Call 
N/R 
249 
10 
 
0.000%, 1/01/50, 144A (4) 
No Opt. Call 
N/R 
231 
10 
 
0.000%, 1/01/51, 144A (4) 
No Opt. Call 
N/R 
222 
13 
 
0.000%, 1/01/52, 144A (4) 
No Opt. Call 
N/R 
277 
13 
 
0.000%, 1/01/53, 144A (4) 
No Opt. Call 
N/R 
267 
13 
 
0.000%, 1/01/54, 144A (4) 
No Opt. Call 
N/R 
250 
12 
 
0.000%, 1/01/55, 144A (4) 
No Opt. Call 
N/R 
239 
12 
 
0.000%, 1/01/56, 144A (4) 
No Opt. Call 
N/R 
229 
632 
 
5.500%, 7/01/56, 144A (4) 
3/28 at 100.00 
N/R 
454,976 
14 
 
0.000%, 1/01/57, 144A (4) 
No Opt. Call 
N/R 
246 
13 
 
0.000%, 1/01/58, 144A (4) 
No Opt. Call 
N/R 
234 
13 
 
0.000%, 1/01/59, 144A (4) 
No Opt. Call 
N/R 
223 
13 
 
0.000%, 1/01/60, 144A (4) 
No Opt. Call 
N/R 
210 
12 
 
0.000%, 1/01/61, 144A (4) 
No Opt. Call 
N/R 
201 
12 
 
0.000%, 1/01/62, 144A (4) 
No Opt. Call 
N/R 
190 
12 
 
0.000%, 1/01/63, 144A (4) 
No Opt. Call 
N/R 
181 
12 
 
0.000%, 1/01/64, 144A (4) 
No Opt. Call 
N/R 
173 
11 
 
0.000%, 1/01/65, 144A (4) 
No Opt. Call 
N/R 
164 
12 
 
0.000%, 1/01/66, 144A (4) 
No Opt. Call 
N/R 
168 
148 
 
0.000%, 1/01/67, 144A (4) 
No Opt. Call 
N/R 
1,874 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, 
 
 
 
 
 
Lombard Public Facilities Corporation, Second Tier Series 2018B: 
 
 
 
24 
 
0.000%, 1/01/46, 144A (4) 
No Opt. Call 
N/R 
601 
24 
 
0.000%, 1/01/47, 144A (4) 
No Opt. Call 
N/R 
569 
24 
 
0.000%, 1/01/48, 144A (4) 
No Opt. Call 
N/R 
555 
23 
 
0.000%, 1/01/49, 144A (4) 
No Opt. Call 
N/R 
538 
23 
 
0.000%, 1/01/50, 144A (4) 
No Opt. Call 
N/R 
508 
25 
 
0.000%, 1/01/51, 144A (4) 
No Opt. Call 
N/R 
545 
652 
 
0.000%, 7/01/51, 144A (4) 
3/28 at 100.00 
N/R 
410,235 
25 
 
0.000%, 1/01/52, 144A (4) 
No Opt. Call 
N/R 
519 
25 
 
0.000%, 1/01/53, 144A (4) 
No Opt. Call 
N/R 
501 
25 
 
0.000%, 1/01/54, 144A (4) 
No Opt. Call 
N/R 
482 
24 
 
0.000%, 1/01/55, 144A (4) 
No Opt. Call 
N/R 
464 
24 
 
0.000%, 1/01/56, 144A (4) 
No Opt. Call 
N/R 
449 
24 
 
0.000%, 1/01/57, 144A (4) 
No Opt. Call 
N/R 
432 
23 
 
0.000%, 1/01/58, 144A (4) 
No Opt. Call 
N/R 
414 
23 
 
0.000%, 1/01/59, 144A (4) 
No Opt. Call 
N/R 
403 
23 
 
0.000%, 1/01/60, 144A (4) 
No Opt. Call 
N/R 
385 
23 
 
0.000%, 1/01/61, 144A (4) 
No Opt. Call 
N/R 
368 
23 
 
0.000%, 1/01/62, 144A (4) 
No Opt. Call 
N/R 
355 
22 
 
0.000%, 1/01/63, 144A (4) 
No Opt. Call 
N/R 
341 
22 
 
0.000%, 1/01/64, 144A (4) 
No Opt. Call 
N/R 
331 
22 
 
0.000%, 1/01/65, 144A (4) 
No Opt. Call 
N/R 
317 
22 
 
0.000%, 1/01/66, 144A (4) 
No Opt. Call 
N/R 
296 
281 
 
0.000%, 1/01/67, 144A (4) 
No Opt. Call 
N/R 
3,568 
4,700 
 
Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public 
3/27 at 100.00 
N/R 
5,205,438 
 
 
Improvement District Project, Series 2017, 7.000%, 3/01/47, 144A 
 
 
 
 
127
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 1,500 
 
Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs 
6/27 at 100.00 
N/R 
$ 1,525,830 
 
 
Community School, Series 2020A, 6.250%, 6/15/40, 144A 
 
 
 
2,000 
 
Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie 
10/29 at 100.00 
N/R 
1,995,500 
 
 
College, Series 2019A, 5.875%, 10/01/54, 144A 
 
 
 
830 
 
Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood 
12/22 at 100.00 
N/R (7) 
930,364 
 
 
Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42 
 
 
 
 
 
(Pre-refunded 12/01/22) 
 
 
 
335 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
8/26 at 100.00 
N/R 
319,158 
 
 
Company Project, Refunding Series 2016, 4.000%, 8/01/35 (AMT) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American 
 
 
 
 
 
Dream @ Meadowlands Project, Series 2017A: 
 
 
 
1,665 
 
6.250%, 8/01/27, 144A 
No Opt. Call 
N/R 
1,432,399 
1,000 
 
6.750%, 8/01/31, 144A 
No Opt. Call 
N/R 
814,800 
 
 
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 
 
 
 
 
 
Dream @ Meadowlands Project, Series 2017: 
 
 
 
2,000 
 
6.750%, 12/01/42, 144A 
12/27 at 100.00 
N/R 
1,715,160 
17,335 
 
7.000%, 12/01/50, 144A 
12/27 at 100.00 
N/R 
14,971,719 
400 
 
Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park 
No Opt. Call 
N/R 
244,276 
 
 
Development Project, Series 2019, 0.000%, 12/31/24, 144A 
 
 
 
3,500 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series 
9/28 at 100.00 
N/R 
3,096,695 
 
 
2018A, 6.500%, 9/01/48 
 
 
 
500 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, 
10/27 at 100.00 
N/R 
571,920 
 
 
Senior Series 2017A, 7.000%, 10/01/47, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, 
 
 
 
 
 
Senior Series 2018A: 
 
 
 
2,415 
 
6.950%, 7/01/38, 144A 
7/28 at 100.00 
N/R 
2,575,114 
4,585 
 
7.000%, 7/01/48, 144A 
7/28 at 100.00 
N/R 
4,888,160 
1,060 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health 
4/25 at 100.00 
BB 
1,139,161 
 
 
Sciences, Series 2015, 5.875%, 4/01/45 
 
 
 
1,000 
 
Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Continuing Care 
6/25 at 104.00 
N/R 
1,004,600 
 
 
Retirement Community, Series 2020, 6.000%, 6/01/53, 144A 
 
 
 
1,000 
 
Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community of 
6/22 at 104.00 
N/R 
1,020,230 
 
 
Cary North Carolina, Series 2016, 6.000%, 6/01/49, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment 
 
 
 
 
 
Center, Series 2018A-1: 
 
 
 
1,000 
 
6.125%, 1/01/33, 144A 
1/28 at 100.00 
N/R 
848,130 
2,000 
 
6.250%, 1/01/38, 144A 
1/28 at 100.00 
N/R 
1,624,080 
3,500 
 
6.375%, 1/01/48, 144A 
1/28 at 100.00 
N/R 
2,760,275 
91 
 
Public Finance Authority, Wisconsin, Revenue Bonds, Minnesota College of Osteopathic 
12/28 at 100.00 
N/R 
45,647 
 
 
Medicine, Senior Series 2019A-1, 0.000%, 12/01/48, 144A (4) 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, 
 
 
 
 
 
Ascension Health Alliance Senior Credit Group, Series 2016A: 
 
 
 
1,400 
 
4.000%, 11/15/46 (Pre-refunded 5/15/26) (UB) (6) 
5/26 at 100.00 
N/R (7) 
1,666,238 
3,600 
 
4.000%, 11/15/46 (UB) (6) 
5/26 at 100.00 
AA+ 
3,969,216 
67,499 
 
Total Wisconsin 
 
 
62,771,576 
$ 1,888,321 
 
Total Municipal Bonds (cost $1,547,683,381) 
 
 
1,572,143,186 
 
128
 

             
Shares 
 
Description (1) 
 
 
 
Value 
 
 
COMMON STOCKS – 1.6% (1.1% of Total Investments) 
 
 
 
 
 
 
Airlines –0.2% (0.2% of Total Investments) 
 
 
 
 
227,514 
 
American Airlines Group Inc (9) 
 
 
 
$ 2,566,358 
 
 
Electric Utilities – 1.4% (0.9% of Total Investments) 
 
 
 
 
750,823 
 
Energy Harbor Corp (10), (11), (12) 
 
 
 
15,016,460 
 
 
Total Common Stocks (cost $27,440,408) 
 
 
 
17,582,818 
 
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.2% (0.2% of Total Investments) 
 
 
 
 
 
 
Consumer Discretionary – 0.2% (0.2% of Total Investments) 
 
 
 
 
$ 15,000 
 
Mashantucket Western Pequot Tribe, Corporate High Yield Bond 
7.350% 
7/01/26 
N/R 
$ 2,475,000 
 
 
(cash 6.350%, PIK 1.000%) (4) 
 
 
 
 
 
 
Industrials – 0.0% (0.0% of Total Investments) 
 
 
 
 
402 
 
EWM P1 LLC (cash 13.750%, PIK 1.250%) (4), (8) 
15.000% 
9/01/28 
N/R 
299 
 
EWM P1 LLC (4), (8) 
15.000% 
9/01/28 
N/R 
70 
 
EWM P1 LLC (11) 
15.000% 
9/01/28 
N/R 
69,928 
771 
 
Total Industrials 
 
 
 
69,935 
 
 
Real Estate – 0.0% (0.0% of Total Investments) 
 
 
 
 
300 
 
Zilkha Biomass Selma LLC (4), (8) 
5.000% 
8/01/28 
N/R 
204,084 
3,170 
 
Zilkha Biomass Selma LLC (4), (8) 
10.000% 
8/01/38 
N/R 
31 
3,470 
 
Total Real Estate 
 
 
 
204,115 
$ 19,241 
 
Total Corporate Bonds (cost $7,269,543) 
 
 
 
2,749,050 
 
 
Total Long-Term Investments (cost $1,582,393,332) 
 
 
 
1,592,475,054 
 
 
Floating Rate Obligations – (39.6)% 
 
 
 
(434,051,000) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (7.9)% (13) 
 
 
(86,882,357) 
 
 
Other Assets Less Liabilities – 2.4% 
 
 
 
25,876,103 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$ 1,097,417,800 
 
129
 

   
NMZ
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued) October 31, 2020
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) 
 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(5) 
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. 
(6) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(7) 
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. 
(8) 
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. 
(9) 
 
 
 
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period. 
(10)
 
 
 
 
 
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/20, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33, Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41.
(11) 
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information.
(12) 
Non-income producing; issuer has not declared a dividend within the past twelve months. 
(13) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 5.5%. 
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.
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information.
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
130
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 161.9% (98.6% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 159.1% (96.9% of Total Investments) 
 
 
 
 
 
Alabama – 6.2% (3.8% of Total Investments) 
 
 
 
$ 43,450 
 
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
10/29 at 100.00 
Caa2 
$ 38,352,880 
 
 
United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT) 
 
 
 
3,500 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
5/29 at 100.00 
N/R 
3,844,155 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A 
 
 
 
46,950 
 
Total Alabama 
 
 
42,197,035 
 
 
Alaska – 1.0% (0.6% of Total Investments) 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2006A: 
 
 
 
1,510 
 
5.000%, 6/01/32 
11/20 at 100.00 
B3 
1,510,377 
5,195 
 
5.000%, 6/01/46 
11/20 at 100.00 
B3 
5,217,027 
6,705 
 
Total Alaska 
 
 
6,727,404 
 
 
Arizona – 5.1% (3.1% of Total Investments) 
 
 
 
4,000 
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Leman 
7/24 at 101.00 
N/R 
4,126,560 
 
 
Academy of Excellence ? East Tucson & Central Tucson Projects, Series 2019A, 5.000%, 
 
 
 
 
 
7/01/49, 144A 
 
 
 
 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
 
 
 
 
 
Math & Science Projects, Series 2019: 
 
 
 
1,860 
 
5.000%, 7/01/49, 144A 
7/29 at 100.00 
BB 
1,961,482 
1,500 
 
5.000%, 7/01/54, 144A 
7/29 at 100.00 
BB 
1,575,180 
340 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest 
7/28 at 100.00 
BB+ 
339,524 
 
 
Academy-Cadence Campus Project, Series 2020A, 4.000%, 7/15/40, 144A 
 
 
 
1,000 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
1/30 at 100.00 
N/R 
1,006,280 
 
 
Gateway Academy Project, Series 2019A, 5.750%, 1/01/50, 144A 
 
 
 
 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
 
 
 
 
 
Legacy Traditional Schools Projects, Taxable Series 2019B: 
 
 
 
2,000 
 
5.000%, 7/01/39, 144A 
7/29 at 100.00 
Ba2 
2,164,420 
5,355 
 
5.000%, 7/01/49, 144A 
7/29 at 100.00 
Ba2 
5,707,091 
1,525 
 
5.000%, 7/01/54, 144A 
7/29 at 100.00 
Ba2 
1,620,023 
600 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/25 at 100.00 
BB 
637,056 
 
 
Basis Schools, Inc Projects, Series 2016A, 5.000%, 7/01/35, 144A 
 
 
 
280 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
9/30 at 100.00 
Ba2 
288,758 
 
 
Northwest Christian School Project, Series 2020A, 5.000%, 9/01/55, 144A 
 
 
 
2,700 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Guam Facilities 
2/24 at 100.00 
B+ 
2,749,761 
 
 
Foundation, Inc Project, Series 2014, 5.375%, 2/01/41 
 
 
 
3,540 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
6/22 at 100.00 
N/R 
3,562,727 
 
 
American Leadership Academy Project, Series 2017, 5.000%, 6/15/52, 144A 
 
 
 
500 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
6/25 at 100.00 
N/R 
508,625 
 
 
American Leadership Academy Project, Series 2019, 5.000%, 6/15/52, 144A 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Edkey Charter Schools Project, Refunding Series 2013: 
 
 
 
1,005 
 
6.000%, 7/01/43 
11/20 at 102.00 
BB– 
1,026,085 
1,000 
 
6.000%, 7/01/48 
11/20 at 102.00 
BB– 
1,020,940 
1,000 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 103.00 
N/R 
1,065,050 
 
 
Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A 
 
 
 
50 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 
N/R 
50,884 
 
 
Imagine East Mesa Charter Schools Project, Series 2019, 5.000%, 7/01/49, 144A 
 
 
 
380 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
6/28 at 100.00 
N/R 
381,634 
 
 
Synergy Public Charter School Project, Series 2020, 5.250%, 6/15/50, 144A 
 
 
 
 
131
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arizona (continued) 
 
 
 
 
 
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU 
 
 
 
 
 
Project, Series 2017A: 
 
 
 
$ 2,205 
 
6.000%, 10/01/37, 144A 
10/27 at 100.00 
N/R 
$ 2,290,642 
2,350 
 
6.125%, 10/01/52, 144A 
10/27 at 100.00 
N/R 
2,410,301 
33,190 
 
Total Arizona 
 
 
34,493,023 
 
 
Arkansas – 4.0% (2.4% of Total Investments) 
 
 
 
27,050 
 
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 
9/26 at 103.00 
27,117,354 
 
 
Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A 
 
 
 
 
 
California – 6.4% (3.9% of Total Investments) 
 
 
 
2,500 
 
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
2/30 at 100.00 
N/R 
2,788,900 
 
 
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A 
 
 
 
1,555 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
6/30 at 26.72 
N/R 
277,427 
 
 
Los Angeles County Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 
 
 
 
1,530 
 
California Enterprise Development Authority, Charter School Revenue Bonds, Norton 
7/27 at 102.00 
N/R 
1,569,933 
 
 
Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A 
 
 
 
2,500 
 
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, 
No Opt. Call 
B+ 
2,488,975 
 
 
Inc Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) 
 
 
 
1,385 
 
California Public Finance Authority, Charter School Lease Revenue Bonds, California 
7/28 at 100.00 
N/R 
1,385,000 
 
 
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A (WI/DD, Settling 11/10/20) 
 
 
 
 
 
California School Finance Authority, California, Charter School Revenue Bonds, Encore 
 
 
 
 
 
Education Obligated Group, Series 2016A: 
 
 
 
4,020 
 
5.000%, 6/01/42, 144A 
6/26 at 100.00 
N/R 
3,758,097 
4,380 
 
5.000%, 6/01/52, 144A 
6/26 at 100.00 
N/R 
3,950,804 
 
 
California School Finance Authority, Charter School Revenue Bonds, Arts in Action 
 
 
 
 
 
Charter Schools – Obligated Group, Series 2020A: 
 
 
 
1,410 
 
5.000%, 6/01/50, 144A 
6/27 at 100.00 
N/R 
1,490,793 
700 
 
5.000%, 6/01/59, 144A 
6/27 at 100.00 
N/R 
736,393 
2,065 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
2,234,619 
 
 
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
 
 
 
 
 
Linda University Medical Center, Series 2016A: 
 
 
 
1,480 
 
5.000%, 12/01/41, 144A 
6/26 at 100.00 
BB– 
1,617,196 
10,090 
 
5.250%, 12/01/56, 144A 
6/26 at 100.00 
BB– 
11,102,229 
1,095 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/28 at 100.00 
BB– 
1,238,281 
 
 
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
 
 
 
 
 
Charity Health System, Series 2005A: 
 
 
 
1,665 
 
5.750%, 7/01/24 (4) 
11/20 at 100.00 
N/R 
1,531,543 
21 
 
5.750%, 7/01/30 (4) 
11/20 at 100.00 
N/R 
19,387 
798 
 
5.750%, 7/01/35 (4) 
11/20 at 100.00 
N/R 
734,268 
1,307 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
11/20 at 100.00 
N/R 
1,201,970 
 
 
Charity Health System, Series 2005G, 5.500%, 7/01/22 (4) 
 
 
 
595 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
11/20 at 100.00 
N/R 
547,672 
 
 
Charity Health System, Series 2005H, 5.750%, 7/01/25 (4) 
 
 
 
25,000 
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled 
11/20 at 20.76 
N/R 
5,180,250 
 
 
Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46 
 
 
 
64,096 
 
Total California 
 
 
43,853,737 
 
 
Colorado – 10.0% (6.1% of Total Investments) 
 
 
 
1,000 
 
Broadway Station Metropolitan District 3, Denver City and County, Colorado, General 
6/24 at 103.00 
N/R 
1,033,060 
 
 
Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A, 5.000%, 12/01/49 
 
 
 
1,000 
 
Broadway Station Metropolitan District 3, Denver City and County, Colorado, General 
6/24 at 79.97 
N/R 
607,880 
 
 
Obligation Limited Tax Bonds, Subordinate Convertible to Senior Capital Appreciation Series 
 
 
 
 
 
2019B, 0.000%, 12/01/49 
 
 
 
 
132
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 500 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds 
10/27 at 100.00 
N/R 
$ 506,160 
 
 
World Compass Academy Project, Series 2017, 5.375%, 10/01/37 
 
 
 
 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
 
 
 
 
 
Loveland Classical Schools Project, Series 2016: 
 
 
 
530 
 
3.750%, 7/01/26, 144A 
No Opt. Call 
BB 
534,039 
500 
 
5.000%, 7/01/36, 144A 
7/26 at 100.00 
BB 
511,090 
10,170 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain 
10/27 at 100.00 
Ba1 
10,471,235 
 
 
Classical Academy Project, Refunding Series 2019, 5.000%, 10/01/59, 144A 
 
 
 
12,485 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 
BBB+ 
12,053,768 
 
 
Series 2019A-2, 3.250%, 8/01/49 
 
 
 
1,000 
 
Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales 
12/24 at 103.00 
N/R 
942,460 
 
 
Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/39 
 
 
 
 
 
Denver International Business Center Metropolitan District 1, Colorado, General 
 
 
 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2010: 
 
 
 
345 
 
5.000%, 12/01/30 
12/20 at 100.00 
BBB– 
346,273 
215 
 
5.375%, 12/01/35 
12/20 at 100.00 
BBB– 
215,856 
14,000 
 
Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation 
3/25 at 93.28 
N/R 
10,088,820 
 
 
Bonds, Convertible Capital Appreciation Series 2020A-2, 0.000%, 12/01/49 (5) 
 
 
 
5,500 
 
Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation 
3/25 at 103.00 
N/R 
5,698,990 
 
 
Bonds, Series 2020A-1, 5.000%, 12/01/49 
 
 
 
1,075 
 
Indy Oak Tod Metropolitan District, Lakewood, Jefferson County, Colorado, Limited Tax 
6/25 at 103.00 
N/R 
1,133,459 
 
 
General Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.500%, 12/01/50, 144A 
 
 
 
500 
 
Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax 
12/24 at 103.00 
N/R 
477,860 
 
 
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/49 
 
 
 
500 
 
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/25 at 100.00 
N/R 
510,045 
 
 
Refunding Series 2016, 4.000%, 12/01/26 
 
 
 
1,000 
 
North Range Metropolitan District No 3, 5.250%, 12/01/50 
12/25 at 103.00 
N/R 
1,000,000 
515 
 
North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax 
3/25 at 103.00 
N/R 
523,611 
 
 
General Obligation Bonds, Series 2020, 5.125%, 12/01/49 
 
 
 
 
 
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, 
 
 
 
 
 
Series 2019: 
 
 
 
5,000 
 
5.000%, 12/01/39 
12/24 at 103.00 
N/R 
5,270,750 
5,000 
 
5.000%, 12/01/49 
12/24 at 103.00 
N/R 
5,202,150 
1,000 
 
Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation 
12/24 at 103.00 
N/R 
1,008,890 
 
 
Limited Tax Bonds, Subordinate Series 2019, 7.250%, 12/15/49 
 
 
 
705 
 
Penrith Park Metropolitan District, Adams County, Colorado, General Obligation Limited 
12/24 at 103.00 
N/R 
714,482 
 
 
Tax Bonds, Series 2019A, 5.000%, 12/01/49 
 
 
 
1,200 
 
Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported 
12/24 at 102.00 
N/R 
1,222,608 
 
 
District 1 Revenue Bonds, Senior Series 2019A, 5.000%, 12/01/49 
 
 
 
880 
 
Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported 
12/24 at 102.00 
N/R 
891,343 
 
 
District 1 Revenue Bonds, Subordinate Series 2019B, 7.625%, 12/15/49 
 
 
 
500 
 
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation 
12/24 at 103.00 
N/R 
507,100 
 
 
and Special Revenue Bonds, Refunding & improvement Series 2019A, 5.000%, 12/01/49 
 
 
 
760 
 
Talon Pointe Metropolitan District, Adams County, Colorado, Limited Tax General Obligation 
12/25 at 103.00 
N/R 
778,331 
 
 
Bonds, Convertible to Unlimited Tax Refunding & Improvement Series 2019A, 5.250%, 12/01/51 
 
 
 
 
 
Thompson Crossing Metropolitan District 4, Johnstown, Larimer County, Colorado, General 
 
 
 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding & Improvement Series 2019: 
 
 
 
1,400 
 
5.000%, 12/01/39 
9/24 at 103.00 
N/R 
1,470,042 
2,125 
 
5.000%, 12/01/49 
9/24 at 103.00 
N/R 
2,170,432 
1,000 
 
Ward TOD Metropolitan District 1, Wheat Ridge, Jefferson County, Colorado, Limited Tax 
12/24 at 103.00 
N/R 
1,009,450 
 
 
General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 
 
 
 
1,000 
 
Willow Bend Metropolitan District, City of Thornton, Adams County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
1,020,800 
 
 
General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 
 
 
 
71,405 
 
Total Colorado 
 
 
67,920,984 
 
133
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Connecticut – 0.1% (0.1% of Total Investments) 
 
 
 
$ 12,252 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate 
No Opt. Call 
N/R 
$ 796,410 
 
 
Series 2013A, 0.070%, 7/01/31 (cash 4.000%, PIK 2.050%) (4) 
 
 
 
 
 
Delaware – 0.2% (0.1% of Total Investments) 
 
 
 
1,500 
 
Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River 
11/20 at 100.00 
Baa2 
1,503,705 
 
 
Power LLC Project, Series 2010, 5.375%, 10/01/45 
 
 
 
 
 
District of Columbia – 2.9% (1.8% of Total Investments) 
 
 
 
87,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
11/20 at 20.76 
N/R 
18,017,700 
 
 
Bonds, Series 2006A, 0.000%, 6/15/46 
 
 
 
2,000 
 
District of Columbia, Revenue Bonds, Saint Paul on Fourth Street, Inc, Series 2019A, 
5/30 at 100.00 
N/R 
1,809,200 
 
 
5.250%, 5/15/55, 144A 
 
 
 
89,000 
 
Total District of Columbia 
 
 
19,826,900 
 
 
Florida – 18.9% (11.5% of Total Investments) 
 
 
 
 
 
Academical Village Community Development District, Davie, Florida, Special Assessment 
 
 
 
 
 
Revenue Bonds, Series 2020: 
 
 
 
2,000 
 
3.625%, 5/01/40 
5/30 at 100.00 
N/R 
2,009,180 
1,000 
 
4.000%, 5/01/51 
5/30 at 100.00 
N/R 
1,013,970 
 
 
Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care 
 
 
 
 
 
Inc Project, Series 2015: 
 
 
 
4,370 
 
5.875%, 7/01/40, 144A 
7/25 at 100.00 
N/R 
4,346,926 
2,500 
 
6.000%, 7/01/45, 144A 
7/25 at 100.00 
N/R 
2,490,200 
 
 
Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin 
 
 
 
 
 
Academy Projects, Series 2020: 
 
 
 
140 
 
5.000%, 12/15/35, 144A 
7/26 at 100.00 
N/R 
150,213 
100 
 
5.000%, 12/15/50, 144A 
7/26 at 100.00 
N/R 
105,131 
100 
 
Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at 
12/30 at 100.00 
Ba1 
105,186 
 
 
Land O’Lakes Project, Series 2020A, 5.000%, 12/15/49, 144A 
 
 
 
1,950 
 
Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove 
1/29 at 100.00 
N/R 
2,043,210 
 
 
Classical Academy, Series 2019A, 5.125%, 7/01/39, 144A 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens Senior Living Community 
4/22 at 103.00 
N/R 
648,250 
 
 
Project, Series 2015A, 7.000%, 4/01/49 
 
 
 
 
 
Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior 
 
 
 
 
 
Housing, Inc Project, Series 2017: 
 
 
 
1,490 
 
5.625%, 8/01/37, 144A 
8/24 at 103.00 
N/R 
1,201,596 
3,735 
 
5.875%, 8/01/52, 144A 
8/24 at 103.00 
N/R 
2,787,655 
170 
 
Cypress Preserve Community Development District, Pasco County, Florida, Special 
11/29 at 100.00 
N/R 
172,737 
 
 
Assessment Bonds, Assessment Area 2, Series 2019, 4.125%, 11/01/50 
 
 
 
 
 
Epperson North Community Development District, Florida, Capital Improvement Revenue 
 
 
 
 
 
Bonds, Assessment Area 1, Series 2018A-1: 
 
 
 
1,000 
 
5.500%, 11/01/39, 144A 
11/29 at 100.00 
N/R 
1,120,400 
1,000 
 
5.750%, 11/01/49, 144A 
11/29 at 100.00 
N/R 
1,124,120 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami 
 
 
 
 
 
Arts Charter School Projects, Series 2014: 
 
 
 
165 
 
5.000%, 6/15/24, 144A 
No Opt. Call 
N/R 
160,373 
2,500 
 
5.875%, 6/15/34, 144A 
6/24 at 100.00 
N/R 
2,334,350 
5,795 
 
6.000%, 6/15/44, 144A 
6/24 at 100.00 
N/R 
5,178,528 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin 
 
 
 
 
 
Academies of Pasco County Inc, Series 2020A: 
 
 
 
2,435 
 
5.000%, 1/01/40, 144A 
1/27 at 100.00 
N/R 
2,478,757 
500 
 
5.000%, 1/01/50, 144A 
1/27 at 100.00 
N/R 
503,655 
3,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
6/23 at 100.00 
N/R 
3,367,080 
 
 
Renaissance Charter School, Inc Projects, Series 2013A, 8.500%, 6/15/44 
 
 
 
1,575 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest 
6/27 at 100.00 
N/R 
1,646,473 
 
 
Charter Foundation Inc Projects, Series 2017A, 6.000%, 6/15/37, 144A 
 
 
 
 
134
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
 
 
 
 
 
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: 
 
 
 
$ 11,795 
 
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A 
11/20 at 104.00 
N/R 
$ 10,256,578 
3,200 
 
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A 
11/20 at 105.00 
N/R 
2,747,392 
47,815 
 
6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A 
11/20 at 105.00 
N/R 
40,968,370 
7,000 
 
Florida Development Finance Corporation, Student Housing Revenue Bonds, Midtown Campus 
12/23 at 105.00 
N/R 
6,440,000 
 
 
Properties LLC Project, Series 2019, 6.875%, 12/01/38, 144A (4) 
 
 
 
 
 
Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue 
 
 
 
 
 
Bonds, JetBlue Airways Corporation, Series 2013: 
 
 
 
2,500 
 
5.000%, 11/15/26 (AMT) 
5/23 at 100.00 
N/R 
2,563,525 
1,740 
 
5.000%, 11/15/36 (AMT) 
5/23 at 100.00 
N/R 
1,759,592 
1,570 
 
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee 
11/20 at 100.00 
BB– 
1,571,225 
 
 
County Community Charter Schools, Series 2007A, 5.250%, 6/15/27 
 
 
 
 
 
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue 
 
 
 
 
 
Bonds, Preserve Project, Series 2017A: 
 
 
 
1,000 
 
5.375%, 12/01/32, 144A 
12/22 at 105.00 
N/R 
1,011,980 
1,100 
 
5.625%, 12/01/37, 144A 
12/22 at 105.00 
N/R 
1,109,845 
1,300 
 
5.750%, 12/01/52, 144A 
12/22 at 105.00 
N/R 
1,288,638 
690 
 
LT Ranch Community Development District, Sarasota County, Florida, Capital Improvement 
5/30 at 100.00 
N/R 
707,560 
 
 
Revenue Bonds, Series 2019, 4.000%, 5/01/40 
 
 
 
 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami 
 
 
 
 
 
Jewish Health System Inc Project, Series 2017: 
 
 
 
1,260 
 
5.000%, 7/01/26 
No Opt. Call 
BB+ 
1,199,003 
1,000 
 
5.000%, 7/01/27 
No Opt. Call 
BB+ 
940,440 
1,410 
 
Miami World Center Community Development District, Miami-Dade County, Florida, Special 
11/27 at 100.00 
N/R 
1,531,923 
 
 
Assessment Bonds, Series 2017, 5.125%, 11/01/39 
 
 
 
4,935 
 
North Springs Improvement District, Broward County, Florida, Special Assessment Bonds, 
5/28 at 100.00 
N/R 
5,402,789 
 
 
Area C, Series 2017, 5.000%, 5/01/38 
 
 
 
500 
 
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & 
10/29 at 40.38 
BBB– 
146,930 
 
 
Improvement Capital Appreciation Series 2019A-2, 0.000%, 10/01/54 
 
 
 
100 
 
Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds, 
5/30 at 100.00 
N/R 
100,789 
 
 
Refunding Series 2020, 3.875%, 5/01/40 
 
 
 
125 
 
Portico Community Development District, Lee County, Florida, Special Assessment, 
5/30 at 100.00 
N/R 
123,003 
 
 
Refunding Improvement Series 2020-1, 3.500%, 5/01/37 
 
 
 
 
 
Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue 
 
 
 
 
 
Bonds, Legacy Pointe At UCF Project, Series 2019A: 
 
 
 
3,970 
 
5.500%, 11/15/49 
11/26 at 103.00 
N/R 
3,602,735 
2,440 
 
5.750%, 11/15/54 
11/26 at 103.00 
N/R 
2,240,018 
2,550 
 
Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, 
5/29 at 100.00 
N/R 
2,652,561 
 
 
Series 2019A-1, 4.750%, 5/01/50 
 
 
 
1,560 
 
Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, 
No Opt. Call 
N/R 
1,602,370 
 
 
Series 2019A-2, 4.750%, 5/01/29 
 
 
 
500 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
5/29 at 100.00 
N/R 
534,190 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A, 4.500%, 5/01/32, 144A 
 
 
 
1,960 
 
Twin Creeks North Community Development District, Florida, Special Assessment Bonds, 
11/31 at 100.00 
N/R 
2,191,084 
 
 
Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47 
 
 
 
500 
 
West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of 
No Opt. Call 
N/R 
509,865 
 
 
Development 1, Series 2017, 4.000%, 5/01/27 
 
 
 
900 
 
Westside Community Development District, Florida, Special Assessment Revenue Bonds, 
5/29 at 100.00 
N/R 
934,983 
 
 
Refunding Series 2019, 4.125%, 5/01/38, 144A 
 
 
 
139,945 
 
Total Florida 
 
 
129,125,378 
 
135
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Georgia – 3.2% (2.0% of Total Investments) 
 
 
 
 
 
Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, 
 
 
 
 
 
Georgia Proton Treatment Center Project, Current Interest Series 2017A-1: 
 
 
 
$ 1,250 
 
6.500%, 1/01/29 
1/28 at 100.00 
N/R 
$ 813,975 
7,030 
 
6.750%, 1/01/35 
1/28 at 100.00 
N/R 
4,575,405 
16,765 
 
7.000%, 1/01/40 
1/28 at 100.00 
N/R 
10,909,656 
4,504 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta 
11/20 at 100.00 
B+ 
4,520,035 
 
 
Air Lines, Inc Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
441 
 
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, 
No Opt. Call 
Baa2 
494,837 
 
 
Series 1998A, 4.750%, 6/01/28 – NPFG Insured 
 
 
 
850 
 
White County Development Authority, Georgia, Revenue Bonds Truett McConnell University, 
10/26 at 103.00 
N/R 
853,885 
 
 
Series 2019, 5.125%, 10/01/39 
 
 
 
30,840 
 
Total Georgia 
 
 
22,167,793 
 
 
Guam – 0.8% (0.5% of Total Investments) 
 
 
 
980 
 
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 5.750%, 11/01/21 
5/21 at 100.00 
BB 
988,163 
4,150 
 
Guam Government, General Obligation Bonds, Series 2019, 5.000%, 11/15/31 (AMT) 
5/29 at 100.00 
BB– 
4,415,725 
5,130 
 
Total Guam 
 
 
5,403,888 
 
 
Hawaii – 0.7% (0.5% of Total Investments) 
 
 
 
1,150 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade 
1/25 at 100.00 
Ba3 
937,618 
 
 
University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A 
 
 
 
4,090 
 
Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental 
11/20 at 100.00 
B+ 
4,094,376 
 
 
Airlines Inc, Series 1997, 5.625%, 11/15/27 (AMT) 
 
 
 
5,240 
 
Total Hawaii 
 
 
5,031,994 
 
 
Illinois – 18.6% (11.4% of Total Investments) 
 
 
 
1,305 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/20 at 100.00 
B1 
1,306,436 
 
 
Refunding Series 2010F, 5.000%, 12/01/31 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A: 
 
 
 
5,575 
 
5.250%, 1/01/35 
1/21 at 100.00 
Ba1 
5,576,895 
2,500 
 
5.000%, 1/01/40 
1/21 at 100.00 
Ba1 
2,499,700 
2,800 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 
1/26 at 100.00 
BBB– 
2,867,564 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2019A: 
 
 
 
4,485 
 
5.000%, 1/01/44 
1/29 at 100.00 
BBB– 
4,532,631 
9,475 
 
5.500%, 1/01/49 
1/29 at 100.00 
BBB– 
10,034,499 
3,965 
 
Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, 
1/25 at 100.00 
Ba1 
4,111,467 
 
 
5.500%, 1/01/42 
 
 
 
345 
 
Evergreen Park, Cook County, Illinois, Sales Tax Revenue Bonds, Evergreen Plaza 
12/29 at 100.00 
N/R 
318,846 
 
 
Development Project, Senior Lien Series 2019A, 4.375%, 12/01/36, 144A 
 
 
 
11,850 
 
Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series 
5/24 at 103.00 
N/R 
10,063,612 
 
 
2017, 5.250%, 5/15/54 
 
 
 
5,000 
 
Illinois Finance Authority, Student Housing Revenue Bonds, CHF-Collegiate Housing 
7/25 at 100.00 
B– 
4,176,800 
 
 
Foundation – Cook LLC Northeastern Illinois University Project, Series 2015A, 
 
 
 
 
 
5.000%, 7/01/47 
 
 
 
1,000 
 
Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/34 
6/26 at 100.00 
BBB– 
984,520 
4,840 
 
Illinois State, General Obligation Bonds, May Series 2018A, 5.000%, 5/01/32 
5/28 at 100.00 
BBB– 
5,152,954 
890 
 
Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 
5/30 at 100.00 
BBB– 
982,097 
 
 
Illinois State, General Obligation Bonds, November Series 2017D: 
 
 
 
4,600 
 
5.000%, 11/01/28 
11/27 at 100.00 
BBB– 
4,956,316 
10,000 
 
5.000%, 11/01/28 (UB) (6) 
11/27 at 100.00 
BBB– 
10,774,600 
 
 
Illinois State, General Obligation Bonds, November Series 2019C: 
 
 
 
15,000 
 
4.000%, 11/01/43 
11/29 at 100.00 
BBB– 
14,220,750 
4,000 
 
4.000%, 11/01/44 
11/29 at 100.00 
BBB– 
3,775,680 
 
136
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 3,700 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BB+ 
$ 3,791,168 
 
 
Bonds, Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Refunding Series 2012B: 
 
 
 
3,135 
 
0.000%, 12/15/50 
No Opt. Call 
BB+ 
809,018 
2,500 
 
0.000%, 12/15/51 
No Opt. Call 
BB+ 
614,900 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Refunding Series 2020A: 
 
 
 
6,025 
 
4.000%, 6/15/50 
12/29 at 100.00 
BB+ 
6,058,740 
7,935 
 
5.000%, 6/15/50 
12/29 at 100.00 
BB+ 
8,722,390 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Series 2017A: 
 
 
 
22,000 
 
0.000%, 12/15/56 – BAM Insured 
No Opt. Call 
AA 
5,515,620 
22,500 
 
0.000%, 12/15/56 – AGM Insured 
No Opt. Call 
A2 
5,640,975 
4,565 
 
5.000%, 6/15/57 
12/27 at 100.00 
BB+ 
4,924,494 
10,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
No Opt. Call 
BB+ 
2,507,100 
 
 
Bonds, Series 2017B, 0.000%, 12/15/56 – AGM Insured 
 
 
 
500 
 
Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment 
1/26 at 100.00 
N/R 
476,445 
 
 
Project, Senior Lien Series 2019, 5.000%, 1/01/39 
 
 
 
 
 
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Second 
 
 
 
 
 
Lien Series 2020A: 
 
 
 
150 
 
4.000%, 1/01/38 
1/30 at 100.00 
AA– 
162,639 
120 
 
4.000%, 1/01/39 
1/30 at 100.00 
AA– 
129,688 
1,000 
 
Yorkville United City Business District, Illinois, Storm Water and Water Improvement 
11/20 at 100.00 
N/R 
410,000 
 
 
Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (4) 
 
 
 
1,000 
 
Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006-113 Cannoball & 
11/20 at 100.00 
N/R 
1,000,450 
 
 
Beecher, Series 2007, 5.750%, 3/01/28 
 
 
 
172,760 
 
Total Illinois 
 
 
127,098,994 
 
 
Indiana – 0.9% (0.5% of Total Investments) 
 
 
 
140 
 
Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet Galilee at the Wigwam 
1/27 at 102.00 
N/R 
141,417 
 
 
Project, Series 2020A, 5.375%, 1/01/40 
 
 
 
3,105 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College, 
10/23 at 100.00 
N/R 
3,157,444 
 
 
Refunding Series 2013, 5.000%, 10/01/32 
 
 
 
2,325 
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 
1/24 at 100.00 
N/R 
2,607,092 
 
 
2013, 7.000%, 1/01/44 (AMT) 
 
 
 
5,570 
 
Total Indiana 
 
 
5,905,953 
 
 
Iowa – 3.4% (2.1% of Total Investments) 
 
 
 
8,540 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc Project, 
8/22 at 100.00 
Ba3 
8,695,513 
 
 
Series 2012, 4.750%, 8/01/42 
 
 
 
1,320 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
1,405,457 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
2,500 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
11/20 at 104.00 
2,602,900 
 
 
Company Project, Series 2016, 5.875%, 12/01/26, 144A 
 
 
 
4,125 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 103.00 
BB– 
4,292,351 
 
 
Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) 
 
 
 
750 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 105.00 
BB– 
790,718 
 
 
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37) 
 
 
 
1,500 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
11/20 at 100.00 
B– 
1,520,535 
 
 
5.375%, 6/01/38 
 
 
 
4,125 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
11/20 at 100.00 
B– 
4,181,471 
 
 
5.600%, 6/01/34 
 
 
 
22,860 
 
Total Iowa 
 
 
23,488,945 
 
137
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Kansas – 0.5% (0.3% of Total Investments) 
 
 
 
$ 1,930 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak 
11/20 at 100.00 
BBB 
$ 1,929,923 
 
 
Park Mall Project, Series 2010, 5.900%, 4/01/32 
 
 
 
1,365 
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation 
9/25 at 100.00 
N/R 
1,237,236 
 
 
Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 
 
 
 
3,295 
 
Total Kansas 
 
 
3,167,159 
 
 
Louisiana – 2.0% (1.2% of Total Investments) 
 
 
 
7,140 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/29 at 100.00 
N/R 
7,129,076 
 
 
Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019, 4.000%, 
 
 
 
 
 
11/01/44, 144A 
 
 
 
375 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
12/22 at 105.00 
BB 
324,007 
 
 
Multifamily Housing Revenue Bonds, Cove at Nola Apartments, Series 2017A, 4.000%, 12/01/27 
 
 
 
260 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College 
6/27 at 100.00 
N/R 
258,245 
 
 
Prep Project, Series 2019A, 5.000%, 6/01/58, 144A 
 
 
 
200 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2008, 
No Opt. Call 
BB– 
235,756 
 
 
6.100%, 6/01/38 (Mandatory Put 6/01/30), 144A 
 
 
 
1,235 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2010, 
6/30 at 100.00 
BB– 
1,463,994 
 
 
6.350%, 7/01/40, 144A 
 
 
 
800 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 
6/30 at 100.00 
BB– 
948,336 
 
 
2010A, 6.350%, 10/01/40, 144A 
 
 
 
695 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 
No Opt. Call 
BB– 
819,252 
 
 
2010B, 6.100%, 12/01/40 (Mandatory Put 6/01/30), 144A 
 
 
 
1,085 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2011, 
No Opt. Call 
BB– 
1,184,755 
 
 
5.850%, 8/01/41 (Mandatory Put 6/01/25), 144A 
 
 
 
975 
 
Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation 
No Opt. Call 
BBB– 
977,506 
 
 
Project, Refunding Series 2017A-1, 2.000%, 6/01/37 (Mandatory Put 4/01/23) 
 
 
 
12,765 
 
Total Louisiana 
 
 
13,340,927 
 
 
Maryland – 1.0% (0.6% of Total Investments) 
 
 
 
 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
1,480 
 
5.000%, 9/01/24 
No Opt. Call 
BB– 
1,377,066 
1,000 
 
5.000%, 9/01/39 
9/27 at 100.00 
BB– 
878,450 
680 
 
5.000%, 9/01/46 
9/27 at 100.00 
BB– 
592,164 
2,000 
 
Maryland Economic Development Corporation, Private Activity Revenue Bonds FCP, Purple 
11/21 at 100.00 
CCC 
1,983,500 
 
 
Line Light Rail Project, Green Bonds, Series 2016B, 5.000%, 9/30/26 (AMT) 
 
 
 
2,000 
 
Maryland Economic Development Corporation, Private Activity Revenue Bonds RSA, Purple 
11/21 at 100.00 
CCC 
1,988,160 
 
 
Line Light Rail Project, Green Bonds, Series 2016A, 5.000%, 3/31/24 (AMT) 
 
 
 
7,160 
 
Total Maryland 
 
 
6,819,340 
 
 
Massachusetts – 2.1% (1.3% of Total Investments) 
 
 
 
1,620 
 
Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 
6/26 at 100.00 
N/R 
1,690,762 
 
 
5.000%, 6/15/54 
 
 
 
 
 
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, 
 
 
 
 
 
Series 2017: 
 
 
 
1,000 
 
5.000%, 7/01/37 
7/27 at 100.00 
913,480 
3,900 
 
5.000%, 7/01/42 
7/27 at 100.00 
3,473,613 
9,500 
 
5.000%, 7/01/47 
7/27 at 100.00 
8,357,625 
16,020 
 
Total Massachusetts 
 
 
14,435,480 
 
 
Michigan – 1.2% (0.7% of Total Investments) 
 
 
 
40 
 
Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding 
11/27 at 102.00 
BB 
40,842 
 
 
Series 2019, 5.000%, 11/01/44 
 
 
 
174,130 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
6/33 at 11.41 
N/R 
8,097,045 
 
 
Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58 
 
 
 
174,170 
 
Total Michigan 
 
 
8,137,887 
 
138
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Minnesota – 0.8% (0.5% of Total Investments) 
 
 
 
$ 500 
 
Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, 
7/26 at 102.00 
N/R 
$ 515,365 
 
 
Series 2018A, 5.000%, 7/01/53 
 
 
 
1,300 
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy 
7/25 at 100.00 
N/R 
1,366,976 
 
 
Project, Series 2015A, 5.750%, 7/01/46 
 
 
 
2,440 
 
Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, 
7/27 at 102.00 
N/R 
2,487,092 
 
 
Series 2019A, 5.000%, 7/01/54 
 
 
 
130 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Friendship Academy of the 
12/27 at 100.00 
N/R 
133,784 
 
 
Arts Project, Series 2019A, 5.250%, 12/01/52, 144A 
 
 
 
30 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep 
7/30 at 100.00 
N/R 
31,259 
 
 
Project, Series 2020A, 5.000%, 7/01/40 
 
 
 
1,000 
 
Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services 
3/25 at 101.00 
N/R 
829,910 
 
 
Project, Refunding Series 2020, 3.950%, 3/01/50 
 
 
 
5,400 
 
Total Minnesota 
 
 
5,364,386 
 
 
Missouri – 0.0% (0.0% of Total Investments) 
 
 
 
315 
 
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 
8/26 at 100.00 
Ba1 
321,171 
 
 
2016, 4.000%, 8/01/38 
 
 
 
 
 
Nevada – 3.3% (2.0% of Total Investments) 
 
 
 
9,385 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
8/28 at 100.00 
N/R 
9,546,891 
 
 
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, 6.950%, 
 
 
 
 
 
2/15/38 (AMT), 144A 
 
 
 
 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
 
 
 
 
 
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017: 
 
 
 
2,400 
 
5.875%, 12/15/27 (AMT), 144A 
No Opt. Call 
N/R 
2,394,984 
340 
 
6.250%, 12/15/37 (AMT), 144A 
12/27 at 100.00 
N/R 
328,886 
2,750 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
8/29 at 100.00 
N/R 
2,495,020 
 
 
Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38 (AMT), 144A 
 
 
 
56,000 
 
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, 
7/38 at 31.26 
N/R 
7,702,240 
 
 
ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A 
 
 
 
70,875 
 
Total Nevada 
 
 
22,468,021 
 
 
New Hampshire – 0.1% (0.0% of Total Investments) 
 
 
 
470 
 
National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta 
7/23 at 100.00 
478,004 
 
 
Project, Refunding Series 2018C, 4.875%, 11/01/42 (AMT), 144A 
 
 
 
 
 
New Jersey – 4.1% (2.5% of Total Investments) 
 
 
 
4,000 
 
New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal 
10/27 at 102.00 
N/R 
3,829,960 
 
 
LLC Project, Series 2019A, 5.000%, 10/01/39, 144A 
 
 
 
5,475 
 
New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal 
1/28 at 102.00 
N/R 
5,206,397 
 
 
LLC Project, Series 2020, 5.000%, 1/01/40, 144A 
 
 
 
7,500 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
9/22 at 100.00 
7,403,175 
 
 
Airlines Inc, Refunding Series 2012, 5.750%, 9/15/27 (AMT) 
 
 
 
2,500 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
8/22 at 101.00 
B+ 
2,554,350 
 
 
Airlines Inc, Series 1999, 5.250%, 9/15/29 (AMT) 
 
 
 
15,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
BBB+ 
7,297,200 
 
 
2009A, 0.000%, 12/15/39 (UB) (6) 
 
 
 
 
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate 
 
 
 
 
 
Series 2017B: 
 
 
 
1,260 
 
5.000%, 1/01/37 (AMT) 
1/28 at 100.00 
Baa1 
1,385,672 
500 
 
5.000%, 1/01/42 (AMT) 
1/28 at 100.00 
Baa1 
542,695 
36,235 
 
Total New Jersey 
 
 
28,219,449 
 
 
New Mexico – 1.5% (0.9% of Total Investments) 
 
 
 
9,500 
 
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian 
8/29 at 100.00 
Aa3 
9,723,915 
 
 
Healthcare Services, Series 2019A, 3.000%, 8/01/48 (6) 
 
 
 
 
139
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Mexico (continued) 
 
 
 
$ 825 
 
Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross 
11/23 at 103.00 
N/R 
$ 797,404 
 
 
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A (WI/DD, 
 
 
 
 
 
Settling 11/17/20) 
 
 
 
10,325 
 
Total New Mexico 
 
 
10,521,319 
 
 
New York – 11.4% (6.9% of Total Investments) 
 
 
 
950 
 
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College 
11/24 at 100.00 
BB 
1,003,846 
 
 
of New York, Series 2014, 5.250%, 11/01/34 
 
 
 
450 
 
Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, 
8/28 at 100.00 
Baa3 
490,676 
 
 
Series 2018A, 4.000%, 8/01/38 
 
 
 
36,150 
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
11/20 at 5.15 
N/R 
1,639,764 
 
 
Asset-Backed Bonds, Series 2006A, 0.000%, 6/01/60 
 
 
 
650 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, 
2/30 at 100.00 
N/R 
665,866 
 
 
The Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 
 
 
 
1,570 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
5/30 at 100.00 
BBB+ 
1,733,437 
 
 
Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 
 
 
 
5,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/23 at 100.00 
BBB+ 
5,192,700 
 
 
2014A-1, 5.250%, 11/15/39 (UB) (6) 
 
 
 
5,900 
 
New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 
8/30 at 100.00 
AA 
6,737,859 
 
 
4.000%, 8/01/39 (UB) (6) 
 
 
 
12,500 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
12,806,750 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
 
 
 
 
 
Center Project, Class 2 Series 2014: 
 
 
 
3,235 
 
5.150%, 11/15/34, 144A 
11/24 at 100.00 
N/R 
3,358,836 
6,960 
 
5.375%, 11/15/40, 144A 
11/24 at 100.00 
N/R 
7,202,974 
 
 
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, 
 
 
 
 
 
American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016: 
 
 
 
2,410 
 
5.000%, 8/01/21 (AMT) 
No Opt. Call 
B– 
2,425,062 
8,170 
 
5.000%, 8/01/26 (AMT) 
8/21 at 100.00 
B– 
8,202,435 
3,000 
 
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
B– 
2,988,630 
875 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/30 at 100.00 
B– 
906,824 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Series 2020, 
 
 
 
 
 
5.375%, 8/01/36 (AMT) 
 
 
 
 
 
New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta 
 
 
 
 
 
Air Lines, Inc – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020: 
 
 
 
2,450 
 
5.000%, 10/01/40 (AMT) 
10/30 at 100.00 
BB+ 
2,628,776 
2,775 
 
4.375%, 10/01/45 (AMT) 
10/30 at 100.00 
BB+ 
2,811,713 
1,000 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB 
1,004,090 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/36 
 
 
 
2,950 
 
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel 
1/26 at 100.00 
B1 
2,559,951 
 
 
Center Project, Refunding Series 2016A, 5.000%, 1/01/32 (AMT) 
 
 
 
12,700 
 
TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
13,123,418 
109,695 
 
Total New York 
 
 
77,483,607 
 
 
Ohio – 11.2% (6.8% of Total Investments) 
 
 
 
89,235 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 22.36 
N/R 
12,645,492 
 
 
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, 
 
 
 
 
 
0.000%, 6/01/57 
 
 
 
325 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
BBB+ 
311,415 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 
 
 
 
19,185 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
20,540,804 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
 
140
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
 
 
Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center 
 
 
 
 
 
Project, Liberty Community Authority, Series 2014C: 
 
 
 
$ 655 
 
5.000%, 12/01/24 
12/22 at 100.00 
N/R 
$ 659,932 
1,000 
 
5.750%, 12/01/34 
12/22 at 100.00 
N/R 
990,440 
1,000 
 
6.000%, 12/01/43 
12/22 at 100.00 
N/R 
990,090 
7,610 
 
Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc Project, Series 
11/20 at 100.00 
7,616,849 
 
 
1998, 5.375%, 9/15/27 (AMT) 
 
 
 
 
 
Evans Farm New Community Authority, Ohio, Community Development Charge Revenue Bonds, 
 
 
 
 
 
Evans Farm Mixed-Use Project, Series 2020: 
 
 
 
2,170 
 
3.750%, 12/01/38 
6/29 at 100.00 
N/R 
2,052,277 
140 
 
4.000%, 12/01/46 
6/29 at 100.00 
N/R 
128,999 
5,000 
 
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 
12/29 at 100.00 
BBB– 
5,014,900 
 
 
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 
 
 
 
940 
 
Hilliard Hickory Chase Community Authority, Ohio, Infrastructure Improvement Revenue 
12/29 at 100.00 
N/R 
953,997 
 
 
Bonds, Hickory Chase Project, Senior Series 2019A, 5.000%, 12/01/40, 144A 
 
 
 
5,020 
 
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, 
No Opt. Call 
N/R 
6,275 
 
 
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (4) 
 
 
 
14,950 
 
Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG 
7/29 at 100.00 
B3 
15,243,767 
 
 
Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A 
 
 
 
2,085 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
2,606 
 
 
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (4) 
 
 
 
4,140 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
5,175 
 
 
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (4) 
 
 
 
2,895 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
2,916,712 
 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 
 
 
 
 
 
(Mandatory Put 6/01/22) 
 
 
 
2,000 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding 
2/22 at 100.00 
CCC 
1,949,440 
 
 
Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (AMT) 
 
 
 
2,470 
 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
3,088 
 
 
Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/20 (4) 
 
 
 
2,000 
 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
2,500 
 
 
Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 (4) 
 
 
 
2,510 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
3,138 
 
 
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (4) 
 
 
 
2,015 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
2,030,113 
 
 
Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) 
 
 
 
1,000 
 
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment 
11/30 at 100.00 
N/R 
899,300 
 
 
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, 
 
 
 
 
 
Senior Lien Series 2019A, 5.000%, 11/01/51 
 
 
 
1,500 
 
Toledo Lucas County Port Authority, Ohio, Revenue Bonds, StoryPoint Waterville Project, 
1/24 at 104.00 
N/R 
1,471,515 
 
 
Series 2016A-1, 6.375%, 1/15/51, 144A (4) 
 
 
 
169,845 
 
Total Ohio 
 
 
76,438,824 
 
 
Oklahoma – 1.0% (0.6% of Total Investments) 
 
 
 
2,475 
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc, Refunding 
6/23 at 100.00 
N/R 
2,526,059 
 
 
Series 2000B, 5.500%, 6/01/35 (AMT) 
 
 
 
860 
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc, Refunding 
6/23 at 100.00 
N/R 
877,742 
 
 
Series 2001B, 5.500%, 12/01/35 (AMT) 
 
 
 
3,475 
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc, Refunding 
6/25 at 100.00 
B– 
3,517,360 
 
 
Series 2015, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/25) 
 
 
 
6,810 
 
Total Oklahoma 
 
 
6,921,161 
 
 
Oregon – 0.0% (0.0% of Total Investments) 
 
 
 
100 
 
Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series 
6/27 at 102.00 
N/R 
101,041 
 
 
2019A, 5.000%, 6/15/49, 144A 
 
 
 
 
141
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania – 6.4% (3.9% of Total Investments) 
 
 
 
$ 600 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental 
12/21 at 100.00 
Caa2 
$ 588,468 
 
 
Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 
 
 
 
 
 
6.750%, 12/01/27 
 
 
 
1,125 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental 
8/22 at 100.00 
Caa2 
1,014,075 
 
 
Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 
 
 
 
 
 
8/01/42 (AMT) 
 
 
 
 
 
Allegheny County Industrial Development Authority, Pennsylvania, Environmental 
 
 
 
 
 
Improvement Revenue Bonds, United States Steel Corp, Refunding Series 2019: 
 
 
 
5,970 
 
4.875%, 11/01/24 
No Opt. Call 
Caa2 
5,680,694 
6,995 
 
5.125%, 5/01/30 
No Opt. Call 
Caa2 
6,331,734 
 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
 
 
 
 
 
Bonds, FirstEnergy Generation Project, Refunding Series 2006A: 
 
 
 
3,300 
 
4.375%, 1/01/35 (Mandatory Put 7/01/22) 
No Opt. Call 
N/R 
3,324,750 
560 
 
3.500%, 4/01/41 (4) 
No Opt. Call 
N/R 
700 
1,440 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
1,800 
 
 
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (4) 
 
 
 
1,025 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
1,281 
 
 
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008A, 2.700%, 4/01/35 (4) 
 
 
 
5,355 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
6,694 
 
 
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4) 
 
 
 
1,280 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
1,289,600 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory 
 
 
 
 
 
Put 4/01/21) 
 
 
 
2,565 
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University 
10/29 at 100.00 
BB+ 
2,507,339 
 
 
Project, Series 2020, 5.000%, 10/01/49 
 
 
 
1,000 
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, 
12/25 at 100.00 
N/R 
1,033,900 
 
 
Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/30 
 
 
 
 
 
Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Collegium 
 
 
 
 
 
Charter School Project, Series 2017A: 
 
 
 
1,825 
 
5.125%, 10/15/37 
4/27 at 100.00 
BB 
1,946,016 
3,250 
 
5.250%, 10/15/47 
4/27 at 100.00 
BB 
3,433,852 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Asbury Pennsylvania 
 
 
 
 
 
Obligated Group, Refunding Series 2019: 
 
 
 
2,160 
 
5.000%, 1/01/39 
1/25 at 104.00 
N/R 
2,124,425 
1,240 
 
5.000%, 1/01/45 
1/25 at 104.00 
N/R 
1,194,455 
1,720 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
6/30 at 100.00 
N/R 
1,802,766 
 
 
KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A 
 
 
 
1,720 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
6/30 at 100.00 
N/R 
1,802,766 
 
 
KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40 (AMT), 144A 
 
 
 
9,220 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 
9/25 at 100.00 
CCC+ 
7,614,337 
 
 
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
1,025 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the 
11/25 at 100.00 
Baa1 
1,112,494 
 
 
Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/27 
 
 
 
545 
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana 
12/27 at 100.00 
N/R 
554,630 
 
 
Bracetti Academy Project, Series 2020A, 5.375%, 6/15/50, 144A 
 
 
 
53,920 
 
Total Pennsylvania 
 
 
43,366,776 
 
 
Puerto Rico – 10.4% (6.3% of Total Investments) 
 
 
 
9,040 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
11/20 at 100.00 
CC 
9,175,600 
 
 
6.000%, 7/01/38 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
405 
 
5.000%, 7/01/21 
No Opt. Call 
CC 
413,100 
2,415 
 
5.000%, 7/01/33 
7/22 at 100.00 
CC 
2,493,487 
2,085 
 
6.000%, 7/01/47 
7/22 at 100.00 
CC 
2,186,644 
 
142
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Puerto Rico (continued) 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: 
 
 
 
$ 2,070 
 
3.957%, 7/01/29 (4) 
7/22 at 100.00 
$ 1,438,650 
3,170 
 
3.957%, 7/01/42 (4) 
7/22 at 100.00 
2,203,150 
1,000 
 
3.961%, 7/01/42 (4) 
7/22 at 100.00 
695,000 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT: 
 
 
 
25 
 
3.957%, 7/01/21 (4) 
11/20 at 100.00 
17,375 
3,750 
 
3.957%, 7/01/26 (4) 
11/20 at 100.00 
2,606,250 
3,795 
 
3.957%, 7/01/32 (4) 
11/20 at 100.00 
2,637,525 
1,860 
 
3.957%, 7/01/37 (4) 
11/20 at 100.00 
1,292,700 
1,750 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 
No Opt. Call 
1,823,605 
 
 
7/01/32 – NPFG Insured 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: 
 
 
 
1,124 
 
3.978%, 7/01/28 (4) 
11/20 at 100.00 
782,585 
468 
 
3.978%, 7/01/29 (4) 
11/20 at 100.00 
325,845 
346 
 
3.978%, 7/01/31 (4) 
11/20 at 100.00 
240,903 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC: 
 
 
 
2,995 
 
3.957%, 7/01/28 (4) 
11/20 at 100.00 
2,081,525 
500 
 
3.978%, 7/01/28 (4) 
11/20 at 100.00 
348,125 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX: 
 
 
 
100 
 
3.978%, 7/01/27 (4) 
11/20 at 100.00 
69,625 
4,000 
 
3.978%, 7/01/35 (4) 
11/20 at 100.00 
2,785,000 
8,555 
 
3.978%, 7/01/40 (4) 
11/20 at 100.00 
5,956,419 
400 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 3.978%, 
11/20 at 100.00 
278,500 
 
 
7/01/24 (4) 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A: 
 
 
 
5,000 
 
4.123%, 7/01/33 (4) 
7/23 at 100.00 
3,606,250 
10,000 
 
4.102%, 7/01/36 (4) 
7/23 at 100.00 
7,150,000 
1,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2016A-4-RSA-1, 
No Opt. Call 
N/R 
771,250 
 
 
4.371%, 7/01/20 (4) 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: 
 
 
 
190 
 
3.988%, 7/01/22 (4) 
11/20 at 100.00 
132,525 
373 
 
3.988%, 7/01/23 (4) 
11/20 at 100.00 
260,167 
25 
 
5.250%, 7/01/33 (4) 
11/20 at 100.00 
17,406 
3,000 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
A3 
3,464,550 
 
 
5.250%, 7/01/36 – AGC Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
22,095 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
6,384,364 
34,582 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
7,205,922 
- 0 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
83 
2,500 
 
Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 3.180%, 7/01/35 (4) 
11/20 at 100.00 
1,500,000 
500 
 
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/24 
11/20 at 100.00 
487,500 
129,118 
 
Total Puerto Rico 
 
 
70,831,630 
 
 
South Carolina – 0.1% (0.1% of Total Investments) 
 
 
 
430 
 
Berkeley County, South Carolina, Special Assessment Revenue Bonds, Nexton Improvement 
11/29 at 100.00 
N/R 
435,268 
 
 
District, Series 2019, 4.375%, 11/01/49 
 
 
 
400 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
1/30 at 100.00 
N/R 
361,368 
 
 
Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A 
 
 
 
830 
 
Total South Carolina 
 
 
796,636 
 
 
Tennessee – 1.8% (1.1% of Total Investments) 
 
 
 
1,000 
 
Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle 
No Opt. Call 
N/R 
549,320 
 
 
Project, Capital Appreciation Series 2016B, 0.000%, 12/01/31, 144A 
 
 
 
 
143
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tennessee (continued) 
 
 
 
$ 4,000 
 
Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle 
12/26 at 100.00 
N/R 
$ 3,779,280 
 
 
Project, Series 2016A, 5.125%, 12/01/42, 144A 
 
 
 
2,000 
 
Knox County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Bonds, 
11/24 at 100.00 
N/R 
1,600,000 
 
 
Provision Center for Proton Therapy Project, Series 2014, 5.250%, 5/01/25, 144A (4) 
 
 
 
1,000 
 
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, 
7/27 at 100.00 
N/R 
849,050 
 
 
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46 
 
 
 
5,965 
 
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena Project, 
11/20 at 52.70 
N/R 
3,050,978 
 
 
Junior Subordinate Lien Series 2002D, 0.000%, 10/01/31 
 
 
 
3,285 
 
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena Project, 
11/20 at 45.46 
N/R 
1,385,843 
 
 
Junior Subordinate Lien Series 2002E, 0.000%, 4/01/34 
 
 
 
1,500 
 
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue 
No Opt. Call 
N/R 
975,000 
 
 
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 6.500%, 
 
 
 
 
 
6/01/27, 144A (4) 
 
 
 
18,750 
 
Total Tennessee 
 
 
12,189,471 
 
 
Texas – 2.5% (1.5% of Total Investments) 
 
 
 
 
 
Austin Convention Enterprises Inc, Texas, Convention Center Hotel Revenue Bonds, 
 
 
 
 
 
Refunding First Tier Series 2017A: 
 
 
 
500 
 
5.000%, 1/01/31 
1/27 at 100.00 
BBB– 
508,570 
500 
 
5.000%, 1/01/32 
1/27 at 100.00 
BBB– 
508,495 
 
 
Austin Convention Enterprises Inc, Texas, Convention Center Hotel Revenue Bonds, 
 
 
 
 
 
Refunding Second Tier Series 2017B: 
 
 
 
540 
 
5.000%, 1/01/25 
No Opt. Call 
BB– 
524,626 
475 
 
5.000%, 1/01/29 
1/27 at 100.00 
BB– 
458,256 
850 
 
5.000%, 1/01/34 
1/27 at 100.00 
BB– 
815,583 
4,665 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines 
7/21 at 100.00 
4,744,771 
 
 
Inc – Terminal Improvement Project, Refunding Series 2011, 6.500%, 7/15/30 (AMT) 
 
 
 
650 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc 
7/24 at 100.00 
665,392 
 
 
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) 
 
 
 
250 
 
Leander, Texas, Special Assessment Revenue Bonds, Deerbrooke Public Improvement District 
9/26 at 100.00 
N/R 
253,158 
 
 
Southern Improvement Area Project, Series 2017, 4.750%, 9/01/37, 144A 
 
 
 
200 
 
Manor, Texas, Special Assessment Revenue Bonds, Lagos Public Improvement District Major 
9/30 at 100.00 
N/R 
213,802 
 
 
Improvement Area Project, Series 2020, 4.625%, 9/15/49, 144A 
 
 
 
520 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue 
8/24 at 100.00 
N/R 
534,347 
 
 
Bonds, Beta Academy, Series 2019A, 5.000%, 8/15/49, 144A 
 
 
 
625 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
559,894 
 
 
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, LLC-Texas A&M University-Corpus 
 
 
 
 
 
Christi Project, Series 2016A, 5.000%, 4/01/48 
 
 
 
400 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
Baa3 
409,080 
 
 
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, 
 
 
 
 
 
Series 2014A, 5.000%, 4/01/29 
 
 
 
2,100 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
No Opt. Call 
CCC 
2,006,277 
 
 
Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series 
 
 
 
 
 
2015B, 4.375%, 7/01/21 
 
 
 
110 
 
North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public 
9/30 at 100.00 
N/R 
115,078 
 
 
Improvement District Zone B Project, Series 2019, 5.375%, 9/01/50, 144A 
 
 
 
145 
 
Royse CIty, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public 
9/27 at 100.00 
N/R 
155,424 
 
 
improvement District Improvement Area 2 Project, Series 2019, 4.750%, 9/15/49, 144A 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement 
 
 
 
 
 
Facility Revenue Bonds, CC Young Memorial Home Project, Series 2016A: 
 
 
 
1,000 
 
6.375%, 2/15/41 (4) 
2/27 at 100.00 
N/R 
790,430 
4,575 
 
6.375%, 2/15/48 (4) 
2/27 at 100.00 
N/R 
3,613,289 
18,105 
 
Total Texas 
 
 
16,876,472 
 
144
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Utah – 0.2% (0.1% of Total Investments) 
 
 
 
$ 1,000 
 
Utah Charter School Finance Authority, Charter School Revenue Bonds, Leadership Learning 
6/27 at 102.00 
N/R 
$ 1,033,170 
 
 
Academy Project, Series 2019A, 5.000%, 6/15/50, 144A 
 
 
 
 
 
Virgin Islands – 4.4% (2.7% of Total Investments) 
 
 
 
710 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
10/22 at 100.00 
N/R 
662,153 
 
 
Series 2012A, 5.000%, 10/01/32 
 
 
 
16,000 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
10/24 at 100.00 
N/R 
15,074,560 
 
 
Series 2014C, 5.000%, 10/01/30 
 
 
 
570 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital 
No Opt. Call 
N/R 
553,008 
 
 
Series 2014A, 5.000%, 10/01/24 
 
 
 
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, 
11/20 at 100.00 
Caa3 
983,210 
 
 
Subordinate Lien Series 2010B, 5.250%, 10/01/29 
 
 
 
12,735 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo 
11/20 at 100.00 
Caa3 
12,786,832 
 
 
Project, Series 2009A, 6.625%, 10/01/29 
 
 
 
31,015 
 
Total Virgin Islands 
 
 
30,059,763 
 
 
Virginia – 1.5% (0.9% of Total Investments) 
 
 
 
 
 
Roanoke Economic Development Authority, Virginia Residential Care Facility Revenue 
 
 
 
 
 
Bonds, Richfield Living, Series 2020: 
 
 
 
5,870 
 
5.000%, 9/01/50 
9/27 at 103.00 
N/R 
5,245,138 
4,840 
 
5.125%, 9/01/55 
9/27 at 103.00 
N/R 
4,316,796 
500 
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, 
No Opt. Call 
N/R 
502,340 
 
 
Provident Resource Group – Rixey Student Housing Project, Series 2019B, 7.500%, 7/01/52, 144A 
 
 
 
11,210 
 
Total Virginia 
 
 
10,064,274 
 
 
Washington – 0.3% (0.2% of Total Investments) 
 
 
 
1,125 
 
Port of Seattle Industrial Development Corporation, Washington, Special Facilities 
4/23 at 100.00 
BB 
1,154,081 
 
 
Revenue Refunding Bonds, Delta Air Lines, Inc Project, Series 2012, 5.000%, 4/01/30 (AMT) 
 
 
 
1,000 
 
Washington State Housing Finance Commission, Nonprofit Housing Revenue Bonds, Rockwood 
1/26 at 103.00 
N/R 
974,100 
 
 
Retirement Communities Project, Series 2020A, 5.000%, 1/01/51 
 
 
 
2,125 
 
Total Washington 
 
 
2,128,181 
 
 
West Virginia – 0.5% (0.3% of Total Investments) 
 
 
 
 
 
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, 
 
 
 
 
 
University Town Centre Economic Opportunity Development District, Refunding & Improvement 
 
 
 
 
 
Series 2017A: 
 
 
 
3,000 
 
5.500%, 6/01/37, 144A 
6/27 at 100.00 
N/R 
3,088,650 
625 
 
5.750%, 6/01/43, 144A 
6/27 at 100.00 
N/R 
644,969 
3,625 
 
Total West Virginia 
 
 
3,733,619 
 
 
Wisconsin – 8.4% (5.1% of Total Investments) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, 21st Century Public 
 
 
 
 
 
Academy Project, Series 2020A: 
 
 
 
750 
 
5.000%, 6/01/40, 144A 
6/28 at 102.00 
N/R 
758,505 
1,340 
 
5.000%, 6/01/49, 144A 
6/28 at 102.00 
N/R 
1,319,900 
365 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community 
6/26 at 100.00 
N/R 
369,792 
 
 
School Bonds, North Carolina, Series 2019A, 5.000%, 6/15/49, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina 
 
 
 
 
 
Charter Educational Foundation Project, Series 2016A: 
 
 
 
3,000 
 
5.000%, 6/15/36, 144A 
6/26 at 100.00 
N/R 
3,021,720 
4,240 
 
5.000%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
4,143,922 
2,000 
 
Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie 
10/29 at 100.00 
N/R 
1,995,500 
 
 
College, Series 2019A, 5.875%, 10/01/54, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American 
 
 
 
 
 
Dream @ Meadowlands Project, Series 2017A: 
 
 
 
12,695 
 
6.250%, 8/01/27, 144A 
No Opt. Call 
N/R 
10,921,509 
2,750 
 
6.750%, 8/01/31, 144A 
No Opt. Call 
N/R 
2,240,700 
 
145
 

   
NMCO
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 
 
 
 
 
 
Dream @ Meadowlands Project, Series 2017: 
 
 
 
$ 555 
 
6.500%, 12/01/37, 144A 
12/27 at 100.00 
N/R 
$ 478,149 
13,915 
 
7.000%, 12/01/50, 144A 
12/27 at 100.00 
N/R 
12,017,968 
215 
 
Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park 
No Opt. Call 
N/R 
131,298 
 
 
Development Project, Series 2019, 0.000%, 12/31/24, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc, 
 
 
 
 
 
Series 2017A: 
 
 
 
285 
 
5.000%, 12/01/27 
No Opt. Call 
BBB– 
311,428 
1,765 
 
5.200%, 12/01/37 
12/27 at 100.00 
BBB– 
1,972,723 
2,000 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, 
7/28 at 100.00 
N/R 
2,132,240 
 
 
Senior Series 2018A, 7.000%, 7/01/48, 144A 
 
 
 
635 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health 
4/30 at 100.00 
BB 
669,582 
 
 
Sciences, Series 2020, 5.000%, 4/01/50, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment 
 
 
 
 
 
Center, Series 2018A-1: 
 
 
 
5,885 
 
6.125%, 1/01/33, 144A 
1/28 at 100.00 
N/R 
4,991,245 
250 
 
6.250%, 1/01/38, 144A 
1/28 at 100.00 
N/R 
203,010 
8,735 
 
6.375%, 1/01/48, 144A 
1/28 at 100.00 
N/R 
6,888,858 
3,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint 
11/26 at 103.00 
N/R 
3,004,290 
 
 
Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 
 
 
 
64,380 
 
Total Wisconsin 
 
 
57,572,339 
$ 1,692,051 
 
Total Municipal Bonds (cost $1,119,975,429) 
 
 
1,085,529,604 

Shares 
 
Description (1) 
 
 
Value 
 
 
COMMON STOCKS – 2.5% (1.5% of Total Investments) 
 
 
 
 
 
Electric Utilities – 2.5% (1.5% of Total Investments) 
 
 
 
859,113 
 
Energy Harbor Corp (7), (8), (11) 
 
 
$ 17,182,260 
 
 
Total Common Stocks (cost $24,407,228) 
 
 
17,182,260 

Shares 
 
Description (1), (9) 
 
 
Value 
 
 
EXCHANGE-TRADED FUNDS – 0.3% (0.2% of Total Investments) 
 
 
 
32 
 
VanEck Vectors High Yield Muni ETF 
 
 
$ 1,902,400 
 
 
Total Exchange-Traded Funds (cost $2,058,659) 
 
 
1,902,400 
 
 
Total Long-Term Investments (cost $1,146,441,316) 
 
 
1,104,614,264 

Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 2.2% (1.4% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 2.2% (1.4% of Total Investments) 
 
 
 
 
 
Illinois – 0.1% (0.1% of Total Investments) 
 
 
 
$ 985 
 
Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Variable Rate Demand 
11/20 at 100.00 
N/R 
$ 817,850 
 
 
Obligations, Kendall Marketplace Project, Series 2007, 6.000%, 1/01/26 (4), (10) 
 
 
 
 
 
New York – 2.1% (1.3% of Total Investments) 
 
 
 
14,450 
 
Dormitory Authority of the State of New York, Revenue Bonds, Variable Rate Demand Obligations, 
10/20 at 100.00 
AA 
14,450,000 
 
 
Rockefeller University, Series 2002A-2, 0.100%, 7/01/32 (10) 
 
 
 
$ 15,435 
 
Total Short-Term Investments (cost $15,267,850) 
 
 
15,267,850 
 
 
Total Investments (cost $1,161,709,166) – 164.1% 
 
 
1,119,882,114 
 
 
Floating Rate Obligations – (3.2)% 
 
 
(21,923,000) 
 
 
MuniFund Term Preferred Shares, net of deferred offering costs – (65.8)% (12) 
 
 
(448,842,816) 
 
 
Other Assets Less Liabilities – 4.9% 
 
 
33,394,075 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 682,510,373 
 
146
 

(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. 
 
Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public 
 
accounting firm. 
(3) 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below 
 
BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national 
 
rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(5) 
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. 
(6) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(7) 
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control 
 
Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution 
 
Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality 
 
Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control 
 
Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control 
 
Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, 
 
FirstEnergy Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/20, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, 
 
FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, 
 
FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33. 
(8) 
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value 
 
Measurements for more information. 
(9) 
A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission 
 
on its website at http://www.sec.gov. 
(10) 
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. 
(11) 
Non-income producing; issuer has not declared a dividend within the past twelve months. 
(12) 
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 40.1%. 
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. 
ETF 
Exchange-Traded Fund. 
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, 
 
where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in 
 
Derivatives for more information. 
WI/DD 
Purchased on when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
147


   
NDMO
Nuveen Dynamic Municipal Opportunities Fund
Portfolio of Investments October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 105.9% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 105.8% (99.9% of Total Investments) 
 
 
 
 
 
Alabama – 2.2% (2.0% of Total Investments) 
 
 
 
 
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2020B: 
 
 
 
$ 1,500 
 
3.000%, 6/01/50 – AGM Insured 
6/30 at 100.00 
A1 
$ 1,490,730 
11,920 
 
3.000%, 6/01/50 – AGM Insured (UB) (4) 
6/30 at 100.00 
A1 
11,846,334 
5,000 
 
Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, 
11/29 at 100.00 
N/R 
4,992,150 
 
 
4.000%, 11/01/45, 144A 
 
 
 
18,420 
 
Total Alabama 
 
 
18,329,214 
 
 
Alaska – 0.2% (0.1% of Total Investments) 
 
 
 
1,000 
 
Alaska Municipal Bond Bank, General Obligation Bonds, Refunding One Series 2020, 
No Opt. Call 
A+ 
1,306,760 
 
 
5.000%, 12/01/30 
 
 
 
 
 
Arizona – 6.4% (6.1% of Total Investments) 
 
 
 
 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Mater 
 
 
 
 
 
Academy of Nevada – Bonanza Campus Project, Series 2020A: 
 
 
 
920 
 
5.000%, 12/15/40, 144A 
12/28 at 100.00 
BB 
985,826 
1,500 
 
5.000%, 12/15/50, 144A 
12/28 at 100.00 
BB 
1,580,685 
1,500 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds, 
7/28 at 100.00 
BB– 
1,517,024 
 
 
Pensar Academy Project, Series 2020, 5.000%, 7/01/55, 144A 
 
 
 
 
 
Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, Children’s 
 
 
 
 
 
National Prince County Regional Medical Center, Series 2020A: 
 
 
 
2,500 
 
4.000%, 9/01/46 
9/30 at 100.00 
A1 
2,758,750 
2,500 
 
3.000%, 9/01/50 
9/30 at 100.00 
A1 
2,497,400 
15,000 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
7/30 at 100.00 
AA– 
15,123,450 
 
 
Series 2019E, 3.000%, 1/01/49 (UB) (4) 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue 
 
 
 
 
 
Bonds, Series 2019A: 
 
 
 
5,895 
 
5.000%, 7/01/34 
7/29 at 100.00 
BBB+ 
6,668,070 
2,500 
 
5.000%, 7/01/39 
7/29 at 100.00 
BBB+ 
2,764,925 
3,405 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
9/30 at 100.00 
Ba2 
3,511,509 
 
 
Northwest Christian School Project, Series 2020A, 5.000%, 9/01/55, 144A 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Edkey Charter Schools Project, Refunding Series 2020: 
 
 
 
5,265 
 
5.000%, 7/01/35, 144A (WI/DD, Settling 11/18/20) 
7/26 at 103.00 
N/R 
5,464,280 
6,800 
 
5.000%, 7/01/40, 144A (WI/DD, Settling 11/18/20) 
7/26 at 103.00 
N/R 
6,934,572 
4,580 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
6/28 at 100.00 
N/R 
4,585,496 
 
 
Synergy Public Charter School Project, Series 2020-1, 5.000%, 6/15/50, 144A 
 
 
 
52,365 
 
Total Arizona 
 
 
54,391,987 
 
 
Arkansas – 2.3% (2.2% of Total Investments) 
 
 
 
3,000 
 
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 
9/26 at 103.00 
3,007,470 
 
 
Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A 
 
 
 
17,000 
 
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 
9/27 at 103.00 
Caa1 
16,921,630 
 
 
Steel Project, Series 2020A, 4.750%, 9/01/49 (AMT), 144A 
 
 
 
20,000 
 
Total Arkansas 
 
 
19,929,100 
 
 
California – 15.2% (14.4% of Total Investments) 
 
 
 
10,000 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
12/30 at 34.02 
N/R 
2,175,700 
 
 
Sonoma County Tobacco Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 
 
 
 
 
148
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, 
 
 
 
 
 
Series 2020A: 
 
 
 
$ 8,000 
 
4.000%, 4/01/45 (UB) (4) 
4/30 at 100.00 
BBB+ 
$ 8,816,400 
1,820 
 
4.000%, 4/01/49 
4/30 at 100.00 
BBB+ 
1,998,742 
 
 
California Health Facilities Financing Authority, Revenue Bonds, PIH Health, Series 2020A: 
 
 
 
7,020 
 
3.000%, 6/01/47 
6/30 at 100.00 
7,096,729 
6,120 
 
4.000%, 6/01/50 
6/30 at 100.00 
6,852,258 
 
 
California Infrastructure and Economic Development Bank, Revenue Bonds, Los Angeles 
 
 
 
 
 
County Museum of Natural History Foundation, Series 2020: 
 
 
 
15,500 
 
3.000%, 7/01/50 (UB) (4) 
7/30 at 100.00 
A2 
15,638,725 
2,000 
 
4.000%, 7/01/50 
7/30 at 100.00 
A2 
2,233,660 
2,000 
 
California Municipal Finance Authority, Revenue Bonds, University of the Pacific, 
11/30 at 100.00 
A2 
1,970,120 
 
 
Refunding Series 2020A, 3.000%, 11/01/48 (WI/DD, Settling 11/12/20) 
 
 
 
5,000 
 
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, 
No Opt. Call 
B+ 
4,977,950 
 
 
Inc Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) 
 
 
 
5,000 
 
California Public Finance Authority, Charter School Lease Revenue Bonds, California 
7/28 at 100.00 
N/R 
5,000,000 
 
 
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A (WI/DD, Settling 11/10/20) 
 
 
 
4,250 
 
California State, General Obligation Bonds, Refunding Various Purpose Series 2020, 
11/30 at 100.00 
AA– 
4,703,645 
 
 
3.000%, 11/01/35 
 
 
 
 
 
California State, General Obligation Bonds, Various Purpose Series 2020: 
 
 
 
3,000 
 
4.000%, 11/01/34 (4) 
11/30 at 100.00 
AA– 
3,659,220 
2,715 
 
4.000%, 11/01/35 
11/30 at 100.00 
AA– 
3,296,010 
9,750 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
10,550,865 
 
 
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
 
 
Glendale Community College District, Los Angeles County, California, General Obligation 
 
 
 
 
 
Bonds, Election 2016 Taxable Refunding Series 2020B: 
 
 
 
1,250 
 
0.000%, 8/01/33 
2/30 at 91.42 
AA– 
926,488 
2,950 
 
0.000%, 8/01/34 
2/30 at 88.79 
AA– 
2,108,040 
2,250 
 
0.000%, 8/01/35 
2/30 at 86.15 
AA– 
1,548,608 
1,370 
 
0.000%, 8/01/36 
2/30 at 83.57 
AA– 
907,639 
6,650 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
6,840,323 
 
 
Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
6,300 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
6,480,306 
 
 
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
4,250 
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, 
7/30 at 100.00 
AA– 
5,447,225 
 
 
Series 2020B, 5.000%, 7/01/45 
 
 
 
1,000 
 
Northstar Community Services District, California, Special Tax Bonds, Community Facilities 
3/21 at 100.00 
N/R 
550,000 
 
 
District 1, Series 2006, 5.000%, 9/01/37 
 
 
 
 
 
San Francisco City and County Public Utilities Commission, California, Water Revenue 
 
 
 
 
 
Bonds, Local Water Series 2020C: 
 
 
 
3,080 
 
4.000%, 11/01/45 
11/30 at 100.00 
AA– 
3,645,088 
4,040 
 
4.000%, 11/01/50 
11/30 at 100.00 
AA– 
4,745,707 
 
 
San Francisco City and County Public Utilities Commission, California, Water Revenue 
 
 
 
 
 
Bonds, WSIP Green Series 2020A: 
 
 
 
1,490 
 
5.000%, 11/01/45 
11/30 at 100.00 
AA– 
1,919,820 
3,335 
 
4.000%, 11/01/50 
11/30 at 100.00 
AA– 
3,917,558 
4,645 
 
Santa Clara Valley Water District, California, Water System Refunding Revenue Bonds, 
6/30 at 100.00 
Aa1 
4,619,220 
 
 
Taxable Series 2020B, 2.967%, 6/01/50 
 
 
 
 
 
Santa Clara Valley Water District, California, Revenue Certificates of Participation, 
 
 
 
 
 
Water Utility System Improvement Projects, Series 2020C: 
 
 
 
1,270 
 
5.000%, 6/01/39 
6/30 at 100.00 
Aa1 
1,656,867 
855 
 
5.000%, 6/01/41 
6/30 at 100.00 
Aa1 
1,108,738 
 
 
Santa Clara Valley Water District, California, Water System Revenue Bonds, Refunding 
 
 
 
 
 
Series 2020A: 
 
 
 
1,445 
 
5.000%, 6/01/45 
6/30 at 100.00 
Aa1 
1,850,698 
1,325 
 
5.000%, 6/01/50 
6/30 at 100.00 
Aa1 
1,689,547 
129,680 
 
Total California 
 
 
128,931,896 
 
149
 

   
NDMO
Nuveen Dynamic Municipal Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado – 9.6% (9.0% of Total Investments) 
 
 
 
$ 2,370 
 
64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020, 
12/25 at 103.00 
N/R 
$ 2,426,572 
 
 
6.500%, 12/01/43 
 
 
 
1,240 
 
Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited Tax 
12/23 at 103.00 
N/R 
1,301,777 
 
 
Bonds, Refunding & Improvement Convertible to Unlimited Tax Series 2018A, 5.000%, 12/01/38 
 
 
 
1,060 
 
Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation 
9/25 at 103.00 
N/R 
1,074,639 
 
 
Bonds, Series 2020A, 5.000%, 12/01/50 
 
 
 
2,285 
 
Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation 
9/25 at 103.00 
N/R 
2,294,803 
 
 
Bonds, Subordinate Series 2020B, 7.750%, 12/15/50 
 
 
 
500 
 
Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
503,640 
 
 
General Obligation Bonds, Refunding & Improvement Series 2019A, 4.000%, 12/01/29 
 
 
 
1,725 
 
Belford North Metropolitan District, Douglas County, Colorado, General Obligation 
12/25 at 103.00 
N/R 
1,728,364 
 
 
Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50 
 
 
 
500 
 
Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
516,755 
 
 
Obligation Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40, 144A 
 
 
 
500 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
No Opt. Call 
N/R 
517,735 
 
 
Improvement Series 2017, 5.000%, 12/01/22, 144A 
 
 
 
2,755 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
12/25 at 103.00 
N/R 
2,819,219 
 
 
Improvement Series 2020A, 5.000%, 12/01/51 
 
 
 
2,700 
 
Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, 
12/27 at 100.00 
A– 
2,911,734 
 
 
4.000%, 6/30/51 (AMT) 
 
 
 
5,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 
BBB+ 
5,422,650 
 
 
Series 2019A-1, 4.000%, 8/01/44 
 
 
 
16,000 
 
Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited 
9/25 at 103.00 
N/R 
16,108,960 
 
 
Tax General Obligation Bonds, Series 2020, 6.500%, 12/01/50 
 
 
 
6,500 
 
Crystal Valley Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation 
12/30 at 100.00 
A2 
6,587,750 
 
 
Bonds, Refunding & Improvement Series 2020A, 3.000%, 12/01/49 – AGM Insured (UB) (4) 
 
 
 
1,000 
 
Dacono Urban Renewal Authority, Weld County, Colorado, Tax Increment Revenue Bonds, 
12/25 at 103.00 
N/R 
1,002,350 
 
 
Series 2020, 6.250%, 12/01/39 
 
 
 
1,000 
 
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 
12/24 at 100.00 
N/R 
1,028,900 
 
 
2014, 6.000%, 12/01/38 
 
 
 
5,250 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special 
12/23 at 103.00 
N/R 
5,369,437 
 
 
Revenue Bonds, Subordinate Series 2020B, 5.750%, 12/15/50 
 
 
 
2,000 
 
Jones District Community Authority Board, Centennial, Colorado, Special Revenue 
12/25 at 103.00 
N/R 
1,513,580 
 
 
Convertible Capital Appreciation Bonds, Series 2020A, 0.000%, 12/01/50 
 
 
 
1,380 
 
Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
1,428,217 
 
 
General Obligation Bonds, Series 2019A, 5.000%, 12/01/39 
 
 
 
1,000 
 
North Range Metropolitan District No 3, 5.250%, 12/01/50 
12/25 at 103.00 
N/R 
1,000,000 
925 
 
Pinon Pines Metropolitan District 2, El Paso County, Colorado, General Obligation 
9/25 at 103.00 
N/R 
955,793 
 
 
Limited Tax Bonds, Series 2020, 5.000%, 12/01/40 
 
 
 
5,350 
 
Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and 
12/27 at 100.00 
A2 
6,367,035 
 
 
Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/47 
 
 
 
1,055 
 
Sabell Metropolitan District, Arvada, Colorado, Limited Tax General Obligation Bonds, 
3/25 at 103.00 
N/R 
1,087,557 
 
 
Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/50, 144A 
 
 
 
1,000 
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Supported Revenue 
12/25 at 102.00 
N/R 
1,001,830 
 
 
Bonds, Limited Tax Refunding Improvement Senior Series 2020A, 3.750%, 12/01/40 (WI/DD, 
 
 
 
 
 
Settling 11/05/20) 
 
 
 
750 
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Supported Revenue 
12/25 at 102.00 
N/R 
751,163 
 
 
Bonds, Limited Tax Refunding Improvement Senior Series 2020B, 7.125%, 12/15/50 (WI/DD, 
 
 
 
 
 
Settling 11/05/20) 
 
 
 
2,175 
 
Sunlight Metropolitan District Colorado, General Obligation Limited Tax Bonds, Series 2020, 
12/25 at 103.00 
N/R 
2,179,219 
 
 
5.000%, 12/01/50 
 
 
 
5,000 
 
Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General 
12/23 at 81.31 
N/R 
3,295,200 
 
 
Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 0.000%, 12/01/50 
 
 
 
10,000 
 
Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General 
12/23 at 103.00 
N/R 
9,860,100 
 
 
Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 
 
 
 
81,020 
 
Total Colorado 
 
 
81,054,979 
 
150
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida – 10.0% (9.4% of Total Investments) 
 
 
 
$ 1,500 
 
Belmont II Community Development District, Hillsborough County, Florida, Special 
12/30 at 100.00 
N/R 
$ 1,512,345 
 
 
Assessment Revenue Bonds, 2020 Assessment Area, Series 2020, 4.000%, 12/15/50, 144A 
 
 
 
 
 
(WI/DD, Settling 11/23/20) 
 
 
 
 
 
Broward County, Florida, Port Facilities Revenue Bonds, Series 2019B: 
 
 
 
7,500 
 
4.000%, 9/01/37 (AMT) 
9/29 at 100.00 
8,157,075 
2,500 
 
4.000%, 9/01/39 (AMT) (UB) (WI/DD, Settling 11/12/20) 
9/29 at 100.00 
2,691,900 
 
 
Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech 
 
 
 
 
 
Schools Project, Series 2020A: 
 
 
 
1,235 
 
5.000%, 6/15/40, 144A 
6/27 at 100.00 
N/R 
1,268,518 
1,260 
 
5.000%, 6/15/55, 144A 
6/27 at 100.00 
N/R 
1,276,216 
6,500 
 
Currents Community Development District, Collier County, Florida, Capital Improvement 
No Opt. Call 
N/R 
6,491,420 
 
 
Revenue Bonds, Series 2020B, 4.250%, 5/01/41, 144A 
 
 
 
1,500 
 
Cypress Park Estates Community Development District, Florida, Special Assessment Revenue 
5/32 at 100.00 
N/R 
1,474,020 
 
 
Bonds, Assessment Area 1 Project, Series 2020, 4.000%, 5/01/51, 144A (WI/DD, Settling 11/12/20) 
 
 
 
2,500 
 
Cypress Preserve Community Development District, Pasco County, Florida, Special 
11/29 at 100.00 
N/R 
2,540,250 
 
 
Assessment Bonds, Assessment Area 2, Series 2019, 4.125%, 11/01/50 
 
 
 
10,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery 
6/29 at 100.00 
N/R 
10,202,300 
 
 
High School Project, Series 2020A, 5.000%, 6/01/55, 144A 
 
 
 
1,100 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater 
6/27 at 100.00 
BBB 
1,220,494 
 
 
Academy Projects, Series 2020A, 5.000%, 6/15/50 
 
 
 
7,000 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue 
11/20 at 105.00 
N/R 
5,997,670 
 
 
Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A, 6.500%, 1/01/49 (AMT) 
 
 
 
 
 
(Mandatory Put 1/01/29), 144A 
 
 
 
11,180 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Rollins 
12/30 at 100.00 
A2 
10,970,710 
 
 
College Project, Refunding Series 2020A, 3.000%, 12/01/48 (UB) (4) 
 
 
 
1,000 
 
Forest Lake Community Development District, Polk County, Florida, Special Assessment 
5/30 at 100.00 
N/R 
1,003,140 
 
 
Bonds, Assessment Area One Project, Series 2020, 4.000%, 5/01/51, 144A 
 
 
 
 
 
Grand Oaks Community Development District, Saint Johns County, Florida, Special 
 
 
 
 
 
Assessment Bonds, Assessment Area 2, Series 2020: 
 
 
 
1,100 
 
4.250%, 5/01/40 
5/31 at 100.00 
N/R 
1,097,107 
1,500 
 
4.500%, 5/01/52 
5/31 at 100.00 
N/R 
1,503,765 
1,000 
 
Hammock Reserve Community Development District, Haines City, Florida, Special Assessment 
5/30 at 100.00 
N/R 
999,970 
 
 
Revenue Bonds, Area1 Project, Series 2020, 4.000%, 5/01/51 
 
 
 
10,000 
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida 
2/31 at 100.00 
9,870,800 
 
 
Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020, 4.000%, 8/01/55 (UB) (4) 
 
 
 
3,550 
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, 
2/31 at 100.00 
Baa1 
3,844,295 
 
 
Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, 4.000%, 8/01/45 
 
 
 
1,250 
 
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, 
5/30 at 100.00 
N/R 
1,255,888 
 
 
Northeast Sector Project, Phase 2B, Series 2020, 4.000%, 5/01/50, 144A 
 
 
 
1,225 
 
Miami Dade County Industrial Development Authority, Florida, Educational Facilities 
6/26 at 103.00 
N/R 
1,209,908 
 
 
Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A, 5.000%, 6/01/47 
 
 
 
 
 
(WI/DD, Settling 11/23/20) 
 
 
 
8,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 
7/24 at 100.00 
BBB+ 
8,798,320 
 
 
2014A, 5.000%, 7/01/44 
 
 
 
1,010 
 
Windward Community Development District, Florida, Special Assessment Bonds, Series 
No Opt. Call 
N/R 
1,014,414 
 
 
2020A-2, 4.400%, 11/01/35 
 
 
 
83,410 
 
Total Florida 
 
 
84,400,525 
 
 
Illinois – 5.9% (5.6% of Total Investments) 
 
 
 
 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014: 
 
 
 
5,000 
 
5.250%, 12/01/49 (UB) (4) 
12/24 at 100.00 
AA 
5,657,800 
10,000 
 
5.250%, 12/01/49 
12/24 at 100.00 
AA 
11,315,600 
 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, 
 
 
 
 
 
Refunding Senior Lien Series 2020A: 
 
 
 
3,305 
 
4.000%, 1/01/35 
1/30 at 100.00 
3,743,243 
3,145 
 
4.000%, 1/01/37 
1/30 at 100.00 
3,531,898 
 
151
 

   
NDMO
Nuveen Dynamic Municipal Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,000 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.000%, 1/01/40 
1/21 at 100.00 
Ba1 
$ 1,999,760 
5,085 
 
DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, 
5/30 at 100.00 
A1 
5,022,556 
 
 
3.000%, 5/15/47 
 
 
 
10,000 
 
Illinois Finance Authority, 3.000%, 5/15/50 (UB) (4) 
11/30 at 100.00 
A3 
9,692,100 
3,300 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/30 at 100.00 
BB+ 
3,706,032 
 
 
Bonds, Series 2020B, 5.000%, 6/15/42 
 
 
 
5,190 
 
Romeoville, Illinois, Revenue Bonds, Lewis University Project, Series 2015, 5.000%, 10/01/35 
4/25 at 100.00 
BBB 
5,590,824 
47,025 
 
Total Illinois 
 
 
50,259,813 
 
 
Indiana – 0.6% (0.6% of Total Investments) 
 
 
 
1,415 
 
Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, 
6/30 at 100.00 
N/R 
1,415,000 
 
 
Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, 
 
 
 
 
 
6/01/55, 144A (WI/DD, Settling 11/10/20) 
 
 
 
3,445 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Rose Hulman Institute 
12/28 at 100.00 
A2 
4,064,997 
 
 
Of Technology Project, Series 2018, 5.000%, 6/01/39 
 
 
 
4,860 
 
Total Indiana 
 
 
5,479,997 
 
 
Louisiana – 1.2% (1.1% of Total Investments) 
 
 
 
 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic 
 
 
 
 
 
Foundation Project, Series 2020A: 
 
 
 
5,355 
 
3.000%, 5/15/47 (UB) (4) 
5/30 at 100.00 
A3 
5,192,422 
2,145 
 
4.000%, 5/15/49 (UB) (4) 
5/30 at 100.00 
A3 
2,340,860 
2,000 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2010, 
6/30 at 100.00 
BB– 
2,370,840 
 
 
6.350%, 7/01/40, 144A 
 
 
 
9,500 
 
Total Louisiana 
 
 
9,904,122 
 
 
Maryland – 0.9% (0.9% of Total Investments) 
 
 
 
2,200 
 
Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development 
7/30 at 100.00 
N/R 
2,164,228 
 
 
Authority, Refunding Series 2020C, 4.000%, 7/01/50 (WI/DD, Settling 11/12/20) 
 
 
 
5,515 
 
Frederick County, Maryland, Special Tax Limited Obligation Bonds, Jefferson Technology 
7/30 at 102.00 
N/R 
5,529,118 
 
 
Park Project, Refunding Series 2020A, 5.000%, 7/01/43, 144A 
 
 
 
7,715 
 
Total Maryland 
 
 
7,693,346 
 
 
Massachusetts – 0.7% (0.7% of Total Investments) 
 
 
 
5,000 
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series 
7/28 at 100.00 
Aa3 
6,084,750 
 
 
2020B-1, 5.000%, 7/01/45 
 
 
 
 
 
Michigan – 0.4% (0.4% of Total Investments) 
 
 
 
1,500 
 
Detroit, Michigan, General Obligation Bonds, Unlimited Tax Series 2020, 5.500%, 4/01/45 
4/30 at 100.00 
BB– 
1,679,835 
16,110 
 
Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco 
12/30 at 18.38 
N/R 
1,836,057 
 
 
Receipts, Series 2020B2-CL2, 0.000%, 6/01/65 
 
 
 
17,610 
 
Total Michigan 
 
 
3,515,892 
 
 
Missouri – 3.6% (3.4% of Total Investments) 
 
 
 
5,315 
 
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation 
3/29 at 100.00 
A– 
6,151,634 
 
 
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019A, 
 
 
 
 
 
5.000%, 3/01/44 (AMT) 
 
 
 
3,835 
 
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation 
3/29 at 100.00 
A– 
4,413,855 
 
 
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, 
 
 
 
 
 
5.000%, 3/01/46 (AMT) 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
Mercy Health, Series 2020: 
 
 
 
1,250 
 
4.000%, 6/01/50 
6/30 at 100.00 
A+ 
1,389,475 
4,940 
 
3.000%, 6/01/53 (UB) (4) 
6/30 at 100.00 
A+ 
4,835,815 
1,250 
 
4.000%, 6/01/53 
6/30 at 100.00 
A+ 
1,380,400 
3,155 
 
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention 
10/30 at 100.00 
A2 
3,753,156 
 
 
Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/45 – AGM 
 
 
 
 
 
Insured (UB) (4) 
 
 
 
 
152
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
 
 
Southeast Missouri State University, System Facilities Revenue Bonds, Refunding Series 2020: 
 
 
 
$ 2,500 
 
5.000%, 4/01/28 
No Opt. Call 
$ 3,019,825 
2,905 
 
5.000%, 4/01/29 
No Opt. Call 
3,545,872 
1,470 
 
5.000%, 4/01/30 
No Opt. Call 
1,811,702 
26,620 
 
Total Missouri 
 
 
30,301,734 
 
 
Nevada – 0.9% (0.9% of Total Investments) 
 
 
 
5,920 
 
Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building 
6/30 at 100.00 
A1 
6,237,371 
 
 
Series 2020B, 3.000%, 6/15/38 – BAM Insured (WI/DD, Settling 11/03/20) 
 
 
 
 
 
Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 611 Sunstone 
 
 
 
 
 
Phase I and II, Series 2020: 
 
 
 
450 
 
4.000%, 6/01/40 
6/30 at 100.00 
N/R 
452,840 
1,150 
 
4.125%, 6/01/50 
6/30 at 100.00 
N/R 
1,147,044 
7,520 
 
Total Nevada 
 
 
7,837,255 
 
 
New Hampshire – 0.1% (0.1% of Total Investments) 
 
 
 
1,250 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical 
7/27 at 100.00 
Baa2 
1,276,825 
 
 
Center, Series 2017, 3.750%, 7/01/40 
 
 
 
 
 
New Jersey – 0.7% (0.6% of Total Investments) 
 
 
 
 
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 
 
 
 
 
 
Series 2020A: 
 
 
 
1,000 
 
5.000%, 11/01/45 
11/30 at 100.00 
Baa2 
1,196,540 
3,125 
 
4.000%, 11/01/50 
11/30 at 100.00 
Baa2 
3,391,031 
1,100 
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 
11/30 at 100.00 
Baa3 
1,201,585 
 
 
Subordinate Series 2020A, 4.000%, 11/01/50 – BAM Insured 
 
 
 
5,225 
 
Total New Jersey 
 
 
5,789,156 
 
 
New Mexico – 0.8% (0.7% of Total Investments) 
 
 
 
7,000 
 
Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross 
11/23 at 103.00 
N/R 
6,765,850 
 
 
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A (WI/DD, 
 
 
 
 
 
Settling 11/17/20) 
 
 
 
 
 
New York – 19.9% (18.8% of Total Investments) 
 
 
 
4,000 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of 
9/25 at 100.00 
N/R 
4,293,440 
 
 
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
10,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health System 
7/29 at 100.00 
BBB 
10,648,500 
 
 
Obligated Group Series 2019A, 4.000%, 7/01/45 (UB) (WI/DD, Settling 11/03/20) (4) 
 
 
 
20,000 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
9/30 at 100.00 
Aa2 
20,292,600 
 
 
General Purpose, Series 2020A Bidding Group 1 thru 5, 3.000%, 3/15/50 (UB) (4) 
 
 
 
7,695 
 
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 
9/28 at 100.00 
AA+ 
9,299,023 
 
 
2018E Group 4, 5.000%, 3/15/48 
 
 
 
12,360 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/26 at 100.00 
BBB+ 
13,057,228 
 
 
Green Series 2016B, 5.000%, 11/15/37 
 
 
 
2,640 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
5/28 at 100.00 
BBB+ 
2,645,069 
 
 
Series 2017D, 4.000%, 11/15/42 
 
 
 
10,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/24 at 100.00 
BBB+ 
10,505,100 
 
 
2014D-1, 5.250%, 11/15/44 (UB) (4) 
 
 
 
 
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester 
 
 
 
 
 
Regional Health Project, Series 2020A: 
 
 
 
715 
 
3.000%, 12/01/37 (WI/DD, Settling 11/17/20) 
12/30 at 100.00 
BBB+ 
710,274 
2,200 
 
3.000%, 12/01/40 (WI/DD, Settling 11/17/20) 
12/30 at 100.00 
BBB+ 
2,178,902 
1,000 
 
4.000%, 12/01/46 (WI/DD, Settling 11/17/20) 
12/30 at 100.00 
BBB+ 
1,089,610 
 
 
New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes 
 
 
 
 
 
Revenue Bonds, Yankee Stadium Project, Series 2020A: 
 
 
 
5,385 
 
3.000%, 3/01/39 – AGM Insured (UB) (4) 
9/30 at 100.00 
Baa1 
5,564,644 
3,845 
 
3.000%, 3/01/40 – AGM Insured (UB) (4) 
9/30 at 100.00 
Baa1 
3,969,616 
2,275 
 
3.000%, 3/01/49 (UB) (4) 
9/30 at 100.00 
BBB+ 
2,222,220 
 
153
 

   
NDMO
Nuveen Dynamic Municipal Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
 
 
New York City, New York, General Obligation Bonds, Fiscal 2021 Series C: 
 
 
 
$ 1,695 
 
4.000%, 8/01/36 
8/30 at 100.00 
AA 
$ 1,958,284 
1,250 
 
4.000%, 8/01/39 
8/30 at 100.00 
AA 
1,427,513 
2,650 
 
4.000%, 8/01/40 
8/30 at 100.00 
AA 
3,016,336 
4,000 
 
New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term 
11/20 at 100.00 
B– 
4,042,760 
 
 
Series 2005A, 5.000%, 6/01/42 
 
 
 
3,000 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
3,073,620 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
9,000 
 
New York State Thruway Authority, General Revenue Bonds, Series 2020N, 4.000%, 1/01/41 
1/30 at 100.00 
10,234,440 
10,615 
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, 
9/30 at 100.00 
Aa2 
13,195,400 
 
 
Series 2020C, 5.000%, 3/15/43 
 
 
 
 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
 
 
 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Series 2020: 
 
 
 
13,000 
 
5.250%, 8/01/31 (AMT) 
8/30 at 100.00 
B– 
13,398,970 
3,400 
 
5.375%, 8/01/36 (AMT) 
8/30 at 100.00 
B– 
3,523,658 
 
 
New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta 
 
 
 
 
 
Air Lines, Inc – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020: 
 
 
 
1,000 
 
4.000%, 10/01/30 (AMT) 
No Opt. Call 
BB+ 
1,027,190 
4,000 
 
5.000%, 10/01/35 (AMT) 
10/30 at 100.00 
BB+ 
4,369,000 
6,000 
 
5.000%, 10/01/40 (AMT) 
10/30 at 100.00 
BB+ 
6,437,820 
6,250 
 
4.375%, 10/01/45 (AMT) 
10/30 at 100.00 
BB+ 
6,332,687 
 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
 
 
 
 
 
Twenty-one Series 2020: 
 
 
 
2,000 
 
4.000%, 7/15/36 (AMT) 
7/30 at 100.00 
A+ 
2,279,860 
2,000 
 
4.000%, 7/15/37 (AMT) 
7/30 at 100.00 
A+ 
2,269,180 
5,000 
 
4.000%, 7/15/39 (AMT) 
7/30 at 100.00 
A+ 
5,634,050 
156,975 
 
Total New York 
 
 
168,696,994 
 
 
North Carolina – 1.3% (1.3% of Total Investments) 
 
 
 
 
 
Western Carolina University, North Carolina, General Revenue Bonds, Series 2020B: 
 
 
 
2,090 
 
4.000%, 4/01/45 
4/30 at 100.00 
Aa3 
2,398,442 
7,910 
 
4.000%, 4/01/50 
4/30 at 100.00 
Aa3 
9,020,881 
10,000 
 
Total North Carolina 
 
 
11,419,323 
 
 
Ohio – 6.4% (6.0% of Total Investments) 
 
 
 
 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities 
 
 
 
 
 
Revenue Bonds, Summa Health Obligated Group, Refunding Series 2020: 
 
 
 
220 
 
4.000%, 11/15/36 (UB) (4) 
11/30 at 100.00 
Baa2 
244,904 
1,500 
 
4.000%, 11/15/38 (UB) (4) 
11/30 at 100.00 
Baa2 
1,657,770 
10,325 
 
3.000%, 11/15/40 (UB) (4) 
11/30 at 100.00 
Baa2 
10,198,621 
9,950 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
BBB+ 
9,534,090 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 
 
 
 
9,180 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
9,828,751 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
2,500 
 
Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG 
7/29 at 100.00 
B3 
2,549,125 
 
 
Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A 
 
 
 
20,000 
 
Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series 
12/27 at 103.00 
N/R 
20,055,600 
 
 
2020A, 7.000%, 12/01/42 (AMT) 
 
 
 
53,675 
 
Total Ohio 
 
 
54,068,861 
 
 
Oregon – 1.6% (1.5% of Total Investments) 
 
 
 
 
 
Port of Portland, Oregon, International Airport Revenue Bonds, Series 2020-27A: 
 
 
 
5,625 
 
4.000%, 7/01/39 (AMT) 
7/30 at 100.00 
A+ 
6,234,750 
6,625 
 
4.000%, 7/01/50 (AMT) 
7/30 at 100.00 
A+ 
7,163,679 
12,250 
 
Total Oregon 
 
 
13,398,429 
 
154
 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania – 1.9% (1.8% of Total Investments) 
 
 
 
$ 5,000 
 
Allegheny County Industrial Development Authority, Pennsylvania, Environmental Improvement 
No Opt. Call 
Caa2 
$ 4,525,900 
 
 
Revenue Bonds, United States Steel Corp, Refunding Series 2019, 5.125%, 5/01/30 
 
 
 
 
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998 General Ordinance, Refunding 
 
 
 
 
 
Sixteenth Series 2020B: 
 
 
 
1,000 
 
4.000%, 8/01/36 – AGM Insured 
8/30 at 100.00 
BBB+ 
1,170,620 
1,500 
 
4.000%, 8/01/37 – AGM Insured 
8/30 at 100.00 
BBB+ 
1,750,590 
2,705 
 
4.000%, 8/01/38 – AGM Insured 
8/30 at 100.00 
BBB+ 
3,145,753 
650 
 
4.000%, 8/01/39 – AGM Insured 
8/30 at 100.00 
BBB+ 
753,344 
 
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998 General Ordinance, Sixteenth 
 
 
 
 
 
Series 2020A: 
 
 
 
1,665 
 
5.000%, 8/01/39 – AGM Insured 
8/30 at 100.00 
BBB+ 
2,103,544 
1,000 
 
4.000%, 8/01/45 – AGM Insured 
8/30 at 100.00 
BBB+ 
1,135,360 
1,000 
 
5.000%, 8/01/50 – AGM Insured 
8/30 at 100.00 
BBB+ 
1,233,090 
14,520 
 
Total Pennsylvania 
 
 
15,818,201 
 
 
Puerto Rico – 5.2% (4.9% of Total Investments) 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
7,450 
 
5.000%, 7/01/23 
11/20 at 100.00 
CC 
7,431,375 
5,020 
 
5.125%, 7/01/37 
7/22 at 100.00 
CC 
5,183,150 
2,000 
 
6.000%, 7/01/47 
7/22 at 100.00 
CC 
2,097,500 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
20,000 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
5,779,000 
35,000 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
7,292,950 
4,514 
 
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
4,749,495 
2,500 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
2,663,375 
15,000 
 
Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 3.180%, 7/01/35 (5) 
11/20 at 100.00 
9,000,000 
91,484 
 
Total Puerto Rico 
 
 
44,196,845 
 
 
South Carolina – 0.6% (0.6% of Total Investments) 
 
 
 
5,000 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Conway 
1/30 at 100.00 
5,049,700 
 
 
Hospital, Inc, Taxable Series 2020, 2.729%, 7/01/30 – AGM Insured 
 
 
 
 
 
South Dakota – 0.5% (0.5% of Total Investments) 
 
 
 
 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument 
 
 
 
 
 
Health, Inc, Series 2020A: 
 
 
 
2,145 
 
3.000%, 9/01/45 (UB) (4) 
9/30 at 100.00 
A1 
2,128,697 
1,800 
 
4.000%, 9/01/50 (UB) (4) 
9/30 at 100.00 
A1 
1,973,826 
3,945 
 
Total South Dakota 
 
 
4,102,523 
 
 
Tennessee – 0.4% (0.4% of Total Investments) 
 
 
 
2,555 
 
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Refunding Series 2020B, 
10/30 at 100.00 
Aa2 
3,295,107 
 
 
5.000%, 10/01/45 
 
 
 
 
 
Texas – 3.2% (3.1% of Total Investments) 
 
 
 
750 
 
Austin Convention Enterprises Inc, Texas, Convention Center Hotel Revenue Bonds, 
1/27 at 100.00 
BBB– 
768,720 
 
 
Refunding First Tier Series 2017A, 5.000%, 1/01/28 
 
 
 
1,200 
 
Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement 
9/30 at 100.00 
N/R 
1,203,828 
 
 
District Neighbor Improvement Areas 1-2 Project, Series 2020, 4.000%, 9/15/50, 144A 
 
 
 
 
 
(WI/DD, Settling 11/12/20) 
 
 
 
4,750 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2020A, 
7/30 at 100.00 
5,212,650 
 
 
4.000%, 7/01/47 (AMT) 
 
 
 
4,175 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue 
8/25 at 103.00 
BB+ 
4,460,278 
 
 
Bonds, Southwest Preparatory School, Series 2020A, 5.000%, 8/15/50, 144A 
 
 
 
2,035 
 
Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Major 
9/30 at 100.00 
N/R 
2,039,477 
 
 
Improvement Area Project, Series 2020, 5.375%, 9/15/40, 144A (WI/DD, Settling 11/10/20) 
 
 
 
3,810 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 
6/29 at 100.00 
Baa3 
4,340,352 
 
 
Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, 5.000%, 6/30/58 (AMT) 
 
 
 
 
155
 

   
NDMO
Nuveen Dynamic Municipal Opportunities Fund
Portfolio of Investments (continued) October 31, 2020
 
             
Principal 
 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue 
 
 
 
 
 
 
Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A: 
 
 
 
$ 2,630 
 
4.000%, 6/30/35 
 
12/30 at 100.00 
BBB– 
$ 2,990,073 
1,540 
 
4.000%, 6/30/36 
 
12/30 at 100.00 
BBB– 
1,742,603 
2,195 
 
4.000%, 12/31/37 
 
12/30 at 100.00 
BBB– 
2,467,070 
2,000 
 
4.000%, 6/30/40 
 
12/30 at 100.00 
BBB– 
2,228,360 
25,085 
 
Total Texas 
 
 
 
27,453,411 
 
 
Virginia – 0.9% (0.8% of Total Investments) 
 
 
 
 
3,000 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 
 
6/27 at 100.00 
Baa3 
3,351,870 
 
 
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/49 (AMT) 
 
 
 
 
 
 
Virginia Small Business Financing Authority, Revenue Bonds, National Senior Campuses Inc 
 
 
 
 
 
 
Obligated Group, Series 2020A: 
 
 
 
 
1,280 
 
4.000%, 1/01/45 
 
7/27 at 103.00 
1,370,713 
2,380 
 
4.000%, 1/01/51 
 
7/27 at 103.00 
2,533,177 
6,660 
 
Total Virginia 
 
 
 
7,255,760 
 
 
Wisconsin – 2.2% (2.0% of Total Investments) 
 
 
 
 
6,350 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical 
 
1/28 at 100.00 
N/R 
6,391,339 
 
 
Academy Inc, Series 2020A, 5.000%, 1/01/56, 144A 
 
 
 
 
 
 
Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Renown Regional Medical 
 
 
 
 
 
 
Center Project, Refunding Series 2020A: 
 
 
 
 
2,035 
 
3.000%, 6/01/45 (UB) (4) 
 
6/30 at 100.00 
A+ 
2,029,322 
5,415 
 
3.000%, 6/01/45 – AGM Insured (UB) (4) 
 
6/30 at 100.00 
A+ 
5,520,863 
5,000 
 
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 
 
12/27 at 100.00 
N/R 
4,318,350 
 
 
Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A 
 
 
 
 
18,800 
 
Total Wisconsin 
 
 
 
18,259,874 
$ 926,169 
 
Total Municipal Bonds (cost $897,448,026) 
 
 
 
896,268,229 

Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.1% (0.1% of Total Investments) 
 
 
 
 
 
 
Utilities – 0.1% (0.1% of Total Investments) 
 
 
 
 
$ 1,500 
 
Talen Energy Supply LLC 
6.000% 
12/15/36 
$ 638,250 
$ 1,500 
 
Total Corporate Bonds (cost $752,112) 
 
 
 
638,250 
 
 
Total Long-Term Investments (cost $898,200,138) 
 
 
 
896,906,479 
 
 
Floating Rate Obligations – (17.0)% 
 
 
 
(144,090,000) 
 
 
Other Assets Less Liabilities – 11.1% 
 
 
 
93,973,633 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$ 846,790,112 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. 
 
Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public 
 
accounting firm. 
(3) 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below 
 
BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national 
 
rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
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. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in 
 
Derivatives for more information. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
156
 
Statement of Assets and Liabilities
October 31, 2020
     
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO
 
Assets
                               
Long-term investments, at value (cost $5,169,905,327,
                               
$3,321,987,584, $1,582,393,332, $1,146,441,316
                               
and $898,200,138, respectively)
   
$
5,641,877,288
   
$
3,610,561,483
   
$
1,592,475,054
   
$
1,104,614,264
   
$
896,906,479
 
Short-term investments, at value (cost approximates value)
     
     
     
     
15,267,850
     
 
Cash
     
1,463,587
     
     
7,447,518
     
17,480,636
     
129,861,979
 
Receivable for:
                                         
Dividends and interest
     
73,508,094
     
48,844,035
     
28,607,818
     
18,850,357
     
6,463,500
 
Investments sold
     
17,342,145
     
7,499,507
     
5,943,411
     
4,660,000
     
26,330,436
 
Deferred offering costs
     
     
     
235,997
     
     
 
Other assets
     
1,903,186
     
819,463
     
112,790
     
80,827
     
840
 
Total assets
     
5,736,094,300
     
3,667,724,488
     
1,634,822,588
     
1,160,953,934
     
1,059,563,234
 
Liabilities
                                         
Cash overdraft
     
     
1,018,115
     
     
     
 
Floating rate obligations
     
191,075,000
     
16,275,000
     
434,051,000
     
21,923,000
     
144,090,000
 
Payable for:
                                         
Dividends
     
13,634,616
     
8,899,771
     
5,061,851
     
3,191,075
     
3,823,967
 
Interest
     
438,111
     
44,684
     
1,033,090
     
52,581
     
48,111
 
Investments purchased – regular settlement
     
     
     
2,500,000
     
1,249,022
     
11,030,676
 
Investments purchased – when-issued/
                                         
delayed-delivery settlement
     
26,278,371
     
8,054,279
     
6,515,670
     
2,180,119
     
53,100,098
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares,
                                         
net of deferred offering costs (liquidation preference
                                         
$112,000,000, $—, $87,000,000, $— and
                                         
$—, respectively)
     
111,913,155
     
     
86,882,357
     
     
 
MuniFund Term Preferred (“MFP”) Shares, net of deferred
                                         
offering costs (liquidation preference $405,400,000,
                                         
$641,000,000, $—, $450,000,000 and $—, respectively)
     
403,997,740
     
640,010,468
     
     
448,842,816
     
 
Variable Rate Demand Preferred (“VRDP”) Shares, net
                                         
of deferred offering costs (liquidation preference
                                         
$1,411,600,000, $727,000,000, $—, $— and
                                         
$—, respectively)
     
1,408,052,524
     
722,526,702
     
     
     
 
Accrued expenses:
                                         
Management fees
     
2,900,671
     
1,871,384
     
899,379
     
844,501
     
579,833
 
Trustees fees
     
988,665
     
650,358
     
102,379
     
8,544
     
2,282
 
Shelf offering costs
     
     
     
190,998
     
     
 
Other
     
459,879
     
408,246
     
168,064
     
151,903
     
98,155
 
Total liabilities
     
2,159,738,732
     
1,399,759,007
     
537,404,788
     
478,443,561
     
212,773,122
 
Net assets applicable to common shares
   
$
3,576,355,568
   
$
2,267,965,481
   
$
1,097,417,800
   
$
682,510,373
   
$
846,790,112
 
Common shares outstanding
     
213,370,544
     
142,125,906
     
83,009,376
     
53,276,080
     
56,756,667
 
Net asset value (“NAV”) per common share outstanding
   
$
16.76
   
$
15.96
   
$
13.22
   
$
12.81
   
$
14.92
 
Net assets applicable to common shares consist of:
                                         
Common shares, $0.01 par value per share
   
$
2,133,705
   
$
1,421,259
   
$
830,094
   
$
532,761
   
$
567,567
 
Paid-in surplus
     
3,083,333,610
     
2,008,061,870
     
1,077,216,322
     
798,499,176
     
850,782,438
 
Total distributable earnings
     
490,888,253
     
258,482,352
     
19,371,384
     
(116,521,564
)
   
(4,559,893
)
Net assets applicable to common shares
   
$
3,576,355,568
   
$
2,267,965,481
   
$
1,097,417,800
   
$
682,510,373
   
$
846,790,112
 
Authorized shares:
                                         
Common
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 

See accompanying notes to financial statements.
 
157

 

Statement of Operations
Year Ended October 31, 2020
                               
 
 
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO*
 
Investment Income 
 
$
245,135,521
   
$
160,368,981
   
$
72,552,074
   
$
55,248,643
   
$
2,803,041
 
Expenses 
                                       
Management fees 
   
33,656,813
     
22,163,781
     
10,226,367
     
9,784,807
     
1,133,137
 
Interest expense and amortization of offering costs 
   
22,323,140
     
21,424,891
     
6,946,717
     
6,415,513
     
48,111
 
Liquidity fees 
   
10,357,686
     
1,541,556
     
     
734,170
     
 
Remarketing fees 
   
1,858,840
     
108,345
     
     
96,112
     
 
Custodian fees 
   
453,491
     
326,578
     
141,255
     
81,008
     
14,130
 
Trustees fees 
   
138,330
     
92,105
     
29,310
     
29,102
     
5,736
 
Professional fees 
   
303,749
     
427,902
     
106,420
     
83,444
     
8,155
 
Shareholder reporting expenses 
   
272,272
     
176,026
     
92,147
     
51,342
     
41,091
 
Shareholder servicing agent fees 
   
95,087
     
48,242
     
14,656
     
983
     
25
 
Stock exchange listing fees 
   
57,890
     
38,900
     
49,020
     
12,081
     
 
Investor relations expenses 
   
299,232
     
200,358
     
64,021
     
66,718
     
10,596
 
Merger expenses 
   
506,816
     
     
     
     
 
Other 
   
264,999
     
241,804
     
60,762
     
57,401
     
16,461
 
Total expenses 
   
70,588,345
     
46,790,488
     
17,730,675
     
17,412,681
     
1,277,442
 
Net investment income (loss) 
   
174,547,176
     
113,578,493
     
54,821,399
     
37,835,962
     
1,525,599
 
Realized and Unrealized Gain (Loss) 
                                       
Net realized gain (loss) from investments 
   
20,352,040
     
(13,050,569
)
   
1,845,773
     
(76,019,228
)
   
(449,948
)
Change in net unrealized appreciation (depreciation) 
                                       
of Investments 
   
(104,484,643
)
   
(88,994,829
)
   
(64,189,142
)
   
(43,965,731
)
   
(1,293,659
)
Net realized and unrealized gain (loss) 
   
(84,132,603
)
   
(102,045,398
)
   
(62,343,369
)
   
(119,984,959
)
   
(1,743,607
)
Net increase (decrease) in net assets applicable to 
                                       
common shares from operations 
 
$
90,414,573
   
$
11,533,095
   
$
(7,521,970
)
 
$
(82,148,997
)
 
$
(218,008
)
* For the period August 26, 2020 (commencement of operations) through October 31, 2020.
See accompanying notes to financial statements.
158
 

Statement of Changes in Net Assets

 
NVG
   
NZF
 
 
 
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
 
 
10/31/20
   
10/31/19
   
10/31/20
   
10/31/19
 
Operations 
                       
Net investment income (loss) 
 
$
174,547,176
   
$
160,212,808
   
$
113,578,493
   
$
106,791,813
 
Net realized gain (loss) from: 
                               
Investments 
   
20,352,040
     
8,920,660
     
(13,050,569
)
   
12,807,388
 
Swaps 
   
     
(80,409
)
   
     
 
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
   
(104,484,643
)
   
339,640,998
     
(88,994,829
)
   
215,305,771
 
Swaps 
   
     
(1,924,823
)
   
     
 
Net increase (decrease) in net assets applicable to 
                               
common shares from operations 
   
90,414,573
     
506,769,234
     
11,533,095
     
334,904,972
 
Distributions to Common Shareholders 
                               
Dividends 
   
(175,828,479
)
   
(164,776,774
)
   
(107,589,117
)
   
(112,563,715
)
Decrease in net assets applicable to common shares from 
                               
distributions to common shareholders 
   
(175,828,479
)
   
(164,776,774
)
   
(107,589,117
)
   
(112,563,715
)
Capital Share Transactions 
                               
Common shares: 
                               
Proceeds from sale of shares, net of offering costs 
   
     
     
     
 
Proceeds from shelf offering, net of offering costs 
   
     
     
     
 
Net proceeds from shares issued to shareholders 
                               
due to reinvestment of distributions 
   
     
     
     
 
Issued in the Merger 
   
184,807,196
     
     
     
 
Net increase (decrease) in net assets applicable to 
                               
common shares from capital share transactions 
   
184,807,196
     
     
     
 
Net increase (decrease) in net assets applicable to 
                               
common shares 
   
99,393,290
     
341,992,460
     
(96,056,022
)
   
222,341,257
 
Net assets applicable to common shares at the 
                               
beginning of period 
   
3,476,962,278
     
3,134,969,818
     
2,364,021,503
     
2,141,680,246
 
Net assets applicable to common shares at the end 
                               
of period 
 
$
3,576,355,568
   
$
3,476,962,278
   
$
2,267,965,481
   
$
2,364,021,503
 
 
See accompanying notes to financial statements.
159
 

Statement of Changes in Net Assets (continued)
 
 
NMZ
   
NMCO
   
NDMO
 
 
                   
For the period
   
For the period
 
 
                   
9/16/19
   
8/26/20
 
 
                   
(commencement
   
(commencement
 
 
 
Year Ended
   
Year Ended
   
Year Ended
   
of operations)
   
of operations)
 
 
 
10/31/20
   
10/31/19
   
10/31/20
   
through 10/31/19
   
through 10/31/20
 
Operations 
                             
Net investment income (loss) 
 
$
54,821,399
   
$
49,736,206
   
$
37,835,962
   
$
2,339,067
   
$
1,525,599
 
Net realized gain (loss) from: 
                                       
Investments 
   
1,845,773
     
2,231,652
     
(76,019,228
)
   
(282,042
)
   
(449,948
)
Swaps 
   
     
     
     
     
 
Change in net unrealized appreciation (depreciation) of: 
                                       
Investments 
   
(64,189,142
)
   
74,265,476
     
(43,965,731
)
   
2,138,679
     
(1,293,659
)
Swaps 
   
     
     
     
     
 
Net increase (decrease) in net assets applicable to 
                                       
common shares from operations 
   
(7,521,970
)
   
126,233,334
     
(82,148,997
)
   
4,195,704
     
(218,008
)
Distributions to Common Shareholders 
                                       
Dividends 
   
(57,470,993
)
   
(45,460,832
)
   
(38,645,307
)
   
     
(4,341,885
)
Decrease in net assets applicable to common shares from 
                                       
distributions to common shareholders 
   
(57,470,993
)
   
(45,460,832
)
   
(38,645,307
)
   
     
(4,341,885
)
Capital Share Transactions 
                                       
Common shares: 
                                       
Proceeds from sale of shares, net of offering costs 
   
     
     
     
798,750,000
     
851,250,000
 
Proceeds from shelf offering, net of offering costs 
   
192,765,554
     
69,515,572
     
     
     
 
Net proceeds from shares issued to shareholders 
                                       
due to reinvestment of distributions 
   
576,782
     
341,504
     
258,968
     
     
 
Issued in the Merger 
   
     
     
     
     
 
Net increase (decrease) in net assets applicable to 
                                       
common shares from capital share transactions 
   
193,342,336
     
69,857,076
     
258,968
     
798,750,000
     
851,250,000
 
Net increase (decrease) in net assets applicable to 
                                       
common shares 
   
128,349,373
     
150,629,578
     
(120,535,336
)
   
802,945,704
     
846,690,107
 
Net assets applicable to common shares at the 
                                       
beginning of period 
   
969,068,427
     
818,438,849
     
803,045,709
     
100,005
     
100,005
 
Net assets applicable to common shares at the end 
                                       
of period 
 
$
1,097,417,800
   
$
969,068,427
   
$
682,510,373
   
$
803,045,709
   
$
846,790,112
 
 
See accompanying notes to financial statements.
160
 

Statement of Cash Flows
Year Ended October 31, 2020
                               
 
 
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO*
 
Cash Flows from Operating Activities: 
                             
Net Increase (Decrease) in Net Assets Applicable to 
                             
Common Shares from Operations 
 
$
90,414,573
   
$
11,533,095
   
$
(7,521,970
)
 
$
(82,148,997
)
 
$
(218,008
)
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 
   
(873,349,609
)
   
(748,232,607
)
   
(434,829,616
)
   
(1,214,878,901
)
   
(919,671,478
)
Proceeds from sales and maturities of investments 
   
854,486,379
     
749,365,978
     
159,702,130
     
726,832,297
     
20,638,670
 
Proceeds from (Purchases of) short-term investments, net 
   
     
     
17,885,000
     
79,052,150
     
 
Payment-in-kind distributions 
   
     
(265,117
)
   
(37,031
)
   
(8,699
)
   
 
Taxes paid 
   
(338,678
)
   
(114,404
)
   
(22,477
)
   
     
 
Amortization (Accretion) of premiums and discounts, net 
   
(12,667,563
)
   
(12,166,719
)
   
(51,741
)
   
(4,902,456
)
   
382,722
 
Amortization of deferred offering costs 
   
284,548
     
267,352
     
16,086
     
77,035
     
 
(Increase) Decrease in: 
                                       
Receivable for dividends and interest 
   
8,762,419
     
3,577,465
     
(3,592,097
)
   
(11,407,569
)
   
(6,463,500
)
Receivable for investments sold 
   
16,790,298
     
3,603,426
     
10,196,061
     
(4,640,000
)
   
(26,330,436
)
Other assets 
   
53,928
     
(47,383
)
   
(13,873
)
   
(80,129
)
   
(840
)
Increase (Decrease) in: 
                                       
Payable for interest 
   
(822,753
)
   
(140,472
)
   
(1,650,930
)
   
7,168
     
48,111
 
Payable for investments purchased – regular settlement 
   
(327,497
)
   
(68,182
)
   
1,965,755
     
(10,667,326
)
   
11,030,676
 
Payable for investments purchased – when- 
                                       
issued/delayed-delivery settlement 
   
12,151,641
     
8,054,279
     
6,515,670
     
1,406,447
     
53,100,098
 
Payable for offering costs 
   
(26,001
)
   
     
     
     
 
Accrued management fees 
   
94,650
     
(58,840
)
   
110,483
     
260,185
     
579,833
 
Accrued Trustees fees 
   
25,830
     
3,742
     
(889
)
   
4,115
     
2,282
 
Accrued other expenses 
   
(610,658
)
   
(4,912
)
   
11,409
     
75,737
     
98,155
 
Net realized (gain) loss from: 
                                       
Investments 
   
(20,352,040
)
   
13,050,569
     
(1,845,773
)
   
76,019,228
     
449,948
 
Paydowns 
   
(16,662
)
   
(232,152
)
   
4,411,429
     
(9,990
)
   
 
Change in net unrealized (appreciation) depreciation 
                                       
of investments 
   
104,484,643
     
88,994,829
     
64,189,142
     
43,965,731
     
1,293,659
 
Net cash provided by (used in) operating activities 
   
179,037,448
     
117,119,947
     
(184,563,232
)
   
(401,043,974
)
   
(865,060,108
)
Cash Flows from Financing Activities: 
                                       
Proceeds from borrowings 
   
129,400,000
     
175,406,792
     
23,200,000
     
     
 
(Repayments of) borrowings 
   
(129,400,000
)
   
(175,406,792
)
   
(23,200,000
)
   
     
 
Proceeds from MFP Shares issued, at liquidation preference 
   
     
     
     
450,000,000
     
 
Proceeds from shelf offering, net of offering costs 
   
     
     
192,529,557
     
     
 
(Payments for) deferred offering costs 
   
     
     
     
(1,234,219
)
   
 
Increase (Decrease) in: 
                                       
Cash overdraft 
   
(7,772,606
)
   
(2,196,064
)
   
     
     
 
Accrued shelf offering costs 
   
     
     
190,998
     
     
 
Proceeds from floating rate obligations 
   
435,000
     
     
50,689,000
     
52,648,000
     
144,090,000
 
(Repayments of) floating rate obligations 
   
(715,000
)
   
(7,345,000
)
   
     
(59,225,000
)
   
 
Proceeds from sale of shares 
   
     
     
3,972,476
     
     
851,350,005
 
Cash distribution paid to common shareholders 
   
(174,700,395
)
   
(107,578,883
)
   
(55,810,159
)
   
(35,195,264
)
   
(517,918
)
Net cash provided by (used in) financing activities 
   
(182,753,001
)
   
(117,119,947
)
   
191,571,872
     
406,993,517
     
994,922,087
 
Net Increase (Decrease) in Cash 
   
(3,715,553
)
   
     
7,008,640
     
5,949,543
     
129,861,979
 
Cash at the beginning of period 
   
     
     
438,878
     
11,531,093
     
 
Cash acquired in connection with the Merger 
   
5,179,140
     
     
     
     
 
Cash at the end of period 
 
$
1,463,587
   
$
   
$
7,447,518
   
$
17,480,636
   
$
129,861,979
 
Supplemental Disclosure of Cash Flow Information(1) 
                                       
Cash paid for interest on borrowings (excluding borrowing 
                                       
and amortization of offering costs) 
 
$
22,788,023
   
$
21,298,011
   
$
8,581,561
   
$
6,331,309
   
$
 
Non-cash financing activities not included herein consists 
                                       
of reinvestments of common share distributions 
   
     
     
576,782
     
258,968
     
 
 
*     
For the period August 26, 2020 (commencement of operations) through October 31, 2020.
(1)     
See Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for more information of the non-cash activities related to NVG’s Reorganization.
See accompanying notes to financial statements.
161
 

Financial Highlights
Selected data for a common share outstanding throughout each period:
 
                         
Less Distributions to
             
 
       
Investment Operations
         
Common Shareholders
   
Common Share
 
 
                               
From
                   
 
 
Beginning
   
Net
   
Net
         
From
   
Accumulated
                   
 
 
Common
   
Investment
   
Realized/
         
Net
   
Net
               
Ending
 
 
 
Share
   
Income
   
Unrealized
         
Investment
   
Realized
         
Ending
   
Share
 
 
 
NAV
   
(Loss)
   
Gain (Loss)
   
Total
   
Income
   
Gains
   
Total
   
NAV
   
Price
 
NVG 
                                                     
Year Ended 10/31: 
                                                     
2020 
 
$
17.17
   
$
0.82
   
$
(0.41
)
 
$
0.41
   
$
(0.79
)
 
$
(0.03
)
 
$
(0.82
)
 
$
16.76
   
$
15.62
 
2019 
   
15.48
     
0.79
     
1.72
     
2.51
     
(0.79
)
   
(0.03
)
   
(0.82
)
   
17.17
     
16.45
 
2018 
   
16.39
     
0.81
     
(0.88
)
   
(0.07
)
   
(0.84
)
   
     
(0.84
)
   
15.48
     
13.40
 
2017 
   
16.64
     
0.84
     
(0.19
)
   
0.65
     
(0.87
)
   
(0.03
)
   
(0.90
)
   
16.39
     
15.17
 
2016 
   
16.03
     
0.73
     
0.77
     
1.50
     
(0.86
)
   
(0.03
)
   
(0.89
)
   
16.64
     
15.05
 
NZF 
                                                                       
Year Ended 10/31: 
                                                                       
2020 
   
16.63
     
0.80
     
(0.71
)
   
0.09
     
(0.76
)
   
     
(0.76
)
   
15.96
     
14.74
 
2019 
   
15.07
     
0.75
     
1.60
     
2.35
     
(0.79
)
   
     
(0.79
)
   
16.63
     
16.03
 
2018 
   
16.03
     
0.81
     
(0.94
)
   
(0.13
)
   
(0.83
)
   
     
(0.83
)
   
15.07
     
13.29
 
2017 
   
16.34
     
0.87
     
(0.29
)
   
0.58
     
(0.89
)
   
*
   
(0.89
)
   
16.03
     
15.01
 
2016 
   
15.75
     
0.72
     
0.74
     
1.46
     
(0.87
)
   
     
(0.87
)
   
16.34
     
14.82
 
 
   
(a) 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at 
 
NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The 
 
actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price 
 
used in the calculation. Total returns are not annualized. 
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains 
 
distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the 
 
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and 
 
in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. 
 
162

           
Common Share Supplemental Data/
 
           
Ratios Applicable to Common Shares
 
Common Share
         
Ratios to Average Net Assets
   
Ratio to Average Net Assets
       
Total Returns
         
Before Reimbursement(b)
   
After Reimbursement(b)
       
     
Based
   
Ending
                               
Based
   
on
   
Net
         
Net
         
Net
   
Portfolio
 
on
   
Share
   
Assets
         
Investment
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
     
(000
)
 
Expenses
   
Income (Loss)
   
Expenses
   
Income (Loss)
   
Rate(c)
 
 
2.53
%
   
0.06
%
 
$
3,576,356
     
1.98
%
   
4.89
%
   
N/A
     
N/A
     
15
%
 
16.52
     
29.47
     
3,476,962
     
2.49
     
4.82
     
N/A
     
N/A
     
6
 
 
(0.50
)
   
(6.49
)
   
3,134,970
     
2.40
     
5.02
     
N/A
     
N/A
     
15
 
 
4.25
     
7.10
     
3,319,775
     
2.05
     
5.26
     
2.04
%(d)
   
5.27
%(d)
   
18
 
 
9.40
     
13.46
     
3,370,157
     
1.81
     
4.87
     
1.75(d
)
   
4.93(d
)
   
21
 
 
0.58
     
(3.34
)
   
2,267,965
     
2.04
     
4.95
     
N/A
     
N/A
     
21
 
 
15.90
     
27.08
     
2,364,022
     
2.60
     
4.68
     
N/A
     
N/A
     
12
 
 
(0.85
)
   
(6.21
)
   
2,141,680
     
2.43
     
5.17
     
N/A
     
N/A
     
25
 
 
3.88
     
7.61
     
2,278,904
     
2.12
     
5.58
     
2.11(d
)
   
5.59(d
)
   
21
 
 
9.36
     
13.26
     
2,321,756
     
1.86
     
5.03
     
1.81(d
)
   
5.08(d
)
   
20
 
 
(b) 
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. 
 
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares) and/or the interest 
 
expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the 
 
Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows: 
 
NVG 
 
 
NZF 
 
Year Ended 10/31: 
 
 
Year Ended 10/31: 
 
2020 
0.97% 
 
2020 
1.01% 
2019 
1.47 
 
2019 
1.55 
2018 
1.37 
 
2018 
1.38 
2017 
1.02 
 
2017 
1.09 
2016 
0.78 
 
2016 
0.84 
 
(c) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) 
 
divided by the average long-term market value during the period. 
(d) 
During the fiscal years ended October 31, 2017 and October 31, 2016, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its 
 
reorganization. 
N/A 
Fund does not have or no longer has a contractual reimbursement with the Adviser. 
Rounds to less than $0.01 per share. 
 
See accompanying notes to financial statements.
163
 

Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
 
                         
Less Distributions to
                         
 
       
Investment Operations
   
Common Shareholders
   
Common Share
 
 
                                           
Premium
                   
 
                                           
Per
                   
 
                               
From
         
Share
                   
 
 
Beginning
   
Net
   
Net
         
From
    Accumulated
         
Sold
                   
 
 
Common
   
Investment
   
Realized/
         
Net
   
Net
         
through
   
Shelf
         
Ending
 
 
 
Share
   
Income
   
Unrealized
         
Investment
   
Realized
         
Shelf
   
Offering
   
Ending
   
Share
 
 
 
NAV
   
(Loss)
    Gain (Loss)
   
Total
   
Income
   
Gains
   
Total
   
Offering
   
Costs
   
NAV
   
Price
 
NMZ 
                                                                 
Year Ended 10/31: 
                                                                 
2020 
 
$
14.04
   
$
0.70
   
$
(0.82
)
 
$
(0.12
)
 
$
(0.73
)
 
$
   
$
(0.73
)
 
$
0.03
   
$
*
 
$
13.22
   
$
13.22
 
2019 
   
12.77
     
0.76
     
1.20
     
1.96
     
(0.70
)
   
     
(0.70
)
   
0.01
     
     
14.04
     
14.22
 
2018 
   
13.47
     
0.82
     
(0.78
)
   
0.04
     
(0.74
)
   
     
(0.74
)
   
*
   
     
12.77
     
11.76
 
2017 
   
13.68
     
0.80
     
(0.22
)
   
0.58
     
(0.81
)
   
     
(0.81
)
   
0.02
     
     
13.47
     
13.53
 
2016 
   
13.66
     
0.86
     
0.04
     
0.90
     
(0.91
)
   
     
(0.91
)
   
0.03
     
     
13.68
     
13.32
 
NMCO 
                                                                                       
Year Ended 10/31: 
                                                                                       
2020 
   
15.08
     
0.71
     
(2.25
)
   
(1.54
)
   
(0.73
)
   
     
(0.73
)
   
     
     
12.81
     
11.68
 
2019(d) 
   
15.00
     
0.04
     
0.04
     
0.08
     
     
     
     
     
     
15.08
     
15.39
 
 
(a) 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at 
 
NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The 
 
actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price 
 
used in the calculation. Total returns are not annualized. 
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains 
 
distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the 
 
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and 
 
in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. 
 
164
 

           
Common Share Supplemental Data/
 
           
Ratios Applicable to Common Shares
 
Common Share
                         
Total Returns
         
Ratios to Average Net Assets(b)
       
     
Based
   
Ending
                   
Based
   
on
   
Net
         
Net
   
Portfolio
 
on
   
Share
   
Assets
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
     
(000
)
 
Expenses
   
Income (Loss)
   
Rate(c)
 
 
(0.49
)%
   
(1.84
)%
 
$
1,097,418
     
1.68
%
   
5.19
%
   
10
%
 
15.75
     
27.45
     
969,068
     
2.20
     
5.67
     
15
 
 
0.25
     
(7.93
)
   
818,439
     
1.95
     
6.17
     
11
 
 
4.73
     
8.04
     
853,745
     
1.54
     
6.14
     
10
 
 
6.91
     
3.34
     
788,577
     
1.28
     
6.27
     
11
 
 
(10.33
)
   
(19.78
)
   
682,510
     
2.41
     
5.24
     
70
 
 
0.53
     
2.60
     
803,046
     
1.01
**
   
2.58
**
   
8
 
 
   
(b) 
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund. 
 
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares) and/or the interest 
 
expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the 
 
Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows: 
 
         
NMZ 
 
 
NMCO 
 
Year Ended 10/31: 
 
 
Year Ended 10/31: 
 
2020 
0.66% 
 
2020 
1.00% 
2019 
1.16 
 
2019(d) 
0.05** 
2018 
0.91 
 
 
 
2017 
0.49 
 
 
 
2016 
0.24 
 
 
 
 
(c) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided 
 
by the average long-term market value during the period. 
(d) 
For the period September 16, 2019 (commencement of operations) through October 31, 2019. 
Rounds to less than $0.01 per share. 
** 
Annualized. 
 
See accompanying notes to financial statements.
165
 

Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
 
 
 
 
     
 
Less Distributions to 
 
 
  
 
  
Investment Operations 
 
Common Shareholders 
 
Common Share 
 
 
 
 
 
 
 
      From 
 
 
 
   
 
Beginning 
Net 
Net 
 
 
 From 
Accumulated 
 
 
 
   
 
Common 
Investment 
Realized/ 
 
 
 Net 
Net 
 
 
  
Ending 
 
Share 
Income 
Unrealized 
 
 
Investment 
Realized 
 
 
Ending 
Share 
 
 NAV 
(Loss) 
Gain (Loss) 
Total 
 
Income 
Gains 
Total 
 
NAV 
Price 
NDMO 
 
 
 
 
 
 
 
 
 
 
         
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
         
2020(d) 
$15.00 
$0.03 
$(0.03) 
$ — 
 
$(0.08) 
$ — 
$(0.08) 
 
$14.92 
$15.00 
 
(a) 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at 
 
NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The 
 
actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price 
 
used in the calculation. Total returns are not annualized. 
   
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains 
 
distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the 
 
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and 
 
in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. 
 
166
 

 
 
 
Common Share Supplemental Data/ 
 
 
 
 
Ratios Applicable to Common Shares 
 
Common Share 
 
 
 
 
Total Returns 
 
Ratios to Average Net Assets 
 
 
Based 
Ending 
 
 
 
Based 
on 
Net 
 
Net 
Portfolio 
on 
Share 
Assets 
 
Investment 
Turnover 
NAV(a) 
Price(a) 
(000) 
Expenses(b) 
Income (Loss) 
Rate(c) 
(0.02)% 
0.51% 
$846,790 
0.89%* 
1.06%* 
4% 
 
(b) 
• The expense ratios reflect, among other things, all interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose 
 
trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows: 
 
NDMO 
 
Year Ended 10/31: 
 
2020(d) 
0.03%* 
 
(c) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided 
 
by the average long-term market value during the period. 
(d) 
For the period August 26, 2020 (commencement of operations) through October 31, 2020. 
Annualized. 
 
See accompanying notes to financial statements.
167
 
Financial Highlights (continued)
                       
 
 
 
 
 
 
 
 
 
 
 
AMTP, iMTP, 
 
 
 
 
 
 
 
 
 
 
 
MFP, VMTP 
 
 
 
 
 
 
 
 
 
 
 
and /or 
 
 
 
 
 
 
 
 
 
 
 
VRDP Shares 
 
AMTP Shares 
iMTP Shares 
MFP Shares 
VMTP Shares 
VRDP Shares 
at the End 
 
at the End of Period 
at the End of Period 
at the End of Period 
at the End of Period 
at the End of Period 
of the Period 
 
 
 
 
 
 
 
 
 
 
 
Asset 
 
Aggregate 
Asset 
Aggregate 
Asset 
Aggregate 
Asset 
Aggregate 
Asset 
Aggregate 
Asset 
Coverage 
 
Amount 
Coverage 
Amount 
Coverage 
Amount 
Coverage 
Amount 
Coverage 
Amount 
Coverage 
Per $1 
 
Outstanding 
 Per $100,000 
Outstanding 
Per $5,000 
Outstanding 
 Per $100,000 
Outstanding  
 Per $100,000  
Outstanding 
 Per $100,000 
Liquidation 
 
(000) 
Share 
(000) 
Share 
(000) 
Share(a) 
(000) 
Share 
(000) 
Share 
Preference 
NVG 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
2020 
$112,000 
$285,399 
$ — 
$ — 
$405,400 
$285,399 
$ — 
$ — 
$1,411,600 
$285,399 
$2.85 
2019 
— 
— 
— 
— 
405,400 
291,357 
— 
— 
1,411,600 
291,357 
2.91 
2018 
— 
— 
— 
— 
405,400 
272,535 
— 
— 
1,411,600 
272,535 
2.73 
2017 
— 
— 
— 
— 
— 
— 
240,400 
300,955 
1,411,600 
300,955 
3.01 
2016 
— 
— 
— 
— 
— 
— 
240,400 
304,005 
1,411,600 
304,005 
3.04 
NZF 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
2020 
— 
— 
— 
— 
641,000 
265,787 
— 
— 
727,000 
265,787 
2.66 
2019 
— 
— 
— 
— 
641,000 
272,809 
— 
— 
727,000 
272,809 
2.73 
2018 
— 
— 
— 
— 
641,000 
256,556 
— 
— 
727,000 
256,556 
2.57 
2017 
— 
— 
— 
— 
150,000 
287,873 
336,000 
287,873 
727,000 
287,873 
2.88 
2016 
— 
— 
150,000 
14,570 
— 
— 
336,000 
291,406 
727,000 
291,406 
2.91 
 
(a) 
NVG’s Series B 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 NVG’s Series B MFP Shares were as follows: 
 
   
 
Asset 
 
Coverage 
 
Per $1,000 
NVG 
Share 
Series B 
 
Year Ended 10/31: 
 
2020 
$2,854 
2019 
2,914 
2018 
— 
2017 
— 
2016 
— 
 
See accompanying notes to financial statements.
168
 

 
AMTP Shares 
MFP Shares 
VMTP Shares 
 
at the End of Period 
at the End of Period 
at the End of Period 
 
Aggregate 
Asset 
Aggregate 
Asset 
Aggregate 
Asset 
 
Amount 
Coverage 
Amount 
Coverage 
Amount 
Coverage 
 
Outstanding 
Per $100,000 
Outstanding 
Per $100,000 
Outstanding 
Per $100,000 
 
(000) 
Share 
(000) 
Share 
(000) 
Share 
NMZ 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
2020 
$87,000 
$1,361,400 
$ — 
$ — 
$ — 
$ — 
2019 
87,000 
1,213,872 
— 
— 
— 
— 
2018 
87,000 
1,040,734 
— 
— 
— 
— 
2017 
— 
— 
— 
— 
87,000 
1,081,317 
2016 
— 
— 
— 
— 
87,000 
1,006,411 
NMCO 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
2020 
— 
— 
450,000 
251,669 
— 
— 
2019(b) 
— 
— 
— 
— 
— 
— 
   
(b) 
For the period September 16, 2019 (commencement of operations) through October 31, 2019. 
 
See accompanying notes to financial statements.
169
 

Notes to
Financial Statements
1. General Information

Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Nuveen Municipal Credit Income Fund (NZF)
Nuveen Municipal High Income Opportunity Fund (NMZ)
Nuveen Municipal Credit Opportunities Fund (NMCO)
Nuveen Dynamic Municipal Opportunities Fund (NDMO)
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NVG, NZF, NMZ, NMCO and NDMO were organized as Massachusetts business trusts on July 12, 1999, March 21, 2001, October 8, 2003, April 18, 2019 and November 4, 2019, respectively.
The end of the reporting period for the Funds is October 31, 2020. The period covered by these Notes to Financial Statements for NVG, NZF, NMZ, and NMCO is the fiscal year ended October 31, 2020, while the reporting period for NDMO is the period August 26, 2020 (commencement of operations) through October 31, 2020 (collectively 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.
Fund Merger
Effective prior to the opening of business on November 18, 2019, Nuveen Connecticut Quality Municipal Income Fund (NTC) (the “Target Fund”) was merged into NVG (the “Acquiring Fund”) (the “Merger”).
For accounting and performance reporting purposes, the Acquiring Fund is the survivor.
Upon the closing of the Merger, the Target Fund transferred its assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Target Fund. The Target Fund was then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of the Target Fund became shareholders of the Acquiring Fund. Holders of common shares of the Target Fund received newly issued common shares of the Acquiring Fund, the aggregate net asset value (“NAV”) of which was equal to the aggregate NAV of the common shares of the Target Fund held immediately prior to the Merger (including for this purpose fractional Acquiring Fund shares to which shareholders were entitled). Holders of preferred shares of the Target Fund receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Target Fund held immediately prior to the Merger. Details of the Merger are further described in Note 9 – Fund Merger.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
170

 
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 the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share 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 trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
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 expect 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 Derivative Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
Organizational Expenses
Prior to the commencement of operations for NDMO on August 26, 2020, the Fund had no operations other than those related to organizational matters, the Fund’s initial contribution of $100,005, by the Adviser.
New Accounting Pronouncements and Rule Issuances
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017-08 became effective for the Funds and it did not have a material impact on the Funds’ financial statements.
171
 

Notes to Financial Statements (continued)
Reference Rate Reform
In March 2020, FASB issued 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 at the end of 2021, 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 optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to 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 Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
172
 
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:
NVG 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments: 
                       
Municipal Bonds* 
 
$
   
$
5,628,351,128
   
$
   
$
5,628,351,128
 
Common Stock** 
   
     
13,526,160
****
   
     
13,526,160
 
Total 
 
$
   
$
5,641,877,288
   
$
   
$
5,641,877,288
 

NZF 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
3,583,358,481
   
$
1,086,852
***
 
$
3,584,445,333
 
Common Stock** 
   
     
23,784,300
****
   
     
23,784,300
 
Investment Companies 
   
1,786,339
     
     
     
1,786,339
 
Corporate Bonds** 
   
     
545,456
     
55
***
   
545,511
 
Total 
 
$
1,786,339
   
$
3,607,688,237
   
$
1,086,907
   
$
3,610,561,483
 

NMZ 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
1,571,907,787
   
$
235,399
***
 
$
1,572,143,186
 
Common Stock** 
   
2,566,358
     
15,016,460
****
   
     
17,582,818
 
Corporate Bonds** 
   
     
2,544,928
     
204,122
***
   
2,749,050
 
Total 
 
$
2,566,358
   
$
1,589,469,175
   
$
439,521
   
$
1,592,475,054
 

NMCO 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
1,085,529,604
   
$
   
$
1,085,529,604
 
Common Stock** 
   
     
17,182,260
****
   
     
17,182,260
 
Exchange-Traded Funds 
   
1,902,400
     
     
     
1,902,400
 
Short-Term Investments: 
                               
Municipal Bonds* 
   
     
15,267,850
     
     
15,267,850
 
Total 
 
$
1,902,400
   
$
1,117,979,714
   
$
   
$
1,119,882,114
 

NDMO 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
896,268,229
   
$
   
$
896,268,229
 
Corporate Bonds** 
   
     
638,250
     
     
638,250
 
Total 
 
$
   
$
896,906,479
   
$
   
$
896,906,479
 
 
*     
Refer to the Fund’s Portfolio of Investments for state classifications.
**     
Refer to the Fund’s Portfolio of Investments for industry classifications.
***     
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
****     
Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
173
 
Notes to Financial Statements (continued)
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. 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:
Floating Rate Obligations Outstanding 
 
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO
 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
191,075,000
   
$
16,275,000
   
$
434,051,000
   
$
21,923,000
   
$
144,090,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
   
71,775,000
     
11,095,000
     
76,510,000
     
     
 
Total 
 
$
262,850,000
   
$
27,370,000
   
$
510,561,000
   
$
21,923,000
   
$
144,090,000
 

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
Self-Deposited Inverse Floaters 
 
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO
 
Average floating rate obligations outstanding 
 
$
191,403,470
   
$
16,897,117
   
$
415,544,743
   
$
24,500,046
   
$
6,441,995
 
Average annual interest rate and fees 
   
1.29
%
   
1.37
%
   
1.33
%
   
1.74
%
   
0.75
%
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
174
 
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 there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
Floating Rate Obligations – Recourse Trusts 
 
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
183,330,000.00
   
$
8,775,000
   
$
409,271,000
   
$
21,923,000
   
$
144,090,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
   
59,420,000
     
9,420,000
     
76,510,000
     
     
 
Total 
 
$
242,750,000
   
$
18,195,000
   
$
485,781,000
   
$
21,923,000
   
$
144,090,000
 
 
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.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
 
 
NVG
   
NZF
   
NMZ
   
NMCO
   
NDMO
 
Purchases 
 
$
873,349,609
   
$
748,232,607
   
$
434,829,616
   
$
1,214,878,901
   
$
919,671,478
 
Sales and maturities 
   
854,486,379
     
749,365,978
     
159,702,130
     
726,832,297
     
20,638,670
 
 
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. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. 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.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
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.
175
 
Notes to Financial Statements (continued)
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.
5. Fund Shares
Common Shares
Common Shares Equity Shelf Programs and Offering Costs
NMZ has filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during a prior fiscal period.
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund’s NAV per common share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.
Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current and prior fiscal period were as follows:
 
NMZ
 
Year 
Year 
 
Ended 
Ended 
 
10/31/20 
10/31/19 
Additional authorized common shares 
19,500,000 
15,700,000* 
Common shares sold 
13,935,297 
4,928,383 
Offering proceeds, net of offering costs 
$192,765,554 
$69,515,572 
 
* Represents additional authorized common shares for the period April 11, 2019 through October 31, 2019.
Costs incurred by the Fund in connection with its initial shelf registration are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:
 
 NVG
 
Year 
Year 
 
Ended 
Ended 
 
10/31/20 
10/31/19 
Common shares: 
 
 
Issued in the Merger 
10,817,649 
— 
 
 NMZ
 
Year 
Year 
 
Ended 
Ended 
 
10/31/20 
10/31/19 
Common shares: 
 
 
Issued to shareholders due to reinvestment of distributions 
42,176 
24,585 
Sold through shelf offering 
13,935,297 
4,928,383 
Weighted average common share: 
 
 
Premium to NAV per shelf offering share sold 
1.38% 
1.26% 
 
176
 

 
NMCO* 
NDMO* 
 
 
For the 
For the 
 
 
period 9/16/19 
period 8/26/20 
 
 
 (commencement 
 (commencement 
 
Year 
of operations) 
of operations) 
 
Ended 
through 
through 
 
10/31/20 
10/31/19 
10/31/20 
Common shares: 
 
 
 
Issued to shareholders due to reinvestment of distributions 
19,413 
— 
— 
Sold 
— 
53,250,000 
56,750,000 
* Prior to the commencement of operations, the Adviser purchased 6,667 shares, which are still held as of the end of the reporting period.
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following 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.
The details of each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
 
 
 
 
Liquidation 
 
 
 
 
Preference, 
 
 
Shares 
Liquidation 
Net of Deferred 
Fund 
Series 
Outstanding 
Preference 
Offering Costs 
NVG 
2028* 
1,120 
$112,000,000 
$111,913,155 
NMZ 
2028 
870 
$87,000,000 
$86,882,357 
* AMTP Shares issued in connection with the Merger.
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 fail 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 Funds may be obligated to redeem a certain amount of the AMTP Shares if the Funds fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s AMTP Shares are as follows:
 
Notice 
 
Term 
Premium 
Fund 
Period 
Series 
Redemption Date 
Expiration Date 
NVG 
540-day 
2028 
December 1, 2028** 
February 13, 2019 
NMZ 
360-day 
2028 
March 1, 2028** 
August 31, 2018 
** Subject to early termination by either the Fund or the holder.
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
NVG*** 
NMZ 
Average liquidation preference of AMTP Shares outstanding 
$112,000,000 
$87,000,000 
Annualized dividend rate 
1.55% 
1.59% 
*** For the period November 18, 2019 (Merger date) through October 31, 2020.
177
 
Notes to Financial Statements (continued)
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 “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” 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 “Interest payable” 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 each 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 “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
MuniFund Preferred Shares
The following Funds have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 ($1,000 for NVG’s Series B) 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 Fund 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, the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of their 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 unsuccess- ful 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 enables its shareholders to require a liquidity provider, with 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 of Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
178
 

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.
NMCO incurred offering costs of $1,234,219 in connection with its offering of MFP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting period, NVG, NZF and NMCO had $403,997,740, $640,010,468 and $448,842,816 of MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:
 
 
 
 
 
 
Mode 
 
 
Shares 
Liquidation 
Term 
 
Termination 
Fund 
Series 
Outstanding 
Preference 
Redemption Date 
Mode 
Date 
NVG 
2,054 
$205,400,000 
January 3, 2028 
VRM 
January 3, 2028* 
 
200,000 
200,000,000 
March 1, 2029 
VRRM 
N/A 
NZF 
1,500 
$150,000,000 
May 1, 2047 
VRM 
May 5, 2021 
 
1,550 
155,000,000 
February 3, 2048 
VRM 
February 3, 2048* 
 
3,360 
336,000,000 
June 1, 2048 
VRM 
June 21, 2023 
NMCO 
1,000 
$100,000,000 
October 1, 2031 
VRDM 
N/A 
 
2,250 
225,000,000 
October 1, 2031 
VRM 
December 28, 2022 
 
1,250 
125,000,000 
October 1, 2031 
VRM 
December 16, 2022 
* Subject to earlier termination by either the Fund or the holder.
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Funds during the current fiscal period were as follows:
 
NVG 
NZF 
NMCO** 
Average liquidation preference of MFP Shares outstanding 
$405,400,000 
$641,000,000 
$391,835,260 
Annualized dividend rate 
1.38% 
1.69% 
1.59% 
** For the period November 21, 2019 (first issuance of shares) through October 31, 2020.
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, NVG and NZF had $1,408,052,524 and $722,526,702 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:
 
 
Shares 
Remarketing 
Liquidation 
 
Fund 
Series 
Outstanding 
Fees* 
Preference 
Maturity 
NVG 
1,790 
0.10% 
$179,000,000 
December 1, 2043 
 
3,854 
0.10 
$385,400,000 
December 1, 2040 
 
1,800 
0.10 
$180,000,000 
June 1, 2046 
 
3,405 
0.10 
$340,500,000 
December 1, 2040 
 
3,267 
0.10 
$326,700,000 
December 1, 2040 
NZF 
2,688 
N/A 
$268,800,000 
March 1, 2040 
 
2,622 
N/A 
$262,200,000 
March 1, 2040 
 
1,960 
0.05 
$196,000,000 
June 1, 2040 
* Remarketing fees as a percentage of aggregate principal amount of all VRDP Shares outstanding of each series.
N/A Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.
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.
179
 
Notes to Financial Statements (continued)
NZF’s Series 1 and Series 2 VRDP Shares are considered to be Special Rate VRDP, which are sold to institutional investors. The special rate period will expire on March 1, 2040 for the Fund’s Series 1 and 2 VRDP Shares, but is subject to earlier termination by either the Fund or the holder. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, or the Board may approve a subsequent special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
NVG 
NZF 
Average liquidation preference of VRDP Shares outstanding 
$1,411,600,000 
$727,000,000 
Annualized dividend rate 
0.83% 
1.38% 
 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
 
Year Ended 
 
October 31, 2020 
NVG 
Series 
Shares 
Amount 
AMTP Shares issued in connection with the Merger 
2028 
1,120 
$112,000,000 

Transactions in MFP Shares for the Funds, where applicable, were as follows:
 
Year Ended
 
October 31, 2019 
NVG 
Series 
Shares 
Amount 
MFP Shares issued 
200,000 
$ 200,000,000 
MFP Shares redeemed 
(2,000) 
(200,000,000) 
Net increase (decrease) 
 
198,000 
$ — 

 
Year Ended
 
October 31, 2020
NMCO 
Series 
Shares 
Amount 
MFP Shares issued 
1,000 
$100,000,000 
 
2,250 
225,000,000 
 
1,250 
125,000,000 
Total 
 
4,500 
$450,000,000 
 
180

6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2020.
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Tax cost of investments 
$4,972,676,377 
$3,302,664,674 
$1,144,332,602 
$1,146,754,347 
$754,073,261 
Gross unrealized: 
 
 
 
 
 
Appreciation 
515,002,769 
345,214,201 
89,927,840 
28,469,197 
3,439,771 
Depreciation 
(36,875,488) 
(53,592,476) 
(75,837,644) 
(77,264,431) 
(4,696,239) 
Net unrealized appreciation (depreciation) of investments 
$ 478,127,281 
$ 291,621,725 
$ 14,090,196 
$ (48,795,234) 
$ (1,256,468) 
 
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, taxable market discount, nondeductible reorganization expenses, reorganization adjustments, paydowns, and treatment of notional principal contracts, resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2020, the Funds’ tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2020, the Funds’ tax year end, were as follows:
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Undistributed net tax-exempt income1 
$ 7,215,271 
$5,518,539 
$10,923,431 
$3,254,558 
$1,447,380 
Undistributed net ordinary income2 
2,620,185 
891,633 
1,999,315 
364,252 
41,844 
Undistributed net long-term capital gains 
20,803,556 
— 
— 
— 
— 
 
1     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2020 and paid on November 2, 2020.
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ tax years ended October 31, 2020 and October 31, 2019 was designated for purposes of the dividends paid deduction as follows:

2020 
NVG 
NZF 
NMZ 
NMCO 
NDMO4 
Distributions from net tax-exempt income3 
$188,593,024 
$128,462,681 
$57,189,031 
$44,454,196 
$4,341,885 
Distributions from net ordinary income2 
578,198 
52,126 
1,828,548 
104,004 
— 
Distributions from net long-term capital gains5 
6,121,637 
— 
— 
— 
— 

2019 
 
NVG 
NZF 
NMZ 
NMCO6 
Distributions from net tax-exempt income 
 
$190,221,672 
$143,023,900 
$45,872,276 
$ — 
Distributions from net ordinary income2 
 
2,107,685 
2,380,321 
1,266,915 
— 
Distributions from net long-term capital gains 
 
5,573,838 
— 
— 
— 
 
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any
3     
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2020, as Exempt Interest Dividends.
4     
For the period August 26, 2020 (commencement of operations) through October 31, 2020.
5     
The Funds hereby designate as long-term capital gain dividends, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2020.
6     
For the period September 16, 2019 (commencement of operations) through October 31, 2019.

181
 
Notes to Financial Statements (continued)
As of October 31, 2020, the Funds’ tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
 
NVG7 
NZF 
NMZ 
NMCO 
NDMO 
Not subject to expiration: 
 
 
 
 
 
Short-term 
$1,434,595 
$30,169,235 
$2,509,306 
$68,035,418 
$449,926 
Long-term 
2,040,935 
— 
— 
— 
— 
Total 
$3,475,530 
$30,169,235 
$2,509,306 
$68,035,418 
$449,926 
7 A portion of NVG’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
During the Funds’ tax year ended October 31, 2020, the following Fund utilized capital loss carryforwards as follows:
 
NVG 
Utilized capital loss carryforwards 
$4,625,194 
 
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
 
NVG 
 
NZF 
Average Daily Managed Assets* 
Fund-Level Fee Rate 
For the first $125 million 
0.5000% 
For the next $125 million 
0.4875    
For the next $250 million 
0.4750    
For the next $500 million 
0.4625    
For the next $1 billion 
0.4500    
For the next $3 billion 
0.4250    
For managed assets over $5 billion 
0.4125    

 
NMZ 
Average Daily Managed Assets* 
Fund-Level Fee Rate 
For the first $125 million 
0.5500% 
For the next $125 million 
0.5375    
For the next $250 million 
0.5250    
For the next $500 million 
0.5125    
For the next $1 billion 
0.5000    
For the next $3 billion 
0.4750    
For managed assets over $5 billion 
0.4625    

 
NMCO 
Average Daily Managed Assets* 
Fund-Level Fee Rate 
For the first $125 million 
0.7500% 
For the next $125 million 
0.7375    
For the next $250 million 
0.7250    
For the next $500 million 
0.7125    
For the next $1 billion 
0.7000    
For the next $3 billion 
0.6750    
For managed assets over $5 billion 
0.6625    
 
182
 
 
NDMO 
Average Daily Managed Assets* 
Fund-Level Fee Rate 
For the first $125 million 
0.7000% 
For the next $125 million 
0.6875    
For the next $250 million 
0.6750    
For the next $500 million 
0.6625    
For the next $1 billion 
0.6500    
For the next $3 billion 
0.6250    
For managed assets over $5 billion 
0.6125    
 
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds’ daily managed assets:
Complex-Level 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 Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of October 31, 2020, the complex-level fee for each Fund was 0.1572%.

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 following Funds engaged in cross-trades pursuant to these procedures as follows:
Cross-Trades 
NVG 
NZF 
NMZ 
NMCO 
Purchases 
$31,100,000 
$30,995,280 
$65,049,238 
$ 89,145,588 
Sales 
65,400,000 
58,930,316 
— 
114,648,724 
 
8. Borrowing Arrangements
Committed Line of Credit
NVG, NZF, NMZ and NMCO, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.405 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated
183
 
Notes to Financial Statements (continued)
draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2021 unless extended or renewed.
The credit facility has the following terms: a 0.10% upfront fee, 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% (1.00% prior to June 24, 2020) per annum or (b) the Fed Funds rate plus 1.25% (1.00% prior to June 24, 2020) per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:
 
NVG 
NZF 
NMZ 
Maximum outstanding balance 
$75,100,000 
$52,200,000 
$23,200,000 
 
During each 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:
 
NVG 
NZF 
NMZ 
Utilization period (days outstanding) 
30 
65 
Average daily balance outstanding 
$23,020,000 
$14,267,901 
$23,200,000 
Average annual interest rate 
2.75% 
2.54% 
1.86% 
 
Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an 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.
184
 

9. Fund Merger
The Merger as previously described in Note 1 — General Information was structured to qualify as a tax-free merger under the Internal Revenue Code for federal income tax purposes, and the Target Fund’s shareholders recognized no gain or loss for federal income tax purposes as a result. Prior to the closing of the Merger, the Target Fund distributed all of its net investment income and capital gains, if any. Such a distribution may be taxable to the Target Fund’s shareholders for federal income tax purposes.
Investments
The cost, fair value and net unrealized appreciation (depreciation) of the investments (including investments in derivatives) of the Target Fund as of the date of the Merger, were as follows:
 
NTC 
Cost of investments 
$278,923,665 
Fair value of investments 
294,696,476 
Net unrealized appreciation (depreciation) of investments 
15,772,811 
 
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Common Shares
The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately before and after the Merger were as follows:
Target Fund – Prior to Merger 
NTC 
Common shares outstanding 
14,328,976 
Net assets applicable to common shares 
$184,807,196 
NAV per common share outstanding 
$ 12.90 
Acquiring Fund – Prior to Merger 
NVG 
Common shares outstanding 
202,552,895 
Net assets applicable to common shares 
$3,460,366,031 
NAV per common share outstanding 
$ 17.08 
Acquiring Fund – Post Merger 
NVG 
Common shares outstanding 
213,370,544 
Net assets applicable to common shares 
$3,645,173,227 
NAV per common share outstanding 
$ 17.08 
 
Pro Forma Results of Operations (Unaudited)
The beginning of the Target Fund’s current fiscal period was June 1, 2019. Assuming the Merger had been completed on November 1, 2019, the beginning of the Acquiring Fund’s current fiscal period, the pro forma results of operations for the current fiscal period, are as follows:
Acquiring Fund – Pro Forma Results from Operations 
NVG 
Net investment income (loss) 
$174,822,720 
Net realized and unrealized gains (losses) 
(83,738,038) 
Change in net assets resulting from operations 
91,084,682 
 
Because the combined investment portfolios of the Acquiring Fund have been managed as a single integrated portfolio since the Merger was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Statement of Operations of the Acquiring Fund since the Merger was consummated.
Cost and Expenses
In connection with the Merger, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as components of “Accrued other expenses” on the Statement of Assets and Liabilities and “Merger expenses” on the Statement of Operations.
185
 
Notes to Financial Statements (continued)
10. Subsequent Events

Committed Line of Credit
During November 2020, NDMO entered into a $215 million committed line of credit (“Borrowings”) agreement with its custodian bank, as a means of leverage. The credit agreement expires in November 2021 unless extended or renewed.
Interest is charged on the Borrowings drawn amount for a Base Rate Loan at a rate per annum equal to the higher of (a) one-month LIBOR rate plus 0.75% or (b) the Federal Funds Rate plus 0.85% or for a LIBOR Loan at a rate per annum equal to the LIBOR Offered Rate plus 0.75%. NDMO also accrues a 0.15% per annum commitment fee on the undrawn balance based on the maximum commitment amount of the Borrowings to the extent the unused portion of the Borrowings is less than 25% of the maximum commitment amount, otherwise the per annum commitment fee is 0.25%. NDMO also incurred a 0.05% upfront fee.
186
 

Shareholder Update (Unaudited)
Current Investment Objectives, Investment Policies and Principal Risks of the Funds
NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND (NVG)
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 bonds 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.
As a non-fundamental policy, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) and at least 80% of its Assets in municipal securities and other related investments, the income from which is also exempt from the federal alternative minimum tax applicable to individuals at the time of purchase.
The Fund generally invests in municipal securities with long-term maturities in order to maintain an average effective maturity of 15 to 30 years, including the effects of leverage, but the average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Fund’s investment adviser and/or the Fund’s sub-adviser, depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return.
“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 55% 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.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change a policy 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 that pay interest exempt from both regular federal income tax and the federal alternative minimum tax applicable to individuals at the time of purchase, 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.
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 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
187
 

Shareholder Update (Unaudited) (continued)
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 “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 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 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 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.
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 fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments.
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”), entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (for defensive purposes only). 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.
NUVEEN MUNICIPAL CREDIT INCOME FUND (NZF)
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 bonds 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.
As a non-fundamental policy, under normal circumstances, the Fund may invest up to 55% of its Managed Assets (as defined below) in securities that, at the time of investment, are rated below the three highest grades (Baa or BBB or lower) by at least one NRSRO or are unrated but judged to be of comparable quality by the Fund’s sub-adviser.
188
 

The Fund generally invests in municipal securities with long-term maturities in order to maintain an average effective maturity of 15 to 30 years, including the effects of leverage, but the average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Fund’s investment adviser and/or the Fund’s sub-adviser, depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return.
“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 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.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change a policy 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.
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 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 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 “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 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.
189
 

Shareholder Update (Unaudited) (continued)
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 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 fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments.
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. In addition, the Fund may invest a portion of its Managed Assets in pooled investment vehicles (other than investment companies) that invest primarily in municipal securities of the types in which the Fund may invest directly.
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 and borrowings. 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.
NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND (NMZ)
Investment Objectives
The Fund’s primary investment objective is to provide high current income exempt from regular federal income tax. The Fund’s secondary investment objective is to seek attractive total return consistent with its primary objective.
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.
The Fund generally invests in municipal securities with long-term maturities in order to maintain an average effective maturity of 15 to 30 years, including the effects of leverage, but the average effective maturity of obligations held by the Fund may be lengthened or shortened as a result of portfolio transactions effected by the Fund’s investment adviser and/or the Fund’s sub-adviser, depending on market conditions and on an assessment by the portfolio manager of which segments of the municipal securities markets offer the most favorable relative investment values and opportunities for tax-exempt income and total return.
“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 75% of its Managed Assets in municipal securities that, at the time of investment, are rated Baa/BBB or lower by at least one NRSRO or are unrated but judged to be of comparable quality by the Fund’s sub-adviser.
The Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by any NRSROs that rate the security or that are unrated by all NRSROs but judged to be of comparable quality by the Fund’s sub-adviser.
190
 
The Fund may invest up to 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin.
The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change a policy 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.
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 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.
The Fund may also invest in 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 a significant portion of its Managed 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.
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 “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 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 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 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 objective, 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 and credit default swaps), options on financial futures, options on swap contracts, or other derivative instruments.
191

Shareholder Update (Unaudited) (continued)
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 (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.
NUVEEN MUNICIPAL CREDIT OPPORTUNITIES FUND (NMCO)
Investment Objectives
The Fund’s primary investment objective is to provide a high level of current income exempt from regular U.S. federal income tax. The Fund’s secondary investment objective is to seek total return.
Investment Policies
Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities, 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 without limit in high yielding, low- to medium-quality municipal securities (low- to medium-quality municipal securities are municipal securities rated Baa/BBB or lower) rated by at least one NRSRO at the time of investment or are unrated but judged by the Fund’s sub-adviser to be of comparable quality.
The Fund may invest no more than 30% of its Managed Assets in municipal securities that, at the time of investment, either are rated CCC+/Caa1 or lower, or are unrated but judged by the Fund’s sub-adviser to be of comparable quality.
The Fund may invest no more than 10% of its Managed Assets in defaulted securities or in the securities of an issuer that is in bankruptcy or insolvency proceedings.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change a policy without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities, 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.
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 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.
192
 

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.
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 “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 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 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 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 fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments.
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), or a combination of both. 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.
NUVEEN DYNAMIC MUNICIPAL OPPORTUNITIES FUND (NDMO)
Investment Objective
The Fund’s investment objective is to seek total return through income exempt from regular federal income taxes and capital appreciation.
193
 
Shareholder Update (Unaudited) (continued)
Investment Policies
Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities, the income from which is exempt from regular federal income taxes.
“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.
Under normal circumstances:
The Fund may invest in municipal securities of any credit quality and without limit in below investment grade municipal securities (municipal securities rated BB+/Ba1 or lower) rated by at least one NRSRO at the time of investment or are unrated but judged by the Fund’s sub-adviser to be of comparable quality.
The Fund may invest up to 20% of its Managed Assets in taxable debt obligations, including taxable municipal securities.
The Fund may invest no more than 10% of its Managed Assets in defaulted securities or in the securities of an issuer that is in bankruptcy or insolvency proceedings. This policy does not apply in connection with any workout of an issuer of a debt security that the Fund already owns.
Approving Changes in Investment Policies
The Board of Trustees of the Fund may change a policy without a shareholder vote. However, with respect to the Fund’s fundamental policy of investing at least 80% of its Assets in municipal securities, 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.
Portfolio Contents
The Fund generally invests its assets in a portfolio of municipal securities of any credit quality and maturity. 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.
The Fund may also invest in 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 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 “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 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.
194

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 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 invest without limitation in credit default swaps, and may enter into credit default swaps as either a buyer or a seller. The credit default swaps in which the Fund may invest (or sell) include those in which the underlying reference instrument is the debt obligation of a single reference issuer (“single-name CDS”). Unlike other types of credit default swaps, single-name CDS do not have the benefit of diversification across many issuers.
In addition to credit default swaps, the Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in fixed-income securities, to attempt to manage the effective maturity or duration of securities in the Fund’s portfolio or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate and credit default swaps), options on financial futures, options on swap contracts or other derivative instruments.
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 objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including through borrowings, issuing Preferred Shares, the issuance of debt securities, entering into reverse repurchase agreements (effectively a borrowing), and investments in inverse floating rate securities. 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.
195
 

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.
 
 
 
 
Nuveen Municipal 
Nuveen Dynamic 
 
Nuveen AMT-Free 
Nuveen Municipal 
Nuveen Municipal 
Credit 
Municipal 
 
Municipal Credit 
Credit Income 
High Income 
Opportunities 
Opportunities 
 
Income Fund 
Fund 
Opportunity Fund 
Fund 
Fund 
Risk 
(NVG) 
(NZF) 
(NMZ) 
(NMCO) 
(NDMO) 
Portfolio Level Risks 
 
 
 
 
 
Alternative Minimum Tax Risk 
— 
Below Investment Grade Risk 
Call Risk 
Credit Risk 
Credit Spread Risk 
Defaulted and Distressed Securities Risk 
— 
— 
Deflation Risk 
Derivatives Risk 
Distressed Securities Risk 
— 
— 
— 
Duration Risk 
Economic Sector Risk 
Financial Futures and Options Risk 
Hedging Risk 
Illiquid Investments Risk 
Income Risk 
Inflation Risk 
Insurance Risk 
Interest Rate Risk 
Inverse Floating Rate Securities Risk 
Municipal Securities Market Liquidity Risk 
Municipal Securities Market Risk 
Other Investment Companies Risk 
Puerto Rico Municipal Securities Market Risk 
Reinvestment Risk 
Sector and Industry Risk 
Sector Focus Risk 
Special Risks Related to Certain Municipal Obligations 
Swap Transactions Risk 
Tax Risk 
Taxability Risk 
Tobacco Settlement Bond Risk 
Valuation Risk 
Zero Coupon Bonds Risk 
 
196

           
 
 
 
 
Nuveen Municipal 
Nuveen Dynamic 
 
Nuveen AMT-Free 
Nuveen Municipal 
Nuveen Municipal 
Credit 
Municipal 
 
Municipal Credit 
Credit Income 
High Income 
Opportunities 
Opportunities 
 
Income Fund 
Fund 
Opportunity Fund 
Fund 
Fund 
Risk 
(NVG) 
(NZF) 
(NMZ) 
(NMCO) 
(NDMO) 
Fund Level and Other Risks 
 
 
 
 
 
Anti-Takeover Provisions 
Counterparty Risk 
Cybersecurity Risk 
Economic and Political Events Risk 
Global Economic Risk 
Investment and Market Risk 
Legislation and Regulatory Risk 
Leverage Risk 
Limited Term and Tender Offer Risks 
— 
— 
— 
Market Discount from Net Asset Value 
Recent Market Conditions 
Reverse Repurchase Agreement Risk 
 
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. Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities 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 municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular municipal security. If a below investment grade municipal 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.
Defaulted and Distressed Securities Risk. The Fund may invest in securities of an issuer that is in default or that is in bankruptcy or insolvency proceedings at the time of purchase. In addition, the Fund may hold investments that at the time of purchase are not in default or involved in bankruptcy or insolvency proceedings, but may later become so. Moreover, the Fund may invest in low-rated securities that, although not in default, may be “distressed,” meaning that the issuer is experiencing financial difficulties or distress at the time of acquisition. Such securities would present a substantial risk of future default which may cause the Fund to 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.
197
 
Shareholder Update (Unaudited) (continued)
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.
It is possible that developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability to invest in certain derivatives.
Distressed Securities Risk. The Fund may invest in low-rated securities or securities unrated but judged by the sub-adviser to be of comparable quality. Some or many of these low-rated securities, although not in default, may be “distressed,” meaning that the issuer is experiencing financial difficulties or distress at the time of acquisition. Such securities would present a substantial risk of future default which may cause the Fund to 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. 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. As concentration 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 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 the sectors noted above, 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 and may include restricted securities, which are securities that may not be resold unless they have been registered under the 1933 Act or that can be sold in a private transaction pursuant to an available exemption from such registration. Illiquid investments involve the risk that the investments will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the investments on its books from time to time.
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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.
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.
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:
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;
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
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
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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.
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.
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
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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.
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:
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. 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
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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.
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 securities 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, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which the Fund invests. Recent examples of such events include 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. 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 economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the investment adviser and 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. 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.
The SEC recently adopted rules governing the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. The full impact of such rules is uncertain at this time. It is possible that such rules, as interpreted, applied and enforced by the SEC, could limit the implementation of the Fund’s use of derivatives, which could have an adverse impact on the Fund.
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 and 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.
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
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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.
Limited Term and Tender Offer Risks. Because the assets of the Fund will be liquidated in connection with its termination or to pay for Common Shares tendered in an Eligible Tender Offer, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, or at a time when a particular security is in default or bankruptcy, or otherwise in severe distress, which may cause the Fund to lose money.
The Fund may be required to dispose of portfolio investments in connection with any reduction in its outstanding leverage necessary in order to maintain its desired leverage ratios following an Eligible Tender Offer. It is likely that during the pendency of an Eligible Tender Offer, and possibly for a time thereafter, the Fund will hold a greater than normal percentage of its total assets in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers’ acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Fund’s investment performance. If the tax basis for the portfolio investments sold is less than the sale proceeds, the Fund will recognize capital gains, which it will be required to distribute to Common Shareholders. In addition, the Fund’s purchase of tendered Common Shares pursuant to an Eligible Tender Offer will have tax consequences for tendering Common Shareholders and may have tax consequences for non-tendering Common Shareholders. All Common Shareholders remaining after an Eligible Tender Offer will be subject to proportionately higher expenses due to the reduction in the Fund’s total assets resulting from payment for the tendered Common Shares. Such reduction in the Fund’s total assets also may result in less investment flexibility, reduced diversification and greater volatility for the Fund, and may have an adverse effect on the Fund’s investment performance.
If the Fund conducts an Eligible Tender Offer, there can be no assurance that the number of tendered Common Shares would not result in the Fund’s net assets totaling less than the Termination Threshold, in which case the Eligible Tender Offer will be terminated, no Common Shares will be repurchased pursuant to the Eligible Tender Offer and the Fund will terminate on the Termination Date. The investment adviser may have a conflict of interest in recommending to the Board of Trustees that the Fund have a continued existence without limitation of time. The Fund is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to a continued existence without limitation of time. Therefore, remaining Common Shareholders may not have another opportunity to participate in a tender offer.
A Fund portfolio holding default may significantly reduce net investment income and, therefore, Common Share dividends; and may prevent or inhibit the Fund from fully being able to liquidate its portfolio at or prior to the Termination Date.
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. In response to the financial crisis and recent market events, policy and legislative changes by the United States government and the Federal Reserve to assist in the ongoing support of financial markets, both domestically and in other countries, are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Withdrawal of government support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding, could adversely impact the value and liquidity of certain securities. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations, including changes in tax laws and the imposition of trade barriers. The impact of new financial regulation legislation on the markets and the practical implications for market participants may not be fully known for some time. Changes to the Federal Reserve policy may affect the value, volatility and liquidity of dividend and interest paying securities. In addition, the contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.
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Interest rates have been unusually low in recent years in the United States and abroad but there is consensus that interest rates will increase during the life of the Fund, which could negatively impact the price of debt securities. Because there is little precedent for this situation, it is difficult to predict the impact of a significant rate increase on various markets.
The current political climate has intensified concerns about a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country’s products. 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.
The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.
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.
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, 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, 2020 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Fund on such instruments (based on actual leverage costs incurred during the fiscal year ended October 31, 2020) 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 other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as 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 Fund. Your actual returns may be greater or less than those appearing below.
 
 
 
 
Nuveen Municipal 
Nuveen Dynamic 
 
Nuveen AMT-Free 
Nuveen Municipal 
Nuveen Municipal 
Credit 
Municipal 
 
Municipal Credit 
Credit Income 
High Income 
Opportunities 
Opportunities 
 
Income Fund 
Fund 
Opportunity Fund 
Fund 
Fund 
 
(NVG) 
(NZF) 
(NMZ) 
(NMCO) 
(NDMO) 
Estimated Leverage as a Percentage of Managed Assets 
 
 
 
 
 
(Including Assets Attributable to Leverage) 
38.00% 
38.09% 
35.25% 
40.88% 
14.35% 
Estimated Annual Effective Leverage Expense Rate Payable 
 
 
 
 
 
by Fund on Leverage 
1.63% 
1.67% 
1.38% 
1.74% 
0.75% 
Annual Return Fund Portfolio Must Experience (net of expenses) 
 
 
 
 
 
to Cover Estimated Annual Effective Interest Expense Rate on 
 
 
 
 
 
Leverage 
0.62% 
0.64% 
0.49% 
0.71% 
0.11% 
Common Share Total Return for (10.00)% Assumed Portfolio 
 
 
 
 
 
Total Return 
-17.13% 
-17.18% 
-16.20% 
-18.12% 
-11.80% 
Common Share Total Return for (5.00)% Assumed Portfolio 
 
 
 
 
 
Total Return 
-9.06% 
-9.10% 
-8.47% 
-9.66% 
-5.96% 
Common Share Total Return for 0.00% Assumed Portfolio 
 
 
 
 
 
Total Return 
-1.00% 
-1.03% 
-0.75% 
-1.20% 
-0.13% 
Common Share Total Return for 5.00% Assumed Portfolio 
 
 
 
 
 
Total Return 
7.07% 
7.05% 
6.97% 
7.25% 
5.71% 
Common Share Total Return for 10.00% Assumed Portfolio 
 
 
 
 
 
Total Return 
15.13% 
15.13% 
14.69% 
15.71% 
11.55% 
 
204

Common Share total return is composed of two elements — the distributions paid by a 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 a Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, a 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 a 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 a 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, a Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.
DIVIDEND REINVESTMENT PLAN
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above 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.
CHANGES OCCURRING DURING THE PRIOR 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 to: (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:
205

 

Shareholder Update (Unaudited) (continued)
Amended and Restated By-Laws
On October 5, 2020, after a rigorous and deliberative review, and consistent with the interests of the Nuveen AMT-Free Municipal Credit Income Fund, Nuveen Municipal Credit Income Fund, Nuveen Municipal High Income Opportunity Fund, Nuveen Municipal Credit Opportunities Fund and the Nuveen Dynamic Municipal Opportunities Fund (each a “Fund” and collectively the “Funds”) long-term shareholders, the Board of Trustees of each Fund adopted Amended and Restated By-Laws.
Among other changes, the Amended and Restated By-Laws require compliance with certain amended deadlines and procedural and informational requirements in connection with advance notice of shareholder proposals or nominations, including certain information about the proponent and the proposal, or in the case of a nomination, the nominee. Any shareholder considering making a nomination or other proposal should carefully review and comply with those provisions of the Amended and Restated By-Laws.
The Amended and Restated By-Laws also include provisions (the “Control Share By-Law”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares of a Fund in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the Fund. The Control Share By-Law is primarily intended to protect the interests of the Fund and its long-term shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic traders pursuing short-term agendas adverse to the best interests of the Fund and its long-term shareholders. The Control Share By-Law does not eliminate voting rights for common shares acquired in Control Share Acquisitions, but rather entrusts the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of the voting rights of the person acquiring such shares.
Subject to various conditions and exceptions, the Control Share By-Law defines a “Control Share Acquisition” to include an acquisition of common shares that, but for the Control Share By-Law, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Trustees of a Fund in any of the following ranges:
(i) one-tenth or more, but less than one-fifth of all voting power;
(ii) one-fifth or more, but less than one-third of all voting power;
(iii) one-third or more, but less than a majority of all voting power; or
(iv) a majority or more of all voting power.
The Control Share By-Law generally excludes certain acquisitions of common shares from the definition of a Control Share Acquisition, including acquisitions of common shares that occurred prior to October 5, 2020, though such shares are included in assessing whether any subsequent share acquisition exceeds one of the enumerated thresholds.
Subject to certain conditions and procedural requirements set forth in the Control Share By-Law, including the delivery of a “Control Share Acquisition Statement” to the Funds’ Secretary setting forth certain required information, a shareholder who obtains or proposes to obtain beneficial ownership of common shares in a Control Share Acquisition generally may demand a special meeting of shareholders for the purpose of considering whether the voting rights of such acquiring person with respect to such shares shall be authorized.
This discussion is only a high-level summary of certain aspects of the Amended and Restated By-Laws, and is qualified in its entirety by reference to the Amended and Restated By-Laws. Shareholders should refer to the Amended and Restated By-Laws for more information. A copy of the Amended and Restated By-Laws can be found in the Current Report on Form 8-K filed by the Funds with the Securities and Exchange Commission on October 6, 2020, which is available at www.sec.gov, and may also be obtained by writing to the Secretary of the Funds at 333 West Wacker Drive, Chicago, Illinois 60606.
206
 

Additional Fund Information (Unaudited)
             
Board of Trustees 
 
 
 
 
 
 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
Judith M. Stockdale 
Carole E. Stone 
Mathew Thornton III* 
Margaret L. Wolff 
Robert L. Young 
 
 
 
 
* Effective November 16, 2020. 
 
 
 
 
 
 
 

Investment Adviser 
Custodian 
Legal Counsel 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
and Trust Company 
Chicago, IL 60603 
KPMG LLP 
 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
200 East 
 
Company, N.A. 
 
Boston, MA 02111 
 
Randolph Street 
150 Royall Street 
 
 
 
Chicago, IL 60601 
Canton, MA 02021 
 
 
 
 
 
(800) 257-8787 
 
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year 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
NVG, NZF, NMZ and NMCO intend to repurchase, through their open-market share repurchase program, shares of their 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.
 
NVG 
NZF 
NMZ 
NMCO 
Common shares repurchased 
— 
— 
— 
— 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
207
 

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 market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
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.
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
NVG and NZF Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 4/11/16 and thereafter the returns of an 60%/40% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.
208
 

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
S&P Municipal Bond High Yield Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade U.S. high yield municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Yield Index: An unleveraged, market value-weighted index containing all bonds in the S&P Municipal Bond Index that are non-rated bonds or whose ratings are BB+ by S&P and BA-1 by Moody’s Investors Service, Inc. or lower. This index does not contain bonds that are pre-refunded or escrowed to maturity. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
209

 

Annual Investment Management Agreement Approval Process (Unaudited)
The Approval Process
The Boards of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of the Funds, including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), are responsible for determining whether to initially approve or, after an initial term, to renew, the advisory arrangements of their respective Funds. A discussion of the Board’s most recent approval of the renewal of the advisory arrangements for Nuveen AMT-Free Municipal Credit Income Fund (the “AMT-Free Municipal Credit Income Fund”), Nuveen Municipal Credit Income Fund (the “Municipal Credit Income Fund”), and Nuveen Municipal High Income Opportunity Fund (the “Municipal High Income Opportunity Fund”) is set forth in Part I below. The advisory arrangements for Nuveen Municipal Credit Opportunities Fund (the “Municipal Credit Opportunities Fund”) and Nuveen Dynamic Municipal Opportunities Fund (the “Dynamic Municipal Opportunities Fund”) have not yet been up for renewal. A discussion of the Board’s initial approval of the advisory arrangements for the Municipal Credit Opportunities Fund is set forth in such Fund’s annual report for the period ended October 31, 2019. A discussion of the Board’s initial approval of the advisory arrangements for the Dynamic Municipal Opportunities Fund is set forth in Part II below.
PART I
Nuveen AMT-Free Municipal Credit Income Fund
Nuveen Municipal Credit Income Fund
Nuveen Municipal High Income Opportunity Fund
At a meeting held on May 19-21, 2020 (the “May Meeting”), the Board (which is comprised entirely of Independent Board Members) approved, for its respective Fund (as defined below), the renewal of the management agreement (for purposes of this Part I, 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 (for purposes of this Part I, each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the investment sub-adviser to such Fund. For purposes of this Part I, the AMT-Free Municipal Credit Income Fund, Municipal Credit Income Fund and Municipal High Income Opportunity Fund are the “Funds” and each, a “Fund.” Although the 1940 Act requires that continuances of the Advisory Agreements (as defined below) be approved by the in-person vote of a majority of the Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held in reliance on an order issued by the Securities and Exchange Commission on March 13, 2020, as extended on March 25, 2020, which provided registered investment companies temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in response to the challenges arising in connection with the COVID-19 pandemic.
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. For purposes of this Part I, 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.” Throughout the year, the Board and its committees meet regularly and, at these meetings, review an extensive array of topics and information that are relevant to its annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance; the Adviser’s strategic plans; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the funds; valuation of securities; fund expenses; overall market and regulatory developments; the management of leverage financing; and the secondary market trading of the closed-end funds and any actions to address discounts.
210
 

In addition to the information and materials received during the year, the Board, in response to a request made on its behalf by independent legal counsel, received extensive materials and information prepared specifically for its annual consideration of the renewal of the advisory agreements for the Nuveen funds 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 each sub-adviser to the Nuveen funds and the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular with respect to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and their resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; 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.
In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 27-28, 2020 (the “April Meeting”), the Board met 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. In its review, the Board recognized the volatile market conditions occurring during the first half of 2020 arising, in part, from the public health crisis caused by the novel coronavirus known as COVID-19 and the resulting impact on fund performance. Accordingly, the Board reviewed, among other things, fund performance reflecting the more volatile periods, including for various time periods ended the first quarter of 2020 and for various time periods ended April 17, 2020. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting. In continuing its review of the Nuveen funds in light of the extraordinary market conditions experienced in early 2020, the Board received updated fund performance data reflecting various time periods ended May 8, 2020 for its May Meeting. The Board also continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible.
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 sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.
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.
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 throughout the year and at the April and May Meetings, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
211

 

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 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.
With respect to the Adviser, the Board recognized that the Adviser has provided a vast array of services the scope of which has expanded over the years in light of regulatory, market and other developments, such as the development of expanded compliance programs for the Nuveen funds. The Board also noted the extensive resources, tools and capabilities the Adviser and its affiliates devoted to the various operations of the Nuveen funds. These services include, but are not limited to: investment oversight, risk management and securities valuation services (such as analyzing investment performance and risk data; overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams; overseeing trade execution, soft dollar practices and securities lending activities; providing daily valuation services and developing related valuation policies, procedures and methodologies; overseeing risk disclosure; periodic testing of investment and liquidity risks; participating in financial statement and marketing disclosures; participating in product development; and participating in leverage management and liquidity monitoring); product management (such as analyzing a fund’s position in the marketplace, setting dividends, preparing shareholder and intermediary communications and other due diligence support); fund administration (such as preparing fund tax returns and other tax compliance services, overseeing the funds’ independent public accountants and other service providers; managing fund budgets and expenses; and helping to fulfill the funds’ regulatory filing requirements); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; and overseeing proxy solicitation and tabulation services); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as devising compliance programs; managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; and evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers); legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; and negotiating agreements with other fund service providers); and providing leverage, capital and distribution management services.
The Board also recognized that the Adviser and its affiliates have undertaken a number of initiatives over the previous year that benefited the complex and/or particular Nuveen funds including, but not limited to:
•  Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; reviewing and updating investment policies and benchmarks; and integrating certain investment teams and changing the portfolio managers serving various funds;
•  Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds;
•  Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates;
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•  Risk Management and Valuation Services - continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex;
•  Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;
•  Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;
•  Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports;
Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds; and
•  with respect specifically to closed-end funds, such initiatives also included:
••   Leverage Management Services – continuing to actively manage leverage including developing new leverage instruments, managing leverage exposure and costs through various providers, and managing and adapting tender option bond structures to comply with regulations and developing further relationships with leverage providers;
••   Capital Management, Market Intelligence and Secondary Market Services – ongoing capital management efforts through shelf offerings, share repurchases as appropriate to address discounts, tender offers and capital return programs as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and
••   Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.
The Board also noted the benefits to shareholders of investing in a Nuveen fund, as each Nuveen fund is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times as occurred in the market in the first half of 2020. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory 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 Sub-Adviser’s assets under management and changes thereto, a summary of the applicable investment team and changes thereto, the investment approach of the team and the performance of the funds sub-advised by the Sub-Adviser over various periods. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance program and trade execution. The Board also considered the structure of investment personnel
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compensation programs and whether this structure provides appropriate incentives to act in the best interests of the respective Nuveen funds. 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 received and considered a variety of investment performance data of the Nuveen funds they advise. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2019. Unless otherwise indicated, the performance data referenced below reflects the periods ended December 31, 2019. In general, the year 2019 was a period of strong market performance. However, as noted above, the Board recognized the unprecedented market volatility and decline that occurred in early 2020 and the significant impact it would have on fund performance. As a result, the Board reviewed performance data capturing more recent time periods, including performance data reflecting the first quarter of 2020 as well as performance data for various periods ended April 17, 2020 for its April Meeting and May 8, 2020 for its May Meeting.
The Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, 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). For funds that had changes in portfolio managers, the Board considered performance data of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences in the composition of the Performance Peer Group over time will necessarily contribute to differences in performance results and limit the value of the comparative 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.
As noted above, the Board reviewed fund performance over various periods ended December 31, 2019 as well as the first quarter of 2020 and various time periods ended April 17, 2020 and May 8, 2020. In light of the significant market decline in the early part of 2020, the Board noted that a shorter period of underperformance may significantly impact longer term performance. Further, the Board recognized that performance data may differ significantly depending on the ending date selected and accordingly, performance results for periods ended at the year-end of 2019 may vary significantly from performance results for periods ended in the first quarter of 2020, particularly given the extraordinary market conditions at that time as the impact of COVID-19 and other market developments unfolded. The Board considered a fund’s performance in light of the overall financial market conditions. In addition, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.
The secondary market trading of shares of the Nuveen closed-end funds continues to be a priority for the Board given its importance to shareholders, and therefore data reflecting the premiums and discounts at which the shares of the closed-end funds trade is reviewed by the Board during its annual review and by the Board and/or its Closed-end Fund committee during its respective quarterly meetings throughout the year.
In addition to the performance data prepared in connection with the annual review of the advisory agreements of the Nuveen funds, the Board reviewed fund performance throughout the year at its quarterly meetings representing differing time periods and took into account the discussions that occurred at these Board meetings in evaluating a fund’s overall performance. The Board also considered, among other things, the Adviser’s analysis of each Nuveen fund’s performance, with particular focus on funds that were considered performance outliers (both overperformance and underperformance), the factors contributing to the performance and any steps taken to address any performance concerns. Given the volatile market conditions of early 2020, the Board considered the Adviser’s analysis of the impact of such conditions on the Nuveen funds’ performance.
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The Board evaluated performance in light of various factors, including general market conditions, issuer-specific information, asset class information, fund cash flows and other factors. Accordingly, depending on the facts and circumstances, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
The Board’s determinations with respect to each Fund are summarized below.
For the AMT-Free Municipal Credit Income Fund, the Board noted that the Fund outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2019. With the market decline in the first quarter of 2020, the Fund still outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2020. In its review, the Board, however, noted that the Performance Peer Group was classified as low for relevancy. The Board was satisfied with the Fund’s overall performance.
For the Municipal Credit Income Fund, the Board noted that the Fund outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2019. With the market decline in the first quarter of 2020, although the Fund’s performance was below the performance of its blended benchmark for the one-year period ended March 31, 2020, the Fund outperformed its blended benchmark for the three- and five-year periods ended March 31, 2020. Further, although the Fund ranked in the third quartile of its Performance Peer Group for the one-year period ended March 31, 2020, the Fund ranked in the first quartile for the three- and five-year periods ended March 31, 2020. In its review, the Board, however, noted that the Performance Peer Group was classified as low for relevancy. The Board was satisfied with the Fund’s overall performance.
For the Municipal High Income Opportunity Fund, the Board noted that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2019. With the market decline in the first quarter of 2020, although the Fund’s performance was below the performance of its benchmark for the one- and five-year periods ended March 31, 2020, the Fund outperformed its benchmark for the three-year period ended March 31, 2020. Further, although the Fund ranked in the third quartile of its Performance Peer Group for the one-year period ended March 31, 2020, the Fund ranked in the first quartile for the three- and five-year periods ended March 31, 2020. The Board was satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen 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 each Nuveen fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, 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 also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.
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In their review, the Independent Board Members considered, in particular, each Nuveen fund with a net expense ratio (excluding investment-related costs of leverage) of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”), including the Municipal Credit Income Fund, and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets) 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 fund’s net management fee and net total expense ratio in light of its performance history.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $56.6 million and fund-level breakpoints reduced fees by $66.8 million in 2019.
With respect to the Sub-Adviser, the Board also considered the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund, the breakpoint schedule 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 (a) the AMT-Free Municipal Credit Income Fund had a net management fee that was higher than its peer average, but a net expense ratio that was in line with its peer average; (b) the Municipal High Income Opportunity Fund had a net management fee that was in line with its peer average and a net expense ratio that was below its peer average; and (c) the Municipal Credit Income Fund had a net management fee that was higher than its peer average and a net expense ratio that was slightly higher than its peer average. The Independent Board Members noted that the Municipal Credit Income Fund’s net expense ratio was slightly higher than its peer average due, in part, to such Fund’s larger allocation to non-investment grade securities compared to the peers.
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 determining 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 Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts, passively managed exchange-traded funds (“ETFs”) sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser. With respect to the Sub-Adviser, the Board reviewed, among other things, the fee range and average fee of municipal retail wrap accounts and municipal institutional accounts.
In considering the fee data of other clients, the Board considered, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board recognized the complexity and myriad of services the Adviser had provided to the Nuveen funds compared to the other types of clients as the Adviser is principally responsible for all aspects of operating the funds, including complying with the increased regulatory requirements required when managing the funds as well as the increased entrepreneurial, legal and regu-
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latory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board considered that Nuveen ETFs are passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other 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 inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In their review, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2019 and 2018. The Board reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax); revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services; and comparative profitability data comparing the margins of Nuveen compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2018 and 2019 calendar years.
In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate expenses of Nuveen and its affiliates between the fund and non-fund businesses. The expenses to be allocated include direct expenses in servicing the Nuveen funds as well as indirect and/or shared costs (such as overhead, legal and compliance) some of which are attributed to the Nuveen funds pursuant to the cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information and a summary of the history of changes to the methodology over the eleven-year period from 2008 to 2019. The Board had also appointed three Independent Board Members, along with the assistance of independent counsel, to serve as the Board’s liaisons to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. Based on the data, the Independent Board Members noted that Nuveen’s net margins were higher in 2019 than the previous year and considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between the years. The Board also noted the reinvestments of some of the profits into the business through, among other things, the investment of seed capital in certain funds and continued investments in enhancements to information technology, internal infrastructure and data management improvements and global investment and innovation projects.
As noted above, the Independent Board Members also considered Nuveen’s margins from its relationship to the Nuveen funds compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) to Nuveen for the calendar years 2019 and 2018. The Independent Board Members noted that Nuveen’s margins from its relationships with the Nuveen funds were on the low range compared to the adjusted margins of the peers. The Independent Board Members, however, recognized that it is difficult to make comparisons of profitability with other investment adviser peers given that comparative 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) which can have a significant impact on the results.
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Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2019 and 2018 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of having an investment adviser and its parent with significant resources, particularly during periods of market stress.
In addition to Nuveen, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationships with the 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 post-tax) for its advisory activities for the calendar year ended December 31, 2019 as well as its pre-tax and after-tax net revenue margins for 2019 compared to such margins for 2018. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2019 and the pre- and post-tax revenue margins from 2019 and 2018.
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 and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods. In this regard, the Board noted 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. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and 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. With respect to the Nuveen closed-end funds, the Board noted that, although such funds may from time to time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. Further, in the calculation of the complex-level component, the Board noted that it had approved the acquisition of several Nuveen funds by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon acquisition, Nuveen agreed to credit approximately $460 million to assets under management to the Nuveen complex in calculating the complex-wide component.
The Independent Board Members also recognized the Adviser’s continued reinvestment in its business through, among other things, investments in its business infrastructure and information technology, portfolio accounting system and other systems and platforms that will, among other things, support growth, simplify and enhance information sharing, and enhance the investment process to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
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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 considered the compensation that an affiliate of the Adviser received for serving as co-manager in the initial public offerings of new closed-end funds and for serving as an underwriter on shelf offerings of existing closed-end funds. In addition, the Independent Board Members also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds, although the Board recognized that certain sub-advisers may be phasing out the use of soft dollars over time.
The Board, however, noted that the benefits for the Sub-Adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board considered that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Nuveen funds to the extent it enhances the ability of the Sub-Adviser to manage such funds or is acquired through the commissions paid on portfolio transactions of other clients.
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 and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
PART II
Nuveen Dynamic Municipal Opportunities Fund
At a meeting held on January 23, 2020 (the “Meeting”), the Board Members, including the Independent Board Members, considered and approved the investment management agreement (for purposes of this Part II, the “Investment Management Agreement”) pursuant to which Nuveen Fund Advisors, LLC (the “Adviser”) serves as investment adviser to Nuveen Dynamic Municipal Opportunities Fund (for purposes of this Part II, the “Fund”) and the investment sub-advisory agreement (for purposes of this Part II, the “Sub-Advisory Agreement”) pursuant to which Nuveen Asset Management, LLC (the “Sub-Adviser”) serves as investment sub-adviser to the Fund. For purposes of this Part II, the Adviser and the Sub-Adviser are each hereafter a “Fund Adviser.” In addition, for purposes of this Part II, the Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an “Advisory Agreement” and collectively, the “Advisory Agreements.
To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at prior meetings, materials which outlined, among other things:
the nature, extent and quality of the services expected to be provided by the Fund Adviser;
the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;
the expertise and background of the Fund Adviser with respect to the Fund’s investment strategy;
certain performance-related information (as described below);
the profitability of Nuveen and its affiliates for their advisory activities;
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the proposed management fees of the Fund Adviser, including comparisons of such fees with the management fees of comparable funds;
the expected expenses of the Fund, including comparisons of the Fund’s expected expense ratio with the expense ratios of comparable funds; and
the soft dollar practices of the Fund Adviser, if any.
At the Meeting and/or prior meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/or prior meetings, the Independent Board Members also met privately with their legal counsel to, among other things, review the Board’s duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the Advisory Agreements. As outlined in more detail below, the Independent Board Members considered various factors they believed relevant with respect to the Fund, including, among other things: (a) the nature, extent and quality of the services expected to be provided by the Fund Advisers; (b) investment performance, as described below; (c) the advisory fees and costs of the services expected to be provided to the Fund and the profitability of the Fund Advisers; (d) the extent of any anticipated economies of scale; (e) any benefits expected to be derived by the Fund Advisers from their relationships with the Fund; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Fund’s Advisory Agreements.
A. Nature, Extent and Quality of Services
The Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services and administrative services. Given that the Adviser and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser’s organization, operations, personnel and services. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, the Independent Board Members have relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.
At the Meeting and/or at prior meetings, the Independent Board Members reviewed materials outlining, among other things, the respective Fund Adviser’s organization and business; the types of services that such Fund Adviser or its affiliates provide to the Nuveen funds (as applicable) and are expected to provide to the Fund; and the experience of the respective Fund Adviser with applicable investment strategies. Further, at the Meeting and/or at prior meetings, the Independent Board Members have evaluated the background and experience of the relevant investment personnel.
With respect to services, the Board noted that the Fund would be a registered investment company that would operate in a regulated industry. In considering the services that were expected to be provided by the Fund Advisers, at the Meeting and/or at prior meetings, the Board has recognized the comprehensive set of services the Adviser provides to operate the Nuveen funds in a highly regulated industry. Some of the functions for which the Adviser is responsible include, but are not limited to: product management; investment oversight; securities valuation services; risk management; fund administration; oversight of shareholder services and transfer agency functions; board relations services; compliance and regulatory oversight services; legal support and oversight of outside law firms; and leverage, capital and distribution management services. In addition to the services provided by the Adviser, the Board has also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.
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The Independent Board Members noted that the Adviser would oversee the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally would be responsible for the management of the Fund’s portfolio. In this regard, the Board Members recognized the Sub-Adviser’s relevant experience and expertise.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Fund under each Advisory Agreement were satisfactory.
B. Investment Performance
The Fund was new and, therefore, did not have its own performance history. The Independent Board Members noted, however, that the Fund’s investment strategy was expected to be substantially similar to that of the Nuveen Strategic Municipal Opportunities Fund (the “Strategic Fund”), a Nuveen open-end fund which had an inception date of December 16, 2014. In this regard, the Independent Board Members reviewed certain performance information relating to the Strategic Fund, including performance history information for the one-year, three-year and five-year periods as of December 31, 2019.
C. Fees, Expenses and Profitability

1. Fees and Expenses
In evaluating the management fees and expenses that the Fund was expected to bear, the Independent Board Members considered, among other things, the Fund’s proposed management fee structure and its expected expense ratio in absolute terms as well as compared with the fees and expense ratios of comparable funds. Accordingly, the Independent Board Members reviewed, among other things, the proposed advisory fee and estimated net total expense ratio for the Fund (based on both common assets and total managed assets), as well as comparative fee and expense data pertaining to the Fund’s peers in the Lipper category in which the Fund is expected to be classified. In considering the Fund’s advisory fees, the Board also considered the differences between the investment strategy of the Fund and the investment strategies of the Strategic Fund, certain other Nuveen municipal closed-end funds and certain funds in the Fund’s expected Lipper category. Further, the Independent Board Members took into account the proposed sub-advisory fee for the Fund.
The Independent Board Members recognized that assets attributable to the Fund’s use of leverage would be included in the amount of assets upon which the advisory fee is calculated. In this regard, the Independent Board Members noted that the advisory fee is based on a percentage of average daily “Managed Assets.” “Managed Assets” generally 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 includes 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. The Independent Board Members recognized that the fact that a decision to employ or increase the Fund’s leverage will have the effect, all other things being equal, of increasing Managed Assets (and, in turn, increasing the Adviser’s and the Sub-Adviser’s management fees), means that the Adviser and the Sub-Adviser may have a conflict of interest in determining whether to use or increase leverage. The Independent Board Members noted, however, that the Adviser and the Sub-Adviser would seek to manage that potential conflict by recommending to the Board to leverage the Fund (or increase such leverage) when they determine that such action would be in the best interests of the Fund and its common shareholders, and by periodically reviewing with the Board the Fund’s performance and the impact of the use of leverage on that performance.
The Independent Board Members considered the proposed management fee rate as a percentage of Managed Assets before any fund-level and complex-wide breakpoints. Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services to be provided to the Fund.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
2. Comparisons with the Fees of Other Clients
At the Meeting and/or at prior meetings, the Board has reviewed information regarding the fee rates that the Fund Advisers charge for certain other types of clients and the type of services provided to these other clients. In conjunction with municipal funds, with respect to the Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts, passively managed exchange-traded funds sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser. With respect to the Sub-Adviser, the Board has previously reviewed, among other things, the fee range and average fee of municipal retail wrap accounts and municipal institutional accounts.
In addition to the comparative fee data, the Board has also reviewed, among other things, a description of the different levels of services provided to certain other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board has previously noted, among other things, the wide range of services in addition to investment management services provided to the Nuveen funds when the Adviser is principally responsible for all aspects of operating the funds, including the increased regulatory requirements that must be met in managing the funds, the larger account sizes of managed accounts and 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. Further, the Board has 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 has previously concluded that the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In conjunction with their review of fees, at the Meeting and/or at prior meetings, the Independent Board Members have considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2018 and 2017. The Board has previously reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax); revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services; and comparative profitability data comparing the margins of Nuveen compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) for the 2018 and 2017 calendar years. The Board has also reviewed the revenues and expenses the Adviser derived from its exchange-traded fund product line that was launched in 2016. The Independent Board Members have noted that Nuveen’s net margins were higher in 2018 than the previous year and considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between the years. The Board has considered the costs of investments in the Nuveen business, including the investment of seed capital in certain Nuveen funds and additional investments in infrastructure and technology. The Independent Board Members have also noted that Nuveen’s margins from its relationships with the Nuveen funds were on the low range compared to the adjusted margins of the peers; however, the Independent Board Members have recognized the inherent limitations of the comparative data of other publicly traded peers given that the calculation of profitability is rather subjective and numerous factors (such as types of funds, business mix, cost of capital, methodology to allocate expenses and other factors) can have a significant impact on the results.
Aside from Nuveen’s profitability, the Board has recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board has also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2018 and 2017 calendar years to consider the financial strength of TIAA having recognized the importance of having an adviser with significant resources.
222
 

In addition, the Independent Board Members have reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre-and post-tax) for its advisory activities for the calendar year ended December 31, 2018. The Independent Board Members have also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2018 and the pre- and post-tax revenue margin from 2018 and 2017.
In evaluating the reasonableness of the compensation, the Independent Board Members have 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 has noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members considered whether the Fund could be expected to benefit from any economies of scale. Although the Board has recognized that economies of scale are difficult to measure, the Independent Board Members have noted that economies of scale may be shared in various ways, including through breakpoints in the management fee schedule and through the Adviser’s investment in its business, which can enhance the services provided to the Nuveen funds. With respect to breakpoint schedules, because the Board has previously recognized that economies of scale may occur not only when the assets of a particular Nuveen fund grow, but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex level reduces fees on the Nuveen funds as the eligible assets in the complex pass certain thresholds. Accordingly, the Independent Board Members reviewed and considered the proposed management fees for the Fund, taking into account the fund-level and complex-level breakpoint schedules. In this regard, however, the Fund is a closed-end fund and the Independent Board Members have recognized that although closed-end funds may from time to time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. In addition, the Independent Board Members have recognized the Adviser’s continued reinvestment in its business through, among other things, investments in its business infrastructure and information technology, portfolio accounting system as well as other systems and platforms that will, among other things, support growth, simplify and enhance information sharing, and enhance the investment process to the benefit of all of the Nuveen funds.
Based on their review, the Independent Board Members concluded that the proposed fee structure was acceptable and reflected economies of scale to be shared with the Fund’s shareholders when assets under management increase.
E. Indirect Benefits
The Independent Board Members received and considered information at the Meeting and/or at prior meetings regarding other benefits that a Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. With respect to closed-end funds, the Independent Board Members have considered that an affiliate of the Adviser serves as co-manager in the initial public offerings of new closed-end funds for which it may receive revenue and serves as an underwriter on shelf offerings of existing closed-end funds for which it receives compensation.
In addition to the above, at the Meeting and/or at prior meetings, the Independent Board Members have noted that the Sub-Adviser engages in soft dollar transactions pursuant to which it may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board, however, has noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board has noted that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own
223
 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
resources, the research may also benefit a Nuveen fund to the extent it enhances the ability of the Sub-Adviser to manage such fund or is acquired through the commissions paid on portfolio transactions of other clients.
Based on their review, the Independent Board Members concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.
F. Approval
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreement and the Sub-Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services to be provided to the Fund and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.
224
 

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, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members: 
 
 
 
 
 
■ TERENCE J. TOTH 
 
 
Formerly, a Co-Founding Partner, Promus Capital (investment advisory 
 
1959 
 
 
firm) (2008-2017); Director, Quality Control Corporation (manufacturing) 
 
333 W. Wacker Drive 
Chairman and 
2008 
(since 2012); member: Catalyst Schools of Chicago Board (since 2008) 
150 
Chicago, IL 6o6o6 
Board Member 
Class II 
and Mather Foundation Board (philanthropy) (since 2012), and chair of 
 
 
 
 
its Investment Committee; formerly, Director, Fulcrum IT Services LLC 
 
 
 
 
(information technology services firm to government entities) (2010-2019); 
 
 
 
 
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). 
 
 
JACK B. EVANS 
 
 
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine 
 
1948 
 
 
Foundation, (private philanthropic corporation); Director and Chairman, 
 
333 W. Wacker Drive 
Board Member 
1999 
United Fire Group, a publicly held company; Director, Public Member, 
150 
Chicago, IL 6o6o6 
 
Class III 
American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe 
 
 
 
 
College and the Iowa College Foundation; formerly, President Pro-Tem of 
 
 
 
 
the Board of Regents for the State of Iowa University System; formerly, 
 
 
 
 
Director, Alliant Energy and The Gazette Company (media and publishing); 
 
 
 
 
formerly, Director, Federal Reserve Bank of Chicago; formerly, President 
 
 
 
 
and Chief Operating Officer, SCI Financial Group, Inc., (regional financial 
 
 
 
 
services firm). 
 
 
■ WILLIAM C. HUNTER 
 
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University of 
 
1948 
 
 
Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director 
 
333 W. Wacker Drive 
Board Member 
2003 
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., 
150 
Chicago, IL 6o6o6 
 
Class I 
The International Business Honor Society; formerly, Director (2004-2018) 
 
 
 
 
of Xerox Corporation; Dean and Distinguished Professor of Finance, 
 
 
 
 
School of Business at the University of Connecticut (2003-2006); 
 
 
 
 
previously, Senior Vice President and Director of Research at the Federal 
 
 
 
 
Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), 
 
 
 
 
Credit Research Center at Georgetown University. 
 
 
225
 

Board Members & Officers (Unaudited) (continued)
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
■ ALBIN F. MOSCHNER 
 
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, 
 
1952 
 
 
(management consulting) (since 2012); formerly, Chairman (2019), and 
 
333 W. Wacker Drive 
Board Member 
2016 
Director (2012-2019), USA Technologies, Inc., (provider of solutions 
150 
Chicago, IL 6o6o6 
 
Class III 
and services to facilitate electronic payment transactions); formerly, 
 
 
 
 
Director, Wintrust Financial Corporation (1996-2016); previously, held 
 
 
 
 
positions at Leap Wireless International, Inc., (telecommunication 
 
 
 
 
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) 
 
 
 
 
and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation 
 
 
 
 
(consumer electronics). 
 
 
■ JOHN K. NELSON 
 
 
Member of Board of Directors of Core12 LLC. (private firm which 
 
1962 
 
 
develops branding, marketing and communications strategies for 
 
333 W. Wacker Drive 
Board Member 
2013 
clients) (since 2008); served on The President’s Council of Fordham 
150 
Chicago, IL 6o6o6 
 
Class II 
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. 
 
 
■ JUDITH M. STOCKDALE 
 
 
Board Member, Land Trust Alliance (national public charity addressing 
 
1947 
 
 
natural land and water conservation in the U.S.) (since 2013); formerly, 
 
333 W. Wacker Drive 
Board Member 
1997 
Board Member, U.S. Endowment for Forestry and Communities (national 
150 
Chicago, IL 6o6o6 
 
Class I 
endowment addressing forest health, sustainable forest production and 
 
 
 
 
markets, and economic health of forest-reliant communities in the U.S.) 
 
 
 
 
(2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy 
 
 
 
 
Donnelley Foundation (private foundation endowed to support both natural 
 
 
 
 
land conservation and artistic vitality); prior thereto, Executive Director, 
 
 
 
 
Great Lakes Protection Fund (1990-1994). 
 
 
■ CAROLE E. STONE 
 
 
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); 
 
1947 
 
 
and C2 Options Exchange, Incorporated (2009-2017); former Director, 
 
333 W. Wacker Drive 
Board Member 
2007 
Cboe, Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May 
150 
Chicago, IL 6o6o6 
 
Class I 
2020); formerly, Commissioner, New York State Commission on 
 
 
 
 
Public Authority Reform (2005-2010). 
 
 
MATTHEW THORNTON III 
 
 
Formerly, Executive Vice President and Chief Operating Officer 
 
1958 
 
 
(2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation 
 
333 West Wacker Drive 
Board Member 
2020 
(“FedEx”) (provider of transportation, e-commerce and business services 
150 
Chicago, IL 60606 
 
Class III 
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 November 2020), Crown Castle International 
 
 
 
Corp. (owns, operates and leases cell towers and fiber routes supporting small 
 
 
 
cells and fiber solutions). 
 
 
226
 

         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
■ MARGARET L. WOLFF 
 
 
Formerly, member of the Board of Directors (2013-2017) of Travelers 
 
1955 
 
 
Insurance Company of Canada and The Dominion of Canada General 
 
333 W. Wacker Drive 
Board Member 
2016 
Insurance Company (each, a part of Travelers Canada, the Canadian 
 
Chicago, IL 6o6o6 
 
Class I 
operation of The Travelers Companies, Inc.); formerly, Of Counsel, 
150 
 
 
 
Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & 
 
 
 
 
Acquisitions Group) (2005-2014); Member of the Board of Trustees 
 
 
 
 
of New York-Presbyterian Hospital (since 2005); Member (since 2004) 
 
 
 
 
and Chair (since 2015) of the Board of Trustees of The John A. Hartford 
 
 
 
 
Foundation (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. 
 
 
■ ROBERT L. YOUNG 
 
 
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment 
 
1963 
 
 
Management Inc. (financial services) (2010-2016); formerly, President 
 
333 W. Wacker Drive 
Board Member 
2017 
and Principal Executive Officer (2013-2016), and Senior Vice President 
150 
Chicago, IL 6o6o6 
 
Class II 
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). 
 
 
227
 

Board Members & Officers (Unaudited) (continued)
       
Name, 
Position(s) Held 
Year First 
Principal 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
& Address 
 
Appointed(2) 
During Past 5 Years 
 
Officers of the Funds: 
 
 
 
 
■ DAVID J. LAMB 
 
 
Managing Director of Nuveen Fund Advisors, LLC (since 2020); Managing Director (since 2017), 
1963 
Chief 
 
formerly, Senior Vice President of Nuveen (since 2006), Vice President prior to 2006. 
333 W. Wacker Drive 
Administrative 
2015 
 
Chicago, IL 6o6o6 
Officer 
 
 
 
■ MARK J. CZARNIECKI 
 
 
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund 
1979 
Vice President 
 
Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and 
901 Marquette Avenue 
and Assistant 
2013 
Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management 
Minneapolis, MN 55402 
Secretary 
 
(since 2018). 
 
■ DIANA R. GONZALEZ 
 
 
Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice 
1978 
Vice President 
 
President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel 
333 W. Wacker Drive 
and Assistant 
2017 
of Jackson National Asset Management (2012-2017). 
Chicago, IL 6o6o6 
Secretary 
 
 
 
■ NATHANIEL T. JONES 
 
 
Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice 
1979 
 
 
President (2011-2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; 
333 W. Wacker Drive 
Vice President 
 
Chartered Financial Analyst. 
Chicago, IL 6o6o6 
and Treasurer 
2016 
 
 
■ TINA M. LAZAR 
 
 
Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen 
1961 
 
 
Securities, LLC. 
333 W. Wacker Drive 
Vice President 
2002 
 
Chicago, IL 6o6o6 
 
 
 
 
■ BRIAN J. LOCKHART 
 
 
Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), 
1974 
 
 
formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), 
333 W. Wacker Drive 
Vice President 
2019 
formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified 
Chicago, IL 6o6o6 
 
 
Financial Risk Manager. 
 
■ JACQUES M. LONGERSTAEY 
 
 
Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing 
1963 
 
 
Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model 
8500 Andrew 
Vice President 
2019 
Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). 
Carnegie Blvd. 
 
 
 
Charlotte, NC 28262 
 
 
 
 
■ KEVIN J. MCCARTHY 
 
 
Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen 
1966 
Vice President 
 
Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and 
333 W. Wacker Drive 
and Assistant 
2007 
Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary 
Chicago, IL 6o6o6 
Secretary 
 
(since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and 
 
 
 
Managing Director (2008-2016); Senior Managing Director (since 2017), and Secretary (since 2016) 
 
 
 
of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President 
 
 
 
(2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior 
 
 
 
Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, 
 
 
 
formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and 
 
 
 
Managing Director and Assistant Secretary (2011- 2016); Senior Managing Director (since 2017) 
 
 
 
and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President 
 
 
 
(2016- 2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, 
 
 
 
of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa 
 
 
 
Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior 
 
 
 
Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. 
 
■ JON SCOTT MEISSNER 
 
 
Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); 
1973 
 
 
Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers 
8500 Andrew 
Vice President 
2019 
Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 
Carnegie Blvd. 
 
 
2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate 
Charlotte, NC 28262 
 
 
Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. 
 
228
 

       
Name, 
Position(s) Held 
Year First 
Principal 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
& Address 
 
Appointed(2) 
During Past 5 Years 
 
Officers of the Funds (continued): 
 
 
 
■ DEANN D. MORGAN 
 
 
President, Nuveen Fund Advisors, LLC (since November 2020); Executive Vice President, Global 
1969 
 
 
Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC 
730 Third Avenue 
Vice President 
2020 
since March 2020); Managing Member MDR Collaboratory LLC (since 2018); Managing Director, 
New York, NY 10017 
 
 
(Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone 
 
 
 
Group (2013-2017) 
 
■ CHRISTOPHER M. ROHRBACHER 
 
 
Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing 
1971 
Vice President 
 
Director (since 2017), formerly, Senior Vice President (2016-2017), General Counsel (since 2020), 
333 W. Wacker Drive 
and Assistant 
2008 
formerly, Co-General Counsel (2019-2020) and Assistant Secretary (since 2016) of Nuveen 
Chicago, IL 6o6o6 
Secretary 
 
Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of 
 
 
 
Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017), formerly, Senior 
 
 
 
Vice President (2012-2017) and Associate General Counsel (since 2016), formerly, Assistant General 
 
 
 
Counsel (2008-2016) of Nuveen. 
 
■ WILLIAM A. SIFFERMANN 
 
 
Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President 
1975 
 
 
(2011-2016) of Nuveen. 
333 W. Wacker Drive 
Vice President 
2017 
 
Chicago, IL 6o6o6 
 
 
 
 
■ E. SCOTT WICKERHAM 
 
 
Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, 
1973 
Vice President 
 
Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisers, LLC; Principal 
8500 Andrew 
and Controller 
2019 
Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, 
Carnegie Blvd. 
 
 
the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the 
Charlotte, NC 28262 
 
 
CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various 
 
 
 
positions with TIAA since 2006. 
 
■ MARK L. WINGET 
 
 
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund 
1968 
Vice President 
 
Advisors, LLC (since 2009); Vice President, Associate General Counsel and Assistant Secretary of 
333 W. Wacker Drive 
and Secretary 
2008 
Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General 
Chicago, IL 60606 
 
 
Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. 
 
■ GIFFORD R. ZIMMERMAN 
 
 
Formerly: Managing Director (2002-2020) and Assistant Secretary of Nuveen Securities, LLC; 
1956 
Vice President 
 
Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011- 
333 W. Wacker Drive 
and Chief 
1988 
2020) of Nuveen Fund Advisors, LLC; Managing Director (2004-2020) and Assistant Secretary 
Chicago, IL 60606 
Compliance Officer 
 
(1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate 
 
 
 
General Counsel of Nuveen Asset Management, LLC (2011-2020); Vice President (2017-2020) 
 
 
 
Managing Director (2003-2017) and Assistant Secretary (2003-2020) of Symphony Asset 
 
 
 
Management LLC; Vice President and Assistant Secretary of NWQ Investment Management 
 
 
 
Company, LLC, Santa Barbara Asset Management, LLC (2006-2020) and of Winslow Capital 
 
 
 
Management, LLC (2010-2020); Chartered Financial Analyst. 
 
(1)     
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.
(2)     
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex.

229
 

Notes

230
 

Notes

231
 


Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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.
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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 professional, 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
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
EAN-C-1020D 1434972-INV-Y-12/21



 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/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 Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Municipal Credit Opportunities 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 her absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2020
 
$
31,960
   
$
10,000
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2019
 
$
17,727
   
$
0
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               

1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.
   
         
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
         
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
 
         
5 Fund commenced operations on 9/19/2019.
     

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

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2020
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2019
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     

NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2020
 $                            0
 $                                  0
 $                                0
 $                        0
October 31, 2019
 $                            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 her 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, William C. Hunter, John K. Nelson, Judith M. Stockdale and Carole E. Stone, Chair.
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services.  The following section provides information on the portfolio manager at the Sub-Adviser:
Item 8(a)(1).   PORTFOLIO MANAGER BIOGRAPHIES
As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Manager”) have primary responsibility for the day-to-day implementation of the Fund’s investment strategy:
 
Steven M. Hlavin is a Managing Director of Nuveen Asset Management. He is a member of the High Yield Portfolio Management Team, and serves as a portfolio manager for the Nuveen Short Duration High Yield Municipal Bond Strategy and supports the management of the firm’s other High Yield Municipal Bond portfolios. He oversees a number of state-specific, tax-exempt portfolios including the Kansas Municipal Bond, Louisiana Municipal Bond and Wisconsin Municipal Bond Strategies. He is also responsible for the tender option bond/inverse floating rate program used by some of the firm’s closed-end and open-end funds. In addition, he manages two closed-end funds that rely on the use of tender option bonds for leverage and co-manages several ETFs. He joined the firm in 2003.

John V. Miller, C.F.A., serves as the head of Nuveen Municipals for Nuveen Asset Management, responsible for the investment process and performance of the firm’s municipal fixed income group. He is also the lead manager of the High Yield Municipal Bond Strategy, the California High Yield Municipal Bond Strategy, and related institutional portfolios. In addition, he co-manages the All-American Municipal Bond Strategy and the Strategic Municipal Opportunities Strategy and oversees a number of closed-end funds. Mr. Miller’s background features nearly 20 years of experience in the municipal marketplace. Before being named the co-head of Nuveen Municipals in 2011, he was chief investment officer for the firm’s municipal bond team starting in 2007. He was named a managing director and head of portfolio management for Nuveen Asset Management in 2006. Mr. Miller earned a B.A. in economics and political science from Duke University, an M.A. in economics from Northwestern University and an M.B.A. in finance with honors from the University of 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
In addition to the Fund, as of October 31, 2020, 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*
Steven M. Hlavin
Registered Investment Company
10
$14.8 billion
 
Other Pooled Investment Vehicles
1
$  331 million
 
Other Accounts
0
$  0
       
John V. Miller
Registered Investment Company
11
$36.28 billion
 
Other Pooled Investment Vehicles
10
$853 million
 
Other Accounts
13
$ 71 million
*
Assets are as of October 31, 2020.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
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.

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 managers are compensated through a combination 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 three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent 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 NMCO SECURITIES AS OF OCTOBER 31, 2020.

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
Steven M. Hlavin
X
           
John V. Miller
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.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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


(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 Municipal Credit Opportunities Fund

By (Signature and Title) /s/ Mark L. Winget
Mark L. Winget
Vice President and Secretary
 
Date: January 7, 2021

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 7, 2021
 
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)

Date: January 7, 2021
 
 




Exhibit 99.CERT
CERTIFICATION

I, David J. Lamb, certify that:

1.  
I have reviewed this report on Form N-CSR of Nuveen Municipal Credit Opportunities 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 7, 2021
 
/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 Municipal Credit Opportunities 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 7, 2021
 
/s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and 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 Municipal Credit Opportunities 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, 2020 (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 7, 2021
 
/s/ David J. Lamb
David J. Lamb
Chief Administrative Officer
(principal executive officer)

/s/ E. Scott Wickerham
E. Scott Wickerham
Vice President, Controller
(principal financial officer)



Nuveen Asset Management, LLC
Proxy Voting Policies and Procedures
Effective Date: January 1, 2011, as last amended March 05, 2020

I. General Principles
     A. Nuveen Asset Management, LLC (“NAM”) is an investment sub-adviser for certain of the Nuveen Funds (the “Funds”) and investment adviser for institutional and other separately managed accounts (collectively, with the Funds, “Accounts”). As such, Accounts may confer upon NAM complete discretion to vote proxies.1
     B. When NAM has proxy voting authority, it is NAM’s duty to vote proxies in the best interests of its clients (which may involve affirmatively deciding that voting the proxies may not be in the best interests of certain clients on certain matters). In voting proxies, NAM also seeks to enhance total investment return for its clients.
     C. If NAM contracts with another investment adviser to act as a sub-adviser for an Account, NAM may delegate proxy voting responsibility to the sub-adviser. Where NAM has delegated proxy voting responsibility, the sub-adviser will be responsible for developing and adhering to its own proxy voting policies, subject to oversight by NAM.
     D. NAM’s Proxy Voting Committee (“PVC”) provides oversight of NAM’s proxy voting policies and procedures, including (1) providing an administrative framework to facilitate and monitor the exercise of such proxy voting and to fulfill the obligations of reporting and recordkeeping under the federal securities laws; and (2) approving the proxy voting policies and procedures.
II. Policies
The PVC after reviewing and concluding that such policies are reasonably designed to vote proxies in the best interests of clients, has approved and adopted the proxy voting policies (“Policies”) of Institutional Shareholder Services, Inc. (“ISS”), a leading national provider of proxy voting administrative and research services.i As a result, such Policies set forth NAM’s positions on recurring proxy issues and criteria for addressing non-recurring issues. These Policies are reviewed periodically by ISS, and therefore are subject to change. Even though it has adopted the Policies as drafted by ISS, NAM maintains the fiduciary responsibility for all proxy voting decisions.

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NAM does not vote proxies where a client withholds proxy voting authority, and in certain non-discretionary and model programs NAM votes proxies in accordance with its Policies in effect from time to time. Clients may opt to vote proxies themselves, or to have proxies voted by an independent third party or other named fiduciary or agent, at the client’s cost. i ISS has separate polices for Taft Hartley plans and it is NAM’s policy to apply the Taft Hartley polices to accounts that are Taft Hartley plans and have requested the application of such policies.

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III. Procedures
     A. Supervision of Proxy Voting. Day-to-day administration of proxy voting may be provided internally or by a third-party service provider, depending on client type, subject to the ultimate oversight of the PVC. The PVC shall supervise the relationships with NAM’s proxy voting services, ISS. ISS apprises Nuveen Global Operations (“NGO”) of shareholder meeting dates, and casts the actual proxy votes. ISS also provides research on proxy proposals and voting recommendations. ISS serves as NAM’s proxy voting record keepers and generate reports on how proxies were voted. NGO periodically reviews communications from ISS to determine whether ISS voted the correct amount of proxies, whether the votes were cast in a timely manner, and whether the vote was in accordance with the Policies or NAM’s specific instructions
 B. General Avoidance of Conflicts of Interest.
1.    NAM believe that most conflicts of interest faced by NAM in voting proxies can be avoided by voting in accordance with the Policies. Examples of such conflicts of interest are as follows:2
a.    The issuer or proxy proponent (e.g., a special interest group) is TIAA-CREF, the ultimate principal owner of NAM, or any of its affiliates.
b.    The issuer is an entity in which an executive officer of NAM or a spouse or domestic partner of any such executive officer is or was (within the past three years of the proxy vote) an executive officer or director.
c.    The issuer is a registered or unregistered fund or other client for which NAM or another affiliated adviser has a material relationship as investment adviser or sub-adviser (e.g., Nuveen Funds and TIAA Funds) or an institutional separate account.
d.    Any other circumstances that NAM is aware of where NAM’s duty to serve its clients’ interests, typically referred to as its “duty of loyalty,” could be materially compromised.
2.    To further minimize this risk, Compliance will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest ISS may face.


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A conflict of interest shall not be considered material for the purposes of these Policies and Procedures with respect to a specific vote or circumstance if the matter to be voted on relates to a restructuring of the terms of existing securities or the issuance of new securities or a similar matter arising out of the holding of securities, other than common equity, in the context of a bankruptcy or threatened bankruptcy of the issuer.

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3.    In the event that ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote. The PVC shall receive voting direction from appropriate investment personnel. Before doing so, the PVC will consult with Legal to confirm that NAM faces no material conflicts of its own with respect to the specific proxy vote.
4.    Where ISS is determined to have a conflict of interest, or NAM determines to override the Policies and is determined to have a conflict, the PVC will recommend to NAM’s Compliance Committee or designee a course of action designed to address the conflict. Such actions could include, but are not limited to:
a.    Obtaining instructions from the affected client(s) on how to vote the proxy;
b.    Disclosing the conflict to the affected client(s) and seeking their consent to permit NAM to vote the proxy;
c.    Voting in proportion to the other shareholders;
e.    Recusing the individual with the actual or potential conflict of interest from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or
f.     Following the recommendation of a different independent third party.
5.    In addition to all of the above-mentioned and other conflicts, the Head of Equity Research, NGO and any member of the PVC must notify NAM’s Chief Compliance Officer (“CCO”) of any direct, indirect or perceived improper influence exerted by any employee, officer or director of TIAA or its subsidiaries with regard to how NAM should vote proxies. NAM Compliance will investigate any such allegations and will report the findings to the PVC and, if deemed appropriate, to NAM’s Compliance Committee. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, NAM will not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.
     C. Proxy Vote Override. From time to time, a portfolio manager of an account (a “Portfolio Manager”) may initiate action to override the Policies’ recommendation for a particular vote. Any such override by a NAM Portfolio Manager (but not a sub-adviser Portfolio Manager)
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shall be reviewed by NAM’s Legal Department for material conflicts. If the Legal Department determines that no material conflicts exist, the approval of one member of the PVC shall authorize the override. If a material conflict exists, the conflict and, ultimately, the override recommendation will be rejected and will revert to the original Policies recommendation or will be addressed pursuant to the procedures described above under “Conflicts of Interest.”
In addition, the PVC may determine from time to time that a particular recommendation in the Policies should be overridden based on a determination that the recommendation is inappropriate and not in the best interests of shareholders. Any such determination shall be reflected in the minutes of a meeting of the PVC at which such decision is made.
D. Securities Lending.
1.    In order to generate incremental revenue, some clients may participate in a securities lending program. If a client has elected to participate in the lending program then it will not have the right to vote the proxies of any securities that are on loan as of the shareholder meeting record date. A client, or a Portfolio Manager, may place restrictions on loaning securities and/or recall a security on loan at any time. Such actions must be affected prior to the record date for a meeting if the purpose for the restriction or recall is to secure the vote.
2.    Portfolio Managers and/or analysts who become aware of upcoming proxy issues relating to any securities in portfolios they manage, or issuers they follow, will consider the desirability of recalling the affected securities that are on loan or restricting the affected securities prior to the record date for the matter. If the proxy issue is determined to be material, and the determination is made prior to the shareholder meeting record date the Portfolio Manager(s) will contact the Securities Lending Agent to recall securities on loan or restrict the loaning of any security held in any portfolio they manage, if they determine that it is in the best interest of shareholders to do so.
     E. Proxy Voting Records. As required by Rule 204-2 of the Investment Advisers Act of 1940, NAM shall make and retain five types of records relating to proxy voting; (1) NAM’s Policies; (2) proxy statements received for securities in client accounts; (3) records of proxy votes cast by NAM on behalf of clients accounts; (4) records of written requests from clients about how NAM voted their proxies, and written responses from NAM to either a written or oral request by clients; and (5) any documents prepared by the adviser that were material to making a proxy voting decision or that memorialized the basis for the decision. NAM relies on ISS to make and retain on NAM’s behalf certain records pertaining to Rule 204-2.
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     F. Fund of Funds Provision. In instances where NAM provides investment advice to a fund of funds that acquires shares of affiliated funds or three percent or more of the outstanding voting securities of an unaffiliated fund, the acquiring fund shall vote the shares in the same proportion as the vote of all other shareholders of the acquired fund. If compliance with this procedure results in a vote of any shares in a manner different than the Policies’ recommendation, such vote will not require compliance with the Proxy Vote Override procedures set forth above.
     G. Legacy Securities. To the extent that NAM receives proxies for securities that are transferred into an account’s portfolio that were not recommended or selected by it and are sold or expected to be sold promptly in an orderly manner (“legacy securities”), NAM will generally refrain from voting such proxies. In such circumstances, since legacy securities are expected to be sold promptly, voting proxies on such securities would not further NAM’s interest in maximizing the value of client investments. NAM may agree to an account’s special request to vote a legacy security proxy, and would vote such proxy in accordance with the Policies.
     H. Terminated Accounts. Proxies received after the termination date of an account generally will not be voted. An exception will be made if the record date is for a period in which an account was under NAM’s discretionary management or if a separately managed account (“SMA”) custodian failed to remove the account’s holdings from its aggregated voting list.
     I. Non-votes. NGO shall be responsible for obtaining reasonable assurance from ISS that it voted proxies on NAM’s behalf, and that any special instructions from NAM about a given proxy or proxies are submitted to ISS in a timely manner. It should not be considered a breach of this responsibility if NGO or NAM does not receive a proxy from ISS or a custodian with adequate time to analyze and direct to vote or vote a proxy by the required voting deadline.
            NAM may determine not to vote proxies associated with the securities of any issuer if as a result of voting such proxies, subsequent purchases or sales of such securities would be blocked. However, NAM may decide, on an individual security basis that it is in the best interests of its clients to vote the proxy associated with such a security, taking into account the loss of liquidity. In addition, NAM may determine not to vote proxies where the voting would in NAM’s judgment result in some other financial, legal, regulatory disability or burden to the client (such as imputing control with respect to the issuer) or to NAM or its affiliates.
            NAM may determine not to vote securities held by SMAs where voting would require the transfer of the security to another custodian designated by the issuer. Such transfer is generally outside the scope of NAM’s authority and may result in significant operational limitations on NAM’s ability to conduct transactions relating to the securities during the period of transfer. From time to time, situations may arise (operational or otherwise) that prevent NAM from voting proxies after reasonable attempts have been made.
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J. Review and Reports.
1.   The PVC shall maintain a review schedule. The schedule shall include reviews of the Policies and the policies of any Sub-adviser engaged by NAM, the proxy voting record, account maintenance, and other reviews as deemed appropriate by the PVC. The PVC shall review the schedule at least annually.
2.   The PVC will report to NAM’s Compliance Committee with respect to all identified conflicts and how they were addressed. These reports will include all accounts, including those that are sub-advised. NAM also shall provide the Funds that it sub-advises with information necessary for preparing Form N-PX.
     K. Vote Disclosure to Clients. NAM’s institutional and SMA clients can contact their relationship manager for more information on NAM’s Policies and the proxy voting record for their account. The information available includes name of issuer, ticker/CUSIP, shareholder meeting date, description of item and NAM’s vote.
IV. Responsible Parties
PVC
NGO
NAM Compliance
Legal Department




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