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 811-23489

Nuveen Dynamic Municipal 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: October 31

Date of reporting period: April 30, 2021

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.



Closed-End 
30 April 
Funds 
2021 
 
Nuveen Municipal Closed-End Funds
   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
NZF 
Nuveen Municipal Credit Income Fund 
NMZ 
Nuveen Municipal High Income Opportunity Fund 
NMCO
Nuveen Municipal Credit Opportunities Fund
NDMO 
Nuveen Dynamic Municipal Opportunities Fund
 
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #2 or (ii) by logging into your Investor Center account at www.computershare.com/investor and clicking on “Communication Preferences”. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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Table of Contents

   
   
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3

 

Chair’s Letter
to Shareholders
Dear Shareholders,
More than a year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year of global economic recession, financial market turbulence and some immeasurable losses. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our “new normal” might be.
With vaccine progress and economic stimulus providing real benefits to the global economy, markets continue to anticipate a strong rebound in growth, especially in the U.S., along with higher inflation. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 tril-lion relief package was signed into law in March 2021 providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around the world remain committed to supporting the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity, resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and market observers, while the Fed and other central banks believe it to be more transitory.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals, particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are still elevated in some regions, as more virulent strains have spread and vaccination rollouts have been uneven around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored and what level of public inoculation would be sufficient to contain the virus spread. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
If you have concerns about what’s coming next, it can be an opportune time to assess your portfolio. 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
June 22, 2021
4

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 key investment strategies and the six-month performance of NVG, NZF, NMZ, NMCO and NDMO. 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.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
Vaccination progress across Western countries has been encouraging for the markets, although the spread of new variants of the COVID-19 coronavirus is being closely watched. Although the pace of vaccinations in the U.S. has recently slowed, half of U.S. states and Washington D.C. have fully vaccinated at least 50% of their adult populations as of May 2021 according to the Centers for Disease Control and Prevention. In other regions of the world, vaccine rollouts have been slower than expected. Nevertheless, there are more vaccines still in development, some of which have announced positive trial results, vaccine trials have begun for children and governments are looking to adjust rollout plans to speed and/or broaden distribution.
After moderating in late 2020, the U.S. economic recovery reaccelerated in early 2021 as vaccinations, reopening and federal stimulus checks encouraged consumer spending. Pledges from central banks and governments to sustain the recovery with policy support are underpinning positive economic outlooks for the full year and beyond. The U.S. government approved a $900 billion relief package in late December 2020 and followed with another $1.9 trillion stimulus plan in March 2021. The Biden administration has proposed a $2 trillion infrastructure improvement plan and a $1.8 trillion families plan investing in education, child care, paid family leave and other support, although the specifics of both proposals are expected to be highly debated in Congress.
Markets rallied on optimism for normalization in daily life and in the economy, furthering the recovery from the March 2020 sell-off. Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks

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.

5

 

Portfolio Managers’ Comments (continued)

and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® Index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shut-downs across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows.
Nuveen Fund Advisors, LLC, and the portfolio management teams are monitoring the situation carefully and managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
What key strategies were used to manage the five Funds during the six-month reporting period ended April 30, 2021, 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.
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 belowB3/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 bank-

6
 

ruptcy 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.
In the six-month reporting period, the municipal bond market continued to recover amid upgraded economic forecasts, additional fiscal stimulus and the Federal Reserve’s commitment to accommodative monetary policy. Municipal yields declined for most maturities, and the municipal yield curve flattened slightly. Credit spreads narrowed further as the municipal credit outlook improved and investors continued to seek higher yielding investments lower down the credit spectrum. Against this backdrop, municipal bonds had positive performance in the six-month 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 relatively light during this reporting period, driven largely by the reinvestment of cash flows from called and maturing bonds and coupon income, net of Fund dividends and expenses. While the NVG’s average credit quality was unchanged during the reporting period, purchases were slightly skewed toward higher credit quality, given incrementally better relative value and the available opportunity set in the investment grade market at the time. High grade paper NVG bought included tax supported (Triborough Bridge and Tunnel Authority MTA Payroll Mobility Tax Bonds and Dormitory Authority of the State of New York Personal Income Tax Bonds), single- and multi-family housing bonds (issued in Colorado, Massachusetts, North Dakota and Minnesota), transportation (Harris County Toll Revenue and Maintenance Tax Bonds and Illinois State Toll Highway Authority Revenue Bonds) and utility (New York City Municipal Water & Sewer System and Georgia Transmission Corporation Pollution Control Revenue Bonds). NVG also bought lower rated investment grade and below investment grade issues for Puerto Rico sales tax revenue (known as COFINAs), New Jersey State Transportation Trust Fund Authority Bonds, EnergyHarbor senior debt (refinanc-ing), Denver Transit Partners LLC Eagle P3 Project Private Activity Bonds, Metropolitan Transportation Authority (MTA) Transportation Revenue Bonds (New York), Queens Ballpark Company LLC Revenue Bonds (New York), Family Life Academy Charter School Revenue Bonds (New York) and Tobacco Settlement Authority of Iowa (refinancing). Redemptions from NVG’s portfolio during this reporting period were mainly pre-refunded bonds, with some tactical selling across various sectors.
With interest rates lower and credit spreads recovering to near their pre-COVID-19 levels, NZF’s trading activity was relatively lighter during the six-month reporting period compared to the six months preceding this reporting period. Purchases were primarily driven by incoming cash from called and maturing bonds and, when needed, selling some very short dated pre-refunded bonds to make opportunistic investments. Given the tightness of credit spreads and lower overall yields on offer in the prevailing market, NZF tended to focus more on buying high grade bonds that offered liquidity and incremental spread. NZF added high grade, state general obligation (GO) bonds for Wisconsin and California, and a New York City GO. NZF also invested in mid-grade (A and BBB rated) credits including health care, transportation (toll roads) and New Jersey appropriation debt, as well as selectively added to below investment grade exposure with buys in Florida high-speed train Brightline, Puerto Rico COFINAs and health care. Some of NZF’s COFINAs exposure was bought as part of a rotation strategy that pared the Fund’s Chicago exposure, as spreads have contracted significantly for the Chicago bonds and upside performance appears more limited from here, and rotated into COFINAs. We also executed some tax loss swaps within the COFINA position. This strategy entailed selling depreciated COFINA bonds with lower yields and buying similarly structured but higher yielding COFINA bonds. We implemented this approach to enhance the Fund’s income earning capability and seek to make the Fund more tax efficient.
For NMZ, the proceeds from called and maturing bonds provided ample cash to reinvest in new opportunities. Some of the more prominent bonds redeemed during this reporting period included Puerto Rico Aqueduct and Sewer (PRASA), Brightline, Regional Transportation District of Colorado and Castle Oaks Metropolitan District (Colorado). There was no active selling for credit reasons in this reporting period. NMZ continued to buy bonds across its longstanding themes, including charter schools (California Crosspoint Academy), industrial development revenue (Hoover Industrial Development Board for U.S. Steel), real estate backed (Colorado Northfield Metropolitan District), a new issue for Brightline (Florida) to fund the completion of its next phase and Puerto Rico COFINAs. Buying was mainly in the new issue market, where there was more relative value on offer, as the secondary market has stabilized since the high yield sell-off early in the COVID-19 crisis.
7

Portfolio Managers’ Comments (continued)

NMCO was somewhat active in this reporting period, buying bonds across a diverse group of sectors and focusing on those credits that still represented good relative values and wider credit spreads. New purchases were made with coupon income and the proceeds from called and maturing bonds. NMCO continued to build a position in Puerto Rico GOs, where the credit outlook has improved, and participated in a new issue for Brightline after holdings in some older, lower coupon Brightline bonds were refunded. There were no notable sales from NMCO’s portfolio in this reporting period.
NDMO, which began operations in August 2020, completed its invest-up phase. The portfolio was fully invested during this reporting period, emphasizing longer duration and lower rated, higher yielding bonds (including lower rated investment grade, below investment grade and non-rated debt) for their higher income earnings and total return potential. NDMO reinvested the cash flows from coupon income and maturing bonds to stay fully invested.
NDMO managed the duration of its portfolio by shorting interest rate futures contracts. The interest rate futures had a negligible impact on the performance during the reporting period.
As of April 30, 2021, the Funds continued to use inverse floating rate securities. The Funds employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement.
How did the five Funds perform during the six-month reporting period ended April 30, 2021?
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 April 30, 2021. Each Fund’s total returns at NAV are compared with the performance of a corresponding market index.
For the six months ended April 30, 2021, the total returns at NAV for NVG and NZF outperformed the return for the national S&P Municipal Bond Index. NVG and NZF outperformed the return for the secondary benchmark (the “Blended Index” composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index), and NMZ, NMCO and NDMO outperformed the return on the S&P Municipal Yield Index. For the purposes of this Performance Commentary, mentions of relative performance comparisons are as follows: NVG and NZF (Blended Index), NMZ, NMCO and NDMO (S&P Municipal Yield 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.
During the reporting period, yields fell across the shortest and longest maturities, but rose in the short-intermediate part of the curve. Given this dynamic, longer duration bonds generally performed the best. The Funds remained positioned with overweights to longer duration bonds, which was favorable to performance. Additionally, with short-term interest rates near zero, the Funds’ borrowing costs have been significantly reduced, the benefit of which accrued to the Funds’ earnings and total return.
Looking at credit ratings, lower rated and high yield bonds outperformed high grade (AAA and AA rated) bonds in this reporting period. The Funds were well positioned for the environment, with overweights to the lower rated, higher yielding credit categories and underweights to the highest credit qualities. NVG’s slight overweight to credits rated BBB and lower (and underweight to AAA and AA rated bonds) was a positive influence relative to the Blended Index, although an overweight to the A-rated category detracted somewhat. For NZF relative to the Blended Index, the overweight to the BBB rated category added the most, followed by an underweight to AAA rated paper, while an underweight to non-rated credits had a slightly negative impact on performance. Relative to the S&P Municipal Yield Index, NMZ, NMCO and NDMO benefited from their overweight allocations to below investment grade and non-rated bonds.
Sector positioning yielded mixed results during the reporting period. NVG’s sector weightings overall detracted relative to the Blended Index, mostly due to an overweight to the significantly lagging pre-refunded sector and sub-sector weightings in health care (hospitals) and transportation (commuter rail). NZF’s sector positioning resulted in a neutral impact relative to the Blended

8
 

Index, as the contributors and detractors were balanced. The Blended Index’s outperforming sectors in this reporting period were industrial development revenue (IDR), tobacco, education, transportation, health care and dedicated tax, while underperforming sectors included pre-refunded, utilities and tax supported. Relative to the S&P Municipal Yield Index, NMCO outperformed in its overweight to the IDR sector, which was the best performing sector in this reporting period, and the Fund’s credit selection was also strongly positive within the sector. NMCO also benefited from an overweight to higher education, underweight to health care and underweight to tobacco. Although an underweight allocation to transportation detracted from NMCO’s relative gains, credit selection in the sector outperformed. NMCO’s Puerto Rico and Illinois exposures also added value due to strong credit selection. For NDMO, sector allocations detracted somewhat relative to the S&P Municipal Yield Index, largely due to its positioning in state and local GOs. Although NDMO was overweight in state GOs, it held an underweight in Illinois GOs, which was disadvantageous relative to the index because Illinois GOs outperformed. NDMO’s positioning within health care also detracted, as performance within the sector was dominated by the outperformance of lower rated health care credits, many of which are senior living/life care names. NDMO was overweight in hospital bonds but underweighted in senior living/life care bonds.
Individual credit selection contributed positively to the Funds’ performance. Virus-sensitive credits were particularly strong performers on credit spread recovery and a municipal credit outlook that improved with upgraded economic growth forecasts, economic reopening and vaccinations, and federal aid to state and local governments.
NVG benefited from holdings in tax supported bonds (state of Illinois, city of Chicago, Chicago Board of Education, Metropolitan Pier and Exposition Authority McCormick Place, State of New Jersey, American Dream megamall/entertainment complex, Puerto Rico COFINA and Birmingham-Jefferson Civic Center); utility (Energy Harbor common stock and bank-backed pre-paid gas bonds); other revenue bonds (3 World Trade Center, Baltimore Convention, Franklin County Convention); education bonds (student housing projects and lower-rated colleges and universities); and pre-refunded bonds (due to favorable yield curve/duration selection). Offsetting these contributors were lagging positions in transportation (due to unfavorable yield curve/duration positioning in airport bonds despite strong performance from New York MTA credits); tobacco (which performed well for the Fund but lagged versus the much stronger performance of the Blended Index’s tobacco sector); IDR (investor-owned utilities such as PPL Energy Supply and Poseidon Resources and economically sensitive projects such as NuStar, Iowa Fertilizer and Hunt Refining performed well but lagged slightly due to the Fund’s yield curve/duration selection); and housing (primarily state single-family housing).
NMZ’s largest individual contributors included American Dream, Brightline, Metropolitan Pier and Exposition Authority McCormick Place, Hoover Industrial Development Board for U.S. Steel and Puerto Rico Electric Power Authority (PREPA). NMZ’s position in Energy Harbor common stock was another top contributor, as the company reported strong earnings results, continued to distance itself from the predecessor company’s political risk and previous bankruptcy, and faced a more favorable policy outlook given greener policy initiatives in Washington D.C. Detractors were Pyrolyx USA Indiana LLC Solid Waste Facility Revenue Bonds and Provision Cares Proton Therapy Center (Tennessee) Revenue Bonds, but the losses were far outweighed by the positive contributors.
NMCO’s top contributors included Energy Harbor common stock, American Dream, U.S. Steel, PREPA, Baltimore Convention, Brightline, Illinois GOs, Chicago, Columbus (Ohio) Convention, Admiral at the Lake (Illinois) senior living facility and several airlines.
Adding the most value to NDMO’s performance were selections in plastics recycler PureCycle, American Airlines JFK Airport, Puerto Rico GO, Big River Steel, New York MTA, Brightline, American Dream, Colorado International Center Metropolitan District 8 Limited Tax GOs and Allegheny County U.S. Steel. Detractors had a very marginal negative impact. NDMO held California taxable GOs and Syracuse Carousel Center taxable bonds, which lagged as taxable municipal bonds underperformed relative to tax exempt municipal bonds in this reporting period. Additionally, during the invest-up phase, the Fund held temporary cash positions that were a relative drag on performance, given the market’s rally.
NVG, NZF, NMZ and NMCO own Energy Harbor common stock, acquired when holdings of certain municipal bonds issued by FirstEnergy Solutions were converted into Energy Harbor equity as part of the company’s emergence from bankruptcy protection. Over time, the Funds’ expect to sell these shares and reinvest the proceeds into municipal bonds. Other municipal bonds issued by FirstEnergy Solutions, now known as Energy Harbor, were reinstated, which the Funds still held in their portfolios.

9
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, reverse repurchase agreements, borrowings 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 positive impact on the total return performance of the Funds over the reporting period.
As of April 30, 2021, the Funds’ percentages of leverage are as shown in the accompanying table.
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Effective Leverage* 
37.00% 
36.61% 
37.69% 
37.13% 
29.16% 
Regulatory Leverage* 
34.14% 
36.18% 
17.04% 
36.02% 
16.32% 
 
*     
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 and reverse repurchase agreements are included in effective lever- age 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.

10

THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2021, the following 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 
$ 257,000,000 
$ — 
$ 257,000,000 
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 Fund’s respective transactions.

Reverse Repurchase Agreements
As noted previously, during the current fiscal period, NDMO used reverse repurchase agreements, in which the Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed upon price and date. The Funds’ transactions in reverse repurchase agreements are as shown in the accompanying table.
               
 
 
 
 
 
Subsequent to the Close of 
 
Current Reporting Period 
 
 
 
the Reporting Period 
Outstanding 
 
 
Outstanding 
Average 
 
 
Outstanding 
Balance as of 
 
 
Balance as of 
Balance 
 
 
Balance as of 
November 1, 2020 
Sales 
Purchases 
April 30, 2021 
Outstanding 
Sales 
Purchases 
June 28, 2021 
$ — 
$34,700,000 
$ — 
$34,700,000 
$25,512,500 
$ — 
$ — 
$34,700,000 
 
Refer to Notes to Financial Statements, Note 9 – Borrowing Arrangements for further details.
Bank Borrowings
As noted previously, NDMO employs leverage through the use of bank borrowings. The Fund’s bank borrowing activities are as shown in the accompanying table. Paydowns reflect on-going leverage management activity that seeks to maintain the Fund’s leverage ratio within a specified internal operating range.
               
 
 
 
 
 
Subsequent to the Close of 
 
Current Reporting Period 
 
 
the Reporting Period 
Outstanding 
 
 
Outstanding 
Average 
 
 
Outstanding 
Balance as of 
 
 
Balance as of 
Balance 
 
 
Balance as of 
November 1, 2021 
Draws 
Paydowns 
April 30, 2021 
Outstanding 
Draws 
Paydowns 
June 28, 2021 
$ — 
$176,900,000 
$ — 
$176,900,000 
$141,514,599 
$15,000,000 
$ — 
$191,900,000 
 
Refer to Notes to Financial Statements, Note 9 – Borrowing Arrangements for further details.
11
Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2021. 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 2020 
$0.0675 
$0.0660 
$0.0620 
$0.0620 
$0.0765 
December 
0.0675 
0.0660 
0.0620 
0.0620 
0.0765 
January 
0.0675 
0.0660 
0.0620 
0.0620 
0.0765 
February 
0.0675 
0.0660 
0.0620 
0.0620 
0.0765 
March 
0.0675 
0.0660 
0.0620 
0.0620 
0.0765 
April 2021 
0.0675 
0.0660 
0.0620 
0.0620 
0.0765 
Total Distributions from Net Investment Income 
$0.4050 
$0.3960 
$0.3750 
$0.3720 
$0.4590 
Total Distributions from Long Term Capital Gains* 
$0.0874 
$ — 
$ — 
$ — 
$ — 
Total Distributions 
$0.4924 
$0.3960 
$0.3750 
$0.3720 
$0.4590 
 
Yields 
 
 
 
 
 
Market Yield** 
4.71% 
4.78% 
5.26% 
5.03% 
5.53% 
Taxable-Equivalent Yield** 
7.91% 
8.06% 
8.74% 
8.37% 
9.28% 
*     
Distribution paid in December 2020.
**     
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.
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,

12
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 and NMCO were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, NMZ and NMCO, 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 each Fund’s NAV per common share. The total amount of common shares authorized and maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying tables.
   
 
NMZ* 
Additional authorized common shares 
19,500,000 
 
*     
Represents additional authorized common shares for the period November 1, 2020 through February 28, 2021, on which day the Fund carried forward 13,340,607 common shares to the new offering on March 8, 2021.

     
 
NMZ* 
NMCO** 
Maximum aggregate offering 
Unlimited 
90,000,000 
 
*     
Represents maximum aggregate offering for the period March 8, 2021 through April 30, 2021.
**     
Represents maximum aggregate offering for the period March 25, 2021 through April 30, 2021.
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 
3,929,090 
Weighted average premium to NAV per common share sold 
1.79% 
 
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on Shelf Offerings and each Fund’s transactions.
13
 

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 April 30, 2021, 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 April 30, 2021, the Funds’ common share prices were trading at an average premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows.
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Common share NAV 
$17.44 
$16.98 
$14.39 
$15.00 
$15.94 
Common share price 
$17.20 
$16.56 
$14.84 
$14.79 
$16.60 
Premium/(Discount) to NAV 
(1.38)% 
(2.47)% 
3.13% 
(1.40)% 
4.14% 
Average premium/(discount) to NAV 
(3.84)% 
(4.63)% 
1.33% 
(5.20)% 
(0.08)% 
 
14

 

   
NVG
Nuveen AMT-Free Municipal Credit 
 
Income Fund 
 
Performance Overview and Holding Summaries as of April 30, 2021 
 
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 April 30, 2021
         
 
Cumulative 
 
Average Annual 
 
 
6-Month 
1-Year 
5-Year 
10-Year 
NVG at Common Share NAV 
7.05% 
19.44% 
6.19% 
7.57% 
NVG at Common Share Price 
13.41% 
30.35% 
8.04% 
8.52% 
S&P Municipal Bond Index 
2.42% 
7.40% 
3.46% 
4.51% 
NVG Custom Blended Fund Performance Benchmark(1) 
4.08% 
11.22% 
4.52% 
5.06% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
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.
15

 

   
NVG 
Performance Overview and Holding Summaries as of 
 
April 30, 2021 (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 
155.0% 
Common Stocks 
0.5% 
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 
156.8% 
Floating Rate Obligations 
(5.1)% 
AMTP Shares, net of deferred 
 
offering costs 
(3.0)% 
MFP Shares, net of deferred 
 
offering costs 
(10.9)% 
VRDP Shares, net of deferred 
 
offering costs 
(37.8)% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
11.2% 
AAA 
2.7% 
AA 
11.9% 
24.8% 
BBB 
20.3% 
BB or Lower 
14.1% 
N/R (not rated) 
14.7% 
N/A (not applicable) 
0.3% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
19.3% 
Health Care 
18.0% 
Transportation 
11.3% 
U.S. Guaranteed 
10.5% 
Education and Civic Organizations 
10.1% 
Tax Obligation/General 
9.8% 
Utilities 
9.8% 
Consumer Staples 
5.2% 
Other 
6.0% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
15.4% 
California 
7.7% 
Texas 
7.3% 
Colorado 
6.5% 
Ohio 
5.9% 
New York 
5.4% 
Connecticut 
4.1% 
Pennsylvania 
3.9% 
New Jersey 
3.7% 
Florida 
2.9% 
Wisconsin 
2.7% 
Puerto Rico 
2.6% 
Georgia 
2.0% 
South Carolina 
2.0% 
Massachusetts 
1.8% 
Indiana 
1.8% 
District of Columbia 
1.7% 
Arizona 
1.6% 
Missouri 
1.5% 
Other1 
19.5% 
Total 
100% 
 
1 See Portfolio of Investments for details on “other” States and Territories.
16

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Performance Overview and Holding Summaries as of April 30, 2021 
 
         
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 April 30, 2021 
 
 
 
 
 
 
Cumulative 
 
Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NZF at Common Share NAV 
8.92% 
20.67% 
5.83% 
7.71% 
NZF at Common Share Price 
15.15% 
32.50% 
7.28% 
8.26% 
S&P Municipal Bond Index 
2.42% 
7.40% 
3.46% 
4.51% 
NZF Custom Blended Fund Performance Benchmark(1) 
4.08% 
11.22% 
4.52% 
5.06% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price
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
 

   
NZF 
Performance Overview and Holding Summaries as of 
 
April 30, 2021 (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 
153.4% 
Common Stocks 
1.4% 
Investment Companies 
0.1% 
Other Assets Less Liabilities 
2.1% 
Net Assets Plus Floating Rate 
 
Obligations, MFP Shares, net of 
 
deferred offering costs & VRDP 
 
Shares, net of deferred offering costs 
157.0% 
Floating Rate Obligations 
(0.6)% 
MFP Shares, net of deferred 
 
offering costs 
(26.5)% 
VRDP Shares, net of deferred 
 
offering costs 
(29.9)% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.0% 
AAA 
0.6% 
AA 
11.3% 
27.2% 
BBB 
19.7% 
BB or Lower 
18.9% 
N/R (not rated) 
13.3% 
N/A (not applicable) 
1.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
20.9% 
Transportation 
19.4% 
Health Care 
15.3% 
Tax Obligation/General 
14.5% 
Utilities 
11.1% 
U.S. Guaranteed 
7.8% 
Education and Civic Organizations 
4.1% 
Other 
6.9% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
18.6% 
California 
14.5% 
New York 
11.5% 
Texas 
10.1% 
Florida 
4.9% 
New Jersey 
3.9% 
Colorado 
3.5% 
Puerto Rico 
3.5% 
Pennsylvania 
3.3% 
Missouri 
2.4% 
Indiana 
2.2% 
Ohio 
1.9% 
Oklahoma 
1.7% 
Other1 
18.0% 
Total 
100% 
 
1 See Portfolio of Investments for details on “other” States and Territories.

18
 

   
NMZ 
Nuveen Municipal High Income 
 
Opportunity Fund 
 
Performance Overview and Holding Summaries as of April 30, 2021 
 
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 April 30, 2021
         
 
Cumulative 
 
Average Annual 
 
 
6-Month 
1-Year 
5-Year 
10-Year 
NMZ at Common Share NAV 
11.69% 
25.19% 
6.54% 
9.73% 
NMZ at Common Share Price 
15.26% 
30.60% 
6.88% 
9.07% 
S&P Municipal Yield Index 
7.02% 
18.18% 
6.12% 
7.13% 
S&P Municipal Bond High Yield Index 
7.16% 
18.40% 
6.44% 
7.44% 
S&P Municipal Bond Index 
2.42% 
7.40% 
3.46% 
4.51% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Common Share Price Performance — Weekly Closing Price

19
 

   
NMZ 
Performance Overview and Holding Summaries as of 
 
April 30, 2021 (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 
138.0% 
Common Stocks 
2.1% 
Corporate Bonds 
0.7% 
Other Assets Less Liabilities 
14.4% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 
155.2% 
Floating Rate Obligations 
(34.7)% 
AMTP Shares, net of deferred 
 
offering costs 
(20.5)% 
Net Assets 
100% 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
4.2% 
AA 
11.2% 
11.2% 
BBB 
15.7% 
BB or Lower 
17.9% 
N/R (not rated) 
38.2% 
N/A (not applicable) 
1.6% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
29.3% 
Health Care 
14.2% 
Transportation 
13.8% 
Education and Civic Organizations 
11.2% 
Utilities 
6.6% 
Tax Obligation/General 
6.5% 
Consumer Staples 
4.4% 
Other 
14.0% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
17.8% 
California 
11.2% 
Florida 
10.7% 
New York 
6.8% 
Colorado 
5.8% 
Puerto Rico 
5.7% 
Ohio 
4.7% 
Wisconsin 
4.1% 
Kentucky 
3.9% 
New Jersey 
3.7% 
Texas 
2.5% 
South Carolina 
1.9% 
Tennessee 
1.8% 
Other1 
19.4% 
Total 
100% 

 1  See Portfolio of Investments for further details on “other” States and Territories.

20
 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Performance Overview and Holding Summaries as of April 30, 2021 
 
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 April 30, 2021
       
 
Cumulative 
Average Annual 
 
6-Month 
1-Year 
Since Inception
NMCO at Common Share NAV 
20.16% 
39.64% 
5.05% 
NMCO at Common Share Price 
30.11% 
41.26% 
4.32% 
S&P Municipal Yield Index 
7.02% 
18.18% 
6.50% 
S&P Municipal Bond High Yield Index 
7.16% 
18.40% 
6.74% 
 
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.
Common Share Price Performance — Weekly Closing Price
21
 

   
NMCO 
Performance Overview and Holding Summaries as of 
 
April 30, 2021 (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 
151.5% 
Common Stocks 
3.1% 
Exchange-Traded Funds 
0.3% 
Short-Term Municipal Bonds 
0.1% 
Other Assets Less Liabilities 
4.0% 
Net Assets Plus Floating 
 
Rate Obligations, MFP Shares, 
 
net of deferred offerings 
159.0% 
Floating Rate Obligations 
(2.8)% 
MFP Shares, net of deferred 
 
offerings 
(56.2)% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
0.1% 
AA 
2.0% 
1.0% 
BBB 
9.1% 
BB or Lower 
37.0% 
N/R (not rated) 
48.6% 
N/A (not applicable) 
2.2% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
20.8% 
Industrials 
15.8% 
Transportation 
12.0% 
Education and Civic Organizations 
10.4% 
Tax Obligation/General 
9.8% 
Health Care 
7.9% 
Utilities 
7.3% 
Consumer Staples 
6.7% 
Long-Term Care 
6.3% 
Other 
3.0% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Florida 
12.2% 
Illinois 
12.1% 
Puerto Rico 
8.2% 
New York 
7.9% 
Ohio 
6.3% 
Colorado 
6.0% 
Wisconsin 
5.5% 
Alabama 
4.6% 
Pennsylvania 
4.6% 
California 
4.1% 
Arizona 
2.8% 
New Jersey 
2.7% 
Virgin Islands 
2.5% 
Arkansas 
2.4% 
Other1 
18.1% 
Total 
100% 

1 See Portfolio of Investments for further details on “other” States and Territories.

22
 

 
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 

Performance Overview and Holding Summaries as of April 30, 2021 
 
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 April 30, 2021
     
 
 
Since 
 
6-Month 
Inception 
NDMO at Common Share NAV 
9.99% 
9.97% 
NDMO at Common Share Price 
13.93% 
14.52% 
S&P Municipal Yield Index 
7.02% 
7.17% 
S&P Municipal Bond Index 
2.42% 
2.20% 
 
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.
Common Share Price Performance — Weekly Closing Price

23
 

   
NDMO 
Performance Overview and Holding Summaries as of 
 
April 30, 2021 (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 
146.1% 
Corporate Bonds 
0.2% 
Other Assets Less Liabilities 
(1.3)% 
Net Assets Plus Borrowings, Floating 
 
Rate Obligations & Reverse 
 
Repurchase Agreements, including 
 
accrued interest 
145.0% 
Borrowings 
(19.5)% 
Floating Rate Obligations 
(21.7)% 
Reverse Repurchase Agreements, 
 
including accrued interest 
(3.8)% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
AAA 
0.9% 
AA 
17.4% 
21.1% 
BBB 
17.6% 
BB or Lower 
13.8% 
N/R (not rated) 
29.2% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
29.6% 
Transportation 
15.8% 
Health Care 
14.7% 
Education and Civic Organizations 
13.3% 
Tax Obligation/General 
8.3% 
Utilities 
6.0% 
Other 
12.3% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
New York 
16.6% 
California 
15.2% 
Florida 
10.1% 
Colorado 
7.8% 
Arizona 
4.8% 
Illinois 
4.8% 
New Jersey 
4.6% 
Texas 
4.3% 
Ohio 
4.3% 
Puerto Rico 
3.8% 
Virginia 
3.0% 
Missouri 
2.3% 
Other1 
18.4% 
Total 
100% 
 
1 See Portfolio of Investments for further details on “other” States and Territories.
24
 

   
NVG
Nuveen AMT-Free Municipal Credit 
 
Income Fund 
 
Portfolio of Investments 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
LONG-TERM INVESTMENTS – 155.5% (100.0% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 155.0% (99.7% of Total Investments) 
 
 
 
 
 
 
Alabama – 2.1% (1.3% of Total Investments) 
 
 
 
$ 3,645 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
$ 4,001,445 
 
 
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– 
5,592,200 
 
 
4.000%, 7/01/43 
 
 
 
22,655 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 
No Opt. Call 
A2 
33,133,391 
 
 
5.000%, 9/01/46 
 
 
 
8,100 
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, 
4/25 at 100.00 
N/R 
8,753,994 
 
 
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 (3) 
1,253,662 
1,000 
 
4.250%, 6/01/31 (Pre-refunded 6/01/21) – AGM Insured 
6/21 at 100.00 
Aa3 (3) 
1,003,120 
 
 
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 
1,053,940 
1,300 
 
5.500%, 8/01/35 
8/26 at 100.00 
N/R 
1,364,701 
5,970 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
5/29 at 100.00 
N/R 
6,950,453 
 
 
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– 
14,024,040 
61,920 
 
Total Alabama 
 
 
77,130,946 
 
 
Alaska – 0.5% (0.4% of Total Investments) 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2006A: 
 
 
 
7,010 
 
5.000%, 6/01/32 
5/21 at 100.00 
B3 
7,123,772 
12,635 
 
5.000%, 6/01/46 
5/21 at 100.00 
B3 
12,793,822 
19,645 
 
Total Alaska 
 
 
19,917,594 
 
 
Arizona – 2.5% (1.6% of Total Investments) 
 
 
 
4,230 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 
A– 
4,335,708 
 
 
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 
1,659,995 
 
 
Basis Schools, Inc Projects, Series 2017D, 5.000%, 7/01/47, 144A 
 
 
 
6,290 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
7/29 at 100.00 
BB 
7,135,628 
 
 
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 
3,717,769 
 
 
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 
10,410,100 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/31 
 
 
 
3,142 
 
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, 
7/27 at 100.00 
N/R 
2,419,491 
 
 
Series 2017A, 7.000%, 7/01/41, 144A (4) 
 
 
 
4,885 
 
Glendale Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Royal 
5/26 at 103.00 
BBB– 
5,457,229 
 
 
Oaks Royal Oaks – Inspirata Pointe Project, Series 2020A, 5.000%, 5/15/56 
 
 
 
 
 
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 
1,974,639 
1,975 
 
5.000%, 7/01/54, 144A 
7/29 at 100.00 
Ba2 
2,246,622 
800 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid 
7/26 at 100.00 
Baa3 
882,784 
 
 
Traditional School Projects, Series 2016, 5.000%, 7/01/47 
 
 
 
 
25
 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
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 
$ 8,985,660 
8,755 
 
5.500%, 7/01/39 – FGIC Insured 
No Opt. Call 
AA 
13,443,302 
 
 
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 
683,928 
1,025 
 
5.000%, 7/01/46, 144A 
7/25 at 100.00 
BB 
1,114,575 
2,045 
 
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, 
7/24 at 101.00 
N/R 
2,096,636 
 
 
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, Series 2016: 
 
 
 
1,130 
 
5.250%, 7/01/36 
7/26 at 100.00 
BB– 
1,208,275 
1,850 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB– 
1,952,416 
2,135 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
2,257,400 
2,920 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 103.00 
N/R 
3,215,592 
 
 
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 
933,365 
 
 
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 
3,467,758 
 
 
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A 
 
 
 
 
 
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+ 
9,062,552 
2,465 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
3,468,945 
2,000 
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
8/23 at 100.00 
A2 
2,181,520 
 
 
 Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33 
 
 
 
79,487 
 
Total Arizona 
 
 
94,311,889 
 
 
Arkansas – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas 
 
 
 
 
 
Cancer Research Center Project, Series 2006: 
 
 
 
2,595 
 
 0.000%, 7/01/36 – AMBAC Insured 
No Opt. Call 
Aa2 
1,776,433 
20,480 
 
 0.000%, 7/01/46 – AMBAC Insured 
No Opt. Call 
Aa2 
9,524,019 
23,075 
 
Total Arkansas 
 
 
11,300,452 
 
 
California – 11.9% (7.7% of Total Investments) 
 
 
 
6,135 
 
Alhambra Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
AA 
5,326,284 
 
 
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: 
 
 
 
5,795 
 
0.000%, 9/01/35 – AGM Insured 
No Opt. Call 
AA 
4,314,493 
6,820 
 
0.000%, 9/01/35 – AGM Insured (ETM) 
No Opt. Call 
AA (3) 
5,427,970 
4,100 
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 
3/26 at 100.00 
Ba3 
4,174,169 
 
 
3/01/41 
 
 
 
5,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
4/23 at 100.00 
A1 (3) 
5,467,950 
 
 
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+ 
1,658,528 
 
 
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– 
709,717 
 
 
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 
9,865,435 
 
 
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 
35,102,232 
     2016U-7, 5.000%, 6/01/46 (UB) (5)
     
 
26

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
California (continued) 
 
 
 
$ 15,850 
 
California Educational Facilities Authority, Revenue Bonds, Stanford University Series 
No Opt. Call 
AAA 
$ 24,754,847 
 
 
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+ 
10,622,800 
 
 
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– 
1,755,088 
 
 
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– 
7,732,533 
 
 
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 2016-XG0049: 
 
 
 
1,555 
 
9.424%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (5) 
8/22 at 100.00 
AA– (3) 
1,748,535 
1,650 
 
9.432%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (5) 
8/22 at 100.00 
AA– (3) 
1,855,541 
4,075 
 
9.432%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (5) 
8/22 at 100.00 
AA– (3) 
4,582,623 
5,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 
8/23 at 100.00 
A (3) 
5,547,000 
 
 
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 
3,460,477 
1,000 
 
5.000%, 7/01/36, 144A 
7/26 at 100.00 
BB 
1,113,590 
555 
 
5.000%, 7/01/41, 144A 
7/26 at 100.00 
BB 
612,404 
195 
 
5.000%, 7/01/46, 144A 
7/26 at 100.00 
BB 
213,794 
 
 
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– 
298,119 
435 
 
5.000%, 6/01/46 
6/26 at 100.00 
BBB– 
491,498 
3,000 
 
California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A, 
10/27 at 103.00 
N/R 
3,137,970 
 
 
6.000%, 10/01/50 
 
 
 
5,425 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San 
1/29 at 100.00 
Baa3 
6,473,164 
 
 
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– 
2,343,991 
 
 
2017, 5.000%, 10/15/47 
 
 
 
735 
 
California School Finance Authority, Charter School Revenue Bonds, Downtown College 
6/26 at 100.00 
N/R 
796,858 
 
 
Prep – 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 
782,088 
 
 
? 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 
629,155 
 
 
? Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A 
 
 
 
80 
 
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured 
6/21 at 100.00 
AA– 
80,293 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 
6/21 at 100.00 
AA– 
5,018 
12,710 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
14,241,809 
 
 
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
65,505 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/26 at 100.00 
BB– 
73,836,581 
 
 
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– 
12,009,115 
 
 
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– 
4,245,360 
 
 
Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39 
 
 
 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
 
 
 
 
 
Charity Health System, Series 2005A: 
 
 
 
507 
 
5.750%, 7/01/30 (4) 
6/21 at 100.00 
N/R 
482,127 
1,465 
 
5.750%, 7/01/35 (4) 
6/21 at 100.00 
N/R 
1,391,415 
5,000 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, 
No Opt. Call 
Baa2 (3) 
4,897,250 
 
 
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 
2,656,454 
 
 
Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured 
 
 
 
 
27

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
California (continued) 
 
 
 
$ 14,375 
 
Corona-Norco Unified School District, Riverside County, California, General Obligation 
No Opt. Call 
Aa3 
$ 8,634,919 
 
 
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 (6) 
8/28 at 100.00 
A1 
3,169,955 
3,600 
 
0.000%, 8/01/34 – AGM Insured (6) 
8/28 at 100.00 
A1 
4,343,580 
 
 
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 
2,989,364 
5,000 
 
0.000%, 1/15/35 – AGM Insured 
No Opt. Call 
BBB 
3,661,050 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
910 
 
0.000%, 1/15/42 (6) 
1/31 at 100.00 
Baa2 
1,092,173 
6,610 
 
6.000%, 1/15/49 (Pre-refunded 1/15/24) 
1/24 at 100.00 
Baa2 (3) 
7,642,680 
4,445 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
7/29 at 100.00 
Baa2 
4,968,754 
 
 
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 
10,120,684 
6,240 
 
5.250%, 6/01/47 
6/22 at 100.00 
N/R 
6,466,013 
10,250 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
10,590,812 
 
 
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 
5,493,600 
5,795 
 
0.000%, 11/01/25 – AGM Insured 
No Opt. Call 
AA 
5,604,113 
1,105 
 
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited 
9/21 at 100.00 
AA 
1,118,448 
 
 
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 
8,531,041 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (6) 
 
 
 
3,310 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
No Opt. Call 
BBB+ 
5,425,520 
 
 
Series 2009B, 6.500%, 11/01/39 
 
 
 
 
 
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 (3) 
510,401 
605 
 
0.000%, 8/01/26 – AGC Insured (ETM) 
No Opt. Call 
Aa3 (3) 
582,627 
4,770 
 
0.000%, 8/01/26 – AGC Insured 
No Opt. Call 
Aa3 
4,549,769 
225 
 
0.000%, 8/01/28 – AGC Insured (ETM) 
No Opt. Call 
Aa3 (3) 
208,415 
1,995 
 
0.000%, 8/01/28 – AGC Insured 
No Opt. Call 
Aa3 
1,822,073 
1,020 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue 
6/21 at 100.00 
N/R (3) 
1,061,239 
 
 
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 
4,249,070 
 
 
Esencia Village, Series 2015A, 4.250%, 8/15/38 
 
 
 
3,700 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, 
No Opt. Call 
BBB– 
3,554,331 
 
 
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– 
11,224,237 
 
 
8/01/38 – AGC Insured 
 
 
 
9,145 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
No Opt. Call 
7,688,933 
 
 
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 
A1 
4,247,359 
 
 
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+ 
730,695 
 
 
Series 2013A, 5.750%, 6/01/48 
 
 
 
 
28

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
California (continued) 
 
 
 
 
 
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 
$ 548,234 
910 
 
5.000%, 9/01/46 
9/25 at 100.00 
N/R 
1,021,402 
4,000 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
5/23 at 100.00 
4,346,560 
 
 
International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
 
 
 
 
 
Revenue Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
2,680 
 
5.000%, 1/15/44 
1/25 at 100.00 
BBB 
3,005,942 
8,275 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB 
9,228,528 
7,210 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
No Opt. Call 
Baa2 
7,011,653 
 
 
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 
2,855,905 
 
 
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 
3,399,537 
 
 
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 
2,193,836 
 
 
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 (3) 
5,097,213 
4,630 
 
6.250%, 7/01/24 
No Opt. Call 
Baa2 
5,099,899 
3,500 
 
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A+ 
3,458,945 
 
 
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 
674,477 
 
 
  District 16-01, Series 2017, 6.250%, 9/01/47, 144A 
 
 
 
450,457 
 
Total California 
 
 
443,068,261 
 
 
Colorado – 10.1% (6.5% of Total Investments) 
 
 
 
850 
 
Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
919,674 
 
 
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 
 
 
 
 
 
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2016A: 
 
 
 
883 
 
5.500%, 12/01/36 
12/21 at 103.00 
N/R 
922,187 
1,175 
 
5.750%, 12/01/46 
12/21 at 103.00 
N/R 
1,226,653 
1,100 
 
Belleview Station Metropolitan District 2, Denver City and County, Colorado, General 
12/21 at 103.00 
N/R 
1,143,989 
 
 
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 
739,256 
 
 
Tax Convertible to Unlimited Tax, Series 2017A, 5.000%, 12/01/47 
 
 
 
3,410 
 
Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General 
12/22 at 103.00 
N/R 
3,613,884 
 
 
Obligation 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 
12/22 at 103.00 
N/R 
1,791,045 
 
 
Obligation 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 
1,207,602 
5,465 
 
5.000%, 12/01/47, 144A 
12/22 at 103.00 
N/R 
5,765,575 
1,475 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
12/25 at 103.00 
N/R 
1,613,414 
 
 
Improvement Series 2020A, 5.000%, 12/01/51 
 
 
 
195 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, 
12/23 at 100.00 
BB 
206,606 
 
 
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 
1,264,512 
 
 
Obligation Refunding & Improvement Series 2017A, 5.000%, 12/01/47 
 
 
 
 
29

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 930 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/26 at 100.00 
A+ 
$ 984,479 
 
 
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+ 
1,297,484 
 
 
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+ 
3,907,150 
 
 
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+ 
1,821,907 
 
 
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 (3) 
3,071,433 
23,470 
 
5.000%, 6/01/47 (Pre-refunded 6/01/27) 
6/27 at 100.00 
N/R (3) 
29,303,468 
11,520 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
1/23 at 100.00 
BBB+ (3) 
12,482,611 
 
 
Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
 
 
 
 
 
Series 2019A-2: 
 
 
 
2,585 
 
4.000%, 8/01/49 
8/29 at 100.00 
BBB+ 
2,917,483 
3,320 
 
4.000%, 8/01/49 (UB) (5) 
8/29 at 100.00 
BBB+ 
3,747,018 
4,900 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living 
12/27 at 103.00 
A– 
5,462,618 
 
 
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– (3) 
1,765,066 
2,895 
 
5.000%, 12/01/23 (Pre-refunded 12/01/22) 
12/22 at 100.00 
A– (3) 
3,115,773 
4,200 
 
5.000%, 12/01/24 (Pre-refunded 12/01/22) 
12/22 at 100.00 
A– (3) 
4,520,292 
 
 
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 (3) 
849,418 
1,575 
 
5.625%, 6/01/43 (Pre-refunded 6/01/23) 
6/23 at 100.00 
N/R (3) 
1,752,880 
 
 
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 (3) 
1,672,514 
2,000 
 
5.000%, 6/01/33 (Pre-refunded 6/01/25) 
6/25 at 100.00 
N/R (3) 
2,372,360 
5,870 
 
5.000%, 6/01/40 (Pre-refunded 6/01/25) 
6/25 at 100.00 
N/R (3) 
6,962,877 
6,920 
 
5.000%, 6/01/45 (Pre-refunded 6/01/25) 
6/25 at 100.00 
N/R (3) 
8,208,366 
2,035 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, 
5/27 at 100.00 
BB+ 
2,355,085 
 
 
Refunding & Improvement Series 2017A, 5.250%, 5/15/47 
 
 
 
13,610 
 
Colorado Housing and Finance Authority, Multifamily Project Bonds, Class I Series 2020B, 
10/29 at 100.00 
AAA 
13,829,121 
 
 
2.350%, 10/01/43 
 
 
 
4,105 
 
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax 
12/23 at 103.00 
N/R 
4,458,112 
 
 
General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 
 
 
 
600 
 
Copperleaf Metropolitan District 4, Arapahoe County, Colorado, Limited Tax General 
3/25 at 103.00 
N/R 
649,950 
 
 
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 
1,562,022 
 
 
Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A, 5.250%, 12/01/47 
 
 
 
1,273 
 
Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, 
12/22 at 103.00 
N/R 
1,342,964 
 
 
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 
542,775 
 
 
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 
11,725,918 
 
 
2013B, 5.000%, 11/15/43 
 
 
 
505 
 
Denver Connection West Metropolitan District, City and County of Denver, Colorado, 
12/22 at 103.00 
N/R 
534,361 
 
 
Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, 8/01/47 
 
 
 
 
30

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
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 
$ 1,103,420 
2,310 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
2,537,327 
11,700 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation 
No Opt. Call 
7,097,571 
 
 
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 
35,609,494 
6,525 
 
0.000%, 9/01/26 – NPFG Insured 
No Opt. Call 
6,186,026 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
17,030 
 
0.000%, 9/01/25 – NPFG Insured 
No Opt. Call 
16,424,754 
9,990 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
8,090,002 
43,090 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
33,924,326 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: 
 
 
 
20,000 
 
0.000%, 9/01/27 – NPFG Insured 
No Opt. Call 
18,565,800 
1,180 
 
0.000%, 9/01/28 – NPFG Insured 
No Opt. Call 
1,068,750 
7,000 
 
0.000%, 9/01/34 – NPFG Insured 
No Opt. Call 
5,356,190 
500 
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
519,525 
 
 
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 
624,485 
 
 
2014, 6.000%, 12/01/38 
 
 
 
825 
 
Forest Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General 
12/21 at 103.00 
N/R (3) 
872,809 
 
 
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 
1,407,384 
 
 
General Obligation Bonds, Series 2016A, 5.000%, 12/01/46 
 
 
 
742 
 
Green Gables Metropolitan District No 1, Jefferson County, Colorado, General Obligation 
12/21 at 103.00 
N/R (3) 
784,702 
 
 
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 (3) 
772,555 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47 
 
 
 
 
 
(Pre-refunded 12/01/22) 
 
 
 
500 
 
Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax 
12/24 at 103.00 
N/R 
537,525 
 
 
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
2,325 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
2,419,534 
8,955 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
9,312,842 
 
 
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 
824,954 
5,355 
 
6.000%, 12/15/50 
12/23 at 100.00 
N/R 
4,508,482 
980 
 
Leyden Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax 
12/21 at 103.00 
N/R 
1,019,220 
 
 
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 
6/21 at 103.00 
N/R 
515,670 
 
 
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 
934,132 
 
 
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 
5,489,456 
 
 
Series 2016B, 3.500%, 12/01/45 
 
 
 
 
 
North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General 
 
 
 
 
 
Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A: 
 
 
 
1,000 
 
5.625%, 12/01/37 
12/22 at 103.00 
N/R 
1,067,810 
1,000 
 
5.750%, 12/01/47 
12/22 at 103.00 
N/R 
1,065,500 
585 
 
Overlook Metropolitan District in the Town of Parker, Douglas County, Colorado, General 
12/21 at 103.00 
N/R 
608,646 
 
 
Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46 
 
 
 
 
31

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
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 
$ 3,709,584 
6,900 
 
5.000%, 12/01/49 
12/24 at 103.00 
N/R 
7,505,889 
 
 
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 
764,214 
1,060 
 
5.000%, 12/01/46 
12/26 at 100.00 
Baa3 
1,209,418 
660 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/25 at 100.00 
759,667 
 
 
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
665 
 
Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax 
3/26 at 103.00 
N/R 
734,260 
 
 
General Obligation Bonds, Series 2021A, 5.000%, 12/01/41, 144A 
 
 
 
2,760 
 
Prairie Center Metropolitan District No 3, In the City of Brighton, Adams County, 
12/26 at 100.00 
N/R 
2,999,430 
 
 
Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding 
 
 
 
 
 
Series 2017A, 5.000%, 12/15/41, 144A 
 
 
 
 
 
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 
1,415,311 
2,765 
 
5.500%, 12/01/47 
12/23 at 103.00 
N/R 
2,975,085 
5,050 
 
Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit 
1/31 at 100.00 
Baa2 
5,369,867 
 
 
Partners Eagle P3 Project, Series 2020A, 3.000%, 7/15/37 
 
 
 
1,280 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
1,332,902 
 
 
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 
965,954 
 
 
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 
1,070,120 
 
 
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 
1,094,260 
570 
 
5.000%, 12/01/49 
12/24 at 103.00 
N/R 
618,427 
765 
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax 
12/25 at 102.00 
N/R 
850,994 
 
 
Supported District 2, Refunding & Improvement Senior Series 2020A, 4.250%, 12/01/50 
 
 
 
2,765 
 
Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation 
12/25 at 103.00 
N/R 
3,039,011 
 
 
Limited Tax Bonds, Series 2020, 5.125%, 12/01/50 
 
 
 
500 
 
Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
520,115 
 
 
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 
526,640 
 
 
County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019, 
 
 
 
 
 
4.375%, 12/01/44 
 
 
 
500 
 
Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, 
3/26 at 103.00 
N/R 
436,155 
 
 
General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, 0.000%, 
 
 
 
 
 
12/01/51 (6) 
 
 
 
900 
 
Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, 
3/26 at 103.00 
N/R 
988,614 
 
 
General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 
 
 
 
8,500 
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 
11/22 at 100.00 
Aa3 
9,042,045 
 
 
5.000%, 11/15/42 
 
 
 
3,410 
 
Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and 
12/29 at 100.00 
AA 
4,231,674 
 
 
Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2020, 
 
 
 
 
 
5.000%, 12/01/50 – AGM Insured 
 
 
 
373,668 
 
Total Colorado 
 
 
375,038,429 
 
32

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Connecticut – 6.3% (4.1% 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 
$ 2,631,723 
1,600 
 
5.000%, 7/01/34 – AGM Insured 
7/24 at 100.00 
A2 
1,790,784 
2,800 
 
Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 – 
8/26 at 100.00 
A2 
3,295,852 
 
 
AGM Insured 
 
 
 
 
 
Bridgeport, Connecticut, General Obligation Bonds, Series 2017A: 
 
 
 
1,470 
 
5.000%, 11/01/36 
11/27 at 100.00 
Baa1 
1,774,040 
750 
 
5.000%, 11/01/37 
11/27 at 100.00 
Baa1 
903,105 
5,500 
 
Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford 
7/25 at 100.00 
6,251,685 
 
 
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 
4,713,760 
 
 
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 (3) 
1,158,855 
 
 
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 
1,181,873 
 
 
Series 2014A, 5.000%, 8/01/44 
 
 
 
5,565 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield 
7/26 at 100.00 
A– 
6,556,627 
 
 
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 (3) 
7,079,654 
 
 
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 
555,920 
 
 
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 
649,785 
740 
 
5.000%, 9/01/53, 144A 
9/26 at 100.00 
BB 
812,305 
3,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home 
10/24 at 104.00 
BB 
3,133,830 
 
 
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 (3) 
1,113,509 
400 
 
5.000%, 7/01/26 (Pre-refunded 7/01/21) 
7/21 at 100.00 
A3 (3) 
403,080 
500 
 
5.000%, 7/01/27 (Pre-refunded 7/01/21) 
7/21 at 100.00 
A3 (3) 
503,850 
1,915 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex 
7/25 at 100.00 
A3 
2,176,723 
 
 
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 
1,197,011 
 
 
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 
1,129,880 
1,370 
 
4.000%, 7/01/49 
7/29 at 100.00 
Baa2 
1,528,509 
 
 
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– 
10,970,796 
7,030 
 
5.000%, 7/01/45 
7/25 at 100.00 
A– 
7,962,740 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac 
 
 
 
 
 
University, Series 2016M: 
 
 
 
500 
 
5.000%, 7/01/34 
7/26 at 100.00 
A– 
589,415 
1,250 
 
5.000%, 7/01/36 
7/26 at 100.00 
A– 
1,468,738 
250 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart 
7/21 at 100.00 
A3 (3) 
251,975 
 
 
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 
7,328,343 
 
 
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+ 
1,284,716 
 
 
Hospital, Series 2010-I, 5.000%, 7/01/30 
 
 
 
 
33

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Connecticut (continued) 
 
 
 
 
 
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+ 
$ 1,041,120 
8,055 
 
5.000%, 7/01/42 
7/22 at 100.00 
BBB+ 
8,370,353 
4,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford 
7/26 at 100.00 
BBB+ 
4,297,320 
 
 
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 (3) 
564,312 
225 
 
5.000%, 7/01/24 (Pre-refunded 7/01/21) – AGM Insured 
7/21 at 100.00 
A1 (3) 
226,733 
 
 
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– 
3,175,601 
770 
 
5.000%, 12/01/45 
6/26 at 100.00 
AA– 
919,580 
2,250 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of 
7/28 at 100.00 
BBB– 
2,592,225 
 
 
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 
N/R (3) 
4,030,480 
 
 
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– 
2,975,870 
2,740 
 
5.000%, 7/01/33 
7/24 at 100.00 
AA– 
3,122,257 
900 
 
5.000%, 7/01/34 
7/24 at 100.00 
AA– 
1,024,947 
5,580 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut 
11/23 at 100.00 
A (3) 
6,249,823 
 
 
State University System, Series 2013N, 5.000%, 11/01/31 (Pre-refunded 11/01/23) 
 
 
 
1,185 
 
Connecticut Housing Finance Authority, State Supported Special Obligation Bonds, 
6/21 at 100.00 
1,188,993 
 
 
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 
 
17.846%, 1/01/32, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
1,680,786 
410 
 
17.679%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
525,325 
1,000 
 
Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31 
11/21 at 100.00 
1,022,370 
3,500 
 
Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34 
11/24 at 100.00 
4,016,740 
2,630 
 
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34 
11/25 at 100.00 
3,100,691 
3,730 
 
Connecticut State, General Obligation Bonds, Series 2017A, 5.000%, 4/15/35 
4/27 at 100.00 
4,549,556 
 
 
Connecticut State, General Obligation Bonds, Series 2018A: 
 
 
 
3,500 
 
5.000%, 4/15/35 (UB) (5) 
4/28 at 100.00 
4,364,080 
5,000 
 
5.000%, 4/15/38 (UB) (5) 
4/28 at 100.00 
6,189,400 
3,855 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 
10/23 at 100.00 
A+ 
4,251,063 
 
 
Series 2013A, 5.000%, 10/01/33 
 
 
 
1,380 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes 
8/25 at 100.00 
A+ 
1,611,219 
 
 
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+ 
6,380,034 
1,075 
 
5.000%, 9/01/34 
9/26 at 100.00 
A+ 
1,291,591 
3,500 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, 
9/24 at 100.00 
A+ 
3,982,650 
 
 
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 
674,833 
500 
 
5.000%, 1/01/32 
1/22 at 100.00 
Aa3 
515,105 
2,830 
 
5.000%, 1/01/42 
1/22 at 100.00 
Aa3 
2,909,014 

 

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Connecticut (continued) 
 
 
 
 
 
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 (3) 
$ 577,900 
1,000 
 
5.000%, 8/15/31 (Pre-refunded 8/15/24) 
8/24 at 100.00 
A1 (3) 
1,155,800 
55 
 
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater 
6/21 at 100.00 
A1 
55,202 
 
 
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 – BAM Insured 
8/24 at 100.00 
AA 
253,085 
2,315 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation 
4/27 at 100.00 
N/R 
2,663,917 
 
 
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– 
11,330,971 
 
 
Refunding Green Bond Series 2014A, 5.000%, 11/01/42 
 
 
 
 
 
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– (3) 
4,282,737 
2,500 
 
5.000%, 4/01/39 (Pre-refunded 4/01/22) 
4/22 at 100.00 
AA– (3) 
2,611,425 
2,285 
 
Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series 
7/28 at 100.00 
Aa3 
2,846,859 
 
 
2018, 5.000%, 7/15/36 
 
 
 
870 
 
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – 
6/21 at 100.00 
A1 
873,028 
 
 
AGC Insured 
 
 
 
 
 
Milford, Connecticut, General Obligation Bonds, Series 2018: 
 
 
 
1,055 
 
4.000%, 11/01/36 
11/24 at 100.00 
AA+ 
1,160,300 
1,055 
 
4.000%, 11/01/37 
11/24 at 100.00 
AA+ 
1,158,801 
1,550 
 
New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%, 
8/26 at 100.00 
BBB 
1,832,271 
 
 
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 
1,103,998 
 
 
AGM Insured 
 
 
 
 
 
New Haven, Connecticut, General Obligation Bonds, Series 2015: 
 
 
 
790 
 
5.000%, 9/01/32 – AGM Insured 
9/25 at 100.00 
BBB 
914,386 
1,620 
 
5.000%, 9/01/33 – AGM Insured 
9/25 at 100.00 
BBB 
1,871,375 
500 
 
5.000%, 9/01/35 – AGM Insured 
9/25 at 100.00 
BBB 
575,765 
 
 
New Haven, Connecticut, General Obligation Bonds, Series 2017A: 
 
 
 
1,000 
 
5.000%, 8/01/35 
8/27 at 100.00 
BBB 
1,179,900 
1,425 
 
5.000%, 8/01/36 
8/27 at 100.00 
BBB 
1,677,510 
900 
 
North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 
No Opt. Call 
Aa1 
1,035,927 
795 
 
South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth 
8/24 at 100.00 
AA– (3) 
917,398 
 
 
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– 
3,067,787 
2,220 
 
5.000%, 8/01/37 
8/26 at 100.00 
AA– 
2,673,102 
3,870 
 
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, 
8/21 at 100.00 
AA– (3) 
3,915,976 
 
 
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– (3) 
3,447,535 
 
 
Twenty-Seventh Series 2012, 5.000%, 8/01/33 (Pre-refunded 8/01/22) 
 
 
 
500 
 
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 
8/23 at 100.00 
Aa2 
553,540 
 
 
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+ 
238,510 
250 
 
4.000%, 4/01/38 
4/29 at 100.00 
AA+ 
297,390 
600 
 
Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/32 
12/22 at 100.00 
A2 (3) 
646,884 
 
 
(Pre-refunded 12/15/22) 
 
 
 
1,500 
 
Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 – 
1/27 at 100.00 
A2 
1,701,810 
 
 
BAM Insured 
 
 
 
 
35

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Connecticut (continued) 
 
 
 
$ 1,000 
 
Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A, 5.000%, 
8/28 at 100.00 
BBB 
$ 1,236,780 
 
 
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 
2,740,350 
760 
 
University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31 
2/24 at 100.00 
852,462 
2,250 
 
University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 3/15/31 
3/26 at 100.00 
2,697,772 
 
 
Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015: 
 
 
 
445 
 
5.000%, 8/01/30 – BAM Insured 
8/25 at 100.00 
AA– 
523,618 
390 
 
5.000%, 8/01/31 – BAM Insured 
8/25 at 100.00 
AA– 
458,722 
610 
 
5.000%, 8/01/32 – BAM Insured 
8/25 at 100.00 
AA– 
716,933 
445 
 
5.000%, 8/01/33 – BAM Insured 
8/25 at 100.00 
AA– 
522,599 
445 
 
5.000%, 8/01/34 – BAM Insured 
8/25 at 100.00 
AA– 
521,989 
208,530 
 
Total Connecticut 
 
 
234,135,468 
 
 
Delaware – 0.1% (0.1% of Total Investments) 
 
 
 
 
 
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– 
2,881,603 
1,000 
 
5.000%, 7/01/58 
1/28 at 100.00 
BB– 
1,111,560 
3,585 
 
Total Delaware 
 
 
3,993,163 
 
 
District of Columbia – 2.6% (1.7% of Total Investments) 
 
 
 
3,780 
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard 
10/22 at 100.00 
BB– 
3,848,758 
 
 
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 
4,430,097 
 
 
Bonds, Series 2001, 6.500%, 5/15/33 
 
 
 
186,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
6/21 at 21.42 
N/R 
39,653,340 
 
 
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 
1,582,755 
 
 
5.000%, 7/01/42 
 
 
 
1,810 
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road 
10/29 at 100.00 
A2 
2,077,500 
 
 
Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien 
 
 
 
 
 
Series 2019B, 4.000%, 10/01/53 – AGM Insured 
 
 
 
3,000 
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road 
10/28 at 100.00 
3,641,910 
 
 
Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien 
 
 
 
 
 
Series 2019A, 5.000%, 10/01/44 
 
 
 
14,945 
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road 
4/22 at 100.00 
Baa1 
15,498,563 
 
 
Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien 
 
 
 
 
 
Series 2014A, 5.000%, 10/01/53 
 
 
 
11,000 
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road 
10/26 at 100.00 
A3 
14,133,900 
 
 
Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 
 
 
 
 
 
2009C, 6.500%, 10/01/41 – AGC Insured 
 
 
 
10,000 
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road 
10/28 at 100.00 
Baa1 
13,409,400 
 
 
Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 
 
 
 
 
 
6.500%, 10/01/44 
 
 
 
236,025 
 
Total District of Columbia 
 
 
98,276,223 
 
 
Florida – 4.5% (2.9% of Total Investments) 
 
 
 
990 
 
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue 
5/26 at 100.00 
N/R 
1,065,478 
 
 
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 
1,083,010 
 
 
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 
1,418,497 
1,045 
 
6.200%, 8/15/48, 144A 
8/28 at 100.00 
N/R 
1,135,915 
 
36

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
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 
$ 1,203,652 
1,470 
 
5.500%, 7/01/47, 144A 
7/27 at 100.00 
Ba1 
1,645,342 
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 (4), (7) 
 
 
 
 
 
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 
6,734,194 
1,885 
 
5.250%, 6/15/47, 144A 
6/27 at 100.00 
N/R 
2,087,279 
880 
 
Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 
10/27 at 100.00 
Ba2 
968,906 
 
 
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 
795,035 
 
 
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– 
5,454,700 
1,025 
 
Cityplace Community Development District, Florida, Special Assessment and Revenue 
No Opt. Call 
1,169,299 
 
 
Bonds, Refunding Series 2012, 5.000%, 5/01/26 
 
 
 
1,480 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges 
11/23 at 100.00 
BB+ 
1,583,970 
 
 
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 
271,555 
310 
 
5.600%, 11/01/46 
11/28 at 100.00 
N/R 
353,921 
 
 
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 (3) 
3,824,673 
1,720 
 
5.625%, 4/01/43 (Pre-refunded 4/01/23) 
4/23 at 100.00 
Baa1 (3) 
1,898,674 
4,000 
 
Davie, Florida, Water and Sewer Revenue Bonds, Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
A1 (3) 
4,080,320 
 
 
(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 
301,862 
315 
 
5.300%, 5/01/36 
5/26 at 100.00 
N/R 
339,564 
475 
 
5.500%, 5/01/45 
5/26 at 100.00 
N/R 
514,910 
655 
 
5.500%, 5/01/46 
5/26 at 100.00 
N/R 
709,712 
 
 
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 
275,426 
665 
 
6.125%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
713,831 
415 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical 
6/26 at 100.00 
N/R 
448,242 
 
 
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 
2,663,776 
3,735 
 
5.750%, 7/01/47, 144A 
7/27 at 101.00 
N/R 
4,138,156 
 
 
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 
1,740,598 
2,075 
 
4.750%, 7/15/36, 144A 
7/26 at 100.00 
N/R 
2,238,074 
4,350 
 
6.375%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
5,050,002 
1,335 
 
5.000%, 7/15/46, 144A 
7/26 at 100.00 
N/R 
1,442,174 
 
 
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 
4,913,424 
3,405 
 
5.000%, 6/15/55 
6/27 at 100.00 
BBB 
3,841,044 
 
37

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
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 
$ 3,516,667 
3,450 
 
6.125%, 6/15/46, 144A 
6/25 at 100.00 
N/R 
3,887,391 
550 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
6/24 at 100.00 
N/R 
598,659 
 
 
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 
4,691,243 
 
 
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 
1,527,988 
 
 
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 
 
 
 
600 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 
10/22 at 100.00 
A+ 
639,552 
 
 
2012, 5.000%, 10/01/30 
 
 
 
2,215 
 
Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University 
6/28 at 100.00 
N/R 
2,587,629 
 
 
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 
1,022,940 
 
 
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 
695,619 
 
 
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 (3) 
4,808,512 
 
 
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 
1,188,875 
1,920 
 
6.000%, 7/01/47, 144A 
7/27 at 100.00 
N/R 
2,093,741 
5,965 
 
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 
10/24 at 100.00 
BBB+ 
6,551,717 
 
 
5.000%, 10/01/43 
 
 
 
2,130 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami 
7/27 at 100.00 
BB+ 
1,960,708 
 
 
Jewish Health System Inc Project, Series 2017, 5.125%, 7/01/46 
 
 
 
5,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 
7/24 at 100.00 
BBB+ 
5,610,400 
 
 
2014A, 5.000%, 7/01/44 
 
 
 
2,400 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 
10/22 at 100.00 
A2 (3) 
2,565,456 
 
 
2012B, 5.000%, 10/01/37 (Pre-refunded 10/01/22) 
 
 
 
6,305 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 
10/22 at 100.00 
A+ (3) 
6,739,667 
 
 
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 
5,447,435 
 
 
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 (3) 
4,458,307 
 
 
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– 
1,540,277 
1,645 
 
5.000%, 10/01/49 
10/29 at 100.00 
BBB– 
2,022,462 
3,345 
 
4.000%, 10/01/54 
10/29 at 100.00 
BBB– 
3,780,251 
230 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences 
6/22 at 102.00 
N/R 
246,760 
 
 
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 
895,274 
 
 
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 
241,729 
375 
 
5.375%, 11/01/36 
11/27 at 100.00 
N/R 
415,744 
920 
 
South Fork III Community Development District, Florida, Special Assessment Revenue 
5/27 at 100.00 
N/R 
1,022,166 
 
 
Bonds, Refunding Series 2016, 5.375%, 5/01/37 
 
 
 
 
38

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,200 
 
St Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 
No Opt. Call 
N/R (3) 
$ 1,225,788 
 
 
10/01/21 – FGIC Insured (ETM) 
 
 
 
4,120 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
4,308,943 
 
 
5.000%, 11/15/33 
 
 
 
560 
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St Joseph’s 
6/21 at 100.00 
N/R (3) 
587,412 
 
 
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– 
2,161,671 
 
 
Series 2020B, 5.000%, 7/01/50 
 
 
 
10,105 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 
7/22 at 100.00 
A2 (3) 
10,671,890 
 
 
2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
2,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle 
10/21 at 100.00 
A2 (3) 
2,043,060 
 
 
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– 
5,781,450 
 
 
  University Inc Project, Series 2015, 5.000%, 6/01/40 
 
 
 
153,530 
 
Total Florida 
 
 
165,628,098 
 
 
Georgia – 3.1% (2.0% of Total Investments) 
 
 
 
11,985 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia 
5/31 at 100.00 
A1 
11,987,397 
 
 
Transmission Corporation Vogtle Project, Series 2012, 2.750%, 1/01/52 (WI/DD, Settling 5/05/21) 
 
 
 
5,715 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 
2/28 at 100.00 
BBB+ 
6,401,771 
 
 
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+ 
12,607,513 
 
 
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 (3) 
2,065,160 
 
 
12/01/21) – AGM Insured 
 
 
 
10,000 
 
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc 
7/29 at 100.00 
A1 
11,524,600 
 
 
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– 
17,615,902 
 
 
Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54 
 
 
 
 
 
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A: 
 
 
 
2,730 
 
3.950%, 12/01/43 
6/27 at 100.00 
AAA 
2,869,940 
4,085 
 
4.000%, 12/01/48 
6/27 at 100.00 
AAA 
4,293,090 
1,300 
 
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for 
6/27 at 100.00 
N/R 
1,418,560 
 
 
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 
4,295,240 
 
 
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 
12,238,637 
 
 
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 
10,370,343 
4,000 
 
5.000%, 1/01/59 
7/28 at 100.00 
Baa1 
4,740,560 
1,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/22 at 100.00 
Baa1 
1,052,470 
 
 
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 
11,175,785 
 
 
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– (3) 
1,744,337 
 
 
  Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21) 
 
 
 
104,680 
 
Total Georgia 
 
 
116,401,305 
 
39

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Guam – 0.5% (0.3% of Total Investments) 
 
 
 
$ 1,500 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 
11/25 at 100.00 
BB 
$ 1,681,155 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
840 
 
5.250%, 1/01/36 
1/22 at 100.00 
BB 
864,797 
3,200 
 
5.125%, 1/01/42 
1/22 at 100.00 
BB 
3,292,448 
 
 
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 
1,561,296 
890 
 
5.000%, 7/01/40 
7/27 at 100.00 
Baa2 
1,033,156 
3,695 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 
Baa2 (3) 
4,106,327 
 
 
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 
265,329 
 
 
2016, 5.000%, 1/01/46 
 
 
 
4,770 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/30 at 100.00 
Baa2 
5,812,436 
 
 
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 
263,798 
16,715 
 
Total Guam 
 
 
18,880,742 
 
 
Hawaii – 0.3% (0.2% of Total Investments) 
 
 
 
1,500 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade 
1/25 at 100.00 
Ba3 
1,528,365 
 
 
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 
5,506,300 
 
 
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 
184,402 
 
 
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 
5,485,771 
 
 
  Systems, Series 2015A, 4.000%, 7/01/40 
 
 
 
11,745 
 
Total Hawaii 
 
 
12,704,838 
 
 
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 
3,543,408 
12,495 
 
4.750%, 7/01/44, 144A 
7/24 at 100.00 
13,394,765 
1,250 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, 
9/26 at 100.00 
BB+ 
1,392,125 
 
 
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– 
9,010,233 
 
 
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– 
1,053,440 
 
 
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 
512,785 
1,415 
 
  5.250%, 7/01/55, 144A 
7/25 at 100.00 
N/R 
1,450,432 
28,690 
 
Total Idaho 
 
 
30,357,188 
           
 
 
Illinois – 23.8% (15.3% of Total Investments) 
 
 
 
675 
 
Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding 
7/23 at 100.00 
A2 (3) 
745,976 
 
 
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– 
80,700,969 
 
 
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– 
1,141,220 
 
 
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 
Ba3 
6,339,416 
1,810 
 
5.000%, 12/01/41 
12/21 at 100.00 
Ba3 
1,841,657 
 
40

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 5,235 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
12/22 at 100.00 
Ba3 
$ 5,461,780 
 
 
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 
10,866,744 
 
 
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 
6,880,399 
4,940 
 
5.000%, 12/01/46 
12/27 at 100.00 
BB 
5,693,646 
6,055 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/28 at 100.00 
BB 
7,089,800 
 
 
Refunding Series 2018D, 5.000%, 12/01/46 
 
 
 
38,905 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/25 at 100.00 
BB 
46,950,554 
 
 
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 
18,033,526 
 
 
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 
25,118,546 
 
 
Series 2017A, 7.000%, 12/01/46, 144A 
 
 
 
1,410 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
No Opt. Call 
BB 
1,131,863 
 
 
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 
2,243,448 
 
 
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+ 
1,597,345 
2,585 
 
5.000%, 12/01/55 
12/29 at 100.00 
A+ 
3,168,874 
1,100 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A3 (3) 
1,132,681 
 
 
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 
14,183,081 
 
 
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– 
1,180,695 
32,670 
 
0.000%, 1/01/32 – FGIC Insured 
No Opt. Call 
BBB– 
24,862,850 
12,360 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB– 
7,842,296 
2,500 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/33 
1/24 at 100.00 
Ba1 
2,722,500 
17,605 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB– 
21,364,548 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 
6/21 at 100.00 
Ba1 
1,002,260 
10,200 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 
1/22 at 100.00 
Ba1 
10,415,424 
2,605 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 
1/26 at 100.00 
BBB– 
2,937,919 
3,000 
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 
1/25 at 100.00 
A– 
3,434,580 
 
 
5.000%, 1/01/39 
 
 
 
10,000 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago 
12/23 at 100.00 
BBB 
10,856,200 
 
 
City Colleges, Series 2013, 5.250%, 12/01/43 
 
 
 
 
 
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 
2,928,200 
3,400 
 
5.500%, 11/01/36 
11/23 at 100.00 
3,823,368 
2,820 
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 
6/21 at 100.00 
Baa2 
2,828,319 
 
 
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 
1,884,603 
115 
 
6.000%, 12/01/45, 144A 
12/25 at 100.00 
N/R 
128,237 
 
41

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
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+ 
$ 4,347,318 
5,190 
 
4.000%, 10/01/55 
10/30 at 100.00 
BBB+ 
5,859,770 
 
 
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 (3) 
94,531 
1,755 
 
4.000%, 2/15/41 (Pre-refunded 2/15/27) 
2/27 at 100.00 
N/R (3) 
2,073,778 
37,840 
 
4.000%, 2/15/41 
2/27 at 100.00 
Aa2 
42,489,401 
6,750 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 
9/22 at 100.00 
AA+ 
7,146,698 
 
 
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+ 
1,673,580 
19,025 
 
5.000%, 9/01/42 
9/24 at 100.00 
AA+ 
21,348,143 
1,750 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 
5/22 at 100.00 
A1 (3) 
1,820,140 
 
 
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 
4,417,840 
 
 
5.000%, 11/01/49 
 
 
 
15,805 
 
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 
6/26 at 100.00 
A3 
18,683,407 
 
 
5.000%, 12/01/46 
 
 
 
1,630 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 
8/22 at 100.00 
Aa2 
1,722,617 
 
 
2013, 5.000%, 8/15/37 
 
 
 
1,435 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 
7/23 at 100.00 
A– 
1,559,687 
 
 
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+ 
1,158,900 
1,000 
 
5.000%, 8/01/46 
8/27 at 100.00 
BBB+ 
1,153,760 
1,000 
 
5.000%, 8/01/47 
8/27 at 100.00 
BBB+ 
1,153,610 
 
 
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+ 
636,507 
6,140 
 
5.000%, 8/15/44 
8/25 at 100.00 
BBB+ 
6,895,404 
8,960 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 
8/21 at 100.00 
A2 
9,106,944 
 
 
8/15/41 – AGM Insured 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A: 
 
 
 
2,235 
 
5.000%, 10/01/46 (UB) 
10/25 at 100.00 
AA– 
2,633,568 
17,765 
 
5.000%, 10/01/46 (Pre-refunded 10/01/25) (UB) (5) 
10/25 at 100.00 
N/R (3) 
21,271,811 
19,975 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
20,342,740 
 
 
5.000%, 10/01/51 
 
 
 
3,665 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 
6/24 at 100.00 
BB+ 
4,085,815 
 
 
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– 
13,864,646 
1,330 
 
5.000%, 12/01/39 
12/27 at 100.00 
BBB– 
1,560,077 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
3,275 
 
5.000%, 2/01/24 
No Opt. Call 
BBB– 
3,661,810 
1,575 
 
5.250%, 2/01/34 
2/24 at 100.00 
BBB– 
1,731,713 
7,500 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB– 
8,159,400 
5,200 
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/29 
1/26 at 100.00 
BBB– 
6,031,064 
 
 
Illinois State, General Obligation Bonds, May Series 2014: 
 
 
 
510 
 
5.000%, 5/01/36 
5/24 at 100.00 
BBB– 
560,312 
1,915 
 
5.000%, 5/01/39 
5/24 at 100.00 
BBB– 
2,097,883 
 
42

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 4,460 
 
Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 
5/30 at 100.00 
BBB– 
$ 5,692,387 
13,200 
 
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/41 
11/26 at 100.00 
BBB– 
15,105,024 
31,735 
 
Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 
11/27 at 100.00 
BBB– 
37,823,042 
2,040 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 
No Opt. Call 
BBB– 
2,474,438 
5,000 
 
Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/35 
11/29 at 100.00 
BBB– 
5,718,500 
5,000 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB– 
5,945,450 
1,190 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 
8/22 at 100.00 
BBB– 
1,255,426 
 
 
Illinois State, General Obligation Bonds, Series 2013: 
 
 
 
2,000 
 
5.250%, 7/01/31 
7/23 at 100.00 
BBB– 
2,170,080 
4,140 
 
5.500%, 7/01/38 
7/23 at 100.00 
BBB– 
4,493,059 
5,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
A1 
5,370,700 
 
 
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 
22,011,528 
 
 
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 
12,394,400 
 
 
5.000%, 1/01/44 
 
 
 
12,010 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A, 
1/31 at 100.00 
A1 
15,294,134 
 
 
5.000%, 1/01/45 
 
 
 
1,395 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
A1 
1,799,508 
 
 
2015-XF0052, 17.627%, 1/01/38, 144A (IF) 
 
 
 
17,510 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BB+ 
18,097,110 
 
 
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+ 
610,918 
 
 
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+ 
13,840,852 
15,160 
 
5.000%, 6/15/50 
12/29 at 100.00 
BB+ 
18,236,722 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Series 2015A: 
 
 
 
2,890 
 
0.000%, 12/15/52 
No Opt. Call 
BB+ 
1,011,876 
5,185 
 
5.000%, 6/15/53 
12/25 at 100.00 
BB+ 
5,863,457 
5,700 
 
5.500%, 6/15/53 
12/25 at 100.00 
BB+ 
6,570,846 
 
 
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+ 
13,053,000 
43,200 
 
0.000%, 6/15/45 – AGM Insured 
No Opt. Call 
BB+ 
21,618,144 
10,000 
 
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
BB+ 
4,845,700 
8,750 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
BBB 
7,686,350 
 
 
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+ 
17,322,717 
20,045 
 
0.000%, 12/15/35 – AGM Insured 
No Opt. Call 
BB+ 
14,263,220 
9,000 
 
0.000%, 6/15/37 – NPFG Insured 
No Opt. Call 
BB+ 
5,790,690 
465 
 
Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment 
1/26 at 100.00 
N/R 
476,606 
 
 
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 
2,024,840 
 
 
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 
3,528,070 
 
 
Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured 
 
 
 
7,025 
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial 
11/23 at 100.00 
N/R (3) 
8,314,931 
 
 
Group, Inc, Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) 
 
 
 
 
43

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 4,000 
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, 
No Opt. Call 
Baa2 
$ 3,786,560 
 
 
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured 
 
 
 
12,125 
 
Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015, 
3/25 at 100.00 
A2 
13,984,490 
 
 
5.000%, 3/01/40 – AGM Insured 
 
 
 
 
 
Will County Community Unit School District 201-U Crete-Monee, Illinois, General 
 
 
 
 
 
Obligation Bonds, Capital Appreciation Series 2004: 
 
 
 
780 
 
0.000%, 11/01/22 – NPFG Insured (ETM) 
No Opt. Call 
Baa2 (3) 
775,593 
2,555 
 
0.000%, 11/01/22 – NPFG Insured 
No Opt. Call 
Baa2 
2,522,935 
6,415 
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital 
No Opt. Call 
Aa3 
6,216,969 
 
 
  Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured 
 
 
 
848,791 
 
Total Illinois 
 
 
885,866,670 
 
 
Indiana – 2.7% (1.8% of Total Investments) 
 
 
 
2,650 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown 
No Opt. Call 
Baa2 
2,607,203 
 
 
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 
12,981,378 
 
 
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 (3) 
11,436,642 
 
 
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 
11,522,700 
 
 
Group, Fixed Rate Series 2019A, 4.000%, 12/01/49 
 
 
 
13,880 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/21 at 100.00 
A1 
14,138,584 
 
 
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+ 
20,449,680 
 
 
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– 
9,630,800 
20,000 
 
  0.000%, 2/01/28 – AMBAC Insured 
No Opt. Call 
AA– 
18,521,000 
96,970 
 
Total Indiana 
 
 
101,287,987 
 
 
Iowa – 2.1% (1.4% of Total Investments) 
 
 
 
10,000 
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, 
2/23 at 100.00 
A1 (3) 
10,915,900 
 
 
Series 2013A, 5.250%, 2/15/44 (Pre-refunded 2/15/23) 
 
 
 
10,690 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
B+ 
11,718,592 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
21,280 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 105.00 
BB– 
23,527,806 
 
 
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 
5,953,992 
 
 
Series 2018, 5.250%, 8/01/55 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
56,850 
 
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Class 2 
6/31 at 25.58 
N/R 
9,953,298 
 
 
Capital Appreciation Senior Lien Series 2021B-2, 0.000%, 6/01/65 
 
 
 
14,430 
 
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Senior Lien 
6/31 at 100.00 
BBB 
16,568,670 
 
 
  Series Class 2 Series 2021B-1, 4.000%, 6/01/49 
 
 
 
118,950 
 
Total Iowa 
 
 
78,638,258 
 
 
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+ 
1,098,570 
 
 
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: 
 
 
 
3,920 
 
  5.000%, 9/01/27 
9/25 at 100.00 
N/R 
3,953,359 
2,380 
 
  5.750%, 9/01/32 
9/25 at 100.00 
N/R 
2,404,419 
2,575 
 
  6.000%, 9/01/35 
9/25 at 100.00 
N/R 
2,601,239 
9,875 
 
Total Kansas 
 
 
10,057,587 
 
44

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
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+ 
$ 5,048,708 
 
 
2016, 5.500%, 2/01/44 
 
 
 
3,770 
 
Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington 
No Opt. Call 
N/R 
3,809,660 
 
 
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+ 
11,308,000 
 
 
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 
4,866,226 
17,615 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa2 
19,548,070 
 
 
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 (6) 
7/31 at 100.00 
Baa2 
5,224,414 
8,510 
 
0.000%, 7/01/46 (6) 
7/31 at 100.00 
Baa2 
10,215,659 
 
 
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 
Baa2 
2,636,959 
480 
 
  6.000%, 7/01/53 
7/23 at 100.00 
Baa2 
531,763 
56,035 
 
Total Kentucky 
 
 
63,189,459 
           
 
 
Louisiana – 1.2% (0.8% of Total Investments) 
 
 
 
2,765 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala 
7/23 at 100.00 
N/R 
2,939,942 
 
 
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
 
 
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 (3) 
164,754 
8,435 
 
5.750%, 7/01/25 (UB) 
No Opt. Call 
A2 
9,397,518 
5,080 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children’s 
6/30 at 100.00 
A+ 
5,792,114 
 
 
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 
11,400,840 
 
 
Refunding Series 2017, 0.000%, 10/01/46 (6) 
 
 
 
 
 
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 
1,100,220 
6,970 
 
5.000%, 5/15/47 
5/25 at 100.00 
A3 
7,954,094 
1,000 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 
6/24 at 100.00 
A (3) 
1,121,790 
 
 
6/01/34 (Pre-refunded 6/01/24) 
 
 
 
3,275 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 
6/30 at 100.00 
BB– 
4,231,333 
 
 
  2010A, 6.350%, 10/01/40, 144A 
 
 
 
39,660 
 
Total Louisiana 
 
 
44,102,605 
 
 
Maine – 1.4% (0.9% of Total Investments) 
 
 
 
7,530 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 
7/23 at 100.00 
Ba1 
7,861,094 
 
 
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 
5,606,361 
10,215 
 
4.000%, 7/01/46 
7/26 at 100.00 
Ba1 
10,421,649 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General 
 
 
 
 
 
Medical Center, Series 2011: 
 
 
 
1,050 
 
6.750%, 7/01/41 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (3) 
1,061,025 
1,000 
 
6.950%, 7/01/41 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (3) 
1,010,820 
10,000 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth 
7/24 at 100.00 
A+ 
11,053,000 
 
 
Issue, Series 2015, 5.000%, 7/01/39 
 
 
 
 
45

 
   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Maine (continued) 
 
 
 
 
 
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+ 
$ 3,184,282 
5,000 
 
4.000%, 7/01/50 
7/30 at 100.00 
A+ 
5,768,750 
6,695 
 
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D, 
5/29 at 100.00 
AA+ 
6,935,351 
 
 
  2.800%, 11/15/45 
 
 
 
49,685 
 
Total Maine 
 
 
52,902,332 
 
 
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 
CCC 
1,342,093 
3,050 
 
5.000%, 9/01/39 
9/27 at 100.00 
CCC 
3,201,402 
3,025 
 
5.000%, 9/01/46 
9/27 at 100.00 
CCC 
3,177,127 
1,000 
 
Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 
2/26 at 100.00 
N/R 
1,055,290 
 
 
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 
2,594,300 
 
 
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 
15,710,635 
 
 
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+ 
11,607,400 
 
 
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 (3) 
1,722,450 
 
 
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 (Pre-refunded 7/01/24) 
 
 
 
3,010 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
7/22 at 100.00 
A– (3) 
3,180,697 
 
 
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 
2,160,060 
2,300 
 
5.000%, 7/01/46, 144A 
1/26 at 100.00 
N/R 
2,493,384 
 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: 
 
 
 
1,335 
 
  4.250%, 11/01/37 
11/24 at 103.00 
B– 
1,339,499 
1,250 
 
  4.500%, 11/01/43 
11/24 at 103.00 
B– 
1,266,137 
2,650 
 
  5.000%, 11/01/47 
11/24 at 103.00 
B– 
2,754,092 
48,215 
 
Total Maryland 
 
 
53,604,566 
 
 
Massachusetts – 2.8% (1.8% 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 
2,250,635 
6,195 
 
5.500%, 7/01/44 
7/24 at 100.00 
6,203,487 
 
 
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+ 
8,822,380 
3,000 
 
5.000%, 10/01/57, 144A 
10/22 at 105.00 
BB+ 
3,276,420 
10,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 
7/28 at 100.00 
A3 
11,974,600 
 
 
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 
4,341,841 
2,950 
 
5.000%, 1/01/45 
1/25 at 100.00 
Baa2 
3,261,815 
4,035 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 
10/26 at 100.00 
Baa2 
4,420,706 
 
 
4.000%, 10/01/46 
 
 
 
16,280 
 
Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of 
No Opt. Call 
AAA 
25,524,761 
 
 
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+ 
1,035,360 
 
 
Issue, Series 2020G, 5.000%, 7/15/46, 144A 
 
 
 
 
46

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Massachusetts (continued) 
 
 
 
$ 6,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call 
AA– 
$ 9,312,720 
 
 
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured 
 
 
 
7,405 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts 
No Opt. Call 
AAA 
10,679,713 
 
 
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– 
2,963,828 
4,500 
 
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series 
6/30 at 100.00 
AA+ 
4,508,640 
 
 
2020-220, 2.300%, 12/01/44 
 
 
 
4,560 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
5/23 at 100.00 
Aa2 (3) 
5,011,167 
 
 
Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23) 
 
 
 
425 
 
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, 
6/21 at 100.00 
AAA 
426,738 
 
 
Subordinate Series 1999A, 5.750%, 8/01/29 
 
 
 
83,515 
 
Total Massachusetts 
 
 
104,014,811 
 
 
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 
6,803,373 
 
 
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 
4,112,423 
 
 
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 (3) 
3,162,906 
 
 
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 
4,879,817 
2,550 
 
4.000%, 11/15/36 
5/25 at 100.00 
2,763,920 
 
 
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 (3) 
176,680 
9,855 
 
5.000%, 12/01/45 (UB) 
6/26 at 100.00 
AA– 
11,769,432 
 
 
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 (3) 
10,274 
3,240 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
12/21 at 100.00 
AA– (3) 
3,331,595 
2,705 
 
Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco 
12/30 at 100.00 
BBB 
3,441,328 
 
 
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+ 
1,139,800 
 
 
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+ 
4,101,720 
 
 
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– (3) 
2,815,092 
8,260 
 
5.375%, 10/15/41 (Pre-refunded 10/15/21) 
10/21 at 100.00 
AA– (3) 
8,455,514 
13,855 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, 
6/22 at 100.00 
AA– (3) 
14,576,430 
 
 
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– 
4,171,889 
3,600 
 
5.000%, 12/01/45 
12/25 at 100.00 
A– 
4,218,336 
72,155 
 
Total Michigan 
 
 
79,930,529 
 
 
Minnesota – 1.8% (1.2% 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+ 
165,016 
440 
 
4.000%, 8/01/41 
8/26 at 100.00 
BB+ 
464,020 
2,000 
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy 
3/25 at 100.00 
BB– 
2,091,100 
 
 
Project, Refunding Series 2015A, 5.000%, 3/01/34 
 
 
 
 
47

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Minnesota (continued) 
 
 
 
$ 1,720 
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 
7/25 at 100.00 
BB+ 
$ 1,903,868 
 
 
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– 
10,793,622 
27,325 
 
4.250%, 2/15/48 
2/28 at 100.00 
A– 
30,659,470 
1,410 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, 
7/24 at 102.00 
N/R 
1,494,868 
 
 
Series 2016A, 5.000%, 7/01/47 
 
 
 
2,735 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E, 
7/29 at 100.00 
AA+ 
2,836,003 
 
 
2.700%, 7/01/44 
 
 
 
 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I: 
 
 
 
2,485 
 
2.150%, 7/01/45 
1/30 at 100.00 
AA+ 
2,502,171 
3,970 
 
2.200%, 1/01/51 
1/30 at 100.00 
AA+ 
3,989,493 
 
 
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 
373,313 
605 
 
5.000%, 4/01/46 (4) 
4/26 at 100.00 
N/R 
527,959 
2,500 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 
7/25 at 100.00 
2,710,650 
 
 
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 
 
 
 
130 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue 
4/23 at 100.00 
N/R 
133,843 
 
 
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 (3) 
3,348,461 
3,190 
 
5.000%, 11/15/44 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (3) 
3,835,401 
61,415 
 
Total Minnesota 
 
 
67,829,258 
 
 
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 (3) 
6,020,101 
 
 
Project, Series 2005, 5.250%, 7/01/24 – AGM Insured (ETM) 
 
 
 
1,000 
 
Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2021A, 
6/30 at 100.00 
Aaa 
1,001,520 
 
 
2.125%, 12/01/44 
 
 
 
6,445 
 
Total Mississippi 
 
 
7,021,621 
 
 
Missouri – 2.3% (1.5% of Total Investments) 
 
 
 
2,960 
 
Chesterfield Valley Transportation Development District, Missouri, Transportation Sales 
5/23 at 100.00 
A– 
3,049,362 
 
 
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 
419,832 
1,520 
 
5.000%, 4/01/46, 144A 
4/26 at 100.00 
N/R 
1,578,824 
15,000 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, 
No Opt. Call 
A2 
13,747,350 
 
 
Improvement Series 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 
4,730,445 
 
 
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 
1,633,244 
1,055 
 
6.000%, 6/01/46, 144A 
6/25 at 100.00 
N/R 
1,099,321 
2,460 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
5/23 at 100.00 
BBB 
2,603,147 
 
 
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 
1,491,230 
2,000 
 
5.000%, 5/01/45 
11/23 at 100.00 
BBB 
2,107,160 
 
48

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Missouri (continued) 
 
 
 
$ 7,040 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
$ 7,712,038 
 
 
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 
2,318,333 
 
 
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 
7,281,652 
13,545 
 
4.000%, 2/15/49 
2/29 at 100.00 
A1 
15,485,728 
1,010 
 
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax 
6/21 at 100.00 
N/R 
1,010,838 
 
 
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+ 
437,007 
 
 
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 
1,769,609 
455 
 
5.125%, 12/01/45 
12/25 at 100.00 
N/R 
484,015 
4,125 
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport, 
No Opt. Call 
A– 
5,529,769 
 
 
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 
11,607,670 
 
 
Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured 
 
 
 
84,885 
 
Total Missouri 
 
 
86,096,574 
 
 
Montana – 0.0% (0.0% 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 
1,229,273 
375 
 
5.250%, 5/15/47 
5/25 at 102.00 
N/R 
385,121 
1,550 
 
Total Montana 
 
 
1,614,394 
 
 
Nebraska – 1.2% (0.8% of Total Investments) 
 
 
 
10,665 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding 
No Opt. Call 
BBB+ 
15,320,486 
 
 
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+ 
4,714,050 
 
 
5.000%, 9/01/32 
 
 
 
1,330 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
1,535,405 
 
 
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 
2,276,177 
2,325 
 
5.000%, 11/01/48 
11/25 at 100.00 
2,674,238 
4,010 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
11/21 at 100.00 
N/R (3) 
4,104,917 
 
 
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 (Pre-refunded 11/01/21) 
 
 
 
8,185 
 
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 
3/29 at 100.00 
AA+ 
8,503,233 
 
 
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+ 
7,206,640 
 
 
West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/01/37 
 
 
 
39,840 
 
Total Nebraska 
 
 
46,335,146 
 
 
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 
454,961 
 
 
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 
26,209,576 
 
 
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 
3,510,360 
 
 
2017B, 4.000%, 7/01/36 
 
 
 
 
49

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Nevada (continued) 
 
 
 
$ 1,000 
 
Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement 
6/21 at 100.00 
N/R 
$ 1,000,760 
 
 
District, Series 2016, 4.375%, 6/15/35, 144A 
 
 
 
500 
 
Neveda State Director of the Department of Business and Industry, Charter School Revenue 
7/25 at 100.00 
BB+ 
548,240 
 
 
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 
4,213,800 
 
 
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 
734,490 
 
 
ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A 
 
 
 
3,210 
 
Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue Bonds, Series 2020, 
7/30 at 100.00 
N/R 
3,664,664 
 
 
5.000%, 7/01/51 
 
 
 
40,375 
 
Total Nevada 
 
 
40,336,851 
 
 
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 
5,219,550 
 
 
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 
1,228,750 
 
 
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+ 
569,635 
 
 
Hanover, Series 2016, 5.000%, 10/01/40 
 
 
 
6,685 
 
Total New Hampshire 
 
 
7,017,935 
 
 
New Jersey – 5.8% (3.7% 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 
42,361,185 
2,110 
 
5.500%, 6/15/30 
12/26 at 100.00 
BBB 
2,590,932 
 
 
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 
7,979,042 
5,025 
 
5.500%, 9/01/28 – NPFG Insured 
No Opt. Call 
BBB 
6,579,082 
 
 
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 (3) 
786,269 
11,335 
 
5.250%, 6/15/40 
6/25 at 100.00 
BBB 
13,021,081 
600 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
7/21 at 100.00 
BB+ 
603,780 
 
 
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 
6/21 at 100.00 
BB+ 
1,504,530 
 
 
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 
3,735,037 
 
 
Refunding Series 2014A, 5.000%, 7/01/44 
 
 
 
2,015 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
BBB 
1,870,424 
 
 
Appreciation Series 2010A, 0.000%, 12/15/26 
 
 
 
20,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
BBB+ 
15,573,600 
 
 
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 
22,225,162 
 
 
2014AA, 5.000%, 6/15/44 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: 
 
 
 
13,690 
 
4.750%, 6/15/38 
6/25 at 100.00 
BBB 
15,341,835 
8,240 
 
5.000%, 6/15/45 
6/25 at 100.00 
BBB 
9,357,509 
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/28 at 100.00 
BBB 
6,151,100 
 
 
2019AA, 5.250%, 6/15/43 
 
 
 
7,305 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/30 at 100.00 
BBB 
9,011,813 
 
 
2020AA, 5.000%, 6/15/50 
 
 
 
33,200 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 
No Opt. Call 
A2 
40,201,216 
 
 
1/01/26 – AGM Insured 
 
 
 
 
50

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
New Jersey (continued) 
 
 
 
 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: 
 
 
 
$ 74 
 
17.497%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) 
7/22 at 100.00 
A2 (3) 
$ 90,626 
126 
 
17.497%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) 
7/22 at 100.00 
N/R (3) 
154,640 
1,150 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 
5/23 at 100.00 
A+ (3) 
1,261,596 
 
 
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 
5,727,700 
 
 
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+ 
3,629,190 
 
 
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+ 
3,995,770 
 
 
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 
1,586,929 
 
 
Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured 
 
 
 
189,260 
 
Total New Jersey 
 
 
215,340,048 
 
 
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+ 
741,094 
1,200 
 
5.000%, 5/15/49 
5/26 at 103.00 
BB+ 
1,323,180 
1,870 
 
Total New Mexico 
 
 
2,064,274 
 
 
New York – 8.4% (5.4% of Total Investments) 
 
 
 
15,275 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of 
9/25 at 100.00 
N/R 
16,943,183 
 
 
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
9,320 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter 
12/30 at 100.00 
N/R 
9,514,229 
 
 
School, Series 2020A-1, 5.500%, 6/01/55, 144A 
 
 
 
7,390 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter 
12/30 at 100.00 
N/R 
7,692,103 
 
 
School, Series 2020B-1, 5.000%, 6/01/55, 144A 
 
 
 
20,000 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/31 at 100.00 
AA+ 
23,436,200 
 
 
General Purpose, Series 2021B, 4.000%, 3/15/47 
 
 
 
2,250 
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School 
No Opt. Call 
Baa2 
2,478,600 
 
 
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 
15,010,459 
 
 
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– 
4,675,372 
 
 
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– 
3,010,095 
5,600 
 
5.000%, 12/01/45, 144A 
6/25 at 100.00 
BBB– 
6,208,272 
7,520 
 
Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, 
7/29 at 100.00 
AA 
8,697,106 
 
 
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 
2,466,980 
 
 
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 
3,109,222 
 
 
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 
3,604,343 
 
 
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 
1,474,356 
 
 
Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 
 
 
 
 
51

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
New York (continued) 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
$ 2,255 
 
5.250%, 2/15/47 
6/21 at 100.00 
A+ 
$ 2,262,960 
320 
 
5.750%, 2/15/47 
6/21 at 100.00 
A+ 
321,290 
 
 
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 (3) 
3,535,800 
6,680 
 
5.000%, 9/01/42 
9/22 at 100.00 
A2 
7,081,735 
6,850 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond 
No Opt. Call 
N/R 
7,401,767 
 
 
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+ 
3,418,671 
3,155 
 
5.250%, 11/15/55 
5/30 at 100.00 
BBB+ 
3,924,031 
8,380 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
11/30 at 100.00 
BBB+ 
9,546,747 
 
 
Climate Bond Certified Series 2020D-2, 4.000%, 11/15/48 
 
 
 
5,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
11/30 at 100.00 
BBB+ 
5,691,400 
 
 
Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49 
 
 
 
2,210 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
No Opt. Call 
BBB+ 
2,566,053 
 
 
Green Climate Certified Series 2017C-1, 5.000%, 11/15/24 
 
 
 
7,500 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/30 at 100.00 
BBB+ 
8,570,025 
 
 
Green Climate Certified Series 2020E, 4.000%, 11/15/45 
 
 
 
3,585 
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann?s 
1/26 at 103.00 
N/R 
3,897,504 
 
 
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– 
1,119,760 
 
 
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 
15,215,250 
 
 
Bonds, Williamsburg Housing Preservation LP, Series 2020A, 2.800%, 2/01/50 
 
 
 
15,915 
 
New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes 
1/31 at 100.00 
BBB 
16,678,283 
 
 
Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A, 3.000%, 
 
 
 
 
 
1/01/46 – AGM Insured 
 
 
 
11,570 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/25 at 100.00 
AA+ 
13,519,661 
 
 
General Resolution Revenue Bonds, Fiscal 2016 Series BB-1, 5.000%, 6/15/46 (UB) (5) 
 
 
 
11,245 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/30 at 100.00 
AA+ 
13,428,217 
 
 
General Resolution Revenue Bonds, Fiscal 2021 Series BB-2, 4.000%, 6/15/42 
 
 
 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 
6/21 at 100.00 
AA– 
5,019 
 
 
4/01/26 – FGIC Insured 
 
 
 
28,615 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
31,321,979 
 
 
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 
2,563,558 
 
 
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 
3,633,560 
 
 
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 
7,003,035 
 
 
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 (3) 
5,969,531 
 
 
Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
20,925 
 
Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior 
5/31 at 100.00 
AA+ 
26,951,400 
 
 
Lien Subseries 2021A-1, 5.000%, 5/15/51 (WI/DD, Settling 5/03/21) 
 
 
 
7,110 
 
TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
7,717,265 
274,520 
 
Total New York 
 
 
311,665,021 
 
52

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
North Carolina – 0.6% (0.4% of Total Investments) 
 
 
 
$ 10,000 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke 
6/22 at 100.00 
AA (3) 
$ 10,526,300 
 
 
University Health System, Series 2012A, 5.000%, 6/01/42 (Pre-refunded 6/01/22) 
 
 
 
4,725 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant 
6/22 at 100.00 
A2 (3) 
4,973,677 
 
 
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 
2,266,981 
 
 
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 
2,223,487 
 
 
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 
1,924,572 
 
 
5.000%, 7/01/54 
 
 
 
1,625 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien 
1/30 at 100.00 
BBB 
1,850,615 
 
 
Series 2019, 4.000%, 1/01/55 – AGM Insured 
 
 
 
22,340 
 
Total North Carolina 
 
 
23,765,632 
 
 
North Dakota – 2.2% (1.4% of Total Investments) 
 
 
 
9,950 
 
Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health 
2/28 at 100.00 
A– 
11,164,198 
 
 
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 
7,103,950 
6,650 
 
5.000%, 12/01/32 
12/21 at 100.00 
Baa2 
6,737,514 
2,245 
 
5.000%, 12/01/35 
12/21 at 100.00 
Baa2 
2,272,524 
4,525 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 
12/27 at 100.00 
Baa2 
5,000,080 
 
 
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 
1,043,400 
 
 
Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
4,125 
 
North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B, 
1/30 at 100.00 
Aa1 
4,201,477 
 
 
2.500%, 7/01/44 
 
 
 
 
 
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– 
11,619,100 
28,000 
 
5.000%, 6/01/53 
6/28 at 100.00 
BBB– 
31,809,120 
2,535 
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC 
9/23 at 100.00 
N/R 
1,527,338 
 
 
Project, Series 2013, 7.750%, 9/01/38 (4) 
 
 
 
76,030 
 
Total North Dakota 
 
 
82,478,701 
 
 
Ohio – 9.1% (5.8% of Total Investments) 
 
 
 
2,000 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities 
11/30 at 100.00 
Baa2 
2,047,380 
 
 
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 
4,352,609 
 
 
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+ (3) 
2,845,874 
1,930 
 
5.000%, 5/01/33 (Pre-refunded 5/01/22) 
5/22 at 100.00 
A+ (3) 
2,023,701 
3,405 
 
5.000%, 5/01/42 (Pre-refunded 5/01/22) 
5/22 at 100.00 
A+ (3) 
3,570,313 
70,220 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 22.36 
N/R 
10,961,342 
 
 
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: 
 
 
 
41,535 
 
3.000%, 6/01/48 
6/30 at 100.00 
BBB+ 
42,700,057 
7,535 
 
4.000%, 6/01/48 
6/30 at 100.00 
BBB+ 
8,519,297 
40,425 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
45,444,572 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
 
53

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 10,000 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R (3) 
$ 10,657,200 
 
 
Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22) 
 
 
 
 
 
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 
2,935,075 
3,200 
 
5.250%, 11/01/47 
11/27 at 100.00 
N/R 
3,359,488 
3,345 
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation 
6/23 at 100.00 
A1 
3,610,192 
 
 
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 
5,776,000 
 
 
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 
39,657,625 
 
 
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+ 
1,218,823 
1,750 
 
4.000%, 9/01/45 
9/29 at 100.00 
BB+ 
1,810,777 
2,000 
 
5.000%, 9/01/49 
9/29 at 100.00 
BB+ 
2,239,420 
6,840 
 
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 
12/29 at 100.00 
BBB– 
7,936,452 
 
 
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 
8,242,408 
 
 
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– 
4,296,747 
 
 
3.250%, 12/01/42 
 
 
 
 
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien 
 
 
 
 
 
Series 2013A: 
 
 
 
6,425 
 
5.000%, 1/01/38 (Pre-refunded 1/01/23) (UB) (5) 
1/23 at 100.00 
Aa3 (3) 
6,946,453 
 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, 
 
 
 
 
 
Tender Option Bond Trust 2016-XG0052: 
 
 
 
390 
 
17.823%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) 
1/23 at 100.00 
Aa3 (3) 
515,654 
1,750 
 
17.946%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) 
1/23 at 100.00 
Aa3 (3) 
2,317,857 
625 
 
17.955%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) 
1/23 at 100.00 
Aa3 (3) 
827,919 
1,250 
 
17.955%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) 
1/23 at 100.00 
Aa3 (3) 
1,655,837 
1,725 
 
17.955%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) 
1/23 at 100.00 
Aa3 (3) 
2,285,056 
2,000 
 
17.955%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5) 
1/23 at 100.00 
Aa3 (3) 
2,649,340 
2,885 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, 
11/21 at 100.00 
Baa3 (3) 
2,975,243 
 
 
Series 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 
5,551,562 
6,000 
 
5.250%, 12/01/31 – AGM Insured 
No Opt. Call 
A2 
8,027,760 
12,000 
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System 
2/23 at 100.00 
Ba2 
12,459,960 
 
 
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%, 8/01/21 (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 
21,377,567 
 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory 
 
 
 
 
 
Put 6/01/22) 
 
 
 
1,240 
 
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission 
2/31 at 100.00 
A+ 
1,538,071 
 
 
Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3, 0.000%, 2/15/36 (6) 
 
 
 
 
54

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 4,975 
 
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission 
2/23 at 100.00 
A+ (3) 
$ 5,403,845 
 
 
Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48 
 
 
 
 
 
(Pre-refunded 2/15/23) 
 
 
 
1,610 
 
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
2,013 
 
 
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 
21,006,947 
 
 
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 
21,084,160 
 
 
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 
3,041,760 
 
 
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– 
1,153,539 
870 
 
6.000%, 12/01/42 
12/22 at 100.00 
BB– 
897,675 
1,330 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education 
3/25 at 100.00 
N/R 
1,448,490 
 
 
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 
 
 
 
 
 
6.000%, 3/01/45 
 
 
 
387,930 
 
Total Ohio 
 
 
337,389,186 
 
 
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 (3) 
1,117,512 
 
 
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 (Pre-refunded 7/01/21) 
7/21 at 100.00 
AAA 
1,511,670 
1,000 
 
5.375%, 7/01/40 (Pre-refunded 7/01/21) 
7/21 at 100.00 
AAA 
1,008,380 
 
 
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+ 
6,496,649 
10,530 
 
5.500%, 8/15/57 
8/28 at 100.00 
BB+ 
12,902,409 
2,340 
 
Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, 
11/25 at 102.00 
BBB– 
2,564,640 
 
 
  Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/45 
 
 
 
21,750 
 
Total Oklahoma 
 
 
25,601,260 
 
 
Oregon – 0.1% (0.1% 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 
542,525 
220 
 
5.250%, 11/15/50 
11/25 at 102.00 
N/R 
236,867 
315 
 
5.375%, 11/15/55 
11/25 at 102.00 
N/R 
339,680 
 
 
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 
1,072,480 
800 
 
5.500%, 10/01/49 
10/24 at 100.00 
N/R 
856,800 
1,670 
 
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G, 
8/21 at 100.00 
AA+ (3) 
1,690,074 
 
 
  5.000%, 8/01/36 (Pre-refunded 8/02/21) 
 
 
 
4,505 
 
Total Oregon 
 
 
4,738,426 
 
55

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Pennsylvania – 6.0% (3.9% of Total Investments) 
 
 
 
$ 14,855 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny 
4/28 at 100.00 
$ 16,434,532 
 
 
Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44 
 
 
 
2,540 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/27 at 100.00 
Baa3 
2,934,081 
 
 
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 
13,628,344 
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) 
 
 
 
9,365 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
4/31 at 100.00 
N/R 
9,842,802 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 
 
 
 
22,245 
 
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue 
11/27 at 100.00 
B+ 
22,508,381 
 
 
Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50 
 
 
 
 
 
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– 
2,746,990 
6,420 
 
5.125%, 3/15/46 
3/27 at 100.00 
BBB– 
7,195,151 
10,850 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
6/28 at 100.00 
A1 
12,402,743 
 
 
Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured (UB) (5) 
 
 
 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
 
 
 
 
 
Social Ministries Project, Series 2015: 
 
 
 
170 
 
5.000%, 1/01/29 (Pre-refunded 1/01/25) 
1/25 at 100.00 
N/R (3) 
197,897 
830 
 
5.000%, 1/01/29 
1/25 at 100.00 
BBB+ 
929,866 
7,665 
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle 
6/22 at 100.00 
7,984,937 
 
 
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– 
3,530,190 
 
 
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– 
1,341,938 
 
 
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 
769,115 
805 
 
5.125%, 12/01/47 (Pre-refunded 12/01/23) 
12/23 at 100.00 
N/R (3) 
905,883 
 
 
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 
11,703,463 
1,200 
 
5.250%, 1/15/46 
1/25 at 100.00 
Ba1 
1,333,296 
10,765 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 
9/25 at 100.00 
CCC+ 
9,737,588 
 
 
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 
3,703,735 
 
 
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 
17,395,155 
 
 
5.250%, 12/01/44 
 
 
 
3,705 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 
6/25 at 100.00 
A+ 
4,284,314 
6,450 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2, 5.000%, 12/01/43 
12/28 at 100.00 
A1 
7,990,518 
11,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 
6/26 at 100.00 
A2 
13,901,360 
 
 
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 
17,531,250 
 
 
5.000%, 12/01/45 
 
 
 
 
56

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 5,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A, 
12/29 at 100.00 
A3 
$ 5,744,400 
 
 
4.000%, 12/01/49 
 
 
 
10,305 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
Ba1 
10,823,651 
 
 
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 
6/21 at 100.00 
A2 
7,071,861 
 
 
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 (3) 
1,158,424 
1,000 
 
5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured 
12/21 at 100.00 
AA (3) 
1,031,150 
5,790 
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
1/23 at 100.00 
Baa3 
5,871,697 
 
 
Series 2012B, 4.000%, 1/01/33 
 
 
 
207,890 
 
Total Pennsylvania 
 
 
222,641,749 
 
 
Puerto Rico – 4.0% (2.6% of Total Investments) 
 
 
 
4,934 
 
Cofina Class 2 Trust Tax-Exempt Class 2047 Unit, Puerto Rico, 0.000%, 8/01/47 
No Opt. Call 
N/R 
1,495,770 
9,761 
 
Cofina Class 2 Trust Tax-Exempt Class 2054 Unit, Puerto Rico, 0.000%, 8/01/54 
No Opt. Call 
N/R 
2,083,568 
26,925 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 
7/30 at 100.00 
N/R 
31,531,867 
 
 
2020A, 5.000%, 7/01/47, 144A 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
2,200 
 
5.125%, 7/01/37 
7/22 at 100.00 
CCC 
2,325,114 
8,080 
 
5.250%, 7/01/42 
7/22 at 100.00 
CCC 
8,551,549 
8,315 
 
6.000%, 7/01/47 
7/22 at 100.00 
CCC 
8,874,101 
590 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 
6/21 at 100.00 
Baa2 
605,629 
 
 
5.000%, 7/01/29 – NPFG Insured 
 
 
 
1,500 
 
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured 
6/21 at 100.00 
A2 
1,508,790 
950 
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 
No Opt. Call 
AA+ 
1,009,859 
 
 
5.125%, 6/01/24 – AMBAC Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
3,013 
 
0.000%, 7/01/31 
7/28 at 91.88 
N/R 
2,355,202 
9,828 
 
0.000%, 7/01/33 
7/28 at 86.06 
N/R 
7,120,779 
259 
 
4.500%, 7/01/34 
7/25 at 100.00 
N/R 
283,248 
2,661 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
844,309 
14,546 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
3,345,289 
17,398 
 
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
19,353,535 
23,055 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
26,030,478 
723 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 
7/28 at 100.00 
N/R 
793,413 
 
 
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: 
 
 
 
7,857 
 
4.329%, 7/01/40 
7/28 at 100.00 
N/R 
8,608,129 
11,680 
 
4.329%, 7/01/40 
7/28 at 100.00 
N/R 
12,796,374 
9,037 
 
 4.784%, 7/01/58 
7/28 at 100.00 
N/R 
10,078,153 
163,312 
 
Total Puerto Rico 
 
 
149,595,156 
 
 
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 (3) 
1,135,470 
 
 
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+ 
5,978,886 
 
 
Program, 2019 Series 71, 3.100%, 10/01/44 
 
 
 
292,435 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed 
5/21 at 15.96 
CCC– 
47,432,957 
 
 
  Bonds, Series 2007A, 0.000%, 6/01/52 
 
 
 
299,085 
 
Total Rhode Island 
 
 
54,547,313 
 
57

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
South Carolina – 3.0% (2.0% of Total Investments) 
 
 
 
$ 7,600 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
A– 
$ 6,335,132 
 
 
0.000%, 1/01/31 – AMBAC 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– 
988,078 
1,165 
 
4.000%, 4/01/54 
4/26 at 103.00 
BBB– 
1,206,532 
1,630 
 
5.000%, 4/01/54 
4/26 at 103.00 
BBB– 
1,805,665 
 
 
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 
407,940 
1,000 
 
5.000%, 1/01/55, 144A 
1/30 at 100.00 
N/R 
1,004,810 
 
 
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 
1,053,350 
750 
 
5.000%, 5/01/42 
5/23 at 104.00 
N/R 
777,870 
1,250 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto 
8/21 at 100.00 
AA (3) 
1,269,125 
 
 
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 
4,779,880 
 
 
Health Obligated Group, Series 2018A, 5.000%, 5/01/48 
 
 
 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
 
 
 
 
 
Improvement Series 2015A: 
 
 
 
11,305 
 
5.000%, 12/01/50 
6/25 at 100.00 
A– 
13,053,997 
34,000 
 
5.000%, 12/01/50 (UB) (5) 
6/25 at 100.00 
A– 
39,260,140 
8,630 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
12/30 at 100.00 
A– 
10,992,462 
 
 
Improvement Series 2020A, 5.000%, 12/01/43 
 
 
 
5,075 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
12/24 at 100.00 
A– 
5,801,182 
 
 
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– 
1,458,567 
 
 
2013A, 5.125%, 12/01/43 
 
 
 
10,300 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 
6/24 at 100.00 
A– 
11,704,405 
 
 
2014A, 5.500%, 12/01/54 
 
 
 
10,250 
 
Spartanburg Regional Health Services District, Inc, South Carolina, Hospital Revenue 
4/22 at 100.00 
A3 
10,674,350 
 
 
  Bonds, Refunding Series 2012A, 5.000%, 4/15/32 
 
 
 
100,560 
 
Total South Carolina 
 
 
112,573,485 
 
 
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 
17,856,750 
 
 
Refunding Series 2017, 5.000%, 7/01/46 
 
 
 
11,400 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument 
9/30 at 100.00 
A1 
12,891,348 
 
 
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 
4,465,102 
 
 
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 (3) 
4,383,843 
 
 
Series 2012A, 5.000%, 7/01/42 (Pre-refunded 7/01/21) 
 
 
 
34,515 
 
Total South Dakota 
 
 
39,597,043 
 
 
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+ (3) 
13,961,159 
 
 
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 
2,036,295 
 
 
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 
2,230,720 
 
 
Bonds, East Tennessee Children’s Hospital, Series 2019, 4.000%, 11/15/48 
 
 
 
 
58

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Tennessee (continued) 
 
 
 
$ 2,645 
 
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, 
7/27 at 100.00 
N/R 
$ 2,659,785 
 
 
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, 5.500%, 
 
 
 
 
 
6/15/37, 144A (4) 
 
 
 
1,010 
 
Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2020-3A, 
7/29 at 100.00 
AA+ 
1,034,038 
 
 
2.550%, 1/01/45 
 
 
 
10,000 
 
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue 
6/27 at 100.00 
N/R 
5,500,000 
 
 
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 
 
 
 
 
 
 6/01/47, 144A (4), (7) 
 
 
 
33,960 
 
Total Tennessee 
 
 
29,557,997 
 
 
Texas – 11.3% (7.3% of Total Investments) 
 
 
 
735 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside 
8/21 at 100.00 
BB 
736,279 
 
 
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 
3,855,051 
 
 
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 
3,272,218 
 
 
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 
6,416,258 
 
 
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 
2,611,125 
 
 
Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 
 
 
 
2,315 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement 
3/23 at 103.00 
N/R 
2,444,571 
 
 
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 
4,368,416 
 
 
District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 
 
 
 
 
 
8.250%, 9/01/40 
 
 
 
380 
 
Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District 
9/24 at 100.00 
N/R 
402,097 
 
 
Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A: 
 
 
 
3,000 
 
5.000%, 1/01/44 
1/30 at 100.00 
Baa1 
3,745,350 
3,940 
 
5.000%, 1/01/49 
1/30 at 100.00 
Baa1 
4,868,382 
3,335 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020E, 
1/30 at 100.00 
Baa1 
4,153,976 
 
 
5.000%, 1/01/45 
 
 
 
13,685 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
Baa1 
15,686,568 
 
 
5.000%, 1/01/45 
 
 
 
6,375 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, 
1/26 at 100.00 
Baa1 
6,809,648 
 
 
3.375%, 1/01/41 
 
 
 
535 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea 
No Opt. Call 
A– 
545,416 
 
 
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– 
786,405 
685 
 
4.400%, 12/01/47 
12/22 at 100.00 
BBB– 
703,536 
4,000 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift 
6/25 at 100.00 
BBB– 
4,398,400 
 
 
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: 
 
 
 
580 
 
5.750%, 9/01/28 
9/23 at 103.00 
N/R 
641,805 
745 
 
6.500%, 9/01/46 
9/23 at 103.00 
N/R 
822,338 
11,735 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding & 
11/21 at 100.00 
12,001,033 
 
 
Improvement Series 2012C, 5.000%, 11/01/45 
 
 
 
 
59

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Texas (continued) 
 
 
 
$ 2,520 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 
9/23 at 100.00 
N/R 
$ 2,776,536 
 
 
2013A, 6.375%, 9/01/42 
 
 
 
400 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 
9/24 at 100.00 
BBB– 
446,144 
 
 
2014A, 5.250%, 9/01/44 
 
 
 
1,255 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy 
11/22 at 100.00 
Baa2 
1,320,536 
 
 
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 
9,386,338 
 
 
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 
7,746,845 
 
 
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 (3) 
22,466,600 
10,000 
 
5.000%, 4/01/53 (Pre-refunded 10/01/23) (UB) (5) 
10/23 at 100.00 
AA (3) 
11,173,200 
5,470 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender 
10/23 at 100.00 
AA (3) 
8,037,673 
 
 
Option Bond Trust 2015-XF0228, 18.108%, 11/01/44 (Pre-refunded 10/01/23), 144A (IF) (5) 
 
 
 
4,255 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
6/25 at 100.00 
AA 
4,890,484 
 
 
Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 
 
 
 
4,645 
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, 
11/21 at 100.00 
Aa2 (3) 
4,757,316 
 
 
Series 2011A, 5.000%, 11/01/41 (Pre-refunded 11/01/21) 
 
 
 
4,080 
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond 
No Opt. Call 
AAA 
9,296,362 
 
 
Trust 2015-XF0074, 14.383%, 8/15/32 – AGM Insured, 144A (IF) 
 
 
 
10,000 
 
Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2021A, 
8/30 at 100.00 
Aa2 
11,916,300 
 
 
4.000%, 8/15/50 
 
 
 
6,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation 
11/31 at 44.13 
A2 
1,847,460 
 
 
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 
6,711,420 
 
 
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 (3) 
1,059,279 
14,055 
 
0.000%, 11/15/34 – NPFG Insured 
11/24 at 55.69 
BB 
7,109,019 
5,000 
 
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc, 
8/25 at 100.00 
AAA 
5,377,550 
 
 
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 
3,855,768 
4,865 
 
0.000%, 9/01/27 – AGM Insured 
No Opt. Call 
A2 
4,434,593 
4,715 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, 
9/24 at 100.00 
5,090,408 
 
 
5.000%, 9/01/40 
 
 
 
17,000 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 
No Opt. Call 
A2 (3) 
25,382,190 
 
 
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+ 
6,770,685 
 
 
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– 
1,082,062 
 
 
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 
1,148,820 
 
 
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 
3,392,244 
3,125 
 
6.125%, 12/01/38 
12/25 at 100.00 
B1 
3,436,031 
 
60

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
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– 
$ 2,128,703 
1,785 
 
5.000%, 9/15/48 
9/25 at 100.00 
BBB– 
1,993,042 
 
 
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– 
2,504,871 
6,015 
 
5.000%, 11/01/51 
11/23 at 103.00 
BBB– 
6,445,012 
745 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility 
1/25 at 100.00 
N/R 
775,940 
 
 
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 
N/R (3) 
254,510 
 
 
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, LLC-Texas A&M University-Corpus 
 
 
 
 
 
Christi Project, Series 2016A, 5.000%, 4/01/48 (Pre-refunded 4/01/26) 
 
 
 
4,530 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
A2 
4,838,991 
 
 
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 
N/R (3) 
991,593 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M 
 
 
 
 
 
University – San Antonio Project,, 5.000%, 4/01/48 (Pre-refunded 4/01/26) 
 
 
 
 
 
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 (3) 
1,126,350 
2,200 
 
5.000%, 4/01/39 (Pre-refunded 4/01/24) 
4/24 at 100.00 
N/R (3) 
2,477,970 
1,600 
 
5.000%, 4/01/46 (Pre-refunded 4/01/24) 
4/24 at 100.00 
N/R (3) 
1,802,160 
5,540 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
N/R (3) 
6,274,382 
 
 
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, 
 
 
 
 
 
Series 2014A, 5.000%, 4/01/39 (Pre-refunded 4/01/24) 
 
 
 
3,220 
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
A2 
3,311,126 
 
 
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) (6) 
9/31 at 100.00 
N/R (3) 
3,575,961 
3,910 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (3) 
5,843,534 
6,155 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A+ 
6,573,171 
 
 
5.000%, 1/01/40 
 
 
 
2,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 
1/25 at 100.00 
2,293,600 
 
 
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 
650,260 
 
 
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 
1,074,750 
 
 
Edward?s University Project, Series 2016, 4.000%, 6/01/41 
 
 
 
2,410 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
11/21 at 100.00 
AA– (3) 
2,472,877 
 
 
Revenue 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 (3) 
2,098,832 
 
 
Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 (Pre-refunded 
 
 
 
 
 
9/01/23) 
 
 
 
17,640 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
5/26 at 100.00 
AA– 
20,801,088 
 
 
Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) (5) 
 
 
 
4,565 
 
Texas City Industrial Development Corporation, Texas, Industrial Development Revenue 
2/25 at 100.00 
Baa2 
4,986,623 
 
 
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+ 
4,434,920 
 
 
Series 2018A, 4.250%, 9/01/43 
 
 
 
 
61

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
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: 
 
 
 
$ 5,810 
 
4.000%, 12/31/36 
12/30 at 100.00 
BBB– 
$ 6,799,908 
2,735 
 
4.000%, 6/30/37 
12/30 at 100.00 
BBB– 
3,195,683 
3,150 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 
8/22 at 100.00 
A3 (3) 
3,343,253 
 
 
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 
6,256,001 
10,000 
 
0.000%, 8/15/37 
8/24 at 56.94 
A3 
5,288,100 
 
 
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 
5,595,350 
31,810 
 
5.000%, 8/15/42 
8/24 at 100.00 
Baa1 
35,417,572 
7,500 
 
Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll 
2/29 at 100.00 
Baa3 
8,765,400 
 
 
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 
4,217,224 
 
 
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
1,840 
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue 
11/21 at 100.00 
AA– 
1,890,269 
 
 
  Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured 
 
 
 
390,505 
 
Total Texas 
 
 
420,679,761 
 
 
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 
1,881,183 
 
 
Series 2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
 
 
Virginia – 0.8% (0.5% 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 
1,274,424 
1,085 
 
5.600%, 3/01/45, 144A 
3/25 at 100.00 
N/R 
1,151,869 
5,500 
 
Hampton Roads Transportation Accountability Commission, District of Columbia, Revenue 
7/30 at 100.00 
AA 
6,910,530 
 
 
Bonds, Senior Lien Series 2020A, 5.000%, 7/01/60 
 
 
 
11,380 
 
Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads 
1/28 at 100.00 
AA 
14,163,320 
 
 
Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.500%, 7/01/57 
 
 
 
2,000 
 
Peninsula Town Center Community Development Authority, Virginia, Special Obligation 
9/27 at 100.00 
N/R 
2,177,020 
 
 
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 
1,071,520 
 
 
University Project, Green Series 2015B, 5.250%, 7/01/35, 144A 
 
 
 
2,025 
 
Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue 
4/28 at 112.76 
N/R 
2,508,631 
 
 
Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 
 
 
 
 
 
  8.375%, 4/01/41, 144A 
 
 
 
24,190 
 
Total Virginia 
 
 
29,257,314 
 
 
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– 
5,819,250 
 
 
Refunding Series 2015A, 5.000%, 7/01/38 (UB) (5) 
 
 
 
1,250 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & 
10/24 at 100.00 
AA– 
1,916,750 
 
 
Services, Tender Option Bond Trust 2015-XF0148, 17.892%, 10/01/44, 144A (IF) (5) 
 
 
 
20,455 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center 
9/30 at 100.00 
A2 
25,682,071 
 
 
Alliance, Series 2020, 5.000%, 9/01/55 
 
 
 
6,655 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 (3) 
7,108,871 
 
 
Series 2012A, 5.000%, 10/01/42 (Pre-refunded 10/01/22) 
 
 
 
 
62

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Washington (continued) 
 
 
 
 
 
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 
$ 5,837,822 
3,650 
 
5.000%, 1/01/51, 144A 
1/25 at 102.00 
BB 
3,903,201 
21,510 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 
No Opt. Call 
AA+ 
19,826,842 
 
 
  0.000%, 6/01/28 – NPFG Insured (UB) (5) 
 
 
 
63,970 
 
Total Washington 
 
 
70,094,807 
 
 
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 
2,062,203 
 
 
University Town Centre Economic Opportunity Development District, Refunding & Improvement 
 
 
 
 
 
Series 2017A, 5.500%, 6/01/37, 144A 
 
 
 
40,950 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 
6/23 at 100.00 
A (3) 
45,423,378 
 
 
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
 
 
  (Pre-refunded 6/01/23) 
 
 
 
42,850 
 
Total West Virginia 
 
 
47,485,581 
 
 
Wisconsin – 4.1% (2.6% 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 
1,881,880 
305 
 
5.125%, 2/01/46, 144A 
2/26 at 100.00 
N/R 
325,228 
1,715 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community 
6/26 at 100.00 
N/R 
1,816,305 
 
 
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 
520,750 
 
 
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 
1,568,386 
 
 
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 
6,108,240 
 
 
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 
1,018,350 
1,790 
 
5.625%, 6/15/47, 144A 
6/27 at 100.00 
N/R 
1,839,655 
35,100 
 
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 
12/27 at 100.00 
N/R 
40,541,202 
 
 
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 
1,745,135 
 
 
Senior Series 2017A, 7.000%, 10/01/47, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc, 
 
 
 
 
 
Series 2017A: 
 
 
 
1,410 
 
5.000%, 12/01/27 
No Opt. Call 
BBB– 
1,562,717 
1,815 
 
5.200%, 12/01/37 
12/27 at 100.00 
BBB– 
2,068,828 
 
 
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 
1,522,950 
4,765 
 
5.000%, 4/01/50, 144A 
4/30 at 100.00 
BB 
5,488,899 
 
 
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– 
4,524,619 
1,575 
 
5.000%, 6/15/48, 144A 
6/26 at 100.00 
BBB– 
1,738,170 
2,500 
 
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, 
5/26 at 100.00 
BBB– 
2,754,800 
 
 
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 (3) 
8,541,131 
 
 
Care, Inc, Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) 
 
 
 
 
63

 

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (14) 
Ratings (2) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 6,620 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health 
10/22 at 100.00 
AA 
$ 6,961,129 
 
 
Inc Obligated Group, Series 2012A, 5.000%, 4/01/42 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
 
 
 
 
 
Series 2012B: 
 
 
 
3,505 
 
4.500%, 2/15/40 
2/22 at 100.00 
A– 
3,560,905 
1,485 
 
5.000%, 2/15/40 
2/22 at 100.00 
A– 
1,527,738 
 
 
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 
11,459,140 
1,500 
 
5.000%, 6/01/39 
6/22 at 100.00 
A3 
1,562,610 
1,450 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education 
6/26 at 100.00 
N/R 
1,598,175 
 
 
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 
16,493,886 
 
 
Lutheran, Series 2011A, 5.250%, 10/15/39 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, 
8/24 at 103.00 
N/R 
1,059,910 
 
 
American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017, 
 
 
 
 
 
5.000%, 8/01/37 
 
 
 
2,505 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aurora 
4/23 at 100.00 
Aa3 (3) 
2,741,021 
 
 
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 
1,040,890 
1,500 
 
5.500%, 10/01/49 
10/22 at 102.00 
N/R 
1,563,450 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers 
7/24 at 100.00 
1,108,240 
 
 
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 
1,939,965 
 
 
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– 
567,034 
1,350 
 
5.000%, 9/15/45 
9/22 at 100.00 
BBB– 
1,386,491 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three 
8/23 at 100.00 
BBB+ (3) 
1,109,880 
 
 
Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33 (Pre-refunded 8/15/23) 
 
 
 
 
 
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 
2,661,880 
1,775 
 
5.250%, 12/01/49 
12/22 at 102.00 
N/R 
1,846,816 
 
 
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, 
 
 
 
 
 
Series 2019A: 
 
 
 
2,800 
 
  3.150%, 11/01/44 
11/28 at 100.00 
Aa3 
2,964,192 
4,000 
 
  3.200%, 11/01/49 
11/28 at 100.00 
Aa3 
4,211,840 
141,860 
 
Total Wisconsin 
 
 
152,932,437 
 
 
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 (3) 
1,030,260 
1,000 
 
  6.000%, 12/01/36 (Pre-refunded 12/01/21) 
12/21 at 100.00 
N/R (3) 
1,033,010 
2,000 
 
Total Wyoming 
 
 
2,063,270 
$ 5,921,490 
 
Total Municipal Bonds (cost $5,141,689,818) 
 
 
5,766,940,823 
 
64

 

       
Shares 
 
Description (1) 
Value 
 
 
COMMON STOCKS – 0.5% (0.3% of Total Investments) 
 
 
 
Electric Utilities – 0.5% (0.3% of Total Investments) 
 
676,308 
 
Energy Harbor Corp (8), (9), (10) 
$ 19,486,462 
 
 
Total Common Stocks (cost $15,015,822) 
19,486,462 
 
 
Total Long-Term Investments (cost $5,156,705,640) 
5,786,427,285 
 
 
Floating Rate Obligations – (5.1)% 
(187,925,000) 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (10.9)% (11) 
(404,082,522) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (3.0)% (12) 
(111,918,480) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (37.8)% (13) 
(1,408,136,995) 
 
 
Other Assets Less Liabilities – 1.3% 
46,464,503 
 
 
Net Assets Applicable to Common Shares – 100% 
$ 3,720,828,791 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
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. 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.
(3) 
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. 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.
(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) 
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 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.
(8) 
Common Stock received as part of the bankruptcy settlements during February 2020 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.
(9) 
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.
(10) 
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
(11) 
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 7.0%. 
(12) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 1.9%. 
(13) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 24.3%. 
(14) 
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.
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.
65

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 154.9% (100.0% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 153.4% (99.0% 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 
$ 9,424,527 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 
 
 
 
5,250 
 
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, 
6/21 at 100.00 
N/R (5) 
5,609,205 
 
 
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, 5.000%, 9/01/46 
No Opt. Call 
A2 
8,533,804 
19,670 
 
Total Alabama 
 
 
23,567,536 
 
 
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 
1,110,500 
2,950 
 
5.000%, 1/01/33 (AMT) 
7/25 at 100.00 
Baa2 
3,265,532 
2,900 
 
5.000%, 1/01/34 (AMT) 
7/25 at 100.00 
Baa2 
3,202,064 
35 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
5/21 at 100.00 
A1 
35,568 
 
 
Bonds, Series 2006A, 4.625%, 6/01/23 
 
 
 
6,885 
 
Total Alaska 
 
 
7,613,664 
 
 
Arizona – 1.9% (1.2% of Total Investments) 
 
 
 
1,300 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 
A– 
1,332,487 
 
 
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 
3,184,316 
 
 
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 
10,881,062 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/30 
 
 
 
2,131 
 
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, 
7/27 at 100.00 
N/R 
1,640,888 
 
 
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 
3,395,847 
 
 
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 
2,161,285 
 
 
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 
422,028 
950 
 
5.000%, 7/01/32 (AMT) 
7/22 at 100.00 
A1 
998,327 
 
 
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– 
1,889,094 
2,140 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
2,262,686 
595 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/24 at 100.00 
N/R 
627,517 
 
 
San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 
 
 
 
2,060 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/28 at 100.00 
N/R 
2,342,158 
 
 
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A 
 
 
 
3,710 
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding 
7/21 at 100.00 
A+ (5) 
3,740,348 
 
 
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+ 
10,181,671 
 
 
  Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
40,516 
 
Total Arizona 
 
 
45,059,714 
 
66

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California – 22.2% (14.3% of Total Investments) 
 
 
 
$ 2,000 
 
ABC Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
$ 1,985,840 
 
 
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 
3,839,384 
 
 
Series 2005B, 0.000%, 8/01/28 – AGM Insured 
 
 
 
535 
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 
3/26 at 100.00 
Ba3 
544,678 
1,900 
 
Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, 
11/25 at 100.00 
N/R 
2,158,856 
 
 
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 
3,251,482 
6,410 
 
0.000%, 8/01/34 – FGIC Insured 
No Opt. Call 
4,824,999 
1,515 
 
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
8/29 at 100.00 
N/R 
1,732,342 
 
 
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, 
5/21 at 100.00 
N/R 
1,295,479 
 
 
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– 
4,232,333 
710 
 
5.000%, 7/01/37 
7/23 at 100.00 
AA– 
778,820 
825 
 
California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa 
7/25 at 100.00 
BB+ 
897,996 
 
 
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 
2,169,886 
 
 
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 
2,163,440 
 
 
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+ 
2,164,040 
 
 
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+ 
4,591,125 
 
 
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– 
3,062,790 
16,050 
 
California State, General Obligation Bonds, Various Purpose Series 2021, 5.000%, 12/01/35 
12/30 at 100.00 
AA– 
21,362,229 
10,000 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
11,205,200 
 
 
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– 
2,538,968 
17,155 
 
5.000%, 12/01/46, 144A 
6/26 at 100.00 
BB– 
19,246,194 
7,335 
 
5.250%, 12/01/56, 144A 
6/26 at 100.00 
BB– 
8,267,939 
27,545 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/28 at 100.00 
BB– 
32,654,597 
 
 
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
331 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
6/21 at 100.00 
N/R 
314,089 
 
 
Charity Health System, Series 2005A, 5.500%, 7/01/39 (4) 
 
 
 
223 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
6/21 at 100.00 
N/R 
212,010 
 
 
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 
7,940,008 
 
 
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 (5) 
1,259,759 
1,865 
 
5.000%, 8/01/38 (Pre-refunded 8/01/23) 
8/23 at 100.00 
N/R (5) 
2,067,781 
4,000 
 
Coast Community College District, Orange County, California, General Obligation Bonds, 
No Opt. Call 
AA+ 
3,990,640 
 
 
Series 2005, 0.000%, 8/01/22 – NPFG Insured 
 
 
 
 
67

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 3,795 
 
Colton Joint Unified School District, San Bernardino County, California, General 
No Opt. Call 
A+ 
$ 2,643,521 
 
 
Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured 
 
 
 
925 
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage 
No Opt. Call 
AA+ (5) 
959,882 
 
 
Revenue Bonds, Series 1989, 7.750%, 5/01/22 (AMT) (ETM) 
 
 
 
6,215 
 
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 
10/31 at 100.00 
N/R 
6,660,553 
 
 
Altana Glendale, Series 2021A-2, 4.000%, 10/01/56, 144A 
 
 
 
1,320 
 
Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, 
9/25 at 100.00 
N/R 
1,492,682 
 
 
5.000%, 9/01/40 
 
 
 
5,000 
 
Escondido Union School District, San Diego County, California, General Obligation Bonds, 
8/27 at 100.00 
Aa2 
5,684,550 
 
 
Election 2014 Series 2018B, 4.000%, 8/01/47 
 
 
 
2,510 
 
Folsom Cordova Unified School District, Sacramento County, California, General 
No Opt. Call 
AA– 
2,264,020 
 
 
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– 
3,131,117 
 
 
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 
2,811,965 
 
 
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 
3,133,320 
1,560 
 
5.750%, 1/15/46 (Pre-refunded 1/15/24) 
1/24 at 100.00 
Baa2 (5) 
1,795,061 
3,560 
 
6.000%, 1/15/49 (Pre-refunded 1/15/24) 
1/24 at 100.00 
Baa2 (5) 
4,116,179 
4,505 
 
Foothill-De Anza Community College District, Santa Clara County, California, Election of 
No Opt. Call 
AAA 
3,921,963 
 
 
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 
6,815,981 
 
 
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+ 
1,849,430 
 
 
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 (5) 
1,013,740 
 
 
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+ 
9,892,428 
 
 
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 
3,028,301 
 
 
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 
8,859,681 
 
 
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 
516,625 
 
 
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 
7,235,157 
 
 
6.125%, 7/15/40 (Pre-refunded 7/15/21) 
 
 
 
3,190 
 
Hillsborough City School District, San Mateo County, California, General Obligation 
No Opt. Call 
AAA 
2,996,846 
 
 
Bonds, Series 2006B, 0.000%, 9/01/27 
 
 
 
5,000 
 
Huntington Beach Union High School District, Orange County, California, General 
No Opt. Call 
Aa2 
4,200,500 
 
 
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– 
2,046,775 
 
 
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+ 
17,599,326 
 
 
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– 
2,824,415 
 
 
LAXFUEL Corporation at Los Angeles International Airport, Refunding Series 2012, 
 
 
 
 
 
4.500%, 1/01/27 (AMT) 
 
 
 
 
68

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 2,000 
 
Martinez Unified School District, Contra Costa County, California, General Obligation 
8/24 at 100.00 
AA (5) 
$ 2,366,540 
 
 
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 
1,249,170 
 
 
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+ 
11,791,800 
 
 
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– 
2,717,146 
 
 
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 
1,215,153 
2,320 
 
0.000%, 8/01/43 (6) 
8/35 at 100.00 
AA 
2,612,807 
5,420 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
No Opt. Call 
BBB+ 
8,884,085 
 
 
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+ 
4,266,999 
2,200 
 
6.500%, 11/01/39 
No Opt. Call 
BBB+ 
3,606,086 
 
 
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+ 
7,496,685 
4,180 
 
0.000%, 8/01/26 – FGIC Insured 
No Opt. Call 
AA+ 
3,987,009 
10,885 
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General 
No Opt. Call 
A+ 
10,522,856 
 
 
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– 
5,856,300 
 
 
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– 
16,837,712 
 
 
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– 
7,126,500 
 
 
8/01/38 – AGC Insured 
 
 
 
1,750 
 
Paramount Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
Aa3 
1,734,863 
 
 
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+ (5) 
10,392,466 
 
 
Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (AMT) (ETM) 
 
 
 
3,850 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates 
10/21 at 100.00 
A1 
3,940,321 
 
 
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 
2,960,192 
 
 
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+ 
223,569 
 
 
Series 2013A, 5.750%, 6/01/44 
 
 
 
2,755 
 
Sacramento City Unified School District, Sacramento County, California, General 
No Opt. Call 
BBB+ 
2,652,927 
 
 
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 
3,669,671 
 
 
2011, 7.500%, 12/01/41 
 
 
 
165 
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 
9/25 at 100.00 
N/R 
186,513 
 
 
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 
 
 
 
3,000 
 
San Diego Community College District, California, General Obligation Bonds, 13.845%, 
8/21 at 100.00 
AAA 
3,107,400 
 
 
8/01/41 (Pre-refunded 8/01/21), 144A (IF) (7) 
 
 
 
50,510 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco 
5/28 at 100.00 
60,943,346 
 
 
International Airport, Second Series 2018D, 5.000%, 5/01/48 (AMT) 
 
 
 
 
69

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
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 
$ 1,226,570 
22,975 
 
5.000%, 5/01/49 (AMT) 
5/29 at 100.00 
28,032,027 
2,700 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
1/25 at 100.00 
BBB– 
3,026,673 
 
 
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 
7,436,341 
3,160 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB 
3,524,127 
7,205 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 
No Opt. Call 
Baa2 
7,006,790 
 
 
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– 
11,376,788 
 
 
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 
1,880,064 
 
 
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 
6,345,902 
 
 
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 
6/21 at 43.51 
N/R 
3,251,625 
37,555 
 
0.000%, 6/01/47 
6/21 at 23.19 
N/R 
8,677,458 
1,820 
 
Southwestern Community College District, San Diego County, California, General 
8/27 at 100.00 
AA– 
2,082,408 
 
 
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– 
1,677,816 
 
 
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 
4,531,738 
3,900 
 
5.625%, 5/01/41 (Pre-refunded 8/01/21) – AGM Insured 
8/21 at 100.00 
AA (5) 
3,952,416 
3,000 
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 
8/21 at 100.00 
Aa2 (5) 
3,037,590 
 
 
Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) 
 
 
 
520,574 
 
Total California 
 
 
535,661,371 
 
 
Colorado – 5.4% (3.5% of Total Investments) 
 
 
 
1,500 
 
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 
12/25 at 100.00 
A1 
1,756,920 
 
 
2015, 5.000%, 12/01/35 – BAM Insured 
 
 
 
1,206 
 
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding 
12/21 at 103.00 
N/R 
1,259,522 
 
 
Series 2016A, 5.500%, 12/01/36 
 
 
 
 
 
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 
821,477 
2,320 
 
6.125%, 12/01/47 
12/22 at 103.00 
N/R 
2,458,713 
685 
 
Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General 
12/22 at 103.00 
N/R 
725,956 
 
 
Obligation 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: 
 
 
 
770 
 
5.000%, 12/01/37, 144A 
12/22 at 103.00 
N/R 
815,661 
2,210 
 
5.000%, 12/01/47, 144A 
12/22 at 103.00 
N/R 
2,331,550 
625 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, 
12/23 at 100.00 
BBB– 
681,544 
 
 
Refunding Series 2013A, 6.000%, 12/01/38 
 
 
 
976 
 
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue 
12/25 at 100.00 
N/R 
1,052,343 
 
 
Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 
 
 
 
 
70

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 9,335 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
1/23 at 100.00 
BBB+ (5) 
$ 10,115,033 
 
 
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+ 
2,194,040 
 
 
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+ 
5,007,560 
8,335 
 
5.000%, 8/01/38 
8/29 at 100.00 
BBB+ 
10,408,748 
6,500 
 
5.000%, 8/01/39 
8/29 at 100.00 
BBB+ 
8,098,805 
2,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, 
12/22 at 100.00 
A+ 
2,058,680 
 
 
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 (5) 
651,070 
 
 
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 (5) 
4,335,488 
 
 
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 
2,286,072 
 
 
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 
2,497,612 
 
 
5.000%, 11/15/38 
 
 
 
2,200 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 
11/22 at 100.00 
A+ (5) 
2,363,042 
 
 
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 
4,264,972 
 
 
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 
916,772 
1,310 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
1,438,917 
10,000 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation 
No Opt. Call 
6,066,300 
 
 
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 
8,385,502 
 
 
9/01/26 – NPFG Insured 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
7,550 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
6,650,342 
11,100 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
9,232,203 
10,000 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
8,098,100 
 
 
Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, 
 
 
 
 
 
Series 2015: 
 
 
 
475 
 
5.500%, 12/01/30 (Pre-refunded 12/01/22) 
12/22 at 100.00 
N/R (5) 
514,173 
180 
 
5.250%, 12/01/34 (Pre-refunded 12/01/22) 
12/22 at 100.00 
N/R (5) 
194,137 
896 
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
930,989 
 
 
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 
1,212,997 
1,000 
 
6.000%, 12/01/38 
12/24 at 100.00 
N/R 
1,058,450 
770 
 
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, 
12/21 at 100.00 
N/R 
799,768 
 
 
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 
1,654,649 
6,130 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
6,374,955 
1,000 
 
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding 
12/21 at 100.00 
A– (5) 
1,027,090 
 
 
Bonds, Series 2011A, 5.000%, 12/01/41 (Pre-refunded 12/01/21) 
 
 
 
825 
 
North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General 
12/22 at 103.00 
N/R 
879,038 
 
 
Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A, 5.750%, 12/01/47 
 
 
 
 
71

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 4,310 
 
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, 
12/24 at 103.00 
N/R 
$ 4,730,268 
 
 
Series 2019, 5.000%, 12/01/39 
 
 
 
1,870 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 
12/25 at 100.00 
2,152,389 
 
 
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
500 
 
Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General 
12/26 at 100.00 
N/R 
544,805 
 
 
Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45 
 
 
 
989 
 
Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General 
12/26 at 100.00 
N/R 
1,074,469 
 
 
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 
546,698 
 
 
Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
55 
 
Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding 
12/26 at 100.00 
N/R 
60,921 
 
 
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 
116,587 
 
 
Refunding Series 2016, 5.250%, 12/01/40 
 
 
 
129,887 
 
Total Colorado 
 
 
130,845,327 
 
 
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 (5) 
1,511,670 
 
 
HealthCare, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
5,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health 
6/26 at 100.00 
AA– 
5,971,300 
 
 
Credit Group, Series 2016CT, 5.000%, 12/01/45 
 
 
 
6,500 
 
Total Connecticut 
 
 
7,482,970 
 
 
District of Columbia – 0.5% (0.4% of Total Investments) 
 
 
 
10,935 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/27 at 100.00 
A+ 
13,123,094 
 
 
Series 2017, 5.000%, 10/01/47 (AMT) 
 
 
 
 
 
Florida – 7.5% (4.8% of Total Investments) 
 
 
 
6,495 
 
Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, 
12/29 at 100.00 
A3 
7,369,227 
 
 
Shands Teaching Hospital & Clinics, Inc at the University of Florida Project, Series 2019A, 
 
 
 
 
 
4.000%, 12/01/49 
 
 
 
 
 
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 
1,060,737 
865 
 
5.000%, 9/01/45 
9/23 at 100.00 
BBB 
911,814 
625 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, 
11/27 at 100.00 
N/R 
702,669 
 
 
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 
715,700 
 
 
Bonds, Series 2016, 4.700%, 5/01/36 
 
 
 
1,480 
 
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC 
4/23 at 100.00 
AA 
1,596,787 
 
 
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+ 
3,315,021 
 
 
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 
135,778 
155 
 
5.600%, 11/01/46 
11/28 at 100.00 
N/R 
176,960 
 
 
Downtown Doral Community Development District, Florida, Special Assessment Bonds, 
 
 
 
 
 
Series 2015: 
 
 
 
555 
 
5.250%, 5/01/35 
5/26 at 100.00 
N/R 
598,334 
615 
 
5.300%, 5/01/36 
5/26 at 100.00 
N/R 
662,958 
955 
 
5.500%, 5/01/45 
5/26 at 100.00 
N/R 
1,035,239 
1,305 
 
5.500%, 5/01/46 
5/26 at 100.00 
N/R 
1,414,007 
 
72

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
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 
$ 1,250,573 
3,385 
 
5.750%, 7/01/47, 144A 
7/27 at 101.00 
N/R 
3,750,377 
 
 
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 
1,189,702 
1,420 
 
4.750%, 7/15/36, 144A 
7/26 at 100.00 
N/R 
1,531,598 
2,475 
 
6.375%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
2,873,277 
1,465 
 
5.000%, 7/15/46, 144A 
7/26 at 100.00 
N/R 
1,582,610 
 
 
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 
1,040,930 
6,785 
 
5.125%, 7/01/46 
7/26 at 100.00 
N/R 
6,990,450 
 
 
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 
1,024,272 
560 
 
6.125%, 6/15/46, 144A 
6/25 at 100.00 
N/R 
630,997 
120 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
9/27 at 100.00 
N/R 
133,952 
 
 
Renaissance Charter School, Inc Projects, Series 2020C, 5.000%, 9/15/40, 144A 
 
 
 
10,000 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
1/24 at 107.00 
N/R 
10,400,000 
 
 
Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 
 
 
 
 
 
1/01/49 (AMT), 144A 
 
 
 
 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
 
 
 
 
 
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: 
 
 
 
19,155 
 
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A 
6/21 at 103.00 
N/R 
19,236,217 
10,000 
 
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A 
6/21 at 104.00 
N/R 
10,027,900 
10,000 
 
6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A 
6/21 at 104.00 
N/R 
10,012,400 
320 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/26 at 100.00 
N/R 
340,736 
 
 
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 
A+ 
16,617,798 
 
 
2019A, 4.000%, 10/01/44 (AMT) 
 
 
 
5,000 
 
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 
10/27 at 100.00 
5,983,700 
 
 
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– 
16,815,875 
 
 
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 
1,983,992 
 
 
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+ 
5,322,768 
 
 
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 (5) 
2,661,661 
 
 
2012B, 5.000%, 10/01/37 (Pre-refunded 10/01/22) 
 
 
 
7,045 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 
10/22 at 100.00 
A+ (5) 
7,530,682 
 
 
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 
2,436,262 
 
 
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 (5) 
2,281,358 
 
 
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 
2,656,483 
 
 
5.000%, 10/01/46 
 
 
 
13,080 
 
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist 
8/29 at 100.00 
A1 
15,024,211 
 
 
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 
91,194 
 
 
of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
 
73

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,745 
 
Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm 
4/29 at 100.00 
Ba1 
$ 1,951,242 
 
 
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 
591,423 
 
 
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 
171,896 
265 
 
5.375%, 11/01/36 
11/27 at 100.00 
N/R 
293,792 
365 
 
South Village Community Development District, Clay County, Florida, Capital Improvement 
5/26 at 100.00 
389,528 
 
 
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: 
 
 
 
100 
 
4.350%, 5/01/26 
No Opt. Call 
N/R 
105,402 
100 
 
4.875%, 5/01/35 
5/26 at 100.00 
N/R 
109,053 
1,350 
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central 
1/24 at 100.00 
A– 
1,483,690 
 
 
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 
3,451,338 
 
 
5.000%, 11/15/33 
 
 
 
85 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
74,070 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 
 
 
 
110 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 
6/21 at 100.00 
N/R 
 
 
Series 2007-3, 6.650%, 5/01/40 (4) 
 
 
 
295 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
6/21 at 100.00 
N/R 
283,244 
 
 
Series 2015-1, 0.000%, 5/01/40 (6) 
 
 
 
180 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
6/21 at 100.00 
N/R 
134,950 
 
 
Series 2015-2, 0.000%, 5/01/40 (6) 
 
 
 
195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
6/21 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 
335,919 
 
 
Series 2016A-1, 5.375%, 11/01/37 
 
 
 
167,725 
 
Total Florida 
 
 
180,492,756 
 
 
Georgia – 0.8% (0.5% of Total Investments) 
 
 
 
2,725 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 
7/25 at 100.00 
A+ 
3,152,934 
 
 
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
3,010 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – 
No Opt. Call 
AA– 
3,172,991 
 
 
FGIC Insured 
 
 
 
840 
 
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for 
6/27 at 100.00 
N/R 
908,074 
 
 
Classical Education, Series 2017, 5.875%, 6/15/47, 144A 
 
 
 
1,070 
 
Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A, 5.000%, 5/15/43 
5/29 at 100.00 
A3 
1,282,609 
3,000 
 
Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life 
11/27 at 100.00 
Ba3 
3,221,430 
 
 
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 
2,835,278 
 
 
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 
4,533,666 
 
 
Series 2015A, 5.000%, 7/01/60 
 
 
 
17,405 
 
Total Georgia 
 
 
19,106,982 
 
 
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 (5) 
900,169 
 
 
2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) 
 
 
 
 
74

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
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 
$ 3,303,780 
 
 
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 
1,278,753 
 
 
University, Series 2013A, 6.625%, 7/01/33 
 
 
 
4,175 
 
Total Hawaii 
 
 
4,582,533 
 
 
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+ 
1,308,597 
 
 
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 
629,641 
 
 
Mitigation Series 2012A, 5.000%, 9/01/32 
 
 
 
1,770 
 
Total Idaho 
 
 
1,938,238 
 
 
Illinois – 28.5% (18.4% of Total Investments) 
 
 
 
50,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A– 
60,103,500 
 
 
Series 2016, 6.000%, 4/01/46 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
12/21 at 100.00 
Ba3 
1,020,840 
 
 
Series 2011A, 5.500%, 12/01/39 
 
 
 
8,500 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/22 at 100.00 
Ba3 
8,923,980 
 
 
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 
10,866,744 
 
 
Refunding Series 2017B, 7.000%, 12/01/42, 144A 
 
 
 
 
 
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 
2,256,606 
51,780 
 
7.000%, 12/01/44 
12/25 at 100.00 
BB 
62,488,104 
6,210 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
BB 
7,964,573 
 
 
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 
412,074 
 
 
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 
1,570,460 
1,765 
 
0.000%, 12/01/30 – NPFG Insured 
No Opt. Call 
BB 
1,416,836 
 
 
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 
2,298,944 
8,565 
 
0.000%, 12/01/31 – NPFG Insured 
No Opt. Call 
BB 
6,644,984 
2,430 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien 
12/29 at 100.00 
A+ 
2,995,728 
 
 
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 (5) 
4,427,753 
 
 
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 
17,416,800 
 
 
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– 
21,800,577 
8,765 
 
0.000%, 1/01/34 – FGIC Insured 
No Opt. Call 
BBB– 
6,214,648 
17,310 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB– 
10,983,022 
670 
 
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 
1/25 at 100.00 
Ba1 
758,246 
 
 
2002B, 5.500%, 1/01/31 
 
 
 
2,695 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35 
1/24 at 100.00 
Ba1 
2,910,816 
13,205 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB– 
16,024,928 
 
75

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,000 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 
1/25 at 100.00 
Ba1 
$ 2,232,820 
 
 
5.500%, 1/01/40 
 
 
 
4,930 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 
6/21 at 100.00 
Ba1 
4,941,142 
550 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/34 
1/22 at 100.00 
Ba1 
561,418 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E: 
 
 
 
10,115 
 
5.500%, 1/01/35 
1/25 at 100.00 
Ba1 
11,368,653 
5,890 
 
5.500%, 1/01/42 
1/25 at 100.00 
Ba1 
6,558,809 
765 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35 
1/26 at 100.00 
BBB– 
867,028 
1,610 
 
Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 
No Opt. Call 
A2 
1,348,311 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2015A: 
 
 
 
1,000 
 
5.500%, 1/01/35 
1/25 at 100.00 
BBB– 
1,123,940 
9,800 
 
5.500%, 1/01/39 
1/25 at 100.00 
BBB– 
10,952,186 
5,630 
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38 
1/22 at 100.00 
N/R (5) 
5,821,476 
 
 
(Pre-refunded 1/01/22) 
 
 
 
3,095 
 
Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal 
6/22 at 100.00 
A2 
3,248,264 
 
 
Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured 
 
 
 
800 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools 
12/25 at 100.00 
N/R 
886,328 
 
 
Belmont School Project, Series 2015A, 5.500%, 12/01/30, 144A 
 
 
 
 
 
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+ 
1,323,816 
2,535 
 
7.125%, 10/01/41 
10/21 at 100.00 
BB+ 
2,578,019 
2,675 
 
Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, 
12/25 at 100.00 
BBB+ 
2,976,820 
 
 
5.000%, 12/01/37 
 
 
 
845 
 
Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding 
9/26 at 100.00 
Baa2 
974,336 
 
 
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 (5) 
5,254,667 
 
 
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 
24,267,000 
 
 
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– 
448,221 
905 
 
6.000%, 7/01/43 
7/23 at 100.00 
A– 
983,635 
1,050 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/25 at 100.00 
BBB+ 
1,179,182 
 
 
Refunding Series 2015C, 5.000%, 8/15/44 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A: 
 
 
 
300 
 
5.000%, 10/01/46 (UB) 
10/25 at 100.00 
AA– 
353,499 
2,700 
 
5.000%, 10/01/46 (Pre-refunded 10/01/25) (UB) 
10/25 at 100.00 
N/R (5) 
3,232,980 
4,125 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
4,200,941 
 
 
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– 
6,742,784 
5,000 
 
5.000%, 4/01/39 
4/24 at 100.00 
BBB– 
5,464,850 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
4,100 
 
5.250%, 2/01/31 
2/24 at 100.00 
BBB– 
4,523,202 
2,200 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB– 
2,424,994 
2,435 
 
5.250%, 2/01/33 
2/24 at 100.00 
BBB– 
2,680,594 
6,000 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB– 
6,527,520 
1,785 
 
Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 
5/30 at 100.00 
BBB– 
2,278,231 
 
 
Illinois State, General Obligation Bonds, November Series 2016: 
 
 
 
3,100 
 
5.000%, 11/01/35 
11/26 at 100.00 
BBB– 
3,598,728 
3,000 
 
5.000%, 11/01/37 
11/26 at 100.00 
BBB– 
3,460,380 
2,400 
 
5.000%, 11/01/40 
11/26 at 100.00 
BBB– 
2,751,288 
 
76

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued)
 
 
 
$ 5,795 
 
Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 
11/27 at 100.00 
BBB– 
$ 6,906,713 
3,800 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 
No Opt. Call 
BBB– 
4,609,248 
5,000 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 
No Opt. Call 
BBB– 
6,044,050 
5,350 
 
Illinois State, General Obligation Bonds, Refunding April Series 2019B, 5.125%, 9/01/26 
No Opt. Call 
BBB– 
6,457,771 
27,215 
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 
7/23 at 100.00 
BBB– 
29,535,895 
7,250 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
A1 
7,774,972 
 
 
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 
3,205,167 
 
 
5.000%, 1/01/40 
 
 
 
560 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, 17.627%, 1/01/38, 144A (IF) 
1/23 at 100.00 
A1 
722,383 
2,500 
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation 
No Opt. Call 
Aa2 
2,451,375 
 
 
Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured 
 
 
 
13,785 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BB+ 
14,301,662 
 
 
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+ 
2,583,825 
 
 
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+ 
6,109,182 
 
 
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+ 
16,844,850 
7,945 
 
5.000%, 6/15/50 
12/29 at 100.00 
BB+ 
9,557,438 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
 
 
 
 
 
Bonds, Series 2015A: 
 
 
 
23,110 
 
0.000%, 12/15/52 
No Opt. Call 
BB+ 
8,091,504 
2,455 
 
5.000%, 6/15/53 
12/25 at 100.00 
BB+ 
2,776,237 
45,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
BB+ 
24,327,000 
 
 
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 (5) 
169,269 
2,680 
 
5.500%, 6/15/29 – NPFG Insured 
No Opt. Call 
BB+ 
3,181,750 
1,165 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place 
No Opt. Call 
Baa2 (5) 
1,164,557 
 
 
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 (5) 
2,348,562 
7,305 
 
5.700%, 6/15/24 
6/22 at 101.00 
BB+ 
7,807,219 
8,400 
 
0.000%, 12/15/30 – NPFG Insured 
No Opt. Call 
BB+ 
6,786,612 
7,940 
 
0.000%, 6/15/33 – NPFG Insured 
No Opt. Call 
BB+ 
5,918,476 
450 
 
0.000%, 12/15/34 – NPFG Insured 
No Opt. Call 
BB+ 
318,866 
12,500 
 
0.000%, 6/15/35 – NPFG Insured 
No Opt. Call 
BB+ 
8,715,625 
10,620 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
BB+ 
7,257,496 
11,505 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
BB+ 
7,551,537 
65,000 
 
0.000%, 12/15/38 – NPFG Insured 
No Opt. Call 
BB+ 
39,495,950 
38,040 
 
0.000%, 6/15/40 – NPFG Insured 
No Opt. Call 
BB+ 
21,769,531 
3,720 
 
0.000%, 6/15/41 – NPFG Insured 
No Opt. Call 
BB+ 
2,045,033 
 
 
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 
504,230 
400 
 
5.000%, 10/01/26 
10/22 at 100.00 
Baa1 
419,520 
780 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, 
No Opt. Call 
782,878 
 
 
Series 2010, 5.250%, 6/01/21 
 
 
 
 
77

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 11,690 
 
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 
1/28 at 100.00 
AA– 
$ 14,062,369 
 
 
2018A, 5.000%, 1/01/37 
 
 
 
3,815 
 
Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US 
8/22 at 100.00 
Caa1 
3,952,149 
 
 
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 
1,767,672 
 
 
6.000%, 10/01/32 
 
 
 
11,350 
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
A2 
11,017,672 
 
 
Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured 
 
 
 
734,315 
 
Total Illinois 
 
 
686,972,470 
 
 
Indiana – 3.4% (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 
1,899,573 
2,705 
 
0.000%, 2/01/25 
No Opt. Call 
Aa3 
2,589,388 
4,400 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown 
No Opt. Call 
Baa2 
4,328,940 
 
 
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– 
701,848 
 
 
Project, Refunding Series 2012B, 5.000%, 2/01/29 
 
 
 
1,230 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
8/22 at 100.00 
Caa1 
1,274,219 
 
 
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 (5) 
1,991,128 
 
 
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 
N/R (5) 
10,391,076 
 
 
5.000%, 10/01/44 (Pre-refunded 10/01/23) 
 
 
 
 
 
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+ 
5,851,234 
5,100 
 
5.000%, 7/01/48 (AMT) 
7/23 at 100.00 
BBB+ 
5,543,445 
5,370 
 
5.250%, 1/01/51 (AMT) 
7/23 at 100.00 
BBB+ 
5,863,557 
6,700 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, 
10/21 at 100.00 
A1 
6,824,821 
 
 
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+ 
14,793,870 
 
 
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 
6,441,504 
 
 
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– 
9,630,800 
 
 
– AMBAC Insured 
 
 
 
1,000 
 
Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, 
4/24 at 102.00 
N/R 
1,038,400 
 
 
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 
1,322,912 
 
 
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 
934,124 
 
 
2013, 7.000%, 1/01/44 (AMT) 
 
 
 
75,810 
 
Total Indiana 
 
 
81,420,839 
 
 
Iowa – 0.3% (0.2% of Total Investments) 
 
 
 
1,255 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/23 at 100.00 
B+ 
1,375,756 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
1,710 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 103.00 
BB– 
1,858,667 
 
 
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 
1,661,492 
 
 
of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31 
 
 
 
 
78

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Iowa (continued) 
 
 
 
$ 1,900 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa 
9/23 at 100.00 
N/R (5) 
$ 2,115,194 
 
 
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: 
 
 
 
6,495 
 
Total Iowa 
 
 
7,011,109 
 
 
Kansas – 0.2% (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 
A1 
2,031,700 
1,000 
 
5.000%, 9/01/27 
9/21 at 100.00 
A1 
1,015,880 
2,000 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health 
5/22 at 100.00 
AA 
2,098,320 
 
 
System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 
 
 
 
345 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak 
6/21 at 100.00 
BBB 
345,152 
 
 
Park Mall Project, Series 2010, 5.900%, 4/01/32 
 
 
 
5,345 
 
Total Kansas 
 
 
5,491,052 
 
 
Kentucky – 2.2% (1.4% 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+ 
5,563,650 
435 
 
5.500%, 2/01/44 
2/26 at 100.00 
BB+ 
481,093 
 
 
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 
508,945 
2,250 
 
5.750%, 11/15/50 
11/25 at 100.00 
N/R 
2,284,830 
19,575 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 
BBB+ 
23,884,632 
 
 
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 
5,626,382 
 
 
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 
Baa2 
1,599,677 
2,295 
 
0.000%, 7/01/46 (6) 
7/31 at 100.00 
Baa2 
2,754,987 
 
 
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 
Baa2 
3,398,256 
615 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa2 
681,322 
5,400 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State 
6/21 at 100.00 
A– 
5,421,438 
 
 
Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 
 
 
 
215 
 
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community 
10/22 at 100.00 
A+ 
223,348 
 
 
Hospital Corporation, Series 2012A, 4.000%, 10/01/29 
 
 
 
45,770 
 
Total Kentucky 
 
 
52,428,560 
 
 
Louisiana – 2.1% (1.4% of Total Investments) 
 
 
 
2,000 
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East 
7/21 at 100.00 
N/R (5) 
2,019,680 
 
 
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 Foundation 
5/27 at 100.00 
A3 
5,934,150 
 
 
Project, Refunding Series 2017, 5.000%, 5/15/46 
 
 
 
18,525 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation 
5/30 at 100.00 
A3 
21,380,258 
 
 
Project, Series 2020A, 4.000%, 5/15/49 
 
 
 
6,625 
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
7,127,374 
 
 
(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 (5) 
11,895 
1,450 
 
5.000%, 7/01/39 
7/25 at 100.00 
1,660,134 
 
79

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 1,060 
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter 
12/23 at 100.00 
N/R 
$ 1,123,632 
 
 
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 
2,448,845 
 
 
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– 
5,795,385 
 
 
Project, Series 2015B, 5.000%, 1/01/45 (AMT) 
 
 
 
2,560 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 
6/24 at 100.00 
A (5) 
2,930,534 
 
 
6/01/44 (Pre-refunded 6/01/24) 
 
 
 
44,565 
 
Total Louisiana 
 
 
50,431,887 
 
 
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 
5,372,825 
 
 
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+ 
3,327,775 
 
 
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 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (5) 
2,021,000 
1,050 
 
6.750%, 7/01/41 (Pre-refunded 7/01/21) 
7/21 at 100.00 
N/R (5) 
1,061,025 
10,765 
 
Total Maine 
 
 
11,782,625 
 
 
Maryland – 0.5% (0.3% of Total Investments) 
 
 
 
2,000 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt 
6/21 at 100.00 
N/R 
1,200,000 
 
 
Conference Center, Series 2006A, 5.000%, 12/01/31 (4) 
 
 
 
7,145 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 
Baa3 
8,430,529 
 
 
Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
555 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
5/21 at 100.00 
555,361 
 
 
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 (5) 
2,296,600 
 
 
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 (Pre-refunded 7/01/24) 
 
 
 
355 
 
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, 
1/26 at 100.00 
N/R 
384,848 
 
 
Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A 
 
 
 
12,055 
 
Total Maryland 
 
 
12,867,338 
 
 
Massachusetts – 1.7% (1.1% of Total Investments) 
 
 
 
475 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/25 at 100.00 
BBB 
535,976 
 
 
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 
1,647,092 
 
 
4.500%, 1/01/45 
 
 
 
17,820 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 
7/24 at 100.00 
18,214,535 
 
 
2016J, 3.500%, 7/01/33 (AMT) 
 
 
 
7,000 
 
Massachusetts Port Authority, Revenue Bonds, Series 2021E, 5.000%, 7/01/46 (AMT) 
7/31 at 100.00 
AA– 
8,902,250 
400 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 
7/21 at 100.00 
BBB+ (5) 
403,128 
 
 
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 (5) 
5,011,166 
 
 
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– 
7,230,247 
 
 
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
38,955 
 
Total Massachusetts 
 
 
41,944,394 
 
80

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan – 1.9% (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 
$ 862,235 
1,250 
 
6.000%, 10/01/43 
10/23 at 100.00 
N/R 
1,271,725 
15,000 
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and 
No Opt. Call 
AA 
18,588,450 
 
 
Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) (7) 
 
 
 
1,930 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A1 (5) 
2,045,028 
 
 
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, 
6/21 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 
3,703,980 
 
 
5.500%, 7/01/29 – NPFG Insured 
 
 
 
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 
6/21 at 100.00 
A2 
5,017 
 
 
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 (5) 
2,016,360 
 
 
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 
2,226,980 
 
 
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– (5) 
3,610,681 
 
 
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 
1,132,770 
 
 
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 (5) 
20,548 
4,980 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
12/21 at 100.00 
AA– (5) 
5,120,785 
1,350 
 
Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco 
12/30 at 100.00 
BBB 
1,717,483 
 
 
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– (5) 
2,303,257 
 
 
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– 
2,137,700 
 
 
County Airport, Series 2012A, 5.000%, 12/01/37 
 
 
 
41,210 
 
Total Michigan 
 
 
46,768,014 
 
 
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 
754,600 
 
 
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+ 
1,586,340 
 
 
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 
848,774 
 
 
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+ 
874,043 
4,000 
 
6.000%, 9/01/51 
9/26 at 100.00 
BB+ 
4,700,320 
5,265 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 
7/25 at 100.00 
6,108,979 
 
 
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 
6/21 at 100.00 
N/R 
4,254,335 
 
 
Project, Series 2007-1, 5.000%, 8/01/36 
 
 
 
17,260 
 
Total Minnesota 
 
 
19,127,391 
 
81

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri – 3.7% (2.4% of Total Investments) 
 
 
 
$ 1,400 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/22 at 100.00 
Aa2 (5) 
$ 1,496,516 
 
 
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 
 
 
 
 
 
(Pre-refunded 10/01/22) 
 
 
 
1,025 
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities 
3/23 at 103.00 
Ba1 
1,126,034 
 
 
Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 
 
 
 
 
 
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– 
24,277,953 
13,000 
 
5.000%, 3/01/54 (AMT) 
3/29 at 100.00 
A– 
15,822,820 
135 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
4/26 at 100.00 
N/R 
140,224 
 
 
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, 
No Opt. Call 
A2 
10,715,183 
 
 
Improvement Series 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 
700,375 
 
 
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– 
1,041,650 
 
 
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 
1,502,515 
3,810 
 
5.750%, 6/01/35, 144A 
6/25 at 100.00 
N/R 
3,950,894 
3,695 
 
6.000%, 6/01/46, 144A 
6/25 at 100.00 
N/R 
3,850,227 
 
 
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 
1,741,527 
2,700 
 
5.000%, 6/01/33 
6/23 at 100.00 
A1 
2,955,879 
665 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
5/23 at 100.00 
BBB 
702,912 
 
 
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+ 
560,217 
 
 
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 
54,773 
6,930 
 
5.000%, 11/15/48 
11/23 at 100.00 
A2 
7,591,538 
2,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/24 at 100.00 
A+ 
2,263,040 
 
 
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+ (5) 
2,565,225 
 
 
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 
1,344,628 
1,105 
 
5.000%, 11/15/46 
11/25 at 100.00 
N/R 
1,158,758 
430 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/23 at 100.00 
BB+ 
463,983 
 
 
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 
482,620 
130 
 
5.125%, 12/01/45 
12/25 at 100.00 
N/R 
138,290 
895 
 
Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue 
3/23 at 103.00 
Ba1 
980,526 
 
 
Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37 
 
 
 
700 
 
The Industrial Development Authority of the City of Saint Louis, Missouri, Development 
11/26 at 100.00 
N/R 
713,104 
 
 
Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 
 
 
 
80,025 
 
Total Missouri 
 
 
88,341,411 
 
82

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
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 
$ 669,575 
 
 
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– 
2,162,121 
3,000 
 
5.000%, 5/15/36 
5/24 at 100.00 
A– 
3,304,920 
 
 
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 
4,698,571 
2,110 
 
5.000%, 11/01/48 
11/25 at 100.00 
2,426,943 
500 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
11/21 at 100.00 
N/R (5) 
511,835 
 
 
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 (Pre-refunded 11/01/21) 
 
 
 
12,190 
 
Total Nebraska 
 
 
13,773,965 
 
 
Nevada – 0.6% (0.4% of Total Investments) 
 
 
 
10,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 
6/21 at 100.00 
AA 
10,036,500 
 
 
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 
4,593,920 
 
 
2015, 5.000%, 6/01/39 
 
 
 
14,000 
 
Total Nevada 
 
 
14,630,420 
 
 
New Jersey – 5.9% (3.8% of Total Investments) 
 
 
 
475 
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control 
No Opt. Call 
Ba1 
498,218 
 
 
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+ 
1,228,271 
 
 
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 
21,521,788 
 
 
Refunding Series 2016BBB, 5.500%, 6/15/31 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Series 016AAA: 
 
 
 
1,000 
 
5.000%, 6/15/36 
12/26 at 100.00 
BBB 
1,181,940 
10,000 
 
5.000%, 6/15/41 
12/26 at 100.00 
BBB 
11,736,700 
2,000 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/27 at 100.00 
BBB 
2,392,360 
 
 
2017DDD, 5.000%, 6/15/35 
 
 
 
15,040 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
12/28 at 100.00 
BBB 
18,175,088 
 
 
2018EEE, 5.000%, 6/15/48 
 
 
 
1,120 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
7/23 at 100.00 
BBB+ 
1,199,397 
 
 
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+ 
603,780 
 
 
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– 
464,118 
 
 
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
5,600 
 
New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, 
No Opt. Call 
BBB+ 
6,957,496 
 
 
4.000%, 6/01/31 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
 
 
 
 
 
Appreciation Series 2010A: 
 
 
 
3,130 
 
0.000%, 12/15/28 
No Opt. Call 
BBB 
2,742,537 
3,000 
 
0.000%, 12/15/31 
No Opt. Call 
BBB 
2,389,170 
12,715 
 
0.000%, 12/15/33 
No Opt. Call 
BBB 
9,513,236 
610 
 
0.000%, 12/15/34 
No Opt. Call 
BBB 
442,238 
2,480 
 
0.000%, 12/15/40 
No Opt. Call 
BBB 
1,443,310 
10,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
BBB+ 
7,786,800 
 
 
Series 2006C, 0.000%, 12/15/33 – AGM Insured 
 
 
 
 
83

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$ 19,175 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
BBB 
$ 13,448,578 
 
 
2008A, 0.000%, 12/15/35 
 
 
 
15,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
BBB 
9,059,400 
 
 
2009A, 0.000%, 12/15/39 
 
 
 
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/24 at 100.00 
BBB 
5,770,900 
 
 
2009C, 5.250%, 6/15/32 
 
 
 
6,305 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
6/25 at 100.00 
BBB 
7,160,084 
 
 
2015AA, 5.000%, 6/15/45 
 
 
 
2,880 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
6/31 at 100.00 
BBB 
3,422,016 
 
 
2021A, 4.000%, 6/15/35 
 
 
 
1,595 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BBB+ 
1,891,829 
 
 
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+ 
11,717,800 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
146,810 
 
Total New Jersey 
 
 
142,747,054 
 
 
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 
5,211,664 
 
 
Healthcare Services, Series 2019A, 5.000%, 8/01/44 
 
 
 
4,180 
 
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross 
6/21 at 102.00 
N/R 
4,266,861 
 
 
Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30, 144A 
 
 
 
8,365 
 
Total New Mexico 
 
 
9,478,525 
 
 
New York – 17.7% (11.4% of Total Investments) 
 
 
 
1,755 
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
6/21 at 100.00 
BB 
1,759,352 
 
 
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 
1,735,530 
12,020 
 
0.000%, 7/15/46 
No Opt. Call 
Ba1 
5,468,619 
450 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 
7/25 at 100.00 
BBB 
519,084 
 
 
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 
215,714 
 
 
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 
BBB+ 
3,631,869 
 
 
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– 
16,254,762 
 
 
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46, 144A 
 
 
 
12,500 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/31 at 100.00 
AA+ 
14,972,250 
 
 
General Purpose, Series 2021A, 4.000%, 3/15/38 
 
 
 
81,270 
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
6/21 at 16.20 
N/R 
11,903,617 
 
 
Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50, 144A 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
5,790 
 
5.250%, 2/15/47 
6/21 at 100.00 
A+ 
5,810,439 
785 
 
5.750%, 2/15/47 
6/21 at 100.00 
A+ 
788,164 
3,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 
9/24 at 100.00 
3,405,210 
 
 
2014A, 5.000%, 9/01/39 
 
 
 
 
 
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 (5) 
2,119,350 
4,010 
 
5.000%, 9/01/42 
9/22 at 100.00 
A2 
4,251,161 
6,280 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
5/30 at 100.00 
BBB+ 
7,810,750 
 
 
Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 
 
 
 
 
84

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 4,210 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
11/26 at 100.00 
BBB+ 
$ 5,013,268 
 
 
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+ 
1,159,400 
 
 
Series 2015F, 5.000%, 11/15/35 
 
 
 
5,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
5/28 at 100.00 
BBB+ 
6,153,250 
 
 
Series 2017D, 5.000%, 11/15/32 
 
 
 
 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 011A: 
 
 
 
285 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
11/21 at 100.00 
N/R (5) 
292,450 
465 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
11/21 at 100.00 
BBB+ (5) 
477,155 
2,500 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
5/23 at 100.00 
BBB+ 
2,685,000 
 
 
2013A, 5.000%, 11/15/38 
 
 
 
6,095 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/23 at 100.00 
BBB+ 
6,655,313 
 
 
2013D, 5.000%, 11/15/38 
 
 
 
4,400 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/30 at 100.00 
AA+ 
5,648,104 
 
 
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+ 
12,852,840 
19,335 
 
5.000%, 6/15/50 
6/30 at 100.00 
AA+ 
24,511,173 
19,305 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/29 at 100.00 
AA+ 
24,306,153 
 
 
General Resolution Revenue Bonds, Fiscal 2020 Series BB-1, 5.000%, 6/15/49 
 
 
 
5,000 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/30 at 100.00 
AA+ 
5,970,750 
 
 
General Resolution Revenue Bonds, Fiscal 2021 Series BB-2, 4.000%, 6/15/42 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
7/28 at 100.00 
Aa3 
6,131,100 
 
 
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 
5,555,905 
 
 
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 
10,895,600 
 
 
Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 
 
 
 
10,000 
 
New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1, 5.000%, 3/01/43 
3/31 at 100.00 
AA– 
12,825,700 
63,090 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
69,058,314 
 
 
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 
5,812,144 
 
 
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 
A– 
1,913,515 
2,000 
 
5.750%, 11/15/51 
11/21 at 100.00 
A– 
2,055,780 
3,000 
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38 
11/21 at 100.00 
Aa2 (5) 
3,078,420 
 
 
(Pre-refunded 11/15/21) 
 
 
 
5,000 
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, 
1/26 at 100.00 
A– 
5,844,000 
 
 
Series 2016A, 5.000%, 1/01/51 
 
 
 
3,450 
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, 
3/30 at 100.00 
AA+ 
4,060,823 
 
 
General Purpose, Series 2020E, 4.000%, 3/15/39 
 
 
 
 
 
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 
1,948,230 
10,680 
 
5.000%, 7/01/41 (AMT) 
7/24 at 100.00 
Baa3 
12,051,633 
16,810 
 
5.000%, 7/01/46 (AMT) 
7/24 at 100.00 
Baa3 
18,942,012 
29,150 
 
5.250%, 1/01/50 (AMT) 
7/24 at 100.00 
Baa3 
32,996,343 
 
85

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued)
 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
 
 
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– 
$ 2,592,086 
16,200 
 
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
B– 
16,365,240 
4,825 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/30 at 100.00 
B– 
6,038,198 
 
 
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+ 
5,325,749 
 
 
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+ 
2,681,826 
 
 
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+ 
12,018,000 
 
 
Series 2017, 5.250%, 10/15/57 
 
 
 
2,500 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 
5/25 at 100.00 
AA– 
2,872,050 
 
 
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– 
8,804,454 
 
 
Tunnels, Series 2020A, 5.000%, 11/15/49 
 
 
 
451,460 
 
Total New York 
 
 
426,237,849 
 
 
North Carolina – 0.1% (0.1% of Total Investments) 
 
 
 
3,300 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
10/22 at 100.00 
A2 
3,479,553 
 
 
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 (5) 
1,007,130 
 
 
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+ (5) 
1,542,345 
2,190 
 
6.250%, 11/01/31 (Pre-refunded 11/01/21) 
11/21 at 100.00 
A+ (5) 
2,254,517 
 
 
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 
3,044,550 
1,875 
 
5.000%, 12/01/32 
12/21 at 100.00 
Baa2 
1,899,675 
39,670 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 
6/28 at 100.00 
BBB– 
45,066,707 
 
 
2017C, 5.000%, 6/01/53 
 
 
 
49,235 
 
Total North Dakota 
 
 
54,814,924 
 
 
Ohio – 2.9% (1.9% of Total Investments) 
 
 
 
800 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, 
5/22 at 100.00 
A+ (5) 
838,840 
 
 
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+ 
9,061,999 
 
 
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 
22,826,272 
 
 
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 (5) 
5,951,322 
 
 
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 (5) 
4,759,357 
 
 
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 
10,227 
 
 
Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (AMT) 
 
 
 
 
86

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 6,945 
 
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc, Series 
1/30 at 100.00 
$ 8,615,620 
 
 
2020A, 5.000%, 1/15/50 
 
 
 
2,000 
 
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission 
2/23 at 100.00 
A+ 
2,169,340 
 
 
Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.250%, 2/15/33 
 
 
 
330 
 
Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States 
11/21 at 100.00 
Caa1 
337,534 
 
 
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 
13,743,825 
 
 
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 
2,573,750 
 
 
Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) 
 
 
 
68,670 
 
Total Ohio 
 
 
70,893,086 
 
 
Oklahoma – 2.6% (1.7% of Total Investments) 
 
 
 
1,555 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise 
8/21 at 100.00 
N/R (5) 
1,594,248 
 
 
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+ 
4,283,766 
11,870 
 
5.250%, 8/15/48 
8/28 at 100.00 
BB+ 
14,393,325 
10,570 
 
5.500%, 8/15/52 
8/28 at 100.00 
BB+ 
12,981,017 
22,735 
 
5.500%, 8/15/57 
8/28 at 100.00 
BB+ 
27,857,195 
2,055 
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 
6/23 at 100.00 
Baa1 
2,247,040 
 
 
5.375%, 6/01/33 (AMT) 
 
 
 
52,300 
 
Total Oklahoma 
 
 
63,356,591 
 
 
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 
1,307,770 
 
 
Refunding Series 2014A, 5.000%, 5/01/40 
 
 
 
 
 
Pennsylvania – 5.1% (3.3% of Total Investments) 
 
 
 
380 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental 
8/22 at 100.00 
Caa1 
393,661 
 
 
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 
1,565,228 
 
 
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 
10,966,518 
 
 
Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35 (Mandatory 
 
 
 
 
 
Put 7/01/22) 
 
 
 
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) 
 
 
 
1,030 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
4/31 at 100.00 
N/R 
1,082,551 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory 
 
 
 
 
 
Put 4/01/21) 
 
 
 
 
 
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue 
 
 
 
 
 
Bonds, Tower Health Project, Series 2017: 
 
 
 
7,480 
 
5.000%, 11/01/47 
11/27 at 100.00 
B+ 
7,544,852 
16,190 
 
5.000%, 11/01/50 
11/27 at 100.00 
B+ 
16,381,690 
2,950 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
6/28 at 100.00 
3,616,228 
 
 
Settlement, Series 2018, 5.000%, 6/01/35 
 
 
 
 
87

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
 
 
 
 
 
Social Ministries Project, Series 2015: 
 
 
 
$ 205 
 
5.000%, 1/01/38 (Pre-refunded 1/01/25) 
1/25 at 100.00 
N/R (5) 
$ 238,641 
1,875 
 
5.000%, 1/01/38 
1/25 at 100.00 
BBB+ 
2,066,137 
6,335 
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, 
2/27 at 100.00 
A1 
7,522,116 
 
 
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 
27,043,740 
 
 
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 
6,944,313 
3,535 
 
5.250%, 1/15/45 
1/25 at 100.00 
Ba1 
3,928,940 
2,206 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue 
6/21 at 100.00 
N/R 
551,431 
 
 
Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 1.250%, 12/31/23 
 
 
 
744 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue 
No Opt. Call 
N/R 
185,988 
 
 
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 
4,305,155 
 
 
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+ 
10,628,580 
 
 
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 
1,265,663 
 
 
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (AMT) 
 
 
 
5,140 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
12/21 at 100.00 
A2 (5) 
5,285,308 
 
 
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+ 
6,544,998 
 
 
5.000%, 12/01/45 
 
 
 
3,170 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 
12/25 at 100.00 
A3 
3,702,845 
 
 
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+ 
221,531 
1,255 
 
5.000%, 11/15/28 
5/24 at 100.00 
BB+ 
1,287,580 
149,200 
 
Total Pennsylvania 
 
 
123,314,675 
 
 
Puerto Rico – 5.3% (3.4% of Total Investments) 
 
 
 
1,804 
 
Cofina Class 2 Trust Tax-Exempt Class 2054 Unit, Puerto Rico, 0.000%, 8/01/54 
No Opt. Call 
N/R 
385,215 
26,925 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 
7/30 at 100.00 
N/R 
31,531,867 
 
 
2020A, 5.000%, 7/01/47, 144A 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
1,800 
 
5.500%, 7/01/28 
7/22 at 100.00 
CCC 
1,910,394 
6,640 
 
5.750%, 7/01/37 
7/22 at 100.00 
CCC 
7,066,952 
5,425 
 
6.000%, 7/01/47 
7/22 at 100.00 
CCC 
5,789,777 
215 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
239,145 
 
 
5.500%, 7/01/29 – AMBAC Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
15,985 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
5,071,881 
24,954 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
5,738,921 
62,339 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
70,384,471 
493 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
7/28 at 100.00 
N/R 
541,013 
 
 
Restructured Cofina Project Series 2019A-2, 4.536%, 7/01/53 
 
 
 
146,580 
 
Total Puerto Rico 
 
 
128,659,636 
 
88

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Rhode Island – 0.2% (0.1% of Total Investments) 
 
 
 
$ 21,570 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed 
5/21 at 15.96 
CCC– 
$ 3,498,654 
 
 
Bonds, Series 2007A, 0.000%, 6/01/52 
 
 
 
 
 
South Carolina – 2.6% (1.7% of Total Investments) 
 
 
 
 
 
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– 
1,207,056 
21,570 
 
0.000%, 1/01/30 – AMBAC Insured 
No Opt. Call 
A– 
18,503,177 
5,560 
 
0.000%, 1/01/31 – AGC Insured 
No Opt. Call 
A3 
4,679,185 
10,000 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A– 
11,547,100 
 
 
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– 
8,406,224 
 
 
Improvement Series 2020A, 4.000%, 12/01/40 
 
 
 
6,930 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 
12/24 at 100.00 
A– 
7,925,633 
 
 
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– 
10,403,284 
 
 
2014A, 5.500%, 12/01/54 
 
 
 
61,545 
 
Total South Carolina 
 
 
62,671,659 
 
 
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+ 
5,063,330 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
 
 
Tennessee – 1.2% (0.7% of Total Investments) 
 
 
 
8,890 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 
1/23 at 100.00 
BBB+ (5) 
9,625,025 
 
 
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+ 
4,531,680 
 
 
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+ 
2,051,929 
 
 
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 
2,623,004 
 
 
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, 
 
 
 
 
 
5.500%, 6/15/37, 144A (4) 
 
 
 
5,830 
 
Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate 
7/30 at 100.00 
A2 
7,302,017 
 
 
Series 2019A, 5.000%, 7/01/54 
 
 
 
25,320 
 
Total Tennessee 
 
 
27,657,655 
 
 
Texas – 15.5% (10.0% 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– 
189,644 
130 
 
5.000%, 12/01/46 
12/26 at 100.00 
BBB– 
147,306 
760 
 
5.000%, 12/01/51 
12/26 at 100.00 
BBB– 
859,264 
495 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside 
8/21 at 100.00 
BB 
495,861 
 
 
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 
969,147 
 
 
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 
822,084 
 
 
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 
3,431,477 
3,340 
 
5.000%, 12/01/40 
12/25 at 100.00 
BB 
3,521,462 
 
89

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 1,020 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement 
3/23 at 103.00 
N/R 
$ 1,077,089 
 
 
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 
1,912,829 
 
 
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 2015A: 
 
 
 
2,000 
 
5.000%, 1/01/40 
7/25 at 100.00 
Baa1 
2,293,440 
3,625 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa1 
4,155,193 
 
 
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, 
 
 
 
 
 
Improvement Area 1 Project, Series 2016: 
 
 
 
530 
 
6.250%, 9/01/35 
9/23 at 103.00 
N/R 
585,502 
505 
 
6.500%, 9/01/46 
9/23 at 103.00 
N/R 
557,424 
4,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 
11/22 at 100.00 
4,254,880 
 
 
2013C, 5.000%, 11/01/38 (AMT) 
 
 
 
2,600 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding & 
11/21 at 100.00 
2,658,942 
 
 
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 
1,052,220 
 
 
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 
2,484,697 
 
 
Series 2013A, 5.125%, 10/01/43 
 
 
 
38,140 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding 
4/30 at 100.00 
A2 
44,364,067 
 
 
First Tier Series 2020C, 4.000%, 10/01/49 
 
 
 
17,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
10/23 at 100.00 
AA (5) 
19,096,610 
 
 
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 
5,424,035 
 
 
Lien Series 2018A Tela Supported, 5.000%, 10/01/48 
 
 
 
1,140 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, 18.108%, 
10/23 at 100.00 
AA (5) 
1,675,127 
 
 
11/01/44 (Pre-refunded 10/01/23), 144A (IF) (7) 
 
 
 
10,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
6/21 at 100.00 
B3 
10,013,200 
 
 
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 
3,999,738 
 
 
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 
131,464 
590 
 
0.000%, 11/15/42 – AGM Insured 
11/31 at 59.73 
A2 
250,337 
1,000 
 
0.000%, 11/15/43 – AGM Insured 
11/31 at 56.93 
A2 
403,180 
2,000 
 
0.000%, 11/15/44 – AGM Insured 
11/31 at 54.25 
A2 
765,900 
2,600 
 
0.000%, 11/15/45 – AGM Insured 
11/31 at 51.48 
A2 
942,526 
4,180 
 
0.000%, 11/15/53 – AGM Insured 
11/31 at 33.96 
A2 
980,252 
6,170 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 
11/31 at 69.08 
BB+ 
3,029,038 
 
 
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 
2,173,123 
 
 
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 
16,391,970 
 
 
Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured 
 
 
 
3,855 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series Series 
7/22 at 100.00 
A (5) 
4,064,327 
 
 
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 
2,214,960 
 
 
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 
256,984 
 
 
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) 
 
 
 
 
90

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 2,845 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc 
No Opt. Call 
B– 
$ 3,366,346 
 
 
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 
B– 
4,440,037 
 
 
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 (5) 
10,260,900 
 
 
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 
6,050,200 
 
 
2020C, 4.000%, 11/15/43 
 
 
 
 
 
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 
24,383,059 
5,000 
 
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
4,013,400 
5,765 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
4,468,567 
6,000 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 
No Opt. Call 
AA+ (5) 
7,763,100 
 
 
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 (5) 
11,198,025 
 
 
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– 
820,433 
 
 
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 
3,179,248 
 
 
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, 
6/21 at 100.00 
BBB+ 
1,755,495 
 
 
Series 2011A, 7.250%, 4/01/36 
 
 
 
2,505 
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, 
No Opt. Call 
3,173,058 
 
 
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– 
9,158,760 
 
 
Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A 
 
 
 
15,329 
 
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro 
1/26 at 102.00 
N/R 
393,446 
 
 
Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (AMT), 144A (4), (9) 
 
 
 
150 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
N/R (5) 
181,793 
 
 
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, LLC-Texas A&M University-Corpus 
 
 
 
 
 
Christi Project, Series 2016A, 5.000%, 4/01/48 (Pre-refunded 4/01/26) 
 
 
 
565 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
N/R (5) 
683,232 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M 
 
 
 
 
 
University – San Antonio Project,, 5.000%, 4/01/48 (Pre-refunded 4/01/26) 
 
 
 
 
 
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 (5) 
8,739,704 
9,130 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (5) 
13,644,876 
 
 
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 
3,021,901 
7,000 
 
6.500%, 1/01/43 
1/25 at 100.00 
A+ 
8,329,230 
10,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
A1 
9,251,300 
 
 
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+ 
3,064,988 
4,880 
 
5.000%, 1/01/45 
1/25 at 100.00 
A+ 
5,552,903 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A: 
 
 
 
7,855 
 
5.000%, 1/01/33 
1/25 at 100.00 
9,066,477 
2,205 
 
5.000%, 1/01/34 
1/25 at 100.00 
2,541,615 
1,000 
 
5.000%, 1/01/35 
1/25 at 100.00 
1,151,100 
2,345 
 
5.000%, 1/01/38 
1/25 at 100.00 
2,689,246 
 
91

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 1,570 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 
2/24 at 100.00 
Ba1 
$ 1,676,383 
 
 
2014A, 5.000%, 2/01/34 
 
 
 
13,000 
 
San Antonio, Texas, Electric and Gas Systems Revenue Bonds, Refunding Junior Lien Series 
2/31 at 100.00 
A+ 
16,754,400 
 
 
2021A, 5.000%, 2/01/46 
 
 
 
1,500 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, 
No Opt. Call 
A– 
1,762,620 
 
 
Senior Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
2,000 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue 
9/23 at 100.00 
Baa3 
2,283,020 
 
 
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 (5) 
5,683,529 
 
 
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 
16,734,250 
 
 
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 
4,506,840 
1,875 
 
5.000%, 8/15/37 
8/24 at 100.00 
Baa1 
2,098,256 
 
 
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 (5) 
299,889 
1,020 
 
0.000%, 8/15/21 – AMBAC Insured 
No Opt. Call 
A3 
1,018,796 
3,600 
 
0.000%, 8/15/25 – AMBAC Insured 
No Opt. Call 
A3 
3,450,456 
5,000 
 
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master 
10/27 at 100.00 
AAA 
5,894,150 
 
 
Trust Series 2017A, 4.000%, 10/15/37 
 
 
 
2,400 
 
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, 
6/21 at 100.00 
N/R (5) 
2,421,840 
 
 
Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) 
 
 
 
388,634 
 
Total Texas 
 
 
374,572,167 
 
 
Utah – 0.2% (0.1% 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 
1,715,715 
 
 
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 
3,628,320 
 
 
7/01/48 (AMT) 
 
 
 
5,030 
 
Total Utah 
 
 
5,344,035 
 
 
Virginia – 0.6% (0.4% of Total Investments) 
 
 
 
540 
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, 
3/25 at 100.00 
N/R 
573,280 
 
 
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 (5) 
1,930,014 
 
 
Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) 
 
 
 
1,810 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes 
1/22 at 100.00 
BBB– 
1,860,752 
 
 
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– 
1,981,946 
4,480 
 
6.000%, 1/01/37 (AMT) 
7/22 at 100.00 
BBB– 
4,751,757 
3,810 
 
5.500%, 1/01/42 (AMT) 
7/22 at 100.00 
BBB– 
4,012,349 
14,325 
 
Total Virginia 
 
 
15,110,098 
 
 
Washington – 1.4% (0.9% of Total Investments) 
 
 
 
1,260 
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle 
6/21 at 100.00 
AAA 
1,403,350 
 
 
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– 
6,983,100 
 
 
Refunding Series 2015A, 5.000%, 7/01/38 (UB) (7) 
 
 
 
 
92

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington (continued) 
 
 
 
$ 6,065 
 
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health 
7/25 at 100.00 
Baa1 
$ 6,492,643 
 
 
Services Association, Refunding Series 2015, 4.000%, 7/01/36 
 
 
 
3,300 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center 
9/30 at 100.00 
A2 
4,175,589 
 
 
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 (5) 
2,334,017 
 
 
Series 2012A, 5.000%, 10/01/42 (Pre-refunded 10/01/22) 
 
 
 
8,780 
 
Washington State Convention Center Public Facilities District, Lodging Tax Revenue 
7/28 at 100.00 
BB+ 
10,303,154 
 
 
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+ 
1,381,589 
 
 
12/01/24 – NPFG Insured 
 
 
 
29,000 
 
Total Washington 
 
 
33,073,442 
 
 
West Virginia – 0.5% (0.3% of Total Investments) 
 
 
 
5,160 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 
6/23 at 100.00 
A (5) 
5,723,678 
 
 
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
 
 
(Pre-refunded 6/01/23) 
 
 
 
5,000 
 
West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health 
6/27 at 100.00 
5,857,700 
 
 
System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/47 
 
 
 
10,160 
 
Total West Virginia 
 
 
11,581,378 
 
 
Wisconsin – 1.4% (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 
1,059,720 
 
 
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 
5,588,334 
4,430 
 
5.000%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
4,540,130 
 
 
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 
2,364 
70 
 
0.000%, 1/01/48, 144A (4) 
No Opt. Call 
N/R 
2,036 
69 
 
0.000%, 1/01/49, 144A (4) 
No Opt. Call 
N/R 
1,963 
66 
 
0.000%, 1/01/50, 144A (4) 
No Opt. Call 
N/R 
1,828 
65 
 
0.000%, 1/01/51, 144A (4) 
No Opt. Call 
N/R 
1,767 
85 
 
0.000%, 1/01/52, 144A (4) 
No Opt. Call 
N/R 
2,211 
84 
 
0.000%, 1/01/53, 144A (4) 
No Opt. Call 
N/R 
2,144 
81 
 
0.000%, 1/01/54, 144A (4) 
No Opt. Call 
N/R 
2,019 
79 
 
0.000%, 1/01/55, 144A (4) 
No Opt. Call 
N/R 
1,936 
77 
 
0.000%, 1/01/56, 144A (4) 
No Opt. Call 
N/R 
1,867 
4,002 
 
5.500%, 7/01/56, 144A (4) 
3/28 at 100.00 
N/R 
3,112,515 
86 
 
0.000%, 1/01/57, 144A (4) 
No Opt. Call 
N/R 
2,014 
84 
 
0.000%, 1/01/58, 144A (4) 
No Opt. Call 
N/R 
1,920 
81 
 
0.000%, 1/01/59, 144A (4) 
No Opt. Call 
N/R 
1,837 
80 
 
0.000%, 1/01/60, 144A (4) 
No Opt. Call 
N/R 
1,744 
79 
 
0.000%, 1/01/61, 144A (4) 
No Opt. Call 
N/R 
1,674 
76 
 
0.000%, 1/01/62, 144A (4) 
No Opt. Call 
N/R 
1,589 
75 
 
0.000%, 1/01/63, 144A (4) 
No Opt. Call 
N/R 
1,524 
73 
 
0.000%, 1/01/64, 144A (4) 
No Opt. Call 
N/R 
1,465 
72 
 
0.000%, 1/01/65, 144A (4) 
No Opt. Call 
N/R 
1,398 
78 
 
0.000%, 1/01/66, 144A (4) 
No Opt. Call 
N/R 
1,436 
935 
 
0.000%, 1/01/67, 144A (4) 
No Opt. Call 
N/R 
16,099 
1,200 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
8/26 at 100.00 
N/R 
1,206,708 
 
 
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– 
1,113,770 
 
 
Refunding Series 2016C, 4.300%, 11/01/30 (AMT) 
 
 
 
 
93

 

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited)

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
$ 1,285,975 
 
 
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 
2,192,863 
2,500 
 
5.000%, 6/01/39 
6/22 at 100.00 
A3 
2,604,350 
1,120 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
10/22 at 102.00 
N/R 
1,165,629 
 
 
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+ 
4,469,040 
 
 
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 
1,596,233 
1,310 
 
5.000%, 7/01/29 
7/24 at 100.00 
1,466,453 
3,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers 
7/24 at 100.00 
3,315,900 
 
 
Memorial Hospital, Inc, Series 2014B, 5.000%, 7/01/44 
 
 
 
36,182 
 
Total Wisconsin 
 
 
34,770,455 
$ 3,739,023 
 
Total Municipal Bonds (cost $3,270,934,956) 
 
 
3,700,998,365 
 
Shares 
 
Description (1) 
 
 
Value 
 
 
COMMON STOCKS – 1.4% (0.9% of Total Investments) 
 
 
 
 
 
Electric Utilities – 1.4% (0.9% of Total Investments) 
 
 
 
1,189,215 
 
Energy Harbor Corp (9), (10), (11) 
 
 
$ 34,264,852 
 
 
Total Common Stocks (cost $34,264,852) 
 
 
34,264,852 
 
Shares 
 
Description (1) 
 
 
Value 
 
 
INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments) 
 
 
 
6,266 
 
BlackRock MuniHoldings Fund Inc 
 
 
$ 102,324 
26,880 
 
BNY Mellon Strategic Municipals Inc 
 
 
233,050 
30,000 
 
Invesco Municipal Opportunity Trust 
 
 
404,700 
43,020 
 
Invesco Trust for Investment Grade Municipals 
 
 
590,664 
43,420 
 
PIMCO Municipal Income Fund II 
 
 
645,655 
 
 
Total Investment Companies (cost $1,976,393) 
 
 
1,976,393 
 
 
Total Long-Term Investments (cost $3,307,176,201) 
 
 
3,737,239,610 
 
 
Floating Rate Obligations – (0.6)% 
 
 
(14,400,000) 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (26.5)% (12) 
 
 
(640,028,521) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (29.9)% (13) 
 
 
(722,640,864) 
 
 
Other Assets Less Liabilities – 2.1% 
 
 
53,126,975 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 $2,413,297,200 
 
94

 

(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.
(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.
(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) 
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. 
(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) 
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) 
Common Stock received as part of the bankruptcy settlements during February 2020 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.
(10) 
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.
(11) 
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
(12) 
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 17.1%. 
(13) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 19.3%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
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.
 
See accompanying notes to financial statements.
95

 

   
NMZ 
Nuveen Municipal High Income 
 
Opportunity Fund 
 
Portfolio of Investments 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 140.8% (100.0% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 138.0% (98.0% of Total Investments) 
 
 
 
 
 
 
Alabama – 2.4% (1.7% of Total Investments) 
 
 
 
$ 182 
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, 
6/21 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 
6/21 at 100.00 
B1 
1,001,340 
 
 
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 
2,195,580 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 
 
 
 
1,000 
 
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
No Opt. Call 
Caa1 
1,263,740 
 
 
United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50 (AMT) 
 
 
 
 
 
(Mandatory Put 11/01/30) 
 
 
 
10,765 
 
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
10/29 at 100.00 
Caa1 
12,584,070 
 
 
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 
5,128,450 
 
 
Series 2013F, 7.900%, 10/01/50 (5) 
 
 
 
1,000 
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 6.500%, 
10/23 at 105.00 
BB+ 
1,026,270 
 
 
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 
2,071,400 
 
 
4.000%, 11/01/45, 144A 
 
 
 
 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
 
 
 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A: 
 
 
 
2,260 
 
4.500%, 5/01/32, 144A 
5/29 at 100.00 
N/R 
2,583,813 
1,000 
 
5.250%, 5/01/44, 144A 
5/29 at 100.00 
N/R 
1,164,230 
27,420 
 
Total Alabama 
 
 
29,867,541 
 
 
Arizona – 2.5% (1.8% 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 
422,280 
800 
 
5.625%, 10/01/49, 144A 
10/26 at 103.00 
N/R 
839,536 
5,000 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest 
9/23 at 105.00 
BB+ 
5,649,400 
 
 
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 
1,130,980 
 
 
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 
1,055,700 
 
 
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 
A3 
3,464,280 
 
 
Project, 17.481%, 6/01/42, 144A (IF) (6) 
 
 
 
435 
 
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, 
7/24 at 101.00 
N/R 
445,984 
 
 
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 
1,096,690 
 
 
Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 
 
 
 
3,000 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 103.00 
N/R 
3,223,140 
 
 
Edkey Charter Schools Project, Refunding Series 2020, 5.000%, 7/01/49, 144A 
 
 
 
 
96

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arizona (continued) 
 
 
 
 
 
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– 
$ 261,971 
400 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB– 
422,144 
475 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
502,232 
1,000 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 103.00 
N/R 
1,101,230 
 
 
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 
2,274,860 
 
 
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 
385,998 
 
 
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 
105,401 
 
 
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– 
2,507,875 
 
 
Traditional Schools Project, Series 2012, 7.500%, 1/01/42 
 
 
 
605 
 
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract 
6/21 at 100.00 
BBB– 
605,780 
 
 
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured 
 
 
 
1,095 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development 
5/22 at 100.00 
N/R 
1,139,304 
 
 
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 
3,657,325 
 
 
Inc Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37, 144A 
 
 
 
915 
 
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West 
6/21 at 100.00 
N/R 
914,259 
 
 
Water & Sewer Inc Refunding, Series 2007A, 6.375%, 12/01/37 (AMT) 
 
 
 
27,835 
 
Total Arizona 
 
 
31,206,369 
 
 
Arkansas – 0.4% (0.2% of Total Investments) 
 
 
 
4,000 
 
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 
9/26 at 103.00 
B– 
4,374,680 
 
 
Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A 
 
 
 
 
 
California – 15.5% (11.0% of Total Investments) 
 
 
 
18,875 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
Baa2 
22,244,942 
 
 
Subordinate Lien Series 2016B, 5.000%, 10/01/37 (UB) (6) 
 
 
 
5,000 
 
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
8/31 at 100.00 
N/R 
5,337,600 
 
 
Creekwood, Series 2021A, 4.000%, 2/01/56, 144A (WI/DD, Settling 5/4/21) 
 
 
 
2,000 
 
California Community Housing Agency, California, Essential Housing Revenue Bonds, Ester 
8/31 at 100.00 
N/R 
2,178,840 
 
 
Apartments, Series 2021A-2, 4.000%, 2/01/43, 144A 
 
 
 
2,250 
 
California Enterprise Development Authority, Charter School Revenue Bonds, Norton 
7/27 at 102.00 
N/R 
2,411,910 
 
 
Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A 
 
 
 
 
 
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 
 
18.943%, 11/15/40 (Pre-refunded 11/15/21), 144A (IF) (6) 
11/21 at 100.00 
AA– (7) 
1,387,625 
1,875 
 
19.933%, 11/15/40 (Pre-refunded 11/15/21), 144A (IF) (6) 
11/21 at 100.00 
AA– (7) 
2,091,394 
 
 
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 
6,082,769 
22,115 
 
5.000%, 8/15/47 (UB) (6) 
8/27 at 100.00 
Baa2 
25,954,164 
12,500 
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente 
11/27 at 100.00 
AA– 
14,356,375 
 
 
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 2016-XG0049: 
 
 
 
1,000 
 
18.254%, 8/15/51, 144A (IF) (6) 
8/22 at 100.00 
AA– 
1,249,080 
250 
 
18.259%, 8/15/51, 144A (IF) (6) 
8/22 at 100.00 
AA– 
312,288 
 
97

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
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 
$ 1,097,347 
 
 
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 
568,715 
 
 
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– 
7,964,143 
 
 
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– 
23,502,123 
 
 
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+ 
2,306,180 
 
 
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 
1,057,880 
 
 
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A 
 
 
 
1,000 
 
California School Finance Authority, California, Charter School Revenue Bonds, Alta 
6/28 at 102.00 
N/R 
1,094,370 
 
 
Public Schools – Obligated Group, Series 2020A, 6.000%, 6/01/59, 144A 
 
 
 
1,000 
 
California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep 
6/28 at 100.00 
N/R 
1,016,630 
 
 
Public Schools ? Obligated Group, Series 2020A, 5.000%, 6/01/60, 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– 
893,472 
1,000 
 
5.500%, 12/01/54 
12/24 at 100.00 
BB– 
1,120,520 
6,940 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/26 at 100.00 
BB– 
7,822,699 
 
 
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 
544,280 
 
 
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 
1,049,090 
 
 
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 
1,530,398 
 
 
Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 
 
 
 
1,000 
 
California Statewide Communities Development Authority, Statewide Community 
9/31 at 100.00 
N/R 
1,090,420 
 
 
Infrastructure Program Revenue Bonds, Series 2021A, 4.000%, 9/02/51 (WI/DD, Settling 5/12/21) 
 
 
 
500 
 
California Statewide Community Development Authority, Revenue Bonds, California Baptist 
11/21 at 100.00 
N/R (7) 
517,950 
 
 
University, Series 2011A, 7.500%, 11/01/41 (Pre-refunded 11/01/21) 
 
 
 
496 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
6/21 at 100.00 
N/R 
471,134 
 
 
Charity Health System, Series 2005A, 5.500%, 7/01/39 (4) 
 
 
 
5,800 
 
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 
8/31 at 100.00 
N/R 
5,591,606 
 
 
Jefferson-Anaheim Series 2021A-2, 3.125%, 8/01/56, 144A 
 
 
 
1,000 
 
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda 
10/31 at 100.00 
N/R 
1,025,590 
 
 
at Monrovia Station, Social Series 2021A-1, 3.400%, 10/01/46, 144A 
 
 
 
1,775 
 
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue 
6/21 at 100.00 
N/R 
1,777,787 
 
 
Bonds, 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 
6/21 at 100.00 
A+ 
2,003,720 
 
 
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+ 
2,331,720 
2,000 
 
5.000%, 6/01/45 (UB) (6) 
6/25 at 100.00 
A+ 
2,329,000 
3,500 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
B– 
3,632,440 
 
 
Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 
 
 
 
 
98

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 5,960 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
$ 6,158,170 
 
 
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 
5,166,250 
 
 
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 
A+ 
1,425,596 
 
 
Asset-Backed Bonds, 17.548%, 6/01/45, 144A (IF) (6) 
 
 
 
1,500 
 
Grossmont Healthcare District, California, General Obligation Bonds, 22.470%, 7/15/40 
7/21 at 100.00 
Aaa (7) 
1,571,490 
 
 
(Pre-refunded 7/15/21), 144A (IF) (6) 
 
 
 
 
 
Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, 
 
 
 
 
 
Series 2005: 
 
 
 
1,000 
 
5.000%, 8/01/25 – AMBAC Insured 
6/21 at 100.00 
N/R 
1,003,260 
1,000 
 
5.000%, 8/01/35 – AMBAC Insured 
6/21 at 100.00 
N/R 
1,001,400 
390 
 
Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series 
9/23 at 100.00 
N/R 
422,058 
 
 
2013B, 5.250%, 9/01/32 
 
 
 
850 
 
Los Angeles County, California, Community Development Commission Headquarters Office 
9/21 at 100.00 
Aa3 
902,504 
 
 
Building, Lease Revenue Bonds, Community Development Properties Los ANgeles County Inc, 
 
 
 
 
 
18.569%, 9/01/42, 144A (IF) (6) 
 
 
 
1,000 
 
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, 
9/21 at 100.00 
1,016,680 
 
 
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) 
1,526,460 
 
 
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 
N/R (7) 
508,315 
 
 
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 
N/R (7) 
337,082 
 
 
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 
1,232,364 
 
 
Project Area, Series 2011B, 6.750%, 10/01/30 
 
 
 
 
 
Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease 
 
 
 
 
 
Program Facilities Projects, Tender Option Bond Trust 2016-XG0100: 
 
 
 
750 
 
19.205%, 12/01/30 – AMBAC Insured, 144A (IF) (6) 
No Opt. Call 
AA– 
1,666,162 
2,015 
 
18.991%, 12/01/33 – AMBAC Insured, 144A (IF) (6) 
No Opt. Call 
AA– 
5,053,197 
 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011: 
 
 
 
960 
 
8.000%, 12/01/26 
12/21 at 100.00 
BB 
996,845 
1,000 
 
8.000%, 12/01/31 
12/21 at 100.00 
BB 
1,037,140 
4,095 
 
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax 
8/21 at 61.78 
N/R 
2,514,002 
 
 
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 
1,044,432 
 
 
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 
1,177,570 
 
 
District 16-01, Series 2017, 6.250%, 9/01/47, 144A 
 
 
 
650 
 
Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners 
9/21 at 100.00 
BBB+ (7) 
665,743 
 
 
Project Area, Series 2011A, 7.650%, 9/01/42 (Pre-refunded 9/01/21) 
 
 
 
1,250 
 
University of California, General Revenue Bonds, 17.990%, 5/15/39, 144A (IF) (6) 
5/23 at 100.00 
AA 
1,705,087 
173,231 
 
Total California 
 
 
194,198,008 
 
 
Colorado – 8.0% (5.7% of Total Investments) 
 
 
 
500 
 
Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
528,170 
 
 
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 
1,635,570 
 
 
Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50 
 
 
 
1,000 
 
Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation 
3/26 at 103.00 
N/R 
1,076,050 
 
 
Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51 
 
 
 
 
99

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 1,835 
 
Broadway Station Metropolitan District 3, Denver City and County, Colorado, General 
6/24 at 103.00 
N/R 
$ 2,022,665 
 
 
Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A, 5.000%, 12/01/39 
 
 
 
500 
 
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue 
12/21 at 103.00 
N/R 
516,825 
 
 
Bonds, Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37 
 
 
 
1,000 
 
Cielo Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation 
6/26 at 103.00 
N/R 
1,010,290 
 
 
Bonds, Series 2021(3), 5.250%, 12/01/50 
 
 
 
600 
 
Clear Creek Transit Metropolitan District 2, Adams County, Colorado, Revenue Supported 
12/26 at 103.00 
N/R 
654,582 
 
 
Limited Tax General Obligation Bonds, Series 2021A, 5.000%, 12/01/41 
 
 
 
685 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
6/21 at 100.00 
BB+ 
687,240 
 
 
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 
2,221,277 
 
 
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 
600,292 
 
 
Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A 
 
 
 
720 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village 
12/30 at 100.00 
N/R 
770,278 
 
 
Academy – Northglenn Project, Series 2020, 5.000%, 12/01/55, 144A 
 
 
 
2,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of 
2/24 at 100.00 
N/R 
2,669,175 
 
 
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 
1,018,770 
 
 
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+ 
1,358,849 
 
 
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%, 9/30/21 (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 
3,360,496 
 
 
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) 
2,199,840 
 
 
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) 
6/21 at 100.00 
N/R 
800,000 
1,500 
 
5.450%, 12/01/34 (4) 
6/21 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 
1,090,760 
 
 
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 
1,071,940 
 
 
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 
11,243,400 
 
 
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 
3,205,230 
 
 
Airlines, Inc Project, Refunding Series 2017, 5.000%, 10/01/32 (AMT) 
 
 
 
495 
 
Dinosaur Ridge Metropolitan District, Golden, Jefferson County, Colorado, Special 
6/24 at 103.00 
N/R 
529,972 
 
 
Revenue Refunding and Improvement Bonds, Series 2019A, 5.000%, 6/01/49 
 
 
 
1,000 
 
Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special 
6/26 at 103.00 
N/R 
1,076,710 
 
 
Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2021A, 
 
 
 
 
 
5.000%, 12/01/51, 144A 
 
 
 
 
 
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 
1,078,220 
2,080 
 
6.000%, 12/01/38 
12/24 at 100.00 
N/R 
2,201,576 
 
100

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 500 
 
Fourth Street Crossing Business Improvement District, Silverthorne, Summit County, 
6/24 at 103.00 
N/R 
$ 539,760 
 
 
Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2019A, 
 
 
 
 
 
5.375%, 12/01/49, 144A 
 
 
 
3,000 
 
Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General 
6/25 at 103.00 
N/R 
3,034,800 
 
 
Obligation Bonds, Series 2020A, 5.500%, 6/01/50, 144A 
 
 
 
1,000 
 
Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue 
12/25 at 102.00 
N/R 
1,060,700 
 
 
Bonds, Refunding Series 2020, 4.750%, 12/01/50 
 
 
 
2,000 
 
Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited 
12/24 at 100.00 
N/R 
2,167,220 
 
 
Tax, Refunding & Improvement Series 2015, 6.125%, 12/01/44 
 
 
 
305 
 
Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General 
12/21 at 103.00 
N/R 
315,718 
 
 
Obligation Bonds, Subordinated Limited Tax Convertible to Unlimited Tax Series 2016B, 
 
 
 
 
 
8.000%, 12/15/46 
 
 
 
810 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special 
12/23 at 103.00 
N/R 
868,879 
 
 
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 
702,445 
1,265 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
1,315,549 
1,000 
 
Johnstown Village Metropolitan District 2, Weld County, own of Johnstown, Colorado, 
9/25 at 103.00 
N/R 
1,083,580 
 
 
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 
1,473,305 
 
 
Convertible Capital Appreciation Bonds, Series 2020A, 5.750%, 12/01/50 
 
 
 
2,685 
 
Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, 
6/21 at 100.00 
N/R 
2,686,074 
 
 
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 
538,480 
 
 
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 
536,230 
 
 
General Obligation, Limited Tax Convertible to Unlimited Tax, Improvement Bonds, Refunding 
 
 
 
 
 
Series 2019, 5.250%, 12/01/48 
 
 
 
500 
 
Leyden Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax 
12/21 at 103.00 
N/R 
520,010 
 
 
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 
518,370 
 
 
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 
517,695 
 
 
Subordinate Special Revenue Refunding Bonds, Series 2016B, 7.750%, 12/15/46 
 
 
 
2,000 
 
Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, 
6/21 at 100.00 
N/R 
2,000,000 
 
 
Refunding & Improvement Series 2006, 6.125%, 12/01/35 (4) 
 
 
 
1,000 
 
North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
1,109,790 
 
 
Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 
 
 
 
1,535 
 
North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax 
3/25 at 103.00 
N/R 
1,662,083 
 
 
General Obligation Bonds, Series 2020, 5.125%, 12/01/49 
 
 
 
1,000 
 
Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax 
12/25 at 103.00 
N/R 
1,078,140 
 
 
General Obligation Bonds, Series 2020A, 5.000%, 12/01/50 
 
 
 
 
 
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 
1,646,265 
5,000 
 
5.000%, 12/01/49 
12/24 at 103.00 
N/R 
5,439,050 
500 
 
Palisade Park West Metropolitan District, Broomfield County, Colorado, Limited Tax 
6/24 at 103.00 
N/R 
537,265 
 
 
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 
544,610 
 
 
District 1, Series 2020A, 5.250%, 12/01/50 
 
 
 
550 
 
Patriot Park Metropolitan District 2, Colorado Springs, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
564,294 
 
 
Obligation Bonds, Series 2021, 4.300%, 12/01/50 
 
 
 
 
101

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 1,000 
 
Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, 
12/30 at 100.00 
N/R 
$ 1,119,540 
 
 
Series 2021A, 4.750%, 12/01/45, 144A 
 
 
 
500 
 
Raindance Metropolitan District 1, Acting by and through its Water Activity Enterprise 
12/25 at 103.00 
N/R 
545,310 
 
 
In the Town of Windsor, Weld County, Colorado, Non-Potable Water Enterprise Revenue Bonds, 
 
 
 
 
 
Series 2020, 5.250%, 12/01/50 
 
 
 
1,000 
 
Remuda Ranch Metropolitan District, Douglas County, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
1,101,050 
 
 
Obligation Bonds, Series 2020A, 5.000%, 12/01/50 
 
 
 
500 
 
Ritoro Metropolitan District In the Town of Elizabeth, Elbert County, Colorado, Limited 
6/24 at 103.00 
N/R 
537,445 
 
 
Tax , Convertible to Unlimited Tax, General Obligation Bonds, Series 2019A, 5.000%, 12/01/49 
 
 
 
500 
 
Riverdale Ranch Metropolitan District, Thornton City, Adams County, Colorado, Limited 
9/24 at 103.00 
N/R 
536,720 
 
 
Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 
 
 
 
1,025 
 
Silver Leaf Metropolitan District, Jefferson County, Colorado, General Obligation 
6/26 at 103.00 
N/R 
1,024,969 
 
 
Limited Tax Bonds, Series 2021A-3, 5.250%, 12/01/50 (WI/DD, Settling 5/12/21) 
 
 
 
1,000 
 
South Aurora Regional Improvement Authority, Aurora, Colorado, Special Revenue Bonds, 
12/23 at 103.00 
N/R 
1,072,930 
 
 
Series 2018, 6.250%, 12/01/57 
 
 
 
2,790 
 
Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation 
12/25 at 103.00 
N/R 
3,066,489 
 
 
Limited Tax Bonds, Series 2020, 5.125%, 12/01/50 
 
 
 
3,000 
 
Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax 
6/21 at 100.00 
N/R 
480,000 
 
 
Convertible to Unlimited, Series 2007, 0.000%, 12/01/31 (4) 
 
 
 
685 
 
Three Springs Metropolitan District 1, Durango, La Plata County, Colorado, Limited Tax 
12/25 at 103.00 
N/R 
699,734 
 
 
General Obligation Bonds, Refunding Subordinate Series 2020B, 7.125%, 12/15/50 
 
 
 
2,000 
 
Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, 
3/26 at 103.00 
N/R 
2,196,920 
 
 
General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 
 
 
 
965 
 
VDW Metropolitan District 2, Larimer County, Colorado, General Obligation Bonds, 
12/21 at 103.00 
N/R 
1,003,253 
 
 
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 
1,081,850 
 
 
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 
1,081,950 
 
 
Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 6.000%, 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 
1,667,340 
 
 
Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 
 
 
 
1,000 
 
Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, 
3/26 at 103.00 
N/R 
1,089,040 
 
 
Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021, 
 
 
 
 
 
5.000%, 12/01/51 
 
 
 
500 
 
Village East Community Metropolitan District, Frederick, Weld County, Colorado, Limited 
9/25 at 103.00 
N/R 
546,655 
 
 
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 
12/25 at 103.00 
N/R 
1,221,374 
 
 
Revenue 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 
756,028 
 
 
Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/49 
 
 
 
830 
 
Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation 
12/25 at 103.00 
N/R 
866,155 
 
 
Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, 
 
 
 
 
 
6.250%, 12/15/40 
 
 
 
104,718 
 
Total Colorado 
 
 
100,079,300 
 
 
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 
521,540 
 
 
Pond Phase 1 Project, Series 20019, 4.750%, 10/01/48, 144A 
 
 
 
6,266 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate 
No Opt. Call 
N/R 
532,657 
 
 
Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (4) 
 
 
 
6,766 
 
Total Connecticut 
 
 
1,054,197 
 
102

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
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 
$ 2,808,625 
 
 
Project, Series 2015A, 7.000%, 9/01/45, 144A 
 
 
 
 
 
District of Columbia – 0.2% (0.1% of Total Investments) 
 
 
 
105 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
No Opt. Call 
Baa1 
116,582 
 
 
Bonds, Series 2001, 6.500%, 5/15/33 
 
 
 
250 
 
District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2013A, 6.000%, 7/01/33 
7/23 at 100.00 
N/R (7) 
281,152 
 
 
(Pre-refunded 7/01/23) 
 
 
 
2,000 
 
District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc, Series 2019A, 
5/30 at 100.00 
N/R 
2,008,520 
 
 
5.250%, 5/15/55, 144A 
 
 
 
2,355 
 
Total District of Columbia 
 
 
2,406,254 
 
 
Florida – 14.8% (10.5% of Total Investments) 
 
 
 
500 
 
Academical Village Community Development District, Davie, Florida, Special Assessment 
5/30 at 100.00 
N/R 
523,735 
 
 
Revenue Bonds, Series 2020, 4.000%, 5/01/51 
 
 
 
1,500 
 
Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, 
11/21 at 100.00 
N/R 
1,501,950 
 
 
Terraces at Bonita Springs Project, Series 2011A, 8.125%, 11/15/46 
 
 
 
2,245 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 
5/31 at 100.00 
N/R 
2,314,079 
 
 
Ave Maria National Project, Series 2021, 4.000%, 5/01/51 
 
 
 
1,740 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 
5/22 at 100.00 
N/R 
1,808,156 
 
 
Series 2012, 6.700%, 5/01/42 
 
 
 
1,685 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 
5/25 at 100.00 
N/R 
1,774,777 
 
 
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 
1,089,734 
 
 
Assessment Bonds, Series 2015, 5.250%, 11/01/46 
 
 
 
905 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, 
No Opt. Call 
N/R 
1,106,734 
 
 
Phase 1 Project, Series 2013A, 6.125%, 11/01/33 
 
 
 
1,695 
 
Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, 
5/23 at 100.00 
N/R 
1,785,649 
 
 
Refunding Series 2013, 5.125%, 5/01/43 
 
 
 
2,500 
 
Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South 
6/25 at 105.00 
N/R 
2,700,025 
 
 
Bay Project, Series 2020A, 6.000%, 6/15/55, 144A 
 
 
 
2,000 
 
Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter 
7/31 at 100.00 
N/R 
2,255,940 
 
 
School Portfolio Projects, Series 2021A-1, 5.000%, 7/01/56, 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 (4), (8) 
 
 
 
830 
 
Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 
6/26 at 100.00 
N/R 
906,891 
 
 
2019A, 5.000%, 6/15/39, 144A 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, St Johns Classical Academy, Refunding 
6/30 at 100.00 
N/R 
1,012,550 
 
 
Series 2021A, 4.000%, 6/15/56, 144A 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens of Palm Coast Project, 
4/24 at 103.00 
N/R 
505,090 
 
 
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 
863,490 
 
 
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 
1,000,095 
 
 
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 
554,770 
 
 
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 
1,360,000 
 
 
Revenue Bonds, Arlington of Naples Project, Series 2014A, 0.000%, 5/15/35, 144A (4) 
 
 
 
845 
 
Cordoba Ranch Community Development District, Hillsborough County, Florida, Special 
5/21 at 100.00 
N/R 
848,439 
 
 
Assessment Revenue Bonds, Series 2006, 5.550%, 5/01/37 
 
 
 
 
103

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 995 
 
Cross Creek North Community Development District, Clay County, Florida, Special 
11/29 at 100.00 
N/R 
$ 1,127,425 
 
 
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 
1,706,869 
 
 
Assessment Bonds, Assessment Area 2, Series 2020, 4.000%, 6/15/40 
 
 
 
525 
 
East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series 
5/31 at 100.00 
N/R 
541,154 
 
 
2021, 4.000%, 5/01/51 
 
 
 
700 
 
Fishhawk Community Development District IV, Hillsborough County, Florida, Special 
5/23 at 100.00 
N/R 
767,137 
 
 
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 
1,993,782 
 
 
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 
1,078,060 
 
 
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 
610,358 
 
 
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 
913,840 
 
 
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 
692,938 
 
 
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) 
2,017,100 
 
 
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 
5,597,350 
 
 
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 
132,270 
 
 
Renaissance Charter School, Inc Projects, Series 2020C, 5.000%, 9/15/50, 144A 
 
 
 
17,250 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
1/24 at 107.00 
N/R 
17,940,000 
 
 
Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 
 
 
 
 
 
1/01/49 (AMT), 144A 
 
 
 
 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
 
 
 
 
 
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: 
 
 
 
5,590 
 
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A 
6/21 at 103.00 
N/R 
5,613,702 
31,170 
 
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A 
6/21 at 104.00 
N/R 
31,256,964 
6,485 
 
6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A 
6/21 at 104.00 
N/R 
6,493,041 
 
 
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 
2,947,367 
2,000 
 
5.500%, 11/01/50 
11/29 at 100.00 
N/R 
2,147,700 
2,500 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
11/22 at 100.00 
N/R 
2,609,125 
 
 
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 
1,106,070 
 
 
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 
215,884 
 
 
Assessment Bonds, Phase 2 Project, Series 2019, 4.375%, 11/01/49 
 
 
 
1,000 
 
Hammock Reserve Community Development District, Haines City, Florida, Special Assessment 
5/31 at 100.00 
N/R 
1,042,550 
 
 
Revenue Bonds, Area 2 Project, Series 2021, 4.000%, 5/01/51 (WI/DD, Settling 5/18/21) 
 
 
 
1,895 
 
Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, 
5/24 at 100.00 
N/R 
1,998,334 
 
 
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 
211,800 
 
 
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 
1,046,720 
 
 
Bonds, Series 2012, 5.750%, 11/01/42 
 
 
 
 
104

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 265 
 
Lakes of Sarasota Community Development District, Florida, Improvement Revenue Bonds, 
5/31 at 100.00 
N/R 
$ 269,349 
 
 
Capital Phase 1 Project 2021A-1, 4.100%, 5/01/51 
 
 
 
500 
 
Lakes of Sarasota Community Development District, Florida, Improvement Revenue Bonds, 
5/31 at 100.00 
N/R 
506,080 
 
 
Capital Phase 1 Project 2021B-1, 4.300%, 5/01/51 
 
 
 
610 
 
Lakewood Park Community Development District, Florida, Special Assessment Revenue Bonds, 
5/31 at 100.00 
N/R 
627,739 
 
 
Assessment Area 1, Series 2021, 4.000%, 5/01/52 
 
 
 
625 
 
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood 
5/25 at 100.00 
N/R 
664,687 
 
 
Centre North Project, Series 2015, 4.875%, 5/01/45 
 
 
 
2,000 
 
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee 
6/21 at 100.00 
BB– 
2,001,880 
 
 
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 
645,901 
 
 
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 
1,065,660 
 
 
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– 
14,195,377 
750 
 
Miami Dade County Industrial Development Authority, Florida, Educational Facilities 
7/27 at 100.00 
N/R 
817,867 
 
 
Revenue 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 
2,318,249 
 
 
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 
1,916,985 
 
 
Charter Schools Project, Series 2015A, 6.000%, 9/15/45, 144A 
 
 
 
505 
 
Mirada Community Development District, Pasco County, Florida, Bond Anticipation Note, 
6/21 at 100.00 
N/R 
505,717 
 
 
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 
432,120 
 
 
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 
1,045,720 
 
 
Bonds, Development Unit 53, Series 2015, 5.500%, 8/01/46 
 
 
 
1,000 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement 
8/31 at 100.00 
N/R 
1,048,830 
 
 
Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51 
 
 
 
 
 
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 
665,279 
3,110 
 
7.500%, 6/01/49 
6/22 at 102.00 
N/R 
3,336,128 
685 
 
Palm Beach County, Florida, Revenue Bonds, Provident Group – LU Properties LLC Lynn 
6/31 at 100.00 
N/R 
693,083 
 
 
University Housing Project, Series 2021A, 5.000%, 6/01/57 (WI/DD, Settling 5/12/21) 
 
 
 
500 
 
Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm 
4/29 at 100.00 
Ba1 
549,230 
 
 
Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/51, 144A 
 
 
 
3,215 
 
Pine Island Community Development District, Florida, Special Assessment Bonds, Bella 
6/21 at 100.00 
N/R 
3,219,469 
 
 
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 
521,880 
 
 
Improvement Series 2020-2, 4.000%, 5/01/50 
 
 
 
1,545 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Series 
5/22 at 100.00 
N/R 
1,595,985 
 
 
2004A-1, 6.250%, 5/01/36 
 
 
 
910 
 
Rivers Edge II Community Development District, Florida, Capital Improvement Revenue 
5/31 at 100.00 
N/R 
941,859 
 
 
Bonds, Series 2021, 4.000%, 5/01/51 
 
 
 
2,500 
 
Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 
11/27 at 100.00 
N/R 
2,921,725 
 
 
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 
1,050,650 
 
 
Assessment Bonds, Series 2020, 4.000%, 6/15/50 
 
 
 
500 
 
Shingle Creek Community Development District, Osceola County, Florida, Special 
6/31 at 100.00 
N/R 
521,120 
 
 
Assessment Revenue Bonds, Bronson, Series 2021, 4.000%, 6/15/51 
 
 
 
 
105

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 990 
 
Shingle Creek Community Development District, Osceola County, Florida, Special 
11/25 at 100.00 
N/R 
$ 1,098,811 
 
 
Assessment Revenue Bonds, Series 2015, 5.400%, 11/01/45 
 
 
 
1,000 
 
Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, 
No Opt. Call 
N/R 
1,014,180 
 
 
Series 2021B, 4.500%, 5/01/36 
 
 
 
1,540 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
1,341,971 
 
 
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%, 5/01/21 (4) 
No Opt. Call 
N/R 
1,360 
 
6.650%, 5/01/40 (4) 
6/21 at 100.00 
N/R 
14 
2,845 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 
6/21 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 
6/21 at 100.00 
N/R 
3,590,961 
 
 
Series 2015-1, 0.000%, 5/01/40 (5) 
 
 
 
2,300 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
6/21 at 100.00 
N/R 
1,724,356 
 
 
Series 2015-2, 0.000%, 5/01/40 (5) 
 
 
 
2,505 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 
6/21 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 
1,331,586 
 
 
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 
1,176,210 
2,020 
 
5.000%, 5/01/47 
5/28 at 100.00 
A2 
2,349,523 
1,790 
 
Twin Creeks North Community Development District, Florida, Special Assessment Bonds, 
11/31 at 100.00 
N/R 
2,084,509 
 
 
Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47 
 
 
 
3,590 
 
Twin Creeks North Community Development District, Florida, Special Assessment Bonds, 
11/31 at 100.00 
N/R 
4,180,663 
 
 
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 
529,890 
 
 
Expansion Area Project, Series 2019, 4.000%, 12/15/49 
 
 
 
1,000 
 
V-Dana Community Development District, Lee County, Florida,Special Assessment Bonds, 
5/31 at 100.00 
N/R 
1,033,310 
 
 
Area 1 – 2021 Project, Series 2021, 4.000%, 5/01/52 
 
 
 
1,000 
 
Venetian Parc Community Development District, Miami-Dade County, Florida, Special 
11/28 at 100.00 
N/R 
1,321,430 
 
 
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 
1,043,854 
 
 
Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45 
 
 
 
185,915 
 
Total Florida 
 
 
184,810,835 
 
 
Georgia – 0.5% (0.3% of Total Investments) 
 
 
 
1,000 
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 
BB+ 
1,007,900 
 
 
Testletree Village Apartments, Series 2013A, 5.000%, 11/01/48 
 
 
 
1,880 
 
Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten 
10/23 at 100.00 
N/R 
2,003,271 
 
 
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) 
1,115,840 
 
 
Series 2013A, 6.500%, 4/01/43 (Pre-refunded 4/01/23) 
 
 
 
 
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: 
 
 
 
211 
 
5.500%, 7/15/23 (Pre-refunded 7/15/21) 
7/21 at 100.00 
N/R (7) 
213,444 
767 
 
5.500%, 7/15/30 (Pre-refunded 7/15/21) 
7/21 at 100.00 
N/R (7) 
774,702 
842 
 
5.500%, 1/15/36 (Pre-refunded 7/15/21) 
7/21 at 100.00 
N/R (7) 
850,487 
5,700 
 
Total Georgia 
 
 
5,965,644 
 
106

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Guam – 0.0% (0.0% of Total Investments) 
 
 
 
$ 330 
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (AMT) 
10/23 at 100.00 
BB+ 
$ 354,724 
 
 
Idaho – 0.7% (0.5% of Total Investments) 
 
 
 
7,400 
 
Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual 
5/26 at 102.00 
N/R 
7,417,094 
 
 
Appropriation Series 2021, 5.250%, 5/15/51 (WI/DD, Settling 5/18/21) 
 
 
 
500 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, 
3/22 at 100.00 
A– 
564,200 
 
 
17.117%, 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 
579,148 
 
 
Meridian North LLC, Series 2020A, 5.250%, 7/01/55, 144A 
 
 
 
8,465 
 
Total Idaho 
 
 
8,560,442 
 
 
Illinois – 24.6% (17.4% of Total Investments) 
 
 
 
492 
 
Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24 
6/21 at 100.00 
N/R 
473,071 
10,670 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 
4/27 at 100.00 
A– 
12,826,087 
 
 
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 
1,658,145 
 
 
Project Series 2015C, 5.250%, 12/01/39 
 
 
 
15,385 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/25 at 100.00 
BB 
18,566,618 
 
 
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 
2,466,592 
 
 
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 
12,709,971 
 
 
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 
3,436,290 
 
 
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) 
7,722,825 
 
 
5.250%, 12/01/40 (Pre-refunded 12/01/21) (UB) (6) 
 
 
 
1,308 
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State 
5/21 at 100.00 
N/R 
1,308,117 
 
 
Redevelopment Project, Series 2012, 6.100%, 1/15/29 
 
 
 
2,125 
 
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue 
6/21 at 100.00 
N/R 
1,600,630 
 
 
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 
5,730,550 
 
 
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 
37,221,895 
 
 
Lien Series 2018B, 5.000%, 1/01/48 (UB) (6) 
 
 
 
2,000 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/30 
1/24 at 100.00 
Ba1 
2,183,500 
9,400 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB– 
11,407,370 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 
1/25 at 100.00 
Ba1 
1,120,540 
 
 
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– 
146,614 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2019A: 
 
 
 
7,500 
 
5.000%, 1/01/44 (UB) (6) 
1/29 at 100.00 
BBB– 
8,839,500 
8,000 
 
5.500%, 1/01/49 (UB) 
1/29 at 100.00 
BBB– 
9,651,920 
1,500 
 
Chicago, Illinois, General Obligation Bonds, VAribale Rate Demand Series 2007F, 
1/25 at 100.00 
Ba1 
1,670,325 
 
 
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 
3,977,350 
 
 
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) 
29,541 
495 
 
4.000%, 2/15/41 (Pre-refunded 2/15/27) (UB) 
2/27 at 100.00 
N/R (7) 
584,912 
10,655 
 
4.000%, 2/15/41 (UB) 
2/27 at 100.00 
Aa2 
11,964,180 
 
107

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 1,000 
 
Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 6.000%, 10/01/48 
10/22 at 100.00 
BBB– 
$ 1,036,180 
5,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 
1/28 at 100.00 
Aa2 
5,657,450 
 
 
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 
2,390,960 
 
 
4/01/58, 144A 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond 
 
 
 
 
 
Trust 2015-XF0121: 
 
 
 
1,685 
 
21.674%, 8/15/41 – AGM Insured, 144A (IF) (6) 
8/21 at 100.00 
A2 
1,795,452 
250 
 
21.689%, 8/15/41 – AGM Insured, 144A (IF) (6) 
8/21 at 100.00 
A2 
266,400 
5,000 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
2/27 at 100.00 
A1 
5,513,650 
 
 
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– 
2,201,528 
 
 
Illinois State, General Obligation Bonds, November Series 2016: 
 
 
 
1,000 
 
5.000%, 11/01/35 
11/26 at 100.00 
BBB– 
1,160,880 
1,000 
 
5.000%, 11/01/37 
11/26 at 100.00 
BBB– 
1,153,460 
9,945 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 (UB) (6) 
No Opt. Call 
BBB– 
12,062,887 
630 
 
Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36 
3/22 at 100.00 
BBB– 
652,560 
5,445 
 
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation 
6/26 at 100.00 
BBB 
6,004,419 
 
 
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 
1,977,520 
 
 
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+ 
17,967,840 
45,550 
 
4.000%, 6/15/50 (UB) (6) 
12/29 at 100.00 
BB+ 
51,152,194 
2,500 
 
5.000%, 6/15/50 
12/29 at 100.00 
BB+ 
3,007,375 
800 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, 
6/21 at 100.00 
N/R (7) 
803,536 
 
 
Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) 
 
 
 
830 
 
Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series 
12/23 at 100.00 
N/R 
856,253 
 
 
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– 
12,162,544 
17,750 
 
5.250%, 1/01/48 (UB) (6) 
1/29 at 100.00 
AA– 
21,679,495 
895 
 
Yorkville United City Business District, Illinois, Storm Water and Water Improvement 
5/21 at 100.00 
N/R 
366,950 
 
 
Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (4) 
 
 
 
265,990 
 
Total Illinois 
 
 
307,166,076 
 
 
Indiana – 1.0% (0.7% of Total Investments) 
 
 
 
2,445 
 
Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 
6/21 at 100.00 
N/R 
2,470,306 
 
 
6.650%, 7/15/24 
 
 
 
1,000 
 
Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, 18.465%, 
No Opt. Call 
AA 
2,315,330 
 
 
4/01/30 – AMBAC Insured, 144A (IF) (6) 
 
 
 
1,000 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter 
12/25 at 100.00 
BB– 
1,103,390 
 
 
School Project, Series 2015A, 7.250%, 12/01/45 
 
 
 
1,000 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
No Opt. Call 
Caa1 
1,088,950 
 
 
Corporation Project, Refunding Series 2021A, 4.125%, 12/01/26 
 
 
 
2,000 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
8/22 at 100.00 
Caa1 
2,071,900 
 
 
Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT) 
 
 
 
500 
 
Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health 
6/21 at 100.00 
Baa2 
500,965 
 
 
Services, Series 2010, 5.500%, 8/15/45 
 
 
 
880 
 
Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village 
6/21 at 100.00 
N/R 
883,388 
 
 
Apartments, Series 2005A, 7.500%, 7/01/35 
 
 
 
 
108

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$ 1,000 
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, 
11/23 at 100.00 
N/R 
$ 1,058,330 
 
 
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 
618,750 
 
 
USA Indiana, LLC Project, Series 2017A, 0.000%, 12/01/28 (AMT) (4) 
 
 
 
11,200 
 
Total Indiana 
 
 
12,111,309 
 
 
Iowa – 0.3% (0.2% of Total Investments) 
 
 
 
1,030 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc Project, 
8/22 at 100.00 
Ba2 
1,064,793 
 
 
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 
B+ 
2,192,440 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
3,030 
 
Total Iowa 
 
 
3,257,233 
 
 
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– 
6,167,063 
 
 
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 
1,010,260 
 
 
Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 
 
 
 
6,305 
 
Total Kansas 
 
 
7,177,323 
 
 
Kentucky – 5.4% (3.8% of Total Investments) 
 
 
 
1,385 
 
Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s 
12/30 at 100.00 
N/R 
1,454,873 
 
 
Ridge Project, Series 2020, 6.000%, 12/01/40 
 
 
 
 
 
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+ 
6,120,187 
3,300 
 
5.000%, 6/01/45 
6/27 at 100.00 
BB+ 
3,675,375 
12,665 
 
5.000%, 6/01/45 (UB) (6) 
6/27 at 100.00 
BB+ 
14,105,644 
 
 
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 
12,319,560 
9,295 
 
5.000%, 7/01/40 (UB) 
7/25 at 100.00 
Baa2 
10,372,290 
16,800 
 
5.000%, 1/01/45 (UB) 
7/25 at 100.00 
Baa2 
18,643,632 
1,000 
 
Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 
12/30 at 100.00 
N/R 
1,019,330 
 
 
2020B, 5.500%, 12/01/60 
 
 
 
60,895 
 
Total Kentucky 
 
 
67,710,891 
 
 
Louisiana – 1.0% (0.7% of Total Investments) 
 
 
 
2,050 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala 
7/23 at 100.00 
N/R 
2,179,704 
 
 
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
500 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College Prep 
6/27 at 100.00 
N/R 
517,710 
 
 
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 
512,300 
 
 
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 
2,054,835 
 
 
(US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A 
 
 
 
1,615 
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy 
12/21 at 100.00 
N/R 
1,661,738 
 
 
Foundation Project, Series 2011A, 7.750%, 12/15/31 
 
 
 
2,000 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, 
No Opt. Call 
BBB 
2,087,480 
 
 
Refunding Series 2017, 5.250%, 10/01/33 (5) 
 
 
 
2,110 
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter 
12/23 at 100.00 
N/R 
2,268,820 
 
 
Academy Foundation Project, Series 2013A, 8.125%, 12/15/33 
 
 
 
 
109

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 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– 
697,685 
 
 
6.350%, 7/01/40, 144A 
 
 
 
13,225 
 
Total Louisiana 
 
 
11,980,292 
 
 
Maryland – 0.8% (0.5% of Total Investments) 
 
 
 
1,595 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 
9/27 at 100.00 
CCC 
1,674,335 
 
 
5.000%, 9/01/42 
 
 
 
3,000 
 
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine 
6/21 at 100.00 
BB– 
3,031,050 
 
 
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 
6/21 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 
6/21 at 100.00 
N/R 
1,500,000 
 
 
Conference Center, Series 2006B, 0.000%, 12/01/31 (4) 
 
 
 
1,000 
 
Maryland Economic Development Corporation, Special Obligation Bonds, Port Covington 
9/30 at 100.00 
N/R 
1,103,030 
 
 
Project, Series 2020, 4.000%, 9/01/50 
 
 
 
12,095 
 
Total Maryland 
 
 
9,708,415 
 
 
Massachusetts – 1.2% (0.9% of Total Investments) 
 
 
 
5,735 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, 
7/26 at 100.00 
6,112,822 
 
 
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 
5,603,050 
 
 
3/01/46 (UB) (6) 
 
 
 
2,985 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E, 4.000%, 
4/25 at 100.00 
AA 
3,359,110 
 
 
4/01/33 (UB) (6) 
 
 
 
13,720 
 
Total Massachusetts 
 
 
15,074,982 
 
 
Michigan – 1.5% (1.1% of Total Investments) 
 
 
 
 
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A: 
 
 
 
 
5.500%, 5/01/21 – ACA Insured 
3/21 at 100.00 
B– 
5,000 
170 
 
5.500%, 5/01/21 
3/21 at 100.00 
B– 
170,000 
87 
 
Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/22 
6/21 at 100.00 
N/R 
87,729 
1,000 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, 
8/31 at 100.00 
BB 
1,125,760 
 
 
Hanley International Academy, Inc Project, Refunding Series 2021, 5.000%, 9/01/40 
 
 
 
885 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope 
6/21 at 100.00 
860,804 
 
 
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 
1,088,257 
 
 
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 
2,386,068 
4,500 
 
4.600%, 4/01/52 (UB) (6) 
10/24 at 100.00 
AA 
4,841,910 
1,515 
 
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American 
6/21 at 100.00 
N/R 
1,517,227 
 
 
Montessori Academy, Series 2007, 6.500%, 12/01/37 
 
 
 
1,000 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, 
6/21 at 100.00 
BBB– 
1,002,120 
 
 
Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 
 
 
 
100,000 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
6/33 at 11.41 
N/R 
5,062,000 
 
 
Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58 
 
 
 
500 
 
Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 
6/21 at 100.00 
B+ 
500,610 
 
 
6.375%, 11/01/35 
 
 
 
113,122 
 
Total Michigan 
 
 
18,647,485 
 
110

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Minnesota – 0.6% (0.4% of Total Investments) 
 
 
 
$ 665 
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy 
7/25 at 100.00 
N/R 
$ 716,817 
 
 
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 
1,023,110 
 
 
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 
528,780 
 
 
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 
107,600 
 
 
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 
2,178,080 
 
 
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 
BBB– 
3,071,100 
 
 
Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A 
 
 
 
7,270 
 
Total Minnesota 
 
 
7,625,487 
 
 
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 
475,605 
 
 
Edward Mixed-Use Project, Refunding Series 2019A, 4.250%, 10/15/49 (Mandatory 
 
 
 
 
 
Put 10/15/39), 144A 
 
 
 
569 
 
Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care 
6/21 at 100.00 
N/R 
568,722 
 
 
Apartments, Series 2004-2, 6.125%, 9/01/34 (AMT) 
 
 
 
1,069 
 
Total Mississippi 
 
 
1,044,327 
 
 
Missouri – 1.3% (0.9% of Total Investments) 
 
 
 
655 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
4/26 at 100.00 
N/R 
680,349 
 
 
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 
2,065,880 
 
 
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 
A+ 
11,255,600 
 
 
Mercy Health, Series 2017C, 4.000%, 11/15/49 (UB) (6) 
 
 
 
1,100 
 
Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, 
6/21 at 100.00 
N/R 
1,100,066 
 
 
Series 2007A, 5.350%, 6/15/32 
 
 
 
1,353 
 
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square 
9/21 at 100.00 
N/R 
541,200 
 
 
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 
146,400 
 
 
Projects, Series 2007A, 6.000%, 12/31/26 
 
 
 
15,840 
 
Total Missouri 
 
 
15,789,495 
 
 
Nevada – 1.3% (0.9% of Total Investments) 
 
 
 
995 
 
City of Henderson, Nevada, Local Improvement District No T-20 Rainbow Canyon, Local 
9/28 at 100.00 
N/R 
1,122,529 
 
 
Improvement Bonds, Series 2018, 5.375%, 9/01/48 
 
 
 
2,000 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
2/31 at 100.00 
N/R 
2,022,520 
 
 
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A 
 
 
 
2,000 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
8/29 at 100.00 
N/R 
1,859,460 
 
 
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 
11,103,400 
 
 
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 
639,527 
 
 
Vista, Series 2019, 4.625%, 6/01/49 
 
 
 
15,570 
 
Total Nevada 
 
 
16,747,436 
 
111

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey – 5.1% (3.7% of Total Investments) 
 
 
 
$ 2,500 
 
New Jersey Economic Development Authority, Lease Revenue Bonds, State Government 
12/27 at 100.00 
BBB 
$ 2,979,650 
 
 
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 
5,959,300 
 
 
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 
11,266,905 
 
 
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+ 
4,352,027 
 
 
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+ 
2,334,488 
 
 
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 
6/21 at 100.00 
BB+ 
5,215,704 
 
 
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 
27,710,800 
 
 
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 
1,958,810 
 
 
2019BB, 4.000%, 6/15/50 
 
 
 
2,200 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BB+ 
2,577,916 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
72,330 
 
Total New Jersey 
 
 
64,355,600 
 
 
New Mexico – 0.5% (0.3% of Total Investments) 
 
 
 
320 
 
Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital 
9/21 at 59.54 
N/R 
162,166 
 
 
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 
51,629 
 
 
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 
222,003 
 
 
Series 2015B, 5.900%, 9/01/32 
 
 
 
375 
 
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, 
No Opt. Call 
N/R 
383,561 
 
 
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 
1,255,133 
 
 
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 
1,065,502 
 
 
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 
1,534,695 
 
 
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A 
 
 
 
1,452 
 
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross 
6/21 at 102.00 
N/R 
1,481,388 
 
 
Receipts Tax Increment Bonds, Senior Lien Series 2015, 6.000%, 5/01/40, 144A 
 
 
 
6,142 
 
Total New Mexico 
 
 
6,156,077 
 
 
New York – 9.4% (6.7% of Total Investments) 
 
 
 
2,455 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of 
9/25 at 100.00 
N/R 
2,723,111 
 
 
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter 
 
 
 
 
 
School, Series 2020A-1: 
 
 
 
5,000 
 
5.250%, 6/01/40, 144A 
12/30 at 100.00 
N/R 
5,109,250 
2,000 
 
5.500%, 6/01/55, 144A 
12/30 at 100.00 
N/R 
2,041,680 
 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter 
 
 
 
 
 
School, Series 2020C-1: 
 
 
 
1,000 
 
5.000%, 6/01/40, 144A 
12/30 at 100.00 
N/R 
1,061,690 
2,000 
 
5.000%, 6/01/55, 144A 
12/30 at 100.00 
N/R 
2,081,760 
10,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, 
3/30 at 100.00 
A2 
10,223,100 
 
 
Series 2020A, 3.000%, 9/01/50 – AGM Insured (UB) (6) 
 
 
 
 
112

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 200 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical 
6/27 at 100.00 
BBB– 
$ 229,680 
 
 
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 
1,160,910 
 
 
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 
1,004,080 
 
 
Project, Series 2019A, 5.500%, 9/01/22 
 
 
 
1,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 
11/30 at 100.00 
BBB+ 
1,248,870 
 
 
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+ 
1,138,280 
 
 
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+ 
11,638,800 
 
 
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 
15,642,364 
 
 
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) 
6/21 at 100.00 
N/R 
1,125,000 
5,000 
 
0.000%, 10/01/46 (4) 
6/21 at 100.00 
N/R 
3,750,000 
320 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, 
6/21 at 100.00 
N/R 
308,406 
 
 
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– 
8,470,968 
 
 
8/01/38 (UB) (6) 
 
 
 
2,000 
 
New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term 
5/21 at 100.00 
B– 
2,021,940 
 
 
Series 2005A, 5.000%, 6/01/42 
 
 
 
500 
 
New York Liberty Development Corporation, Liberty Revenue Bonds, Secured by Port 
12/21 at 100.00 
A+ 
553,460 
 
 
Authority Consolidated Bonds, 18.055%, 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 
1,094,600 
 
 
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 
3,632,590 
 
 
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 
6,667,320 
 
 
Center Project, Class 3 Series 2014, 7.250%, 11/15/44, 144A 
 
 
 
4,985 
 
New York Transportation Development Corporation, New York, Special Facilities Bonds, 
7/24 at 100.00 
A2 
5,642,272 
 
 
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 – AGM 
 
 
 
 
 
Insured (AMT) (UB) (6) 
 
 
 
10,000 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/21 at 100.00 
B– 
10,102,000 
 
 
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– 
3,797,007 
 
 
Bonds, American Airlines, Inc John F Kennedy International Airport Project, Series 2020, 
 
 
 
 
 
5.375%, 8/01/36 (AMT) 
 
 
 
3,265 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
4/27 at 100.00 
A+ 
3,857,598 
 
 
Series 2017, 5.000%, 4/15/57 (UB) (6) 
 
 
 
605 
 
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue 
6/21 at 100.00 
N/R 
610,397 
 
 
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– 
11,217,486 
 
 
Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 (UB) (6) 
 
 
 
109,460 
 
Total New York 
 
 
118,154,619 
 
113

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
North Carolina – 0.1% (0.0% of Total Investments) 
 
 
 
$ 940 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
4/21 at 100.00 
AA– 
$ 952,201 
 
 
Carolinas HealthCare System, 18.752%, 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 
1,205,000 
 
 
Project, Series 2013, 7.750%, 9/01/38 (4) 
 
 
 
 
 
Ohio – 6.5% (4.6% of Total Investments) 
 
 
 
82,120 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 22.36 
N/R 
12,818,932 
 
 
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 
36,024,028 
 
 
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) 
5,813,503 
 
 
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 
1,517,850 
 
 
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 
348,592 
 
 
Evans Farm Mixed-Use Project, Series 2020, 4.000%, 12/01/46 
 
 
 
11,160 
 
Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network 
8/26 at 100.00 
A2 
12,323,765 
 
 
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%, 8/01/21 (4) 
 
 
 
3,310 
 
Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG 
7/29 at 100.00 
B– 
3,666,983 
 
 
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 
5,937 
 
 
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%, 5/15/49 (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 
3,088,500 
 
 
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, Public Improvement TOT Revenue 
12/28 at 100.00 
N/R 
1,006,410 
 
 
Bonds, Series 2021, 4.250%, 12/01/50, 144A 
 
 
 
1,000 
 
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment 
11/30 at 100.00 
N/R 
1,013,920 
 
 
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, 
 
 
 
 
 
Senior Lien Series 2019A, 5.000%, 11/01/51 
 
 
 
1,500 
 
Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series 
12/27 at 103.00 
N/R 
1,699,695 
 
 
2020A, 7.000%, 12/01/42 (AMT), 144A 
 
 
 
2,000 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education 
3/25 at 100.00 
N/R 
2,178,180 
 
 
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 
 
 
 
 
 
6.000%, 3/01/45 
 
 
 
162,425 
 
Total Ohio 
 
 
81,522,851 
 
114

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Oklahoma – 1.6% (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) 
$ 1,589,122 
 
 
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 
16,130,250 
 
 
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 
2,795,910 
 
 
Series 2001B, 5.500%, 12/01/35 (AMT) 
 
 
 
19,150 
 
Total Oklahoma 
 
 
20,515,282 
 
 
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 
808,203 
2,000 
 
0.000%, 6/15/50 
6/30 at 55.67 
Aa1 
892,500 
3,750 
 
Total Oregon 
 
 
1,700,703 
 
 
Pennsylvania – 1.8% (1.3% of Total Investments) 
 
 
 
980 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/31 at 100.00 
N/R 
1,221,982 
 
 
Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A 
 
 
 
1,250 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/28 at 100.00 
N/R 
1,477,950 
 
 
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) 
 
 
 
500 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
4/31 at 100.00 
N/R 
525,510 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory 
 
 
 
 
 
Put 4/01/21) 
 
 
 
290 
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University 
10/29 at 100.00 
BB+ 
310,523 
 
 
Project, Series 2020, 5.000%, 10/01/49 
 
 
 
1,000 
 
Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of 
10/27 at 100.00 
BB 
1,001,650 
 
 
Science & Technology Project, Series 2017, 5.125%, 10/15/41, 144A 
 
 
 
1,500 
 
Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of 
10/28 at 100.00 
BB 
1,590,465 
 
 
Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A 
 
 
 
1,720 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
6/30 at 100.00 
N/R 
1,850,290 
 
 
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 
1,850,290 
 
 
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+ 
6,015,324 
 
 
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 
1,069,270 
 
 
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: 
 
 
 
995 
 
6.875%, 12/15/35, 144A 
12/27 at 100.00 
N/R 
1,012,830 
1,000 
 
7.125%, 12/15/44, 144A 
12/27 at 100.00 
N/R 
1,027,940 
2,500 
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva 
1/23 at 100.00 
N/R (7) 
2,815,475 
 
 
Esperanza, Inc – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33 
 
 
 
 
 
(Pre-refunded 1/01/23) 
 
 
 
510 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
Ba1 
536,510 
 
 
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 
 
 
 
 
 
5.625%, 7/01/36 
 
 
 
 
115

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 180 
 
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, 
5/24 at 100.00 
BB+ 
$ 184,673 
 
 
Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 
 
 
 
27,015 
 
Total Pennsylvania 
 
 
22,497,207 
 
 
Puerto Rico – 7.8% (5.6% of Total Investments) 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
4,870 
 
5.125%, 7/01/37 
7/22 at 100.00 
CCC 
5,146,957 
1,000 
 
5.250%, 7/01/42 
7/22 at 100.00 
CCC 
1,058,360 
2,000 
 
6.000%, 7/01/47 
7/22 at 100.00 
CCC 
2,134,480 
8,625 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build 
6/21 at 100.00 
7,891,875 
 
 
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 
4,484,462 
185 
 
3.961%, 7/01/42 (4) 
7/22 at 100.00 
171,588 
2,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 3.999%, 
No Opt. Call 
N/R 
1,850,000 
 
 
7/01/21 (4) 
 
 
 
1,025 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 3.957%, 
6/21 at 100.00 
950,687 
 
 
7/01/37 (4) 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: 
 
 
 
5,690 
 
3.978%, 7/01/22 (4) 
6/21 at 100.00 
5,291,700 
1,186 
 
3.978%, 7/01/28 (4) 
6/21 at 100.00 
1,102,980 
890 
 
3.978%, 7/01/29 (4) 
6/21 at 100.00 
827,700 
658 
 
3.978%, 7/01/31 (4) 
6/21 at 100.00 
611,940 
405 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC, 3.957%, 
6/21 at 100.00 
375,638 
 
 
7/01/28 (4) 
 
 
 
1,350 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 3.978%, 
6/21 at 100.00 
1,255,500 
 
 
7/01/40 (4) 
 
 
 
3,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 3.978%, 
6/21 at 100.00 
2,790,000 
 
 
7/01/25 (4) 
 
 
 
1,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A, 4.102%, 7/01/36 (4) 
7/23 at 100.00 
951,250 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: 
 
 
 
360 
 
3.988%, 7/01/22 (4) 
6/21 at 100.00 
335,250 
710 
 
3.988%, 7/01/23 (4) 
6/21 at 100.00 
661,187 
375 
 
5.250%, 7/01/33 (4) 
6/21 at 100.00 
348,750 
5,500 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Build America Bond 
6/21 at 100.00 
5,032,500 
 
 
Series 2010EE, 4.044%, 7/01/32 (4) 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
74,000 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
23,479,460 
86,600 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
19,916,268 
1,000 
 
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
1,112,400 
6,000 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
6,774,360 
4,500 
 
Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 3.180%, 7/01/35 (4) 
6/21 at 100.00 
3,611,250 
217,764 
 
Total Puerto Rico 
 
 
98,166,542 
 
 
Rhode Island – 0.2% (0.2% of Total Investments) 
 
 
 
18,260 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed 
5/21 at 15.96 
CCC– 
2,961,772 
 
 
Bonds, Series 2007A, 0.000%, 6/01/52 
 
 
 
 
 
South Carolina – 2.6% (1.9% of Total Investments) 
 
 
 
4,000 
 
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement 
6/21 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) 
 
 
 
 
116

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Carolina (continued) 
 
 
 
$ 1,000 
 
South Carolina Jobs Economic Development Authority, Educational Facilities Revenue 
11/26 at 100.00 
N/R 
$ 1,013,950 
 
 
Bonds, Hoese Creek Academy Project, Series 2021A, 5.000%, 11/15/55, 144A 
 
 
 
5,000 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
8/26 at 100.00 
N/R (7) 
6,106,800 
 
 
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 
401,924 
 
 
Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A 
 
 
 
980 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
11/26 at 100.00 
N/R 
1,158,566 
 
 
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 
4,788,746 
 
 
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) 
1,269,125 
 
 
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– 
3,610,830 
 
 
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– 
13,046,897 
 
 
2014A, 5.000%, 12/01/49 (UB) (6) 
 
 
 
34,937 
 
Total South Carolina 
 
 
32,967,008 
 
 
Tennessee – 2.5% (1.8% of Total Investments) 
 
 
 
1,000 
 
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, 
7/27 at 100.00 
N/R 
1,006,960 
 
 
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 
13,294,140 
5,240 
 
5.000%, 7/01/46 (UB) (6) 
7/26 at 100.00 
Aa1 
6,231,198 
5,000 
 
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue 
6/27 at 100.00 
N/R 
2,750,000 
 
 
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 
 
 
 
 
 
6/01/47, 144A (4), (8) 
 
 
 
6,024 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 
No Opt. Call 
BBB 
7,403,918 
 
 
5.625%, 9/01/26 
 
 
 
915 
 
Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue 
6/21 at 100.00 
N/R 
828,340 
 
 
Bonds, Rutland Place Inc Project, Series 2015A, 5.500%, 1/01/46 
 
 
 
29,274 
 
Total Tennessee 
 
 
31,514,556 
 
 
Texas – 3.5% (2.4% of Total Investments) 
 
 
 
1,000 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks 
6/26 at 100.00 
N/R 
1,046,260 
 
 
Academies, Series 2021A, 5.000%, 1/15/51 
 
 
 
500 
 
Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public 
9/29 at 100.00 
N/R 
539,630 
 
 
Improvement District Neighborhood Improvement Areas 2-3 Project, Series 2019, 4.250%, 
 
 
 
 
 
9/01/49, 144A 
 
 
 
995 
 
Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement 
9/22 at 103.00 
N/R 
1,048,989 
 
 
District Phase 1 Project, Series 2014, 7.000%, 9/01/40 
 
 
 
4,165 
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 
12/25 at 100.00 
Aa2 
4,872,300 
 
 
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 
407,909 
1,000 
 
6.375%, 9/01/42 
9/23 at 100.00 
N/R 
1,101,800 
165 
 
Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public 
8/27 at 100.00 
N/R 
178,487 
 
 
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 
1,578,330 
 
 
Inc Project, Series 2012A RMKT, 4.750%, 5/01/38 
 
 
 
 
117

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 1,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
6/21 at 100.00 
B3 
$ 1,001,320 
 
 
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 
137,519 
 
 
Improvement Area 1 Project, Series 2019, 4.375%, 9/01/49, 144A 
 
 
 
775 
 
Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 
6/21 at 100.00 
N/R 
775,357 
 
 
2006A, 6.000%, 2/15/36 
 
 
 
1,000 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines 
7/21 at 100.00 
1,015,370 
 
 
Inc – Terminal Improvement Project, Refunding Series 2011, 6.625%, 7/15/38 (AMT) 
 
 
 
500 
 
Hutto, Texas, Special Assessment Revenue Bonds, Emory Crossing, Public Improvement 
9/29 at 100.00 
N/R 
508,130 
 
 
Area 1 Project Series 2021, 4.000%, 9/01/56, 144A 
 
 
 
3,165 
 
Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area 
7/22 at 100.00 
N/R (7) 
3,432,031 
 
 
Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012, 
 
 
 
 
 
8.250%, 7/01/32 (Pre-refunded 7/01/22) 
 
 
 
500 
 
Kaufman,Texas, Special Assessment Revenue Bonds, Kaufman Public Improvement District 1 
9/31 at 100.00 
N/R 
510,630 
 
 
Phase 1A-1B Project, Series 2021, 4.000%, 9/15/50, 144A 
 
 
 
1,170 
 
McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement 
9/29 at 100.00 
N/R 
1,313,302 
 
 
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 
336,765 
500 
 
6.000%, 9/15/49, 144A 
9/29 at 100.00 
N/R 
559,900 
1,965 
 
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro 
1/26 at 102.00 
N/R 
50,442 
 
 
Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (AMT), 144A (4), (8) 
 
 
 
1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
N/R (7) 
1,134,110 
 
 
Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, LLC-Texas A&M University-Corpus 
 
 
 
 
 
Christi Project, Series 2014A, 5.000%, 4/01/44 (Pre-refunded 4/01/24) 
 
 
 
1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/26 at 100.00 
N/R (7) 
1,209,260 
 
 
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M 
 
 
 
 
 
University – San Antonio Project,, 5.000%, 4/01/48 (Pre-refunded 4/01/26) 
 
 
 
1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
N/R (7) 
1,132,560 
 
 
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, 
 
 
 
 
 
Series 2014A, 5.000%, 4/01/44 (Pre-refunded 4/01/24) 
 
 
 
 
 
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 
1,081,250 
2,445 
 
5.000%, 7/01/47 
7/25 at 100.00 
CCC 
2,102,700 
2,250 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, 19.841%, 9/01/41 
9/21 at 100.00 
N/R (7) 
2,406,960 
 
 
(Pre-refunded 9/01/21), 144A (IF) 
 
 
 
1,070 
 
Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point Public 
9/30 at 100.00 
N/R 
1,120,022 
 
 
Improvement District 2 Project, Series 2020, 4.000%, 9/01/50, 144A 
 
 
 
440 
 
Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility 
1/22 at 103.00 
N/R 
456,042 
 
 
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 
225,221 
 
 
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 
210,795 
 
 
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, 4.293%, 12/15/32 (4) 
 
 
 
160 
 
Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District 
3/24 at 102.00 
N/R 
167,638 
 
 
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+ 
5,467,800 
 
 
Series 2018A, 4.250%, 9/01/48 (UB) (6) 
 
 
 
 
118

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 755 
 
Texas Public Finance Authority Charter School Finance Corporation, Charter School 
6/21 at 100.00 
B– 
$ 755,272 
 
 
Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34 
 
 
 
2,030 
 
Texas State Affordable Housing Corporation Multifamily Housing Revenue Bonds, Peoples El 
1/34 at 100.00 
N/R 
2,228,355 
 
 
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 
1,772,479 
 
 
4.250%, 12/01/44 
 
 
 
43,133 
 
Total Texas 
 
 
43,209,935 
 
 
Utah – 0.1% (0.1% of Total Investments) 
 
 
 
1,000 
 
Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
1/25 at 102.00 
N/R 
1,029,490 
 
 
School Project, Series 2020A, 5.125%, 7/15/51, 144A 
 
 
 
 
 
Vermont – 0.3% (0.2% of Total Investments) 
 
 
 
3,400 
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of 
6/26 at 100.00 
A3 
3,951,956 
 
 
Vermont Medical Center Project, Green Series 2016B, 5.000%, 12/01/46 (UB) (6) 
 
 
 
 
 
Virgin Islands – 0.8% (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 
955,550 
5,000 
 
5.000%, 10/01/39 
10/24 at 100.00 
N/R 
4,629,900 
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo 
6/21 at 100.00 
Caa3 
1,008,140 
 
 
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 
3,278,474 
 
 
Anticipation Notes, Series 2020A, 7.500%, 7/01/22, 144A 
 
 
 
10,270 
 
Total Virgin Islands 
 
 
9,872,064 
 
 
Virginia – 2.0% (1.4% 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 
11,202,300 
 
 
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 
5/21 at 100.00 
B– 
1,005,550 
 
 
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 
6,488,720 
 
 
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 
6,061,510 
 
 
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– 
84,853 
130 
 
5.500%, 1/01/42 (AMT) 
7/22 at 100.00 
BBB– 
136,904 
25,972 
 
Total Virginia 
 
 
25,437,037 
 
 
Washington – 2.0% (1.4% of Total Investments) 
 
 
 
1,000 
 
King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie 
12/25 at 100.00 
N/R 
1,109,570 
 
 
Valley Hospital, Series 2015A, 6.250%, 12/01/45 
 
 
 
1,000 
 
Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing 
6/21 at 100.00 
N/R 
1,001,180 
 
 
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 
1,391,858 
 
 
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, 
5/21 at 100.00 
N/R 
196,948 
 
 
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 (4) 
 
 
 
 
119

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington (continued) 
 
 
 
$ 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 (4) 
 
 
 
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– 
8,015,575 
 
 
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 
8,837,185 
 
 
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 (7) 
1,090,480 
 
 
Project, Series 2012A, 6.750%, 10/01/47 (Pre-refunded 10/03/22), 144A 
 
 
 
25,525 
 
Total Washington 
 
 
25,524,046 
 
 
West Virginia – 0.4% (0.3% of Total Investments) 
 
 
 
1,348 
 
Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial 
12/23 at 100.00 
N/R 
1,382,091 
 
 
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 
1,222,627 
 
 
University Town Centre Economic Opportunity Development District, Refunding & Improvement 
 
 
 
 
 
Series 2017A, 5.750%, 6/01/43, 144A 
 
 
 
1,000 
 
West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, 
12/27 at 103.00 
N/R 
1,035,240 
 
 
Empire Trimodal Terminal, LLC Project, Series 2020, 7.625%, 12/01/40, 144A 
 
 
 
1,000 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue 
1/25 at 100.00 
1,026,780 
 
 
Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45 (AMT) (Mandatory Put 7/01/25) 
 
 
 
4,473 
 
Total West Virginia 
 
 
4,666,738 
 
 
Wisconsin – 5.6% (4.0% of Total Investments) 
 
 
 
2,000 
 
Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue 
12/27 at 100.00 
N/R 
2,063,960 
 
 
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– 
161,766 
 
 
Las Vegas, Series 2020A, 5.000%, 7/01/55, 144A 
 
 
 
4,985 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina 
6/26 at 100.00 
N/R 
5,108,927 
 
 
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 
524,980 
 
 
Preparatory, Series 2020A, 5.000%, 6/15/55, 144A 
 
 
 
 
120

 

           
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: 
 
 
 
$ 13 
 
0.000%, 1/01/47, 144A (4) 
No Opt. Call 
N/R 
$ 373 
11 
 
0.000%, 1/01/48, 144A (4) 
No Opt. Call 
N/R 
321 
11 
 
0.000%, 1/01/49, 144A (4) 
No Opt. Call 
N/R 
310 
10 
 
0.000%, 1/01/50, 144A (4) 
No Opt. Call 
N/R 
289 
10 
 
0.000%, 1/01/51, 144A (4) 
No Opt. Call 
N/R 
279 
13 
 
0.000%, 1/01/52, 144A (4) 
No Opt. Call 
N/R 
349 
13 
 
0.000%, 1/01/53, 144A (4) 
No Opt. Call 
N/R 
338 
13 
 
0.000%, 1/01/54, 144A (4) 
No Opt. Call 
N/R 
319 
12 
 
0.000%, 1/01/55, 144A (4) 
No Opt. Call 
N/R 
305 
12 
 
0.000%, 1/01/56, 144A (4) 
No Opt. Call 
N/R 
295 
632 
 
0.000%, 7/01/56, 144A (4) 
3/28 at 100.00 
N/R 
491,331 
14 
 
0.000%, 1/01/57, 144A (4) 
No Opt. Call 
N/R 
318 
13 
 
0.000%, 1/01/58, 144A (4) 
No Opt. Call 
N/R 
303 
13 
 
0.000%, 1/01/59, 144A (4) 
No Opt. Call 
N/R 
290 
13 
 
0.000%, 1/01/60, 144A (4) 
No Opt. Call 
N/R 
275 
12 
 
0.000%, 1/01/61, 144A (4) 
No Opt. Call 
N/R 
264 
12 
 
0.000%, 1/01/62, 144A (4) 
No Opt. Call 
N/R 
251 
12 
 
0.000%, 1/01/63, 144A (4) 
No Opt. Call 
N/R 
240 
12 
 
0.000%, 1/01/64, 144A (4) 
No Opt. Call 
N/R 
231 
11 
 
0.000%, 1/01/65, 144A (4) 
No Opt. Call 
N/R 
221 
12 
 
0.000%, 1/01/66, 144A (4) 
No Opt. Call 
N/R 
227 
148 
 
0.000%, 1/01/67, 144A (4) 
No Opt. Call 
N/R 
2,541 
 
 
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 
741 
24 
 
0.000%, 1/01/47, 144A (4) 
No Opt. Call 
N/R 
704 
24 
 
0.000%, 1/01/48, 144A (4) 
No Opt. Call 
N/R 
689 
23 
 
0.000%, 1/01/49, 144A (4) 
No Opt. Call 
N/R 
670 
23 
 
0.000%, 1/01/50, 144A (4) 
No Opt. Call 
N/R 
635 
25 
 
0.000%, 1/01/51, 144A (4) 
No Opt. Call 
N/R 
685 
652 
 
0.000%, 7/01/51, 144A (4) 
3/28 at 100.00 
N/R 
448,623 
25 
 
0.000%, 1/01/52, 144A (4) 
No Opt. Call 
N/R 
655 
25 
 
0.000%, 1/01/53, 144A (4) 
No Opt. Call 
N/R 
635 
25 
 
0.000%, 1/01/54, 144A (4) 
No Opt. Call 
N/R 
614 
24 
 
0.000%, 1/01/55, 144A (4) 
No Opt. Call 
N/R 
593 
24 
 
0.000%, 1/01/56, 144A (4) 
No Opt. Call 
N/R 
576 
24 
 
0.000%, 1/01/57, 144A (4) 
No Opt. Call 
N/R 
557 
23 
 
0.000%, 1/01/58, 144A (4) 
No Opt. Call 
N/R 
537 
23 
 
0.000%, 1/01/59, 144A (4) 
No Opt. Call 
N/R 
524 
23 
 
0.000%, 1/01/60, 144A (4) 
No Opt. Call 
N/R 
504 
23 
 
0.000%, 1/01/61, 144A (4) 
No Opt. Call 
N/R 
484 
23 
 
0.000%, 1/01/62, 144A (4) 
No Opt. Call 
N/R 
469 
22 
 
0.000%, 1/01/63, 144A (4) 
No Opt. Call 
N/R 
453 
22 
 
0.000%, 1/01/64, 144A (4) 
No Opt. Call 
N/R 
442 
22 
 
0.000%, 1/01/65, 144A (4) 
No Opt. Call 
N/R 
425 
22 
 
0.000%, 1/01/66, 144A (4) 
No Opt. Call 
N/R 
399 
281 
 
0.000%, 1/01/67, 144A (4) 
No Opt. Call 
N/R 
4,838 
4,700 
 
Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public 
3/27 at 100.00 
N/R 
5,395,600 
 
 
Improvement District Project, Series 2017, 7.000%, 3/01/47, 144A 
 
 
 
1,500 
 
Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs 
6/27 at 100.00 
N/R 
1,580,670 
 
 
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 
2,093,660 
 
 
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) 
908,360 
 
 
Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42 
 
 
 
 
 
(Pre-refunded 12/01/22) 
 
 
 
 
121

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 335 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
8/26 at 100.00 
N/R 
$ 336,873 
 
 
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 
1,810,554 
1,000 
 
6.750%, 8/01/31, 144A 
No Opt. Call 
N/R 
1,118,400 
 
 
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 
2,293,980 
17,335 
 
7.000%, 12/01/50, 144A 
12/27 at 100.00 
N/R 
20,022,272 
400 
 
Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park 
No Opt. Call 
N/R 
263,604 
 
 
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 
3,204,705 
 
 
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 
513,275 
 
 
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 
2,653,868 
4,585 
 
7.000%, 7/01/48, 144A 
7/28 at 100.00 
N/R 
5,037,402 
1,060 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health 
4/25 at 100.00 
BB 
1,199,146 
 
 
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 
1,034,830 
 
 
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 
1,039,510 
 
 
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 
870,100 
2,000 
 
6.250%, 1/01/38, 144A 
1/28 at 100.00 
N/R 
1,701,920 
3,500 
 
6.375%, 1/01/48, 144A 
1/28 at 100.00 
N/R 
2,911,335 
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) 
1,634,010 
3,600 
 
4.000%, 11/15/46 (UB) 
5/26 at 100.00 
AA+ 
3,997,332 
67,499 
 
Total Wisconsin 
 
 
70,491,808 
$ 1,973,285 
 
Total Municipal Bonds (cost $1,617,560,959) 
 
 
1,726,579,862 
 
122

 

             
Shares 
 
Description (1) 
 
 
 
Value 
 
 
COMMON STOCKS – 2.1% (1.5% of Total Investments) 
 
 
 
 
 
 
Airlines – 0.4% (0.3% of Total Investments) 
 
 
 
 
227,514 
 
American Airlines Group Inc (9), (10) 
 
 
 
$ 4,941,604 
 
 
Electric Utilities – 1.7% (1.2% of Total Investments) 
 
 
 
 
750,823 
 
Energy Harbor Corp (10), (11), (12) 
 
 
 
21,633,463 
 

Total Common Stocks (cost $27,440,408) 
 
 
 
26,575,067 
             
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.7% (0.5% of Total Investments) 
 
 
 
 
 
 
Consumer Discretionary – 0.3% (0.2% of Total Investments) 
 
 
 
 
$ 15,000 
 
Mashantucket Western Pequot Tribe, Corporate High Yield Bond (cash 6.350%, 
7.350% 
7/01/26 
N/R 
$ 2,662,500 
 
 
PIK 1.000%) (4) 
 
 
 
 
 
 
Materials – 0.4% (0.3% of Total Investments) 
 
 
 
 
5,000 
 
United States Steel Corp 
6.650% 
6/01/37 
Caa1 
5,114,950 
 
 
Real Estate – 0.0% (0.0% of Total Investments) 
 
 
 
 
300 
 
Zilkha Biomass Selma LLC (4), (8) 
5.000% 
8/01/28 
N/R 
128,070 
3,170 
 
Zilkha Biomass Selma LLC (4), (8) 
10.000% 
8/01/38 
N/R 
32 
3,470 
 
Total Real Estate 
 
 
 
128,102 
$ 23,470 
 
Total Corporate Bonds (cost $11,686,534) 
 
 
 
7,905,552 
 
 
Total Long-Term Investments (cost $1,656,687,901) 
 
 
 
1,761,060,481 
 
 
Floating Rate Obligations – (34.7)% 
 
 
 
(434,618,000) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (20.5)% (13) 
 
 
(256,636,154) 
 
 
Other Assets Less Liabilities – 14.4% 
 
 
 
181,385,442 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$ 1,251,191,769 
 
123

 

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
   
(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.
(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.
(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) 
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
(11) 
Common Stock received as part of the bankruptcy settlements during February 2020 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.
(12) 
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.
(13) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 14.6%. 
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. 
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.
 
See accompanying notes to financial statements.
124

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 154.9% (99.9% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 151.5% (97.8% of Total Investments) 
 
 
 
 
 
 
Alabama – 7.0% (4.5% of Total Investments) 
 
 
 
$ 500 
 
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
No Opt. Call 
Caa1 
$ 631,870 
 
 
United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50 (AMT) 
 
 
 
 
 
(Mandatory Put 11/01/30) 
 
 
 
43,450 
 
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
10/29 at 100.00 
Caa1 
50,792,181 
 
 
United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT) 
 
 
 
 
 
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 
 
 
 
 
 
Bonds, Hunt Refining Project, Refunding Series 2019A: 
 
 
 
500 
 
4.500%, 5/01/32, 144A 
5/29 at 100.00 
N/R 
571,640 
3,500 
 
5.250%, 5/01/44, 144A 
5/29 at 100.00 
N/R 
4,074,805 
47,950 
 
Total Alabama 
 
 
56,070,496 
 
 
Alaska – 0.9% (0.5% of Total Investments) 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2006A: 
 
 
 
1,510 
 
5.000%, 6/01/32 
5/21 at 100.00 
B3 
1,534,507 
5,195 
 
5.000%, 6/01/46 
5/21 at 100.00 
B3 
5,260,301 
6,705 
 
Total Alaska 
 
 
6,794,808 
 
 
Arizona – 4.3% (2.8% of Total Investments) 
 
 
 
4,000 
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/24 at 101.00 
N/R 
4,228,360 
 
 
Leman 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 
2,118,689 
1,500 
 
5.000%, 7/01/54, 144A 
7/29 at 100.00 
BB 
1,701,660 
340 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest 
7/28 at 100.00 
BB+ 
363,667 
 
 
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 
1,055,700 
 
 
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 
2,328,360 
5,355 
 
5.000%, 7/01/49, 144A 
7/29 at 100.00 
Ba2 
6,112,251 
1,525 
 
5.000%, 7/01/54, 144A 
7/29 at 100.00 
Ba2 
1,734,733 
315 
 
Maricopa County Industrial Development Authority, Arizona, Educational Facilities 
10/27 at 103.00 
N/R 
343,158 
 
 
Revenue Bonds, Ottawa University Projects, Series 2020, 5.500%, 10/01/51, 144A 
 
 
 
600 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/25 at 100.00 
BB 
661,866 
 
 
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 
304,097 
 
 
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+ 
2,810,025 
 
 
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 
3,600,853 
 
 
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 
528,285 
 
 
American Leadership Academy Project, Series 2019, 5.000%, 6/15/52, 144A 
 
 
 
1,000 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 103.00 
N/R 
1,101,230 
 
 
Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A 
 
 
 
 
125

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arizona (continued) 
 
 
 
$ 50 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 
N/R 
$ 53,194 
 
 
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 
397,871 
 
 
Synergy Public Charter School Project, Series 2020, 5.250%, 6/15/50, 144A 
 
 
 
 
 
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 
2,418,091 
2,350 
 
6.125%, 10/01/52, 144A 
10/27 at 100.00 
N/R 
2,542,770 
31,500 
 
Total Arizona 
 
 
34,404,860 
 
 
Arkansas – 3.7% (2.4% of Total Investments) 
 
 
 
27,050 
 
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 
9/26 at 103.00 
B– 
29,583,773 
 
 
Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A 
 
 
 
 
 
California – 6.2% (4.0% of Total Investments) 
 
 
 
2,500 
 
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
2/30 at 100.00 
N/R 
2,865,275 
 
 
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 
304,018 
 
 
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 
1,640,099 
 
 
Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A 
 
 
 
4,000 
 
California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A, 
10/27 at 103.00 
N/R 
4,183,960 
 
 
6.000%, 10/01/50 
 
 
 
2,500 
 
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, 
No Opt. Call 
B+ 
2,882,725 
 
 
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 
1,465,164 
 
 
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A 
 
 
 
 
 
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 
3,848,145 
4,380 
 
5.000%, 6/01/52, 144A 
6/26 at 100.00 
N/R 
4,061,486 
 
 
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 
1,545,811 
700 
 
5.000%, 6/01/59, 144A 
6/27 at 100.00 
N/R 
763,791 
1,000 
 
California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep 
6/28 at 100.00 
N/R 
1,016,630 
 
 
Public Schools ? Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A 
 
 
 
2,065 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
2,313,874 
 
 
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– 
1,670,076 
10,090 
 
5.250%, 12/01/56, 144A 
6/26 at 100.00 
BB– 
11,373,347 
1,095 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
6/28 at 100.00 
BB– 
1,298,122 
 
 
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: 
 
 
 
1,045 
 
5.750%, 7/01/24 (4) 
6/21 at 100.00 
N/R 
992,521 
13 
 
5.750%, 7/01/30 (4) 
6/21 at 100.00 
N/R 
12,564 
501 
 
5.750%, 7/01/35 (4) 
6/21 at 100.00 
N/R 
475,845 
820 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
6/21 at 100.00 
N/R 
778,941 
 
 
Charity Health System, Series 2005G, 5.500%, 7/01/22 (4) 
 
 
 
373 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of 
6/21 at 100.00 
N/R 
354,921 
 
 
Charity Health System, Series 2005H, 5.750%, 7/01/25 (4) 
 
 
 
25,000 
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled 
5/21 at 21.42 
N/R 
5,344,500 
 
 
Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46 
 
 
 
67,462 
 
Total California 
 
 
49,191,815 
 
126

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado – 9.0% (5.8% of Total Investments) 
 
 
 
$ 1,000 
 
Broadway Station Metropolitan District 3, Denver City and County, Colorado, General 
6/24 at 103.00 
N/R 
$ 1,097,240 
 
 
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 
679,830 
 
 
Obligation Limited Tax Bonds, Subordinate Convertible to Senior Capital Appreciation Series 
 
 
 
 
 
2019B, 7.500%, 12/01/49 
 
 
 
500 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds 
10/27 at 100.00 
N/R 
525,800 
 
 
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 
550,903 
500 
 
5.000%, 7/01/36, 144A 
7/26 at 100.00 
BB 
551,460 
10,170 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain 
10/27 at 100.00 
Ba1 
11,130,150 
 
 
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+ 
13,246,086 
 
 
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 
1,062,740 
 
 
Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/39 
 
 
 
14,000 
 
Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation 
3/25 at 93.28 
N/R 
11,000,080 
 
 
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 
5,994,230 
 
 
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 
1,188,735 
 
 
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 
533,530 
 
 
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 
528,925 
 
 
Refunding Series 2016, 4.000%, 12/01/26 
 
 
 
1,000 
 
North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
1,109,790 
 
 
Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 
 
 
 
515 
 
North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax 
3/25 at 103.00 
N/R 
557,637 
 
 
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 
5,487,550 
5,000 
 
5.000%, 12/01/49 
12/24 at 103.00 
N/R 
5,439,050 
1,000 
 
Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation 
12/24 at 103.00 
N/R 
1,047,310 
 
 
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 
759,200 
 
 
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 
1,326,972 
 
 
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 
1,015,942 
 
 
District 1 Revenue Bonds, Subordinate Series 2019B, 7.625%, 12/15/49 
 
 
 
500 
 
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General 
12/24 at 103.00 
N/R 
542,480 
 
 
Obligation 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 
833,690 
 
 
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 
1,528,296 
2,125 
 
5.000%, 12/01/49 
9/24 at 103.00 
N/R 
2,289,326 
1,000 
 
Ward TOD Metropolitan District 1, Wheat Ridge, Jefferson County, Colorado, Limited Tax 
12/24 at 103.00 
N/R 
1,076,110 
 
 
General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 
 
 
 
 
127

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 1,000 
 
Willow Bend Metropolitan District, City of Thornton, Adams County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
$ 1,077,000 
 
 
General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 
 
 
 
70,845 
 
Total Colorado 
 
 
72,180,062 
 
 
Connecticut – 0.1% (0.1% of Total Investments) 
 
 
 
12,252 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate 
No Opt. Call 
N/R 
1,041,459 
 
 
Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (4) 
 
 
 
 
 
District of Columbia – 2.6% (1.7% of Total Investments) 
 
 
 
87,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
6/21 at 21.42 
N/R 
18,547,530 
 
 
Bonds, Series 2006A, 0.000%, 6/15/46 
 
 
 
2,000 
 
District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc, Series 2019A, 
5/30 at 100.00 
N/R 
2,008,520 
 
 
5.250%, 5/15/55, 144A 
 
 
 
89,000 
 
Total District of Columbia 
 
 
20,556,050 
 
 
Florida – 18.4% (11.9% 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 
2,083,820 
1,000 
 
4.000%, 5/01/51 
5/30 at 100.00 
N/R 
1,047,470 
 
 
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 
4,665,237 
2,500 
 
6.000%, 7/01/45, 144A 
7/25 at 100.00 
N/R 
2,668,900 
 
 
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 
154,690 
100 
 
5.000%, 12/15/50, 144A 
7/26 at 100.00 
N/R 
108,301 
100 
 
Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at 
12/30 at 100.00 
Ba1 
113,639 
 
 
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 
2,188,992 
 
 
Classical Academy, Series 2019A, 5.125%, 7/01/39, 144A 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, 
6/28 at 100.00 
N/R 
380,000 
 
 
Orlando Project, Series 2018, 7.500%, 6/01/48, 144A (4), (6) 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens Senior Living Community 
4/22 at 103.00 
N/R 
528,190 
 
 
Project, Series 2015A, 7.000%, 4/01/49 (4) 
 
 
 
 
 
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 
1,347,750 
3,735 
 
5.875%, 8/01/52, 144A 
8/24 at 103.00 
N/R 
3,225,135 
170 
 
Cypress Preserve Community Development District, Pasco County, Florida, Special 
11/29 at 100.00 
N/R 
178,146 
 
 
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 
1,164,180 
1,000 
 
5.750%, 11/01/49, 144A 
11/29 at 100.00 
N/R 
1,165,750 
 
 
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 
162,012 
2,500 
 
5.875%, 6/15/34, 144A 
6/24 at 100.00 
N/R 
2,381,275 
5,795 
 
6.000%, 6/15/44, 144A 
6/24 at 100.00 
N/R 
5,295,703 
 
 
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 
2,602,844 
500 
 
5.000%, 1/01/50, 144A 
1/27 at 100.00 
N/R 
528,960 
3,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 
6/23 at 100.00 
N/R 
3,358,410 
 
 
Renaissance Charter School, Inc Projects, Series 2013A, 8.500%, 6/15/44 
 
 
 
 
128

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,575 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest 
6/27 at 100.00 
N/R 
$ 1,703,457 
 
 
Charter Foundation Inc Projects, Series 2017A, 6.000%, 6/15/37, 144A 
 
 
 
18,000 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue 
1/24 at 107.00 
N/R 
18,720,000 
 
 
Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49 (AMT), 144A 
 
 
 
 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
 
 
 
 
 
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: 
 
 
 
7,535 
 
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A 
6/21 at 103.00 
N/R 
7,566,948 
3,200 
 
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A 
6/21 at 104.00 
N/R 
3,208,928 
40,225 
 
6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A 
6/21 at 104.00 
N/R 
40,274,879 
7,000 
 
Florida Development Finance Corporation, Student Housing Revenue Bonds, Midtown Campus 
12/23 at 105.00 
N/R 
6,860,000 
 
 
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 
2,664,700 
1,740 
 
5.000%, 11/15/36 (AMT) 
5/23 at 100.00 
N/R 
1,843,704 
1,475 
 
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee 
6/21 at 100.00 
BB– 
1,476,888 
 
 
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 
1,040,620 
1,100 
 
5.625%, 12/01/37, 144A 
12/22 at 105.00 
N/R 
1,142,438 
1,300 
 
5.750%, 12/01/52, 144A 
12/22 at 105.00 
N/R 
1,332,812 
690 
 
LT Ranch Community Development District, Sarasota County, Florida, Capital Improvement 
5/30 at 100.00 
N/R 
732,483 
 
 
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+ 
1,251,445 
1,000 
 
5.000%, 7/01/27 
No Opt. Call 
BB+ 
989,500 
1,410 
 
Miami World Center Community Development District, Miami-Dade County, Florida, Special 
11/27 at 100.00 
N/R 
1,574,082 
 
 
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 
5,537,317 
 
 
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– 
156,330 
 
 
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 
105,274 
 
 
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 
128,901 
 
 
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 
3,874,998 
2,440 
 
5.750%, 11/15/54 
11/26 at 103.00 
N/R 
2,444,807 
2,550 
 
Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, 
5/29 at 100.00 
N/R 
2,754,765 
 
 
Series 2019A-1, 4.750%, 5/01/50 
 
 
 
1,005 
 
Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, 
No Opt. Call 
N/R 
1,075,712 
 
 
Series 2019A-2, 4.750%, 5/01/29 
 
 
 
1,785 
 
Twin Creeks North Community Development District, Florida, Special Assessment Bonds, 
11/31 at 100.00 
N/R 
2,078,686 
 
 
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 
522,755 
 
 
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 
967,491 
 
 
Refunding Series 2019, 4.125%, 5/01/38, 144A 
 
 
 
145,770 
 
Total Florida 
 
 
147,379,324 
 
129

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Georgia – 2.3% (1.5% 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 
$ 810,000 
7,030 
 
6.750%, 1/01/35 
1/28 at 100.00 
N/R 
4,536,037 
18,430 
 
7.000%, 1/01/40 
1/28 at 100.00 
N/R 
11,905,780 
441 
 
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, 
No Opt. Call 
Baa2 
496,288 
 
 
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 
896,555 
 
 
Series 2019, 5.125%, 10/01/39 
 
 
 
28,001 
 
Total Georgia 
 
 
18,644,660 
 
 
Guam – 0.6% (0.4% of Total Investments) 
 
 
 
4,150 
 
Guam Government, General Obligation Bonds, Series 2019, 5.000%, 11/15/31 (AMT) 
5/29 at 100.00 
BB– 
4,643,310 
 
 
Hawaii – 0.7% (0.4% of Total Investments) 
 
 
 
1,150 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade 
1/25 at 100.00 
Ba3 
1,171,747 
 
 
University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A 
 
 
 
4,090 
 
Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental 
6/21 at 100.00 
B+ 
4,104,683 
 
 
Airlines Inc, Series 1997, 5.625%, 11/15/27 (AMT) 
 
 
 
5,240 
 
Total Hawaii 
 
 
5,276,430 
 
 
Illinois – 18.2% (11.8% of Total Investments) 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A: 
 
 
 
7,075 
 
5.250%, 1/01/35 
6/21 at 100.00 
Ba1 
7,090,989 
2,500 
 
5.000%, 1/01/40 
6/21 at 100.00 
Ba1 
2,504,825 
2,800 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 
1/26 at 100.00 
BBB– 
3,157,840 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2019A: 
 
 
 
4,485 
 
5.000%, 1/01/44 
1/29 at 100.00 
BBB– 
5,286,021 
9,475 
 
5.500%, 1/01/49 
1/29 at 100.00 
BBB– 
11,431,493 
3,965 
 
Chicago, Illinois, General Obligation Bonds, VAribale Rate Demand Series 2007F, 5.500%, 1/01/42 
1/25 at 100.00 
Ba1 
4,415,226 
345 
 
Evergreen Park, Cook County, Illinois, Sales Tax Revenue Bonds, Evergreen Plaza 
12/29 at 100.00 
N/R 
345,410 
 
 
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 
11,685,048 
 
 
2017, 5.250%, 5/15/54 
 
 
 
5,000 
 
Illinois Finance Authority, Student Housing Revenue Bonds, CHF-Collegiate Housing 
7/25 at 100.00 
B– 
4,416,000 
 
 
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– 
1,095,780 
4,840 
 
Illinois State, General Obligation Bonds, May Series 2018A, 5.000%, 5/01/32 
5/28 at 100.00 
BBB– 
5,824,843 
890 
 
Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 
5/30 at 100.00 
BBB– 
1,135,925 
 
 
Illinois State, General Obligation Bonds, November Series 2017D: 
 
 
 
4,600 
 
5.000%, 11/01/28 
11/27 at 100.00 
BBB– 
5,529,246 
10,000 
 
5.000%, 11/01/28 (UB) (7) 
11/27 at 100.00 
BBB– 
12,020,100 
 
 
Illinois State, General Obligation Bonds, November Series 2019C: 
 
 
 
15,000 
 
4.000%, 11/01/43 
11/29 at 100.00 
BBB– 
16,753,800 
4,000 
 
4.000%, 11/01/44 
11/29 at 100.00 
BBB– 
4,457,320 
3,700 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/22 at 100.00 
BB+ 
3,838,676 
 
 
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+ 
1,179,983 
2,500 
 
0.000%, 12/15/51 
No Opt. Call 
BB+ 
907,600 
 
 
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+ 
6,766,015 
7,935 
 
5.000%, 6/15/50 
12/29 at 100.00 
BB+ 
9,545,408 
 
130

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
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 
$ 7,562,500 
22,500 
 
0.000%, 12/15/56 – AGM Insured 
No Opt. Call 
A2 
7,734,375 
4,565 
 
5.000%, 6/15/57 
12/27 at 100.00 
BB+ 
5,378,392 
10,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
No Opt. Call 
BB+ 
3,437,500 
 
 
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 
512,480 
 
 
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– 
174,324 
120 
 
4.000%, 1/01/39 
1/30 at 100.00 
AA– 
139,094 
1,000 
 
Yorkville United City Business District, Illinois, Storm Water and Water Improvement 
5/21 at 100.00 
N/R 
410,000 
 
 
Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (4) 
 
 
 
935 
 
Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006-113 Cannoball & 
6/21 at 100.00 
N/R 
936,113 
 
 
Beecher, Series 2007, 5.750%, 3/01/28 
 
 
 
172,890 
 
Total Illinois 
 
 
145,672,326 
 
 
Indiana – 0.8% (0.5% of Total Investments) 
 
 
 
140 
 
Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet Galilee at the Wigwam 
1/27 at 102.00 
N/R 
145,189 
 
 
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 
3,265,901 
 
 
Refunding Series 2013, 5.000%, 10/01/32 
 
 
 
500 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
11/30 at 100.00 
Caa1 
624,765 
 
 
Corporation Project, Series 2020, 6.750%, 5/01/39 (AMT) 
 
 
 
2,325 
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 
1/24 at 100.00 
N/R 
2,616,671 
 
 
2013, 7.000%, 1/01/44 (AMT) 
 
 
 
6,070 
 
Total Indiana 
 
 
6,652,526 
 
 
Iowa – 2.0% (1.3% of Total Investments) 
 
 
 
8,540 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc Project, 
8/22 at 100.00 
Ba2 
8,828,481 
 
 
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 
B+ 
1,447,010 
 
 
Company Project, Series 2013, 5.250%, 12/01/25 
 
 
 
4,125 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 
12/22 at 103.00 
BB– 
4,483,628 
 
 
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– 
829,223 
 
 
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37) 
 
 
 
14,735 
 
Total Iowa 
 
 
15,588,342 
 
 
Kansas – 0.4% (0.3% of Total Investments) 
 
 
 
1,800 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak 
6/21 at 100.00 
BBB 
1,800,792 
 
 
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 
1,379,005 
 
 
Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 
 
 
 
3,165 
 
Total Kansas 
 
 
3,179,797 
 
 
Louisiana – 1.7% (1.1% of Total Investments) 
 
 
 
7,005 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/29 at 100.00 
N/R 
7,296,969 
 
 
Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019, 4.000%, 11/01/44, 144A 
 
 
 
260 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College Prep 
6/27 at 100.00 
N/R 
269,209 
 
 
Project, Series 2019A, 5.000%, 6/01/58, 144A 
 
 
 
 
131

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 200 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2008, 
No Opt. Call 
BB– 
$ 254,402 
 
 
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– 
1,595,632 
 
 
6.350%, 7/01/40, 144A 
 
 
 
800 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 
6/30 at 100.00 
BB– 
1,033,608 
 
 
2010A, 6.350%, 10/01/40, 144A 
 
 
 
695 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 
No Opt. Call 
BB– 
884,047 
 
 
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– 
1,238,528 
 
 
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– 
996,362 
 
 
Project, Refunding Series 2017A-1, 2.000%, 6/01/37 (Mandatory Put 4/01/23) 
 
 
 
12,255 
 
Total Louisiana 
 
 
13,568,757 
 
 
Maryland – 0.9% (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 
CCC 
1,537,276 
1,000 
 
5.000%, 9/01/39 
9/27 at 100.00 
CCC 
1,049,640 
680 
 
5.000%, 9/01/46 
9/27 at 100.00 
CCC 
714,197 
2,000 
 
Maryland Economic Development Corporation, Private Activity Revenue Bonds FCP, Purple 
11/21 at 100.00 
B– 
2,050,300 
 
 
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 
B– 
2,050,300 
 
 
Line Light Rail Project, Green Bonds, Series 2016A, 5.000%, 3/31/24 (AMT) 
 
 
 
7,160 
 
Total Maryland 
 
 
7,401,713 
 
 
Massachusetts – 1.9% (1.2% of Total Investments) 
 
 
 
1,620 
 
Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 5.000%, 6/15/54 
6/26 at 100.00 
N/R 
1,764,472 
 
 
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, 
 
 
 
 
 
Series 2017: 
 
 
 
1,000 
 
5.000%, 7/01/37 
7/27 at 100.00 
968,320 
3,900 
 
5.000%, 7/01/42 
7/27 at 100.00 
3,712,917 
9,500 
 
5.000%, 7/01/47 
7/27 at 100.00 
8,946,910 
16,020 
 
Total Massachusetts 
 
 
15,392,619 
 
 
Michigan – 0.5% (0.3% of Total Investments) 
 
 
 
40 
 
Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding 
11/27 at 102.00 
BB 
43,924 
 
 
Series 2019, 5.000%, 11/01/44 
 
 
 
74,130 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
6/33 at 11.41 
N/R 
3,752,461 
 
 
Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58 
 
 
 
74,170 
 
Total Michigan 
 
 
3,796,385 
 
 
Minnesota – 0.7% (0.5% of Total Investments) 
 
 
 
500 
 
Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, 
7/26 at 102.00 
N/R 
538,275 
 
 
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 
1,393,483 
 
 
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 
2,605,651 
 
 
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 
138,922 
 
 
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 
32,907 
 
 
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 
898,200 
 
 
Project, Refunding Series 2020, 3.950%, 3/01/50 
 
 
 
5,400 
 
Total Minnesota 
 
 
5,607,438 
 
132

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
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 
$ 325,590 
 
 
2016, 4.000%, 8/01/38 
 
 
 
 
 
Nevada – 3.3% (2.1% of Total Investments) 
 
 
 
9,385 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue 
8/28 at 100.00 
N/R 
9,658,385 
 
 
Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, 6.950%, 2/15/38 (AMT), 144A 
 
 
 
2,000 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
2/31 at 100.00 
N/R 
2,022,520 
 
 
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 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 
2,429,640 
340 
 
6.250%, 12/15/37 (AMT), 144A 
12/27 at 100.00 
N/R 
336,508 
2,750 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
8/29 at 100.00 
N/R 
2,556,758 
 
 
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 
9,140,320 
 
 
ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A 
 
 
 
72,875 
 
Total Nevada 
 
 
26,144,131 
 
 
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 
493,091 
 
 
Project, Refunding Series 2018C, 4.875%, 11/01/42 (AMT), 144A 
 
 
 
 
 
New Jersey – 4.1% (2.6% of Total Investments) 
 
 
 
4,000 
 
New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal 
10/27 at 102.00 
N/R 
4,018,880 
 
 
LLC Project, Series 2019A, 5.000%, 10/01/39, 144A 
 
 
 
1,500 
 
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, 
1/24 at 100.00 
N/R 
1,516,245 
 
 
Series 2014, 5.000%, 1/01/34 
 
 
 
5,475 
 
New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal 
1/28 at 102.00 
N/R 
5,480,749 
 
 
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 
7,802,400 
 
 
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+ 
2,653,675 
 
 
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 
9,059,400 
 
 
2009A, 0.000%, 12/15/39 (UB) (7) 
 
 
 
 
 
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 
1,482,680 
500 
 
5.000%, 1/01/42 (AMT) 
1/28 at 100.00 
Baa1 
582,345 
37,735 
 
Total New Jersey 
 
 
32,596,374 
 
 
New Mexico – 1.4% (0.9% of Total Investments) 
 
 
 
9,500 
 
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian 
8/29 at 100.00 
Aa3 
9,994,665 
 
 
Healthcare Services, Series 2019A, 3.000%, 8/01/48 
 
 
 
825 
 
Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross 
11/23 at 103.00 
N/R 
844,082 
 
 
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A 
 
 
 
10,325 
 
Total New Mexico 
 
 
10,838,747 
 
 
New York – 12.0% (7.7% of Total Investments) 
 
 
 
950 
 
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College 
11/24 at 100.00 
BB 
1,037,495 
 
 
of New York, Series 2014, 5.250%, 11/01/34 
 
 
 
1,140 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of 
9/25 at 100.00 
N/R 
1,264,499 
 
 
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
2,910 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter 
12/30 at 100.00 
N/R 
2,970,644 
 
 
School, Series 2020A-1, 5.500%, 6/01/55, 144A 
 
 
 
 
133

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 1,590 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter 
12/30 at 100.00 
N/R 
$ 1,654,999 
 
 
School, Series 2020C-1, 5.000%, 6/01/55, 144A 
 
 
 
450 
 
Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, 
8/28 at 100.00 
Baa3 
508,590 
 
 
Series 2018A, 4.000%, 8/01/38 
 
 
 
36,150 
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
6/21 at 5.35 
N/R 
1,714,233 
 
 
Asset-Backed Bonds, Series 2006A, 0.000%, 6/01/60, 144A 
 
 
 
650 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The 
2/30 at 100.00 
N/R 
754,592 
 
 
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+ 
1,952,688 
 
 
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+ 
5,501,250 
 
 
2014A-1, 5.250%, 11/15/39 (UB) (7) 
 
 
 
5,900 
 
New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 4.000%, 8/01/39 (UB) (7) 
8/30 at 100.00 
AA– 
6,974,036 
12,500 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
13,682,500 
 
 
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 
3,615,824 
6,960 
 
5.375%, 11/15/40, 144A 
11/24 at 100.00 
N/R 
7,769,378 
 
 
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– 
2,436,679 
8,170 
 
5.000%, 8/01/26 (AMT) 
8/21 at 100.00 
B– 
8,256,275 
3,000 
 
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
B– 
3,030,600 
875 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
8/30 at 100.00 
B– 
1,082,209 
 
 
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+ 
3,076,171 
2,775 
 
4.375%, 10/01/45 (AMT) 
10/30 at 100.00 
BB+ 
3,252,411 
 
 
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel 
 
 
 
 
 
Center Project, Refunding Series 2016A: 
 
 
 
2,950 
 
5.000%, 1/01/32 (AMT) 
1/26 at 100.00 
B3 
2,968,054 
3,000 
 
5.000%, 1/01/33 (AMT) 
1/26 at 100.00 
B3 
3,015,870 
2,500 
 
5.000%, 1/01/35 (AMT) 
1/26 at 100.00 
B3 
2,506,000 
2,775 
 
5.000%, 1/01/36 (AMT) 
1/26 at 100.00 
B3 
2,779,357 
12,700 
 
TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
13,784,707 
122,610 
 
Total New York 
 
 
95,589,061 
 
 
Ohio – 9.6% (6.2% of Total Investments) 
 
 
 
89,235 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 22.36 
N/R 
13,929,583 
 
 
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+ 
334,116 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 
 
 
 
16,325 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
N/R 
18,352,075 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
 
 
Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center 
 
 
 
 
 
Project, Liberty Community Authority, Series 2014C: 
 
 
 
535 
 
5.000%, 12/01/24 
12/22 at 100.00 
N/R 
545,909 
1,000 
 
5.750%, 12/01/34 
12/22 at 100.00 
N/R 
1,011,780 
1,000 
 
6.000%, 12/01/43 
12/22 at 100.00 
N/R 
1,011,900 
 
134

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 7,610 
 
Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc Project, Series 
6/21 at 100.00 
$ 7,635,950 
 
 
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 
2,240,156 
140 
 
4.000%, 12/01/46 
6/29 at 100.00 
N/R 
143,538 
5,000 
 
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 
12/29 at 100.00 
BBB– 
5,801,500 
 
 
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 
1,014,345 
 
 
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%, 8/01/21 (4) 
 
 
 
14,950 
 
Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG 
7/29 at 100.00 
B– 
16,562,357 
 
 
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, FirstEnergy 
No Opt. Call 
N/R 
2,980,402 
 
 
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 
2,045,400 
 
 
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%, 5/15/49 (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 
2,074,443 
 
 
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 
1,013,920 
 
 
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, 
 
 
 
 
 
Senior Lien Series 2019A, 5.000%, 11/01/51 
 
 
 
165,365 
 
Total Ohio 
 
 
76,720,156 
 
 
Oklahoma – 0.9% (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 
2,661,491 
 
 
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 
924,801 
 
 
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– 
3,885,120 
 
 
Series 2015, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/25) 
 
 
 
6,810 
 
Total Oklahoma 
 
 
7,471,412 
 
 
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 
107,564 
 
 
2019A, 5.000%, 6/15/49, 144A 
 
 
 
 
 
Pennsylvania – 7.0% (4.5% of Total Investments) 
 
 
 
600 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental 
12/21 at 100.00 
Caa1 
616,512 
 
 
Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 
 
 
 
 
 
6.750%, 12/01/27 
 
 
 
 
135

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 1,125 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental 
8/22 at 100.00 
Caa1 
$ 1,165,444 
 
 
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 
Caa1 
6,512,255 
6,995 
 
5.125%, 5/01/30 
No Opt. Call 
Caa1 
8,093,145 
355 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/31 at 100.00 
N/R 
442,657 
 
 
Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A 
 
 
 
 
 
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 
3,398,076 
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) 
 
 
 
1,555 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
4/31 at 100.00 
N/R 
1,634,336 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 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+ 
2,746,525 
 
 
Project, Series 2020, 5.000%, 10/01/49 
 
 
 
3,100 
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & 
5/22 at 100.00 
B+ 
3,107,874 
 
 
Medical Center Project, Series 2012A, 5.000%, 11/01/44 
 
 
 
1,000 
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, 
12/25 at 100.00 
N/R 
1,038,850 
 
 
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: 
 
 
 
1,870 
 
5.125%, 10/15/37 
4/27 at 100.00 
BB 
2,108,818 
3,250 
 
5.250%, 10/15/47 
4/27 at 100.00 
BB 
3,626,772 
 
 
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 
2,382,005 
1,240 
 
5.000%, 1/01/45 
1/25 at 104.00 
N/R 
1,357,391 
3,555 
 
Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of 
10/28 at 100.00 
BB 
3,769,402 
 
 
Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A 
 
 
 
1,720 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
6/30 at 100.00 
N/R 
1,850,290 
 
 
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 
1,850,290 
 
 
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+ 
8,340,043 
 
 
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 
BBB 
1,192,372 
 
 
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 
582,752 
 
 
Bracetti Academy Project, Series 2020A, 5.375%, 6/15/50, 144A 
 
 
 
61,250 
 
Total Pennsylvania 
 
 
55,826,284 
 
 
Puerto Rico – 12.3% (8.0% of Total Investments) 
 
 
 
2,500 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 
7/30 at 100.00 
N/R 
2,927,750 
 
 
2020A, 5.000%, 7/01/47, 144A 
 
 
 
 
136

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Puerto Rico (continued) 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
$ 405 
 
5.000%, 7/01/21 
No Opt. Call 
CCC 
$ 408,609 
2,415 
 
5.000%, 7/01/33 
7/22 at 100.00 
CCC 
2,548,767 
2,085 
 
6.000%, 7/01/47 
7/22 at 100.00 
CCC 
2,225,195 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: 
 
 
 
2,070 
 
3.957%, 7/01/29 (4) 
7/22 at 100.00 
1,919,925 
3,170 
 
3.957%, 7/01/42 (4) 
7/22 at 100.00 
2,940,175 
1,000 
 
3.961%, 7/01/42 (4) 
7/22 at 100.00 
927,500 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT: 
 
 
 
130 
 
3.957%, 7/01/21 (4) 
6/21 at 100.00 
120,575 
3,750 
 
3.957%, 7/01/26 (4) 
6/21 at 100.00 
3,478,125 
310 
 
3.957%, 7/01/32 (4) 
6/21 at 100.00 
287,525 
1,860 
 
3.957%, 7/01/37 (4) 
6/21 at 100.00 
1,725,150 
1,750 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 
No Opt. Call 
1,958,635 
 
 
7/01/32 – NPFG Insured 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: 
 
 
 
1,124 
 
3.978%, 7/01/28 (4) 
6/21 at 100.00 
1,045,320 
468 
 
3.978%, 7/01/29 (4) 
6/21 at 100.00 
435,240 
346 
 
3.978%, 7/01/31 (4) 
6/21 at 100.00 
321,780 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC: 
 
 
 
2,995 
 
3.957%, 7/01/28 (4) 
6/21 at 100.00 
2,777,863 
500 
 
3.978%, 7/01/28 (4) 
6/21 at 100.00 
465,000 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX: 
 
 
 
100 
 
3.978%, 7/01/27 (4) 
6/21 at 100.00 
93,000 
4,000 
 
3.978%, 7/01/35 (4) 
6/21 at 100.00 
3,720,000 
400 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 3.978%, 
6/21 at 100.00 
372,000 
 
 
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 
4,768,750 
10,000 
 
4.102%, 7/01/36 (4) 
7/23 at 100.00 
9,512,500 
1,000 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2016A-4-RSA-1, 
No Opt. Call 
N/R 
980,000 
 
 
4.371%, 7/01/21 (4) 
 
 
 
 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: 
 
 
 
190 
 
3.988%, 7/01/22 (4) 
6/21 at 100.00 
176,938 
373 
 
3.988%, 7/01/23 (4) 
6/21 at 100.00 
347,356 
25 
 
5.250%, 7/01/33 (4) 
6/21 at 100.00 
23,250 
3,000 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
A3 
3,693,360 
 
 
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 
7,010,537 
49,583 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
11,402,946 
– (8) 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
88 
36,865 
 
Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 3.180%, 7/01/35 (4) 
6/21 at 100.00 
29,584,162 
500 
 
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/24 
6/21 at 100.00 
492,500 
160,009 
 
Total Puerto Rico 
 
 
98,690,521 
 
 
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 
479,145 
 
 
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 
401,924 
 
 
Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A 
 
 
 
830 
 
Total South Carolina 
 
 
881,069 
 
137

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tennessee – 1.0% (0.6% of Total Investments) 
 
 
 
$ 1,000 
 
Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle 
No Opt. Call 
N/R 
$ 586,120 
 
 
Project, Capital Appreciation Series 2016B, 0.000%, 12/01/31, 144A 
 
 
 
4,000 
 
Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle 
12/26 at 100.00 
N/R 
3,981,720 
 
 
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 
1,400,000 
 
 
Provision Center for Proton Therapy Project, Series 2014, 5.250%, 5/01/25, 144A (4), (6) 
 
 
 
1,000 
 
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, 
7/27 at 100.00 
N/R 
1,006,960 
 
 
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46 
 
 
 
1,500 
 
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue 
No Opt. Call 
N/R 
825,000 
 
 
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 6.500%, 
 
 
 
 
 
6/01/27, 144A (4), (6) 
 
 
 
9,500 
 
Total Tennessee 
 
 
7,799,800 
 
 
Texas – 2.3% (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 
BB+ 
559,290 
500 
 
5.000%, 1/01/32 
1/27 at 100.00 
BB+ 
557,210 
 
 
Austin Convention Enterprises Inc, Texas, Convention Center Hotel Revenue Bonds, 
 
 
 
 
 
Refunding Second Tier Series 2017B: 
 
 
 
540 
 
5.000%, 1/01/25 
No Opt. Call 
561,524 
475 
 
5.000%, 1/01/29 
1/27 at 100.00 
485,564 
850 
 
5.000%, 1/01/34 
1/27 at 100.00 
852,227 
4,665 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines 
7/21 at 100.00 
4,738,707 
 
 
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 
710,807 
 
 
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 
260,848 
 
 
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 
222,894 
 
 
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 
544,081 
 
 
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 
N/R 
757,469 
 
 
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, LLC-Texas A&M University-Corpus 
 
 
 
 
 
Christi Project, Series 2016A, 5.000%, 4/01/48 (Pre-refunded 4/01/26) 
 
 
 
400 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
N/R 
453,024 
 
 
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, 
 
 
 
 
 
Series 2014A, 5.000%, 4/01/29 (Pre-refunded 4/01/24) 
 
 
 
2,100 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
No Opt. Call 
CCC 
2,076,753 
 
 
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 
120,098 
 
 
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 
159,773 
 
 
improvement District Improvement Area 2 Project, Series 2019, 4.750%, 9/15/49, 144A 
 
 
 
1,930 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement 
11/25 at 100.00 
N/R 
873,325 
 
 
Facility Revenue Bonds, Buckingham Senior Living Community, Inc Project, Series 2015A, 
 
 
 
 
 
5.250%, 11/15/35 (4) 
 
 
 
 
 
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 
811,210 
4,575 
 
6.375%, 2/15/48 (4) 
2/27 at 100.00 
N/R 
3,712,567 
20,035 
 
Total Texas 
 
 
18,457,371 
 
138

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Utah – 0.1% (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 
$ 1,091,100 
 
 
Academy Project, Series 2019A, 5.000%, 6/15/50, 144A 
 
 
 
 
 
Virgin Islands – 3.8% (2.4% of Total Investments) 
 
 
 
710 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
10/22 at 100.00 
N/R 
672,803 
 
 
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 
15,288,800 
 
 
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 
557,380 
 
 
Series 2014A, 5.000%, 10/01/24 
 
 
 
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, 
6/21 at 100.00 
Caa3 
984,460 
 
 
Subordinate Lien Series 2010B, 5.250%, 10/01/29 
 
 
 
12,735 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo 
6/21 at 100.00 
Caa3 
12,838,663 
 
 
Project, Series 2009A, 6.625%, 10/01/29 
 
 
 
31,015 
 
Total Virgin Islands 
 
 
30,342,106 
 
 
Virginia – 1.4% (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 
5,763,224 
4,840 
 
5.125%, 9/01/55 
9/27 at 103.00 
N/R 
4,766,529 
500 
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Provident 
No Opt. Call 
N/R 
432,965 
 
 
Resource Group – Rixey Student Housing Project, Series 2019B, 7.500%, 7/01/52, 144A 
 
 
 
11,210 
 
Total Virginia 
 
 
10,962,718 
 
 
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 
1,204,493 
 
 
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 
1,039,910 
 
 
Retirement Communities Project, Series 2020A, 5.000%, 1/01/51, 144A 
 
 
 
2,125 
 
Total Washington 
 
 
2,244,403 
 
 
West Virginia – 0.6% (0.4% 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 
3,256,110 
625 
 
5.750%, 6/01/43, 144A 
6/27 at 100.00 
N/R 
679,237 
1,000 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue 
1/25 at 100.00 
1,026,780 
 
 
Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45 (AMT) (Mandatory Put 7/01/25) 
 
 
 
4,625 
 
Total West Virginia 
 
 
4,962,127 
 
 
Wisconsin – 8.3% (5.4% 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 
815,378 
1,340 
 
5.000%, 6/01/49, 144A 
6/28 at 102.00 
N/R 
1,431,629 
365 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community 
6/26 at 100.00 
N/R 
386,561 
 
 
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 
3,119,070 
4,240 
 
5.000%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
4,345,406 
2,000 
 
Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie 
10/29 at 100.00 
N/R 
2,093,660 
 
 
College, Series 2019A, 5.875%, 10/01/54, 144A 
 
 
 
 
139

 

   
NMCO 
Nuveen Municipal Credit Opportunities Fund 
 
Portfolio of Investments (continued) 
 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
 
 
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 
$ 13,804,797 
1,125 
 
6.750%, 8/01/31, 144A 
No Opt. Call 
N/R 
1,258,200 
 
 
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 
632,778 
13,915 
 
7.000%, 12/01/50, 144A 
12/27 at 100.00 
N/R 
16,072,103 
215 
 
Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park 
No Opt. Call 
N/R 
141,687 
 
 
Development Project, Series 2019, 0.000%, 12/31/24, 144A 
 
 
 
1,000 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, 
10/27 at 100.00 
N/R 
652,500 
 
 
Senior Series 2017B, 8.500%, 10/01/47, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc, 
 
 
 
 
 
Series 2017A: 
 
 
 
255 
 
5.000%, 12/01/27 
No Opt. Call 
BBB– 
282,619 
1,765 
 
5.200%, 12/01/37 
12/27 at 100.00 
BBB– 
2,011,835 
2,000 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, 
7/28 at 100.00 
N/R 
2,197,340 
 
 
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 
731,469 
 
 
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 
5,120,539 
250 
 
6.250%, 1/01/38, 144A 
1/28 at 100.00 
N/R 
212,740 
8,735 
 
6.375%, 1/01/48, 144A 
1/28 at 100.00 
N/R 
7,265,860 
4,500 
 
Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral 
12/30 at 29.95 
A1 
1,011,960 
 
 
Obligation Junior Series 2020D, 0.000%, 12/15/60 – AGM Insured 
 
 
 
3,000 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint 
11/26 at 103.00 
N/R 
3,145,890 
 
 
Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 
 
 
 
68,225 
 
Total Wisconsin 
 
 
66,734,021 
$ 1,634,219 
 
Total Municipal Bonds (cost $1,142,781,087) 
 
 
1,210,904,596 
 
Shares 
 
Description (1) 
 
 
Value 
 
 
COMMON STOCKS – 3.1% (2.0% of Total Investments) 
 
 
 
 
 
Electric Utilities – 3.1% (2.0% of Total Investments) 
 
 
 
859,113 
 
Energy Harbor Corp (9), (10), (11) 
 
 
$ 24,753,623 
 
 
Total Common Stocks (cost $24,407,228) 
 
 
24,753,623 
 
Shares 
 
Description (1) 
 
 
Value 
 
 
EXCHANGE-TRADED FUNDS – 0.3% (0.1% of Total Investments) 
 
 
 
32 
 
VanEck Vectors High Yield Muni ETF 
 
 
$ 2,005,760 
 
 
Total Exchange-Traded Funds (cost $2,058,659) 
 
 
2,005,760 
 
 
Total Long-Term Investments (cost $1,169,246,974) 
 
 
1,237,663,979 
 
140

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 0.1% (0.1% of Total Investments) 
 
 
 
 
 
Illinois – 0.1% (0.1% of Total Investments) 
 
 
 
$ 962 
 
Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Kendall Marketplace 
5/21 at 100.00 
N/R 
$ 865,417 
 
 
Project, Series 2007, 6.000%, 1/01/26 (4), (12) 
 
 
 
$ 962 
 
Total Short-Term Investments (cost $798,107) 
 
 
865,417 
 
 
Total Investments (cost $1,170,045,081) – 155.0% 
 
 
1,238,529,396 
 
 
Floating Rate Obligations – (2.8)% 
 
 
(21,996,000) 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (56.2)% (13) 
 
 
(448,852,763) 
 
 
Other Assets Less Liabilities – 4.0% 
 
 
31,594,116 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 799,274,749 
 
(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.
(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.
(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 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.
(7) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(8) 
Principal Amount (000) rounds to less than $1,000. 
(9) 
Common Stock received as part of the bankruptcy settlements during February 2020 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.
(10) 
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.
(11) 
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
(12) 
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.
(13) 
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 28.2%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
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.
 

 
141
See accompanying notes to financial statements.

 

 
NDMO Nuveen Dynamic Municipal Opportunities Fund 
Portfolio of Investments 
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 146.3% (100.0% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 146.1% (99.8% of Total Investments) 
 
 
 
 
 
 
Alabama – 2.6% (1.7% of Total Investments) 
 
 
 
$ 3,000 
 
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
No Opt. Call 
Caa1 
$ 3,791,220 
 
 
United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50 (AMT) 
 
 
 
 
 
(Mandatory Put 11/01/30) 
 
 
 
 
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2020B: 
 
 
 
1,500 
 
3.000%, 6/01/50 – AGM Insured 
6/30 at 100.00 
A1 
1,594,275 
11,920 
 
3.000%, 6/01/50 – AGM Insured (UB) (4) 
6/30 at 100.00 
A1 
12,669,172 
5,000 
 
Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, 
11/29 at 100.00 
N/R 
5,178,500 
 
 
4.000%, 11/01/45, 144A 
 
 
 
21,420 
 
Total Alabama 
 
 
23,233,167 
 
 
Alaska – 0.1% (0.1% of Total Investments) 
 
 
 
1,000 
 
Alaska Municipal Bond Bank, General Obligation Bonds, Refunding One Series 2020, 
No Opt. Call 
A+ 
1,309,200 
 
 
5.000%, 12/01/30 
 
 
 
 
 
Arizona – 7.0% (4.8% 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 
1,058,570 
1,500 
 
5.000%, 12/15/50, 144A 
12/28 at 100.00 
BB 
1,700,610 
1,500 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds 
7/28 at 100.00 
BB– 
1,581,975 
 
 
? Pensar Academy Project, Series 2020, 5.000%, 7/01/55, 144A 
 
 
 
2,500 
 
Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, Children’s 
9/30 at 100.00 
A1 
2,611,025 
 
 
National Prince County Regional Medical Center, Series 2020A, 3.000%, 9/01/50 
 
 
 
6,035 
 
Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children’s 
2/30 at 100.00 
6,381,530 
 
 
Hospital, Series 2020A, 3.000%, 2/01/45 (UB) (4) 
 
 
 
1,090 
 
Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, 
7/28 at 100.00 
N/R 
1,135,682 
 
 
Flagstaff Arts & Leadership Academy Project, Refunding Series 2020, 5.500%, 7/01/40, 144A 
 
 
 
1,000 
 
Maricopa County Industrial Development Authority, Arizona, Educational Facilities 
10/27 at 103.00 
N/R 
1,089,700 
 
 
Revenue Bonds, Ottawa University Projects, Series 2020, 5.250%, 10/01/40, 144A 
 
 
 
15,000 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
7/30 at 100.00 
AA– 
15,761,400 
 
 
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+ 
7,075,356 
2,500 
 
5.000%, 7/01/39 
7/29 at 100.00 
BBB+ 
2,963,500 
3,405 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
9/30 at 100.00 
Ba2 
3,698,034 
 
 
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 
7/26 at 103.00 
N/R 
5,790,289 
6,800 
 
5.000%, 7/01/40, 144A 
7/26 at 103.00 
N/R 
7,393,232 
4,580 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
6/28 at 100.00 
N/R 
4,869,639 
 
 
Synergy Public Charter School Project, Series 2020-1, 5.000%, 6/15/50, 144A 
 
 
 
57,990 
 
Total Arizona 
 
 
63,110,542 
 
142

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arkansas – 2.5% (1.7% of Total Investments) 
 
 
 
$ 3,000 
 
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 
9/26 at 103.00 
B– 
$ 3,281,010 
 
 
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 
B– 
19,018,920 
 
 
Steel Project, Series 2020A, 4.750%, 9/01/49 (AMT), 144A 
 
 
 
20,000 
 
Total Arkansas 
 
 
22,299,930 
 
 
California – 22.2% (15.2% of Total Investments) 
 
 
 
3,815 
 
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
8/31 at 100.00 
N/R 
4,072,589 
 
 
Creekwood, Series 2021A, 4.000%, 2/01/56, 144A 
 
 
 
3,520 
 
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
8/31 at 100.00 
N/R 
3,780,022 
 
 
Glendale Properties, Junior Series 2021A-2, 4.000%, 8/01/47, 144A 
 
 
 
9,000 
 
California Community Housing Agency, California, Essential Housing Revenue Bonds, 
2/30 at 100.00 
N/R 
10,314,990 
 
 
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A 
 
 
 
10,000 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 
12/30 at 34.02 
N/R 
2,442,400 
 
 
Sonoma County Tobacco Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 
 
 
 
1,500 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
5/32 at 100.00 
A+ 
1,698,645 
 
 
Children’s Hospital at Stanford, Refunding Series 2022A Forward Delivery, 4.000%, 5/15/46 
 
 
 
 
 
(WI/DD, Settling 5/17/22) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, 
 
 
 
 
 
Series 2020A: 
 
 
 
5,000 
 
4.000%, 4/01/44 (UB) (4) 
4/30 at 100.00 
BBB+ 
5,801,250 
8,000 
 
4.000%, 4/01/45 (UB) (4) 
4/30 at 100.00 
BBB+ 
9,259,040 
4,010 
 
4.000%, 4/01/49 (UB) (4) 
4/30 at 100.00 
BBB+ 
4,621,124 
3,601 
 
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 
No Opt. Call 
BBB+ 
4,190,568 
 
 
2021-1, 3.500%, 11/20/35 
 
 
 
1,250 
 
California Infrastructure and Economic Development Bank Infrastructure State, Revolving 
10/30 at 100.00 
AAA 
1,238,988 
 
 
Fund Revenue Bonds, Tax Series 2020A, 2.786%, 10/01/43 
 
 
 
15,500 
 
California Infrastructure and Economic Development Bank, Revenue Bonds, Los Angeles 
7/30 at 100.00 
A2 
16,283,835 
 
 
County Museum of Natural History Foundation, Series 2020, 3.000%, 7/01/50 (UB) (4) 
 
 
 
2,000 
 
California Municipal Finance Authority, Revenue Bonds, University of the Pacific, 
11/30 at 100.00 
A2 
2,065,760 
 
 
Refunding Series 2020A, 3.000%, 11/01/48 
 
 
 
5,000 
 
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, 
No Opt. Call 
B+ 
5,765,450 
 
 
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 
5,289,400 
 
 
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A 
 
 
 
2,000 
 
California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep 
6/28 at 100.00 
N/R 
2,033,260 
 
 
Public Schools ? Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A 
 
 
 
 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, 
 
 
 
 
 
Refunding Series 2022A: 
 
 
 
2,500 
 
5.000%, 8/01/28 (WI/DD, Settling 3/17/22) 
No Opt. Call 
A+ 
3,080,050 
2,000 
 
5.000%, 8/01/29 (WI/DD, Settling 3/17/22) 
No Opt. Call 
A+ 
2,499,440 
2,500 
 
5.000%, 8/01/30 (WI/DD, Settling 3/17/22) 
No Opt. Call 
A+ 
3,178,025 
 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, 
 
 
 
 
 
Series 2021B: 
 
 
 
1,000 
 
4.000%, 5/01/37 
5/31 at 100.00 
A+ 
1,228,990 
1,500 
 
4.000%, 5/01/41 
5/31 at 100.00 
A+ 
1,818,510 
2,500 
 
California State University, Systemwide Revenue Bonds, Taxable Series 2020D, 1.338%, 11/01/27 
No Opt. Call 
AA– 
2,486,550 
2,000 
 
California State, General Obligation Bonds, Refunding Various Purpose Series 2020, 
11/30 at 100.00 
AA– 
2,270,740 
 
 
3.000%, 11/01/35 
 
 
 
 
 
California State, General Obligation Bonds, Refunding Various Purpose Series 2021 
 
 
 
 
 
Forward Delivery: 
 
 
 
3,125 
 
5.000%, 9/01/31 (WI/DD, Settling 9/02/21) 
No Opt. Call 
AA– 
4,204,812 
3,125 
 
5.000%, 9/01/41 (WI/DD, Settling 9/02/21) 
9/31 at 100.00 
AA– 
4,057,937 
 
143

 

   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 12,500 
 
California State, General Obligation Bonds, Taxable Various Purpose Construction Series 
No Opt. Call 
AA– 
$ 13,318,750 
 
 
2019 Bid Group A, 2.375%, 10/01/26 (4) 
 
 
 
2,785 
 
California State, General Obligation Bonds, Various Purpose Series 2020, 4.000%, 11/01/34 
11/30 at 100.00 
AA– 
3,442,316 
1,000 
 
California State, General Obligation Bonds, Various Purpose Series 2021, 5.000%, 12/01/34 
12/30 at 100.00 
AA– 
1,334,710 
9,750 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
12/24 at 100.00 
BB– 
10,925,070 
 
 
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
2,500 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma 
No Opt. Call 
BB– 
2,805,125 
 
 
Linda University Medical Center, Series 2014B, 6.000%, 12/01/24 
 
 
 
5,525 
 
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 
10/31 at 100.00 
N/R 
5,715,226 
 
 
Altana Glendale, Series 2021A-1, 3.500%, 10/01/46, 144A 
 
 
 
6,180 
 
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 
1/31 at 100.00 
N/R 
7,203,841 
 
 
Center City Anaheim, Series 2020A, 5.000%, 1/01/54, 144A 
 
 
 
445 
 
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 
9/31 at 100.00 
N/R 
450,465 
 
 
Oceanaire-Long Beach, Series 2021A-1, 3.200%, 9/01/46, 144A 
 
 
 
910 
 
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 
8/31 at 100.00 
N/R 
978,532 
 
 
Parallel-Anaheim Series 2021A, 4.000%, 8/01/56, 144A 
 
 
 
1,000 
 
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 
7/31 at 100.00 
N/R 
1,159,580 
 
 
Renaissance at City Center, Series 2020A, 5.000%, 7/01/51, 144A 
 
 
 
 
 
Fairfield, California, Certificates of Participation, Fairfield Water Financing Series 2007A: 
 
 
 
1,915 
 
0.000%, 4/01/36 – SYNCORA GTY Insured 
No Opt. Call 
AA 
1,409,938 
2,990 
 
0.000%, 4/01/37 – SYNCORA GTY Insured 
No Opt. Call 
AA 
2,142,066 
6,650 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 
6/22 at 100.00 
N/R 
6,871,112 
 
 
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 
6,509,475 
 
 
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
3,250 
 
Hartnell Community College District, Monterey County, California, General Obligation 
8/28 at 100.00 
Aa2 
3,438,207 
 
 
Bonds, Election 2016 Series 2020B, 3.000%, 8/01/48 
 
 
 
 
 
Huntington Beach, California, Pension Obligation Bonds, Taxable Series 2021: 
 
 
 
1,000 
 
1.344%, 6/15/26 – BAM Insured 
No Opt. Call 
AA+ 
1,000,810 
1,125 
 
1.911%, 6/15/28 – BAM Insured 
No Opt. Call 
AA+ 
1,127,183 
4,830 
 
2.963%, 6/15/36 – BAM Insured 
6/31 at 100.00 
AA+ 
4,872,359 
 
 
Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Capital 
 
 
 
 
 
Equipment Program, Refunding Series 2021A: 
 
 
 
1,000 
 
1.197%, 11/01/26 
No Opt. Call 
AA– 
988,530 
1,565 
 
1.448%, 11/01/27 
No Opt. Call 
AA– 
1,539,428 
1,885 
 
1.648%, 11/01/28 
No Opt. Call 
AA– 
1,844,133 
995 
 
Northstar Community Services District, Special Tax Bonds, Community Facilities District 
9/21 at 100.00 
N/R 
686,550 
 
 
1, Series 2006, 5.000%, 9/01/37 
 
 
 
1,575 
 
Palomar Community College District, San Diego County, California, General Obligation 
8/40 at 100.00 
AA 
1,774,505 
 
 
Bonds, Series 2010B, 6.375%, 8/01/45 (5) 
 
 
 
5,345 
 
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital 
No Opt. Call 
A2 
3,646,092 
 
 
Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/39 – AGM Insured 
 
 
 
750 
 
San Francisco Community College District, California, General Obligation Bonds, Taxable 
6/30 at 100.00 
A+ 
771,915 
 
 
Election 2020 Series 2020A-1, 3.165%, 6/15/41 
 
 
 
 
 
San Francisco Municipal Transportation Agency, Revenue Bonds, Taxable Refunding Series 2021A: 
 
 
 
690 
 
0.824%, 3/01/26 
No Opt. Call 
AA– 
681,416 
750 
 
1.302%, 3/01/28 
No Opt. Call 
AA– 
733,215 
 
 
San Jose, California, Airport Revenue Bonds, Refunding Series 2021C: 
 
 
 
500 
 
1.882%, 3/01/28 
No Opt. Call 
A– 
498,150 
290 
 
2.310%, 3/01/30 
No Opt. Call 
A– 
289,426 
1,750 
 
2.960%, 3/01/36 
3/31 at 100.00 
A– 
1,766,905 
2,000 
 
3.060%, 3/01/37 
3/31 at 100.00 
A– 
2,022,120 
420 
 
3.290%, 3/01/41 
3/31 at 100.00 
A– 
425,607 
 
144

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 500 
 
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Taxable 
No Opt. Call 
AA 
$ 497,575 
 
 
Refunding Series 2021A, 1.380%, 8/01/27 
 
 
 
410 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
12/30 at 100.00 
BBB– 
467,093 
 
 
Bonds, Refunding Sacramento County Tobacco Securitization Corporation Series 2021B Class 2, 
 
 
 
 
 
4.000%, 6/01/49 
 
 
 
 
 
University of California, General Revenue Bonds, Taxable Series 2021BI: 
 
 
 
2,500 
 
0.870%, 5/15/26 
No Opt. Call 
AA 
2,473,750 
1,000 
 
1.272%, 5/15/27 
No Opt. Call 
AA 
993,530 
1,360 
 
1.372%, 5/15/28 
No Opt. Call 
AA 
1,335,248 
195,386 
 
Total California 
 
 
201,822,328 
 
 
Colorado – 11.4% (7.8% of Total Investments) 
 
 
 
2,370 
 
64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020, 
12/25 at 103.00 
N/R 
2,569,365 
 
 
6.500%, 12/01/43 
 
 
 
1,240 
 
Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited 
12/23 at 103.00 
N/R 
1,339,770 
 
 
Tax 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 
1,150,619 
 
 
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 
2,387,482 
 
 
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 
535,140 
 
 
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 
1,880,906 
 
 
Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50 
 
 
 
1,000 
 
Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation 
3/26 at 103.00 
N/R 
1,076,050 
 
 
Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51 
 
 
 
745 
 
Blue Lake Metropolitan District 3, Lochbuie, Weld County, Colorado, Limited Tax General 
12/23 at 103.00 
N/R 
761,561 
 
 
Obligation Bonds, Convertible to Unlimited Tax Series 2018A, 5.250%, 12/01/48 
 
 
 
500 
 
Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
552,340 
 
 
Obligation Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40, 144A 
 
 
 
500 
 
Castle Pines Commercial Metropolitan District 1, Castle Rock, Colorado, Limited Tax 
6/21 at 100.00 
N/R 
500,525 
 
 
Supported Revenue Bonds, Series 2015, 5.000%, 12/01/39 
 
 
 
500 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
No Opt. Call 
N/R 
524,170 
 
 
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 
3,013,529 
 
 
Improvement Series 2020A, 5.000%, 12/01/51 
 
 
 
1,450 
 
Citadel on Colfax Business Improvement District, Aurora, Colorado, Special Revenue and 
12/25 at 103.00 
N/R 
1,568,204 
 
 
Tax Supported Bonds, Senior Series 2020A, 5.350%, 12/01/50 
 
 
 
2,700 
 
Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, 
12/27 at 100.00 
A– 
2,922,318 
 
 
4.000%, 6/30/51 (AMT) 
 
 
 
1,000 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village 
12/30 at 100.00 
N/R 
1,069,830 
 
 
Academy – Northglenn Project, Series 2020, 5.000%, 12/01/55, 144A 
 
 
 
500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Cappella of Grand 
12/26 at 103.00 
N/R 
504,840 
 
 
Junction Project, Series 2019, 5.000%, 12/01/54, 144A 
 
 
 
16,000 
 
Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited 
9/25 at 103.00 
N/R 
17,101,760 
 
 
Tax General Obligation Bonds, Series 2020, 6.500%, 12/01/50 
 
 
 
6,500 
 
Crystal Valley Metropolitan District 2, Douglas County, Colorado, Limited Tax General 
12/30 at 100.00 
A2 
6,789,835 
 
 
Obligation 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 
1,071,940 
 
 
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 
1,058,450 
 
 
2014, 6.000%, 12/01/38 
 
 
 
 
145

 

   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 1,130 
 
Fourth Street Crossing Business Improvement District, Silverthorne, Summit County, 
6/24 at 103.00 
N/R 
$ 1,220,106 
 
 
Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2019A, 
 
 
 
 
 
5.125%, 12/01/38, 144A 
 
 
 
2,000 
 
Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General 
6/25 at 103.00 
N/R 
2,023,200 
 
 
Obligation Bonds, Series 2020A, 5.500%, 6/01/50, 144A 
 
 
 
1,000 
 
Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue 
12/25 at 102.00 
N/R 
1,060,700 
 
 
Bonds, Refunding Series 2020, 4.750%, 12/01/50 
 
 
 
5,250 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special 
12/23 at 103.00 
N/R 
5,631,623 
 
 
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 
1,733,300 
 
 
Convertible Capital Appreciation Bonds, Series 2020A, 5.750%, 12/01/50 
 
 
 
1,000 
 
Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
1,110,890 
 
 
Obligation Bonds, Series 2020A, 5.125%, 12/01/50 
 
 
 
1,380 
 
Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax 
9/24 at 103.00 
N/R 
1,498,114 
 
 
General Obligation Bonds, Series 2019A, 5.000%, 12/01/39 
 
 
 
1,000 
 
North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
1,109,790 
 
 
Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 
 
 
 
1,810 
 
Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax 
12/25 at 103.00 
N/R 
1,951,433 
 
 
General Obligation Bonds, Series 2020A, 5.000%, 12/01/50 
 
 
 
285 
 
Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax 
3/26 at 103.00 
N/R 
311,850 
 
 
General Obligation Bonds, Series 2021A, 5.000%, 12/01/51, 144A 
 
 
 
925 
 
Pinon Pines Metropolitan District 2, El Paso County, Colorado, General Obligation 
9/25 at 103.00 
N/R 
1,014,707 
 
 
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 
6,483,237 
 
 
Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/47 
 
 
 
500 
 
Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit 
1/31 at 100.00 
Baa2 
594,340 
 
 
Partners Eagle P3 Project, Series 2020A, 4.000%, 7/15/38 
 
 
 
1,055 
 
Sabell Metropolitan District, Arvada, Colorado, Limited Tax General Obligation Bonds, 
3/25 at 103.00 
N/R 
1,148,431 
 
 
Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/50, 144A 
 
 
 
1,000 
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax 
12/25 at 102.00 
N/R 
1,095,310 
 
 
Supported District 2, Refunding & Improvement Senior Series 2020A, 3.750%, 12/01/40 
 
 
 
750 
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax 
12/25 at 102.00 
N/R 
794,858 
 
 
Supported District 2, Subordinate Series 2020B, 7.125%, 12/15/50 
 
 
 
 
 
Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation 
 
 
 
 
 
Limited Tax Bonds, Series 2020: 
 
 
 
2,350 
 
5.000%, 12/01/40 
12/25 at 103.00 
N/R 
2,593,625 
2,300 
 
5.125%, 12/01/50 
12/25 at 103.00 
N/R 
2,527,930 
2,175 
 
Sunlight Metropolitan District, Steamboat Springs, Colorado, Limited Tax General 
12/25 at 103.00 
N/R 
2,360,636 
 
 
Obligation Bonds, Series 2020, 5.000%, 12/01/50 
 
 
 
500 
 
Tallman Gulch Metropolitan District, Douglas County, Colorado, Limited Tax General 
12/22 at 103.00 
N/R 
531,325 
 
 
Obligation Refunding and Improvement Bonds,Subordinate Limited Tax General 
 
 
 
 
 
Obligation Bonds, Series 2018A, 5.250%, 12/01/47 
 
 
 
1,000 
 
Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, 
3/26 at 103.00 
N/R 
872,310 
 
 
General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, 5.500%, 
 
 
 
 
 
12/01/51 (5) 
 
 
 
1,270 
 
Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, 
3/26 at 103.00 
N/R 
1,408,328 
 
 
General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/41 
 
 
 
5,000 
 
Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General 
12/23 at 81.31 
N/R 
3,606,500 
 
 
Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 6.000%, 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 
10,620,000 
 
 
Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 
 
 
 
 
146

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 1,000 
 
Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, 
3/26 at 103.00 
N/R 
$ 1,089,040 
 
 
Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021, 
 
 
 
 
 
5.000%, 12/01/51 
 
 
 
1,000 
 
Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation 
12/25 at 103.00 
N/R 
1,043,560 
 
 
Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, 
 
 
 
 
 
6.250%, 12/15/40 
 
 
 
98,360 
 
Total Colorado 
 
 
103,813,777 
 
 
Connecticut – 1.1% (0.7% of Total Investments) 
 
 
 
500 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford 
No Opt. Call 
BBB+ 
609,465 
 
 
Hospital, Series 2021L-1, 4.000%, 7/01/30 
 
 
 
 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, 
 
 
 
 
 
Series 2020A: 
 
 
 
3,750 
 
5.000%, 5/01/37 
5/30 at 100.00 
A+ 
4,849,800 
750 
 
5.000%, 5/01/38 
5/30 at 100.00 
A+ 
965,910 
 
 
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, 
 
 
 
 
 
Series 2021A: 
 
 
 
1,605 
 
4.000%, 5/01/36 (WI/DD, Settling 5/12/21) 
5/31 at 100.00 
A+ 
1,954,072 
1,015 
 
5.000%, 5/01/41 (WI/DD, Settling 5/12/21) 
5/31 at 100.00 
A+ 
1,321,804 
7,620 
 
Total Connecticut 
 
 
9,701,051 
 
 
District of Columbia – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
Washington Convention and Sports Authority, Washington DC, Dedicated Tax Revenue Bonds, 
 
 
 
 
 
Refunding Senior Lien Series 2021A: 
 
 
 
505 
 
4.000%, 10/01/35 (WI/DD, Settling 5/27/21) 
10/30 at 100.00 
A+ 
604,783 
1,060 
 
4.000%, 10/01/38 (WI/DD, Settling 5/27/21) 
10/30 at 100.00 
A+ 
1,258,602 
1,565 
 
Total District of Columbia 
 
 
1,863,385 
 
 
Florida – 14.7% (10.1% of Total Investments) 
 
 
 
1,565 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, 
5/31 at 100.00 
N/R 
1,605,721 
 
 
Ave Maria National Project, Series 2021, 3.750%, 5/01/41 
 
 
 
1,310 
 
Banyan Cay Community Development District, West Palm Beach, Florida, Special Assessment 
11/30 at 100.00 
N/R 
1,343,313 
 
 
Bonds, 2020-1, 4.000%, 11/01/51 
 
 
 
1,500 
 
Belmont II Community Development District, Hillsborough County, Florida, Special 
12/30 at 100.00 
N/R 
1,571,970 
 
 
Assessment Revenue Bonds, 2020 Assessment Area, Series 2020, 4.000%, 12/15/50 
 
 
 
 
 
Broward County, Florida, Port Facilities Revenue Bonds, Series 2019B: 
 
 
 
7,500 
 
4.000%, 9/01/37 (AMT) (4) 
9/29 at 100.00 
8,649,300 
2,500 
 
4.000%, 9/01/39 (AMT) (UB) (4) 
9/29 at 100.00 
2,869,225 
 
 
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 
1,329,070 
1,260 
 
5.000%, 6/15/55, 144A 
6/27 at 100.00 
N/R 
1,337,503 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter 
7/31 at 100.00 
N/R 
1,127,970 
 
 
School Portfolio Projects, Series 2021A-1, 5.000%, 7/01/56, 144A 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, St Johns Classical Academy, Refunding 
6/30 at 100.00 
N/R 
1,012,550 
 
 
Series 2021A, 4.000%, 6/15/56, 144A 
 
 
 
 
 
Central Florida Expressway Authority, Revenue Bonds, Refunding Senior Lien Series 2021: 
 
 
 
1,070 
 
4.000%, 7/01/34 – AGM Insured 
7/31 at 100.00 
AA 
1,328,619 
195 
 
4.000%, 7/01/37 – AGM Insured 
7/31 at 100.00 
AA 
239,598 
600 
 
4.000%, 7/01/38 – AGM Insured 
7/31 at 100.00 
AA 
734,346 
525 
 
4.000%, 7/01/39 – AGM Insured 
7/31 at 100.00 
AA 
640,720 
6,485 
 
Currents Community Development District, Collier County, Florida, Capital Improvement 
No Opt. Call 
N/R 
7,053,281 
 
 
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 
1,566,855 
 
 
Bonds, Assessment Area 1 Project, Series 2020, 4.000%, 5/01/51, 144A 
 
 
 
 
147

 

   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 2,500 
 
Cypress Preserve Community Development District, Pasco County, Florida, Special 
11/29 at 100.00 
N/R 
$ 2,619,800 
 
 
Assessment Bonds, Assessment Area 2, Series 2019, 4.125%, 11/01/50 
 
 
 
1,000 
 
Edgewater East Community Development District, Osceola County, Florida, Special 
5/31 at 100.00 
N/R 
1,042,680 
 
 
Assessment Revenue Bonds, Assessment Area 1 Series 2021, 4.000%, 5/01/51 
 
 
 
10,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery 
6/29 at 100.00 
N/R 
10,900,000 
 
 
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 
1,248,214 
 
 
Academy Projects, Series 2020A, 5.000%, 6/15/50 
 
 
 
500 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, River 
7/28 at 100.00 
Baa3 
535,215 
 
 
City Science Academy Projects, Series 2021A, 4.000%, 7/01/55 
 
 
 
17,650 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
1/24 at 107.00 
N/R 
18,356,000 
 
 
Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 
 
 
 
 
 
1/01/49 (AMT), 144A 
 
 
 
5,890 
 
Florida Development Finance Corporation, Florida, Surface Transportation Facility 
6/21 at 104.00 
N/R 
5,897,304 
 
 
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A, 6.500%, 1/01/49 (AMT) 
 
 
 
 
 
(Mandatory Put 1/01/29), 144A 
 
 
 
1,100 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Jacksonville 
6/28 at 100.00 
N/R 
1,288,958 
 
 
University Project, Series 2018A-1, 5.000%, 6/01/48, 144A 
 
 
 
11,180 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Rollins 
12/30 at 100.00 
A2 
11,791,658 
 
 
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 
1,042,950 
 
 
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 
1,158,608 
1,500 
 
4.500%, 5/01/52 
5/31 at 100.00 
N/R 
1,582,800 
1,000 
 
Hammock Reserve Community Development District, Haines City, Florida, Special Assessment 
5/30 at 100.00 
N/R 
1,041,320 
 
 
Revenue Bonds, Area1 Project, Series 2020, 4.000%, 5/01/51 
 
 
 
 
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, 
 
 
 
 
 
Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A: 
 
 
 
3,550 
 
4.000%, 8/01/45 (4) 
2/31 at 100.00 
Baa1 
4,069,436 
10,000 
 
3.500%, 8/01/55 (UB) (4) 
2/31 at 100.00 
Baa1 
10,722,200 
1,250 
 
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, 
5/30 at 100.00 
N/R 
1,306,675 
 
 
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 
1,276,560 
 
 
Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A, 5.000%, 
 
 
 
 
 
6/01/47, 144A 
 
 
 
8,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 
7/24 at 100.00 
BBB+ 
8,976,640 
 
 
2014A, 5.000%, 7/01/44 
 
 
 
1,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2020A, 
10/30 at 100.00 
A– 
1,777,650 
 
 
4.000%, 10/01/41 
 
 
 
 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021: 
 
 
 
515 
 
3.000%, 10/01/36 
4/31 at 100.00 
A+ 
575,518 
1,200 
 
3.000%, 10/01/40 
4/31 at 100.00 
A+ 
1,317,360 
1,500 
 
Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, 
5/31 at 100.00 
N/R 
1,548,690 
 
 
Series 2021, 4.000%, 5/01/51 
 
 
 
1,000 
 
North Powerline Road Community Development District, Polk County, Florida, Special 
5/30 at 100.00 
N/R 
1,036,720 
 
 
Assessment Revenue Bonds, Series 2020, 4.000%, 5/01/51 
 
 
 
1,000 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement 
8/31 at 100.00 
N/R 
1,048,830 
 
 
Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51 
 
 
 
1,500 
 
Parrish Plantation Community Development District, Manatee County, Florida, Special 
5/31 at 100.00 
N/R 
1,553,790 
 
 
Assessment Revenue Bonds, Assessment Area 1, Series 2021, 4.000%, 5/01/52 
 
 
 
 
148

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,500 
 
Stoneybrook South Championsgate Community Development District, Florida, Special 
12/30 at 100.00 
N/R 
$ 1,534,035 
 
 
Assessment Revenue Bonds, Fox South Assessment Area, Series 2020, 3.750%, 12/15/50, 144A 
 
 
 
16,435 
 
Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H Lee Moffitt Cancer 
9/30 at 38.62 
A+ 
4,908,477 
 
 
Center Project, Series 2020A, 0.000%, 9/01/53 
 
 
 
1,010 
 
Windward Community Development District, Florida, Special Assessment Bonds, Series 
No Opt. Call 
N/R 
1,086,396 
 
 
2020A-2, 4.400%, 11/01/35 
 
 
 
135,950 
 
Total Florida 
 
 
133,654,525 
 
 
Guam – 0.2% (0.2% of Total Investments) 
 
 
 
1,600 
 
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Refunding Series 2021A, 
5/31 at 100.00 
Ba1 
1,987,760 
 
 
5.000%, 11/01/40 
 
 
 
 
 
Hawaii – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
Hawaii State, Harbor System Revenue Bonds, Series 2020A: 
 
 
 
1,375 
 
4.000%, 7/01/33 (AMT) 
7/30 at 100.00 
Aa3 
1,635,425 
270 
 
4.000%, 7/01/34 (AMT) 
7/30 at 100.00 
Aa3 
320,080 
205 
 
4.000%, 7/01/35 (AMT) 
7/30 at 100.00 
Aa3 
242,478 
430 
 
4.000%, 7/01/36 (AMT) 
7/30 at 100.00 
Aa3 
506,953 
2,280 
 
Total Hawaii 
 
 
2,704,936 
 
 
Idaho – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal 
 
 
 
 
 
Highway Trust Funds, Series 2021A: 
 
 
 
645 
 
4.000%, 7/15/38 (WI/DD, Settling 5/06/21) 
7/31 at 100.00 
A+ 
780,321 
500 
 
4.000%, 7/15/39 (WI/DD, Settling 5/06/21) 
7/31 at 100.00 
A2 
603,195 
1,145 
 
Total Idaho 
 
 
1,383,516 
 
 
Illinois – 6.9% (4.7% of Total Investments) 
 
 
 
3,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/27 at 100.00 
BB 
3,581,370 
 
 
Refunding Series 2017C, 5.000%, 12/01/30 
 
 
 
1,445 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
12/30 at 100.00 
BB 
1,810,758 
 
 
Refunding Series 2021B, 5.000%, 12/01/31 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Series 2021A: 
 
 
 
2,935 
 
5.000%, 12/01/32 
12/30 at 100.00 
BB 
3,663,643 
1,650 
 
5.000%, 12/01/39 
12/30 at 100.00 
BB 
2,024,501 
 
 
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 
5,805,600 
10,000 
 
5.250%, 12/01/49 
12/24 at 100.00 
AA 
11,611,200 
2,000 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.000%, 1/01/40 
6/21 at 100.00 
Ba1 
2,003,860 
 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A: 
 
 
 
1,825 
 
5.000%, 11/15/31 
11/30 at 100.00 
A2 
2,414,493 
1,200 
 
5.000%, 11/15/32 
11/30 at 100.00 
A2 
1,581,432 
1,175 
 
5.000%, 11/15/33 
11/30 at 100.00 
A2 
1,542,681 
 
 
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A: 
 
 
 
175 
 
4.000%, 11/15/39 
11/30 at 100.00 
AA– 
208,658 
475 
 
4.000%, 11/15/40 
11/30 at 100.00 
AA– 
564,946 
5,085 
 
DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, 
5/30 at 100.00 
A1 
5,191,073 
 
 
3.000%, 5/15/47 
 
 
 
10,000 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2020A, 3.000%, 
11/30 at 100.00 
A3 
10,455,700 
 
 
5/15/50 (UB) (4) 
 
 
 
 
 
Illinois State, General Obligation Bonds, March Series 2021A: 
 
 
 
375 
 
4.000%, 3/01/39 
3/31 at 100.00 
BBB– 
431,205 
300 
 
4.000%, 3/01/41 
3/31 at 100.00 
BBB– 
342,660 
 
149

 

   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 3,300 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
12/30 at 100.00 
BB+ 
$ 4,083,750 
 
 
Bonds, Series 2020B, 5.000%, 6/15/42 
 
 
 
5,190 
 
Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Series 2015, 
4/25 at 100.00 
BBB 
5,695,817 
 
 
5.000%, 10/01/35 
 
 
 
55,130 
 
Total Illinois 
 
 
63,013,347 
 
 
Indiana – 1.0% (0.7% of Total Investments) 
 
 
 
1,415 
 
Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, 
6/30 at 100.00 
N/R 
1,490,123 
 
 
Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, 
 
 
 
 
 
6/01/55, 144A 
 
 
 
3,445 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Rose Hulman Institute 
12/28 at 100.00 
A2 
4,243,241 
 
 
Of Technology Project, Series 2018, 5.000%, 6/01/39 
 
 
 
1,000 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
No Opt. Call 
Caa1 
1,088,950 
 
 
Corporation Project, Refunding Series 2021A, 4.125%, 12/01/26 
 
 
 
1,625 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
11/30 at 100.00 
Caa1 
2,030,486 
 
 
Corporation Project, Series 2020, 6.750%, 5/01/39 (AMT) 
 
 
 
7,485 
 
Total Indiana 
 
 
8,852,800 
 
 
Kansas – 0.1% (0.1% of Total Investments) 
 
 
 
1,000 
 
Kansas Independent College Finance Authority, Educational Facilities Revenue Bonds, 
6/22 at 103.00 
N/R 
1,062,440 
 
 
Ottawa University Project, Series 2015, 7.000%, 6/01/45, 144A 
 
 
 
 
 
Kentucky – 0.8% (0.5% of Total Investments) 
 
 
 
3,000 
 
Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s 
12/30 at 100.00 
N/R 
3,151,350 
 
 
Ridge Project, Series 2020, 6.000%, 12/01/40 
 
 
 
2,515 
 
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project, 
9/26 at 100.00 
Baa1 
3,058,366 
 
 
Refunding Series 2016A, 5.000%, 9/01/36 – NPFG Insured 
 
 
 
1,000 
 
Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 
12/30 at 100.00 
N/R 
1,019,330 
 
 
2020B, 5.500%, 12/01/60 
 
 
 
6,515 
 
Total Kentucky 
 
 
7,229,046 
 
 
Louisiana – 2.1% (1.4% of Total Investments) 
 
 
 
1,150 
 
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory 
6/31 at 100.00 
N/R 
1,242,425 
 
 
School Project, Series 2021A, 5.250%, 6/01/51, 144A 
 
 
 
 
 
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 
5,673,569 
2,145 
 
4.000%, 5/15/49 (UB) (4) 
5/30 at 100.00 
A3 
2,475,609 
2,000 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 
1/27 at 100.00 
A– 
2,357,580 
 
 
Project, Series 2017B, 5.000%, 1/01/48 (AMT) 
 
 
 
 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Taxable Refunding Series 2021: 
 
 
 
2,000 
 
2.839%, 6/01/41 – AGM Insured 
6/31 at 100.00 
BBB+ 
1,936,600 
1,500 
 
2.939%, 6/01/45 – AGM Insured 
6/31 at 100.00 
BBB+ 
1,452,285 
1,100 
 
New Orleans, Louisiana, Water Revenue Bonds, Taxable Refunding Series 2021, 2.889%, 
12/31 at 100.00 
BBB+ 
1,050,489 
 
 
12/01/41 – AGM Insured 
 
 
 
2,000 
 
Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, LP Project, Series 2010, 
6/30 at 100.00 
BB– 
2,584,020 
 
 
6.350%, 7/01/40, 144A 
 
 
 
17,250 
 
Total Louisiana 
 
 
18,772,577 
 
 
Maryland – 1.3% (0.9% of Total Investments) 
 
 
 
2,200 
 
Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development 
7/30 at 100.00 
N/R 
2,472,404 
 
 
Authority, Refunding Series 2020C, 4.000%, 7/01/50 
 
 
 
5,455 
 
Frederick County, Maryland, Special Tax Limited Obligation Bonds, Jefferson Technology 
7/30 at 102.00 
N/R 
6,277,505 
 
 
Park Project, Refunding Series 2020A, 5.000%, 7/01/43, 144A 
 
 
 
 
150

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Maryland (continued) 
 
 
 
$ 1,000 
 
Maryland Economic Development Corporation, Special Obligation Bonds, Port Covington 
9/30 at 100.00 
N/R 
$ 1,103,030 
 
 
Project, Series 2020, 4.000%, 9/01/50 
 
 
 
1,250 
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Morgan State 
7/30 at 100.00 
BBB– 
1,500,937 
 
 
University Project, Series 2020, 5.000%, 7/01/50 
 
 
 
9,905 
 
Total Maryland 
 
 
11,353,876 
 
 
Massachusetts – 2.1% (1.4% of Total Investments) 
 
 
 
260 
 
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 
7/31 at 100.00 
BBB+ 
328,320 
 
 
Obligated Group Issue, Series 2021G, 5.000%, 7/01/50 
 
 
 
 
 
Massachusetts Port Authority, Revenue Bonds, Series 2021E: 
 
 
 
2,050 
 
5.000%, 7/01/37 (AMT) 
7/31 at 100.00 
AA– 
2,679,330 
2,000 
 
5.000%, 7/01/38 (AMT) 
7/31 at 100.00 
AA– 
2,601,940 
2,240 
 
5.000%, 7/01/39 (AMT) 
7/31 at 100.00 
AA– 
2,903,712 
2,420 
 
5.000%, 7/01/40 (AMT) 
7/31 at 100.00 
AA– 
3,122,211 
3,725 
 
5.000%, 7/01/41 (AMT) 
7/31 at 100.00 
AA– 
4,791,728 
2,500 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Taxable 
No Opt. Call 
Aa2 
2,499,100 
 
 
Refunding Senior Series 2020B, 1.134%, 8/15/26 
 
 
 
15,195 
 
Total Massachusetts 
 
 
18,926,341 
 
 
Michigan – 1.3% (0.9% of Total Investments) 
 
 
 
5,000 
 
Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series 
6/21 at 100.00 
N/R 
4,776,900 
 
 
2014B-1, 4.000%, 4/01/44 
 
 
 
1,500 
 
Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2020, 5.500%, 4/01/45 
4/30 at 100.00 
BB– 
1,861,785 
 
 
Detroit, Wayne County, Michigan, General Obligation Bonds, Social Bond Series 2021A: 
 
 
 
350 
 
5.000%, 4/01/46 
4/31 at 100.00 
BB– 
426,265 
2,000 
 
5.000%, 4/01/50 
4/31 at 100.00 
BB– 
2,422,900 
16,110 
 
Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco 
12/30 at 18.38 
N/R 
2,074,968 
 
 
Receipts, Series 2020B2-CL2, 0.000%, 6/01/65 
 
 
 
24,960 
 
Total Michigan 
 
 
11,562,818 
 
 
Minnesota – 0.1% (0.1% of Total Investments) 
 
 
 
1,140 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
12/28 at 102.00 
BB 
1,209,403 
 
 
Bonds, Hope Community Academy Project, Series 2020A, 5.000%, 12/01/55 
 
 
 
 
 
Missouri – 3.3% (2.3% of Total Investments) 
 
 
 
5,315 
 
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation 
3/29 at 100.00 
A– 
6,480,739 
 
 
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019A, 
 
 
 
 
 
5.000%, 3/01/44 (AMT) (4) 
 
 
 
3,835 
 
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation 
3/29 at 100.00 
A– 
4,666,965 
 
 
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B, 
 
 
 
 
 
5.000%, 3/01/46 (AMT) (4) 
 
 
 
1,100 
 
M150 and 135th Street Transportation Development District, Kansas City, Missouri, 
10/27 at 100.00 
N/R 
1,135,926 
 
 
Transportation Sales Tax Revenue Bonds, Series 2020A, 4.250%, 10/01/43 
 
 
 
4,940 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
6/30 at 100.00 
A+ 
5,175,490 
 
 
Mercy Health, Series 2020, 3.000%, 6/01/53 (UB) (4) 
 
 
 
3,155 
 
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention 
10/30 at 100.00 
A2 
3,945,864 
 
 
Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/45 – AGM Insured (UB) (4) 
 
 
 
 
 
Southeast Missouri State University, System Facilities Revenue Bonds, Refunding Series 2020: 
 
 
 
2,500 
 
5.000%, 4/01/28 
No Opt. Call 
3,086,200 
2,905 
 
5.000%, 4/01/29 (4) 
No Opt. Call 
3,648,186 
1,470 
 
5.000%, 4/01/30 
No Opt. Call 
1,866,826 
25,220 
 
Total Missouri 
 
 
30,006,196 
 
151

 

   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nevada – 1.1% (0.8% of Total Investments) 
 
 
 
$ 5,920 
 
Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building 
6/30 at 100.00 
A1 
$ 6,467,186 
 
 
Series 2020B, 3.000%, 6/15/38 – BAM Insured 
 
 
 
2,000 
 
Director of Nevada State Department of Business & Industry, Environmental Improvement 
2/31 at 100.00 
N/R 
2,022,520 
 
 
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A 
 
 
 
 
 
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 
484,025 
1,150 
 
4.125%, 6/01/50 
6/30 at 100.00 
N/R 
1,229,430 
9,520 
 
Total Nevada 
 
 
10,203,161 
 
 
New Hampshire – 0.6% (0.4% of Total Investments) 
 
 
 
4,400 
 
National Finance Authority, Federal Lease Revenue Bonds, VA Birmingham Health Care 
10/35 at 100.00 
A2 
4,395,556 
 
 
Center Project, Taxable Series 2021, 3.778%, 1/01/36 
 
 
 
1,250 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical 
7/27 at 100.00 
Baa3 
1,349,550 
 
 
Center, Series 2017, 3.750%, 7/01/40 
 
 
 
5,650 
 
Total New Hampshire 
 
 
5,745,106 
 
 
New Jersey – 6.8% (4.6% of Total Investments) 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Social 
 
 
 
 
 
Series 2021QQQ: 
 
 
 
2,750 
 
4.000%, 6/15/46 
12/30 at 100.00 
BBB 
3,134,505 
7,850 
 
4.000%, 6/15/46 (UB) (4) 
12/30 at 100.00 
BBB 
8,947,587 
9,500 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s 
7/26 at 100.00 
BBB– 
10,465,295 
 
 
Healthcare System Obligated Group Issue, Refunding Series 2016, 4.000%, 7/01/48 
 
 
 
1,000 
 
New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, 
No Opt. Call 
BBB+ 
1,135,160 
 
 
3.000%, 6/01/32 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Forward 
 
 
 
 
 
Delivery Series 2022A: 
 
 
 
620 
 
4.000%, 6/15/38 (WI/DD, Settling 4/27/22) 
6/32 at 100.00 
BBB 
695,200 
770 
 
4.000%, 6/15/39 (WIDD, Settling 4/27/22) 
6/32 at 100.00 
BBB 
859,520 
700 
 
4.000%, 6/15/40 (WI/DD, Settling 4/27/22) 
6/32 at 100.00 
BBB 
778,246 
640 
 
4.000%, 6/15/41 (WI/DD, Settling 4/27/22) 
6/32 at 100.00 
BBB 
709,120 
520 
 
4.000%, 6/15/42 (WI/DD, Settling 4/27/22) 
6/32 at 100.00 
BBB 
574,200 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA: 
 
 
 
25,990 
 
3.000%, 6/15/50 (UB) (4) 
12/30 at 100.00 
BBB 
26,742,930 
545 
 
4.000%, 6/15/50 (UB) (4) 
12/30 at 100.00 
BBB 
618,510 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2021A: 
 
 
 
935 
 
4.000%, 6/15/34 
6/31 at 100.00 
BBB 
1,114,585 
385 
 
4.000%, 6/15/35 
6/31 at 100.00 
BBB 
457,457 
440 
 
4.000%, 6/15/36 
6/31 at 100.00 
BBB 
520,960 
3,125 
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 
11/30 at 100.00 
Baa2 
3,579,812 
 
 
Series 2020A, 4.000%, 11/01/50 
 
 
 
1,100 
 
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 
11/30 at 100.00 
Baa3 
1,274,328 
 
 
Subordinate Series 2020A, 4.000%, 11/01/50 – BAM Insured 
 
 
 
56,870 
 
Total New Jersey 
 
 
61,607,415 
 
 
New Mexico – 0.8% (0.5% of Total Investments) 
 
 
 
7,000 
 
Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross 
11/23 at 103.00 
N/R 
7,161,910 
 
 
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A 
 
 
 
 
 
New York – 24.3% (16.6% of Total Investments) 
 
 
 
6,000 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of 
9/25 at 100.00 
N/R 
6,655,260 
 
 
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
5,000 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter 
12/30 at 100.00 
N/R 
5,104,200 
 
 
School, Series 2020A-1, 5.500%, 6/01/55, 144A 
 
 
 
 
152

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter 
 
 
 
 
 
School, Series 2020C-1: 
 
 
 
$ 1,310 
 
5.000%, 6/01/40, 144A 
12/30 at 100.00 
N/R 
$ 1,390,814 
3,000 
 
5.000%, 6/01/55, 144A 
12/30 at 100.00 
N/R 
3,122,640 
10,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health System 
7/29 at 100.00 
BBB 
11,335,500 
 
 
Obligated Group Series 2019A, 4.000%, 7/01/45 (UB) (4) 
 
 
 
9,120 
 
Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals 
7/30 at 100.00 
A3 
10,587,408 
 
 
Obligated Group, Series 2020A, 4.000%, 7/01/53 (UB) (4) 
 
 
 
20,000 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
9/30 at 100.00 
Aa2 
21,020,800 
 
 
General Purpose, Series 2020A Bidding Group 1 thru 5, 3.000%, 3/15/50 (UB) (4) 
 
 
 
 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
 
 
 
 
 
General Purpose, Series 2021A: 
 
 
 
3,000 
 
4.000%, 3/15/37 
3/31 at 100.00 
AA+ 
3,607,350 
3,000 
 
4.000%, 3/15/38 
3/31 at 100.00 
AA+ 
3,593,340 
3,000 
 
4.000%, 3/15/39 
3/31 at 100.00 
AA+ 
3,579,900 
3,000 
 
4.000%, 3/15/40 
3/31 at 100.00 
AA+ 
3,571,980 
3,000 
 
4.000%, 3/15/41 
3/31 at 100.00 
AA+ 
3,561,870 
2,640 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 
5/28 at 100.00 
BBB+ 
2,963,717 
 
 
Series 2017D, 4.000%, 11/15/42 
 
 
 
10,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 
11/24 at 100.00 
BBB+ 
11,312,500 
 
 
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 
12/30 at 100.00 
BBB+ 
759,566 
2,200 
 
3.000%, 12/01/40 
12/30 at 100.00 
BBB+ 
2,299,330 
1,000 
 
4.000%, 12/01/46 
12/30 at 100.00 
BBB+ 
1,142,400 
 
 
Nassau County Interim Finance Authority, New York, Sales Tax Secured Bonds, Taxable 
 
 
 
 
 
Series 2021B: 
 
 
 
3,500 
 
0.829%, 11/15/26 
No Opt. Call 
AAA 
3,431,645 
5,750 
 
1.459%, 11/15/29 
No Opt. Call 
AAA 
5,588,080 
 
 
New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes 
 
 
 
 
 
Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A: 
 
 
 
1,000 
 
3.000%, 1/01/34 – AGM Insured 
1/31 at 100.00 
BBB 
1,100,800 
1,205 
 
3.000%, 1/01/37 – AGM Insured 
1/31 at 100.00 
BBB 
1,305,196 
 
 
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 
BBB+ 
5,790,652 
3,845 
 
3.000%, 3/01/40 – AGM Insured (UB) (4) 
9/30 at 100.00 
BBB+ 
4,125,570 
3,500 
 
4.000%, 3/01/45 (4) 
9/30 at 100.00 
BBB+ 
3,982,720 
2,275 
 
3.000%, 3/01/49 (UB) (4) 
9/30 at 100.00 
BBB+ 
2,328,508 
7,695 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/29 at 100.00 
AA+ 
9,688,467 
 
 
General Resolution Revenue Bonds, Fiscal 2020 Series BB-1, 5.000%, 6/15/49 
 
 
 
3,375 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
12/30 at 100.00 
AA+ 
3,971,835 
 
 
General Resolution Revenue Bonds, Fiscal 2021 Series BB-1, 4.000%, 6/15/50 
 
 
 
 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
 
 
 
 
 
General Resolution Revenue Bonds, Fiscal 2021 Series DD: 
 
 
 
330 
 
5.000%, 6/15/29 
No Opt. Call 
AA+ 
436,082 
500 
 
5.000%, 6/15/31 
No Opt. Call 
AA+ 
687,170 
2,500 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
11/30 at 100.00 
Aa1 
2,977,525 
 
 
Subordinate Fiscal 2021 Subseries C-1, 4.000%, 5/01/39 
 
 
 
 
153

 

   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 
 
 
 
 
 
Subordinate Fiscal 2021 Subseries F-1: 
 
 
 
$ 1,250 
 
5.000%, 11/01/33 
5/31 at 100.00 
Aa1 
$ 1,669,962 
500 
 
5.000%, 11/01/34 
5/31 at 100.00 
Aa1 
666,020 
 
 
New York City, New York, General Obligation Bonds, Fiscal 2021 Series D: 
 
 
 
1,500 
 
1.216%, 8/01/26 
No Opt. Call 
AA– 
1,491,330 
1,000 
 
1.623%, 8/01/28 
No Opt. Call 
AA– 
985,860 
1,410 
 
2.223%, 8/01/35 
No Opt. Call 
AA– 
1,348,171 
1,790 
 
New York City, New York, General Obligation Bonds, Fiscal 2021 Series E, 1.623%, 8/01/28 
No Opt. Call 
AA– 
1,764,689 
4,000 
 
New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term 
5/21 at 100.00 
B– 
4,043,880 
 
 
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 
3,283,800 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
7,500 
 
New York State, General Obligation Bonds, Taxable Series 2021B, 1.940%, 3/15/31 (4) 
No Opt. Call 
Aa2 
7,505,175 
180 
 
New York Transportation Development Corporation, New York, Facility Revenue Bonds, 
10/31 at 100.00 
BBB– 
208,917 
 
 
Thruway Service Areas Project, Series 2021, 4.000%, 10/31/41 (AMT) 
 
 
 
 
 
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– 
16,268,720 
3,400 
 
5.375%, 8/01/36 (AMT) 
8/30 at 100.00 
B– 
4,205,154 
1,000 
 
New York Transportation Development Corporation, New York, Special Facility Revenue 
12/30 at 100.00 
BBB 
1,176,000 
 
 
Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2020C, 4.000%, 12/01/41 
 
 
 
 
 
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+ 
1,184,290 
4,000 
 
5.000%, 10/01/35 (AMT) 
10/30 at 100.00 
BB+ 
5,108,240 
6,000 
 
5.000%, 10/01/40 (AMT) 
10/30 at 100.00 
BB+ 
7,533,480 
6,250 
 
4.375%, 10/01/45 (AMT) 
10/30 at 100.00 
BB+ 
7,325,250 
2,200 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
9/28 at 100.00 
A+ 
2,540,978 
 
 
Eleventh Series 2018, 4.000%, 9/01/43 
 
 
 
2,350 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
7/31 at 100.00 
A+ 
2,759,229 
 
 
Twenty-Third Series 2021, 4.000%, 7/15/40 (AMT) 
 
 
 
5,000 
 
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel 
No Opt. Call 
B3 
5,019,600 
 
 
Center Project, Taxable Series 2007B, 5.693%, 1/01/28 – SYNCORA GTY Insured, 144A 
 
 
 
2,390 
 
Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior 
5/31 at 100.00 
AA+ 
3,078,320 
 
 
Lien Subseries 2021A-1, 5.000%, 5/15/51 (WI/DD, Settling 5/12/21) 
 
 
 
195,565 
 
Total New York 
 
 
220,189,890 
 
 
Ohio – 6.2% (4.2% 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 
254,058 
1,500 
 
4.000%, 11/15/38 (UB) (4) 
11/30 at 100.00 
Baa2 
1,714,965 
10,325 
 
3.000%, 11/15/40 (UB) (4) 
11/30 at 100.00 
Baa2 
10,569,599 
7,750 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 
BBB+ 
7,967,388 
 
 
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 
10,319,881 
 
 
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
125 
 
Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network 
2/31 at 100.00 
A2 
147,736 
 
 
Obligated Group Project, Refunding & Improvement Series 2021, 4.000%, 8/01/41 
 
 
 
2,500 
 
Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG 
7/29 at 100.00 
B– 
2,769,625 
 
 
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 
22,662,600 
 
 
2020A, 7.000%, 12/01/42 (AMT), 144A 
 
 
 
51,600 
 
Total Ohio 
 
 
56,405,852 
 
154

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Oklahoma – 0.1% (0.1% of Total Investments) 
 
 
 
$ 1,000 
 
Mannford Public Works Authority, Oklahoma, Revenue Bonds, Capital Improvement Series 
1/29 at 100.00 
N/R 
$ 956,320 
 
 
2021, 3.250%, 1/01/51 
 
 
 
 
 
Oregon – 0.8% (0.6% of Total Investments) 
 
 
 
5,000 
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Taxable 
No Opt. Call 
Aa1 
4,916,300 
 
 
Refunding Senior Lien Series 2020B, 1.330%, 11/15/28 
 
 
 
 
 
Oregon State, General Obligation Bonds, Article XI-Q State Projects, Taxable 
 
 
 
 
 
Sustainability Green Series 2021C: 
 
 
 
1,160 
 
1.024%, 5/01/26 
No Opt. Call 
AA+ 
1,155,499 
725 
 
1.528%, 5/01/28 
No Opt. Call 
AA+ 
723,463 
 
 
Oregon State, General Obligation Bonds, Article XI-Q State Projects, Taxable Various 
 
 
 
 
 
Series 2021B: 
 
 
 
545 
 
1.024%, 5/01/26 
No Opt. Call 
AA+ 
546,853 
250 
 
1.528%, 5/01/28 
No Opt. Call 
AA+ 
251,290 
7,680 
 
Total Oregon 
 
 
7,593,405 
 
 
Pennsylvania – 1.8% (1.2% of Total Investments) 
 
 
 
5,000 
 
Allegheny County Industrial Development Authority, Pennsylvania, Environmental 
No Opt. Call 
Caa1 
5,784,950 
 
 
Improvement Revenue Bonds, United States Steel Corp, Refunding Series 2019, 5.125%, 5/01/30 
 
 
 
980 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/31 at 100.00 
N/R 
1,221,982 
 
 
Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A 
 
 
 
500 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
4/31 at 100.00 
N/R 
525,510 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory 
 
 
 
 
 
Put 4/01/21) 
 
 
 
1,000 
 
Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of 
10/27 at 100.00 
BB 
1,001,650 
 
 
Science & Technology Project, Series 2017, 5.125%, 10/15/41, 144A 
 
 
 
2,000 
 
Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of 
10/28 at 100.00 
BB 
2,120,620 
 
 
Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A 
 
 
 
 
 
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, 
 
 
 
 
 
Capitol Region Parking System, Junior Guaranteed Series 2013B: 
 
 
 
995 
 
0.000%, 1/01/45 – BAM Insured 
No Opt. Call 
A2 
542,663 
940 
 
0.000%, 1/01/46 – BAM Insured 
No Opt. Call 
A2 
498,435 
1,025 
 
0.000%, 1/01/47 – BAM Insured 
No Opt. Call 
A2 
529,238 
2,500 
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, 
6/26 at 100.00 
BBB 
2,932,825 
 
 
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/34 (AMT) 
 
 
 
750 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, 
12/30 at 100.00 
A3 
799,185 
 
 
3.000%, 12/01/42 
 
 
 
500 
 
Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue 
6/28 at 100.00 
BB+ 
576,120 
 
 
Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020, 5.000%, 
 
 
 
 
 
6/15/50, 144A 
 
 
 
16,190 
 
Total Pennsylvania 
 
 
16,533,178 
 
 
Puerto Rico – 5.5% (3.8% of Total Investments) 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
7,450 
 
5.000%, 7/01/23 
6/21 at 100.00 
CCC 
7,468,625 
5,020 
 
5.125%, 7/01/37 
7/22 at 100.00 
CCC 
5,305,487 
2,000 
 
6.000%, 7/01/47 
7/22 at 100.00 
CCC 
2,134,480 
 
 
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 
6,345,800 
35,000 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
8,049,300 
5,514 
 
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
6,133,774 
2,500 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
2,822,650 
15,000 
 
Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 3.180%, 7/01/35 (4), (6) 
6/21 at 100.00 
12,037,500 
92,484 
 
Total Puerto Rico 
 
 
50,297,616 
 
155

 

   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Carolina – 0.2% (0.2% of Total Investments) 
 
 
 
$ 1,000 
 
South Carolina Jobs Economic Development Authority, Educational Facilities Revenue 
11/26 at 100.00 
N/R 
$ 1,013,950 
 
 
Bonds, Hoese Creek Academy Project, Series 2021A, 5.000%, 11/15/55, 144A 
 
 
 
1,000 
 
South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue 
10/27 at 103.00 
N/R 
1,061,040 
 
 
Bonds, Columbia College, Refunding Series 2020A, 5.625%, 10/01/40 
 
 
 
2,000 
 
Total South Carolina 
 
 
2,074,990 
 
 
South Dakota – 0.5% (0.3% 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 
2,216,557 
1,800 
 
4.000%, 9/01/50 (UB) (4) 
9/30 at 100.00 
A1 
2,035,476 
3,945 
 
Total South Dakota 
 
 
4,252,033 
 
 
Tennessee – 2.0% (1.3% of Total Investments) 
 
 
 
15,000 
 
Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series 2021A, 4.000%, 12/01/51 
6/28 at 100.68 
A1 
17,801,400 
 
 
(Mandatory Put 9/01/28) (WI/DD, Settling 5/04/2021) 
 
 
 
 
 
Texas – 6.3% (4.3% of Total Investments) 
 
 
 
750 
 
Austin Convention Enterprises Inc, Texas, Convention Center Hotel Revenue Bonds, 
1/27 at 100.00 
BB+ 
856,320 
 
 
Refunding First Tier Series 2017A, 5.000%, 1/01/28 
 
 
 
 
 
Austin, Texas, Rental Car Special Facility Revenue Bonds, Taxable Refunding Series 2021: 
 
 
 
500 
 
1.027%, 11/15/26 – AGM Insured 
No Opt. Call 
A– 
490,235 
625 
 
1.325%, 11/15/27 – AGM Insured 
No Opt. Call 
A– 
608,544 
500 
 
1.710%, 11/15/29 – AGM Insured 
No Opt. Call 
A– 
483,060 
 
 
Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General 
 
 
 
 
 
Obligation Bonds, School Building Series 2021: 
 
 
 
190 
 
3.000%, 2/15/37 
2/30 at 100.00 
AAA 
215,669 
175 
 
3.000%, 2/15/38 
2/30 at 100.00 
AAA 
198,067 
145 
 
3.000%, 2/15/39 
2/30 at 100.00 
AAA 
163,663 
115 
 
3.000%, 2/15/40 
2/30 at 100.00 
AAA 
129,527 
1,000 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2021B, 
1/31 at 100.00 
Baa1 
1,188,320 
 
 
4.000%, 1/01/41 
 
 
 
1,000 
 
Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement 
9/31 at 100.00 
N/R 
994,090 
 
 
District 1, Refunding Series 2021, 3.500%, 9/01/36, 144A 
 
 
 
500 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding 
4/30 at 100.00 
A2 
581,595 
 
 
First Tier Series 2020C, 4.000%, 10/01/49 
 
 
 
1,200 
 
Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement 
9/30 at 100.00 
N/R 
1,259,244 
 
 
District Neighbor Improvement Areas 1-2 Project, Series 2020, 4.000%, 9/15/50, 144A 
 
 
 
 
 
Houston Community College System, Texas, General Obligation Bonds, Taxable Refunding 
 
 
 
 
 
Limited Tax Series 2021B: 
 
 
 
1,000 
 
2.059%, 2/15/36 
2/31 at 100.00 
AA+ 
978,050 
750 
 
2.109%, 2/15/37 
2/31 at 100.00 
AA+ 
731,363 
750 
 
2.209%, 2/15/38 
2/31 at 100.00 
AA+ 
733,785 
750 
 
2.259%, 2/15/39 
2/31 at 100.00 
AA+ 
731,678 
4,750 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2020A, 
7/30 at 100.00 
5,460,267 
 
 
4.000%, 7/01/47 (AMT) 
 
 
 
1,000 
 
Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District 
9/30 at 100.00 
N/R 
1,029,000 
 
 
Improvement Area 2 Project, Series 2020, 4.000%, 9/01/46, 144A 
 
 
 
 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA 
 
 
 
 
 
Transmission Services Corporation Project, Refunding Series 2021: 
 
 
 
1,625 
 
5.000%, 5/15/38 
5/30 at 100.00 
2,081,852 
1,665 
 
5.000%, 5/15/39 
5/30 at 100.00 
2,127,554 
2,625 
 
5.000%, 5/15/40 
5/30 at 100.00 
3,347,741 
375 
 
5.000%, 5/15/41 
5/30 at 100.00 
476,978 
625 
 
McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement 
9/31 at 100.00 
N/R 
619,638 
 
 
District Improvement Area 3 Project, Series 2021, 3.625%, 9/15/41, 144A 
 
 
 
 
156

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 4,175 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue 
8/25 at 103.00 
BB+ 
$ 4,610,995 
 
 
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 
2,140,311 
 
 
Improvement Area Project, Series 2020, 5.375%, 9/15/40, 144A 
 
 
 
 
 
San Antonio, Texas, Electric and Gas Systems Revenue Bonds, Refunding Junior Lien Series 2021A: 
 
 
 
805 
 
5.000%, 2/01/32 
2/31 at 100.00 
A+ 
1,076,454 
1,410 
 
5.000%, 2/01/33 
2/31 at 100.00 
A+ 
1,879,459 
1,520 
 
5.000%, 2/01/34 
2/31 at 100.00 
A+ 
2,018,484 
1,885 
 
5.000%, 2/01/35 
2/31 at 100.00 
A+ 
2,496,946 
1,875 
 
5.000%, 2/01/36 
2/31 at 100.00 
A+ 
2,476,162 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
 
 
 
 
 
Revenue Bonds, Hendrick Medical Center, Taxable Series 2021: 
 
 
 
450 
 
3.292%, 9/01/40 – AGM Insured 
9/30 at 100.00 
A2 
457,475 
350 
 
3.422%, 9/01/50 – AGM Insured 
9/30 at 100.00 
A2 
353,353 
3,810 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, 
6/29 at 100.00 
Baa3 
4,586,592 
 
 
NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, 5.000%, 6/30/58 (AMT) 
 
 
 
 
 
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– 
3,096,615 
1,540 
 
4.000%, 6/30/36 
12/30 at 100.00 
BBB– 
1,805,573 
2,195 
 
4.000%, 12/31/37 
12/30 at 100.00 
BBB– 
2,560,994 
2,000 
 
4.000%, 6/30/40 
12/30 at 100.00 
BBB– 
2,314,880 
49,295 
 
Total Texas 
 
 
57,360,533 
 
 
Utah – 0.2% (0.1% of Total Investments) 
 
 
 
1,000 
 
Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
1/25 at 102.00 
N/R 
1,029,490 
 
 
School Project, Series 2020A, 5.125%, 7/15/51, 144A 
 
 
 
 
 
Utah Infrastructure Agency, Telecommunications Revenue Bonds, Series 2021: 
 
 
 
375 
 
4.000%, 10/15/41 
4/31 at 100.00 
BBB– 
434,681 
500 
 
3.000%, 10/15/45 
4/31 at 100.00 
BBB– 
514,045 
1,875 
 
Total Utah 
 
 
1,978,216 
 
 
Virginia – 4.3% (3.0% of Total Investments) 
 
 
 
12,500 
 
Hampton Roads Transportation Accountability Commission, Revenue Bonds, Senior Lien Series 
7/30 at 100.00 
AA 
16,088,125 
 
 
2020A, 5.250%, 7/01/60 
 
 
 
10,750 
 
Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion 
7/30 at 100.00 
AA– 
12,557,827 
 
 
Clinic Obligated Group, Series 2020A, 4.000%, 7/01/51 (UB) (4) 
 
 
 
1,550 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed 
6/25 at 100.00 
B– 
1,617,797 
 
 
Bonds, Refunding Senior Lien Series 2007A, 6.706%, 6/01/46 
 
 
 
3,000 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 
6/27 at 100.00 
Baa3 
3,593,640 
 
 
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 
1,414,938 
2,380 
 
4.000%, 1/01/51 
7/27 at 103.00 
2,621,046 
1,000 
 
Virginia Small Business Financing Authority, Tourism Development Financing Program 
10/30 at 120.40 
N/R 
1,288,610 
 
 
Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1, 8.000%, 
 
 
 
 
 
10/01/43, 144A 
 
 
 
32,460 
 
Total Virginia 
 
 
39,181,983 
 
 
Washington – 0.2% (0.1% of Total Investments) 
 
 
 
1,230 
 
King and Pierce Counties School District 408 Auburn, Washington, General Obligation 
12/30 at 100.00 
Aaa 
1,387,305 
 
 
Bonds, Refunding Series 2020, 3.000%, 12/01/38 
 
 
 
 
157

 

   
NDMO 
Nuveen Dynamic Municipal Opportunities Fund 
 
Portfolio of Investments (continued)
April 30, 2021 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
West Virginia – 0.6% (0.4% of Total Investments) 
 
 
 
$ 4,000 
 
West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, 
12/27 at 103.00 
N/R 
$ 4,140,960 
 
 
Empire Trimodal Terminal, LLC Project, Series 2020, 7.625%, 12/01/40, 144A 
 
 
 
1,000 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue 
1/25 at 100.00 
1,026,780 
 
 
Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45 (AMT) (Mandatory Put 7/01/25) 
 
 
 
5,000 
 
Total West Virginia 
 
 
5,167,740 
 
 
Wisconsin – 2.3% (1.6% of Total Investments) 
 
 
 
6,350 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical 
1/28 at 100.00 
N/R 
6,763,448 
 
 
Academy Inc, Series 2020A, 5.000%, 1/01/56, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Appalachian 
 
 
 
 
 
Regional Healthcare System Obligated Group, Series 2021A: 
 
 
 
300 
 
5.000%, 7/01/35 
1/31 at 100.00 
BBB 
384,042 
190 
 
5.000%, 7/01/38 
1/31 at 100.00 
BBB 
240,930 
 
 
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+ 
2,149,164 
5,415 
 
3.000%, 6/01/45 – AGM Insured (UB) (4) 
6/30 at 100.00 
A+ 
5,764,484 
5,000 
 
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 
12/27 at 100.00 
N/R 
5,775,100 
 
 
Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A 
 
 
 
19,290 
 
Total Wisconsin 
 
 
21,077,168 
$ 1,281,770 
 
Total Municipal Bonds (cost $1,264,535,358) 
 
 
1,325,848,182 
 

Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.2% (0.2% of Total Investments) 
 
 
 
 
 
 
Real Estate – 0.1% (0.1% of Total Investments) 
 
 
 
 
$ 1,000 
 
Benloch Ranch Improvement Association No 1 
9.750% 
12/01/39 
N/R 
$ 1,088,300 
 
 
Utilities – 0.1% (0.1% of Total Investments) 
 
 
 
 
1,500 
 
Talen Energy Supply LLC 
6.000% 
12/15/36 
920,025 
$ 2,500 
 
Total Corporate Bonds (cost $1,758,923) 
 
 
 
2,008,325 
 
 
Total Long-Term Investments (cost $1,266,294,281) 
 
 
 
1,327,856,507 
 
 
Borrowings – (19.5)% (7) 
 
 
 
(176,900,000) 
 
 
Floating Rate Obligations – (21.7)% 
 
 
 
(196,590,000) 
 
 
Reverse Repurchase Agreements, including accrued interest – (3.8)% (8), (9) 
 
 
 
(34,709,210) 
 
 
Other Assets Less Liabilities – (1.3)% 
 
 
 
(12,312,211) 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$ 907,345,086 
 
158

 

             
Investments in Derivatives 
 
 
 
 
 
 
Futures Contracts - Short 
 
 
 
 
 
 
 
 
 
 
 
 
Variation 
 
 
 
 
 
Unrealized 
Margin 
 
Number of 
Expiration 
Notional 
 
Appreciation 
Receivable/ 
Description 
Contracts 
Date 
Amount 
Value 
(Depreciation) 
(Payable) 
U.S. Treasury 10-Year Note 
(503) 
6/21 
$ (67,487,533) 
$ (66,411,719) 
$1,075,815 
$(23,578) 
U.S. Treasury Ultra Bond 
(152) 
6/21 
(28,380,619) 
(28,257,750) 
122,869 
(47,500) 
U.S. Treasury Long Bond 
(122) 
6/21 
(18,947,807) 
(19,184,500) 
(236,693) 
(7,625) 
Total 
 
 
$(114,815,960) 
$(113,853,969) 
$ 961,991 
$(78,703) 
Total receivable for variation margin on futures contracts 
 
 
 
 
 
— 
Total payable for variation margin on futures contracts 
 
 
 
 
 
$(78,703) 
 
(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.
(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.
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions and/or reverse repurchase agreements. As of the end of the reporting period, investments with a value of $40,723,566 have been pledged as collateral for reverse repurchase agreements.
(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) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(7) 
Borrowings as a percentage of Total Investments is 13.3%. 
(8) 
The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.
(9) 
Reverse Repurchase Agreements as a percentage of Total Investments is 2.6%. 
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. 
 
159
See accompanying notes to financial statements.

 

Statement of Assets and Liabilities
April 30, 2021 (Unaudited)
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Assets 
 
 
 
 
 
Long-term investments, at value (cost $5,156,705,640, 
 
 
 
 
 
$3,307,176,201, $1,656,687,901, $1,169,246,974 
 
 
 
 
 
and $1,266,294,281, respectively) 
$5,786,427,285 
$3,737,239,610 
$1,761,060,481 
$1,237,663,979 
$1,327,856,507 
Short-term investments, at value ($—, $—, $—, $798,107, $—) 
— 
— 
— 
865,417 
— 
Cash 
980,990 
— 
160,712,310 
8,733,635 
16,628,183 
Cash collateral at brokers for investments in futures contracts1 
— 
— 
— 
— 
2,405,775 
Receivable for: 
 
 
 
 
 
Dividends 
— 
2,941 
— 
— 
— 
Interest 
237,020,341 
66,418,211 
276,694,105 
31,597,374 
95,294,240 
Investments sold 
37,381,670 
27,657,198 
8,978,433 
7,054,172 
14,945,280 
Shares sold 
— 
— 
1,759,290 
— 
— 
Deferred offering costs 
— 
— 
208,848 
220,000 
— 
Other assets 
2,132,643 
938,249 
122,395 
103,667 
48,481 
Total assets 
6,063,942,929 
3,832,256,209 
2,209,535,862 
1,286,238,244 
1,457,178,466 
Liabilities 
 
 
 
 
 
Cash overdraft 
— 
5,974,283 
— 
— 
— 
Borrowings 
— 
— 
— 
— 
176,900,000 
Reverse repurchase agreements, including 
 
 
 
 
 
accrued interest 
— 
— 
— 
— 
34,709,210 
Floating rate obligations 
187,925,000 
14,400,000 
434,618,000 
21,996,000 
196,590,000 
Payable for: 
 
 
 
 
 
Dividends 
13,646,657 
8,905,662 
5,507,418 
3,187,655 
3,793,979 
Interest2 
164,831,704 
20,246,713 
247,417,256 
11,550,440 
79,965,054 
Investments purchased – regular settlement 
4,761,619 
3,416,314 
1,071,128 
— 
7,044,549 
Investments purchased – when-issued/ 
 
 
 
 
 
 delayed-delivery settlement 
42,803,989 
— 
11,238,260 
— 
49,582,163 
Offering costs 
— 
— 
235,001 
— 
— 
Variation margin on futures contracts 
— 
— 
— 
— 
78,703 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, 
 
 
 
 
 
net of deferred offering costs (liquidation preference 
 
 
 
 
 
$112,000,000, $—, $257,000,000, $— and $—, respectively) 
111,918,480 
— 
256,636,154 
— 
— 
MuniFund Preferred (“MFP”) Shares, net of deferred 
 
 
 
 
 
offering costs (liquidation preference $405,400,000, 
 
 
 
 
 
$641,000,000, $—, $450,000,000 and $—, respectively) 
404,082,522 
640,028,521 
— 
448,852,763 
— 
Variable Rate Demand Preferred (“VRDP”) Shares, net of 
 
 
 
 
 
deferred offering costs (liquidation preference $1,411,600,000, 
 
 
 
 
 
$727,000,000, $—, $— and $—, respectively) 
1,408,136,995 
722,640,864 
— 
— 
— 
Accrued expenses: 
 
 
 
 
 
Management fees 
2,862,135 
1,869,644 
1,005,257 
907,260 
875,270 
Trustees fees 
1,243,349 
817,795 
137,384 
25,881 
15,695 
Shelf offering costs 
— 
— 
174,284 
198,557 
16,000 
 Other 
901,688 
659,213 
303,951 
244,939 
262,757 
Total liabilities 
2,343,114,138 
1,418,959,009 
958,344,093 
486,963,495 
549,833,380 
Commitments and contingencies (Note 8) 
 
 
 
 
 
Net assets applicable to common shares 
$3,720,828,791 
$2,413,297,200 
$1,251,191,769 
$ 799,274,749 
$ 907,345,086 
Common shares outstanding 
213,370,544 
142,125,906 
86,969,499 
53,276,080 
56,908,892 
Net asset value (“NAV”) per common share outstanding 
$ 17.44 
$ 16.98 
$ 14.39 
$ 15.00 
$ 15.94 
Net assets applicable to common shares consist of: 
 
 
 
 
 
Common shares, $0.01 par value per share 
$ 2,133,705 
$ 1,421,259 
$ 869,695 
$ 532,761 
$ 569,089 
Paid-in surplus 
3,082,824,003 
2,008,031,222 
1,133,611,978 
798,487,595 
853,141,885 
Total distributable earnings 
635,871,083 
403,844,719 
116,710,096 
254,393 
53,634,112 
Net assets applicable to common shares 
$3,720,828,791 
$2,413,297,200 
$1,251,191,769 
$ 799,274,749 
$ 907,345,086 
Authorized shares: 
 
 
 
 
 
Common 
Unlimited 
Unlimited 
Unlimited 
Unlimited 
Unlimited 
 Preferred 
Unlimited 
Unlimited 
Unlimited 
Unlimited 
Unlimited 
 
1     
Cash pledged to collateralize the net payment obligations for investments in derivatives.
2     
Excludes accrued interest on reverse repurchase agreements, which is recognized above.

See accompanying notes to financial statements.
160

 

Statement of Operations
Six Months Ended April 30, 2021 (Unaudited)
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Investment Income 
$117,657,047 
$ 76,787,590 
$ 40,296,854 
$ 31,347,593 
$19,984,990 
Expenses 
 
 
 
 
 
Management fees 
17,233,909 
11,225,912 
5,698,895 
5,337,705 
4,946,898 
Interest expense and amortization of offering costs 
3,530,482 
6,723,251 
1,942,307 
2,388,367 
1,095,572 
Liquidity fees 
5,300,759 
802,940 
— 
406,974 
— 
Remarketing fees 
1,011,388 
49,000 
— 
50,278 
— 
Custodian fees 
225,928 
157,081 
78,165 
82,003 
42,215 
Trustees fees 
82,101 
54,787 
18,521 
16,982 
13,553 
Professional fees 
537,658 
126,081 
76,607 
91,391 
89,094 
Shareholder reporting expenses 
147,579 
96,287 
50,269 
38,245 
38,858 
Shareholder servicing agent fees 
48,752 
22,654 
7,298 
— 
141 
Stock exchange listing fees 
28,755 
19,153 
27,243 
7,182 
— 
Investor relations expenses 
98,359 
65,046 
24,535 
19,055 
46,904 
Other 
164,002 
63,601 
186,190 
47,441 
196,688 
Total expenses 
28,409,672 
19,405,793 
8,110,030 
8,485,623 
6,469,923 
Net investment income (loss) 
89,247,375 
57,381,797 
32,186,824 
22,861,970 
13,515,067 
Realized and Unrealized Gain (Loss) 
 
 
 
 
 
Net realized gain (loss) from investments 
2,539,820 
2,742,270 
2,570,821 
3,409,741 
6,949,167 
Change in net unrealized appreciation (depreciation) of: 
 
 
 
 
 
Investments 
157,749,684 
141,489,510 
94,290,858 
110,311,367 
62,855,885 
Futures contracts 
— 
— 
— 
— 
961,991 
Net realized and unrealized gain (loss) 
160,289,504 
144,231,780 
96,861,679 
113,721,108 
70,767,043 
Net increase (decrease) in net assets applicable to 
 
 
 
 
 
common shares from operations 
$249,536,879 
$201,613,577 
$129,048,503 
$136,583,078 
$84,282,110 
 
See accompanying notes to financial statements.
161

 

Statement of Changes in Net Assets
         
 
NVG 
NZF 
 
Six Months 
 
Six Months 
 
 
Ended 
 
Ended 
 
 
4/30/21 
Year Ended 
4/30/21 
Year Ended 
 
(Unaudited) 
10/31/20 
(Unaudited) 
10/31/20 
Operations 
 
 
 
 
Net investment income (loss) 
$ 89,247,375 
$ 174,547,176 
$ 57,381,797 
$ 113,578,493 
Net realized gain (loss) from investments 
2,539,820 
20,352,040 
2,742,270 
(13,050,569) 
Change in net unrealized appreciation (depreciation) of: 
 
 
 
 
Investments 
157,749,684 
(104,484,643) 
141,489,510 
(88,994,829) 
 Futures contracts 
— 
— 
— 
— 
Net increase (decrease) in net assets applicable to 
 
 
 
 
common shares from operations 
249,536,879 
90,414,573 
201,613,577 
11,533,095 
Distributions to Common Shareholders 
 
 
 
 
Dividends 
(105,063,656) 
(175,828,479) 
(56,281,858) 
(107,589,117) 
Decrease in net assets applicable to common shares from 
 
 
 
 
 distributions to common shareholders 
(105,063,656) 
(175,828,479) 
(56,281,858) 
(107,589,117) 
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 
144,473,223 
99,393,290 
145,331,719 
(96,056,022) 
Net assets applicable to common shares at the 
 
 
 
 
 beginning of period 
3,576,355,568 
3,476,962,278 
2,267,965,481 
2,364,021,503 
Net assets applicable to common shares at the end 
 
 
 
 
 of period 
$3,720,828,791 
$3,576,355,568 
$2,413,297,200 
$2,267,965,481 
 
See accompanying notes to financial statements.
162

 

         
 
 
NMZ 
 
NMCO 
 
Six Months 
 
Six Months 
 
 
Ended 
 
Ended 
 
 
4/30/21 
Year Ended 
4/30/21 
Year Ended 
 
(Unaudited) 
10/31/20 
(Unaudited) 
10/31/20 
Operations 
 
 
 
 
Net investment income (loss) 
$ 32,186,824 
$ 54,821,399 
$ 22,861,970 
$ 37,835,962 
Net realized gain (loss) from investments 
2,570,821 
1,845,773 
3,409,741 
(76,019,228) 
Change in net unrealized appreciation (depreciation) of: 
 
 
 
 
Investments 
94,290,858 
(64,189,142) 
110,311,367 
(43,965,731) 
 Futures contracts 
— 
— 
— 
— 
Net increase (decrease) in net assets applicable to 
 
 
 
 
 common shares from operations 
129,048,503 
(7,521,970) 
136,583,078 
(82,148,997) 
Distributions to Common Shareholders 
 
 
 
 
Dividends 
(31,719,826) 
(57,470,993) 
(19,818,702) 
(38,645,307) 
Decrease in net assets applicable to common shares from 
 
 
 
 
 distributions to common shareholders 
(31,719,826) 
(57,470,993) 
(19,818,702) 
(38,645,307) 
Capital Share Transactions 
 
 
 
 
Common shares: 
 
 
 
 
Proceeds from sale of shares, net of offering costs 
— 
— 
— 
— 
Proceeds from shelf offering, net of offering costs 
56,013,050 
192,765,554 
— 
— 
Net proceeds from shares issued to shareholders 
 
 
 
 
 due to reinvestment of distributions 
432,242 
576,782 
— 
258,968 
 Issued in the merger 
— 
— 
— 
— 
Net increase (decrease) in net assets applicable to 
 
 
 
 
 common shares from capital share transactions 
56,445,292 
193,342,336 
— 
258,968 
Net increase (decrease) in net assets applicable to 
 
 
 
 
common shares 
153,773,969 
128,349,373 
116,764,376 
(120,535,336) 
Net assets applicable to common shares at the 
 
 
 
 
 beginning of period 
1,097,417,800 
969,068,427 
682,510,373 
803,045,709 
Net assets applicable to common shares at the end 
 
 
 
 
 of period 
$1,251,191,769 
$1,097,417,800 
$799,274,749 
$ 682,510,373 
 
See accompanying notes to financial statements.
163
 

Statement of Changes in Net Assets (Unaudited) (continued)
     
 
NDMO 
 
 
For the period 
 
Six Months 
8/26/20 
 
Ended 
(commencement 
 
4/30/21 
of operations) 
 
(Unaudited) 
through 10/31/20 
Operations 
 
 
Net investment income (loss) 
$ 13,515,067 
$ 1,525,599 
Net realized gain (loss) from investments 
6,949,167 
(449,948) 
Change in net unrealized appreciation (depreciation) of: 
 
 
Investments 
62,855,885 
(1,293,659) 
 Futures contracts 
961,991 
— 
Net increase (decrease) in net assets applicable to 
 
 
 common shares from operations 
84,282,110 
(218,008) 
Distributions to Common Shareholders 
 
 
Dividends 
(26,088,105) 
(4,341,885) 
Decrease in net assets applicable to common shares from 
 
 
 distributions to common shareholders 
(26,088,105) 
(4,341,885) 
Capital Share Transactions 
 
 
Common shares: 
 
 
Proceeds from sale of shares, net of offering costs 
— 
851,250,000 
Proceeds from shelf offering, net of offering costs 
— 
— 
Net proceeds from shares issued to shareholders 
 
 
due to reinvestment of distributions 
2,360,969 
— 
 Issued in the merger 
— 
— 
Net increase (decrease) in net assets applicable to 
 
 
 common shares from capital share transactions 
2,360,969 
851,250,000 
Net increase (decrease) in net assets applicable to 
 
 
common shares 
60,554,974 
846,690,107 
Net assets applicable to common shares at the 
 
 
 beginning of period 
846,790,112 
100,005 
Net assets applicable to common shares at the end 
 
 
 of period 
$907,345,086 
$846,790,112 
 
See accompanying notes to financial statements.
164

 

Statement of Cash Flows
Six Months Ended April 30, 2021 (Unaudited)
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Cash Flows from Operating Activities: 
 
 
 
 
 
Net Increase (Decrease) in Net Assets Applicable to 
 
 
 
 
 
Common Shares from Operations 
$249,536,879 
$ 201,613,577 
$ 129,048,503 
$ 136,583,078 
$ 84,282,110 
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 
(402,872,367) 
(319,958,407) 
(125,384,606) 
(94,546,324) 
(700,265,538) 
Proceeds from sales and maturities of investments 
422,794,490 
341,912,765 
54,065,211 
76,932,156 
336,294,213 
Proceeds from (Purchases of) short-term investments, net 
— 
— 
— 
14,469,743 
— 
Payment-in-kind distributions 
— 
(4,200) 
— 
— 
— 
Taxes paid 
(509,607) 
(30,648) 
(10,035) 
(11,581) 
— 
Amortization (Accretion) of premiums and discounts, net 
(3,679,030) 
(4,272,545) 
(387,425) 
(1,644,491) 
2,825,807 
Amortization of deferred offering costs 
174,578 
132,215 
8,797 
229,947 
— 
(Increase) Decrease in: 
 
 
 
 
 
Receivable for dividends and interest 
(163,512,247) 
(17,574,176) 
(248,086,287) 
(12,747,017) 
(88,830,740) 
Receivable for investments sold 
(20,039,525) 
(20,157,691) 
(3,035,022) 
(2,394,172) 
11,385,156 
Other assets 
(229,457) 
(118,786) 
(9,605) 
(22,840) 
(47,641) 
Increase (Decrease) in: 
 
 
 
 
 
Payable for interest 
164,394,936 
20,202,029 
246,384,166 
11,497,859 
79,916,943 
Payable for investments purchased – regular settlement 
4,761,619 
3,416,314 
(1,428,872) 
(1,249,022) 
(3,986,127) 
Payable for investments purchased – when-issued/ 
 
 
 
 
 
delayed-delivery settlement 
16,525,618 
(8,054,279) 
4,722,590 
(2,180,119) 
(3,517,935) 
Payable for offering costs 
— 
— 
235,001 
— 
— 
Payable for variation margin on futures contracts 
— 
— 
— 
— 
78,703 
Accrued management fees 
(38,536) 
(1,740) 
105,878 
62,759 
295,437 
Accrued Trustees fees 
254,684 
167,437 
35,005 
17,337 
13,413 
Accrued other expenses 
443,152 
250,967 
135,887 
93,036 
164,602 
Net realized (gain) loss from: 
 
 
 
 
 
Investments 
(2,539,820) 
(2,742,270) 
(2,570,821) 
(3,409,741) 
(6,949,167) 
Paydowns 
3,335 
(96,253) 
(6,893) 
(345,677) 
542 
Change in net unrealized (appreciation) depreciation of 
 
 
 
 
 
 investments 
(157,749,684) 
(141,489,510) 
(94,290,858) 
(110,311,367) 
(62,855,885) 
Net cash provided by (used in) operating activities 
107,719,018 
53,194,799 
(40,469,386) 
11,023,564 
(351,196,107) 
 
See accompanying notes to financial statements.
165

Statement of Cash Flows (Unaudited) (continued)

             
 
NVG 
NZF 
 
NMZ 
NMCO 
NDMO 
Cash Flows from Financing Activities: 
 
 
 
 
 
 
Proceeds from borrowings 
$ 32,950,827 
$ — 
$ — 
$ — 
$ 176,900,000 
(Repayments of) borrowings 
(32,950,827) 
— 
 
— 
— 
— 
Proceeds from reverse repurchase agreements 
11,000,000 
— 
 
— 
— 
— 
(Repayments of) repurchase agreements 
(11,000,000) 
— 
 
— 
— 
34,709,210 
Proceeds from AMTP Shares issued, at liquidation preference 
— 
— 
170,000,000 
— 
— 
(Payments for) deferred offering costs 
— 
— 
 
(255,000) 
(220,000) 
— 
Proceeds from shelf offering, net of offering costs 
— 
— 
54,280,909 
— 
— 
Increase (Decrease) in: 
 
 
 
 
 
 
Cash overdraft 
— 
4,956,168 
 
— 
— 
— 
Accrued shelf offering costs 
— 
— 
 
(16,714) 
198,557 
16,000 
Proceeds from floating rate obligations 
225,000 
— 
 
567,000 
73,000 
52,500,000 
(Repayments of) floating rate obligations 
(3,375,000) 
(1,875,000) 
 
— 
— 
— 
Cash distribution paid to common shareholders 
(105,051,615) 
(56,275,967) 
(30,842,017) 
(19,822,122) 
(23,757,124) 
Net cash provided by (used in) financing activities 
(108,201,615) 
(53,194,799) 
193,734,178 
(19,770,565) 
240,368,086 
Net Increase (Decrease) in Cash and Cash 
 
 
 
 
 
 
Collateral at Brokers 
(482,597) 
— 
153,264,792 
(8,747,001) 
(110,828,021) 
Cash and cash collateral at brokers at the beginning 
 
 
 
 
 
 
 of period 
1,463,587 
— 
7,447,518 
17,480,636 
129,861,979 
Cash and cash collateral at brokers at the end of period 
$ 980,990 
$ — 
$ 160,712,310 
$ 8,733,625 
$ 19,033,958 
 
The following table provides a reconciliation of cash and cash collateral at brokers to the statement of assets and liabilities: 
 
 
 
 
NVG 
NZF 
 
NMZ 
NMCO 
NDMO 
Cash 
$ 980,990 
$ — 
$ 160,712,310 
$ 8,733,635 
$ 16,628,183 
Cash collateral at brokers for investments in futures 
— 
— 
 
— 
— 
2,405,775 
Total cash and cash collateral at brokers 
$ 980,990 
$ — 
$ 160,712,310 
$ 8,733,635 
$ 19,033,958 
 
Supplemental Disclosure of Cash Flow Information 
 
 
 
 
 
 
Cash paid for interest on borrowings (excluding borrowing 
 
 
 
 
 
 
and amortization of offering costs) 
$(161,042,654) 
$ (13,622,353) 
$(244,450,656) 
$ (9,162,069) 
$ (79,312,825) 
Non-cash financing activities not included herein consists 
 
 
 
 
 
 
 of reinvestments of common share distributions 
— 
— 
 
432,242 
— 
2,360,969 
 
166

 

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167

 

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: 
 
 
 
 
 
 
 
 
 
2021(e) 
$16.76 
$0.42 
$ 0.76 
$ 1.18 
$(0.41) 
$(0.09) 
$(0.50) 
$17.44 
$17.20 
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: 
 
 
 
 
 
 
 
 
 
2021(e) 
15.96 
0.40 
1.02 
1.42 
(0.40) 
— 
(0.40) 
16.98 
16.56 
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.

168

 

 
 
 
 
Common Share Supplemental Data/ 
 
 
 
 
 
 
Ratios Applicable to Common Shares 
 
 
Common Share 
Total Returns 
 
Ratios to Average Net Assets 
Ratio to Average Net Assets 
 
 
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) 
               
7.05% 
13.41% 
$3,720,829 
1.55%** 
4.88%** 
N/A 
N/A 
7% 
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 
(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 
 
 
8.92 
15.15 
2,413,297 
1.64** 
4.86** 
N/A 
N/A 
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, where applicable. 
 
• 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: 
 
2021(e) 
0.54%** 
2020(e) 
0.64%** 
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.
(e) 
Unaudited. For the six months ended April 30, 2021. 
N/A 
Fund does not have or no longer has a contractual reimbursement with the Adviser. 
Rounds to less than $0.01 per share. 
** 
Annualized 
 
See accompanying notes to financial statements.
169
 

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: 
 
 
 
 
 
 
 
 
 
 
 
2021(e) 
$13.22 
$0.37 
$ 1.17 
$ 1.54 
$(0.38) 
$ — 
$(0.38) 
$0.01 
$ —* 
$14.39 
$14.84 
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: 
 
 
 
 
 
 
 
 
 
 
 
2021(e) 
12.81 
0.43 
2.13 
2.56 
(0.37) 
— 
(0.37) 
— 
— 
15.00 
14.79 
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.

170

 

 
 
 
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) 
 
11.69% 
15.26% 
$1,251,192 
1.38%** 
5.47%** 
3% 
(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 
 
20.16 
30.11 
799,275 
2.25 
6.07 
(10.33) 
(19.78) 
682,510 
2.41 
5.24 
70 
0.53 
2.60 
803,046 
1.01** 
2.58** 
 
(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: 
 
2021(e) 
0.33%** 
 
2021(e) 
0.76%** 
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. 
(e) 
Unaudited. For the six months ended April 30, 2021. 
Rounds to less than $0.01 per share. 
** 
Annualized. 
 
See accompanying notes to financial statements.
171
 
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: 
 
 
 
 
 
 
 
 
 
2021(e) 
$14.92 
$0.24 
$ 1.24 
$1.48 
$(0.46) 
$ — 
$(0.46) 
$15.94 
$16.60 
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.

172

 

           
 
 
 
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) 
 
 
9.99% 
13.93% 
$907,345 
1.46%* 
3.06%* 
28% 
(0.02) 
0.51 
846,790 
0.89* 
1.06* 
 
(b)     
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings and/or reverse repurchase agreements, where applicable.
 
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings and/or reverse repurchase agreements (as described in Note 9 – Borrowing Arrangements) 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:
     

NDMO 
 
Year Ended 10/31: 
 
2021(e) 
0.25%* 
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. 
(e) 
Unaudited. For the six months ended April 30, 2021. 
Annualized. 
 
See accompanying notes to financial statements.
173

 

Financial Highlights (Unaudited) (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: 
 
 
 
 
 
 
 
 
 
 
 
 
2021(c) 
$112,000 
$292,889 
$ — 
$ — 
$405,400 
$292,889 
 
$ — 
$ — 
$1,411,600 
$292,889 
$2.93 
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: 
 
 
 
 
 
 
 
 
 
 
 
 
2021(c) 
— 
— 
— 
— 
641,000 
276,411 
 
— 
— 
727,000 
276,411 
2.76 
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: 
 
2021(c) 
$2,929 
2020 
2,854 
2019 
2,914 
2018 
— 
2017 
— 
2016 
— 
 
See accompanying notes to financial statements.
174

 

                     
 
Borrowings 
AMTP Shares 
MFP Shares 
 
VMTP Shares 
 
 
at the End of Period 
at the End of Period 
at the End of Period 
at the End of Period 
 
Aggregate 
Asset 
Aggregate 
Asset 
Aggregate 
 
Asset 
Aggregate 
 
Asset 
 
Amount 
Coverage 
Amount 
Coverage 
Amount 
Coverage 
Amount 
Coverage 
 
Outstanding 
Per $1,000 
Outstanding 
Per $100,000 
Outstanding 
Per $100,000 
Outstanding 
Per $100,000 
 
(000) 
Share 
(000) 
Share 
(000) 
 
Share 
(000) 
 
Share 
 
NMZ 
 
 
 
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
2021(c) 
$ — 
$ — 
$257,000 
$ 586,845 
$ — 
$ — 
$ — 
$ — 
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: 
 
 
 
 
 
 
 
 
 
 
2021(c) 
— 
— 
— 
— 
450,000 
277,617 
— 
 
— 
2020 
— 
— 
— 
— 
450,000 
251,669 
— 
 
— 
2019(b) 
— 
— 
— 
— 
— 
 
— 
— 
 
— 
 
NDMO 
 
 
 
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
2021 (c) 
176,900 
6,129 
— 
— 
— 
 
— 
— 
 
— 
2020 (d) 
— 
— 
— 
— 
— 
 
— 
— 
 
— 
 
   
(b) 
For the period September 16, 2019 (commencement of operations) through October 31, 2019. 
(c) 
Unaudited. For the six months ended April 30, 2021. 
(d) 
For the period August 26, 2020 (commencement of operations) through October 31, 2020. 
 
See accompanying notes to financial statements.
175

 

Notes to
Financial Statements (Unaudited)
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 April 30, 2021 and the period covered by these Notes to Financial Statements is for the six months ended April 30, 2021 (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.
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.
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.
176

 

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 amortization of premiums and accretion of discounts 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.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates 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 amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Fund’s financial statements.
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
177

 

Notes to Financial Statements (Unaudited) (continued)
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 and registered investment companies that trade on a foreign exchange 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 these securities are generally classified as Level 2.
Futures contracts are valued using closing settlement price or, in the absence of such a price, the last traded price and are generally classified as level 1.
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.
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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* 
$ — 
$5,759,455,323 
$7,485,500*** 
$5,766,940,823 
Common Stock** 
— 
19,486,462**** 
— 
19,486,462 
Total 
$ — 
$5,778,941,785 
$7,485,500 
$5,786,427,285 
 
NZF 
 
 
 
 
Long-Term Investments: 
 
 
 
 
Municipal Bonds* 
$ — 
$3,700,604,919 
$393,446*** 
$3,700,998,365 
Common Stock** 
— 
34,264,852**** 
— 
34,264,852 
Investment Companies 
1,976,393 
— 
— 
1,976,393 
Total 
$1,976,393 
$3,734,869,771 
$393,446 
$3,737,239,610 
 
NMZ 
 
 
 
 
Long-Term Investments: 
 
 
 
 
Municipal Bonds* 
$ — 
$1,722,492,061 
$ 4,087,801*** 
$1,726,579,862 
Common Stock** 
4,941,604 
21,633,463**** 
— 
26,575,067 
Corporate Bonds** 
— 
7,777,450 
128,102*** 
7,905,552 
Total 
$4,941,604 
$1,751,902,974 
$ 4,215,903 
$1,761,060,481 
 
NMCO 
 
 
 
 
Long-Term Investments: 
 
 
 
 
Municipal Bonds* 
$ — 
$1,208,299,596 
$2,605,000*** 
$1,210,904,596 
Common Stock** 
— 
24,753,623**** 
— 
24,753,623 
Exchange-Traded Funds 
2,005,760 
— 
— 
2,005,760 
Short-Term Investments: 
 
 
 
 
Municipal Bonds* 
— 
865,417 
— 
865,417 
Total 
$2,005,760 
$1,233,918,636 
$2,605,000*** 
$1,238,529,396 
 
NDMO 
 
 
 
 
Long-Term Investments: 
 
 
 
 
Municipal Bonds* 
$ — 
$1,325,848,182 
$ — 
$1,325,848,182 
Corporate Bonds** 
— 
2,008,325 
— 
2,008,325 
Investments in Derivatives 
 
 
 
 
Futures Contracts***** 
961,991 
— 
— 
961,991 
Total 
$961,991 
$1,327,856,507 
$ — 
$1,328,818,498 
 
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. 
***** 
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. 
 
The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in Note 4 – Portfolio Securities and Investments in Derivatives. The fair values of the Funds’ liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in Note 5 – Fund Shares.
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
179

Notes to Financial Statements (Unaudited) (continued)
“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.
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 
$181,925,000 
$14,400,000 
$434,618,000 
$21,996,000 
$196,590,000 
Floating rate obligations: externally-deposited Inverse Floaters 
74,675,000 
11,095,000 
65,140,000 
— 
— 
Total 
$256,600,000 
$25,495,000 
$499,758,000 
$21,996,000 
$196,590,000 
 
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 
$184,484,836 
$15,895,902 
$434,261,689 
$21,950,126 
$159,765,191 
Average annual interest rate and fees 
0.64% 
0.68% 
1.75% 
0.71% 
0.76% 
 
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
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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.
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 
$179,180,000 
$ 6,900,000 
$409,838,000 
$21,996,000 
$196,590,000 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
62,320,000 
9,420,000 
65,140,000 
— 
— 
Total 
$241,500,000 
$16,320,000 
$474,978,000 
$21,996,000 
$196,590,000 
 
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 but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Purchases 
$402,872,367 
$319,958,407 
$125,384,606 
$94,546,324 
$700,265,538 
Sales and maturities 
$422,794,490 
$341,912,765 
$54,065,211 
$76,932,156 
$336,294,213 
 
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.
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Notes to Financial Statements (Unaudited) (continued)
Futures Contracts
Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers for investments in futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.
During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
During the current reporting period, NDMO managed the duration of its portfolio by shorting interest rate futures contracts.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
   
 
NDMO 
Average notional amount of futures contracts outstanding* 
$114,815,960 
 
* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
The following table presents the fair value of all futures contracts held by the Fund as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
 
 
 
Location on the Statement of Assets and Liabilities 
 
Underlying Risk 
Derivative 
 
Asset Derivatives 
 
(Liability) Derivatives 
 
Exposure 
Instrument 
Location 
 
Value 
Location 
Value 
NDMO 
 
 
 
 
 
 
Interest rate 
Futures contracts 
— 
 
$ — 
Payable for variation margin 
$1,198,684 
 
 
 
 
 
on futures contracts* 
 
 
 
 
 
 
Payable for variation margin 
 
 
 
 
 
 
on futures contracts* 
$(236,693) 
 
* Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the daily asset and/or liability derivatives location as described in the table above.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
         
 
 
 
Net Realized 
Change in Net Unrealized 
 
Underlying Risk 
Derivative 
Gain (Loss) from 
Appreciation (Depreciation) of 
Fund 
Exposure 
Instrument 
Futures Contracts 
Futures contracts 
NDMO 
Interest rate 
Futures contracts 
$ — 
$961,991 
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to

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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 and NMCO have filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing each Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during a prior or current fiscal period.
Under these Shelf Offerings, the Funds, 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 each Fund’s NAV per common share. In each event the Fund’s Shelf Offering registration statement is no longer current, the Funds 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 Funds’ Shelf Offering during the Funds’ current and prior fiscal period were as follows:
         
 
NMZ 
NCMO
 
Six Months 
Year 
Six Months 
Year 
 
Ended 
Ended 
Ended 
Ended 
 
4/30/21* 
10/31/20 
4/30/21** 
10/31/20 
Additional authorized common shares 
13,340,607 
19,500,000 
— 
— 
Maximum aggregate offering 
Unlimited 
— 
90,000,000 
— 
Common shares sold 
3,929,090 
13,935,297 
— 
— 
Offering proceeds, net of offering costs 
$56,013,050 
$192,765,554 
— 
— 
 
*     
For the period March 8, 2021 through April 30, 2021. The Fund carried forward 13,340,607 common shares from the 19,500,000 additional previously authorized common shares.
**     
For the period March 25, 2021 through April 30, 2021.

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 after the 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 
 
 
Six Months 
 
Year 
 
Ended 
 
Ended 
 
4/30/21 
 
10/31/20 
Common shares: 
 
 
 
Issued in the Merger 
— 
 
10,817,649 

 
 
 
NMZ 
 
 
Six Months 
 
Year 
 
Ended 
 
Ended 
 
4/30/21 
 
10/31/20 
Common shares: 
 
 
 
Issued to shareholders due to reinvestment of distributions 
31,033 
 
42,176 
Sold through shelf offering 
3,929,090 
 
13,935,297 
Weighted average common share: 
 
 
 
Premium to NAV per shelf offering share sold 
1.79% 
 
1.38% 
 
183
 

Notes to Financial Statements (Unaudited) (continued)
         
 
NMCO* 
NDMO* 
 
 
 
 
For the 
 
 
 
 
period 8/26/20 
 
 
 
 
(commencement 
 
Six Months 
Year 
Six Months 
of operations) 
 
Ended 
Ended 
Ended 
through 
 
4/30/21 
10/31/20 
4/30/21 
10/31/20 
Common shares: 
 
 
 
 
Issued to shareholders due to reinvestment of distributions 
— 
19,413 
152,225 
— 
 Sold 
— 
— 
— 
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.
As of the end of the reporting period, NVG and NMZ had $111,918,480 and $256,636,154 AMTP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
       
 
 
Shares 
Liquidation 
Fund 
Series 
Outstanding 
Preference 
NVG 
2028 
1,120 
$112,000,000 
NMZ 
2028 
870 
$ 87,000,000 
 
2031 
1,700 
170,000,000 
 
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund 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 
 
360-day 
2031 
April 1, 2031** 
April 18, 2022 
** 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 
$98,270,718 
Annualized dividend rate 
0.89% 
0.93% 
 
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’
184

 

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.
NMZ incurred offering costs of $255,000 in connection with its offering of AMTP Shares, which were recorded as a deferred charge, and are being amortized over the life of the shares. These offering costs 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.
185

 

Notes to Financial Statements (Unaudited) (continued)
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with the Funds’ offering of MFP Shares were recorded as deferred charges, which are 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 $404,082,522, $640,028,521 and $448,852,763 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 4, 2022 
 
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 
February 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 
$450,000,000 
Annualized dividend rate 
0.70% 
1.15% 
1.01% 
 
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 $1,408,136,995 and $722,640,864 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.

186
 

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 
0.12% 
0.80% 
 
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: 
 
 
 
 
 
Six Months Ended 
April 30, 2021 
 
NVG 
Series 
Shares 
Amount 
AMTP Shares issued 
2031 
1,700 
$170,000,000 
 
 
 
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, 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 
 
187
 
Notes to Financial Statements (Unaudited) (continued)
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 April 30, 2021.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO 
Tax cost of investments 
$4,962,267,405 
$3,289,972,768 
$1,217,520,996 
$1,154,148,599 
$1,070,489,764 
Gross unrealized: 
 
 
 
 
 
Appreciation 
653,931,843 
459,050,007 
152,504,374 
89,945,263 
64,449,948 
Depreciation 
(17,695,775) 
(26,183,639) 
(43,583,072) 
(27,560,346) 
(2,710,356) 
Net unrealized appreciation (depreciation) of investments 
$ 636,236,068 
$ 432,866,368 
$ 108,921,302 
$ 62,384,917 
$ 61,739,592 
 
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’ last 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’ last 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’ last tax year ended October 31, 2020 was designated for purposes of the dividends paid deduction as follows:
           
 
NVG 
NZF 
NMZ 
NMCO 
NDMO3 
Distributions from net tax-exempt income 
$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 gains 
6,121,637 
— 
— 
— 
— 
 
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any
3     
For the period August 26, 2020 (commencement of operations) through October 31, 2020.

188

 

As of October 31, 2020, the Funds’ last 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.


           
 
NVG4 
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 
4 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’ last 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 
NMZ 
NMCO 
NDMO 
Average Daily Managed Assets* 
Fund-Level Fee Rate 
Fund-Level Fee Rate 
Fund-Level Fee Rate 
Fund-Level Fee Rate 
For the first $125 million 
0.5000% 
0.5500% 
0.7500% 
0.7000% 
For the next $125 million 
0.4875 
0.5375 
0.7375 
0.6875 
For the next $250 million 
0.4750 
0.5250 
0.7250 
0.6750 
For the next $500 million 
0.4625 
0.5125 
0.7125 
0.6625 
For the next $1 billion 
0.4500 
0.5000 
0.7000 
0.6500 
For the next $3 billion 
0.4250 
0.4750 
0.6750 
0.6250 
For managed assets over $5 billion 
0.4125 
0.4625 
0.6625 
0.6125 
 
189
 

Notes to Financial Statements (Unaudited) (continued)
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 April 30, 2021, the complex-level fee for each Fund was 0.1544%.

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 
NZF 
NMCO 
Purchases 
$11,661,624 
$812,891 
Sales 
10,632,310 
— 
Realized gain/loss 
(440,461) 
— 
 
8. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.
From time to time, the Funds may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, the Funds are not subject to any material legal proceedings.
9. 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 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
190

 

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% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Other expense” on the Statement of Operations. 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 Fund utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:
 
NVG 
Maximum outstanding balance 
$32,950,827 
 
During the Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
   
 
NVG 
Utilization period (days outstanding) 
Average daily balance outstanding 
$32,950,827 
Average annual interest rate 
1.39% 
 
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.
Borrowing Information for NDMO
On November 3, 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 on November 2, 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 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.
During the current fiscal period, the average daily balance outstanding (which was for the period December 15, 2020 through April 30, 2021) and average annual interest rate on these Borrowings were $141,514,599 and 0.92%, respectively.
In order to maintain these Borrowings, the Fund must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by securities in the Fund’s portfolio of investments.
Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the drawn amount and undrawn balance are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Reverse Repurchase Agreements
During the current fiscal period NVG utilized reverse repurchase agreements for temporary purposes other than leveraging. During the current fiscal period NDMO utilized reverse repurchase agreements as a means of leverage.
The Fund may enter into a reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense” on the Statement of Operations.
In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. In order to minimize risk, the Fund identifies for coverage securities and cash as collateral with a fair value at least equal to its purchase obligations under these agreements (including accrued interest).

191
 

Notes to Financial Statements (Unaudited) (continued)
Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed. The Fund will pledge assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements.
As of the end of the reporting period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:
             
 
 
Interest 
Principal 
 
 
Value and 
Fund 
Counterparty 
Rate 
Amount 
Maturity 
Value 
Accrued Interest 
NDMO 
 
 
 
 
 
 
 
Royal Bank of Canada 
0.76% 
$(14,700,000) 
6/7/21 
$(14,700,000) 
$(14,702,793) 
 
Royal Bank of Canada 
0.77% 
(20,000,000) 
6/17/21 
(20,000,000) 
(20,006,417) 
 
 
 
$(34,700,000) 
 
$(34,700,000) 
$(34,709,210) 
 
During the current fiscal period, the average daily balance outstanding and average interest rate on the reverse repurchase agreements were as follows:
     
 
NVG 
NDMO 
Utilization period (days outstanding) 
24 
Average daily balance outstanding 
$(11,000,000) 
$(25,512,500) 
Average interest rate 
0.85% 
0.77% 
 
The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.
       
 
 
 
Collateral 
 
 
Reverse Repurchase 
Pledged to 
Fund 
Counterparty 
Agreements* 
Counterparty 
NDMO 
Royal Bank of Canada 
$(34,709,210) 
$40,723,566 
* Represents gross value and accrued interest for the counterparty as reported in the preceding table.
10. Inter-Fund Borrowing and Lending
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
192

 

may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
11. Subsequent Events
Committed Line of Credit
During June 2021, the Participating Funds renewed the standby credit facility through June 2022. In conjunction with this renewal the commitment amount increased from $2.405 billion to $2.635 billion and the interest rate changed from the higher of a) LIBOR plus 1.25% or b) the Fed Funds rate plus 1.25% to the higher of a) OBFR (Overnight Bank Funding Rate) plus 1.20% or b) the Fed Funds Rate plus 1.20%. The Participating Funds also incurred a 0.05% upfront fee on the increase of the commitment amount. All other terms remain relatively unchanged.

193
 

Risk Considerations (Unaudited)
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NVG.
Nuveen Municipal Credit Income Fund (NZF)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NZF.
Nuveen Municipal High Income Opportunity Fund (NMZ)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMZ.
Nuveen Municipal Credit Opportunities Fund (NMCO)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMCO.
194

 

Nuveen Dynamic Municipal Opportunities Fund (NDMO)
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Debt or fixed income securities such as those municipal securities held by the Fund, are subject to market risk, credit risk, interest rate risk, liquidity risk and income risk. As interest rates rise, bond prices fall. Lower quality municipal securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk, derivatives risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NDMO.
195

 

Additional Fund Information (Unaudited)
           
Board of Trustees 
 
 
 
 
 
Jack B. Evans 
William C. Hunter 
Amy B. R. Lancellotta* 
Joanne T. Medero* 
Albin F. Moschner 
John K. Nelson 
Judith M. Stockdale 
Carole E. Stone 
Mathew Thornton III 
Margaret L. Wolff 
Robert L. Young 
 
* Effective June 1, 2021. 
 
 
 
 
 

         
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.
196

 

Glossary of Terms Used in this Report (Unaudited)
 
n Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually 
multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumula- 
tive performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over 
the time period being considered. 
n 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. 
n 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. 
n 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. 
n 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. 
n Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% 
of the investment capital. 
n 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 perform- 
ance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond 
High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high 
yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses. 
n 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. 
 
197

 

Glossary of Terms Used in this Report (Unaudited) (continued)
 
n Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local govern- 
ments 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. 
n 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. 
n 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. 
n 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. 
n 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. 
n 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 resid- 
ual 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. 
n 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. 
 
198

 
Notes

199
 
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.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial 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
ESA-C-0421D 1668433-INV-B-06/22




 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
 
ITEM 13. EXHIBITS.

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


(a)(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: See Ex-99.906 CERT attached hereto.



 
SIGNATURES

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

(Registrant) Nuveen Dynamic Municipal Opportunities Fund

By (Signature and Title) /s/ Mark L. Winget
Mark L. Winget
Vice President and Secretary

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

Date: July 7, 2021

 
Exhibit 99.CERT
 
CERTIFICATION

I, David J. Lamb, certify that:

1.  
I have reviewed this report on Form N-CSR of Nuveen Dynamic Municipal 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: July 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 Dynamic Municipal 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: July 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 Dynamic Municipal 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 April 30, 2021 (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: July 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)