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 811-21449

Nuveen Municipal High Income Opportunity Fund
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2018

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.

 

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Table of Contents

 

Chairman’s Letter to Shareholders 4
   
Portfolio Managers’ Comments 5
   
Fund Leverage 8
   
Common Share Information 9
   
Risk Considerations 11
   
Performance Overview and Holding Summaries 12
   
Portfolios of Investments 18
   
Statement of Assets and Liabilities 119
   
Statement of Operations 120
   
Statement of Changes in Net Assets 121
   
Statement of Cash Flows 122
   
Financial Highlights 124
   
Notes to Financial Statements 130
   
Additional Fund Information 149
   
Glossary of Terms Used in this Report 150
   
Reinvest Automatically, Easily and Conveniently 152

 

3

Chairman’s Letter to Shareholders

Dear Shareholders,

The global synchronized expansion that drove markets to new highs in 2017 is beginning to show signs of fatigue. Against this backdrop, concerns about tightening financial conditions, potentially higher inflation and an array of geopolitical and policy risks have increased volatility across the financial markets in 2018 so far.

Despite the daily headlines, the global economy remains in solid shape. Even if the momentum is slowing, world economies are still expanding, recession probabilities are low and corporate profits have stayed healthy. Inflation remains relatively subdued, which should keep central banks on a gradual path of policy normalization. In the U.S., economic growth is expected to strengthen further, supported by low unemployment, incremental wage growth and fiscal stimulus from the newly enacted tax law changes.

Certainly there are risks that bear watching. Trade wars and tariffs have implications for both the supply and demand sides of the economy, complicating the outlook for businesses, consumers and the economy as a whole. North Korea relations, Iran and Russia sanctions, Italy’s new coalition government and Brexit negotiations are likely to continue triggering short-term turbulence in asset prices. The markets will also remain focused on central bank actions and communications.

The investment environment of 2018 will be more challenging than it was in 2017, but there is still opportunity for upside. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.

Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter time-frames could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. 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,

William J. Schneider
Chairman of the Board
June 25, 2018

 

4

Portfolio Manager’s Comments

Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (NVG)
Nuveen Enhanced Municipal Credit Opportunities Fund (NZF)
Nuveen Municipal High Income Opportunity Fund (NMZ)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers John V. Miller, CFA, Paul L. Brennan, CFA, and Scott R. Romans, PhD discuss key investment strategies and the six-month performance of these three national Funds. Paul has managed NVG since 2006, Scott assumed portfolio management responsibility for NZF in 2016 and John has managed NMZ since its inception in 2003.

What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2018?

Interest rates rose during the six-month reporting period. The Federal Reserve (Fed) continued to raise its benchmark interest rate, putting upward pressure on the short end of the yield curve, while healthy economic growth and rising inflation expectations boosted yields at the long end of the curve. Shorter-term rates increased more than longer-term rates, resulting in a flatter yield curve during the reporting period. In this environment, municipal bond yields rose and prices fell (as yield and price move in opposite directions). However, given the backdrop of steady economic growth, credit fundamentals remained favorable, which helped credit spreads tighten. Municipal bond supply and demand technical conditions also continued to support the market. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.

Our trading activity continued to focus on pursuing the Funds’ investment objectives. Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations.

NVG and NZF bought bonds across a variety of sectors, with an emphasis on longer maturities (20 years and longer) and bonds with 10-year call structures. NVG added positions in health care, utilities, transportation and Illinois credits. In NZF, we modestly increased exposure to charter schools and Illinois, California and New York bonds. Elevated volatility in the California and New York markets during the reporting period provided a tactical opportunity to buy and hold these bonds until a more attractive opportunity arises. NZF bought a combination of below investment grade credits and high grade credits because there was a scarcity of compelling relative value in between (i.e., A rated credits). Additionally, the Funds’ holdings in New Jersey tobacco settlement bonds were called in this reporting period and were partially replaced with new bonds issued in the refunding deal. NVG and NZF

 
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

 

5

Portfolio Manager’s Comments (continued)

also executed trades to take advantage of the prevailing market conditions that provided attractive opportunities for tax loss swapping. This strategy involves selling bonds that were bought when interest rates were lower and using the proceeds to buy other bonds (typically at higher yield levels) to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities.

Elevated call activity provided most of the proceeds for NVG’s and NZF’s buying activity. In addition, NVG sold some short maturity bonds during the reporting period, while NZF sold some California and New York positions that were held as short-term placeholders.

For NMZ, cash for new purchases was generated mainly from call activity and maturing bonds in the portfolio. We reinvested these proceeds across many of the longstanding investment themes in the portfolio, including charter schools, community development and health care bonds that we believe are well positioned for a strengthening economy. We bought bonds issued for Florida Development Finance Corp. (DFC) Brightline Rail Project, a high-speed passenger train connecting Miami, Fort Lauderdale and West Palm Beach (with plans to add Orlando) that is the first privately funded, constructed and operated rail line in the United States. We also added credits that were attractively priced during a surplus of supply issued toward the end of 2017 when issuers rushed their deals ahead of the tax legislation. During that time we bought an issue for North Carolina Charter Educational Foundation, which operates four charter schools north of Charlotte. NMZ, like NVG and NZF, owned a small position in New Jersey tobacco settlement bonds that were refunded during the reporting period and we bought some of the newly issued replacement bonds for NMZ as well.

As of April 30, 2018, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NVG continued to invest in forward interest rates swaps to help reduce price volatility risk due to movements in U.S. interest rates relative to the Fund’s benchmark. The interest rate swaps had a positive impact on performance during this reporting period.

How did the Funds perform during the six-month reporting period ended April 30, 2018?

The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2018. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.

For the six months ended April 30, 2018, the total returns at NAV for NZF trailed the return for the national S&P Municipal Bond Index while NVG and NMZ outperformed the national index. NVG and NZF underperformed the return for the secondary benchmark (composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index), and NMZ under-performed the return on the S&P Municipal Yield Index.

Credit ratings allocation was the main driver of NVG and NZF’s relative outperformance in this reporting period. Lower quality bonds led high quality bonds during the reporting period, which was especially beneficial to the Funds’ overweight allocations to BBB rated, below investment grade and non-rated bonds. The two Funds were also underweight the highest grade bonds (AAA and AA rated), which was advantageous to relative performance.

Yield curve and duration positioning contributed modest gains to NVG and NZF’s relative performance. The Funds were positioned with longer duration profiles than that of the benchmark, which was disadvantageous in the rising interest rate environment. However, yield curve positioning more than offset the negative impact, with outperformance from the Funds’ overweight allocations to longer maturities.

NVG’s and NZF’s sector allocations did not have a meaningful impact on relative performance in this reporting period. Tobacco settlement bonds were the best performing sector, benefiting the Funds’ holdings there. However, the Funds’ saw mixed performance in other sectors such as the tax-supported (including particular weakness in Illinois state general obligation bonds), utilities and transportation sectors. 

6

The performance of NMZ, which is primarily compared to the S&P Municipal Yield Index, was largely driven by individual credits that performed well in this reporting period. The higher coupon bonds in which NMZ invests offer greater income, which buffers the negative impact of higher interest rates and makes the Fund’s return less sensitive to interest rate movements. The Florida Brightline Rail Project (mentioned in the key strategies discussion of this commentary) was a positive contributor as narrowing credit spreads helped the bonds appreciate despite the increase in interest rates. Optimism about the project’s chances for success (as the train’s grand opening to the public commenced on May 19, 2018, subsequent to the close of this reporting period) also helped the bonds perform well. NMZ also continued to see strong results from its holdings in the American Dreams Meadowlands Project, a mega-mall and entertainment complex under development in New Jersey. We bought the issue when it was out of favor due to investors’ concerns about the recent decline in shopping malls. However, we believe the project’s entertainment and amusement facilities, as well as the strength of the developers, the tenants that have pre-leased and the financing package, support an attractive long-term growth opportunity. The bonds benefited from significant spread contraction over the reporting period. Like in NVG and NZF, NMZ’s holdings in tobacco settlement bonds contributed positively. These bonds were boosted by an acceleration in advance refundings across the sector. As older tobacco bonds were retired, issuers replaced them with higher quality, shorter-term bonds, improving the technical situation for the sector. NMZ’s holdings Buckeye Tobacco and Golden State Tobacco were outperformers in this reporting period. The Fund’s position in Chicago Board of Education, which oversees Chicago Public Schools, was another standout performer. Spreads on these bonds narrowed significantly after the state of Illinois passed school funding reforms that helped stabilize the school system’s financial condition and credit outlook.

Conversely, disappointing performance came from the Colorado Housing Finance Authority Colorado Senior Residences Project. We bought the bonds because we believe the weakness was caused by temporary factors and that the credit has the potential to turn around. A position in New Hope Cultural Education Facilities Finance Corporation Collegiate Housing Texas A&M University credits also depreciated during the reporting period due to investor concerns about a slower-than-expected lease-up. However, recently improving leasing activity has helped support our positive long-term view on the credit.

In addition, the use of regulatory leverage was an important factor affecting performance of the three Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.

An Update on FirstEnergy Solutions Corp.

FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under chapter 11 of the U.S. Bankruptcy Code. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. We owned longer-maturity bonds issued by FirstEnergy Solutions, which had a negligible impact on performance for the reporting period as the issuer took steps toward seeking bankruptcy protection which occurred in late March 2018. A substantial amount of bondholders, of which Nuveen is included, entered into an “Agreement in Principal” with FirstEnergy Solutions’ parent, FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.

In terms of FirstEnergy holdings, shareholders should note that NVG had 1.73%, NZF had 1.20% and NMZ had 0.97% exposure, which was a mix of unsecured and secured holdings.

 

7

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, 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. Leverage had a positive impact on the performance of NVG and NZF while leverage had a negative impact on the performance of NMZ over this reporting period.

As of April 30, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.

 

  NVG NZF NMZ  
Effective Leverage* 39.61% 39.19% 38.39%  
Regulatory Leverage* 36.06% 38.37% 9.38%  

 

* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

 

THE FUNDS’ REGULATORY LEVERAGE

As of April 30, 2018, the Funds have issued and outstanding preferred shares as shown in the accompanying table.

 

        Variable Rate        
    Variable Rate   Remarketed        
    Preferred * Preferred **      
    Shares Issued   Shares Issued at        
    at Liquidation   at Liquidation        
      Preference     Preference     Total  
NVG   $ 764,400,000   $ 1,052,600,000   $ 1,817,000,000  
NZF   $ 1,172,000,000   $ 196,000,000   $ 1,368,000,000  
NMZ   $ 87,000,000   $   $ 87,000,000  

 

* 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, VMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
   
** Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in special rate mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.

Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares and Note 10 – Subsequent Events, Preferred Shares for further details on preferred shares and each Funds’ respective transactions.

 

8

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of April 30, 2018. 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  
November 2017   $ 0.0725   $ 0.0740   $ 0.0650  
December     0.0725     0.0700     0.0650  
January     0.0725     0.0700     0.0650  
February     0.0725     0.0700     0.0650  
March     0.0725     0.0700     0.0600  
April 2018     0.0725     0.0700     0.0600  
Total Monthly Per Share Distributions   $ 0.4350   $ 0.4240   $ 0.3800  
Ordinary Income Distribution*   $ 0.0059   $ 0.0097   $ 0.0091  
Total Distributions   $ 0.4409   $ 0.4337   $ 0.3891  
                     
Yields                    
Market Yield**     5.90 %   5.94 %   5.80 %
Taxable-Equivalent Yield**     7.76 %   7.82 %   7.63 %

 

* Distribution paid in December 2017.
   
** Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.

Each Fund in this report 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. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of April 30, 2018, all the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NVG had a negative UNII balance while NZF and NMZ had positive UNII balances for financial reporting purposes.

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 was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

 

9

Common Share Information (continued)

COMMON SHARE EQUITY SHELF PROGRAM

During the current reporting period, NMZ was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under this program, NMZ, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. The total amount of common shares under these Shelf Offerings, are as shown in the accompanying table. 

         
      NMZ  
Additional authorized common shares     15,700,000  

During the current reporting period, NMZ sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share as shown in the accompanying table.

         
      NMZ  
Common shares sold through Shelf Offering     669,588  
Weighted average premium to NAV per common share sold     1.13 %

Refer to Notes to Financial Statements, Note 4 – Fund Shares, Common Shares Equity Shelf Programs and Offering Costs for further details of Shelf Offerings and the Fund’s transactions.

COMMON SHARE REPURCHASES

During August 2017, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of April 30, 2018, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 

      NVG     NZF     NMZ  
Common shares cumulatively repurchased and retired              
Common shares authorized for repurchase     20,255,000     14,215,000     5,745,000  

OTHER COMMON SHARE INFORMATION

As of April 30, 2018, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

                     
      NVG     NZF     NMZ  
Common share NAV   $ 15.91   $ 15.46   $ 13.12  
Common share price   $ 14.75   $ 14.15   $ 12.41  
Premium/(Discount) to NAV     (7.29 )%   (8.47 )%   (5.41 )%
6-month average premium/(discount) to NAV     (8.11 )%   (7.41 )%   (1.59 )%

 

10

Risk Considerations

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen 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.

 

11

 

NVG Nuveen AMT-Free Municipal Credit
  Income Fund
  Performance Overview and Holding Summaries as of April 30, 2018

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of April 30, 2018

 

  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year  
NVG at Common Share NAV (0.25)%   6.13% 4.95% 6.41%  
NVG at Common Share Price 0.15%   5.39% 5.79% 7.10%  
S&P Municipal Bond Index (0.76)%   1.44% 2.48% 4.26%  
NVG Custom Blended Fund Performance Benchmark 0.65%   2.08% 3.12% 4.87%  

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

 

12

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 159.5%
Corporate Bonds 0.0%
Short-Term Municipal Bonds 0.3%
Other Assets Less Liabilities 2.5%
Net Assets Plus Floating Rate Obligations, MFP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs 162.3%
Floating Rate Obligations (6.0)%
MFP Shares, net of deferred offering costs (12.6)%
VRDP Shares, net of deferred offering costs (43.7)%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 9.6%
AAA 2.8%
AA 13.3%
A 23.8%
BBB 22.2%
BB or Lower 20.4%
N/R (not rated) 7.9%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Health Care 20.0%
Tax Obligation/Limited 17.6%
Transportation 12.5%
Tax Obligation/General 9.5%
U.S. Guaranteed 9.3%
Education and Civic Organizations 8.7%
Utilities 7.6%
Consumer Staples 7.0%
Other 7.8%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
Illinois 16.3%
California 10.2%
Texas 7.3%
Ohio 6.4%
Colorado 6.3%
Florida 4.5%
Pennsylvania 4.2%
New Jersey 4.0%
New York 3.0%
Wisconsin 2.7%
Georgia 2.6%
Indiana 2.4%
Iowa 2.0%
Arizona 1.9%
Michigan 1.8%
Kentucky 1.8%
South Carolina 1.7%
Massachusetts 1.7%
Other 19.2%
Total 100%

 

13

 

NZF Nuveen Municipal Credit Income Fund
  Performance Overview and Holding Summaries as of April 30, 2018

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of April 30, 2018

 

  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year  
NZF at Common Share NAV (0.87)%   5.20% 4.54% 6.62%  
NZF at Common Share Price (2.88)%   2.04% 5.02% 6.76%  
S&P Municipal Bond Index (0.76)%   1.44% 2.48% 4.26%  
NZF Custom Blended Fund Performance Benchmark 0.65%   2.08% 3.12% 4.87%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

 

 

14

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 161.1%
Investment Companies 0.1%
Corporate Bonds 0.0%
Other Assets Less Liabilities 2.0%
Net Assets Plus Floating Rate Obligations, MFP Shares, net of deferred offering costs, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs 163.2%
Floating Rate Obligations (1.1)%
MFP Shares, net of deferred offering costs (13.9)%
VMTP Shares, net of deferred offering costs (15.3)%
VRDP Shares, net of deferred offering costs (32.9)%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 9.4%
AAA 1.9%
AA 14.5%
A 22.1%
BBB 20.3%
BB or Lower 23.3%
N/R (not rated) 8.4%
N/A (Not Applicable) 0.1%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 17.5%
Tax Obligation/General 15.7%
Transportation 14.8%
Health Care 12.4%
U.S. Guaranteed 9.2%
Consumer Staples 8.1%
Utilities 6.8%
Education and Civic Organizations 5.8%
Other 9.7%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
Illinois 18.5%
California 15.6%
New York 11.2%
Texas 10.2%
Ohio 4.2%
Colorado 4.1%
Pennsylvania 2.9%
Indiana 2.8%
Florida 2.6%
New Jersey 2.5%
Massachusetts 2.4%
Arizona 2.1%
Michigan 1.7%
Other 19.2%
Total 100%

 

15

 

NMZ Nuveen Municipal High Income
  Opportunity Fund
  Performance Overview and Holding Summaries as of April 30, 2018

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of April 30, 2018

 

  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year  
NMZ at Common Share NAV 0.27%   6.30% 5.83% 7.32%  
NMZ at Common Share Price (5.51)%   (0.38)% 4.55% 5.36%  
S&P Municipal Yield Index 2.32%   4.02% 4.15% 5.63%  
S&P Municipal Bond High Yield Index 3.17%   3.16% 4.29% 5.90%  
S&P Municipal Bond Index (0.76)%   1.44% 2.48% 4.26%  

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

 

16

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 142.6%
Common Stocks 1.2%
Corporate Bonds 0.0%
Other Assets Less Liabilities 2.4%
Net Assets Plus Floating Rate Obligations & AMTP Shares, net of deferred offering costs 146.2%
Floating Rate Obligations (35.9)%
AMTP Shares, net of deferred offering costs (10.3)%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 9.4%
AAA 0.8%
AA 15.2%
A 13.0%
BBB 15.1%
BB or Lower 22.4%
N/R (not rated) 23.4%
N/A (Not Applicable) 0.7%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 23.5%
Health Care 19.9%
Education and Civic Organizations 14.1%
Tax Obligation/General 8.8%
Transportation 7.0%
Consumer Staples 6.2%
Industrials 5.3%
Other 15.2%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
California 13.7%
Illinois 13.7%
Florida 10.6%
New York 8.0%
Colorado 5.4%
New Jersey 4.9%
Ohio 4.6%
Kentucky 4.5%
Texas 3.8%
Tennessee 3.7%
Wisconsin 3.7%
Washington 1.8%
Arizona 1.7%
Missouri 1.6%
Other 18.3%
Total 100%

 

17

 

NVG Nuveen AMT-Free Municipal Credit
  Income Fund
  Portfolio of Investments
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 159.8% (99.8% of Total Investments)            
      MUNICIPAL BONDS – 159.5% (99.8% of Total Investments)            
      Alabama – 1.3% (0.8% of Total Investments)            
$ 3,645   Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 9/25 at 100.00   N/R $ 3,620,433  
  22,655   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 No Opt. Call   A3   26,860,901  
  8,100   Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45 4/25 at 100.00   N/R   7,997,211  
      Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B:            
  1,250   4.000%, 6/01/29 – AGM Insured 6/21 at 100.00   Aa3   1,302,212  
  1,000   4.250%, 6/01/31 – AGM Insured 6/21 at 100.00   Aa3   1,046,410  
      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   1,024,110  
  1,300   5.500%, 8/01/35 8/26 at 100.00   N/R   1,327,170  
  38,950   Total Alabama         43,178,447  
      Alaska – 0.8% (0.5% of Total Investments)            
      Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:            
  7,010   5.000%, 6/01/32 6/18 at 100.00   B3   7,010,210  
  17,995   5.000%, 6/01/46 6/18 at 100.00   B3   17,994,280  
  25,005   Total Alaska         25,004,490  
      Arizona – 3.1% (1.9% of Total Investments)            
  4,230   Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 3/22 at 100.00   A–   4,530,668  
  1,475   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A 7/27 at 100.00   BB   1,507,553  
  10,000   Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/31 7/22 at 100.00   A   10,588,000  
  3,000   Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured 4/20 at 100.00   Aa3   3,157,110  
      Arizona State, Certificates of Participation, Series 2010A:            
  1,200   5.250%, 10/01/28 – AGM Insured 10/19 at 100.00   Aa3   1,252,884  
  1,500   5.000%, 10/01/29 – AGM Insured 10/19 at 100.00   Aa3   1,560,045  
  7,070   Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured 1/20 at 100.00   A1   7,396,210  
  3,390   Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A 7/27 at 100.00   N/R   3,439,867  
  7,780   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   A+ (4)   8,261,426  
  2,350   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/33 (Pre-refunded 7/01/18) 7/18 at 100.00   AA– (4)   2,362,713  
      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   7,803,180  
  8,755   5.500%, 7/01/39 – FGIC Insured No Opt. Call   AA   11,497,154  
      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   636,858  
  1,025   5.000%, 7/01/46, 144A 7/25 at 100.00   BB   1,044,075  

 

18

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Arizona (continued)            
$ 2,065   Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 7/24 at 101.00   N/R $ 2,015,977  
      Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013:            
  490   6.000%, 7/01/33 7/20 at 102.00   BB   458,282  
  610   6.000%, 7/01/43 7/20 at 102.00   BB   547,878  
  350   6.000%, 7/01/48 7/20 at 102.00   BB   310,079  
  1,425   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49 7/20 at 102.00   BB   1,351,057  
      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   1,007,474  
  1,850   5.375%, 7/01/46 7/26 at 100.00   BB   1,600,638  
  2,135   5.500%, 7/01/51 7/26 at 100.00   BB   1,842,227  
  885   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 2/24 at 100.00   N/R   832,971  
  3,050   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017., 6.750%, 2/01/50, 144A 2/28 at 100.00   N/R   2,952,888  
  105   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools Pima Project, Series 2014A, 7.250%, 7/01/39 7/20 at 102.00   BB   99,861  
  1,000   Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 10/20 at 100.00   A–   1,069,110  
      Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007:            
  7,965   5.000%, 12/01/32 No Opt. Call   BBB+   9,260,587  
  7,235   5.000%, 12/01/37 No Opt. Call   BBB+   8,470,232  
  800   The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016, 5.000%, 7/01/47 7/26 at 100.00   Baa3   829,216  
  2,000   Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33 8/23 at 100.00   A3   2,196,500  
  91,490   Total Arizona         99,882,720  
      Arkansas – 0.2% (0.1% of Total Investments)            
      Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006:            
  2,500   0.000%, 7/01/36 – AMBAC Insured No Opt. Call   Aa2   1,177,250  
  20,460   0.000%, 7/01/46 – AMBAC Insured No Opt. Call   Aa2   5,820,461  
  22,960   Total Arkansas         6,997,711  
      California – 16.4% (10.3% of Total Investments)            
      Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A:            
  45   0.000%, 10/01/20 – AMBAC Insured No Opt. Call   Baa2   42,049  
  2,120   0.000%, 10/01/20 – AMBAC Insured (ETM) No Opt. Call   Aaa   2,023,943  
  6,135   Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured No Opt. Call   AA   4,138,671  
  12,550   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured No Opt. Call   AA   6,221,788  
  4,100   Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 3/26 at 100.00   Ba3   4,311,150  
  5,000   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) 4/23 at 100.00   A1 (4)   5,673,550  

 

19

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
      California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:            
$ 3,275   5.450%, 6/01/28 12/18 at 100.00   B2 $ 3,312,269  
  2,975   5.650%, 6/01/41 12/18 at 100.00   B2   2,992,552  
  10,040   California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2007, 5.000%, 3/15/39 (UB) (5) No Opt. Call   AAA   12,564,658  
  25,085   California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2014U-6, 5.000%, 5/01/45 (UB) (5) No Opt. Call   AAA   32,138,902  
  13,465   California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2016U-7, 5.000%, 6/01/46 (UB) (5) No Opt. Call   AAA   17,313,566  
  10,000   California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51 8/22 at 100.00   A+   10,836,000  
  1,600   California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 7/23 at 100.00   AA–   1,776,208  
  6,665   California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (5) 8/25 at 100.00   AA–   7,307,239  
      California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:            
  1,650   7.708%, 8/15/51, 144A (IF) (5) 8/22 at 100.00   AA–   1,942,562  
  4,075   7.708%, 8/15/51, 144A (IF) (5) 8/22 at 100.00   AA–   4,797,538  
  1,555   7.703%, 8/15/51, 144A (IF) (5) 8/22 at 100.00   AA–   1,830,468  
  5,000   California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52 8/23 at 100.00   AA–   5,429,200  
      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   3,202,649  
  1,000   5.000%, 7/01/36, 144A 7/26 at 100.00   BB   1,031,030  
  555   5.000%, 7/01/41, 144A 7/26 at 100.00   BB   568,037  
  195   5.000%, 7/01/46, 144A 7/26 at 100.00   BB   198,916  
      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–   281,902  
  435   5.000%, 6/01/46 6/26 at 100.00   BBB–   466,942  
  2,335   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   Baa2 (4)   2,522,571  
  4,440   California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45, 144A 7/18 at 100.00   Baa3   4,521,874  
  2,050   California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47 10/26 at 100.00   BBB–   2,212,544  
  735   California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – Obligated Group, Series 2016, 5.000%, 6/01/46, 144A 6/26 at 100.00   N/R   748,171  
  715   California School Finance Authority, Charter School Revenue Bonds, Rocketship Education – Obligated Group, Series 2016A, 5.000%, 6/01/36, 144A 6/25 at 100.00   N/R   737,758  
  570   California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A 6/26 at 100.00   N/R   589,597  
  80   California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured 7/18 at 100.00   AA–   80,208  
  5   California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured California State, General Obligation Bonds, Various Purpose Series 2010: 7/18 at 100.00   AA–   5,013  
  3,500   5.250%, 3/01/30 3/20 at 100.00   AA–   3,721,620  
  10,000   5.500%, 11/01/35 11/20 at 100.00   AA–   10,858,600  

 

20

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 12,710   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 12/24 at 100.00   BB+ $ 13,696,423  
  62,605   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A 6/26 at 100.00   BB   66,670,569  
  4,000   California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39 7/24 at 100.00   A–   4,083,160  
  7,000   California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20) 8/20 at 100.00   A+ (4)   7,647,080  
      California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:            
  1,535   5.750%, 7/01/30 (6) 7/18 at 100.00   CCC   1,535,491  
  4,430   5.750%, 7/01/35 (6) 7/18 at 100.00   CCC   4,430,266  
  3,600   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (4)   3,624,228  
  5,000   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) No Opt. Call   Baa2 (4)   4,137,450  
  3,400   Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured No Opt. Call   AA   1,923,822  
  14,375   Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured No Opt. Call   AA   5,883,256  
      El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:            
  2,615   0.000%, 8/01/31 – AGM Insured (7) 8/28 at 100.00   A1   2,514,610  
  3,600   0.000%, 8/01/34 – AGM Insured (7) 8/28 at 100.00   A1   3,443,040  
      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–   2,096,939  
  5,000   0.000%, 1/15/35 – AGM Insured No Opt. Call   BBB–   2,505,400  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
  910   0.000%, 1/15/42 (7) 1/31 at 100.00   BBB–   808,344  
  3,610   5.750%, 1/15/46 1/24 at 100.00   BBB–   4,106,339  
  6,610   6.000%, 1/15/49 1/24 at 100.00   BBB–   7,687,099  
  2,425   Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured 9/18 at 100.00   A   2,449,977  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  26,075   5.000%, 6/01/33 6/18 at 100.00   B3   26,303,938  
  8,830   5.750%, 6/01/47 6/18 at 100.00   B3   9,083,686  
  8,565   5.125%, 6/01/47 6/18 at 100.00   B–   8,564,829  
      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   4,707,472  
  5,795   0.000%, 11/01/25 – AGM Insured No Opt. Call   AA   4,711,509  
  1,195   Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured 9/21 at 100.00   AA   1,259,136  
  7,575   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 8/35 at 100.00   AA   6,071,665  
  3,310   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 No Opt. Call   BBB+   4,584,648  
      Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A:            
  5,905   0.000%, 8/01/26 – AGC Insured No Opt. Call   Aa3   4,660,698  
  2,220   0.000%, 8/01/28 – AGC Insured No Opt. Call   Aa3   1,605,127  

 

21

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 2,340   Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM) 8/18 at 100.00   N/R (4) $ 2,523,456  
  4,000   Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A, 4.250%, 8/15/38 8/25 at 100.00   N/R   4,141,800  
  5,000   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 (Pre-refunded 11/01/20) 11/20 at 100.00   Ba1 (4)   5,482,250  
  3,700   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured No Opt. Call   BB+   2,941,648  
  7,875   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (7) 8/29 at 100.00   BB+   9,582,379  
  9,145   Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured No Opt. Call   A   5,886,271  
  4,150   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured 10/25 at 100.00   A2   4,738,013  
  670   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 6/23 at 100.00   BBB–   741,891  
      San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015:            
  490   5.000%, 9/01/40 9/25 at 100.00   N/R   528,587  
  915   5.000%, 9/01/46 9/25 at 100.00   N/R   982,811  
  1,830   San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 14.934%, 8/01/39, 144A (Pre-refunded 8/01/19) (IF) 8/19 at 100.00   AA– (4)   2,167,800  
  4,000   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 5/23 at 100.00   A+   4,355,120  
  66,685   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM) No Opt. Call   AA+ (4)   63,175,368  
      San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:            
  2,680   5.000%, 1/15/44 1/25 at 100.00   BBB   2,903,190  
  8,275   5.000%, 1/15/50 1/25 at 100.00   BBB   8,933,442  
  7,210   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured No Opt. Call   Baa2   6,332,110  
  3,250   San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured No Opt. Call   AAA   2,221,375  
  4,325   San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/34 – AGM Insured No Opt. Call   AA   2,272,614  
  5,690   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/42 No Opt. Call   A1   1,764,924  
      Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A:            
  5,625   6.250%, 7/01/24 No Opt. Call   Baa2   6,452,381  
  5,625   6.250%, 7/01/24 (ETM) No Opt. Call   Baa2 (4)   6,561,731  
  3,500   Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured No Opt. Call   A+   3,081,785  
  4,495   Stockton-East Water District, California, Certificates of Participation, Refunding Series 2002B, 0.000%, 4/01/28 – FGIC Insured 7/18 at 100.00   BBB–   2,478,363  
  610   Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.250%, 9/01/47, 144A 9/27 at 100.00   N/R   615,941  
      Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:            
  1,175   4.750%, 6/01/23 6/18 at 100.00   BB+   1,175,247  
  1,600   5.500%, 6/01/45 6/18 at 100.00   B–   1,599,968  

 

22

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
      Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A:            
$ 1,105   4.750%, 6/01/25 6/18 at 100.00   BBB+ $ 1,107,376  
  5,865   5.125%, 6/01/46 6/18 at 100.00   B+   5,875,088  
  539,560   Total California         527,818,875  
      Colorado – 10.1% (6.3% of Total Investments)            
      Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006:            
  750   5.250%, 10/01/32 – SYNCORA GTY Insured 7/18 at 100.00   BBB   751,455  
  1,080   5.250%, 10/01/40 – SYNCORA GTY Insured 7/18 at 100.00   BBB   1,080,011  
      Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A:            
  890   5.500%, 12/01/36 12/21 at 103.00   N/R   907,159  
  1,175   5.750%, 12/01/46 12/21 at 103.00   N/R   1,197,466  
  1,100   Belleview Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Refunding & Improvement Series 2017, 5.000%, 12/01/36 12/21 at 103.00   N/R   1,118,447  
  700   Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2017A., 5.000%, 12/01/47 12/22 at 103.00   N/R   712,782  
  3,410   Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 12/22 at 103.00   N/R   3,433,393  
  1,690   Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 12/22 at 103.00   N/R   1,675,077  
      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   1,167,394  
  5,465   5.000%, 12/01/47, 144A 12/22 at 103.00   N/R   5,543,915  
  195   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 12/23 at 100.00   BB   206,661  
  1,200   Clear Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General Obligation Refunding & Improvement Series 2017A, 5.000%, 12/01/47 12/22 at 103.00   N/R   1,212,012  
  1,180   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 8/26 at 100.00   A+   1,118,876  
  1,165   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A, 5.000%, 12/01/38 12/24 at 100.00   A+   1,266,891  
  4,350   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47 6/26 at 100.00   A+   4,127,889  
  1,750   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 3.250%, 6/01/46 6/26 at 100.00   A+   1,532,422  
      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 6/27 at 100.00   BBB   2,659,309  
  23,470   5.000%, 6/01/47 6/27 at 100.00   BBB   25,278,598  
  10   Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Parkview Medical Center, Series 2016, 3.125%, 9/01/42 9/26 at 100.00   A3   8,675  
      Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A:            
  1,500   5.000%, 9/01/36 7/18 at 100.00   BBB+   1,515,495  
  3,680   4.500%, 9/01/38 7/18 at 100.00   BBB+   3,684,195  
  3,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41 2/21 at 100.00   BBB+   3,123,120  
  11,520   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   12,252,442  

 

23

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
      Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012B:            
$ 1,640   5.000%, 12/01/22 No Opt. Call   BBB+ $ 1,819,383  
  2,895   5.000%, 12/01/23 12/22 at 100.00   BBB+   3,202,391  
  4,200   5.000%, 12/01/24 12/22 at 100.00   BBB+   4,630,626  
      Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A:            
  1,410   5.000%, 6/01/32 6/25 at 100.00   BBB   1,522,306  
  2,000   5.000%, 6/01/33 6/25 at 100.00   BBB   2,152,860  
  5,855   5.000%, 6/01/40 6/25 at 100.00   BBB   6,246,231  
  5,145   5.000%, 6/01/45 6/25 at 100.00   BBB   5,472,428  
      Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013:            
  765   5.500%, 6/01/33 6/23 at 100.00   BBB   857,932  
  720   5.625%, 6/01/43 6/23 at 100.00   BBB   801,612  
  2,035   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/47 5/27 at 100.00   BB+   2,200,629  
  1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured 9/18 at 102.00   Aa3   1,028,200  
  11,830   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   12,320,472  
  3,500   Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/51 12/24 at 100.00   BBB   3,781,400  
  3,605   Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018., 5.875%, 12/01/46 12/23 at 103.00   N/R   3,748,731  
  500   Copperleaf Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, Refunding Limited Tax Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45 12/20 at 103.00   N/R   523,490  
  500   Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30 12/20 at 103.00   N/R   524,590  
  1,480   Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A , 5.250%, 12/01/47 12/22 at 103.00   N/R   1,525,643  
  1,275   Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B , 5.250%, 12/01/47 12/22 at 103.00   N/R   1,310,228  
  500   Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016, 5.250%, 12/01/40 12/25 at 100.00   N/R   503,395  
  10,640   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   11,587,598  
  505   Denver Connection West Metropolitan District, City and County of Denver, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, 8/01/47 12/22 at 103.00   N/R   503,111  
  11,700   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41 No Opt. Call   BBB+   4,686,669  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:            
  35,995   0.000%, 9/01/23 – NPFG Insured No Opt. Call   BBB+   31,463,589  
  6,525   0.000%, 9/01/26 – NPFG Insured No Opt. Call   BBB+   5,041,672  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  17,030   0.000%, 9/01/25 – NPFG Insured No Opt. Call   BBB+   13,749,852  
  9,915   0.000%, 9/01/32 – NPFG Insured No Opt. Call   BBB+   5,863,037  
  43,090   0.000%, 9/01/33 – NPFG Insured No Opt. Call   BBB+   24,342,403  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:            
  20,000   0.000%, 9/01/27 – NPFG Insured No Opt. Call   BBB+   14,736,600  
  1,150   0.000%, 9/01/28 – NPFG Insured No Opt. Call   BBB+   810,129  
  7,000   0.000%, 9/01/34 – NPFG Insured No Opt. Call   BBB+   3,785,460  
  500   Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 12/20 at 103.00   N/R   506,870  
                   

 

24

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 500   Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.125%, 12/01/46 12/21 at 103.00   N/R $ 486,455  
  590   Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38 12/24 at 100.00   N/R   602,809  
  825   Forest Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016A, 5.000%, 12/01/46 12/21 at 103.00   N/R   799,359  
  1,355   Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, General Obligation Bonds, Series 2016A, 5.000%, 12/01/46 12/21 at 100.00   N/R   1,357,195  
  750   Green Gables Metropolitan District No. 1, Jefferson County, Colorado, General Obligation Bonds, Series 2016A, 5.300%, 12/01/46 12/21 at 103.00   N/R   753,270  
  700   Harmony Technology Park Metropolitan District 2, Fort Collins, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47 12/22 at 103.00   N/R   691,439  
  3,740   Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds, Refunding Series 2015, 5.500%, 12/01/45 12/20 at 103.00   N/R   3,666,995  
      Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:            
  2,325   5.250%, 12/01/36 12/21 at 103.00   N/R   2,226,466  
  8,955   5.375%, 12/01/46 12/21 at 103.00   N/R   8,498,116  
      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   1,008,749  
  5,355   6.000%, 12/15/50 12/23 at 100.00   N/R   5,374,813  
  980   Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 12/21 at 103.00   N/R   994,778  
  500   Littleton Village Metropolitan District No. 2, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2015, 5.375%, 12/01/45 12/20 at 103.00   N/R   500,810  
  860   Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016, 5.000%, 12/01/35 12/25 at 100.00   N/R   882,885  
  5,155   North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 2016B, 3.500%, 12/01/45 12/25 at 100.00   Baa1   4,900,498  
      North Range Metropolitan District No. 2 , In the City of Commerce City, Adams County, Colorado, Limited Tax General Obligation and Special Revenue and Improvement Bonds, Refunding Series 2017A:            
  1,000   5.625%, 12/01/37 12/22 at 103.00   N/R   1,003,920  
  1,000   5.750%, 12/01/47 12/22 at 103.00   N/R   1,004,210  
  585   Overlook Metropolitan District in the Town of Parker, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46 12/21 at 103.00   N/R   561,401  
      Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016:            
  660   5.000%, 12/01/36 12/26 at 100.00   Baa3   695,746  
  1,060   5.000%, 12/01/46 12/26 at 100.00   Baa3   1,111,187  
  660   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00   A   723,558  
  880   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   970,605  
  5,435   Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured 12/20 at 100.00   AA   5,682,184  
  2,760   Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A, 5.000%, 12/15/41, 144A 12/26 at 100.00   N/R   2,813,986  
      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   1,319,340  
  2,765   5.500%, 12/01/47 12/23 at 103.00   N/R   2,789,332  
25

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 1,180   Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 6/20 at 100.00   A $ 1,253,030  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  6,500   6.500%, 1/15/30 7/20 at 100.00   BBB+   7,088,705  
  3,750   6.000%, 1/15/41 7/20 at 100.00   BBB+   3,991,200  
  1,280   Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 12/21 at 103.00   N/R   1,306,829  
  930   SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 12/21 at 103.00   N/R   941,913  
  1,000   St. Vrain Lakes Metropolitan District No. 2, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2017A., 5.000%, 12/01/37 12/22 at 103.00   N/R   987,660  
      Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported Revenue Bonds, Senior Series 2015A:            
  500   5.500%, 12/01/35 12/20 at 103.00   N/R   509,100  
  1,000   5.750%, 12/01/45 12/20 at 103.00   N/R   1,020,480  
  500   Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Series 2016A, 5.250%, 12/01/45 12/21 at 103.00   N/R   519,405  
  8,500   University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 11/22 at 100.00   AA–   9,268,570  
  364,635   Total Colorado         325,130,219  
      Connecticut – 0.5% (0.3% of Total Investments)            
      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   N/R   610,685  
  740   5.000%, 9/01/53, 144A 9/26 at 100.00   N/R   762,311  
  10,105   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 4.125%, 7/01/41 7/25 at 100.00   A–   10,372,681  
  3,250   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39 (Pre-refunded 7/01/20) 7/20 at 100.00   Aa3 (4)   3,461,802  
  14,685   Total Connecticut         15,207,479  
      Delaware – 0.1% (0.1% of Total Investments)            
  2,615   Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC Project, Series 2010, 5.375%, 10/01/45 10/20 at 100.00   Baa3   2,713,612  
      District of Columbia – 1.3% (0.8% of Total Investments)            
  3,780   District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45 10/22 at 100.00   BB+   3,735,358  
  7,310   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 No Opt. Call   Baa1   8,235,519  
  186,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 6/18 at 100.00   N/R   28,995,540  
  1,500   District of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A, 5.000%, 7/01/42 7/24 at 103.00   N/R   1,553,445  
  198,590   Total District of Columbia         42,519,862  
      Florida – 7.3% (4.5% of Total Investments)            
  990   Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016, 4.700%, 5/01/36 5/26 at 100.00   N/R   1,004,692  
  19,000   Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 (Pre-refunded 10/01/21) – AGM Insured 10/21 at 100.00   A (4)   20,838,630  

 

26

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
      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 $ 1,288,362  
  1,045   6.200%, 8/15/48, 144A 8/28 at 100.00   N/R   1,043,464  
      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   BB   1,060,506  
  1,470   5.500%, 7/01/47, 144A 7/27 at 100.00   BB   1,459,313  
      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   5,735,339  
  1,890   5.250%, 6/15/47, 144A 6/27 at 100.00   N/R   1,770,609  
  880   Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A, 5.000%, 10/15/37, 144A 10/27 at 100.00   Ba2   885,236  
  4,670   City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 9/25 at 100.00   AA–   5,166,981  
  1,025   Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26 No Opt. Call   A   1,141,091  
  1,480   Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013, 6.125%, 11/01/43 11/23 at 100.00   BBB–   1,629,998  
      Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1:            
  245   5.250%, 11/01/37 11/28 at 100.00   N/R   251,365  
  320   5.600%, 11/01/46 11/28 at 100.00   N/R   332,170  
  325   Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-2, 5.625%, 11/01/35 No Opt. Call   N/R   339,979  
      Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:            
  3,445   6.000%, 4/01/42 4/23 at 100.00   Baa1   3,833,906  
  1,720   5.625%, 4/01/43 4/23 at 100.00   Baa1   1,884,449  
  4,000   Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured 10/21 at 100.00   Aa3   4,318,400  
      Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015:            
  280   5.250%, 5/01/35 5/26 at 100.00   N/R   284,752  
  315   5.300%, 5/01/36 5/26 at 100.00   N/R   320,128  
  475   5.500%, 5/01/45 5/26 at 100.00   N/R   477,441  
  655   5.500%, 5/01/46 5/26 at 100.00   N/R   657,941  
      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   263,242  
  665   6.125%, 6/15/46, 144A 6/26 at 100.00   N/R   686,938  
  415   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2018A, 6.000%, 6/15/37, 144A 6/26 at 100.00   N/R   407,567  
      Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017C.:            
  2,375   5.650%, 7/01/37, 144A 7/27 at 101.00   N/R   2,312,490  
  3,735   5.750%, 7/01/47, 144A 7/27 at 101.00   N/R   3,611,782  
      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   1,521,873  
  2,075   4.750%, 7/15/36, 144A 7/26 at 100.00   N/R   1,961,145  
  3,770   6.375%, 6/15/46, 144A 6/26 at 100.00   N/R   3,859,500  
  1,335   5.000%, 7/15/46, 144A 7/26 at 100.00   N/R   1,264,659  
      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   3,241,039  
  2,015   6.125%, 6/15/46, 144A 6/25 at 100.00   N/R   2,085,827  
  550   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44 6/24 at 100.00   N/R   570,432  

 

27

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 4,430   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc. Projects, Series 2017A, 6.125%, 6/15/47, 144A 6/27 at 100.00   N/R $ 4,349,950  
  100   Florida Municipal Loan Council, Revenue Bonds, Series 2003B, 5.250%, 12/01/18 7/18 at 100.00   Baa2   100,312  
  10,185   Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008E, 5.000%, 6/01/38 – AGC Insured 6/18 at 101.00   AA–   10,313,840  
  1,435   Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 5/26 at 100.00   N/R   1,439,735  
  1,915   Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.500%, 6/01/38 (Pre-refunded 6/01/18) – AGM Insured 6/18 at 100.00   AA (4)   1,920,707  
  1,090   Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM) No Opt. Call   Aaa   1,126,341  
      Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:            
  1,645   5.000%, 5/01/25 – NPFG Insured 11/18 at 100.00   Baa2   1,657,617  
  1,830   5.000%, 5/01/27 – NPFG Insured 11/18 at 100.00   Baa2   1,841,602  
  600   Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 10/22 at 100.00   A+   656,262  
  1,000   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25 11/21 at 100.00   A2   1,080,920  
  625   Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017, 5.000%, 5/01/37, 144A 5/27 at 100.00   N/R   649,787  
  4,125   Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin Memorial Medical Center, Series 2015, 5.000%, 11/15/45 11/24 at 100.00   Baa1   4,319,040  
      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   1,056,229  
  1,920   6.000%, 7/01/47, 144A 7/27 at 100.00   N/R   1,868,314  
  5,965   Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43 10/24 at 100.00   BBB+   6,630,455  
  2,130   Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 7/27 at 100.00   N/R   2,317,333  
  1,545   Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/31 (Pre-refunded 2/01/21) – AGM Insured 2/21 at 100.00   A+ (4)   1,707,163  
  5,000   Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A, 5.000%, 7/01/44 7/24 at 100.00   A   5,496,700  
  10,100   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 (Pre-refunded 10/01/18) – AGM Insured 10/18 at 100.00   A2 (4)   10,237,057  
  2,500   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41 10/20 at 100.00   A   2,680,675  
  2,500   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/30 10/20 at 100.00   A   2,657,575  
  2,400   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 10/22 at 100.00   A2   2,602,152  
  3,015   Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 (Pre-refunded 7/01/18) – AGM Insured 7/18 at 100.00   A1 (4)   3,031,311  
  6,305   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/22 at 100.00   A+   6,855,174  
  4,785   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 8/26 at 100.00   N/R   5,123,539  
  4,250   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42 4/22 at 100.00   A+   4,577,887  

 

28

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 230   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 6/22 at 102.00   N/R $ 264,804  
  60   Pasco County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 10/01/36 – AGM Insured 7/18 at 100.00   Aa2   60,158  
      Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:            
  4,935   5.250%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured 9/18 at 100.00   A1 (4)   4,992,690  
  7,730   5.000%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured 9/18 at 100.00   A1 (4)   7,814,025  
      Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:            
  515   5.250%, 9/01/35 – AGC Insured 9/18 at 100.00   A1   520,727  
  800   5.000%, 9/01/35 – AGC Insured 9/18 at 100.00   A1   808,104  
  3,395   Putnam County Development Authority, Florida, 5.000%, 3/15/42 5/28 at 100.00   A–   3,779,042  
  825   Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016, 5.000%, 11/01/46 11/26 at 100.00   N/R   832,392  
  2,745   Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM) No Opt. Call   Aa2 (4)   2,838,961  
      Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016:            
  255   4.750%, 11/01/28 11/27 at 100.00   N/R   257,940  
  430   5.375%, 11/01/36 11/27 at 100.00   N/R   438,166  
  955   South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016, 5.375%, 5/01/37 5/27 at 100.00   N/R   973,756  
  1,200   St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 10/01/21 – FGIC Insured (ETM) No Opt. Call   N/R (4)   1,329,528  
  8,060   Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Series 2016A, 5.000%, 12/01/55 12/25 at 100.00   Baa1   8,539,086  
  400   Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 10/01/19) – AGC Insured 10/19 at 100.00   AA (4)   417,612  
  4,100   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 5/22 at 100.00   Aa2   4,461,538  
  1,125   Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM) 6/18 at 100.00   Aaa   1,127,644  
  10,095   Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 7/22 at 100.00   A2 (4)   11,205,046  
  11,750   Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2017B., 4.000%, 7/01/42 7/28 at 100.00   A2   11,956,095  
  2,000   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded  10/15/21) – AGM Insured 10/21 at 100.00   A– (4)   2,192,180  
  5,000   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/40 6/25 at 100.00   A–   5,619,950  
  223,480   Total Florida         234,238,367  
      Georgia – 4.1% (2.6% of Total Investments)            
  11,085   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 (Pre-refunded 11/01/19) – AGM Insured 11/19 at 100.00   AA (4)   11,661,087  
  5,915   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 – AGM Insured 11/19 at 100.00   A+   6,197,264  
  20,365   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 2/28 at 100.00   Baa1   20,150,149  
  1,970   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 2/28 at 100.00   Baa1   1,949,216  
  2,825   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26 8/20 at 100.00   AA   2,921,982  
29

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Georgia (continued)            
$ 2,000   City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured 12/21 at 100.00   A2 (4) $ 2,249,020  
  4,000   Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Refunding Series 2012, 5.000%, 4/01/28 4/23 at 100.00   A   4,380,120  
      Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A:            
  5,000   5.000%, 4/01/42 4/27 at 100.00   A   5,525,550  
  10,500   5.000%, 4/01/47 4/27 at 100.00   A   11,553,255  
  1,250   DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 9/20 at 100.00   BB   1,342,225  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  1,180   5.250%, 2/15/37 2/20 at 100.00   AA–   1,233,973  
  960   5.125%, 2/15/40 2/20 at 100.00   AA–   998,755  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  3,820   5.250%, 2/15/37 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   4,034,569  
  3,090   5.125%, 2/15/40 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   3,256,829  
  15,305   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 2/25 at 100.00   AA   17,496,370  
  10,825   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 7/25 at 100.00   A2   11,451,443  
  2,250   Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured 7/19 at 100.00   A2   2,330,550  
  1,300   Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017, 5.750%, 6/15/37, 144A 6/27 at 100.00   N/R   1,333,280  
  4,000   Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/37, 144A 11/27 at 100.00   Ba3   4,232,440  
  5,000   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded  8/01/18) – AGC Insured 8/18 at 100.00   AA (4)   5,057,200  
  1,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/27 10/22 at 100.00   Baa2   1,091,480  
  10,090   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40 10/25 at 100.00   Baa2   10,592,280  
  1,710   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   AA–   1,817,285  
  125,440   Total Georgia         132,856,322  
      Guam – 0.0% (0.0% of Total Investments)            
  650   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   BBB–   706,413  
      Hawaii – 0.4% (0.2% of Total Investments)            
  1,500   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A 1/25 at 100.00   Ba2   1,465,335  
  5,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 7/23 at 100.00   A1   5,520,600  
  170   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43 7/23 at 100.00   BB   178,417  
  5,075   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 4.000%, 7/01/40 7/25 at 100.00   A1   5,125,242  
  11,745   Total Hawaii         12,289,594  

 

30

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      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 7/24 at 100.00   A $ 3,374,085  
  12,495   4.750%, 7/01/44 7/24 at 100.00   A   12,953,442  
  250   Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016, 5.000%, 9/01/37 9/26 at 100.00   BB+   265,185  
  8,730   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured 3/22 at 100.00   A–   9,188,849  
  1,000   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 4.125%, 3/01/37 3/24 at 100.00   A–   1,015,240  
  25,775   Total Idaho         26,796,801  
      Illinois – 26.0% (16.3% of Total Investments)            
  675   Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A, 5.000%, 1/01/25 7/23 at 100.00   A2   748,993  
  67,135   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   78,184,078  
  1,000   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017, 5.000%, 4/01/46 4/27 at 100.00   A   1,067,370  
      Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A:            
  6,210   5.500%, 12/01/39 12/21 at 100.00   B3   6,269,864  
  1,865   5.000%, 12/01/41 12/21 at 100.00   B3   1,854,705  
  5,175   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A, 5.000%, 12/01/42 12/22 at 100.00   B3   5,138,568  
  8,400   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B, 7.000%, 12/01/42, 144A 12/27 at 100.00   B   9,926,028  
      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   B   5,827,765  
  4,940   5.000%, 12/01/46 12/27 at 100.00   B   4,865,900  
  2,720   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2008C, 5.000%, 12/01/29 12/18 at 100.00   B3   2,725,902  
  38,905   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   44,687,839  
  14,805   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   16,746,380  
  19,585   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A 12/27 at 100.00   B   23,076,418  
  1,315   Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured No Opt. Call   B   731,206  
  2,235   Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%,  6/01/26 – AGM Insured 6/21 at 100.00   A2   2,400,971  
  1,100   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 12/21 at 100.00   A3   1,173,766  
  12,215   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 12/24 at 100.00   AA   13,408,650  
  7,700   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 1/20 at 100.00   A2   8,053,045  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  1,500   0.000%, 1/01/31 – NPFG Insured No Opt. Call   BBB–   856,950  
  32,670   0.000%, 1/01/32 – FGIC Insured No Opt. Call   BBB–   17,762,026  
  12,360   0.000%, 1/01/37 – FGIC Insured No Opt. Call   BBB–   5,174,638  
31

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 960   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 1/01/27 – AMBAC Insured 7/18 at 100.00   Ba1 $ 964,944  
  2,500   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/33 1/24 at 100.00   Ba1   2,585,100  
  17,605   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   19,494,369  
  4,220   Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/34 1/19 at 100.00   Ba1   4,245,784  
  1,000   Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 1/21 at 100.00   Ba1   1,017,810  
  10,200   Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 1/22 at 100.00   Ba1   10,352,694  
  2,605   Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 1/26 at 100.00   BBB–   2,659,679  
  3,000   Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39 1/25 at 100.00   A   3,191,850  
  10,000   Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43 12/23 at 100.00   BBB   10,376,100  
      DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District 523, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:            
  2,500   0.000%, 2/01/33 2/21 at 100.00   AA–   1,021,675  
  2,000   0.000%, 2/01/34 2/21 at 100.00   AA–   757,320  
      Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:            
  3,400   5.500%, 11/01/36 11/23 at 100.00   A   3,682,574  
  2,500   4.450%, 11/01/36 11/25 at 102.00   A   2,584,175  
  3,295   Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured 6/18 at 100.00   Baa2   3,302,908  
      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   1,728,067  
  115   6.000%, 12/01/45, 144A 12/25 at 100.00   N/R   116,810  
      Illinois Finance Authority, Illinois, Rosalind Franklin University Revenue Bonds, Research Building Project, Series 2017C:            
  1,000   5.000%, 8/01/42 8/27 at 100.00   BBB+   1,075,000  
  1,000   5.000%, 8/01/46 8/27 at 100.00   BBB+   1,069,420  
  1,000   5.000%, 8/01/47 8/27 at 100.00   BBB+   1,067,830  
  6,500   Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40 10/20 at 100.00   B2   6,907,160  
  6,750   Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 9/22 at 100.00   BB+   7,026,480  
      Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:            
  1,485   5.000%, 9/01/34 9/24 at 100.00   BB+   1,569,793  
  19,025   5.000%, 9/01/42 9/24 at 100.00   BB+   19,948,473  
  2,000   Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (Pre-refunded 8/15/18) (UB) 8/18 at 100.00   AA (4)   2,020,280  
  1,750   Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43 5/22 at 100.00   Baa2   1,757,700  
  4,300   Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 4/19 at 100.00   A1   4,441,126  
  15,805   Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/46 6/26 at 100.00   A3   17,090,737  
  1,630   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 5.000%, 8/15/37 8/22 at 100.00   AA+   1,764,915  
  39,675   Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 4.000%, 2/15/41 2/27 at 100.00   BBB–   39,438,140  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  25   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   26,828  
  2,475   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   2,656,021  

 

32

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,435   Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 7/23 at 100.00   A– $ 1,589,478  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:            
  560   5.000%, 8/15/35 8/25 at 100.00   Baa1   598,343  
  6,140   5.000%, 8/15/44 8/25 at 100.00   Baa1   6,476,718  
  5,735   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   6,100,090  
  8,960   Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured 8/21 at 100.00   A2   9,907,162  
  1,150   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) 2/21 at 100.00   AA– (4)   1,253,603  
  4,500   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) 2/21 at 100.00   AA– (4)   4,905,405  
  19,975   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00   AA+   21,274,973  
  20,000   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 10/01/46 (UB) (5) 10/25 at 100.00   AA–   21,971,000  
  3,665   Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured 6/24 at 100.00   BBB–   3,960,875  
      Illinois State, General Obligation Bonds, February Series 2014:            
  3,200   5.250%, 2/01/32 2/24 at 100.00   BBB–   3,284,256  
  2,000   5.250%, 2/01/33 2/24 at 100.00   BBB–   2,048,620  
  1,575   5.250%, 2/01/34 2/24 at 100.00   BBB–   1,611,697  
  7,500   5.000%, 2/01/39 2/24 at 100.00   BBB–   7,536,600  
  5,000   Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35 Illinois State, General Obligation Bonds, May Series 2014: 6/26 at 100.00   BBB   4,548,050  
  510   5.000%, 5/01/36 5/24 at 100.00   BBB–   514,733  
  3,245   5.000%, 5/01/39 5/24 at 100.00   BBB–   3,261,679  
      Illinois State, General Obligation Bonds, November Series 2016:            
  11,800   5.000%, 11/01/40 11/26 at 100.00   BBB–   11,987,738  
  13,200   5.000%, 11/01/41 11/26 at 100.00   BBB–   13,400,772  
  31,970   Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28 11/27 at 100.00   BBB–   33,194,451  
  5,000   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 2/27 at 100.00   BBB–   5,175,150  
  1,500   Illinois State, General Obligation Bonds, Refunding Series 2008, 5.000%, 4/01/22 7/18 at 100.00   BBB–   1,502,415  
  2,625   Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 1/20 at 100.00   BBB–   2,677,736  
      Illinois State, General Obligation Bonds, Refunding Series 2012:            
  3,935   5.000%, 8/01/21 No Opt. Call   BBB–   4,091,180  
  1,725   5.000%, 8/01/22 No Opt. Call   BBB–   1,797,829  
  3,425   5.000%, 8/01/23 No Opt. Call   BBB–   3,568,987  
  1,190   5.000%, 8/01/25 8/22 at 100.00   BBB–   1,229,877  
      Illinois State, General Obligation Bonds, Series 2013:            
  2,000   5.250%, 7/01/31 7/23 at 100.00   BBB–   2,055,320  
  2,990   5.500%, 7/01/38 7/23 at 100.00   BBB–   3,080,388  
  5,000   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/35 1/23 at 100.00   AA–   5,466,200  
  18,920   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   AA–   20,880,112  

 

33

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,395   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 12.874%, 1/01/38, 144A (IF) 1/23 at 100.00   AA– $ 1,900,325  
  7,400   Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured 1/21 at 100.00   A2   7,899,352  
  17,500   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 6/22 at 100.00   BB+   17,897,425  
  540   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 12/25 at 100.00   BB+   556,875  
      Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A:            
  2,890   0.000%, 12/15/52 No Opt. Call   BB+   469,336  
  5,700   5.500%, 6/15/53 12/25 at 100.00   BB+   6,056,364  
  5,185   5.000%, 6/15/53 12/25 at 100.00   BB+   5,343,661  
      Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds:            
  11,365   5.500%, 6/15/50 6/20 at 100.00   BB+   11,637,874  
  3,650   5.500%, 6/15/50 (Pre-refunded 6/15/20) 6/20 at 100.00   BBB– (4)   3,912,946  
      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   BBB–   7,316,750  
  43,200   0.000%, 6/15/45 – AGM Insured No Opt. Call   BBB–   11,966,832  
  10,000   0.000%, 6/15/46 – AGM Insured No Opt. Call   BBB–   2,627,500  
  41,205   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 6/20 at 100.00   BB+   41,781,458  
  8,750   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured No Opt. Call   BB+   5,599,562  
      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+   13,717,111  
  20,045   0.000%, 12/15/35 – AGM Insured No Opt. Call   BBB–   9,088,403  
  1,846   Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured 3/24 at 100.00   AA   1,965,750  
  2,600   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured No Opt. Call   AA   3,347,188  
  3,900   Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 5.600%, 12/01/35 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   4,245,150  
  7,025   Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) 11/23 at 100.00   N/R (4)   8,896,530  
  4,000   Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured No Opt. Call   Baa2   3,014,920  
  12,125   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured 3/25 at 100.00   A2   13,136,589  
      Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004:            
  2,550   0.000%, 11/01/22 – NPFG Insured No Opt. Call   Baa2   2,221,509  
  780   0.000%, 11/01/22 – NPFG Insured (ETM) No Opt. Call   Baa2 (4)   698,779  
  6,415   Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured No Opt. Call   Aa3   5,176,135  

 

34

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:            
$ 930   7.000%, 12/01/21 – AGM Insured 12/20 at 100.00   A2 $ 1,031,221  
  1,035   7.000%, 12/01/22 – AGM Insured 12/20 at 100.00   A2   1,144,368  
  1,155   7.000%, 12/01/23 – AGM Insured 12/20 at 100.00   A2   1,277,049  
  1,065   7.000%, 12/01/26 – AGM Insured 12/20 at 100.00   A2   1,171,947  
  2,085   7.250%, 12/01/29 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   2,352,735  
  2,295   7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   2,589,701  
  892,511   Total Illinois         837,615,606  
      Indiana – 3.8% (2.4% of Total Investments)            
      Allen County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior Series 2017A-1:            
  500   6.625%, 1/15/34, 144A 1/24 at 104.00   N/R   533,095  
  675   6.750%, 1/15/43, 144A 1/24 at 104.00   N/R   718,733  
  1,605   Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, Series 2016, 6.250%, 1/15/43, 144A 1/24 at 104.00   N/R   1,654,739  
  2,640   Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured No Opt. Call   Baa2   2,265,595  
  12,040   Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44 10/24 at 100.00   A3   13,040,404  
  365   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 6/20 at 100.00   B   375,085  
  125   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 No Opt. Call   B   129,447  
  10,750   Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc. Obligated Group, Series 2016A, 4.000%, 11/01/51 11/25 at 100.00   AA   10,730,220  
  10,190   Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 5/23 at 100.00   A   10,967,497  
  5,000   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) 12/20 at 100.00   AA– (4)   5,367,500  
  13,880   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   A3   14,947,094  
  17,970   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44 10/24 at 100.00   A   20,107,891  
  5,000   Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 (Pre-refunded 1/01/20) – AGM Insured 1/20 at 100.00   AA (4)   5,250,050  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:            
  10,000   0.000%, 2/01/26 – AMBAC Insured No Opt. Call   A   7,976,300  
  20,000   0.000%, 2/01/28 – AMBAC Insured No Opt. Call   A   14,747,800  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:            
  2,855   5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   A1 (4)   2,925,861  
  11,760   5.500%, 1/01/38 – AGC Insured 1/19 at 100.00   A   12,025,776  
  125,355   Total Indiana         123,763,087  
      Iowa – 3.2% (2.0% of Total Investments)            
  10,000   Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44 2/23 at 100.00   A1   10,801,100  
  10,690   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25 12/23 at 100.00   B–   11,390,623  
  18,290   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27, 144A 6/19 at 105.00   B–   19,473,729  
  21,280   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B., 5.250%, 12/01/50 (Mandatory put 12/01/22) 12/22 at 105.00   B   22,426,141  

 

35

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa (continued)            
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
$ 8,285   5.375%, 6/01/38 7/18 at 100.00   B2 $ 8,305,298  
  2,200   5.500%, 6/01/42 7/18 at 100.00   B2   2,208,712  
  21,360   5.625%, 6/01/46 7/18 at 100.00   B   21,470,645  
  8,400   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 7/18 at 100.00   B2   8,486,772  
  100,505   Total Iowa         104,563,020  
      Kansas – 0.6% (0.4% of Total Investments)            
      Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A:            
  1,240   5.000%, 1/01/40 1/20 at 100.00   AA–   1,291,410  
  8,140   5.000%, 1/01/40 (Pre-refunded 1/01/20) 1/20 at 100.00   N/R (4)   8,540,162  
  1,000   Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc., Series 2017A, 5.000%, 5/15/43 5/27 at 100.00   BB+   1,055,770  
      Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:            
  4,870   5.000%, 9/01/27 9/25 at 100.00   N/R   5,160,642  
  2,380   5.750%, 9/01/32 9/25 at 100.00   N/R   2,525,632  
  2,495   6.000%, 9/01/35 9/25 at 100.00   N/R   2,649,490  
  20,125   Total Kansas         21,223,106  
      Kentucky – 2.8% (1.8% of Total Investments)            
  4,565   Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016, 5.500%, 2/01/44 2/26 at 100.00   BB+   4,878,935  
  6,675   Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, Series 2016A, 4.400%, 10/01/24 No Opt. Call   N/R   6,416,878  
      Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A:            
  7,850   5.000%, 6/01/37 6/27 at 100.00   BB+   8,448,719  
  3,280   5.000%, 6/01/41 6/27 at 100.00   BB+   3,478,834  
  5,240   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 6/20 at 100.00   BB+ (4)   5,658,257  
  6,015   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20) 6/20 at 100.00   BB+ (4)   6,540,831  
  1,000   Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   A3 (4)   1,003,460  
      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   4,604,005  
  7,370   5.000%, 7/01/40 7/25 at 100.00   Baa2   7,784,563  
  10,245   5.000%, 1/01/45 7/25 at 100.00   Baa2   10,795,157  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:            
  4,360   0.000%, 7/01/43 (7) 7/31 at 100.00   Baa3   4,043,028  
  7,510   0.000%, 7/01/46 (7) 7/31 at 100.00   Baa3   6,990,458  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:            
  2,390   5.750%, 7/01/49 7/23 at 100.00   Baa3   2,618,245  
  480   6.000%, 7/01/53 7/23 at 100.00   Baa3   532,027  

 

36

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Kentucky (continued)            
      Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:            
$ 715   5.250%, 2/01/20 – AGC Insured 2/19 at 100.00   AA $ 733,426  
  5,560   5.250%, 2/01/20 (Pre-refunded 2/01/19) – AGC Insured 2/19 at 100.00   AA (4)   5,702,392  
  8,865   5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured 2/19 at 100.00   AA (4)   9,092,033  
  1,135   5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured 2/19 at 100.00   AA (4)   1,164,067  
  87,600   Total Kentucky         90,485,315  
      Louisiana – 1.6% (1.0% of Total Investments)            
  3,080   Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 7/23 at 100.00   N/R   3,314,049  
  4,330   Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured 1/21 at 100.00   A2 (4)   4,759,233  
  5,000   Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded 10/01/20) – AGM Insured 10/20 at 100.00   AA (4)   5,412,750  
  7,100   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32 11/27 at 100.00   Baa3   6,957,432  
      Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A:            
  135   5.750%, 7/01/25 – AGM Insured (ETM) (UB) No Opt. Call   A2 (4)   164,302  
  9,865   5.750%, 7/01/25 – AGM Insured (UB) No Opt. Call   A2   11,219,366  
  11,000   Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017, 0.000%, 10/01/46 (7) 10/33 at 100.00   BBB   9,150,460  
  2,845   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 4.000%, 5/15/42 5/27 at 100.00   A3   2,840,590  
      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   1,029,410  
  6,970   5.000%, 5/15/47 5/25 at 100.00   A3   7,526,694  
  1,000   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34 6/24 at 100.00   A–   1,026,930  
  52,325   Total Louisiana         53,401,216  
      Maine – 0.9% (0.6% of Total Investments)            
  7,530   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 7/23 at 100.00   Ba1   7,687,377  
      Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A:            
  5,280   4.000%, 7/01/41 7/26 at 100.00   Ba1   4,639,219  
  5,565   4.000%, 7/01/46 7/26 at 100.00   Ba1   4,804,042  
  1,050   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41 7/21 at 100.00   Ba3   1,135,586  
  10,000   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 5.000%, 7/01/39 7/24 at 100.00   A+   10,801,700  
  29,425   Total Maine         29,067,924  
      Maryland – 1.4% (0.9% of Total Investments)            
  1,000   Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A, 4.375%, 2/15/39, 144A 2/26 at 100.00   N/R   1,007,480  
  2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.000%, 1/01/26 1/22 at 100.00   Baa3   2,776,625  
  13,315   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46 1/27 at 100.00   Baa3   14,785,109  
37

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Maryland (continued)            
$ 10,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015, 5.000%, 7/01/47 7/25 at 100.00   A+ $ 10,962,600  
  2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 7/24 at 100.00   A3   2,678,975  
  3,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 7/22 at 100.00   A   3,216,090  
      Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016:            
  2,000   4.750%, 7/01/36 1/26 at 100.00   N/R   1,936,000  
  2,300   5.000%, 7/01/46 1/26 at 100.00   N/R   2,255,541  
      Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B:            
  1,335   4.250%, 11/01/37 11/24 at 103.00   BB   1,352,715  
  1,250   4.500%, 11/01/43 11/24 at 103.00   BB   1,279,125  
  1,950   5.000%, 11/01/47 11/24 at 103.00   BB   2,096,445  
  41,150   Total Maryland         44,346,705  
      Massachusetts – 2.7% (1.7% of Total Investments)            
  9,500   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 1/20 at 100.00   AA   9,916,100  
  3,125   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 1/20 at 100.00   A3   3,255,594  
      Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A:            
  2,245   5.250%, 7/01/34 7/24 at 100.00   BB+   2,422,265  
  6,195   5.500%, 7/01/44 7/24 at 100.00   BB+   6,708,380  
      Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017.:            
  2,310   5.000%, 10/01/47, 144A 10/22 at 105.00   BB+   2,446,868  
  6,580   5.000%, 10/01/57, 144A 10/22 at 105.00   BB+   6,891,695  
  14,555   Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42, 144A 7/18 at 100.00   BB+   14,558,493  
      Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:            
  2,950   5.000%, 1/01/45 1/25 at 100.00   Baa2   3,136,883  
  4,020   4.500%, 1/01/45 1/25 at 100.00   Baa2   4,110,370  
  6,000   Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured No Opt. Call   AA–   7,895,340  
  500   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   502,765  
  5,330   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2016-XL0017, 10.402%, 12/15/34, 144A (Pre-refunded 12/15/19) (IF) (5) 12/19 at 100.00   AAA   6,129,820  
  1,000   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 7/20 at 100.00   Baa3   1,042,090  
  7,405   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5) No Opt. Call   AAA   9,678,409  
      Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A;            
  770   5.750%, 7/01/39 7/19 at 100.00   Baa2   796,426  
  1,530   5.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   1,598,345  
  4,560   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 5/23 at 100.00   Aa2   5,016,866  
  425   Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 7/18 at 100.00   AAA   426,373  
  1,245   Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured 11/20 at 100.00   AA (4)   1,338,823  
  80,245   Total Massachusetts         87,871,905  

 

38

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Michigan – 2.9% (1.8% of Total Investments)            
$ 5,490   Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) No Opt. Call   AA $ 6,516,191  
  2,985   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A–   3,193,980  
      Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010:            
  895   5.250%, 5/15/36 – AGM Insured 5/20 at 100.00   A2   937,190  
  1,105   5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured 5/20 at 100.00   A2 (4)   1,174,924  
      Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015:            
  4,495   4.000%, 11/15/35 5/25 at 100.00   A+   4,586,204  
  2,550   4.000%, 11/15/36 5/25 at 100.00   A+   2,596,971  
      Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011:            
  3,240   5.000%, 12/01/39 12/21 at 100.00   AA–   3,509,924  
  10   5.000%, 12/01/39 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (4)   10,970  
  10,000   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016MI, 5.000%, 12/01/45 (UB) (5) 6/26 at 100.00   AA–   11,092,100  
  4,000   Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 1/22 at 100.00   BBB   4,179,240  
      Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A:            
  2,750   5.375%, 10/15/36 10/21 at 100.00   A+   3,031,023  
  8,260   5.375%, 10/15/41 10/21 at 100.00   A+   9,055,108  
      Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:            
  5,500   5.625%, 11/15/29 (Pre-refunded 11/15/19) 11/19 at 100.00   A3 (4)   5,805,250  
  10,585   5.750%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   A3 (4)   11,192,367  
  13,855   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 6/22 at 100.00   AA–   14,763,334  
  3,050   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 6/18 at 100.00   B2   3,064,244  
  1,150   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   1,174,438  
      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   3,911,710  
  3,600   5.000%, 12/01/45 12/25 at 100.00   A   3,954,204  
  87,070   Total Michigan         93,749,372  
      Minnesota – 0.7% (0.5% 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+   147,083  
  440   4.000%, 8/01/41 8/26 at 100.00   BB+   407,264  
  2,000   Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy Project, Refunding Series 2015A, 5.000%, 3/01/34 3/25 at 100.00   BB+   2,042,780  
  1,720   Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.500%, 7/01/50 7/25 at 100.00   BB+   1,816,681  
  1,410   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/47 7/24 at 102.00   N/R   1,382,322  
      Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B:            
  4,625   6.500%, 11/15/38 – AGC Insured 11/18 at 100.00   A2   4,740,671  
  840   6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured 11/18 at 100.00   A2 (4)   861,193  

 

39

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Minnesota (continued)            
$ 1,000   Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured 8/20 at 100.00   A2 $ 1,043,270  
      Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A:            
  405   5.000%, 4/01/36 4/26 at 100.00   CCC–   264,542  
  605   5.000%, 4/01/46 4/26 at 100.00   CCC–   395,240  
  2,500   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 7/25 at 100.00   A2   2,557,800  
  235   Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25 4/23 at 100.00   N/R   236,603  
      St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A:            
  900   5.250%, 11/15/35 (Pre-refunded 11/15/20) 11/20 at 100.00   A+ (4)   968,724  
  2,785   5.000%, 11/15/40 (Pre-refunded 11/15/25) 11/25 at 100.00   A+ (4)   3,260,511  
  3,190   5.000%, 11/15/44 (Pre-refunded 11/15/25) 11/25 at 100.00   A+ (4)   3,734,661  
  22,810   Total Minnesota         23,859,345  
      Mississippi – 0.2% (0.1% of Total Investments)            
  5,445   Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured No Opt. Call   A2   6,058,270  
      Missouri – 1.7% (1.1% of Total Investments)            
  2,820   Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31 5/23 at 100.00   A–   2,798,258  
      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   411,836  
  1,520   5.000%, 4/01/46, 144A 4/26 at 100.00   N/R   1,538,757  
  15,000   Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 – AMBAC Insured No Opt. Call   A1   10,724,100  
  3,345   Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50 5/27 at 100.00   BB   3,529,510  
      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   1,536,476  
  1,055   6.000%, 6/01/46, 144A 6/25 at 100.00   N/R   1,033,900  
  2,460   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 5/23 at 100.00   BBB   2,641,769  
      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   1,493,331  
  2,000   5.000%, 5/01/45 11/23 at 100.00   BBB   2,111,160  
  7,040   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 11/23 at 100.00   A2   7,497,882  
  2,250   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43 2/22 at 100.00   A1   2,394,045  
  1,010   Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 5/21 at 100.00   N/R   988,608  
  4,125   Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured No Opt. Call   A–   5,136,945  
  15,350   Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured No Opt. Call   N/R   8,989,421  
  405   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   BBB+   458,748  

 

40

  

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri (continued)            
      St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A:            
$ 1,550   5.000%, 12/01/35 12/25 at 100.00   N/R $ 1,624,617  
  455   5.125%, 12/01/45 12/25 at 100.00   N/R   476,349  
  63,770   Total Missouri         55,385,712  
      Montana – 0.2% (0.1% of Total Investments)            
      Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A:            
  1,175   5.250%, 5/15/37 5/25 at 102.00   N/R   1,231,811  
  375   5.250%, 5/15/47 5/25 at 102.00   N/R   390,315  
  3,000   Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 (Pre-refunded 1/01/21) – AGM Insured 1/21 at 100.00   A2 (4)   3,282,150  
  4,550   Total Montana         4,904,276  
      Nebraska – 1.6% (1.0% of Total Investments)            
  22,500   Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Crossover Refunding Series 2017A., 5.000%, 9/01/42 No Opt. Call   BBB+   26,522,550  
  4,435   Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012,  5.000%, 9/01/32 9/22 at 100.00   BBB+   4,832,021  
  580   Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A–   630,559  
      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   A–   2,128,477  
  2,325   5.000%, 11/01/48 11/25 at 100.00   A–   2,518,161  
  4,010   Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 11/21 at 100.00   A–   4,218,520  
  5,000   Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 (Pre-refunded 4/01/19) – BHAC Insured 4/19 at 100.00   A (4)   5,162,600  
  6,000   Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/20/37 2/27 at 100.00   BBB+   6,291,060  
  46,940   Total Nebraska         52,303,948  
      Nevada – 1.6% (1.0% of Total Investments)            
  5,350   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured 7/19 at 100.00   Aa3   5,541,156  
      Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A:            
  24,020   5.250%, 7/01/39 – AGM Insured 1/20 at 100.00   Aa3   25,242,138  
  14,515   5.250%, 7/01/42 1/20 at 100.00   A+   15,246,121  
  410   Director of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A 12/25 at 100.00   BB   418,569  
  1,000   Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement District, Series 2016, 4.375%, 6/15/35, 144A 6/21 at 100.00   N/R   926,450  
  500   Nevada State Director of the Department of Business and Industry, Charter School Revenue Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37, 144A 7/25 at 100.00   BB+   510,265  
  1,140   North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006,  5.000%, 10/01/25 – NPFG Insured 7/18 at 100.00   BB   1,141,300  
  1,100   Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 5.000%, 2/01/38 2/19 at 100.00   A+   1,122,330  
  48,035   Total Nevada         50,148,329  
41

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Hampshire – 0.2% (0.1% of Total Investments)            
$ 5,000   New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   BBB (4) $ 5,291,050  
  500   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, Series 2016, 5.000%, 10/01/40 10/26 at 100.00   BBB+   534,300  
  5,500   Total New Hampshire         5,825,350  
      New Jersey – 6.4% (4.0% 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+   38,939,105  
  2,110   5.500%, 6/15/30 12/26 at 100.00   BBB+   2,396,369  
      New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1:            
  6,835   5.500%, 9/01/24 – AMBAC Insured No Opt. Call   A–   7,762,646  
  5,000   5.500%, 9/01/28 – NPFG Insured No Opt. Call   BBB+   5,817,950  
  11,975   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40 6/25 at 100.00   BBB+   12,786,785  
  2,335   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2012K-K, 5.000%, 3/01/23 9/22 at 100.00   BBB+   2,503,610  
  600   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 7/21 at 100.00   BB+   639,702  
  1,500   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 7/18 at 100.00   BB+   1,507,470  
  2,325   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44 7/24 at 100.00   A+   2,506,048  
      New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1:            
  5,945   5.000%, 6/15/27 6/26 at 100.00   Baa1   6,574,754  
  4,000   5.000%, 6/15/28 6/26 at 100.00   Baa1   4,420,720  
  2,015   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 No Opt. Call   BBB+   1,395,246  
  2,150   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 No Opt. Call   BBB+   2,283,752  
  20,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/33 – AGM Insured No Opt. Call   A–   10,449,000  
  10,805   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42 6/21 at 100.00   A–   11,118,453  
  20,040   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2014AA, 5.000%, 6/15/44 6/24 at 100.00   BBB+   20,907,331  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:            
  13,680   4.750%, 6/15/38 6/25 at 100.00   BBB+   14,129,798  
  5,245   5.250%, 6/15/41 6/25 at 100.00   BBB+   5,593,897  
  8,230   5.000%, 6/15/45 6/25 at 100.00   BBB+   8,631,130  
  33,200   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured No Opt. Call   A2   39,145,788  
      New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057:            
  120   11.994%, 1/01/43, 144A (Pre-refunded 7/01/22) (IF) (5) 7/22 at 100.00   N/R (4)   168,708  
  80   11.994%, 1/01/43, 144A (IF) (5) 7/22 at 100.01   A   112,472  
  1,135   Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 5/23 at 100.00   A+   1,251,247  
  3,410   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 6/28 at 100.00   BBB   3,586,365  

 

42

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
$ 1,330   Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured No Opt. Call   A2 $ 1,546,325  
  198,375   Total New Jersey         206,174,671  
      New York – 4.8% (3.0% of Total Investments)            
  5,810   Build NYC Resource Corporation, Revenue Bonds, Albert Einstein College of Medicine, Inc., Series 2015, 5.500%, 9/01/45, 144A 9/25 at 100.00   N/R   6,278,170  
  2,250   Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured No Opt. Call   Baa2   2,543,648  
  9,700   Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2017A, 5.000%, 10/01/47 (UB) (5) No Opt. Call   AAA   12,528,229  
  4,070   Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45 7/25 at 100.00   A–   4,405,409  
  7,225   Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35 7/20 at 100.00   Aa1   7,659,439  
      Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015:            
  2,700   5.000%, 12/01/40, 144A 6/25 at 100.00   BBB–   2,875,257  
  5,600   5.000%, 12/01/45, 144A 6/25 at 100.00   BBB–   5,942,160  
  5   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2009A, 5.000%, 2/15/39 (Pre-refunded 2/15/19) 2/19 at 100.00   Aa1 (4)   5,127  
      Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 2016-XF0525:            
  1,881   10.249%, 2/15/39, 144A (Pre-refunded 2/15/19) (IF) 2/19 at 100.00   N/R (4)   2,023,268  
  117   10.249%, 2/15/39, 144A (IF) 2/19 at 100.01   Aa1   125,883  
  1,255   10.242%, 2/15/39, 144A (Pre-refunded 2/15/19) (IF) 2/19 at 100.00   N/R (4)   1,350,142  
  80   10.242%, 2/15/39, 144A (IF) 2/19 at 100.01   Aa1   86,065  
  2,695   Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A, 6.240%, 2/01/47 2/27 at 100.00   N/R   2,627,948  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:            
  2,295   5.250%, 2/15/47 2/21 at 100.00   AA–   2,439,516  
  105   5.250%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (4)   114,230  
  325   5.750%, 2/15/47 2/21 at 100.00   AA–   351,598  
  525   5.750%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (4)   578,225  
  6,075   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured 5/21 at 100.00   A– (4)   6,602,614  
  10,000   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42 9/22 at 100.00   A–   10,886,700  
  4,315   Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40 2/21 at 100.00   AA   4,703,738  
  1,000   Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31 7/24 at 100.00   Baa1   1,097,580  
  1,690   Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 6/18 at 100.00   B–   1,668,909  
  4,050   New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured 3/19 at 100.00   AA   4,217,549  
  11,570   New York City Municipal Water Authority, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2016, Series 2015, 5.000%, 6/15/46 (UB) 6/25 at 100.00   AA+   12,862,832  
  75   New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.750%, 8/01/18 7/18 at 100.00   AA   75,265  
  5   New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured 7/18 at 100.00   AA   5,013  
43

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 28,615   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 11/24 at 100.00   N/R $ 30,111,565  
  15   New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured 5/18 at 100.00   AA   15,041  
  5,655   Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 7/22 at 100.00   N/R (4)   6,295,881  
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:            
  8,550   5.500%, 12/01/31 12/20 at 100.00   BBB   9,251,613  
  3,155   6.000%, 12/01/36 12/20 at 100.00   BBB   3,457,438  
  10,360   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 6/27 at 100.00   N/R   10,405,377  
  141,768   Total New York         153,591,429  
      North Carolina – 0.8% (0.5% of Total Investments)            
  1,255   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39 (Pre-refunded 6/01/19) 6/19 at 100.00   Aa2 (4)   1,297,908  
  10,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42 6/22 at 100.00   AA   10,854,600  
  4,715   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 6/22 at 100.00   A+   5,085,835  
  2,150   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/38 10/22 at 100.00   A2   2,340,404  
  2,150   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Aldersgate United Retirement Community Inc., Refunding Series 2017A, 5.000%, 7/01/47 7/27 at 100.00   N/R   2,289,707  
  1,690   North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/54 7/26 at 100.00   BBB–   1,837,300  
  540   Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009, 6.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   A2 (4)   563,917  
  22,500   Total North Carolina         24,269,671  
      North Dakota – 1.9% (1.2% of Total Investments)            
      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   Baa1   7,444,850  
  3,000   5.000%, 12/01/32 12/21 at 100.00   Baa1   3,173,940  
  2,245   5.000%, 12/01/35 12/21 at 100.00   Baa1   2,362,750  
  4,525   Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A, 5.000%, 12/01/42 12/27 at 100.00   Baa1   4,942,296  
  1,000   Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 12/26 at 100.00   N/R   997,560  
      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–   10,796,700  
  10,915   5.000%, 6/01/43 6/28 at 100.00   BBB–   11,709,830  
  17,000   5.000%, 6/01/48 6/28 at 100.00   BBB–   18,165,520  
      Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:            
  970   4.000%, 3/01/19 No Opt. Call   B   969,719  
  1,085   5.000%, 3/01/21 No Opt. Call   B   1,105,843  
  2,535   Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 (8) 9/23 at 100.00   N/R   1,014,000  
  60,275   Total North Dakota         62,683,008  
44

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio – 10.2% (6.4% of Total Investments)            
$ 4,185   Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 5/22 at 100.00   A1 $ 4,398,393  
      Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:            
  1,930   5.000%, 5/01/33 5/22 at 100.00   A2   2,081,177  
  2,540   4.000%, 5/01/33 5/22 at 100.00   A2   2,550,236  
  3,405   5.000%, 5/01/42 5/22 at 100.00   A2   3,638,549  
  100,000   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Second Subordinate Capital Appreciation Turbo Term Series 2007C, 0.000%, 6/01/52 6/18 at 100.00   N/R   3,817,000  
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  17,305   5.375%, 6/01/24 6/18 at 100.00   Caa1   17,220,032  
  45,280   5.125%, 6/01/24 6/18 at 100.00   Caa1   44,593,555  
  20,820   5.875%, 6/01/30 6/18 at 100.00   Caa1   20,811,880  
  28,385   5.750%, 6/01/34 6/18 at 100.00   Caa1   28,218,664  
  2,715   6.000%, 6/01/42 6/18 at 100.00   B–   2,714,837  
  19,440   5.875%, 6/01/47 6/18 at 100.00   B–   19,440,000  
  10,000   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   Caa1   10,223,400  
  1,000   Butler County Port Authority, Ohio, Revenue Bonds, StoryPoint Fairfield Project, Senior Series 2017A-1, 6.250%, 1/15/34, 144A 1/24 at 104.00   N/R   1,040,700  
      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   2,925,478  
  3,200   5.250%, 11/01/47 11/27 at 100.00   N/R   3,358,592  
  10,000   Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017, 4.000%, 12/01/42 12/27 at 100.00   A–   9,907,000  
      Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014:            
  3,345   5.000%, 12/01/51 6/23 at 100.00   Aa3   3,612,132  
  4,965   5.000%, 12/01/51 (Pre-refunded 6/01/23) 6/23 at 100.00   N/R (4)   5,594,066  
  7,870   Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42 5/22 at 100.00   Aa2   8,412,794  
  7,770   Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A., 3.250%, 12/01/42 12/27 at 100.00   AA–   7,126,022  
  6,425   JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series 2013A, 5.000%, 1/01/38 (UB) (5) 1/23 at 100.00   AA   7,015,265  
      JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052:            
  1,250   13.062%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   AA   1,709,325  
  2,000   13.062%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   AA   2,734,920  
  625   13.062%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   AA   854,663  
  1,725   13.062%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   AA   2,358,869  
  1,750   13.056%, 1/01/38, 144A (IF) (5) 1/23 at 100.01   AA   2,392,705  
  390   12.980%, 1/01/38, 144A (IF) (5) 1/23 at 100.00   AA   532,217  
  2,885   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 11/21 at 100.00   A+ (4)   3,260,194  
      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   5,143,390  
  6,000   5.250%, 12/01/31 – AGM Insured No Opt. Call   A2   7,139,460  
  12,000   Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48 2/23 at 100.00   Ba2   12,474,840  
45

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
$ 8,500   Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (8) No Opt. Call   D $ 3,931,250  
  1,050   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19) (8) No Opt. Call   D   485,625  
  2,020   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33 (Mandatory put 6/01/20) (8) No Opt. Call   D   934,250  
  1,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.125%, 1/01/34 (Mandatory put 7/01/18) (8) No Opt. Call   D   462,500  
      Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A: No Opt. Call   D   19,934,400  
  20,765   5.000%, 2/15/48 (Mandatory put 6/01/22) (8)            
  4,975   5.000%, 2/15/48 2/23 at 100.00   A+   5,380,711  
  1,240   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) 2/31 at 100.00   A+   1,185,229  
  1,130   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (Mandatory put 6/03/19) (8) No Opt. Call   D   522,625  
  20,405   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) (8) No Opt. Call   D   19,588,800  
  20,480   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) (8) No Opt. Call   D   19,660,800  
  1,650   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33 (Mandatory put 6/03/19) (8) No Opt. Call   D   763,125  
      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–   1,181,571  
  870   6.000%, 12/01/42 12/22 at 100.00   BB–   937,608  
  1,365   Toledo Lucas County Port Authority, Ohio, Revenue Bonds, Storypoint Waterville Project, Series 2016A-1, 6.125%, 1/15/34, 144A 1/24 at 104.00   N/R   1,409,895  
  1,330   Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 3/25 at 100.00   N/R   1,345,441  
  2,000   University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured 1/20 at 100.00   A1   2,094,960  
  426,210   Total Ohio         327,119,145  
      Oklahoma – 0.8% (0.5% of Total Investments)            
  1,400   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 8/21 at 100.00   N/R   1,639,148  
  3,500   Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40 (Pre-refunded 6/01/20) 6/20 at 100.00   A1 (4)   3,729,880  
      Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2011:            
  1,000   5.375%, 7/01/40 7/21 at 100.00   AAA   1,097,140  
  1,500   5.000%, 7/01/40 7/21 at 100.00   AAA   1,621,905  
  1,675   Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) 8/18 at 100.00   N/R (4)   1,691,985  

 

46

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Oklahoma (continued)            
      Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B:            
$ 2,900   5.250%, 8/15/43 8/28 at 100.00   BB+ $ 3,200,469  
  5,290   5.500%, 8/15/52 8/28 at 100.00   BB+   5,920,251  
  3,530   5.500%, 8/15/57 8/28 at 100.00   BB+   3,925,466  
  2,340   Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/45 11/25 at 102.00   BBB–   2,569,811  
  23,135   Total Oklahoma         25,396,055  
      Oregon – 0.3% (0.2% of Total Investments)            
      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   1,065,090  
  800   5.500%, 10/01/49 10/24 at 100.00   N/R   854,208  
      Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A:            
  555   5.250%, 4/01/31 4/21 at 100.00   Aa2   602,347  
  3,445   5.250%, 4/01/31 (Pre-refunded 4/01/21) 4/21 at 100.00   N/R (4)   3,752,156  
  3,000   Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2009A, 5.000%, 11/15/33 5/19 at 100.00   Aa1   3,098,700  
  8,800   Total Oregon         9,372,501  
      Pennsylvania – 6.7% (4.2% of Total Investments)            
      Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:            
  170   6.750%, 11/01/24 11/19 at 100.00   B   174,388  
  195   6.875%, 5/01/30 11/19 at 100.00   B   198,916  
  2,000   Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39 8/19 at 100.00   A+   2,084,760  
  3,335   Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2010, 5.000%, 6/01/40 – AGM Insured 12/20 at 100.00   A1   3,548,940  
  2,540   Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A 5/27 at 100.00   Ba1   2,694,864  
  1,245   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory put 7/01/21) (8) No Opt. Call   D   575,813  
  7,750   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue No Opt. Call   D   7,420,625  
      Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory put 4/01/21) (8)            
      Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A:            
  13,235   4.375%, 1/01/35 (Mandatory put 7/01/22) (8) No Opt. Call   D   12,705,600  
  3,145   3.500%, 4/01/41 (Mandatory put 6/01/20) (8) No Opt. Call   D   1,454,563  
  1,315   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) (8) No Opt. Call   D   608,188  
  11,000   Berks County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Tower Health Project, Series 2017., 5.000%, 11/01/50 11/27 at 100.00   A3   11,961,840  
      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–   2,575,374  
  6,420   5.125%, 3/15/46 3/27 at 100.00   BBB–   6,797,111  
      Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A:            
  1,580   5.000%, 5/15/40 5/20 at 100.00   AA   1,656,962  
  4,435   5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   4,702,785  
47

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 5,500   Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018., 4.000%, 6/01/39 – AGM Insured 6/28 at 100.00   A1 $ 5,531,625  
  1,000   Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/29 1/25 at 100.00   BBB+   1,101,540  
  7,665   Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 6/22 at 100.00   A+   8,332,392  
  8,750   Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured 1/20 at 100.00   A2   9,152,238  
  1,250   Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 7/25 at 100.00   BBB–   1,321,538  
  1,500   Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 12/23 at 100.00   A   1,641,645  
      Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010:            
  7,970   5.250%, 8/01/33 (Pre-refunded 8/01/20) 8/20 at 100.00   N/R (4)   8,532,523  
  5,295   5.375%, 8/01/38 (Pre-refunded 8/01/20) 8/20 at 100.00   N/R (4)   5,683,176  
      Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A:            
  10,450   5.250%, 1/15/45 1/25 at 100.00   BB+   11,034,573  
  1,150   5.250%, 1/15/46 1/25 at 100.00   BB+   1,213,641  
  11,810   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 9/25 at 100.00   B+   12,015,612  
  3,705   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 6/25 at 100.00   A   4,060,495  
  11,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured 6/26 at 100.00   A2   13,512,620  
  15,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45 12/25 at 100.00   A–   16,155,000  
  10,305   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A,  5.625%, 7/01/42 7/22 at 100.00   Ba1   11,150,216  
      Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:            
  5,000   5.000%, 6/15/35 – AGM Insured 6/20 at 100.00   A2   5,257,400  
  17,850   5.000%, 6/15/40 – AGM Insured 6/20 at 100.00   A2   18,731,076  
  7,055   Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured 8/20 at 100.00   AA   7,423,553  
  5,180   Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured 8/20 at 100.00   A1   5,468,060  
      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 (4)   1,245,780  
  1,000   5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured 12/21 at 100.00   AA (4)   1,115,930  
  5,790   Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 1/23 at 100.00   BB+   5,816,692  
  206,125   Total Pennsylvania         214,658,054  
      Puerto Rico – 0.7% (0.4% of Total Investments)            
  590   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/29 – NPFG Insured 7/18 at 100.00   Baa2   578,613  
      Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:            
  50,000   0.000%, 8/01/47 – AMBAC Insured No Opt. Call   D   9,517,000  
  86,250   0.000%, 8/01/54 – AMBAC Insured No Opt. Call   D   11,265,975  
  136,840   Total Puerto Rico         21,361,588  

 

48

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Rhode Island – 1.1% (0.7% of Total Investments)            
$ 1,000   Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23) 9/23 at 100.00   BB– (4) $ 1,181,280  
  292,435   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 7/18 at 100.00   CCC+   33,179,675  
  293,435   Total Rhode Island         34,360,955  
      South Carolina – 2.8% (1.7% of Total Investments)            
  7,600   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A–   4,789,140  
  3,155   Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 (Pre-refunded 4/01/21) – AGC Insured 4/21 at 100.00   A2 (4)   3,436,300  
      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   1,045,700  
  750   5.000%, 5/01/42 5/23 at 104.00   N/R   779,745  
  1,250   South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 8/21 at 100.00   AA (4)   1,414,563  
  34,000   South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2015A, 5.000%, 12/01/50 (UB) (5) 6/25 at 100.00   A+   36,402,100  
  20   South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) 1/19 at 100.00   A+ (4)   20,476  
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:            
  5,000   5.000%, 12/01/50 6/25 at 100.00   A+   5,353,250  
  6,000   5.000%, 12/01/55 6/25 at 100.00   A+   6,374,220  
  5,000   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 12/24 at 100.00   A+   5,352,300  
  1,310   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 12/23 at 100.00   A+   1,399,905  
  10,285   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00   A+   11,237,700  
  10,250   Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32 4/22 at 100.00   A3   11,140,110  
  85,620   Total South Carolina         88,745,509  
      South Dakota – 0.3% (0.2% of Total Investments)            
      South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A:            
  250   5.000%, 7/01/27 7/21 at 100.00   A1   268,023  
  4,350   5.000%, 7/01/42 7/21 at 100.00   A1   4,605,171  
  3,765   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, Refunding Series 2017, 5.000%, 9/01/40 9/27 at 100.00   A1   4,179,414  
  8,365   Total South Dakota         9,052,608  
      Tennessee – 1.2% (0.7% of Total Investments)            
  12,895   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   13,714,864  
  1,850   Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39 10/24 at 100.00   BBB+   1,980,684  
49

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
 

April 30, 2018 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tennessee (continued)            
$ 2,645   Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.500%, 7/01/37 7/27 at 100.00   N/R $ 2,815,100  
  3,560   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 5.500%, 6/15/37, 144A 6/27 at 100.00   N/R   3,441,310  
  4,900   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/40 7/26 at 100.00   A3   5,392,205  
  10,000   The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 6/01/47, 144A 6/27 at 100.00   N/R   10,606,600  
  35,850   Total Tennessee         37,950,763  
      Texas – 11.9% (7.4% of Total Investments)            
  735   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside Schools, Series 2016A, 4.375%, 8/15/36 8/21 at 100.00   BB+   717,323  
  3,855   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 3/23 at 103.00   N/R   3,937,381  
  3,450   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 3/23 at 103.00   N/R   3,526,280  
  5,480   Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) 11/25 at 100.00   AA–   6,108,611  
  6,685   Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 5.500%, 8/15/49 – AGM Insured 8/19 at 100.00   A–   6,956,946  
  2,500   Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 12/25 at 100.00   BB   2,523,450  
  2,440   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 3/23 at 103.00   N/R   2,405,401  
  4,300   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 3/23 at 103.00   N/R   4,251,711  
  405   Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 9/24 at 100.00   N/R   417,093  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  1,500   5.750%, 1/01/31 (Pre-refunded 1/01/21) 1/21 at 100.00   BBB+ (4)   1,636,995  
  1,700   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   BBB+ (4)   1,877,123  
  13,685   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/45 7/25 at 100.00   Baa2   14,893,659  
  10,375   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, 3.375%, 1/01/41 1/26 at 100.00   Baa2   9,145,044  
  1,270   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22 No Opt. Call   BBB+   1,318,895  
      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–   769,077  
  685   4.400%, 12/01/47 12/22 at 100.00   BBB–   688,651  
  4,000   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A, 5.000%, 12/01/45 6/25 at 100.00   BBB–   4,280,160  
      Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016:            
  765   5.750%, 9/01/28 9/23 at 103.00   N/R   739,518  
  770   6.500%, 9/01/46 9/23 at 103.00   N/R   723,815  
  11,735   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 11/21 at 100.00   A   12,617,824  

 

50

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 2,330   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A,  6.375%, 9/01/42 9/23 at 100.00   N/R $ 2,599,045  
  400   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A,  5.250%, 9/01/44 9/24 at 100.00   BB+   425,168  
  1,255   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 11/22 at 100.00   Baa3   1,284,053  
  8,920   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42 11/22 at 100.00   Baa3   9,108,123  
  20,000   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51 10/23 at 100.00   AA   22,064,600  
  10,000   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series 2013B,  5.000%, 4/01/53 (UB) 10/23 at 100.00   AA   10,820,800  
  5,470   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 13.027%, 11/01/44, 144A (IF) 10/23 at 100.00   AA   7,266,403  
  4,255   Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 6/25 at 100.00   AA   4,685,734  
  1,545   Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0054, 10.390%, 11/01/41, 144A (IF) (5) 11/21 at 100.00   AA+   1,919,894  
  4,080   Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 2015-XF0074, 11.003%, 8/15/32, 144A – AGM Insured (IF) No Opt. Call   AAA   7,292,837  
  6,000   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/48 11/31 at 44.13   A2   1,482,780  
  6,000   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/53 11/24 at 100.00   A–   6,478,020  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3:            
  14,055   0.000%, 11/15/34 – NPFG Insured 11/24 at 55.69   BB   6,034,374  
  1,940   0.000%, 11/15/34 (Pre-refunded 11/15/24) – NPFG Insured 11/24 at 55.69   Baa2 (4)   906,096  
  5,000   Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., Refunding Series 2015, 4.000%, 8/15/44 8/25 at 100.00   AAA   5,098,000  
      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   3,154,701  
  4,865   0.000%, 9/01/27 – AMBAC Insured No Opt. Call   A2   3,555,196  
  4,715   Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40 9/24 at 100.00   A–   5,110,494  
  17,000   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM) No Opt. Call   AA (4)   22,823,520  
  6,700   Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 8/21 at 100.00   A+   7,154,193  
  3,500   Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43 8/19 at 100.00   BBB+   3,525,760  
  940   Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/30 8/25 at 100.00   BBB+   1,029,309  
  1,000   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 5/25 at 100.00   A   1,087,620  
      McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:            
  3,095   5.750%, 12/01/33 12/25 at 100.00   B1   3,251,762  
  3,125   6.125%, 12/01/38 12/25 at 100.00   B1   3,306,031  
      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–   2,425,038  
  6,015   5.000%, 11/01/51 11/23 at 103.00   BBB–   6,225,405  
51

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 745   New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43 1/25 at 100.00   N/R $ 792,725  
  210   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   Ba2   213,282  
  4,530   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured 4/24 at 100.00   A2   4,591,653  
  820   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M University – San Antonio Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   BBB–   834,981  
      New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State University Project, Series 2014A:            
  1,000   5.000%, 4/01/34 4/24 at 100.00   BBB–   1,078,360  
  2,200   5.000%, 4/01/39 4/24 at 100.00   BBB–   2,336,180  
  1,600   5.000%, 4/01/46 4/24 at 100.00   BBB–   1,692,976  
  5,540   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/39 4/24 at 100.00   Baa3   5,952,342  
  3,220   North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured 12/21 at 100.00   A2   3,471,353  
      North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:            
  2,590   0.000%, 9/01/43 (Pre-refunded 9/01/31) (7) 9/31 at 100.00   N/R (4)   2,798,340  
  3,910   0.000%, 9/01/45 (Pre-refunded 9/01/31) (7) 9/31 at 100.00   N/R (4)   4,624,553  
  3,000   North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (Pre-refunded 9/01/21) (UB) (5) 9/21 at 100.00   N/R (4)   3,322,290  
  6,155   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 1/23 at 100.00   A   6,656,140  
  2,000   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/38 1/25 at 100.00   A–   2,188,040  
  610   Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39 2/24 at 100.00   Ba2   631,265  
  1,725   Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s University Project, Series 2016, 4.000%, 6/01/41 6/26 at 100.00   Baa2   1,729,692  
  2,410   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 11/21 at 100.00   AA–   2,590,654  
  1,870   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 9/23 at 100.00   A   2,038,001  
      Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:            
  215   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (4)   231,626  
  2,675   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (4)   2,888,117  
  17,640   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) 5/26 at 100.00   AA–   19,479,324  
  7,430   Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, NRG Energy, Inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45 2/25 at 100.00   Baa3   7,185,925  
52

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
$ 3,635   5.000%, 12/15/22 No Opt. Call   BBB $ 4,013,985  
  2,500   5.000%, 12/15/26 12/22 at 100.00   BBB   2,736,700  
  2,500   5.000%, 12/15/29 12/22 at 100.00   BBB   2,720,850  
  4,355   5.000%, 12/15/30 12/22 at 100.00   BBB   4,729,922  
  2,975   5.000%, 12/15/32 12/22 at 100.00   BBB   3,217,760  
  3,150   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   3,390,975  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B:            
  11,280   0.000%, 8/15/36 8/24 at 59.60   A–   5,154,509  
  10,000   0.000%, 8/15/37 8/24 at 56.94   A–   4,360,200  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:            
  5,000   5.000%, 8/15/37 8/24 at 100.00   BBB   5,425,550  
  31,810   5.000%, 8/15/42 8/24 at 100.00   BBB   34,368,160  
  4,400   Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured No Opt. Call   A–   3,552,032  
  1,840   Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured 5/18 at 100.00   AA–   1,873,838  
  381,310   Total Texas         382,522,213  
      Utah – 1.0% (0.6% of Total Investments)            
  14,585   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 – AGM Insured 6/18 at 100.00   Aa2   14,641,590  
  3,615   Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0023, 9.469%, 6/15/32, 144A – AGM Insured (Pre-refunded 6/15/18) (IF) 6/18 at 100.00   Aa2 (4)   3,653,897  
  15,000   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM Insured (Pre-refunded 6/15/18) (UB) (5) 6/18 at 100.00   Aa2 (4)   15,058,200  
  33,200   Total Utah         33,353,687  
      Virginia – 1.6% (1.0% 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   1,215,684  
  1,085   5.600%, 3/01/45, 144A 3/25 at 100.00   N/R   1,102,740  
  5,000   Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.500%, 7/01/57 1/28 at 100.00   AA   5,921,800  
  14,945   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A,  5.000%, 10/01/53 4/22 at 100.00   BBB+   15,859,036  
  10,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (7) 10/28 at 100.00   BBB+   12,525,400  
  11,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured 10/26 at 100.00   A3   13,843,720  
      Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B:            
  985   5.000%, 7/01/38 7/20 at 100.00   A1   1,028,675  
  15   5.000%, 7/01/38 (Pre-refunded 7/01/20) 7/20 at 100.00   AA (4)   15,961  
  1,000   Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.250%, 7/01/35, 144A 7/25 at 100.00   BB+   1,073,270  
  45,230   Total Virginia         52,586,286  
53

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Washington – 2.2% (1.4% of Total Investments)            
$ 9,665   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Bonds, Series 2016S-1, 5.000%, 11/01/46 (UB) No Opt. Call   Aa1 $ 12,337,759  
  5,000   Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2015A, 5.000%, 7/01/38 (UB) (5) 7/25 at 100.00   AA–   5,602,500  
  3,750   FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) 6/19 at 100.00   AA   3,873,600  
  7,500   King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 2016-XL0009, 8.191%, 1/01/39, 144A – AGC Insured (Pre-refunded 1/01/19) (IF) (5) 1/19 at 100.00   AAA   7,847,700  
  5,750   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A3   6,110,640  
  1,250   Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0148, 12.822%, 10/01/44, 144A (IF) (5) 10/24 at 100.00   AA–   1,698,375  
  6,540   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 10/22 at 100.00   Aa2   7,085,240  
      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+   5,691,108  
  3,650   5.000%, 1/01/51, 144A 1/25 at 102.00   BB+   3,798,117  
  21,510   Washington State, General Obligation Bonds, Series 2002C, 0.000%, 6/01/28 – NPFG Insured (UB) (5) No Opt. Call   AA+   15,853,300  
  70,065   Total Washington         69,898,339  
      West Virginia – 1.9% (1.2% of Total Investments)            
  1,900   Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A, 5.500%, 6/01/37, 144A 6/27 at 100.00   N/R   1,954,606  
  3,145   Pleasants County, West Virginia, Pollution Control Revenue Bonds, Allegheny Energy Supply Company, LLC Pleasants Station Project, Series 2007F, 5.250%, 10/15/37 (Pre-refunded 6/11/18) 6/18 at 100.00   BB (4)   3,109,493  
  10,000   West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40 6/20 at 100.00   A1   10,627,900  
  40,855   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   44,926,201  
  55,900   Total West Virginia         60,618,200  
      Wisconsin – 4.3% (2.7% 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   1,714,038  
  305   5.125%, 2/01/46, 144A 2/26 at 100.00   N/R   291,717  
  500   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School Bonds, North Carolina, Series 2017A, 5.125%, 6/15/47, 144A 6/24 at 100.00   N/R   500,880  
  1,480   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A, 5.125%, 5/01/36, 144A 5/26 at 100.00   N/R   1,417,100  
  6,000   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy Charter School, North Carolina, Series 2017A, 5.625%, 6/15/37, 144A 6/24 at 100.00   N/R   5,772,000  
      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   952,780  
  1,790   5.625%, 6/15/47, 144A 6/27 at 100.00   N/R   1,686,287  
  34,100   Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A 12/27 at 100.00   N/R   39,464,953  
  1,700   Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A., 7.000%, 10/01/47, 144A 10/27 at 100.00   N/R   1,717,340  
54

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
      Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A.:            
$ 4,050   5.000%, 6/15/38, 144A 6/26 at 100.00   BBB– $ 4,308,026  
  1,575   5.000%, 6/15/48, 144A 6/26 at 100.00   BBB–   1,664,192  
  2,500   Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.050%, 11/01/30 5/26 at 100.00   BBB–   2,553,150  
      Public Finance Authority, Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., Series 2017A.:            
  1,830   5.000%, 12/01/27 No Opt. Call   BBB–   1,873,481  
  1,565   5.200%, 12/01/37 12/27 at 100.00   BBB–   1,583,780  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017, 5.000%, 8/01/37 8/24 at 103.00   N/R   1,012,480  
  8,460   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25 7/21 at 100.00   A2   9,109,474  
  2,500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2013A, 5.125%, 4/15/31 4/23 at 100.00   A2   2,711,625  
  6,620   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42 10/22 at 100.00   AA–   7,039,377  
  16,190   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 10/21 at 100.00   A1   17,315,691  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:            
  1,485   5.000%, 2/15/40 2/22 at 100.00   A–   1,572,452  
  3,490   4.500%, 2/15/40 2/22 at 100.00   A–   3,597,597  
      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   11,734,140  
  1,500   5.000%, 6/01/39 6/22 at 100.00   A3   1,580,160  
  1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21) 5/21 at 100.00   N/R (4)   1,381,475  
  5,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 3.375%, 8/15/29 8/24 at 100.00   A+   5,035,100  
  1,450   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education Obligated Group, Series 2017C, 5.250%, 6/01/40, 144A 6/26 at 100.00   N/R   1,500,098  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34 7/24 at 100.00   A–   1,077,300  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s Communities Inc., Series 2015B:            
  550   5.000%, 9/15/37 9/22 at 100.00   BBB–   569,591  
  1,000   5.000%, 9/15/45 9/22 at 100.00   BBB–   1,029,970  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33 8/23 at 100.00   A   1,081,800  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014:            
  2,565   5.000%, 12/01/44 12/22 at 102.00   N/R   2,671,345  
  1,775   5.250%, 12/01/49 12/22 at 102.00   N/R   1,869,661  
      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   1,080,350  
  1,500   5.500%, 10/01/49 10/22 at 102.00   N/R   1,624,890  
  130,480   Total Wisconsin         140,094,300  
55

 

NVG Nuveen AMT-Free Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wyoming – 0.1% (0.1% of Total Investments)            
$ 2,035   Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 7/19 at 100.00   A3 $ 2,120,958  
      Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:            
  1,000   5.500%, 12/01/27 12/21 at 100.00   BBB+   1,071,600  
  1,000   6.000%, 12/01/36 12/21 at 100.00   BBB+   1,087,630  
  4,035   Total Wyoming         4,280,188  
$ 5,766,459   Total Municipal Bonds (cost $4,828,650,439)         5,138,002,568  

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)                
      Transportation – 0.0% (0.0% of Total Investments)                
$ 1,244   Las Vegas Monorail Company, Senior Interest Bonds (9), (10) 5.500%   7/15/19   N/R $ 795,571  
  344   Las Vegas Monorail Company, Senior Interest Bonds (9), (10) 5.500%   7/15/55   N/R   171,987  
$ 1,588   Total Corporate Bonds (cost $96,729)             967,558  
      Total Long-Term Investments (cost $4,828,747,168)             5,138,970,126  

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.3% (0.2% of Total Investments)            
      MUNICIPAL BONDS – 0.3% (0.2% of Total Investments)            
      Florida – 0.3% (0.2% of Total Investments)            
$ 10,000   Miami-Dade County School Board, Florida, Variable Rate Demand Bond Obligations, Certificates of Participation, Tender Option Bond Floater 2013-002, 1.840%, 5/01/31 (11) No Opt. Call   A2 $ 10,000,000  
$ 10,000   Total Short-Term Investments (cost $10,000,000)         10,000,000  
      Total Investments (cost $4,838,747,168) – 159.8%         5,148,970,126  
      Floating Rate Obligations – (6.0)%         (192,750,000 ) 
      MuniFund Term Preferred Shares, net of deferred offering costs – (12.6)% (12)         (405,094,990 ) 
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (43.7)% (13)         (1,407,633,477 )
      Other Assets Less Liabilities – 2.5% (14)         78,967,650  
      Net Assets Applicable to Common Shares – 100%       $ 3,222,459,309  

Investments in Derivatives
Interest Rate Swaps – OTC Cleared

 

Notional
Amount
    Fund
Pay/Receive
Floating Rate
    Floating Rate
Index
    Fixed Rate
(Annualized)
    Fixed Rate
Payment
Frequency
    Effective
Date (15)
    Maturity
Date
    Value     Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
    Variation
Margin
Receivable/
(Payable
) 
$79,400,000     Receive     3-Month LIBOR     2.363 %   Semi-Annually     9/10/18     9/10/28   $ 4,457,277   $ 1,017   $ 4,456,260   $ (156,249 )
56

 

Interest Rate Swaps – OTC Uncleared

 

Counterparty     Notional
Amount
    Fund
Pay/Receive
Floating Rate
    Floating
Rate
Index
    Fixed Rate
(Annualized)
    Fixed Rate
Payment
Frequency
    Effective
Date (15)
    Optional
Termination
Date
    Maturity
Date
    Value     Unrealized
Appreciation
(Depreciation
) 
JPMorgan Chase Bank, N.A.   $ 43,000,000     Receive     Weekly SIFMA     1.841%   Quarterly     8/24/18     9/24/18     8/24/28   $ 1,776,517   $ 1,776,517  

 

(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) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(7) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(8) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(9) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(10) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(11) 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.
(12) MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 7.9%.
(13) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 27.3%.
(14) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(15) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
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.
LIBOR London Inter-Bank Offered Rate
SIFMA Securities Industry and Financial Market Association
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

57

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 161.2% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 161.1% (99.9% of Total Investments)            
      Alabama – 1.3% (0.8% of Total Investments)            
$ 8,585   Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 9/25 at 100.00   N/R $ 8,527,137  
  9,425   Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, Series 1995, 5.000%, 11/01/25 (ETM) 5/18 at 100.00   Aaa   10,106,427  
  5,835   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 No Opt. Call   A3   6,918,268  
  2,375   Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2010A, 5.800%, 5/01/34 5/20 at 100.00   BBB   2,559,086  
  26,220   Total Alabama         28,110,918  
      Alaska – 0.7% (0.4% 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 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   1,085,690  
  2,950   5.000%, 1/01/33 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   3,177,710  
  2,900   5.000%, 1/01/34 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   3,112,541  
      Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:            
  330   4.625%, 6/01/23 6/18 at 100.00   Ba2   339,431  
  7,010   5.000%, 6/01/46 6/18 at 100.00   B3   7,009,720  
  14,190   Total Alaska         14,725,092  
      Arizona – 3.4% (2.1% of Total Investments)            
  1,300   Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 3/22 at 100.00   A–   1,392,404  
  2,820   Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 5.000%, 12/01/39 12/24 at 100.00   A2   3,111,955  
  2,930   Arizona Industrial Development Authority, Education Revenue Bonds, Legacy Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.2505, 7/01/22, 144A 7/19 at 101.00   N/R   2,893,316  
  10,450   Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/30 7/22 at 100.00   A   11,085,255  
  3,390   Arizona State Transportation Board, Highway Revenue Bonds, Tender Option Bond Trust 2017-XG0131, 10.117%, 7/01/33, 144A (Pre-refunded 7/01/18) (IF) (5) 7/18 at 100.00   Aa1 (4)   3,444,138  
  2,300   Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A 7/27 at 100.00   N/R   2,333,833  
  3,185   Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39, 144A 7/25 at 100.00   N/R   3,260,198  
  4,500   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   A+ (4)   4,778,460  
  10,700   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   AA– (4)   10,757,887  
  4,360   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, 7/01/22, 144A 7/19 at 101.00   N/R   4,248,776  
  3,065   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B, 4.000%, 7/01/22, 144A 7/19 at 101.00   N/R   2,986,812  
58

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Arizona (continued)            
      Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:            
$ 400   5.000%, 7/01/27 (Alternative Minimum Tax) 7/22 at 100.00   A1 $ 432,220  
  950   5.000%, 7/01/32 (Alternative Minimum Tax) 7/22 at 100.00   A1   1,020,347  
      Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013:            
  335   6.000%, 7/01/33 7/20 at 102.00   BB   313,315  
  365   6.000%, 7/01/43 7/20 at 102.00   BB   327,828  
  205   6.000%, 7/01/48 7/20 at 102.00   BB   181,618  
  1,390   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49 7/20 at 102.00   BB   1,317,873  
      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   1,548,726  
  2,140   5.500%, 7/01/51 7/26 at 100.00   BB   1,846,542  
  595   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 2/24 at 100.00   N/R   560,020  
  2,060   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017., 6.750%, 2/01/50, 144A 2/28 at 100.00   N/R   1,994,410  
  865   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Pima Project, Series 2014A, 7.250%, 7/01/39 7/20 at 102.00   BB   822,667  
  650   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.100%, 6/01/45 (Pre-refunded 6/01/19) 6/19 at 100.00   BB+ (4)   679,120  
  3,710   Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41 (Pre-refunded 7/01/21) 7/21 at 100.00   A (4)   4,070,612  
  7,235   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 No Opt. Call   BBB+   8,470,232  
  71,690   Total Arizona         73,878,564  
      California – 25.2% (15.6% of Total Investments)            
  1,500   ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30 (Pre-refunded 5/15/20) 5/20 at 100.00   AA– (4)   1,625,700  
  2,000   ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2000B, 0.000%, 8/01/23 – FGIC Insured No Opt. Call   A+   1,744,660  
  4,225   Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured No Opt. Call   AA   3,088,897  
  8,000   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured 7/18 at 100.00   BBB+   8,008,720  
  535   Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 3/26 at 100.00   Ba3   562,552  
  1,900   Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Refunding Series 2015, 5.000%, 5/01/38 11/25 at 100.00   N/R   2,033,456  
      Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:            
  4,070   0.000%, 8/01/32 – FGIC Insured No Opt. Call   A3   2,380,543  
  6,410   0.000%, 8/01/34 – FGIC Insured No Opt. Call   A3   3,400,569  
  1,295   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36 6/18 at 100.00   N/R   1,294,987  
      California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:            
  3,280   5.450%, 6/01/28 12/18 at 100.00   B2   3,317,326  
  13,500   5.600%, 6/01/36 12/18 at 100.00   B2   13,654,035  
  12,025   5.650%, 6/01/41 12/18 at 100.00   B2   12,095,947  
  525   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26 7/18 at 100.00   Baa1   525,215  

 

59

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 3,400   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 10/19 at 100.00   AA– $ 3,563,064  
      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–   4,300,262  
  710   5.000%, 7/01/37 7/23 at 100.00   AA–   788,192  
  7,150   California Infrastructure and Economic Development Bank. Clean Water State Revolving Fund Revenue Bonds, Green Series 2018., 5.000%, 10/01/43 4/28 at 100.00   AAA   8,354,918  
  825   California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy Project, Series 2015, 5.375%, 7/01/45, 144A 7/25 at 100.00   BB+   863,841  
  1,350   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   BBB (4)   1,470,028  
  10,120   California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45, 144A 7/18 at 100.00   Baa3   10,306,613  
  2,000   California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – Obligated Group, Series 2016, 5.000%, 6/01/51, 144A 6/26 at 100.00   N/R   2,023,780  
  2,000   California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/38 3/23 at 100.00   A+   2,200,280  
  1,220   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 11/19 at 100.00   A+ (4)   1,303,582  
  1,500   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 (Pre-refunded 3/01/20) 3/20 at 100.00   A+ (4)   1,607,025  
  4,500   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 5.125%, 10/01/31 10/21 at 100.00   A+   4,919,670  
      California State, General Obligation Bonds, Various Purpose Series 2010:            
  1,000   5.500%, 3/01/40 3/20 at 100.00   AA–   1,067,050  
  8,500   5.250%, 11/01/40 11/20 at 100.00   AA–   9,145,915  
  3,000   California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32 10/21 at 100.00   AA–   3,310,740  
  25,320   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 12/24 at 100.00   BB   27,285,085  
      California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:            
  8,905   5.000%, 12/01/36, 144A 6/26 at 100.00   BB   9,476,434  
  12,045   5.000%, 12/01/46, 144A 6/26 at 100.00   BB   12,707,595  
  17,040   5.250%, 12/01/56, 144A 6/26 at 100.00   BB   18,146,578  
      California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010:            
  1,030   6.250%, 10/01/39 10/19 at 100.00   BBB+   1,085,074  
  1,050   6.000%, 7/01/40 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   1,079,652  
  1,000   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/39 (6) 7/18 at 100.00   CCC   1,000,010  
  755   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H, 5.750%, 7/01/25 (6) 7/18 at 100.00   CCC   756,782  
  2,455   California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (4)   2,602,865  
  20   California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 (Pre-refunded 6/01/18) – NPFG Insured (Alternative Minimum Tax) 6/18 at 100.00   AA– (4)   20,045  
  9,955   Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured No Opt. Call   Baa2   5,956,574  
  3,000   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/38 8/23 at 100.00   AA   3,326,040  
60

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 4,000   Coast Community College District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/22 – NPFG Insured No Opt. Call   AA+ $ 3,638,920  
  3,795   Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured No Opt. Call   A+   1,802,815  
  3,290   Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1989, 7.750%, 5/01/22 (Alternative Minimum Tax) (ETM) No Opt. Call   AA+ (4)   3,642,885  
  1,320   Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, 5.000%, 9/01/40 9/25 at 100.00   N/R   1,436,305  
  2,510   Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – NPFG Insured No Opt. Call   AA–   1,794,198  
  3,360   Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – NPFG Insured No Opt. Call   AA–   2,541,470  
  3,725   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured No Opt. Call   BBB–   1,972,499  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
  3,000   0.000%, 1/15/26 (7) No Opt. Call   BBB–   2,552,610  
  1,560   5.750%, 1/15/46 1/24 at 100.00   BBB–   1,774,484  
  3,560   6.000%, 1/15/49 1/24 at 100.00   BBB–   4,140,102  
  4,505   Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured No Opt. Call   AAA   3,087,096  
  2,315   Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured No Opt. Call   A+   1,369,276  
  1,000   Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 (Pre-refunded 8/01/21) 8/21 at 100.00   AA– (4)   1,120,990  
  3,170   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured No Opt. Call   A1   2,514,000  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  13,420   5.000%, 6/01/33 6/18 at 100.00   B3   13,537,828  
  32,800   5.750%, 6/01/47 6/18 at 100.00   B3   33,742,344  
  13,550   5.125%, 6/01/47 6/18 at 100.00   B–   13,549,729  
  7,150   Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 (Pre-refunded 7/15/21) 7/21 at 100.00   Aaa   8,076,997  
  3,190   Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27 No Opt. Call   AAA   2,467,816  
  5,000   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured No Opt. Call   Aa2   3,186,450  
  2,500   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured No Opt. Call   AA–   1,520,675  
  14,000   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-2, 0.000%, 6/01/47 6/18 at 100.00   N/R   2,031,120  
  10,600   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 0.000%, 6/01/36 6/18 at 100.00   N/R   3,262,468  
  4,615   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A., 5.000%, 5/15/44 (Alternative Minimum Tax) 5/28 at 100.00   A1   5,225,795  
  23,665   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2018A., 5.000%, 7/01/48 1/28 at 100.00   Aa2   27,287,165  
  2,750   Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 4.500%, 1/01/27 (Alternative Minimum Tax) 1/22 at 100.00   A   2,863,850  
  20,000   Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1, 5.000%, 7/01/38 1/28 at 100.00   Aa2   23,369,800  
61

  

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 540   Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 3/20 at 100.00   A1 $ 568,064  
  2,000   Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31 8/24 at 100.00   AA   2,393,200  
  1,000   Mendocino-Lake Community College District, Mendocino and Lake Counties, California, General Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31 – AGM Insured 8/26 at 100.00   A1   1,208,150  
      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 (7) 2/28 at 100.00   AA   979,829  
  2,320   0.000%, 8/01/43 (7) 8/35 at 100.00   AA   1,859,573  
  5,420   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 No Opt. Call   BBB+   7,507,188  
      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+   3,772,251  
  2,200   6.500%, 11/01/39 No Opt. Call   BBB+   3,047,198  
      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+   6,437,376  
  4,180   0.000%, 8/01/26 – FGIC Insured No Opt. Call   AA+   3,358,755  
  10,885   Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured No Opt. Call   A+   8,822,401  
  3,000   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19) 11/19 at 100.00   N/R (4)   3,211,950  
  770   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20) 11/20 at 100.00   Ba1 (4)   813,320  
  6,000   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured No Opt. Call   BB+   4,950,960  
  12,210   Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 (7) 8/30 at 100.00   BB+   13,897,300  
  5,000   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (7) 8/29 at 100.00   BB+   6,084,050  
  1,750   Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/23 – AGM Insured No Opt. Call   A1   1,536,972  
  9,315   Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM) No Opt. Call   AA+ (4)   11,551,345  
  2,500   Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 (Pre-refunded 5/01/21) 5/21 at 100.00   A1 (4)   2,758,700  
  3,850   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured 10/25 at 100.00   A2   4,395,506  
  3,200   Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured No Opt. Call   A2   2,403,040  
  2,000   Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 6/20 at 100.00   A–   2,139,080  
  205   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44 6/23 at 100.00   BBB–   227,398  
  2,755   Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured No Opt. Call   A+   2,221,053  
  3,550   San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 12/21 at 100.00   BB   3,955,481  
  165   San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 9/25 at 100.00   N/R   177,994  
62

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 3,000   San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 2016-XG0053, 10.380%, 8/01/41, 144A (Pre-refunded 8/01/21) (IF) (5) 8/21 at 100.00   Aaa $ 3,877,290  
  1,830   San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 14.934%, 8/01/39, 144A (Pre-refunded 8/01/19) (IF) 8/19 at 100.00   AA– (4)   2,167,800  
  16,875   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A, 5.000%, 5/01/47 (Alternative Minimum Tax) 5/27 at 100.00   A+   18,841,950  
  670   San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) 8/19 at 100.00   A– (4)   708,726  
  4,150   San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/29 – AGM Insured 8/18 at 53.32   AA–   2,201,865  
  2,700   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 1/25 at 100.00   BBB–   2,931,255  
      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   7,182,146  
  3,160   5.000%, 1/15/50 1/25 at 100.00   BBB   3,411,441  
  7,205   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured No Opt. Call   Baa2   6,327,719  
  5,760   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/45 No Opt. Call   A1   1,510,733  
  690   Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19) 12/19 at 100.00   A+ (4)   723,913  
      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 6/18 at 100.00   N/R   2,751,000  
  37,555   0.000%, 6/01/47 6/18 at 100.00   N/R   6,711,454  
      Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A:            
  11,595   5.000%, 6/01/37 6/18 at 100.00   B2   11,628,510  
  3,090   5.125%, 6/01/46 6/18 at 100.00   B2   3,095,315  
  1,800   Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured No Opt. Call   AA–   1,383,030  
      Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B:            
  4,005   0.000%, 8/01/36 – AGM Insured (7) 8/31 at 100.00   Aa3   3,416,946  
  3,900   5.625%, 5/01/41 (Pre-refunded 8/01/21) – AGM Insured 8/21 at 100.00   Aa3 (4)   4,350,021  
  3,000   Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) 8/21 at 100.00   Aa2 (4)   3,315,930  
  608,700   Total California         552,725,166  
      Colorado – 6.6% (4.1% of Total Investments)            
  1,250   Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, Series 2010, 6.250%, 12/01/35 (Pre-refunded 12/01/20) 12/20 at 100.00   AA– (4)   1,382,612  
  1,500   Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured 12/25 at 100.00   A3   1,644,450  
  1,600   Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured 7/18 at 100.00   BBB   1,600,016  
  1,215   Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A, 5.500%, 12/01/36 12/21 at 103.00   N/R   1,238,425  
  700   Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 (Pre-refunded 7/01/18) 7/18 at 100.00   N/R (4)   705,887  

 

63

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
      Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A:            
$ 775   6.000%, 12/01/37 12/22 at 103.00   N/R $ 780,107  
  2,320   6.125%, 12/01/47 12/22 at 103.00   N/R   2,335,915  
  685   Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 12/22 at 103.00   N/R   678,951  
  500   Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.500%, 12/01/45 (Pre-refunded 12/01/20) 12/20 at 103.00   N/R (4)   557,230  
      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   788,503  
  2,210   5.000%, 12/01/47, 144A 12/22 at 103.00   N/R   2,241,912  
  625   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 6.000%, 12/01/38 12/23 at 100.00   BBB–   719,631  
  1,000   Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 12/25 at 100.00   N/R   997,520  
  1,240   Colorado City Metropolitan District, Oueblo county, Colorado, Water and Wastewater Enterprise Revenue Bonds, Refunding & Improvement Series 2012, 4.500%, 12/01/34 12/19 at 100.00   BBB+   1,265,966  
  1,000   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29 12/19 at 100.00   BBB–   1,027,350  
  2,135   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.400%, 5/01/26 5/18 at 100.00   N/R   2,086,301  
  9,440   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 7/18 at 100.00   BBB+   9,450,762  
  3,335   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 7/19 at 100.00   BBB+   3,443,087  
  9,335   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   9,928,519  
  2,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36 12/23 at 100.00   A+   2,183,660  
  2,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 4.000%, 12/01/42 12/22 at 100.00   A   2,014,940  
  3,655   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, 5.000%, 6/01/45 6/25 at 100.00   BBB   3,887,604  
  585   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 6/23 at 100.00   BBB   651,310  
  1,150   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured 9/18 at 102.00   Aa3   1,182,430  
  11,500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   11,976,790  
  2,105   Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018., 5.875%, 12/01/46 12/23 at 103.00   N/R   2,188,926  
  2,250   Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38 11/23 at 100.00   AA   2,515,657  
      Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A:            
  20   5.000%, 3/01/34 3/19 at 100.00   AA–   20,486  
  1,175   5.000%, 3/01/34 (Pre-refunded 3/01/19) 3/19 at 100.00   N/R (4)   1,205,338  
  5   5.000%, 3/01/34 (Pre-refunded 3/01/19) 3/19 at 100.00   N/R (4)   5,129  
  1,945   Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Refunding Series 2015, 5.000%, 8/01/36 – BAM Insured 8/25 at 100.00   A1   2,151,209  
  1,000   Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40 12/20 at 100.00   BBB+   1,030,640  
64

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 500   Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30 12/20 at 103.00   N/R $ 524,590  
  2,200   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 11/22 at 100.00   A+   2,418,592  
  3,870   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   4,214,662  
  10,000   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41 No Opt. Call   BBB+   4,005,700  
  8,845   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/26 – NPFG Insured No Opt. Call   BBB+   6,834,266  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  7,550   0.000%, 9/01/29 – NPFG Insured No Opt. Call   BBB+   5,090,059  
  11,100   0.000%, 9/01/31 – NPFG Insured No Opt. Call   BBB+   6,835,602  
  10,000   0.000%, 9/01/32 – NPFG Insured No Opt. Call   BBB+   5,913,300  
  8,135   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured 9/20 at 63.98   BBB+   4,896,619  
      Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, Series 2015:            
  475   5.500%, 12/01/30 12/22 at 100.00   N/R   511,328  
  180   5.250%, 12/01/34 12/22 at 100.00   N/R   189,711  
  500   Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 12/20 at 103.00   N/R   506,870  
  968   Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.125%, 12/01/46 12/21 at 103.00   N/R   941,777  
      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   1,157,794  
  1,000   6.000%, 12/01/38 12/24 at 100.00   N/R   1,021,710  
  770   Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, General Obligation Bonds, Series 2016A, 5.000%, 12/01/46 12/21 at 100.00   N/R   771,247  
      Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:            
  1,590   5.250%, 12/01/36 12/21 at 103.00   N/R   1,522,616  
  6,130   5.375%, 12/01/46 12/21 at 103.00   N/R   5,817,247  
  1,000   Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 5.000%, 12/01/41 12/21 at 100.00   A–   1,070,560  
  825   North Range Metropolitan District No. 2 , In the City of Commerce City, Adams County, 12/22 at 103.00   N/R   828,473  
      Colorado, Limited Tax General Obligation and Special Revenue and Improvement Bonds, Refunding Series 2017A, 5.750%, 12/01/47            
  1,870   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00   A   2,050,081  
  3,015   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   3,325,424  
  500   Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45 12/26 at 100.00   N/R   466,715  
  1,590   Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 6/20 at 100.00   A   1,688,405  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  4,355   6.000%, 1/15/34 7/20 at 100.00   Baa3   4,663,987  
  2,365   6.000%, 1/15/41 7/20 at 100.00   Baa3   2,517,117  
  1,034   Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/45 12/26 at 100.00   N/R   1,038,250  
  525   Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 12/21 at 103.00   N/R   536,004  
65

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 650   Thompson Crossing Metropolitan District No. 6 in the Town of Johnstown, Larimer County, Colorado, General Obligation Limited Tax Bonds Series 2015A, 6.000%, 12/01/44 12/20 at 103.00   N/R $ 657,007  
  55   Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016, 5.250%, 12/01/40 12/26 at 100.00   N/R   57,271  
  105   Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, Refunding Series 2016, 5.250%, 12/01/40 12/26 at 100.00   N/R   111,859  
  163,852   Total Colorado         146,072,106  
      Connecticut – 0.1% (0.0% of Total Investments)            
  1,500   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41 7/21 at 100.00   A   1,579,635  
      Florida – 4.3% (2.7% of Total Investments)            
  1,250   Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40 9/20 at 100.00   BBB   1,310,137  
      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   1,043,471  
  865   5.000%, 9/01/45 9/23 at 100.00   BBB   897,273  
  635   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A, 5.375%, 11/01/36 11/27 at 100.00   N/R   655,993  
  535   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016B, 5.625%, 11/01/35 No Opt. Call   N/R   545,957  
  665   Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016, 4.700%, 5/01/36 5/26 at 100.00   N/R   674,869  
  2,115   Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) 4/19 at 100.00   A (4)   2,211,825  
  3,430   Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax) 7/18 at 100.00   Caa1   3,431,269  
  5,005   Broward County, Florida, Airport System Revenue Bonds, Refunding Series 2009O, 5.375%, 10/01/29 10/19 at 100.00   A+   5,241,386  
  1,480   Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (Alternative Minimum Tax) 4/23 at 100.00   AA   1,584,902  
  4,390   Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A, 5.000%, 7/04/50 7/25 at 100.00   A–   4,547,381  
      Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1:            
  125   5.250%, 11/01/37 11/28 at 100.00   N/R   128,247  
  160   5.600%, 11/01/46 11/28 at 100.00   N/R   166,085  
  330   Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-2, 5.625%, 11/01/35 No Opt. Call   N/R   345,210  
      Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015:            
  555   5.250%, 5/01/35 5/26 at 100.00   N/R   564,418  
  615   5.300%, 5/01/36 5/26 at 100.00   N/R   625,012  
  955   5.500%, 5/01/45 5/26 at 100.00   N/R   959,909  
  1,305   5.500%, 5/01/46 5/26 at 100.00   N/R   1,310,859  
      Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017C.:            
  1,115   5.650%, 7/01/37, 144A 7/27 at 101.00   N/R   1,085,653  
  3,385   5.750%, 7/01/47, 144A 7/27 at 101.00   N/R   3,273,329  
66

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
      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 $ 1,040,202  
  1,420   4.750%, 7/15/36, 144A 7/26 at 100.00   N/R   1,342,085  
  2,575   6.375%, 6/15/46, 144A 6/26 at 100.00   N/R   2,636,130  
  1,465   5.000%, 7/15/46, 144A 7/26 at 100.00   N/R   1,387,809  
      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   937,490  
  6,785   5.125%, 7/01/46 7/26 at 100.00   N/R   6,249,460  
      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   943,992  
  560   6.125%, 6/15/46, 144A 6/25 at 100.00   N/R   579,684  
  1,100   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 4/21 at 100.00   Baa1   1,205,710  
  3,310   Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project – South Segment, Series 2017., 0.000%, 1/01/47, 144A (Alternative Minimum Tax) 1/19 at 105.00   BB–   3,407,413  
  320   Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 5/26 at 100.00   N/R   321,056  
  4,695   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44 10/24 at 100.00   A–   5,090,695  
  1,750   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (Alternative Minimum Tax) 10/24 at 100.00   A+   1,879,815  
  2,490   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 10/22 at 100.00   A2   2,699,733  
  7,045   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/22 at 100.00   A+   7,659,747  
  2,140   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 8/26 at 100.00   N/R   2,291,405  
  2,185   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42 4/22 at 100.00   A   2,353,573  
  2,335   Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, 5.000%, 10/01/46 10/24 at 100.00   Aa2   2,612,795  
  85   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 6/22 at 102.00   N/R   97,862  
  545   Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016, 5.000%, 11/01/46 11/26 at 100.00   N/R   549,883  
      Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016:            
  175   4.750%, 11/01/28 11/27 at 100.00   N/R   177,018  
  295   5.375%, 11/01/36 11/27 at 100.00   N/R   300,602  
  375   South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35 5/26 at 100.00   BBB   366,379  
      South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2:            
  140   4.350%, 5/01/26 No Opt. Call   N/R   140,909  
  100   4.875%, 5/01/35 5/26 at 100.00   N/R   100,890  
  1,350   Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34 1/24 at 100.00   A–   1,459,606  
  11,000   Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured 10/18 at 100.00   AA–   11,142,450  
67

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 3,300   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 5/22 at 100.00   Aa2 $ 3,590,994  
  200   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (7) 5/19 at 100.00   N/R   189,282  
  85   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7) 5/22 at 100.00   N/R   67,503  
  110   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8) 5/18 at 100.00   N/R   1  
  10   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 5/18 at 100.00   N/R   9,697  
  295   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (8) 5/18 at 100.00   N/R   234,950  
  180   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8) 5/18 at 100.00   N/R   117,949  
  195   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8) 5/18 at 100.00   N/R   2  
  300   Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-1, 5.375%, 11/01/37 11/27 at 100.00   N/R   307,284  
  105   Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-2, 5.625%, 11/01/35 No Opt. Call   N/R   106,644  
  91,855   Total Florida         94,201,884  
      Georgia – 2.5% (1.5% of Total Investments)            
  2,725   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 7/25 at 100.00   A+   3,102,440  
  15,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 1/21 at 100.00   Aa3   16,180,950  
  980   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 (Pre-refunded 11/01/19) – AGM Insured 11/19 at 100.00   AA (4)   1,029,127  
  520   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured 11/19 at 100.00   A+   544,175  
  4,400   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured No Opt. Call   A+   4,859,404  
  3,250   DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 9/20 at 100.00   BB   3,489,785  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A:            
  590   5.000%, 2/15/30 2/20 at 100.00   A   616,851  
  1,910   5.000%, 2/15/30 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   2,008,957  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  475   5.250%, 2/15/37 2/20 at 100.00   AA–   496,726  
  1,180   5.125%, 2/15/40 2/20 at 100.00   AA–   1,227,637  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  1,525   5.250%, 2/15/37 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   1,610,659  
  3,820   5.125%, 2/15/40 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   4,026,242  
  4,650   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 – FGIC Insured (ETM) No Opt. Call   N/R (4)   4,766,808  
  4,010   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 7/25 at 100.00   A2   4,242,059  
  840   Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017, 5.875%, 6/15/47, 144A 6/27 at 100.00   N/R   861,571  
68

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Georgia (continued)            
$ 3,000   Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A 11/27 at 100.00   Ba3 $ 3,124,320  
  2,500   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus 8/18 at 100.00   AA (4)   2,528,600  
     
Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured
           
  51,375   Total Georgia         54,716,311  
      Guam – 0.2% (0.2% of Total Investments)            
  4,000   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.500%, 7/01/30 (Pre-refunded 7/01/20) 7/20 at 100.00   BBB– (4)   4,296,680  
  810   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   BBB–   880,300  
  4,810   Total Guam         5,176,980  
      Hawaii – 0.2% (0.2% of Total Investments)            
  1,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.500%, 7/01/40 (Pre-refunded 7/01/20) 7/20 at 100.00   A1 (4)   1,073,510  
  3,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 7/23 at 100.00   A1   3,312,360  
  1,175   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33 7/23 at 100.00   BB   1,237,369  
  5,175   Total Hawaii         5,623,239  
      Idaho – 0.1% (0.1% of Total Investments)            
  1,175   Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016, 5.000%, 9/01/37 9/26 at 100.00   BB+   1,246,369  
  595   Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32 9/22 at 100.00   A3   646,241  
  1,770   Total Idaho         1,892,610  
      Illinois – 29.7% (18.4% of Total Investments)            
  50,000   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   58,229,000  
  1,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.500%, 12/01/39 12/21 at 100.00   B3   1,009,640  
  8,400   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B, 7.000%, 12/01/42, 144A 12/27 at 100.00   B   9,926,028  
  8,455   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H, 5.000%, 12/01/36 12/27 at 100.00   B   8,444,516  
      Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A:            
  1,800   7.000%, 12/01/26 12/25 at 100.00   B   2,105,136  
  51,780   7.000%, 12/01/44 12/25 at 100.00   B   59,476,579  
  6,210   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A 12/27 at 100.00   B   7,317,057  
  450   Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/26 – NPFG Insured No Opt. Call   B   306,913  
      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   B   1,169,681  
  10,060   0.000%, 12/01/28 – FGIC Insured No Opt. Call   B   6,224,021  
  1,765   0.000%, 12/01/30 – NPFG Insured No Opt. Call   B   981,428  
69

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:            
$ 2,585   0.000%, 12/01/27 – NPFG Insured No Opt. Call   B $ 1,682,990  
  7,240   0.000%, 12/01/31 – FGIC Insured No Opt. Call   B   3,816,856  
  4,300   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 12/21 at 100.00   A3   4,588,358  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  25,755   0.000%, 1/01/29 – NPFG Insured No Opt. Call   BBB–   16,157,914  
  8,765   0.000%, 1/01/34 – FGIC Insured No Opt. Call   BBB–   4,285,910  
  17,310   0.000%, 1/01/37 – FGIC Insured No Opt. Call   BBB–   7,247,005  
  670   Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 5.500%, 1/01/31 1/25 at 100.00   Ba1   714,515  
  2,695   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35 1/24 at 100.00   Ba1   2,742,675  
  27,095   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   30,002,835  
  2,000   Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/40 1/25 at 100.00   Ba1   2,091,660  
      Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C:            
  1,450   5.000%, 1/01/34 1/19 at 100.00   Ba1   1,458,859  
  590   5.000%, 1/01/40 1/19 at 100.00   Ba1   592,985  
  4,930   Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 1/21 at 100.00   Ba1   5,017,803  
  550   Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/34 1/22 at 100.00   Ba1   557,304  
      Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E:            
  10,115   5.500%, 1/01/35 1/25 at 100.00   Ba1   10,661,412  
  5,890   5.500%, 1/01/42 1/25 at 100.00   Ba1   6,149,631  
  275   Chicago, Illinois, General Obligation Bonds, Refunding Series 2008A, 5.250%, 1/01/37 – FGIC Insured 7/18 at 100.00   Ba1   275,330  
  765   Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35 1/26 at 100.00   BBB–   785,028  
  1,610   Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 – AGM Insured No Opt. Call   A2   990,327  
      Chicago, Illinois, General Obligation Bonds, Series 2015A:            
  1,000   5.500%, 1/01/35 1/25 at 100.00   BBB–   1,054,020  
  9,800   5.500%, 1/01/39 1/25 at 100.00   BBB–   10,260,502  
  5,630   Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38 (Pre-refunded 1/01/22) 1/22 at 100.00   N/R (4)   6,254,198  
  1,250   Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured 6/22 at 100.00   A2   1,313,462  
  25,375   Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 11/20 at 100.00   A2   26,784,327  
  800   Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 5.500%, 12/01/30, 144A 12/25 at 100.00   N/R   818,072  
      Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A:            
  1,525   6.875%, 10/01/31 10/21 at 100.00   BB+   1,617,064  
  2,535   7.125%, 10/01/41 10/21 at 100.00   BB+   2,686,517  
  1,500   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Aa2 (4)   1,578,420  
  1,000   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Aa2 (4)   1,049,370  
  2,000   Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (Pre-refunded 8/15/18) (UB) 8/18 at 100.00   AA (4)   2,020,280  
  2,675   Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, 5.000%, 12/01/37 12/25 at 100.00   BBB+   2,775,607  
  5,220   Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27 (Pre-refunded 4/01/21) 4/21 at 100.00   A (4)   5,743,253  
70

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 845   Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 2016, 5.000%, 9/01/46 9/26 at 100.00   Baa1 $ 900,009  
  5,015   Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 5/22 at 100.00   Baa2   5,247,696  
      Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A:            
  630   6.000%, 5/15/39 5/20 at 100.00   A   672,846  
  2,030   6.000%, 5/15/39 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   2,188,665  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  5   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   5,366  
  495   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   531,204  
      Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:            
  415   5.500%, 7/01/28 7/23 at 100.00   A–   462,800  
  905   6.000%, 7/01/43 7/23 at 100.00   A–   1,002,423  
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009:            
  100   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   104,387  
  90   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   93,902  
  2,810   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   BBB– (4)   2,931,814  
  1,665   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) 5/19 at 100.00   Aaa   1,741,840  
  4,000   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 6.000%, 8/15/23 8/18 at 100.00   BBB+   4,029,560  
  1,050   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44 8/25 at 100.00   Baa1   1,107,582  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:            
  7,000   6.875%, 8/15/38 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   7,434,560  
  2,000   7.000%, 8/15/44 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   2,127,320  
  500   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 3/20 at 100.00   A2 (4)   529,610  
      Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured            
  2,500   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) 2/21 at 100.00   AA– (4)   2,725,225  
  4,125   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00   AA–   4,393,455  
  3,000   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 10/01/46 (UB) (5) 10/25 at 100.00   AA–   3,295,650  
      Illinois State, General Obligation Bonds, April Series 2014:            
  6,165   5.000%, 4/01/38 4/24 at 100.00   BBB–   6,202,360  
  5,000   5.000%, 4/01/39 4/24 at 100.00   BBB–   5,025,200  
      Illinois State, General Obligation Bonds, February Series 2014:            
  2,010   5.250%, 2/01/30 2/24 at 100.00   BBB–   2,072,109  
  3,435   5.250%, 2/01/33 2/24 at 100.00   BBB–   3,518,505  
  3,745   5.250%, 2/01/34 2/24 at 100.00   BBB–   3,832,259  
  6,000   5.000%, 2/01/39 2/24 at 100.00   BBB–   6,029,280  
  8,565   Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26 No Opt. Call   BBB–   8,928,756  
      Illinois State, General Obligation Bonds, November Series 2016:            
  3,100   5.000%, 11/01/35 11/26 at 100.00   BBB–   3,171,083  
  3,000   5.000%, 11/01/37 11/26 at 100.00   BBB–   3,062,460  
  2,400   5.000%, 11/01/40 11/26 at 100.00   BBB–   2,438,184  
  5,795   Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28 11/27 at 100.00   BBB–   6,016,949  
  4,900   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26 No Opt. Call   BBB–   5,107,270  
  27,215   Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 7/23 at 100.00   BBB–   28,037,709  
  7,250   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 1/23 at 100.00   AA–   7,906,125  
71

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 2,755   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   AA– $ 3,040,418  
  560   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 12.874%, 1/01/38, 144A (IF) 1/23 at 100.00   AA–   762,854  
  2,500   Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured No Opt. Call   Aa2   2,090,650  
  9,795   Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/19 – AGM Insured (UB) No Opt. Call   A2   10,272,017  
      Mc Henry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011B:            
  1,160   6.250%, 2/01/21 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   Aa3 (4)   1,245,643  
  85   6.250%, 2/01/21 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   Aa3 (4)   91,276  
      McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003:            
  570   0.000%, 1/01/21 – NPFG Insured No Opt. Call   N/R   525,569  
  745   0.000%, 1/01/21 (ETM) No Opt. Call   N/R (4)   702,446  
      McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011A:            
  930   6.000%, 2/01/24 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   Aa3 (4)   994,691  
  70   6.000%, 2/01/24 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   Aa3 (4)   74,869  
  960   6.000%, 2/01/25 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   Aa3 (4)   1,026,778  
  70   6.000%, 2/01/25 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   Aa3 (4)   74,869  
  13,785   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured 6/22 at 100.00   BB+   14,150,303  
  2,500   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 6/22 at 100.00   BB+   2,556,775  
  5,400   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 12/25 at 100.00   BB+   5,568,750  
      Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A:            
  23,110   0.000%, 12/15/52 No Opt. Call   BB+   3,753,064  
  2,455   5.000%, 6/15/53 12/25 at 100.00   BB+   2,530,123  
  6,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A, 5.000%, 6/15/57 12/27 at 100.00   BB+   6,294,000  
      Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A:            
  9,080   5.500%, 6/15/50 6/20 at 100.00   BB+   9,298,011  
  2,920   5.500%, 6/15/50 (Pre-refunded 6/15/20) 6/20 at 100.00   BBB– (4)   3,130,357  
  45,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured No Opt. Call   BBB–   13,906,350  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A:            
  2,680   5.500%, 6/15/29 – NPFG Insured No Opt. Call   BB+   2,978,740  
  145   5.500%, 6/15/29 (Pre-refunded 6/15/25) – NPFG Insured 6/25 at 100.00   Baa2 (4)   171,045  
  1,040   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B., 5.550%, 6/15/21 No Opt. Call   BB+   1,052,730  
  10,960   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.250%, 6/15/50 6/20 at 100.00   BB+   11,168,240  
  1,165   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured No Opt. Call   Baa2   1,044,527  
72

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
$ 7,305   5.700%, 6/15/24 No Opt. Call   BB+ $ 8,122,283  
  2,195   5.700%, 6/15/24 (Pre-refunded 6/15/22) 6/22 at 101.00   N/R (4)   2,515,031  
  8,400   0.000%, 12/15/30 – NPFG Insured No Opt. Call   BB+   4,743,480  
  7,940   0.000%, 6/15/33 – NPFG Insured No Opt. Call   BB+   3,910,291  
  21,915   0.000%, 6/15/34 – NPFG Insured No Opt. Call   BB+   10,153,877  
  450   0.000%, 12/15/34 – NPFG Insured No Opt. Call   BB+   203,580  
  12,500   0.000%, 6/15/35 – NPFG Insured No Opt. Call   BB+   5,484,875  
  10,620   0.000%, 12/15/35 – NPFG Insured No Opt. Call   BB+   4,549,183  
  45,350   0.000%, 12/15/36 – NPFG Insured No Opt. Call   BB+   18,413,007  
  38,040   0.000%, 6/15/40 – NPFG Insured No Opt. Call   BB+   12,677,210  
  3,720   0.000%, 6/15/41 – NPFG Insured No Opt. Call   BB+   1,169,047  
      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   528,178  
  400   5.000%, 10/01/26 10/22 at 100.00   Baa1   438,792  
  780   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.250%, 6/01/21 No Opt. Call   A   845,614  
  2,695   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured No Opt. Call   A2   2,899,335  
  10,000   Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018A., 5.000%, 1/01/38 1/28 at 100.00   AA   11,116,400  
  3,815   Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 8/22 at 100.00   B   3,843,155  
  1,580   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32 10/23 at 100.00   Baa1   1,784,025  
  11,350   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured No Opt. Call   A2   9,150,257  
  790,270   Total Illinois         652,891,366  
      Indiana – 4.4% (2.8% of Total Investments)            
      Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:            
  1,950   0.000%, 2/01/24 No Opt. Call   Aa3   1,662,005  
  2,705   0.000%, 2/01/25 No Opt. Call   Aa3   2,233,329  
  4,400   Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured No Opt. Call   Baa2   3,775,992  
  680   Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/29 2/22 at 100.00   A–   733,591  
  1,050   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 10/19 at 100.00   B   1,061,970  
  520   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 6/20 at 100.00   B   534,368  
  1,230   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 8/22 at 100.00   B   1,239,077  
  11,000   Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc. Obligated Group, Series 2016A, 4.000%, 11/01/51 11/25 at 100.00   Aa3   10,979,760  
  4,465   Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Aa3 (4)   4,682,044  
  1,815   Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 5/23 at 100.00   A   1,953,485  
  1,500   Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) 3/20 at 100.00   N/R (4)   1,584,210  
73

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Indiana (continued)            
$ 1,875   Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40 6/25 at 100.00   AA $ 1,892,231  
  9,300   Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, 5.000%, 10/01/44 10/23 at 100.00   Baa2   9,683,997  
      Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A:            
  5,380   5.000%, 7/01/44 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   5,737,017  
  5,100   5.000%, 7/01/48 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   5,423,595  
  5,370   5.250%, 1/01/51 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   5,765,554  
  6,730   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19) 12/19 at 100.00   AA– (4)   7,079,287  
  6,700   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   A3   7,215,096  
  13,000   Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2014A, 5.000%, 10/01/44 10/24 at 100.00   A   14,466,270  
  10,000   Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured No Opt. Call   A   7,976,300  
  1,000   Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 2016, 5.750%, 4/01/36 4/24 at 102.00   N/R   944,440  
  1,250   Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax) 11/23 at 100.00   N/R   1,406,063  
  830   Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax) 1/24 at 100.00   N/R   975,233  
  97,850   Total Indiana         99,004,914  
      Iowa – 1.7% (1.0% of Total Investments)            
      Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:            
  7,055   5.500%, 12/01/22 12/18 at 100.00   B–   7,158,850  
  1,255   5.250%, 12/01/25 12/23 at 100.00   B–   1,337,253  
  1,470   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27, 144A 6/19 at 105.00   B–   1,565,138  
  1,710   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018A., 5.250%, 12/01/50 12/22 at 103.00   B   1,796,697  
  1,630   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31 10/21 at 100.00   BBB   1,742,128  
  1,900   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012, 5.000%, 9/01/43 (Pre-refunded 9/01/23) 9/23 at 100.00   N/R (4)   2,154,904  
  2,000   Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 12/19 at 100.00   A   2,085,400  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  6,425   5.375%, 6/01/38 7/18 at 100.00   B2   6,440,741  
  525   5.500%, 6/01/42 7/18 at 100.00   B2   527,079  
  5,045   5.625%, 6/01/46 7/18 at 100.00   B   5,071,133  
  6,590   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 7/18 at 100.00   B2   6,658,075  
  35,605   Total Iowa         36,537,398  
      Kansas – 0.6% (0.4% of Total Investments)            
      Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A:            
  2,000   5.000%, 9/01/26 9/21 at 100.00   Aa3   2,172,120  
  1,000   5.000%, 9/01/27 9/21 at 100.00   Aa3   1,086,060  
74

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Kansas (continued)            
$ 2,000   Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 5/22 at 100.00   AA $ 2,203,740  
  1,485   Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31 (Pre-refunded 12/01/20) 12/20 at 100.00   A3 (4)   1,594,148  
  2,035   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 7/18 at 100.00   Ba2   2,038,134  
  465   Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 4/20 at 100.00   BBB   481,884  
      Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:            
  1,695   5.750%, 9/01/32 9/25 at 100.00   N/R   1,798,717  
  1,725   6.000%, 9/01/35 9/25 at 100.00   N/R   1,831,812  
  12,405   Total Kansas         13,206,615  
      Kentucky – 2.1% (1.3% 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+   5,357,450  
  435   5.500%, 2/01/44 2/26 at 100.00   BB+   464,915  
      Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A:            
  750   5.375%, 8/15/24 8/18 at 100.00   Baa2   756,480  
  750   5.375%, 8/15/24 (Pre-refunded 8/15/18) 8/18 at 100.00   N/R (4)   757,433  
  1,000   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 6/20 at 100.00   BB+ (4)   1,079,820  
  6,015   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20) 6/20 at 100.00   BB+ (4)   6,540,831  
      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   505,770  
  2,250   5.750%, 11/15/50 11/25 at 100.00   N/R   2,269,080  
      Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1:            
  1,000   6.000%, 12/01/33 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   A3 (4)   1,003,460  
  1,000   6.000%, 12/01/38 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   A3 (4)   1,003,460  
  1,100   6.000%, 12/01/42 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   A3 (4)   1,103,806  
      Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:            
  2,130   5.000%, 7/01/40 7/25 at 100.00   Baa2   2,249,813  
  2,940   5.000%, 1/01/45 7/25 at 100.00   Baa2   3,097,878  
      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 (7) 7/31 at 100.00   Baa3   1,237,946  
  2,295   0.000%, 7/01/46 (7) 7/31 at 100.00   Baa3   2,136,232  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:            
  3,080   5.750%, 7/01/49 7/23 at 100.00   Baa3   3,374,140  
  615   6.000%, 7/01/53 7/23 at 100.00   Baa3   681,660  
  5,400   Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 6/21 at 100.00   A   5,832,540  
  5,000   Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.250%, 3/01/31 3/21 at 100.00   A3   5,476,050  
  215   Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A, 4.000%, 10/01/29 10/22 at 100.00   A+   221,843  
  42,810   Total Kentucky         45,150,607  
75

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Louisiana – 2.1% (1.3% of Total Investments)            
$ 2,000   Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 7/21 at 100.00   B3 $ 2,039,540  
  7,310   Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36, 144A (Alternative Minimum Tax) 7/23 at 100.00   N/R   8,104,158  
      Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A:            
  1,450   5.000%, 7/01/39 7/25 at 100.00   A   1,586,692  
  10   5.000%, 7/01/39 (Pre-refunded 7/01/25) 7/25 at 100.00   N/R (4)   11,644  
  16,190   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 5.000%, 5/15/46 5/27 at 100.00   A3   17,650,986  
  4,425   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 5/21 at 100.00   A3 (4)   5,004,764  
  1,060   Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.375%, 12/15/43 12/23 at 100.00   N/R   1,110,626  
  2,235   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 7/23 at 100.00   A2   2,460,757  
  5,100   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/45 (Alternative Minimum Tax) 1/25 at 100.00   A–   5,500,656  
  2,560   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 6/24 at 100.00   A–   2,781,747  
  42,340   Total Louisiana         46,251,570  
      Maine – 0.4% (0.3% of Total Investments)            
  4,965   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   Ba1   5,098,608  
      Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:            
  2,000   6.750%, 7/01/36 7/21 at 100.00   Ba3   2,169,220  
  1,050   6.750%, 7/01/41 7/21 at 100.00   Ba3   1,135,586  
  1,250   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A1   1,312,150  
  9,265   Total Maine         9,715,564  
      Maryland – 0.6% (0.3% of Total Investments)            
  2,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (8) 7/18 at 100.00   N/R   1,200,000  
  7,145   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46 1/27 at 100.00   Baa3   7,933,879  
  555   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 6/18 at 100.00   A–   555,605  
  2,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 7/24 at 100.00   A3   2,143,180  
  355   Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46 1/26 at 100.00   N/R   348,138  
  12,055   Total Maryland         12,180,802  
      Massachusetts – 3.9% (2.4% of Total Investments)            
  22,000   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2018D, 4.000%, 5/01/42 5/28 at 100.00   AA   22,602,800  
  8,825   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/32 1/20 at 100.00   A3   9,214,447  
  475   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 7/25 at 100.00   BBB   509,813  
  1,525   Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 1/25 at 100.00   Baa2   1,559,282  
76

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Massachusetts (continued)            
$ 2,375   Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26 10/18 at 100.00   N/R $ 2,379,869  
  29,190   Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2016J, 3.500%, 7/01/33 (Alternative Minimum Tax) 7/24 at 100.00   A   28,615,833  
  1,500   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J-1, 5.000%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   AA– (4)   1,553,235  
  620   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/33 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   623,429  
      Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A:            
  1,940   5.750%, 7/01/39 7/19 at 100.00   Baa2   2,006,581  
  3,860   5.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   4,032,426  
  400   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 7/21 at 100.00   A3   429,212  
  4,560   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 5/23 at 100.00   Aa2   5,016,866  
  7,175   Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 7/21 at 100.00   A+   7,669,716  
  84,445   Total Massachusetts         86,213,509  
      Michigan – 2.8% (1.7% of Total Investments)            
      Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:            
  955   6.000%, 10/01/33 10/23 at 100.00   N/R   916,953  
  1,250   6.000%, 10/01/43 10/23 at 100.00   N/R   1,139,088  
  15,000   Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) No Opt. Call   AA   17,803,800  
  1,930   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A–   2,065,119  
  5   Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured 7/18 at 100.00   BBB+   5,007  
  3,000   Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured No Opt. Call   BBB+   3,490,020  
  5   Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/36 – FGIC Insured 7/18 at 100.00   BBB+   5,011  
  2,000   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 7/21 at 100.00   A–   2,148,560  
  2,000   Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2014A, 5.000%, 7/01/47 7/24 at 100.00   A1   2,142,040  
  1,500   Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote 6/20 at 100.00   AA (4)   1,592,490  
      Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 (Pre-refunded 6/01/20) – AGM Insured            
      Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2010:            
  3,080   5.500%, 5/15/36 5/20 at 100.00   A2   3,246,566  
  3,800   5.500%, 5/15/36 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   4,059,312  
  3,580   Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41 7/21 at 100.00   AA–   3,920,637  
  1,000   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 7/24 at 100.00   BBB+   1,085,360  
      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 2011;            
  4,980   5.000%, 12/01/39 12/21 at 100.00   AA–   5,394,884  
  20   5.000%, 12/01/39 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (4)   21,939  
77

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Michigan (continued)            
$ 2,500   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured 10/19 at 100.00   AA– $ 2,609,400  
  2,250   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41 10/21 at 100.00   A+   2,466,585  
  3,220   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   A3 (4)   3,404,764  
  1,525   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 6/18 at 100.00   B2   1,532,122  
  2,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37 12/22 at 100.00   A   2,175,320  
  55,600   Total Michigan         61,224,977  
      Minnesota – 1.2% (0.7% of Total Investments)            
  700   City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A, 5.000%, 7/01/47 7/24 at 102.00   N/R   701,351  
  1,930   Dakota County Community Development Agency, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 (Alternative Minimum Tax) 10/18 at 100.00   Aa1   1,933,667  
  1,000   Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 11/18 at 102.00   BB+   1,025,650  
  1,500   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 8/22 at 102.00   BB+   1,593,465  
  795   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/36 7/24 at 102.00   N/R   797,600  
      Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B:            
  4,230   6.500%, 11/15/38 – AGC Insured 11/18 at 100.00   A2   4,335,792  
  770   6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured 11/18 at 100.00   A2 (4)   789,427  
      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+   791,018  
  4,000   6.000%, 9/01/51 9/26 at 100.00   BB+   4,258,280  
  5,265   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/33 7/25 at 100.00   A2   5,860,103  
  4,250   Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 7/18 at 100.00   N/R   4,256,970  
  25,190   Total Minnesota         26,343,323  
      Mississippi – 0.3% (0.2% of Total Investments)            
  620   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 10/18 at 100.00   Baa3   621,352  
  5,215   Mississippi State, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18 No Opt. Call   AA   5,327,383  
  1,000   Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 9/18 at 100.00   BBB   1,016,800  
  6,835   Total Mississippi         6,965,535  
      Missouri – 2.1% (1.3% of Total Investments)            
  1,400   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 10/22 at 100.00   Aa2   1,538,614  
  1,190   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 3/23 at 103.00   BBB–   1,351,293  
  1,000   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 10/19 at 100.00   A–   1,032,590  
78

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri (continued)            
$ 135   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46, 144A 4/26 at 100.00   N/R $ 136,666  
  12,005   Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/29 – AMBAC Insured No Opt. Call   A1   8,253,798  
  650   Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B., 5.000%, 2/01/40, 144A 2/28 at 100.00   N/R   667,108  
  1,000   Liberty Public School District 53, Clay County, Missouri, Lease Participation Certificates, School Boards Association, Series 2014, 5.000%, 4/01/31 4/22 at 100.00   AA–   1,083,700  
      Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:            
  1,560   5.125%, 6/01/25, 144A No Opt. Call   N/R   1,542,169  
  3,810   5.750%, 6/01/35, 144A 6/25 at 100.00   N/R   3,716,807  
  3,695   6.000%, 6/01/46, 144A 6/25 at 100.00   N/R   3,621,100  
      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   1,749,795  
  2,700   5.000%, 6/01/33 6/23 at 100.00   A1   2,960,658  
  665   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 5/23 at 100.00   BBB   724,797  
  505   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 10/23 at 100.00   A+   555,909  
      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   53,433  
  6,930   5.000%, 11/15/48 11/23 at 100.00   A2   7,380,727  
  2,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, 5.000%, 11/15/45 11/24 at 100.00   AA–   2,189,780  
  2,500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37 11/21 at 100.00   AA+   2,717,300  
      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   1,307,959  
  1,105   5.000%, 11/15/46 11/25 at 100.00   N/R   1,129,332  
  430   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   BBB+   487,065  
      St. 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   471,663  
  130   5.125%, 12/01/45 12/25 at 100.00   N/R   136,100  
  965   Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37 3/23 at 103.00   BBB–   1,089,311  
  700   The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 11/26 at 100.00   N/R   713,272  
  48,440   Total Missouri         46,610,946  
      Nebraska – 0.4% (0.3% of Total Investments)            
  580   Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A–   630,559  
      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   BBB+   2,115,956  
  3,000   5.000%, 5/15/36 5/24 at 100.00   BBB+   3,199,170  
79

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nebraska (continued)            
      Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:            
$ 650   5.000%, 11/01/45 11/25 at 100.00   A– $ 706,661  
  2,110   5.000%, 11/01/48 11/25 at 100.00   A–   2,285,299  
  500   Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 11/21 at 100.00   A–   526,000  
  8,770   Total Nebraska         9,463,645  
      Nevada – 2.7% (1.7% of Total Investments)            
  29,000   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 1/20 at 100.00   A+   30,784,950  
  6,000   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 1/20 at 100.00   A+   6,302,220  
  1,700   Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) 6/19 at 100.00   BBB+ (4)   1,812,880  
  10,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 5.000%, 6/01/38 6/21 at 100.00   AA+   10,718,200  
  4,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39 12/24 at 100.00   AA+   4,459,240  
  5,000   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 7/18 at 100.00   BB   5,004,450  
  55,700   Total Nevada         59,081,940  
      New Hampshire – 0.1% (0.0% of Total Investments)            
  1,500   New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   BBB (4)   1,587,315  
      New Jersey – 4.0% (2.5% of Total Investments)            
  615   Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) No Opt. Call   Ba1   662,041  
  1,100   New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB   1,202,883  
  17,580   New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 12/26 at 100.00   BBB+   19,882,628  
      New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2016AAA:            
  1,000   5.000%, 6/15/36 12/26 at 100.00   BBB+   1,063,260  
  10,000   5.000%, 6/15/41 12/26 at 100.00   BBB+   10,602,800  
  2,000   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2017DDD, 5.000%, 6/15/35 6/27 at 100.00   BBB+   2,137,280  
  3,050   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 3/21 at 100.00   BBB+   3,204,056  
      New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:            
  835   5.750%, 6/01/31 (Pre-refunded 6/01/20) 6/20 at 100.00   Aaa   899,195  
  3,000   5.875%, 6/01/42 (Pre-refunded 6/01/20) 6/20 at 100.00   Aaa   3,238,260  
  1,120   New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/33 7/23 at 100.00   A–   1,238,798  
  600   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 7/21 at 100.00   BB+   639,702  
  405   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 7/25 at 100.00   BBB   442,912  
80

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A:            
$ 3,130   0.000%, 12/15/28 No Opt. Call   BBB+ $ 1,963,418  
  3,000   0.000%, 12/15/31 No Opt. Call   BBB+   1,612,650  
  12,715   0.000%, 12/15/33 No Opt. Call   BBB+   6,116,932  
  610   0.000%, 12/15/34 No Opt. Call   BBB+   276,861  
  2,480   0.000%, 12/15/40 No Opt. Call   BBB+   822,368  
  10,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/34 – AGM Insured No Opt. Call   A–   4,938,900  
  19,175   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2008A, 0.000%, 12/15/35 No Opt. Call   BBB+   8,270,561  
  15,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39 No Opt. Call   BBB+   5,244,900  
  5,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 5.250%, 6/15/32 12/24 at 100.00   BBB+   5,384,200  
  6,305   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45 6/25 at 100.00   BBB+   6,612,306  
  1,595   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 6/28 at 100.00   BBB   1,677,493  
  120,315   Total New Jersey         88,134,404  
      New Mexico – 0.3% (0.2% of Total Investments)            
  1,500   New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 6.125%, 7/01/40 7/20 at 100.00   BBB   1,574,250  
  4,180   Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30, 144A 5/20 at 103.00   N/R   4,217,871  
  5,680   Total New Mexico         5,792,121  
      New York – 18.0% (11.2% of Total Investments)            
  1,755   Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32 7/18 at 100.00   B   1,584,765  
      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   BBB–   1,132,472  
  12,020   0.000%, 7/15/46 No Opt. Call   BBB–   3,661,052  
      Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:            
  3,220   6.000%, 7/15/30 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   3,441,761  
  3,065   6.250%, 7/15/40 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   3,288,868  
  450   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 7/25 at 100.00   BBB   494,114  
      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 of New York, Series 2014, 5.000%, 11/01/39 11/24 at 100.00   BB   202,322  
  3,170   Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50 7/25 at 100.00   A–   3,462,559  
  15,270   Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46, 144A 12/26 at 100.00   BB–   14,572,161  
  4,675   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41 3/21 at 100.00   Aa1   5,009,964  
      Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2018A.:            
  13,505   5.000%, 3/15/43 3/28 at 100.00   Aa1   15,510,898  
  10,000   5.000%, 3/15/45 3/28 at 100.00   AAA   11,467,100  
  69,130   Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, 1st Subordinate Series 2005B, 0.000%, 6/01/47 7/18 at 100.00   N/R   9,453,528  
81

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 81,270   Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50 7/18 at 100.00   N/R $ 7,681,640  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:            
  5,890   5.250%, 2/15/47 2/21 at 100.00   AA–   6,260,893  
  270   5.250%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (4)   293,733  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:            
  800   5.750%, 2/15/47 2/21 at 100.00   AA–   865,472  
  1,300   5.750%, 2/15/47 (Pre-refunded 2/15/21) 2/21 at 100.00   Aa3 (4)   1,431,794  
  3,000   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/39 9/24 at 100.00   A–   3,294,480  
  1,200   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured 5/21 at 100.00   A– (4)   1,304,220  
  6,000   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42 9/22 at 100.00   A–   6,532,020  
  1,070   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 (Pre-refunded 11/15/19) 11/19 at 100.00   AA (4)   1,121,970  
      Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A:            
  285   5.000%, 11/15/41 (Pre-refunded 11/15/21) 11/21 at 100.00   N/R (4)   314,047  
  465   5.000%, 11/15/41 11/21 at 100.00   A+   512,393  
  2,500   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 5/23 at 100.00   A+   2,732,075  
  16,290   New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured 7/18 at 100.00   Baa3   16,524,902  
  4,375   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 12/20 at 100.00   AA+   4,735,894  
  3,750   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series AA, 4.000%, 6/15/44 6/24 at 100.00   AA+   3,821,288  
  10,045   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series AA, 5.000%, 6/15/38 6/27 at 100.00   AA+   11,507,753  
  12,275   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series CC-1., 5.000%, 6/15/48 6/27 at 100.00   AA+   13,958,148  
  5,625   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2018, Series 2017S-3, 5.250%, 7/15/45 7/28 at 100.00   AA   6,616,406  
  10,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 5/23 at 100.00   Aa1   11,048,800  
  5,000   New York City, New York, General Obligation Bonds, Fiscal 2018 Series B-1, 5.000%, 10/01/38 10/27 at 100.00   AA   5,717,700  
  10   New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – NPFG Insured 7/18 at 100.00   AA   10,033  
  67,290   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 11/24 at 100.00   N/R   70,809,267  
      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   2,012,139  
  2,000   5.750%, 11/15/51 11/21 at 100.00   A   2,218,660  
  3,000   New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38 11/21 at 100.00   AA   3,272,490  
  5,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.000%, 1/01/51 1/26 at 100.00   A–   5,532,000  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:            
  3,500   5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   3,697,085  
  15,265   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   16,018,633  
82

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 2,745   New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%, 1/01/36 (WI/DD, Settling 5/03/18) (Alternative Minimum Tax) 1/28 at 100.00   BBB– $ 3,032,511  
      New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:            
  10,680   5.000%, 7/01/41 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   11,475,019  
  21,810   5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   23,371,378  
  24,150   5.250%, 1/01/50 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   26,153,484  
  10,000   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundredth Series 2017, 5.250%, 10/15/57 4/27 at 100.00   AA–   11,434,100  
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:            
  6,065   6.500%, 12/01/28 7/18 at 100.00   BBB   6,372,799  
  3,430   6.000%, 12/01/36 12/20 at 100.00   BBB   3,758,800  
  795   6.000%, 12/01/42 12/20 at 100.00   BBB   869,945  
  20,000   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017C-2, 5.000%, 11/15/42 11/27 at 100.00   AA–   22,903,000  
  2,500   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50 5/25 at 100.00   AA–   2,751,700  
  511,380   Total New York         395,250,235  
      North Carolina – 0.4% (0.3% of Total Investments)            
  3,500   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) 6/19 at 100.00   Aa2 (4)   3,619,665  
  3,300   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/31 10/22 at 100.00   A2   3,619,506  
  1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   BBB– (4)   1,949,647  
  8,700   Total North Carolina         9,188,818  
      North Dakota – 0.5% (0.3% of Total Investments)            
  1,000   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) 7/21 at 100.00   N/R (4)   1,084,780  
      Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011:            
  1,500   6.000%, 11/01/28 11/21 at 100.00   A+   1,696,800  
  2,190   6.250%, 11/01/31 11/21 at 100.00   A+   2,486,986  
      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   Baa1   3,190,650  
  1,875   5.000%, 12/01/32 12/21 at 100.00   Baa1   1,983,713  
  9,565   Total North Dakota         10,442,929  
      Ohio – 6.7% (4.2% of Total Investments)            
  800   Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/42 5/22 at 100.00   A2   854,872  
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  685   5.375%, 6/01/24 6/18 at 100.00   Caa1   681,637  
  500   5.125%, 6/01/24 6/18 at 100.00   Caa1   492,420  
  16,555   5.875%, 6/01/30 6/18 at 100.00   Caa1   16,548,544  
  20,485   5.750%, 6/01/34 6/18 at 100.00   Caa1   20,364,958  
  5,240   6.000%, 6/01/42 6/18 at 100.00   B–   5,239,686  
  44,590   6.500%, 6/01/47 6/18 at 100.00   B–   45,214,260  
  17,550   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   Caa1   17,942,067  
83

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:            
$ 2,000   5.250%, 11/01/29 (Pre-refunded 11/01/20) 11/20 at 100.00   A (4) $ 2,155,540  
  3,000   5.750%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00   A (4)   3,269,640  
  3,040   Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 7/20 at 100.00   N/R   3,198,658  
  5,800   Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 11/21 at 100.00   Aa2   6,210,524  
  4,615   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 11/21 at 100.00   A+ (4)   5,215,181  
  1,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) (8) No Opt. Call   D   462,500  
  10   Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax) 2/22 at 100.00   B–   10,318  
  2,000   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/33 2/23 at 100.00   A+   2,211,360  
  330   Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29 11/21 at 100.00   B   341,299  
  3,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) (8) No Opt. Call   D   1,387,500  
  13,350   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) (8) No Opt. Call   D   12,816,000  
  2,500   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) (8) No Opt. Call   D   2,400,000  
  147,050   Total Ohio         147,016,964  
      Oklahoma – 0.7% (0.4% of Total Investments)            
  2,000   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 8/21 at 100.00   N/R   2,341,640  
  3,500   Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40 (Pre-refunded 6/01/20) 6/20 at 100.00   A1 (4)   3,729,880  
  1,675   Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) 8/18 at 100.00   N/R (4)   1,691,985  
  4,150   Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B., 5.500%, 8/15/52 8/28 at 100.00   BB+   4,644,431  
  2,055   Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.375%, 6/01/33 – BAM Insured (Alternative Minimum Tax) 6/23 at 100.00   Baa1   2,257,931  
  13,380   Total Oklahoma         14,665,867  
      Oregon – 0.1% (0.0% of Total Investments)            
  1,270   Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40 5/22 at 100.00   BBB   1,328,420  
      Pennsylvania – 4.7% (2.9% of Total Investments)            
      Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:            
  120   6.750%, 11/01/24 11/19 at 100.00   B   123,097  
  95   6.875%, 5/01/30 11/19 at 100.00   B   96,908  
  380   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 8/22 at 100.00   B   382,804  
84

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 5,000   Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39 8/19 at 100.00   A+ $ 5,211,900  
  1,355   Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A 5/27 at 100.00   Ba1   1,437,614  
  10,650   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22) (8) No Opt. Call   D   10,224,000  
  32,785   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) (8) No Opt. Call   D   15,163,063  
  2,950   Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018., 5.000%, 6/01/35 6/28 at 100.00   A   3,278,011  
      Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009:            
  100   6.125%, 1/01/29 1/19 at 100.00   BBB+   102,321  
  900   6.125%, 1/01/29 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   925,425  
  2,080   Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/38 1/25 at 100.00   BBB+   2,244,674  
      Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008:            
  605   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)   615,872  
  3,160   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)   3,216,785  
  960   5.000%, 12/01/43 – AGM Insured 12/18 at 100.00   A2   975,907  
      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   BB+   6,633,080  
  3,535   5.250%, 1/15/45 1/25 at 100.00   BB+   3,732,748  
  2,206   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23 (Cash 5.000%, PIK 5.000%) (8) 7/18 at 100.00   N/R   661,717  
  338   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23 (Cash 5.000%, PIK 5.000%) (9) 7/18 at 100.00   N/R   101,333  
  4,135   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) 11/24 at 100.00   N/R   4,353,824  
  11,750   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 9/25 at 100.00   B+   11,954,568  
  1,085   Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (Alternative Minimum Tax) 6/26 at 100.00   BBB   1,170,834  
  600   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 7/20 at 100.00   N/R (4)   649,758  
      Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2010A1&2:            
  315   5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   342,090  
  1,435   5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   A2 (4)   1,558,410  
  5,140   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2011B, 5.000%, 12/01/34 (Pre-refunded 12/01/21) 12/21 at 100.00   A2 (4)   5,647,729  
  5,660   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 6/25 at 100.00   A   6,203,077  
  3,170   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46 12/25 at 100.00   A3   3,409,779  
  1,595   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   1,689,663  
      Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011:            
  5,445   6.000%, 8/01/36 (Pre-refunded 8/01/20) 8/20 at 100.00   A– (4)   5,924,868  
  1,425   6.500%, 8/01/41 (Pre-refunded 8/01/20) 8/20 at 100.00   A– (4)   1,562,855  
85

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
      The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A:            
$ 705   5.000%, 11/15/21 No Opt. Call   BB+ $ 726,615  
  1,255   5.000%, 11/15/28 5/24 at 100.00   BB+   1,270,612  
  1,670   Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011, 5.250%, 8/01/19 No Opt. Call   A–   1,728,701  
  118,794   Total Pennsylvania         103,320,642  
      Puerto Rico – 0.2% (0.1% of Total Investments)            
  215   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured No Opt. Call   C   221,667  
  30,000   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured No Opt. Call   D   3,918,600  
  30,215   Total Puerto Rico         4,140,267  
      Rhode Island – 0.1% (0.1% of Total Investments)            
  21,570   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 7/18 at 100.00   CCC+   2,447,332  
      South Carolina – 2.4% (1.5% of Total Investments)            
  5,000   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.250%, 1/01/21 – FGIC Insured No Opt. Call   A–   5,516,850  
      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–   1,066,207  
  21,570   0.000%, 1/01/30 – AMBAC Insured No Opt. Call   A–   14,194,354  
  5,560   0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A3   3,551,895  
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:            
  5,000   5.000%, 12/01/50 6/25 at 100.00   A+   5,353,250  
  5,000   5.000%, 12/01/55 6/25 at 100.00   A+   5,311,850  
  6,930   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 12/24 at 100.00   A+   7,418,288  
  9,155   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00   A+   10,003,028  
  59,435   Total South Carolina         52,415,722  
      South Dakota – 0.2% (0.1% of Total Investments)            
  4,455   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 11/24 at 100.00   A+   4,824,186  
      Tennessee – 0.7% (0.4% of Total Investments)            
  8,890   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   9,455,226  
  2,395   Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44 10/24 at 100.00   Baa2   2,551,537  
  2,540   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 5.500%, 6/15/37, 144A 6/27 at 100.00   N/R   2,455,316  
  685   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured No Opt. Call   N/R   705,269  
  14,510   Total Tennessee         15,167,348  
86

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas – 16.4% (10.2% of Total Investments)            
$ 495   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside Schools, Series 2016A, 4.375%, 8/15/36 8/21 at 100.00   BB+ $ 483,095  
      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–   178,829  
  130   5.000%, 12/01/46 12/26 at 100.00   BBB–   137,904  
  760   5.000%, 12/01/51 12/26 at 100.00   BBB–   800,044  
  975   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 3/23 at 103.00   N/R   995,836  
  870   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 3/23 at 103.00   N/R   889,236  
      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   3,321,658  
  3,340   5.000%, 12/01/40 12/25 at 100.00   BB   3,388,263  
  6,000   Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, Series 1998, 5.050%, 11/01/18 – AMBAC Insured (Alternative Minimum Tax) No Opt. Call   A   6,101,760  
  2,000   Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 4/20 at 100.00   Baa1   2,128,420  
  1,075   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 3/23 at 103.00   N/R   1,059,757  
  1,885   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 3/23 at 103.00   N/R   1,863,831  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  3,250   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   3,567,720  
  2,700   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   2,981,313  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:            
  2,000   5.000%, 1/01/40 7/25 at 100.00   Baa2   2,185,900  
  3,625   5.000%, 1/01/45 7/25 at 100.00   Baa2   3,945,160  
      Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016:            
  550   6.250%, 9/01/35 9/23 at 103.00   N/R   525,327  
  520   6.500%, 9/01/46 9/23 at 103.00   N/R   488,810  
  4,500   Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36 (Pre-refunded 1/01/21) 1/21 at 100.00   AA– (4)   4,848,390  
  4,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax) 11/22 at 100.00   A   4,318,480  
  2,600   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 11/21 at 100.00   A   2,795,598  
  1,000   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 11/22 at 100.00   Baa3   1,023,150  
  2,335   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43 10/23 at 100.00   BBB   2,568,944  
  17,000   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51 10/23 at 100.00   AA   18,754,910  
  1,140   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 13.027%, 4/01/53, 144A (IF) 10/23 at 100.00   AA   1,514,387  
  10,000   Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 7/18 at 100.00   B3   10,099,200  
      Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015:            
  3,480   5.000%, 12/01/45 6/25 at 100.00   AA   3,832,280  
  1,895   4.000%, 12/01/45 6/25 at 100.00   AA   1,908,909  
87

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      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 $ 105,026  
  590   0.000%, 11/15/42 – AGM Insured 11/31 at 59.73   A2   199,709  
  1,000   0.000%, 11/15/43 – AGM Insured 11/31 at 56.93   A2   321,770  
  2,000   0.000%, 11/15/44 – AGM Insured 11/31 at 54.25   A2   611,620  
  2,600   0.000%, 11/15/45 – AGM Insured 11/31 at 51.48   A2   752,440  
  4,180   0.000%, 11/15/53 – AGM Insured 11/31 at 33.96   A2   786,467  
  6,170   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/37 – NPFG Insured 11/31 at 69.08   BB+   2,390,073  
  4,565   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured 11/24 at 52.47   BB   1,843,027  
  40,500   Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured 11/30 at 54.04   A2   13,452,885  
  3,855   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 7/01/32 (Alternative Minimum Tax) 7/22 at 100.00   A   4,151,411  
  235   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) 7/24 at 100.00   Ba3   254,625  
  10,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 11/21 at 100.00   AA   10,830,400  
      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   A–   19,519,128  
  5,000   0.000%, 9/01/30 – AMBAC Insured No Opt. Call   A–   3,131,900  
  5,765   0.000%, 9/01/31 – AMBAC Insured No Opt. Call   A–   3,431,501  
  6,000   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2001B, 5.500%, 12/01/29 – NPFG Insured (ETM) No Opt. Call   AA+ (4)   7,286,280  
  7,500   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM) No Opt. Call   A2 (4)   10,069,200  
  720   Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/35 8/25 at 100.00   BBB+   772,603  
  8,000   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40 5/20 at 100.00   A   8,389,680  
  2,750   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 5/25 at 100.00   A   3,005,255  
  1,750   Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36 4/21 at 100.00   BBB   1,891,873  
  2,505   Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax) No Opt. Call   A   2,818,175  
  1,955   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31, 144A (Alternative Minimum Tax) 10/18 at 103.00   BB–   2,029,622  
  15,600   Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45, 144A (Alternative Minimum Tax) 1/26 at 102.00   N/R   13,174,356  
  150   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   Ba2   152,345  
  565   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M University – San Antonio Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   BBB–   575,323  
      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) (7) 9/31 at 100.00   N/R (4)   6,839,185  
  9,130   0.000%, 9/01/45 (Pre-refunded 9/01/31) (7) 9/31 at 100.00   N/R (4)   10,798,508  
88

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:            
$ 205   6.250%, 1/01/39 1/19 at 100.00   A $ 210,545  
  895   6.250%, 1/01/39 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   921,018  
      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   3,038,585  
  7,000   6.500%, 1/01/43 1/25 at 100.00   A   8,403,920  
  10,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/28 – AGC Insured No Opt. Call   A1   7,379,000  
      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   3,103,675  
  4,880   5.000%, 1/01/45 1/25 at 100.00   A   5,317,541  
  9,250   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A, 5.000%, 1/01/48 1/28 at 100.00   A   10,378,963  
      North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:            
  7,855   5.000%, 1/01/33 1/25 at 100.00   A–   8,717,086  
  2,205   5.000%, 1/01/34 1/25 at 100.00   A–   2,434,430  
  1,000   5.000%, 1/01/35 1/25 at 100.00   A–   1,101,540  
  2,345   5.000%, 1/01/38 1/25 at 100.00   A–   2,565,477  
  1,570   Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34 2/24 at 100.00   Ba2   1,653,917  
  3,500   Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41 (Pre-refunded 10/01/20) 10/20 at 100.00   AA– (4)   3,747,905  
      Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:            
  425   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (4)   457,865  
  5,410   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (4)   5,841,015  
  17,585   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A., 5.000%, 2/15/47 8/26 at 100.00   AA   19,547,310  
  1,980   Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 No Opt. Call   A–   2,306,324  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  2,500   5.000%, 12/15/27 12/22 at 100.00   BBB   2,733,300  
  4,835   5.000%, 12/15/28 12/22 at 100.00   BBB   5,273,051  
  13,235   5.000%, 12/15/29 12/22 at 100.00   BBB   14,404,180  
  435   5.000%, 12/15/32 12/22 at 100.00   BBB   470,496  
  1,620   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 12/19 at 100.00   BBB–   1,742,456  
      Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39            
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:            
  2,000   7.000%, 6/30/34 6/20 at 100.00   Baa3   2,200,100  
  500   7.000%, 6/30/40 6/20 at 100.00   Baa3   549,025  
  2,000   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 9/23 at 100.00   Baa3   2,340,760  
     
Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 7.000%, 12/31/38 (Alternative Minimum Tax)
           
  5,355   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   5,764,658  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:            
  4,000   5.000%, 8/15/32 8/24 at 100.00   BBB   4,385,360  
  1,875   5.000%, 8/15/37 8/24 at 100.00   BBB   2,034,581  
  4,590   5.000%, 8/15/42 8/24 at 100.00   BBB   4,959,128  
89

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:            
$ 1,020   0.000%, 8/15/21 – AMBAC Insured No Opt. Call   A– $ 940,338  
  300   0.000%, 8/15/21 – AMBAC Insured (ETM) No Opt. Call   A3 (4)   278,826  
  3,600   0.000%, 8/15/25 – AMBAC Insured No Opt. Call   A–   2,906,208  
  5,300   Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) 5/18 at 100.00   Aaa   5,500,976  
  394,135   Total Texas         359,901,057  
      Utah – 0.3% (0.2% of Total Investments)            
  2,030   Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior Series 2017A , 8.000%, 12/01/39, 144A (Alternative Minimum Tax) 12/27 at 100.00   N/R   1,937,107  
  3,000   Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 8/19 at 100.00   AA+   3,112,050  
  810   Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40 7/20 at 100.00   BBB–   857,847  
  1,555   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40 7/20 at 100.00   BB   1,595,010  
  7,395   Total Utah         7,502,014  
      Virginia – 1.3% (0.8% of Total Investments)            
  540   Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015, 5.600%, 3/01/45, 144A 3/25 at 100.00   N/R   548,829  
  1,800   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 11/22 at 100.00   A   1,979,028  
  3,390   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   3,597,332  
  6,000   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 6/18 at 100.00   B–   5,940,000  
  2,855   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46 6/21 at 100.00   B–   2,856,485  
  1,810   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) 1/22 at 100.00   BBB   1,923,650  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  1,885   5.250%, 1/01/32 (Alternative Minimum Tax) 7/22 at 100.00   BBB   2,050,541  
  4,480   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   4,991,034  
  3,810   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   4,147,337  
  26,570   Total Virginia         28,034,236  
      Washington – 2.1% (1.3% of Total Investments)            
  1,260   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured 8/18 at 100.00   AAA   1,348,402  
  6,000   Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2015A, 5.000%, 7/01/38 (UB) (5) 7/25 at 100.00   AA–   6,723,000  
  2,500   King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 (Pre-refunded 1/01/19) 1/19 at 100.00   AA+ (4)   2,557,100  
  10,000   Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41 2/21 at 100.00   BBB+   10,367,900  
  6,065   Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015, 4.000%, 7/01/36 7/25 at 100.00   Baa1   5,995,253  
  7,190   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A3   7,640,957  
  2,940   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   3,192,840  
  2,185   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 10/22 at 100.00   Aa2   2,367,163  
90

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Washington (continued)            
$ 4,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 7/19 at 100.00   A3 (4) $ 4,185,400  
  1,410   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured No Opt. Call   AA+   1,180,339  
  43,550   Total Washington         45,558,354  
      West Virginia – 0.5% (0.3% of Total Investments)            
  2,950   West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company Amos Project, Series 2010, 5.375%, 12/01/38 12/20 at 100.00   Baa1   3,163,669  
  1,950   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32 9/19 at 100.00   Baa1   2,022,404  
  5,160   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   5,674,194  
  10,060   Total West Virginia         10,860,267  
      Wisconsin – 1.8% (1.1% of Total Investments)            
  815   Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) 2/19 at 100.00   A– (4)   840,591  
  1,000   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A, 5.125%, 5/01/36, 144A 5/26 at 100.00   N/R   957,500  
      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   5,027,883  
  4,440   5.000%, 6/15/46, 144A 6/26 at 100.00   N/R   4,000,973  
      Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1:            
  78   0.000%, 1/01/56, 144A – ACA Insured No Opt. Call   N/R   2,320  
  86   0.000%, 1/01/57, 144A – ACA Insured No Opt. Call   N/R   2,568  
  1,055   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) 11/24 at 100.00   N/R   1,127,932  
  1,200   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax) 8/26 at 100.00   N/R   1,163,520  
  1,000   Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.300%, 11/01/30 (Alternative Minimum Tax) 5/26 at 100.00   BBB–   1,021,050  
      Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B:            
  80   0.000%, 1/01/47, 144A 3/28 at 37.76   N/R   2,402  
  70   0.000%, 1/01/48, 144A 3/28 at 35.85   N/R   2,098  
  69   0.000%, 1/01/49, 144A 3/28 at 34.04   N/R   2,063  
  65   0.000%, 1/01/50, 144A 3/28 at 32.32   N/R   1,994  
  65   0.000%, 1/01/51, 144A 3/28 at 30.69   N/R   1,960  
  85   0.000%, 1/01/52, 144A 3/28 at 29.14   N/R   2,543  
  84   0.000%, 1/01/53, 144A 3/28 at 27.67   N/R   2,508  
  81   0.000%, 1/01/54, 144A 3/28 at 26.27   N/R   2,423  
  79   0.000%, 1/01/55, 144A 3/28 at 24.94   N/R   2,371  
  3,707   5.500%, 7/01/56, 144A 3/28 at 100.00   N/R   3,688,738  
  84   0.000%, 1/01/58, 144A 3/28 at 21.35   N/R   2,500  
  81   0.000%, 1/01/59, 144A 3/28 at 20.27   N/R   2,431  
  80   0.000%, 1/01/60, 144A 3/28 at 19.25   N/R   2,380  
  79   0.000%, 1/01/61, 144A 3/28 at 18.28   N/R   2,345  
  76   0.000%, 1/01/62, 144A 3/28 at 17.35   N/R   2,278  
  75   0.000%, 1/01/63, 144A 3/28 at 16.48   N/R   2,226  
  73   0.000%, 1/01/64, 144A 3/28 at 15.65   N/R   2,175  
  72   0.000%, 1/01/65, 144A 3/28 at 16.86   N/R   2,140  
  78   0.000%, 1/01/66, 144A 3/28 at 14.11   N/R   2,306  
  935   0.000%, 1/01/67, 144A 3/28 at 13.39   N/R   27,748  
91

 

NZF Nuveen Municipal Credit Income Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
$ 3,000   Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/19 – NPFG Insured (ETM) No Opt. Call   A2 (4) $ 3,173,850  
  1,400   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30 4/20 at 100.00   A–   1,447,698  
  1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32 2/22 at 100.00   A–   1,336,938  
      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   2,245,488  
  2,500   5.000%, 6/01/39 6/22 at 100.00   A3   2,633,600  
  4,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 8/24 at 100.00   A+   4,340,440  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A:            
  1,415   5.000%, 7/01/27 7/24 at 100.00   A–   1,550,599  
  1,310   5.000%, 7/01/29 7/24 at 100.00   A–   1,430,939  
  3,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44 7/24 at 100.00   A–   3,202,830  
  1,120   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.250%, 10/01/39 10/22 at 102.00   N/R   1,206,733  
  42,167   Total Wisconsin         40,471,081  
$ 3,960,413   Total Municipal Bonds (cost $3,323,305,327)         3,537,594,795  

 

  Shares   Description (1), (10)         Value  
      INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments)            
  6,266   BlackRock MuniHoldings Fund Inc.       $ 93,864  
  131,278   Deutsche Municipal Income Trust         1,450,622  
  26,880   Dreyfus Strategic Municipal Fund         204,557  
  43,020   Invesco VK Investment Grade Municipal Trust         524,414  
  30,000   Invesco VK Municipal Opportunity Trust         348,600  
  43,420   PIMCO Municipal Income Fund II         549,697  
      Total Investment Companies (cost $3,325,133)         3,171,754  
92

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)                
      Transportation – 0.0% (0.0% of Total Investments)                
$ 577   Las Vegas Monorail Company, Senior Interest Bonds (11), (12) 5.500%   7/15/19   N/R $ 369,201  
  160   Las Vegas Monorail Company, Senior Interest Bonds (11), (12) 5.500%   7/15/55   N/R   79,818  
$ 737   Total Corporate Bonds (cost $44,880)             449,019  
      Total Long-Term Investments (cost $3,326,675,340)             3,541,215,568  
      Floating Rate Obligations – (1.1)%             (24,620,000 )
      MuniFund Preferred Shares, net of deferred offering costs – (13.9)% (13)             (304,389,774 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (15.3)% (14)             (335,980,501 )
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (32.9)% (15)             (721,949,584 )
      Other Assets Less Liabilities – 2.0%             43,341,246  
      Net Assets Applicable to Common Shares – 100%           $ 2,197,616,955  

 

(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) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(7) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(8) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(9) On July 1, 2017, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.000% to 2.000%.
(10) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(11) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(12) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(13) MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 8.6%.
(14) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 9.5%.
(15) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.4%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

93

 

NMZ Nuveen Municipal High Income
  Opportunity Fund
  Portfolio of Investments
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 143.8% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 142.6% (99.2% of Total Investments)            
      Alabama – 0.7% (0.5% of Total Investments)            
$ 182   Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Refunding Taxable Series 2017C., 0.000%, 9/01/37, 144A 7/18 at 100.00   N/R $ 2  
  1,000   Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Series 2017A., 6.750%, 9/01/37, 144A (Alternative Minimum Tax) 9/27 at 100.00   N/R   992,420  
  212   Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big Sky Environmental LLC Project, Taxable Series 2017B., 6.750%, 9/01/37, 144A 9/27 at 100.00   N/R   202,898  
  1,000   Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City Fiber Co. Project, Series 1993, 6.450%, 12/01/23 (Alternative Minimum Tax) 7/18 at 100.00   B3   999,900  
  2,000   Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 9/25 at 100.00   N/R   1,986,520  
  1,000   Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 0.000%, 10/01/38 – AGM Insured 10/23 at 105.00   BB+   865,560  
  950   Selma Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, Zilkha Biomass Selma LLC Project, Series 2015, 7.500%, 5/01/25, 144A (Alternative Minimum Tax) (4) No Opt. Call   N/R   684,000  
  6,344   Total Alabama         5,731,300  
      Arizona – 2.4% (1.7% of Total Investments)            
  3,000   Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Tender Option Bond Trust 2016-XF2337, 12.509%, 6/01/42, 144A – AGM Insured (IF) (5) 6/22 at 100.00   A   3,857,820  
  440   Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 7/24 at 101.00   N/R   429,554  
  1,000   Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 5/24 at 100.00   N/R   1,076,230  
  100   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2014A, 6.875%, 7/01/34 7/20 at 102.00   BB   93,175  
      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   218,435  
  400   5.375%, 7/01/46 7/26 at 100.00   BB   346,084  
  475   5.500%, 7/01/51 7/26 at 100.00   BB   409,863  
  2,000   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2014A , 9.000%, 2/01/44 2/24 at 100.00   N/R   2,254,640  
  470   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy Traditional School Project, Series 2009, 8.500%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (6)   504,371  
  2,500   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42 1/22 at 100.00   B   2,258,150  
      Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010:            
  1,315   6.000%, 6/01/40 (Pre-refunded 6/01/19) 6/19 at 100.00   BB+ (6)   1,372,518  
  500   6.100%, 6/01/45 (Pre-refunded 6/01/19) 6/19 at 100.00   BB+ (6)   522,400  
  1,150   Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured 7/18 at 100.00   BBB–   1,150,713  
  1,665   Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25 5/22 at 100.00   BB–   1,875,206  
  2,500   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37, 144A No Opt. Call   Ba1   2,971,700  
94

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Arizona (continued)            
$ 1,000   Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) 7/18 at 100.00   N/R $ 941,200  
  18,760   Total Arizona         20,282,059  
      California – 19.8% (13.8% of Total Investments)            
  1,000   California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, SunPower Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31 4/21 at 100.00   N/R   1,071,630  
  2,205   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38 7/18 at 100.00   BB   2,205,066  
  10,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016B, 5.000%, 11/15/46 (UB) (5) 11/26 at 100.00   A+   11,168,900  
      California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Tender Option Bond Trust 2016-XF2353:            
  1,875   15.198%, 11/15/40, 144A (Pre-refunded 11/15/21) (IF) (5) 11/21 at 100.00   Aa3 (6)   2,785,894  
  1,250   14.192%, 11/15/40, 144A (Pre-refunded 11/15/21) (IF) (5) 11/21 at 100.00   Aa3 (6)   1,814,737  
      California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital , Tender Option Bond Series 2017A:            
  5,165   5.000%, 8/15/42 (UB) (5) 8/27 at 100.00   BBB+   5,718,326  
  22,115   5.000%, 8/15/47 (UB) (5) 8/27 at 100.00   BBB+   24,355,913  
  12,500   California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2, 4.000%, 11/01/44 (UB) (5) 11/27 at 100.00   AA–   12,737,750  
      California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:            
  250   13.092%, 8/15/51, 144A (IF) (5) 8/22 at 100.00   Aa3   338,655  
  1,000   13.089%, 8/15/51, 144A (IF) (5) 8/22 at 100.00   Aa3   1,354,520  
  1,020   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc. Projects, Series 2014B, 5.875%, 8/15/49 8/24 at 100.00   N/R   1,104,640  
  980   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010B, 7.250%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (6)   1,083,223  
  500   California Municipal Finance Authority, Revenue Bonds, California Baptist University, Series 2016A, 5.000%, 11/01/36, 144A 11/26 at 100.00   N/R   536,090  
  7,430   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2017B, 4.000%, 7/01/42 (UB) (5) 7/27 at 100.00   BBB–   7,458,011  
  1,000   California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.500%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   AA (6)   1,096,190  
  400   California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Aemerge Redpak Services Southern California, LLC Project, Subordinate Series 2017, 8.000%, 12/01/27, 144A (Alternative Minimum Tax) No Opt. Call   N/R   399,692  
  1,950   California School Finance Authority, Educational Facilities Revenue Bonds, Tri-Valley Learning Corporation, Series 2012A, 7.000%, 6/01/47 (4) 6/20 at 102.00   N/R   1,452,750  
  1,300   California State, General Obligation Bonds, Tender Option Bond Trust 3162, 14.640%, 3/01/40, 144A – AGM Insured (IF) (5) 3/20 at 100.00   Aa3   1,648,686  
      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   849,720  
  1,000   5.500%, 12/01/54 12/24 at 100.00   BB   1,077,610  
  6,940   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A 6/26 at 100.00   BB   7,390,684  
  520   California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39 10/19 at 100.00   BBB+   547,804  
95

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 500   California Statewide Communities Development Authority, Revenue Bonds, Lancer Educational Student Housing Project, Refunding Series 2016A, 5.000%, 6/01/46, 144A 6/26 at 100.00   N/R $ 524,355  
  1,000   California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2012-01, Fancher Creek, Series 2013A, 5.700%, 9/01/43 9/22 at 100.00   N/R   1,059,980  
  1,605   California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 9/21 at 100.00   N/R   1,680,772  
  500   California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2011A, 7.500%, 11/01/41 (Pre-refunded 11/01/21) 11/21 at 100.00   N/R (6)   590,955  
  1,500   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/39 (7) 7/18 at 100.00   CCC   1,500,015  
  1,250   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007C, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (6)   1,258,412  
  515   California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF2186, 12.861%, 11/15/38, 144A (Pre-refunded 5/15/18) (IF) (5) 5/18 at 99.03   AA– (6)   517,477  
  1,845   Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C, 6.500%, 12/15/47 7/18 at 100.00   N/R   1,847,509  
  2,000   Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37 7/18 at 100.00   A+   2,003,400  
  1,000   Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North, Series 2006, 5.000%, 9/01/26 9/18 at 100.00   N/R   1,002,530  
  3,500   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 6/22 at 100.00   B3   3,586,135  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  6,635   5.000%, 6/01/33 6/18 at 100.00   B3   6,693,255  
  11,330   5.750%, 6/01/47 6/18 at 100.00   B3   11,655,511  
  3,690   5.125%, 6/01/47 6/18 at 100.00   B–   3,689,926  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2015A:            
  2,000   5.000%, 6/01/40 (UB) (5) 6/25 at 100.00   A+   2,222,400  
  2,000   5.000%, 6/01/45 (UB) (5) 6/25 at 100.00   A+   2,213,060  
  860   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, 12.268%, 6/01/45, 144A (IF) (5) 6/25 at 100.00   A+   1,226,455  
  1,500   Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 17.777%, 7/15/40, 144A (Pre-refunded 7/15/21) (IF) (5) 7/21 at 100.00   Aaa   2,277,885  
      Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005:            
  1,000   5.000%, 8/01/25 – AMBAC Insured 7/18 at 100.00   N/R   1,016,400  
  1,000   5.000%, 8/01/35 – AMBAC Insured 7/18 at 100.00   N/R   1,011,730  
      Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009:            
  190   6.875%, 8/01/39 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (6)   201,734  
  145   6.875%, 8/01/39 (Pre-refunded 8/01/19) 8/19 at 100.00   BBB (6)   153,955  
  390   Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series 2013B, 5.250%, 9/01/32 9/23 at 100.00   N/R   419,667  
  850   Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust 2016-XL0022, 13.615%, 9/01/42, 144A (IF) (5) 9/21 at 100.00   Aa3   1,144,193  
  1,825   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 2016-XL0005, 13.121%, 5/15/40, 144A (IF) (5) 5/20 at 100.00   AA   2,277,837  
96

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 1,000   Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 9/21 at 100.00   A– $ 1,152,250  
      March Joint Powers Redevelopment Agency, California, Tax Allocation Revenue Bonds, March Air Force Base Redevelopment Project, Series 2011A:            
  1,000   7.000%, 8/01/26 (Pre-refunded 8/01/21) 8/21 at 100.00   N/R (6)   1,153,330  
  1,500   7.500%, 8/01/41 (Pre-refunded 8/01/21) 8/21 at 100.00   N/R (6)   1,753,425  
  470   Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2005-3, Series 2007, 5.000%, 9/01/37 (Pre-refunded 9/01/18) 9/18 at 100.00   N/R (6)   471,913  
  500   National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21) 8/21 at 100.00   A (6)   578,435  
  330   Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010: 9/21 at 100.00   A–   371,161  
  385   5.250%, 11/01/21 (Pre-refunded 11/01/20) 11/20 at 100.00   BBB– (6)   406,660  
  1,000   6.000%, 11/01/41 (Pre-refunded 11/01/20) 11/20 at 100.00   BBB– (6)   1,096,450  
  1,000   Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18) 9/18 at 100.00   N/R (6)   1,015,480  
  733   River Rock Entertainment Authority, California, Revenue Bonds, Senior Notes Series 2011B, 8.000%, 11/01/18 (4) 7/18 at 100.00   N/R   267,545  
  1,200   Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.750%, 10/01/30 10/21 at 100.00   A   1,376,892  
      Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100:            
  750   13.414%, 12/01/30, 144A – AMBAC Insured (IF) (5) No Opt. Call   A+   1,332,127  
  2,015   13.414%, 12/01/33, 144A – AMBAC Insured (IF) (5) No Opt. Call   A+   3,869,828  
      San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011:            
  960   8.000%, 12/01/26 12/21 at 100.00   BB   1,119,638  
  1,000   8.000%, 12/01/31 12/21 at 100.00   BB   1,141,480  
  4,095   San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Subordinate Series 2016D, 0.000%, 8/01/31, 144A 8/21 at 61.78   N/R   2,128,786  
  1,000   Santa Margarita Water District, California, Special Tax Bonds, Community Facilities District 2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43 9/23 at 100.00   N/R   1,087,760  
  1,000   Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   A (6)   1,133,830  
  1,065   Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.250%, 9/01/47, 144A 9/27 at 100.00   N/R   1,075,373  
  1,890   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 6/18 at 100.00   B–   1,889,962  
  650   Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.650%, 9/01/42 9/21 at 100.00   BBB+   759,941  
  1,250   University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001, 13.050%, 5/15/39, 144A (IF) (5) 5/23 at 100.00   Aa2   1,790,550  
  154,623   Total California         166,944,855  
      Colorado – 7.8% (5.4% of Total Investments)            
  500   Aurora Single Tree Metropolitan District, City of Aurora, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2006., 5.000%, 11/15/20 No Opt. Call   N/R   500,000  
  2,000   Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 (Pre-refunded 7/01/18) 7/18 at 100.00   N/R (6)   2,016,820  
  500   Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37 12/21 at 103.00   N/R   472,145  
97

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 750   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28 7/18 at 100.00   BB $ 752,257  
  1,000   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Jefferson County School District R-1 – Compass Montessori Secondary School, Series 2006, 5.625%, 2/15/36 7/18 at 100.00   N/R   988,290  
  2,255   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Mountain Phoenix Community School, Series 2012, 7.000%, 10/01/42 10/22 at 100.00   N/R   2,362,473  
  560   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A 7/24 at 100.00   BB   572,768  
  1,750   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38 (Pre-refunded 6/01/18) 6/18 at 102.00   N/R (6)   1,791,650  
  5,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2016A, 5.000%, 11/15/41 (UB) 5/26 at 100.00   AA   5,554,650  
  2,500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Series 2013, 8.000%, 8/01/43 2/24 at 100.00   N/R   2,862,300  
  1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2016, 6.125%, 2/01/46, 144A 2/26 at 100.00   N/R   1,002,650  
  1,350   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012, 6.750%, 6/01/32 (4), (8) 6/22 at 100.00   N/R   495,362  
  750   Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF0054, 13.872%, 1/01/30, 144A (IF) 1/20 at 100.00   AA–   897,592  
  1,285   Colorado Health Facilities Authority, Revenue Bonds, Craig Hospital Project, Series 2012, 5.000%, 12/01/32 (UB) (5) 12/22 at 100.00   A   1,387,903  
  518   Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007, 5.000%, 6/01/18 (Alternative Minimum Tax) (8) No Opt. Call   N/R   576,495  
      Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2017:            
  5,045   6.750%, 4/01/27 (Alternative Minimum Tax) No Opt. Call   N/R   4,477,892  
  2,224   6.875%, 10/01/27 (Alternative Minimum Tax) No Opt. Call   N/R   1,972,732  
  2,000   Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2012A, 6.750%, 12/01/39 – RAAI Insured 12/22 at 100.00   N/R   2,080,240  
      Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007:            
  1,000   5.400%, 12/01/27 7/18 at 100.00   N/R   700,240  
  1,500   5.450%, 12/01/34 7/18 at 100.00   N/R   1,040,595  
  2,000   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured No Opt. Call   BBB+   1,473,660  
  708   Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015B, 7.750%, 12/15/45 12/20 at 103.00   N/R   704,340  
  923   Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40 3/20 at 100.00   N/R   957,133  
  1,000   Fitzsimons Village Metropolitan District 3, Arapahoe County, Colorado, Tax Increment/Public Improvement Fee Supported Revenue Bonds, Series 2014A, 6.000%, 3/01/44 3/20 at 100.00   N/R   986,980  
      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   1,029,150  
  1,080   6.000%, 12/01/38 12/24 at 100.00   N/R   1,103,447  
  1,989   Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds, Series 2009A-1, 0.000%, 8/01/39 (9), (10) 12/19 at 100.00   N/R   1,963,183  
  2,000   Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax, Refunding & Improvement Series 2015, 6.125%, 12/01/44 12/24 at 100.00   N/R   2,033,920  
  933   Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax, Series 2007A, 5.500%, 12/01/37 7/18 at 100.00   N/R   923,036  
98

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 1,000   Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2015, 6.250%, 12/01/44 12/20 at 103.00   N/R $ 1,011,170  
  305   Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Subordinated Limited Tax Convertible to Unlimited Tax Series 2016B, 8.000%, 12/15/46 12/21 at 103.00   N/R   308,468  
  2,000   Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds, Refunding Series 2015, 5.500%, 12/01/45 12/20 at 103.00   N/R   1,960,960  
      Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:            
  675   5.250%, 12/01/36 12/21 at 103.00   N/R   646,393  
  1,265   5.375%, 12/01/46 12/21 at 103.00   N/R   1,200,460  
  3,040   Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.750%, 1/01/34 7/18 at 100.00   N/R   3,044,013  
  1,250   Lewis Pointe Metropolitan District, Thornton, Colorado, Limited Tax Convertible to Unlimited Tax General Obligation Bonds, Series 2015A, 6.000%, 12/01/44 12/20 at 100.00   N/R   1,256,137  
  500   Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 12/21 at 103.00   N/R   507,540  
  500   Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 20016B, 7.250%, 12/15/45 12/21 at 103.00   N/R   489,255  
  500   Midcities Metropolitan District No. 2, In the City and County of Broomfield, Colorado, Subordinate Special Revenue Refunding Bonds, Series 2016B, 7.750%, 12/15/46 12/21 at 103.00   N/R   494,020  
  2,000   Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding & Improvement Series 2006, 6.125%, 12/01/35 (11) 7/18 at 100.00   N/R   1,640,000  
  1,000   Pinon Pines Metropolitan District No. 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.375%, 12/01/46 12/21 at 103.00   N/R   908,690  
  1,080   Promenade at Castle Rock Metropolitan District 1, Colorado, General Obligation Bonds, Limited Tax Series 2015A, 5.750%, 12/01/39 12/20 at 103.00   N/R   1,133,428  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  1,000   6.500%, 1/15/30 7/20 at 100.00   Baa3   1,090,570  
  1,000   6.000%, 1/15/41 7/20 at 100.00   Baa3   1,064,320  
  1,000   STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation Bonds, Series 2015A, 6.000%, 12/01/38 12/19 at 103.00   N/R   1,027,270  
  875   STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation Bonds, Series 2015B, 7.750%, 12/15/38 12/19 at 103.00   N/R   885,106  
  3,000   Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited, Series 2007, 7.250%, 12/01/31 (12) 7/18 at 100.00   N/R   480,000  
  1,815   Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 12/20 at 100.00   N/R   1,868,833  
  965   VDW Metropolitan District 2, Larimer County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2016B, 7.250%, 12/15/45 No Opt. Call   A2   922,646  
  69,890   Total Colorado         65,619,182  
      Connecticut – 1.0% (0.7% of Total Investments)            
  4,000   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016, 5.000%, 12/01/45 (UB) 6/26 at 100.00   AA–   4,451,760  
  2,500   Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (Pre-refunded 4/01/20) 4/20 at 100.00   N/R (6)   2,766,400  
  5,869   Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (Cash 4.000%, PIK 2.050%) (4) No Opt. Call   N/R   183,413  
  1,000   Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21) 4/21 at 100.00   N/R (6)   1,135,340  
  13,369   Total Connecticut         8,536,913  
99

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Delaware – 0.3% (0.2% of Total Investments)            
$ 2,500   Delaware Economic Development Authority, Revenue Bonds, Odyssey Charter School Inc. Project, Series 2015A, 7.000%, 9/01/45, 144A 3/25 at 100.00   N/R $ 2,475,625  
      District of Columbia – 0.6% (0.4% of Total Investments)            
  195   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 No Opt. Call   Baa1   219,689  
  1,000   District of Columbia, Revenue Bonds, Cesar Chavez Public Charter Schools for Public Policy, Series 2011, 7.500%, 11/15/31 11/20 at 100.00   B–   1,032,170  
      District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 2016-XG0094:            
  28   17.613%, 10/01/37, 144A (Pre-refunded 4/01/21) (IF) (5) 4/21 at 100.00   N/R (6)   36,259  
  2,472   17.613%, 10/01/37, 144A (IF) (5) 4/21 at 100.00   Ba2   3,201,191  
  250   District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2013A, 6.000%, 7/01/33 (Pre-refunded 7/01/23) 7/23 at 100.00   BBB+ (6)   294,120  
  3,945   Total District of Columbia         4,783,429  
      Florida – 15.1% (10.5% of Total Investments)            
  1,500   Alachua County Health Facilities Authority, Florida, Health Faculties Revenue Bonds, Terraces at Bonita Springs Project, Series 2011A, 8.125%, 11/15/46 11/21 at 100.00   N/R   1,675,380  
  815   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38 7/18 at 100.00   N/R   766,907  
  1,840   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2012, 6.700%, 5/01/42 5/22 at 100.00   N/R   1,883,866  
  1,735   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2015, 5.375%, 5/01/45 5/25 at 100.00   N/R   1,664,680  
  995   Babcock Ranch Community Independent Special District, Florida, Special Assessment Bonds, Series 2015, 5.250%, 11/01/46 11/25 at 100.00   N/R   1,003,587  
  905   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 Project, Series 2013A, 6.125%, 11/01/33 11/24 at 100.00   N/R   1,031,293  
  1,850   Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, Refunding Series 2013, 5.125%, 5/01/43 5/23 at 100.00   N/R   1,863,357  
  2,700   Brevard County, Florida, Industrial Development Revenue Bonds, TUFF Florida Tech Project, Series 2009, 6.500%, 11/01/29 11/19 at 100.00   BB+   2,789,613  
  700   Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax) 7/18 at 100.00   Caa1   700,259  
  1,435   Capital Projects Finance Authority, Student Housing Revenue Bonds, Capital Projects Loan Program – Florida Universities, Series 2001F, 5.000%, 10/01/31 – NPFG Insured 7/18 at 100.00   Baa2   1,436,062  
  1,000   Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens Palm Coast Senior Living Community Project, Series 2017A, 7.000%, 10/01/49, 144A 4/24 at 103.00   N/R   971,520  
  1,000   Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, Inc. Project, Series 2017, 5.875%, 8/01/52, 144A 8/24 at 103.00   N/R   1,019,540  
  1,000   Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45 5/24 at 100.00   N/R   1,005,890  
  2,000   Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, Series 2014A, 7.750%, 5/15/35, 144A 5/24 at 100.00   N/R   2,204,720  
  940   Copperstone Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.200%, 5/01/38 7/18 at 100.00   N/R   939,991  
  970   Cordoba Ranch Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2006, 5.550%, 5/01/37 7/18 at 100.00   N/R   939,047  
  800   Fishhawk Community Development District IV, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2013A, 7.000%, 5/01/33 5/23 at 100.00   N/R   837,608  
  1,850   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A, 6.500%, 7/01/44 7/24 at 100.00   N/R   1,878,823  
100

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 1,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017A, 5.750%, 7/01/44, 144A 7/27 at 100.00   N/R $ 992,550  
  565   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A, 5.000%, 7/15/46, 144A 7/26 at 100.00   N/R   535,230  
  1,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2010A, 6.000%, 9/15/40 9/20 at 100.00   BB+   1,037,850  
  2,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.625%, 6/15/41 6/21 at 100.00   BB   2,186,560  
  4,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44 6/23 at 100.00   N/R   4,582,400  
  14,300   Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project – South Segment, Series 2017., 0.000%, 1/01/47, 144A (Alternative Minimum Tax) 1/19 at 105.00   BB–   14,720,849  
  2,500   Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Doral Breeze Project Series 2012, 5.500%, 11/01/32 11/22 at 100.00   N/R   2,688,075  
  1,000   Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2, 6.500%, 5/01/39 5/24 at 100.00   N/R   1,048,420  
  1,950   Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, Special Assessment, Refunding Series 2014, 5.250%, 5/01/32 5/24 at 100.00   N/R   2,014,740  
  1,000   Jacksonville Economic Development Commission, Florida, Industrial Development Revenue Bonds, Gerdau Ameristeel US Inc. Project, Series 2007, 5.300%, 5/01/37 (Alternative Minimum Tax) 7/18 at 100.00   Ba2   1,000,320  
  1,000   Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds, Series 2012, 5.750%, 11/01/42 11/22 at 100.00   N/R   1,038,040  
  665   Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood Centre North Project, Series 2015, 4.875%, 5/01/45 5/25 at 100.00   N/R   665,978  
  2,000   Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.375%, 6/15/37 7/18 at 100.00   BB   1,999,960  
  630   Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Preserve Project, Series 2017A., 5.750%, 12/01/52, 144A 12/22 at 105.00   N/R   637,365  
  12,190   Miami Beach, Florida, Resort Tax Revenue Bonds, Series 2015, 5.000%, 9/01/45 (UB) 9/25 at 100.00   AA–   13,437,281  
  750   Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017, 6.000%, 7/01/47, 144A 7/27 at 100.00   N/R   729,810  
  1,085   Miami World Center Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2017, 5.250%, 11/01/49 11/27 at 100.00   N/R   1,142,342  
  750   Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op Charter Schools Project, Series 2015A, 6.000%, 9/15/45, 144A 9/25 at 100.00   N/R   758,385  
      Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008, Tender Option Bond Trust 2016-XG0010:            
  486   13.371%, 10/01/38, 144A – AGC Insured (Pre-refunded 10/01/18) (Alternative Minimum Tax) (IF) (5) 10/18 at 100.00   A2 (6)   512,560  
  84   13.371%, 10/01/38, 144A – AGC Insured (Alternative Minimum Tax) (IF) (5) 10/18 at 100.00   A2   88,591  
  430   13.371%, 10/01/38, 144A – AGC Insured (Pre-refunded 10/01/18)(Alternative Minimum Tax) (IF) (5) 10/18 at 100.00   A2 (6)   453,500  
  12,430   Miami-Dade County, Florida, General Obligation Bonds, Series 2015D, 5.000%, 7/01/45 (UB) 7/26 at 100.00   AA   13,912,029  
  1,250   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond Trust 2016-XG0030, 12.735%, 10/01/39, 144A – AGM Insured (Pre-refunded 10/01/20) (IF) 10/20 at 100.00   A+ (6)   1,604,125  
  930   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.500%, 8/01/46 8/26 at 100.00   N/R   968,046  
101

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
      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 $ 708,759  
  3,110   7.500%, 6/01/49 6/22 at 102.00   N/R   3,600,789  
  3,680   Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35 7/18 at 100.00   N/R   3,628,995  
  1,710   Reunion West Community Development District, Florida, Special Assessment Bonds, Series 2004A-1, 6.250%, 5/01/36 5/22 at 100.00   N/R   1,831,923  
  2,500   Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2016, 6.000%, 11/01/47 11/27 at 100.00   N/R   2,636,900  
  990   Shingle Creek Community Development District, Florida, Special Assessment Revenue Bonds, Series 2015, 5.400%, 11/01/45 11/25 at 100.00   N/R   994,237  
  890   Sweetwater Creek Community Development District, Saint John’s County, Florida, Capital Improvement Revenue Bonds, Series 2007A, 5.500%, 5/01/38 7/18 at 100.00   N/R   890,027  
  2,515   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (10) 5/19 at 100.00   N/R   2,380,221  
  1,540   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (10) 5/22 at 100.00   N/R   1,222,991  
      Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3:            
  120   6.375%, 5/01/18 (4) No Opt. Call   N/R   1  
  1,360   6.650%, 5/01/40 (4) 5/18 at 100.00   N/R   14  
  2,845   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007A-2, 5.250%, 5/01/39 (4) 11/18 at 100.00   N/R   28  
  120   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 5/18 at 100.00   N/R   116,366  
  600   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007A-1. RMKT, 5.250%, 5/01/39 11/18 at 100.00   N/R   526,554  
  3,740   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (4) 5/18 at 100.00   N/R   2,978,686  
  2,300   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (4) 5/18 at 100.00   N/R   1,507,121  
  2,505   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (4) 5/18 at 100.00   N/R   25  
  3,660   Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 7/18 at 100.00   N/R   3,663,697  
  3,475   Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-2, 6.375%, 11/01/47 11/31 at 100.00   N/R   3,644,545  
  1,000   Venetian Parc Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Area One Project, Series 2013, 6.500%, 11/01/43 11/28 at 100.00   N/R   1,299,540  
  1,000   Waterset North Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45 11/24 at 100.00   N/R   1,054,630  
  1,000   Windsor at Westside Community Development District, Osceola County, Florida, Special Assessment Bonds, Area 1 Project, Series 2015, 5.125%, 11/01/45 11/25 at 100.00   N/R   979,070  
  129,310   Total Florida         127,032,268  
      Georgia – 1.0% (0.7% of Total Investments)            
  1,000   Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 5.000%, 11/01/48 11/23 at 100.00   BBB+   1,009,080  
  800   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) 1/19 at 100.00   A2 (6)   828,736  
  1,250   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 6/20 at 100.00   BB+   1,402,500  
102

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Georgia (continued)            
$ 1,880   Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten Academy Project, Series 2013A, 7.125%, 10/01/43 10/23 at 100.00   N/R $ 1,975,523  
  1,000   Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project, Series 2013A, 6.500%, 4/01/43 4/23 at 100.00   N/R   952,650  
      Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:            
  392   5.500%, 7/15/23 7/21 at 100.00   N/R   394,405  
  767   5.500%, 7/15/30 7/21 at 100.00   N/R   771,359  
  842   5.500%, 1/15/36 7/21 at 100.00   N/R   847,053  
  7,931   Total Georgia         8,181,306  
      Guam – 0.3% (0.2% of Total Investments)            
  2,445   Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   N/R (6)   2,628,619  
  330   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) 10/23 at 100.00   BBB   375,454  
  2,775   Total Guam         3,004,073  
      Hawaii – 0.2% (0.1% of Total Investments)            
  1,655   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Series 2009, 6.500%, 7/01/39 7/19 at 100.00   BBB–   1,736,658  
      Idaho – 0.1% (0.0% of Total Investments)            
  500   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Tender Option Bond Trust 2016-XG0066, 11.427%, 3/01/47, 144A – AGM Insured (IF) (5) 3/22 at 100.00   A–   605,115  
      Illinois – 19.5% (13.6% of Total Investments)            
  730   Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24 7/18 at 100.00   N/R   722,912  
  10,670   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2017, 6.000%, 4/01/46 (UB) (5) 4/27 at 100.00   A   12,426,069  
  1,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2010F, 5.000%, 12/01/31 12/20 at 100.00   B3   1,002,370  
  15,385   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   17,671,826  
  2,025   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   2,290,538  
  9,910   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A 12/27 at 100.00   B   11,676,656  
  3,000   Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Series 2015A, 5.000%, 12/01/44 (UB) 12/24 at 100.00   AA+   3,266,040  
  7,500   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 (UB) (5) 12/21 at 100.00   A3   8,002,950  
  1,595   Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State Redevelopment Project, Series 2012, 6.100%, 1/15/29 6/18 at 100.00   N/R   1,593,327  
  2,567   Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (4) 7/18 at 100.00   N/R   1,864,279  
  2,000   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/30 1/24 at 100.00   Ba1   2,081,240  
  9,400   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   10,408,808  
  1,000   Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/37 1/25 at 100.00   Ba1   1,052,260  
  1,880   Chicago, Illinois, General Obligation Bonds, Refunding Series 2008A, 5.250%, 1/01/37 – FGIC Insured 7/18 at 100.00   Ba1   1,882,256  
  130   Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 1/26 at 100.00   BBB–   132,729  
103

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,500   Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, 5.500%, 1/01/42 1/25 at 100.00   Ba1 $ 1,566,120  
  5,000   City of Chicago, Illinois, Chicago O’Hare International Airport, Senior Special Facilities Revenue Bonds, TRIPs Obligated Group, Series 2018., 5.000%, 7/01/48 (Alternative Minimum Tax) 7/28 at 100.00   BBB   5,444,500  
  4,000   Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40 10/20 at 100.00   B2   4,250,560  
  5,000   Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A, 6.375%, 11/01/46, 144A 11/26 at 100.00   N/R   4,662,850  
  1,000   Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40 10/20 at 100.00   B2   1,062,640  
  1,000   Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 6.000%, 10/01/48 10/22 at 100.00   BBB–   1,068,720  
  5,000   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 2017A, 4.000%, 7/15/47 (UB) (5) 1/28 at 100.00   AA+   5,084,350  
  11,175   Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 4.000%, 2/15/41 (UB) 2/27 at 100.00   Aa2   11,108,285  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  25   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (6)   26,828  
  2,875   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (6)   3,085,277  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:            
  2,000   6.875%, 8/15/38 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (6)   2,124,160  
  3,850   7.000%, 8/15/44 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (6)   4,095,091  
      Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 2015-XF0121:            
  250   16.619%, 8/15/41, 144A – AGM Insured (IF) (5) 8/21 at 100.00   A2   355,715  
  1,685   16.609%, 8/15/41, 144A – AGM Insured (IF) (5) 8/21 at 100.00   A2   2,396,980  
  5,000   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2016B, 4.000%, 8/15/41 (UB) (5) 2/27 at 100.00   AA–   4,954,850  
      Illinois State, General Obligation Bonds, November Series 2016:            
  1,000   5.000%, 11/01/35 11/26 at 100.00   BBB–   1,022,930  
  1,000   5.000%, 11/01/37 11/26 at 100.00   BBB–   1,020,820  
  630   Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36 3/22 at 100.00   BBB–   635,853  
  9,945   Illinois State, General Obligation Bonds, Series 2017D, 5.000%, 11/01/27 (UB) (5) No Opt. Call   BBB–   10,372,734  
  5,445   Illinois State, Sales Tax Revenue Bonds, Series 2016C, 4.000%, 6/15/31 (UB) (5) 6/26 at 100.00   A–   5,600,836  
  2,000   Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue Bonds, First Tier Series 2005A-2., 5.500%, 1/01/36 – ACA Insured 1/19 at 100.00   N/R   1,842,840  
  1,431   Lombard Public Facilities Corporation, Illinois, Third Tier Conference Center and Hotel Revenue Bonds, Series 2005C-3, 12.000%, 1/01/36, 144A (4) 7/18 at 100.00   N/R   14  
  10,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/33 – NPFG Insured No Opt. Call   BB+   4,810,800  
  800   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) 6/21 at 100.00   N/R (6)   892,328  
  930   Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series 2013B, 7.000%, 12/01/33 12/23 at 100.00   N/R   954,896  
  6,170   Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018A, 5.000%, 1/01/31 (UB) (5) 1/28 at 100.00   AA   7,031,641  
  1,000   Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.125%, 11/01/43 (Pre-refunded 11/01/23) 11/23 at 100.00   N/R (6)   1,240,820  
  750   Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32 3/19 at 100.00   N/R   758,902  
  895   Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/26 (13) 1/19 at 100.00   N/R   474,350  
  160,148   Total Illinois         164,020,950  
104

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Indiana – 2.3% (1.6% of Total Investments)            
$ 4,460   Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 6.650%, 1/15/24 7/18 at 100.00   N/R $ 4,415,489  
  1,000   Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option Bond Trust 2016-XL0019, 13.721%, 4/01/30, 144A – AMBAC Insured (IF) (5) No Opt. Call   AA   1,862,600  
  1,250   Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Tender Option Bond Trust 2015-XF0115, 12.702%, 10/15/20, 144A (IF) (5) No Opt. Call   A+   1,608,425  
  1,000   Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter School Project, Series 2015A, 7.250%, 12/01/45 12/25 at 100.00   BB–   1,008,590  
  1,000   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 No Opt. Call   B   1,035,580  
  2,000   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 8/22 at 100.00   B   2,014,760  
  500   Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health Services, Series 2010, 5.500%, 8/15/45 8/20 at 100.00   Baa2   520,080  
      Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group Revenue Bonds, Tender Option Bond Trust 2015-XF0106:            
  1,290   12.767%, 12/01/37, 144A (Pre-refunded 12/01/20) (IF) (5) 12/20 at 100.00   AA– (6)   1,669,273  
  1,250   13.767%, 12/01/38, 144A (Pre-refunded 12/01/19) (IF) (5) 12/19 at 100.00   AA– (6)   1,509,512  
  1,000   Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax) 11/23 at 100.00   N/R   1,124,850  
  970   St. Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35 7/18 at 100.00   N/R   965,228  
  1,375   Terre Haute, Indiana, Economic Development Solid Waste Facility Revenue Bonds, Pyrolyx USA Indiana, LLC Project, Series 2017A, 7.250%, 12/01/28 (Alternative Minimum Tax) No Opt. Call   N/R   1,364,880  
  17,095   Total Indiana         19,099,267  
      Iowa – 0.8% (0.6% of Total Investments)            
  1,030   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42 8/22 at 100.00   Ba2   1,056,605  
  2,000   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25 12/23 at 100.00   B–   2,131,080  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  1,000   5.375%, 6/01/38 7/18 at 100.00   B2   1,002,450  
  2,900   5.625%, 6/01/46 7/18 at 100.00   B   2,915,022  
  6,930   Total Iowa         7,105,157  
      Kansas – 0.7% (0.5% of Total Investments)            
  5,305   University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement, Series 2015, 5.000%, 9/01/45 (UB) (5) 9/25 at 100.00   AA–   5,822,556  
      Kentucky – 6.4% (4.4% of Total Investments)            
  565   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, 5.000%, 6/01/41 6/27 at 100.00   BB+   599,250  
  12,665   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Series 2017A, 5.000%, 6/01/45 (UB) (5) 6/27 at 100.00   BB+   13,373,987  
  500   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 6/20 at 100.00   Baa3 (6)   539,910  
105

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Kentucky (continued)            
      Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Series 2015A:            
$ 11,000   5.000%, 7/01/37 (UB) 7/25 at 100.00   Baa2 $ 11,655,710  
  9,295   5.000%, 7/01/40 (UB) 7/25 at 100.00   Baa2   9,817,844  
  16,800   5.000%, 1/01/45 (UB) 7/25 at 100.00   Baa2   17,702,160  
  50,825   Total Kentucky         53,688,861  
      Louisiana – 1.9% (1.3% of Total Investments)            
  2,280   Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 7/23 at 100.00   N/R   2,453,257  
      Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A:            
  7,000   6.750%, 12/15/37 (4) 7/18 at 100.00   N/R   4,900,000  
  1,115   6.000%, 12/15/37 (4) 7/18 at 100.00   N/R   780,500  
  100   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/18 (4) No Opt. Call   N/R   70,000  
  500   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 11/20 at 100.00   Baa3   550,810  
      Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Womans Hospital Foundation Project, Tender Option Bonds Trust 2016-XF2336:            
  750   15.895%, 10/01/40, 144A (Pre-refunded 10/01/20) (IF) (5) 10/20 at 100.00   A (6)   1,020,330  
  750   15.886%, 10/01/40, 144A (Pre-refunded 10/01/20) (IF) (5) 10/20 at 100.00   A (6)   1,020,165  
  1,000   Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36, 144A (Alternative Minimum Tax) 7/23 at 100.00   N/R   1,108,640  
  1,865   Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31 12/21 at 100.00   N/R   2,007,822  
  2,110   Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.125%, 12/15/33 12/23 at 100.00   N/R   2,261,561  
  2,000   Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Louisiana Pellets Inc. Project, Series 2015, 7.000%, 7/01/24, 144A (Alternative Minimum Tax) (4) No Opt. Call   N/R   20  
  19,470   Total Louisiana         16,173,105  
      Maine – 0.4% (0.3% of Total Investments)            
  3,155   Portland Housing Development Corporation, Maine, Section 8 Assisted Senior Living Revenue Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34 7/18 at 100.00   Baa2   3,159,228  
      Maryland – 0.8% (0.6% of Total Investments)            
  3,000   Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 9/20 at 100.00   BB–   3,131,850  
  4,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (4) 7/18 at 100.00   N/R   2,400,000  
  2,500   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B, 5.250%, 12/01/31 (4) 7/18 at 100.00   N/R   1,500,000  
  9,500   Total Maryland         7,031,850  
      Massachusetts – 1.8% (1.2% of Total Investments)            
  5,735   Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2017B, 4.250%, 7/01/46 (Alternative Minimum Tax) (UB) (5) 7/26 at 100.00   A   5,770,156  
  480   Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 7/18 at 100.00   N/R   486,010  
      Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E,            
  2,985   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E, 4.000%, 4/01/33 (UB) 4/25 at 100.00   AA   3,126,340  
106

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Massachusetts (continued)            
$ 5,000   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, 3/01/46 (UB) (5) 3/24 at 100.00   AA $ 5,517,000  
  14,200   Total Massachusetts         14,899,506  
      Michigan – 1.3% (0.9% of Total Investments)            
      Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A:            
  485   5.500%, 5/01/21 5/18 at 100.00   B–   479,170  
  10   5.500%, 5/01/21 – ACA Insured 7/18 at 100.00   B–   9,880  
  88   Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/22 – SYNCORA GTY Insured 7/18 at 100.00   N/R   84,894  
  116   Detroit, Michigan, General Obligation Bonds, Series 2004A-1, 5.250%, 4/01/19 – AMBAC Insured 7/18 at 100.00   N/R   115,702  
  930   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Series 2011, 8.125%, 4/01/41 4/21 at 100.00   B   782,883  
  1,250   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017, 5.900%, 7/15/46, 144A 7/27 at 100.00   N/R   1,018,875  
  1,620   Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37 7/18 at 100.00   N/R   1,618,105  
  1,000   Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 7/18 at 100.00   BBB   1,001,180  
  1,000   Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Richfield Public School Academy, Series 2007, 5.000%, 9/01/36 7/18 at 100.00   BBB–   981,110  
  825   Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37 7/18 at 100.00   N/R   793,411  
  905   Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Thermal LLC Project, Series 2013, 8.500%, 12/01/30, 144A (Alternative Minimum Tax) 12/23 at 100.00   N/R   956,160  
  1,000   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   1,021,250  
  500   Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 6.375%, 11/01/35 7/18 at 100.00   BB–   500,310  
  1,200   University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/46 (UB) (5) 4/26 at 100.00   AAA   1,361,592  
  10,929   Total Michigan         10,724,522  
      Minnesota – 0.8% (0.5% of Total Investments)            
  665   Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A, 5.500%, 7/01/35 7/25 at 100.00   N/R   662,021  
  1,000   Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, Series 2015A, 6.000%, 7/01/45 7/25 at 100.00   B–   829,480  
  505   Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A, 5.000%, 7/01/47 7/26 at 100.00   N/R   463,696  
  2,000   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2016A, 5.750%, 7/01/47, 144A 7/26 at 100.00   N/R   1,841,340  
  3,000   Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37, 144A (Alternative Minimum Tax) 10/22 at 100.00   Ba2   2,811,360  
  7,170   Total Minnesota         6,607,897  
      Mississippi – 0.2% (0.1% of Total Investments)            
  647   Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax) 10/19 at 100.00   N/R   592,528  
  1,000   Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 9/18 at 100.00   BBB   1,016,800  
  1,647   Total Mississippi         1,609,328  
107

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri – 2.3% (1.6% of Total Investments)            
$ 1,000   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 10/19 at 100.00   A– $ 1,032,590  
  2,000   Joplin Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Joplin Recovery TIF Redevelopment Project, Series 2013B, 5.875%, 4/01/36 4/23 at 100.00   N/R   2,101,960  
  655   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46, 144A 4/26 at 100.00   N/R   663,083  
  2,000   Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Subordinate Lien Series 2015B, 8.500%, 6/15/46, 144A 6/25 at 100.00   N/R   1,978,600  
  10,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C, 4.000%, 11/15/49 (UB) (5) 11/27 at 100.00   AA–   10,086,800  
  1,100   Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A, 5.350%, 6/15/32 6/18 at 100.00   N/R   1,022,571  
  1,000   Saint Louis Land Clearance for Redevelopment Authority, Missouri, Tax-Exempt Recovery Zone Facilities Improvement, Special Revenue Bonds, Kiel Opera House Project, Series 2010B, 7.000%, 9/01/35 9/20 at 100.00   N/R   1,035,160  
  1,353   Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26 8/18 at 100.00   N/R   1,338,239  
  732   Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 3/27/26 9/18 at 100.00   N/R   387,960  
  19,840   Total Missouri         19,646,963  
      Nevada – 0.5% (0.4% of Total Investments)            
  2,500   Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Tender Option Bond Trust 2016-XG0031, 12.935%, 6/01/33, 144A (Pre-refunded 6/01/18) (IF) 6/18 at 100.00   AA+ (6)   2,526,600  
      Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A:            
  435   6.500%, 6/15/20, 144A 6/18 at 100.00   Ba3   436,370  
  1,500   6.750%, 6/15/28, 144A 6/18 at 100.00   Ba3   1,504,515  
  4,435   Total Nevada         4,467,485  
      New Jersey – 7.0% (4.9% of Total Investments)            
  2,500   New Jersey Economic Development Authority, Lease Revenue Bonds, Series 2018A, 5.000%, 6/15/47 (UB) (5) 12/27 at 100.00   BBB+   2,652,750  
  5,000   New Jersey Economic Development Authority, Lease Revenue Bonds, Series 2018C, 5.000%, 6/15/47 (UB) (5) 12/27 at 100.00   BBB+   5,305,500  
  9,500   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2017DDD, 5.000%, 6/15/42 (UB) (5) 6/27 at 100.00   BBB+   10,092,610  
  2,100   New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax) 8/22 at 101.00   Ba3   2,281,041  
  1,080   New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax) 3/24 at 101.00   Ba3   1,210,280  
  1,000   New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.875%, 6/01/42 (Pre-refunded 6/01/20) 6/20 at 100.00   Aaa   1,079,420  
  600   New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) 6/19 at 100.00   N/R (6)   635,154  
  5,200   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 7/18 at 100.00   BB+   5,225,896  
  8,230   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Refunding Series 2016, 5.000%, 7/01/41 7/26 at 100.00   BBB–   8,698,122  
108

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
      New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008:            
$ 355   6.000%, 7/01/18 (ETM) No Opt. Call   Baa3 (6) $ 357,410  
  2,000   6.625%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   Baa3 (6)   2,015,440  
  480   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax) 6/18 at 100.00   AA   481,133  
  40,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/36 – AMBAC Insured (UB) (5) No Opt. Call   BBB+   16,538,800  
  2,200   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B., 5.000%, 6/01/46 6/28 at 100.00   BBB   2,313,784  
  80,245   Total New Jersey         58,887,340  
      New Mexico – 0.7% (0.5% of Total Investments)            
  375   Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital Appreciation Taxable Series 2015D, 0.000%, 9/01/32 (4) 9/18 at 50.09   N/R   56,250  
  60   Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015A, 5.900%, 9/01/32 9/25 at 100.00   N/R   59,768  
  280   Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015B, 5.900%, 9/01/32 9/25 at 100.00   N/R   277,875  
  435   Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015C, 5.900%, 9/01/32 9/25 at 100.00   N/R   414,716  
  1,210   Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013, 7.250%, 10/01/43 10/23 at 100.00   N/R   1,251,321  
  965   New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 5.875%, 7/01/30 7/20 at 100.00   BBB   1,021,202  
  1,020   Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2014, 6.750%, 10/01/33 10/24 at 100.00   N/R   1,044,919  
  1,575   Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2015, 6.000%, 5/01/40, 144A 5/20 at 103.00   N/R   1,593,932  
  5,920   Total New Mexico         5,719,983  
      New York – 11.4% (7.9% of Total Investments)            
  3,830   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 1/27 at 100.00   BBB–   4,182,475  
  1,000   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (6)   1,075,120  
  4,000   Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc., Series 2015, 5.500%, 9/01/45, 144A 9/25 at 100.00   N/R   4,322,320  
  200   Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/36, 144A 6/27 at 100.00   BBB–   215,096  
  5,000   Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B, 4.000%, 7/01/41 (UB) (5) 7/26 at 100.00   A–   5,058,900  
  10,000   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1, 5.000%, 11/15/56 (UB) 11/26 at 100.00   A+   10,997,800  
      New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:            
  1,500   5.750%, 10/01/37 (4) 7/18 at 100.00   N/R   465,000  
  5,000   5.875%, 10/01/46 (4) 10/37 at 100.00   N/R   1,550,000  
  650   New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23 7/18 at 100.00   N/R   639,535  
109

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 17,000   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Series 2016S-1, 5.000%, 7/15/43 (UB) 1/26 at 100.00   AA $ 18,962,990  
  7,075   New York City, New York, General Obligation Bonds, Series 2016A-1, 5.000%, 8/01/38 (UB) 8/26 at 100.00   AA   8,002,320  
  500   New York Liberty Development Corporation, Liberty Revenue Bonds, Secured by Port Authority Consolidated Bonds, Tender Option Bonds Trust 2016-XG0062, 12.960%, 12/15/41, 144A (IF) (5) 12/21 at 100.00   AA–   662,575  
  3,000   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 11/24 at 100.00   N/R   3,156,900  
  3,250   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A 11/24 at 100.00   N/R   3,542,078  
  6,000   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 3 Series 2014, 7.250%, 11/15/44, 144A 11/24 at 100.00   N/R   7,130,700  
  1,375   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of America Tower at One Bryant Park Project, Second Priority Refunding Series 2010, 6.375%, 7/15/49 1/20 at 100.00   BBB–   1,454,929  
      New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Tender Option Bond Trust 2016-XG0018:            
  625   13.625%, 1/15/44, 144A (IF) (5) 1/20 at 100.00   AA   738,763  
  250   13.625%, 1/15/44, 144A (IF) (5) 1/20 at 100.00   AA   295,505  
  1,900   New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   2,006,989  
  1,000   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   1,071,590  
  4,985   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal Project, Series 2016A, 5.000%, 7/01/46 – AGM Insured (Alternative Minimum Tax) (UB) (5) 7/24 at 100.00   A2   5,370,341  
  3,265   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Series 2017, 5.000%, 4/15/57 (UB) (5) 4/27 at 100.00   AA–   3,649,225  
  530   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   BBB   579,963  
  9,975   Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2016, 5.000%, 11/01/46 (UB) (5) 11/25 at 100.00   BBB   10,536,194  
  91,910   Total New York         95,667,308  
      North Carolina – 0.4% (0.3% of Total Investments)            
  940   Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Tender Option Bond Trust 2016-XF2222, 13.981%, 1/15/42, 144A (IF) 1/21 at 100.00   AA–   1,222,207  
      North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A:            
  970   6.000%, 6/01/31 6/18 at 100.00   BBB+   973,434  
  30   6.000%, 6/01/31 (Pre-refunded 6/01/18) 6/18 at 100.00   N/R (6)   30,104  
  1,000   6.125%, 6/01/35 (Pre-refunded 6/01/18) 6/18 at 100.00   BBB+ (6)   1,003,560  
  2,940   Total North Carolina         3,229,305  
      North Dakota – 0.1% (0.1% of Total Investments)            
  2,000   Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 (4) 9/23 at 100.00   N/R   800,000  
      Ohio – 6.6% (4.5% of Total Investments)            
  30,500   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Second Subordinate Capital Appreciation Turbo Term Series 2007C, 0.000%, 6/01/52 6/18 at 100.00   N/R   1,164,185  
110

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
$ 10,000   5.875%, 6/01/30 6/18 at 100.00   Caa1 $ 9,996,100  
  6,875   5.750%, 6/01/34 6/18 at 100.00   Caa1   6,834,713  
  2,005   6.500%, 6/01/47 6/18 at 100.00   B–   2,033,070  
  10,500   5.875%, 6/01/47 6/18 at 100.00   B–   10,500,000  
  5,455   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   Caa1   5,576,865  
  1,500   Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center Project, Liberty Community Authority, Series 2014C, 6.000%, 12/01/43 12/22 at 100.00   N/R   1,463,550  
  1,270   Medina County Port Authority, Ohio, Development Revenue Bond, Fiber Network Project, Series 2010B, 6.000%, 12/01/30 12/20 at 100.00   A+   1,347,648  
  2,800   Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (4) No Opt. Call   D   1,295,000  
  2,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/18 (4) No Opt. Call   D   1,920,000  
  4,750   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) (4) No Opt. Call   D   2,196,875  
  1,250   Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105, 12.867%, 1/01/39, 144A (Pre-refunded 1/01/19) (IF) 1/19 at 100.00   AA (6)   1,372,425  
  3,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21) (4) No Opt. Call   D   1,387,500  
  255   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20) (4) No Opt. Call   D   117,938  
  3,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) (4) No Opt. Call   D   2,880,000  
  3,000   State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax) 8/18 at 100.00   Ba2   3,004,800  
  2,000   Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 3/25 at 100.00   N/R   2,023,220  
  6,000   Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (4) 7/19 at 100.00   N/R   60  
  96,160   Total Ohio         55,113,949  
      Oklahoma – 0.3% (0.2% of Total Investments)            
  2,000   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 8/21 at 100.00   N/R   2,341,640  
      Pennsylvania – 2.0% (1.4% of Total Investments)            
      Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:            
  500   6.750%, 11/01/24 11/19 at 100.00   B   512,905  
  2,000   6.875%, 5/01/30 11/19 at 100.00   B   2,040,160  
  2,500   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41 (Mandatory put 6/01/20) (4) No Opt. Call   D   1,156,250  
  1,720   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) (4) No Opt. Call   D   795,500  
111

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 185   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454, 14.383%, 8/01/38, 144A (Pre-refunded 8/01/20) (IF) (5) 8/20 at 100.00   N/R (6) $ 239,251  
  5   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (Mandatory put 12/03/18) (4) 12/18 at 100.00   D   2,313  
  4,250   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 9/25 at 100.00   B+   4,323,993  
  4,115   Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, USG Corporation Project, Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 6/18 at 100.00   Ba2   4,123,065  
  2,500   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva Esperanza, Inc. – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33 1/23 at 100.00   N/R   2,775,425  
  510   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/36 7/22 at 100.00   Ba1   554,717  
  180   The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 5/24 at 100.00   BB+   182,239  
  18,465   Total Pennsylvania         16,705,818  
      Rhode Island – 0.4% (0.3% of Total Investments)            
  1,000   Rhode Island Health & Educational Building Corporation, Health Facilities Revenue Bonds, Tockwotton Home, Series 2011, 8.375%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Aaa   1,160,850  
  18,260   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 7/18 at 100.00   CCC+   2,071,780  
  19,260   Total Rhode Island         3,232,630  
      South Carolina – 2.3% (1.6% of Total Investments)            
  4,000   Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007A, 7.750%, 11/01/39 (4) 7/18 at 100.00   N/R   840,000  
  3,477   Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007B, 7.700%, 11/01/18 (4) No Opt. Call   N/R   730,170  
  1,000   South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Midland Valley Preparatory School Project, Series 2014, 7.750%, 11/15/45, 144A 11/24 at 100.00   N/R   1,091,750  
  1,250   South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 8/21 at 100.00   AA (6)   1,414,563  
  5,000   South Carolina Public Service Authority Santee Cooper Revenue Obligations, Series 2014A, 5.000%, 12/01/49 (UB) (5) 6/24 at 100.00   A+   5,311,700  
  9,250   South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Federally Taxable Build America Series 2016B, 5.000%, 12/01/46 (UB) 12/26 at 100.00   A+   10,070,105  
  23,977   Total South Carolina         19,458,288  
      Tennessee – 5.3% (3.7% of Total Investments)            
  3,000   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.500%, 7/01/38 7/20 at 100.00   Baa1   3,220,200  
  14,835   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 (UB) (5) 7/26 at 100.00   A3   16,248,182  
  11,095   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2016A, 5.000%, 7/01/40 (UB)            
  5,000   The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 6/01/47, 144A 6/27 at 100.00   N/R   5,303,300  
112

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tennessee (continued)            
$ 6,024   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26 No Opt. Call   BBB $ 6,871,697  
  950   Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place Inc. Project, Series 2015A, 5.500%, 1/01/46 7/18 at 100.00   N/R   880,156  
  40,904   Total Tennessee         44,733,028  
      Texas – 5.5% (3.8% of Total Investments)            
  4,005   Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (4) 7/18 at 100.00   N/R   40  
  1,000   Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement District Phase 1 Project, Series 2014, 7.000%, 9/01/40 9/22 at 103.00   N/R   1,001,570  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  1,000   6.750%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   BBB (6)   1,115,680  
  250   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   BBB+ (6)   274,440  
      Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A:            
  2,100   8.750%, 2/15/28 7/18 at 100.00   B+   2,104,872  
  2,000   9.000%, 2/15/38 7/18 at 100.00   B+   2,004,340  
  4,165   Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Series 2016A, 5.000%, 12/01/48 (UB) (5) 12/25 at 100.00   AA+   4,636,353  
      Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A:            
  430   6.625%, 9/01/31 9/23 at 100.00   N/R   490,987  
  1,000   6.375%, 9/01/42 9/23 at 100.00   N/R   1,115,470  
  1,500   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 11/22 at 100.00   Baa3   1,534,725  
  1,000   Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 7/18 at 100.00   B3   1,009,920  
  865   Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A, 6.000%, 2/15/36 7/18 at 100.00   N/R   849,153  
  3,635   Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012, 8.250%, 7/01/32 7/22 at 100.00   N/R   3,727,765  
  1,000   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31, 144A (Alternative Minimum Tax) 10/18 at 103.00   BB–   1,038,170  
  2,000   Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45, 144A (Alternative Minimum Tax) 1/26 at 102.00   N/R   1,689,020  
  1,000   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2014A, 5.000%, 4/01/44 4/24 at 100.00   BBB–   1,021,550  
  1,000   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M University – San Antonio Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   BBB–   1,018,270  
  2,445   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series 2015A, 5.000%, 7/01/47 7/25 at 100.00   CCC   2,020,108  
  2,250   North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 2016-XG0036, 14.771%, 9/01/41, 144A (Pre-refunded 9/01/21) (IF) 9/21 at 100.00   N/R (6)   3,216,825  
  2,000   Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.000%, 12/15/32 (4) 12/21 at 100.00   N/R   1,160,000  
  175   Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District North Improvement Area, Series 2016, 5.750%, 9/15/36 3/24 at 102.00   N/R   168,460  
  2,000   Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company LLC Project, Series 2003B, 6.150%, 8/01/22 (4) No Opt. Call   N/R   20  
  4,000   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) 5/26 at 100.00   AA–   4,417,080  
113

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 2,810   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 12/19 at 100.00   BBB– $ 3,022,408  
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:            
  1,000   7.000%, 6/30/34 6/20 at 100.00   Baa3   1,100,050  
  4,500   7.000%, 6/30/40 6/20 at 100.00   Baa3   4,941,225  
  835   Texas Public Finance Authority Charter School Finance Corporation, Charter School Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34 7/18 at 100.00   BB–   836,495  
      Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010:            
  85   7.000%, 11/01/30 11/20 at 100.00   BBB   91,285  
  440   7.000%, 11/01/30 (Pre-refunded 11/01/20) 11/20 at 100.00   N/R (6)   491,731  
  340   Trinity River Authority of Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 20003, 6.250%, 5/01/28 (Alternative Minimum Tax) (4) No Opt. Call   C   3  
  50,830   Total Texas         46,098,015  
      Utah – 1.1% (0.8% of Total Investments)            
  1,690   Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40 7/20 at 100.00   BBB–   1,789,828  
  1,980   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy High School, Series 2011A, 8.125%, 5/15/31 5/21 at 100.00   N/R   2,148,181  
  5,550   Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 2007A, 5.800%, 6/15/38 7/18 at 100.00   BBB–   5,560,157  
  9,220   Total Utah         9,498,166  
      Vermont – 0.8% (0.5% of Total Investments)            
  1,605   Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of Vermont Medical Center Project, Green Series 2016B, 5.000%, 12/01/46 6/26 at 100.00   A   1,757,748  
  3,400   Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of Vermont Medical Center Project, Series 2016B, 5.000%, 12/01/46 (UB) (5) 6/26 at 100.00   A   3,723,578  
  1,155   Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A, 6.250%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   N/R (6)   1,275,339  
  6,160   Total Vermont         6,756,665  
      Virgin Islands – 0.1% (0.1% of Total Investments)            
  1,000   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C, 5.000%, 10/01/19 No Opt. Call   N/R   822,500  
      Virginia – 1.6% (1.1% of Total Investments)            
  762   Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B, 6.250%, 3/01/19 (14) 2/18 at 100.00   N/R   457,200  
  9,400   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/38 – AGC Insured No Opt. Call   BBB+   3,866,032  
  1,000   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 6/18 at 100.00   B–   990,000  
  7,380   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (Alternative Minimum Tax) 6/27 at 100.00   Baa3   7,935,124  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  80   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   89,126  
  130   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   141,510  
  18,752   Total Virginia         13,478,992  
114

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Washington – 2.5% (1.8% of Total Investments)            
$ 2,415   FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2016-XL0006, 14.632%, 6/01/34, 144A (IF) (5) 6/19 at 100.00   AA $ 2,742,836  
  500   FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2016-XL0007, 14.632%, 6/01/39, 144A (IF) (5) 6/19 at 100.00   AA   565,920  
  3,600   Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.750%, 1/01/38 (Pre-refunded 6/04/18) 6/18 at 100.00   N/R (6)   3,635,964  
  1,000   King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie Valley Hospital, Series 2015A, 6.250%, 12/01/45 12/25 at 100.00   N/R   1,002,920  
  1,000   Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007, 5.600%, 6/01/37 (Alternative Minimum Tax) 7/18 at 100.00   N/R   1,000,680  
  275   Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43 4/19 at 100.00   N/R   275,847  
  3,215   Washington Economic Development Finance Authority, Environmental Facilities Revenue Bonds, Columbia Pulp I, LLC Project, Series 2017A, 7.500%, 1/01/32, 144A (Alternative Minimum Tax) 1/28 at 100.00   N/R   3,786,884  
  7,330   Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017, 4.000%, 8/15/42 (UB) 8/27 at 100.00   BBB   7,262,124  
  1,000   Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella Project, Series 2012A, 6.750%, 10/01/47, 144A 10/22 at 100.00   N/R   1,087,030  
  20,335   Total Washington         21,360,205  
      West Virginia – 0.2% (0.2% of Total Investments)            
  1,422   Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial Development Revenue Bonds, Scattered Site Housing Projects, Series 2010, 5.750%, 12/01/44 12/23 at 100.00   N/R   1,444,397  
  500   Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, University Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A, 5.750%, 6/01/43, 144A 6/27 at 100.00   N/R   518,945  
  1,922   Total West Virginia         1,963,342  
      Wisconsin – 5.3% (3.7% of Total Investments)            
  30   Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax) No Opt. Call   N/R   30,791  
  2,000   Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue Bonds, Refunding Series 2017, 6.750%, 6/01/32 12/27 at 100.00   N/R   1,959,020  
  5,000   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A, 5.000%, 6/15/46, 144A 6/26 at 100.00   N/R   4,505,600  
  1,650   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Thomas Jefferson Classical Academy of Mooresboro, North Carolina, Series 2011, 7.125%, 7/01/42 7/19 at 100.00   BBB–   1,680,773  
      Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1.:            
  12   0.000%, 1/01/56, 144A – ACA Insured No Opt. Call   N/R   366  
  14   0.000%, 1/01/57, 144A – ACA Insured No Opt. Call   N/R   405  
      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 – ACA Insured No Opt. Call   N/R   726  
  23   0.000%, 1/01/61, 144A – ACA Insured No Opt. Call   N/R   678  
  4,700   Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public Improvement District Project, Series 2017, 7.000%, 3/01/47, 144A 3/27 at 100.00   N/R   4,591,336  
  830   Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42 12/22 at 100.00   N/R   836,831  
  335   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax) 8/26 at 100.00   N/R   324,816  
115

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
$ 1,000   Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American Dream @ Meadowlands Project, Series 2017A, 6.750%, 8/01/31, 144A No Opt. Call   N/R $ 1,075,350  
      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   2,299,920  
  14,000   7.000%, 12/01/50, 144A 12/27 at 100.00   N/R   16,202,620  
  3,500   Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series 2018A., 6.500%, 9/01/48 9/28 at 100.00   N/R   3,499,580  
  500   Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior Series 2017A., 7.000%, 10/01/47, 144A 10/27 at 100.00   N/R   505,100  
  1,060   Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2015, 5.875%, 4/01/45 4/25 at 100.00   BB   1,137,921  
      Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, Second Tier Series 2018B:            
  13   0.000%, 1/01/47, 144A 3/28 at 37.76   N/R   379  
  24   0.000%, 1/01/47, 144A 3/28 at 47.50   N/R   715  
  11   0.000%, 1/01/48, 144A 3/28 at 35.85   N/R   331  
  24   0.000%, 1/01/48, 144A 3/28 at 45.66   N/R   710  
  11   0.000%, 1/01/49, 144A 3/28 at 34.04   N/R   326  
  23   0.000%, 1/01/49, 144A 3/28 at 43.89   N/R   704  
  10   0.000%, 1/01/50, 144A 3/28 at 32.32   N/R   315  
  23   0.000%, 1/01/50, 144A 3/28 at 42.18   N/R   693  
  10   0.000%, 1/01/51, 144A 3/28 at 30.69   N/R   309  
  25   0.000%, 1/01/51, 144A 3/28 at 40.54   N/R   759  
  659   0.000%, 7/01/51, 144A 3/28 at 100.00   N/R   654,143  
  13   0.000%, 1/01/52, 144A 3/28 at 29.14   N/R   401  
  25   0.000%, 1/01/52, 144A 3/28 at 38.97   N/R   753  
  13   0.000%, 1/01/53, 144A 3/28 at 27.67   N/R   396  
  25   0.000%, 1/01/53, 144A 3/28 at 37.46   N/R   742  
  13   0.000%, 1/01/54, 144A 3/28 at 26.27   N/R   382  
  25   0.000%, 1/01/54, 144A 3/28 at 36.00   N/R   737  
  13   0.000%, 1/01/55, 144A 3/28 at 24.94   N/R   374  
  24   0.000%, 1/01/55, 144A 3/28 at 34.60   N/R   726  
  24   0.000%, 1/01/56, 144A 3/28 at 33.26   N/R   716  
  585   5.500%, 7/01/56, 144A 3/28 at 100.00   N/R   582,293  
  24   0.000%, 1/01/57, 144A 3/28 at 31.97   N/R   710  
  13   0.000%, 1/01/58, 144A 3/28 at 21.35   N/R   395  
  23   0.000%, 1/01/58, 144A 3/28 at 30.73   N/R   699  
  13   0.000%, 1/01/59, 144A 3/28 at 20.27   N/R   384  
  23   0.000%, 1/01/59, 144A 3/28 at 29.53   N/R   694  
  13   0.000%, 1/01/60, 144A 3/28 at 19.25   N/R   376  
  23   0.000%, 1/01/60, 144A 3/28 at 28.39   N/R   688  
  12   0.000%, 1/01/61, 144A 3/28 at 18.28   N/R   370  
  12   0.000%, 1/01/62, 144A 3/28 at 17.35   N/R   360  
  23   0.000%, 1/01/62, 144A 3/28 at 26.23   N/R   673  
  12   0.000%, 1/01/63, 144A 3/28 at 16.48   N/R   351  
  22   0.000%, 1/01/63, 144A 3/28 at 25.21   N/R   662  
  12   0.000%, 1/01/64, 144A 3/28 at 15.65   N/R   343  
  22   0.000%, 1/01/64, 144A 3/28 at 24.23   N/R   656  
  11   0.000%, 1/01/65, 144A 3/28 at 14.86   N/R   338  
  22   0.000%, 1/01/65, 144A 3/28 at 23.29   N/R   651  
  12   0.000%, 1/01/66, 144A 3/28 at 14.11   N/R   364  
  22   0.000%, 1/01/66, 144A 3/28 at 22.38   N/R   641  
  148   0.000%, 1/01/67, 144A 3/28 at 13.39   N/R   4,380  
  281   0.000%, 1/01/67, 144A 3/28 at 21.51   N/R   8,338  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118, 13.662%, 4/01/39, 144A (Pre-refunded 4/01/19) (IF) (5) 4/19 at 100.00   AA– (6)   1,125,570  
116

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
$ 2,000   Wisconsin Public Finance Authority, Revenue Bonds, SearStone Retirement Community of Cary North Carolina, Series 2012A, 8.625%, 6/01/47 (Pre-refunded 6/01/22) 6/22 at 100.00   N/R (6) $ 2,455,600  
  1,000   Wisconsin Public Finance Authority, Revenue Bonds, SearStone Retirement Community of Cary North Carolina, Series 2016, 6.000%, 6/01/49, 144A 6/22 at 104.00   N/R   1,033,530  
  43,014   Total Wisconsin         44,535,510  
$ 1,277,265   Total Municipal Bonds (cost $1,179,469,619)         1,199,392,142  

 

  Shares   Description (1)   Value  
      COMMON STOCKS – 1.2% (0.8% of Total Investments)      
      Airlines – 1.2% (0.8% of Total Investments)      
  227,514   American Airlines Group Inc., (15) $ 9,767,176  
      Total Common Stocks (cost $6,316,916)   9,767,176  

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)                
      Transportation – 0.0% (0.0% of Total Investments)                
$ 26   Las Vegas Monorail Company, Senior Interest Bonds (8), (16) 5.500%   7/15/19   N/R $ 16,657  
  7   Las Vegas Monorail Company, Senior Interest Bonds (8), (16) 5.500%   7/15/55   N/R   3,601  
$ 33   Total Corporate Bonds (cost $2,021)             20,258  
      Total Long-Term Investments (cost $1,185,788,556)             1,209,179,576  
      Floating Rate Obligations – (35.9)%             (302,258,000 )
      Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (10.3)% (17)             (86,867,364 )
      Other Assets Less Liabilities – 2.4%             20,768,754  
      Net Assets Applicable to Common Shares – 100%           $ 840,822,966  
117

 

NMZ Nuveen Municipal High Income Opportunity Fund
  Portfolio of Investments (continued)
  April 30, 2018 (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) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) 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.
(7) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(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 2 – Investment Valuation and Fair Value Measurements for more information.
(9) On December 1, 2016, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 9.000% to 6.750%.
(10) 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.
(11) On July 28, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 6.125% to 3.675%. On December 9, 2015, the Fund’s Adviser determined it was likely that this borrower would fulfill a greater portion of its obligation on this security, and therefore increased the security’s interest rate of accrual from 3.675% to 4.900%.
(12) On June 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on the security, and therefore reduced the security’s interest rate of accrual from 7.250% to 1.813%. On May 7, 2015, the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(13) On July 1, 2014, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 6.000% to 4.200%.
(14) On September 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 6.250% to 4.688%.
(15) 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.
(16) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(17) Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 7.2%.
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.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

 

See accompanying notes to financial statements.

118

 

 

Statement of Assets and Liabilities

April 30, 2018 (Unaudited)

                     
      NVG     NZF     NMZ  
Assets                    
Long-term investments, at value (cost $4,828,747,168, $3,326,675,340 and $1,185,788,556, respectively)   $ 5,138,970,126   $ 3,541,215,568   $ 1,209,179,576  
Short-term investments, at value (cost $10,000,000, $— and $—, respectively)     10,000,000          
Cash     12,796,338     19,395,119     1,309,306  
Cash collateral at brokers for investments in swaps(1)     4,451,906          
Interest rate swaps premiums paid     1,017          
Unrealized appreciation on interest rate swaps     1,776,517          
Receivable for:                    
Dividends and interest     72,653,881     52,119,366     21,417,757  
Investments sold     13,359,191     10,107,959     5,839,064  
Deferred offering costs             206,036  
Other assets     1,609,071     735,212     105,982  
Total assets     5,255,618,047     3,623,573,224     1,238,057,721  
Liabilities                    
Floating rate obligations     192,750,000     24,620,000     302,258,000  
Payable for:                    
Dividends     13,977,080     9,478,922     3,762,152  
Interest         759,268     182,295  
Investments purchased     9,140,228     25,628,284     2,992,497  
Offering costs         126,163     80,350  
Variation margin on swap contracts     156,249          
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs (liquidation preference $—, $—, $87,000,000, respectively)             86,867,364  
MuniFund Term Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $405,400,000, $305,000,000 and $—, respectively)     405,094,990     304,389,774      
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $—, $336,000,000 and $—, respectively)         335,980,501      
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $1,411,600,000, $727,000,000 and $—, respectively)     1,407,633,477     721,949,584      
Accrued expenses:                    
Management fees     2,626,201     1,805,479     678,923  
Trustees fees     848,098     566,657     85,169  
Shelf offering costs             140,360  
Other     932,415     651,637     187,645  
Total liabilities     2,033,158,738     1,425,956,269     397,234,755  
Net assets applicable to common shares   $ 3,222,459,309   $ 2,197,616,955   $ 840,822,966  
Common shares outstanding     202,552,895     142,125,906     64,078,935  
Net asset value (“NAV”) per common share outstanding   $ 15.91   $ 15.46   $ 13.12  
Net assets applicable to common shares consist of:                    
Common shares, $0.01 par value per share   $ 2,025,529   $ 1,421,259   $ 640,789  
Paid-in-surplus     2,906,044,544     2,009,134,254     815,495,040  
Undistributed (Over-distribution of) net investment income     (2,668,662 )   1,179,396     1,984,930  
Accumulated net realized gain (loss)     602,163     (28,658,182 )   (688,813 )
Net unrealized appreciation (depreciation)     316,455,735     214,540,228     23,391,020  
Net assets applicable to common shares   $ 3,222,459,309   $ 2,197,616,955   $ 840,822,966  
Authorized shares:                    
Common     Unlimited     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited     Unlimited  

 

(1) Cash pledged to collateralize the net payment obligations for investments in swaps.

See accompanying notes to financial statements.

119

Statement of Operations

Six Months Ended April 30, 2018 (Unaudited)

 

      NVG     NZF     NMZ  
Investment Income   $ 119,394,697   $ 84,277,908   $ 32,397,930  
Expenses                    
Management fees     15,769,743     10,754,254     4,104,196  
Interest expense and amortization of offering costs     16,214,796     13,195,236     3,494,848  
Liquidity fees     4,334,388     961,289      
Remarketing fees     529,224     111,819      
Custodian fees     243,127     177,112     67,777  
Trustees fees     66,485     47,472     12,587  
Professional fees     122,053     92,639     57,580  
Shareholder reporting expenses     151,037     104,691     43,883  
Shareholder servicing agent fees     53,856     35,426     7,439  
Stock exchange listing fees     28,142     19,746     657  
Investor relations expenses     168,866     118,787     31,830  
Other     175,095     264,764     34,485  
Total expenses     37,856,812     25,883,235     7,855,282  
Net investment income (loss)     81,537,885     58,394,673     24,542,648  
Realized and Unrealized Gain (Loss)                    
Net realized gain (loss) from:                    
Investments     12,096,512     (3,700,798 )   787,743  
Swaps     20,980          
Change in net unrealized appreciation (depreciation) of:                    
Investments     (106,750,634 )   (74,340,430 )   (22,757,010 )
Swaps     5,084,704          
Net realized and unrealized gain (loss)     (89,548,438 )   (78,041,228 )   (21,969,267 )
Net increase (decrease) in net assets applicable to common shares from operations   $ (8,010,553 ) $ (19,646,555 ) $ 2,573,381  

See accompanying notes to financial statements.

120

Statement of Changes in Net Assets (Unaudited)

 

    NVG   NZF   NMZ  
      Six Months     Year     Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended     Ended     Ended  
      4/30/18     10/31/17     4/30/18     10/31/17     4/30/18     10/31/17  
Operations                                      
Net investment income (loss)   $ 81,537,885   $ 170,282,507   $ 58,394,673   $ 124,118,718   $ 24,542,648   $ 48,542,922  
Net realized gain (loss) from:                                      
Investments     12,096,512     2,532,777     (3,700,798 )   3,067,720     787,743     4,675,860  
Swaps     20,980     5,171,946                  
Change in net unrealized appreciation (depreciation) of:                                      
Investments     (106,750,634 )   (45,476,888 )   (74,340,430 )   (43,006,732 )   (22,757,010 )   (15,666,329 )
Swaps     5,084,704     175,850                  
Net increase (decrease) in net assets applicable to common shares from operations     (8,010,553 )   132,686,192     (19,646,555 )   84,179,706     2,573,381     37,552,453  
Distributions to Common Shareholders                                      
From net investment income     (89,305,569 )   (177,152,759 )   (61,640,004 )   (126,776,305 )   (24,855,576 )   (48,660,423 )
From accumulated net realized gains         (5,914,545 )       (255,827 )        
Decrease in net assets applicable to common shares from distributions to common shareholders     (89,305,569 )   (183,067,304 )   (61,640,004 )   (127,032,132 )   (24,855,576 )   (48,660,423 )
Capital Share Transactions                                      
Common shares:                                      
Proceeds from shelf offering, net of offering costs                     9,084,815     75,368,774  
Net proceeds from shares issued to shareholders due to reinvestment of distributions                     274,882     907,184  
Net increase (decrease) in net assets applicable to common shares from capital share transactions                     9,359,697     76,275,958  
Net increase (decrease) in net assets applicable to common shares     (97,316,122 )   (50,381,112 )   (81,286,559 )   (42,852,426 )   (12,922,498 )   65,167,988  
Net assets applicable to common shares at the beginning of period     3,319,775,431     3,370,156,543     2,278,903,514     2,321,755,940     853,745,464     788,577,476  
Net assets applicable to common shares at the end of period   $ 3,222,459,309   $ 3,319,775,431   $ 2,197,616,955   $ 2,278,903,514   $ 840,822,966   $ 853,745,464  
Undistributed (Over-distribution of) net investment income at the end of period   $ (2,668,662 ) $ 5,099,022   $ 1,179,396   $ 4,424,727   $ 1,984,930   $ 2,297,858  

See accompanying notes to financial statements.

121

Statement of Cash Flows

Six Months Ended April 30, 2018 (Unaudited)

 

      NVG     NZF     NMZ  
Cash Flows from Operating Activities:                    
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ (8,010,553 ) $ (19,646,555 ) $ 2,573,381  
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     (419,742,535 )   (479,529,894 )   (122,667,574 )
Proceeds from sales and maturities of investments     254,401,736     359,148,797     57,766,998  
Proceeds from (Purchases of) short-term investments, net     15,880,000     2,170,000     3,852,450  
Payment-in-kind distributions         (18,611 )   (316,858 )
Premiums received (paid) for interest rate swaps     48          
Taxes paid     (34,884 )   (48,981 )   (2,745 )
Amortization (Accretion) of premiums and discounts, net     (7,276,687 )   (7,577,281 )   796,900  
Amortization of deferred offering costs     84,532     129,898     23,064  
(Increase) Decrease in:                    
Cash collateral at brokers for investments in swaps     1,162,126          
Receivable for dividends and interest     (3,179,459 )   (1,161,474 )   753,784  
Receivable for investments sold     4,405,213     (3,789,437 )   15,165,186  
Other assets     6,618     407,798     (21,853 )
Increase (Decrease) in:                    
Payable for interest     (377,329 )   197,642     47,957  
Payable for investments purchased     4,503,723     9,918,638     775,737  
Payable for offering costs         126,163     80,350  
Payable for variation margin on swap contracts     (251,321 )        
Accrued management fees     (69,345 )   (34,059 )   (22,818 )
Accrued Trustees fees     (29,384 )   (18,098 )   (1,334 )
Accrued other expenses     169,185     100,554     (184,456 )
Net realized (gain) loss from investments     (12,096,511 )   3,700,798     (787,743 )
Change in net unrealized appreciation (depreciation) of:                    
Investments     106,750,634     74,340,430     22,757,010  
Swaps(1)     (1,268,646 )        
Net cash provided by (used in) operating activities     (64,972,839 )   (61,583,672 )   (19,412,564 )
Cash Flows from Financing Activities                    
Proceeds from borrowings     120,457,485     140,849,018      
Repayments of borrowings     (120,457,485 )   (140,849,018 )    
Proceeds from AMTP Shares issued, at liquidation preference             87,000,000  
Proceeds from MFP Shares issued, at liquidation preference     405,400,000     155,000,000      
(Payments for) VMTP Shares redeemed, at liquidation preference     (240,400,000 )       (87,000,000 )
(Payments for) deferred offering costs     (295,000 )   (290,000 )   (135,000 )
Proceeds from shelf offering, net of offering cost             9,084,815  
Increase (Decrease) in:                    
Floating rate obligations     (555,000 )   (14,810,000 )   34,028,000  
Accrued shelf offering costs             140,360  
Cash distributions paid to Common shareholders     (89,297,603 )   (62,180,630 )   (24,834,696 )
Net cash provided by (used in) financing activities     74,852,397     77,719,370     18,283,479  
Net Increase (Decrease) in Cash     9,879,558     16,135,698     (1,129,085 )
Cash at beginning of period     2,916,780     3,259,421     2,438,391  
Cash at end of period   $ 12,796,338   $ 19,395,119   $ 1,309,306  
                     
Supplemental Disclosure of Cash Flow Information     NVG     NZF     NMZ  
Cash paid for interest (excluding amortization of offering cost)   $ 16,490,044   $ 12,512,696   $ 3,433,213  
Non-cash financing activities not included herein consists of reinvestments of common share distributions             274,882  

 

(1) Excluding over-the-counter cleared swaps.

See accompanying notes to financial statements.

 

122

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

123

Financial Highlights (Unaudited)

Selected data for a common share outstanding throughout each period:

 

          Investment Operations   Less Distributions to
Common Shareholders
  Common Share
    Beginning
Common
Share
NAV
  Net
Investment
Income
(Loss
) Net
Realized/
Unrealized
Gain (Loss
) Total   From
Net
Investment
Income
  From
Accumulated
Net
Realized
Gains
  Total   Discount
Per
Share
Repurchased
and
Retired
  Discount
Per
Share
Repurchased
through
Tender
Offer
  Ending
NAV
  Ending
Share
Price
 
NVG                                                                    
Year Ended 10/31:                                                                    
2018(f)   $ 16.39   $ 0.40   $ (0.44 ) $ (0.04 ) $ (0.44 ) $   $ (0.44 ) $   $   $ 15.91   $ 14.75  
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  
2015     16.24     0.77     (0.13 )   0.64     (0.75 )   (0.10 )   (0.85 )   *       16.03     14.05  
2014     14.62     0.71     1.72     2.43     (0.70 )   (0.07 )   (0.77 )   (0.01 )   (0.03 )   16.24     14.14  
2013     16.33     0.60     (1.46 )   (0.86 )   (0.74 )   (0.11 )   (0.85 )   *       14.62     12.75  
                                                                     
NZF                                                                    
Year Ended 10/31:                                                                    
2018(f)     16.03     0.41     (0.55 )   (0.14 )   (0.43 )       (0.43 )           15.46     14.15  
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  
2015     15.82     0.83     (0.13 )   0.70     (0.78 )       (0.78 )   0.01         15.75     13.86  
2014     14.32     0.72     1.47     2.19     (0.72 )       (0.72 )   *   0.03     15.82     13.80  
2013     15.99     0.71     (1.63 )   (0.92 )   (0.75 )       (0.75 )           14.32     12.66  

 

(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.
124

 

                                                   
                Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
    Common Share
Total Returns
        Ratios to Average Net Assets
Before Reimbursement(b)
  Ratio to Average Net Assets
After Reimbursement(b)
       
    Based
on
NAV
(a) Based
on
Share
Price
(a) Ending
Net
Assets
(000
) Expenses (c) Net
Investment
Income (Loss
) Expenses (c) Net
Investment
Income (Loss
) Portfolio
Turnover
Rate
(d)
                                                   
                                                   
      (0.25 )%   0.15 % $ 3,222,459     2.32 %**   5.00 %**   N/A     N/A     5 %
      4.25     7.10     3,319,775     2.05     5.26     2.04 %(e)   5.27 %(e)   18  
      9.40     13.46     3,370,157     1.81     4.87     1.75 (e)   4.93 (e)   21  
      4.04     5.53     427,104     1.50     4.81     N/A     N/A     26  
      16.78     17.35     433,092     1.75     4.56     N/A     N/A     13  
      (5.46 )   (14.46 )   434,851     2.03     3.87     N/A     N/A     32  
                                                   
                                                   
      (0.87 )   (2.88 )   2,197,617     2.31 **   5.25 **   N/A     N/A     10  
      3.88     7.61     2,278,904     2.12     5.58     2.11 (e)   5.59 (e)   21  
      9.36     13.26     2,321,756     1.86     5.03     1.81 (e)   5.08 (e)   20  
      4.57     6.21     571,790     1.48     5.24     N/A     N/A     26  
      15.90     15.07     574,721     1.73     4.78     N/A     N/A     14  
      (5.93 )   (15.08 )   578,508     1.71     4.66     N/A     N/A     14  

 

(b) Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

NVG        
Year Ended 10/31:        
2018(f)     1.29 %**
2017     1.02  
2016     0.78  
2015     0.46  
2014     0.75  
2013     1.06  

 

NZF        
Year Ended 10/31:        
2018(f)     1.27 %**
2017     1.09  
2016     0.84  
2015     0.46  
2014     0.72  
2013     0.75  

 

(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e) 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.
(f) For the six months ended April 30, 2018.
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.

 

125

Financial Highlights (Unaudited) (continued)

Selected data for a common share outstanding throughout each period:

 

          Investment Operations   Less Distributions to
Common Shareholders
  Common Share  
    Beginning
Common
Share
NAV
  Net
Investment
Income
(Loss
) Net
Realized/
Unrealized
Gain (Loss
) Total   From
Net
Investment
Income
  From
Accumulated
Net
Realized
Gains
  Total   Premium
Per
Share
Sold
through
Shelf
Offering
  Shelf
Offering
Costs
  Ending
NAV
  Ending
Share
Price
 
NMZ                                                                    
Year Ended 10/31:                                                                    
2018(e)   $ 13.47   $ 0.38   $ (0.34 ) $ 0.04   $ (0.39 ) $   $ (0.39 ) $   $   $ 13.12   $ 12.41  
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  
2015     13.71     0.91     (0.04 )   0.87     (0.92 )       (0.92 )           13.66     13.76  
2014     12.36     0.93     1.33     2.26     (0.91 )       (0.91 )   *   *   13.71     13.21  
2013     13.45     0.94     (1.20 )   (0.26 )   (0.88 )       (0.88 )   0.05     *   12.36     11.99  

 

(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.
126

 

                                     
              Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
  Common Share
Total Returns
        Ratios to Average Net Assets(b)        
                                     
  Based
on
NAV
(a) Based
on
Share
Price
(a) Ending
Net
Assets
(000
) Expenses (c) Net
Investment
Income (Loss
) Portfolio
Turnover
Rate
(d)
                                     
                                     
    0.27 %   (5.51 )% $ 840,823     1.85 %**   5.79 %**   5 %
    4.73     8.04     853,745     1.54     6.14     10  
    6.91     3.34     788,577     1.28     6.27     11  
    6.54     11.49     684,109     1.25     6.64     9  
    18.90     18.31     686,299     1.28     7.14     13  
    (1.71 )   (9.71 )   618,394     1.28     7.34     16  

 

(b) Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NMZ        
Year Ended 10/31:        
2018(e)     0.82 %**
2017     0.49  
2016     0.24  
2015     0.17  
2014     0.19  
2013     0.20  

 

(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e) For the six months ended April 30, 2018.
* Rounds to less than $0.01 per share.
** Annualized.

See accompanying notes to financial statements.

127

Financial Highlights (Unaudited) (continued)

 

                                                                     
    iMTP Shares
at the End of Period
  MFP Shares
at the End of Period
  MTP Shares
at the End of Period (a)
  VMTP Shares
at the End of Period
  VRDP Shares
at the End of Period
  iMTP, MFP,
MTP, VMTP
and /or
VRDP Shares
at the End
of the Period
 
    Aggregate
Amount
Outstanding
(000
) Aggregate
Coverage
Per $5,000
Share
  Aggregate
Amount
Outstanding
(000
) Asset
Coverage
Per $100,000
Share
  Aggregate
Amount
Outstanding
(000
) Asset
Coverage
Per $10
Share
  Aggregate
Amount
Outstanding
(000
) Asset
Coverage
Per $100,000
Share
  Aggregate
Amount
Outstanding
(000
) Asset
Coverage
Per $100,000
Share
  Asset
Coverage
Per $1
Liquidation
Preference
 
NVG                                                                    
Year Ended 10/31:                                                                    
2018(b)   $   $   $ 405,400   $ 277,351   $   $   $   $   $ 1,411,600   $ 277,351   $ 2.77  
2017                             240,400     300,955     1,411,600     300,955     3.01  
2016                             240,400     304,005     1,411,600     304,005     3.04  
2015                                     179,000     338,606      
2014                                     179,000     341,951      
2013                     108,000     31.69     92,500     316,883             3.17  
                                                                     
NZF                                                                    
Year Ended 10/31:                                                                    
2018(b)             305,000     260,645             336,000     260,645     727,000     260,645     2.61  
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  
2015     150,000     17,376                     81,000     347,528             3.48  
2014     150,000     17,440                     81,000     348,797             3.49  
2013                     70,000     34.19     169,200     341,851             3.42  

 

(a) The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

 

               
      2014     2013  
NVG              
Series 2014 (NVG PRCCL)              
Ending Market Value per Share   $   $ 10.09  
Average Market Value per Share     10.05 ^   10.11  
               
NZF              
Series 2016 (NZF PRC)              
Ending Market Value per Share   $   $ 10.10  
Average Market Value per Share     10.05 ^^   10.10  

 

(b) For the six months ended April 30, 2018.
^ For the period November 1, 2013 through December 23, 2013.
^^ For the period November 1, 2013 through April 11, 2014.
128

 

                           
                VMTP Shares  
    AMTP Shares   at the End of Period  
                           
      Aggregate     Asset     Aggregate     Asset  
      Amount     Coverage     Amount     Coverage  
      Outstanding     Per $100,000     Outstanding     Per $100,000  
      (000 )   Share     (000 )   Share  
NMZ                          
Year Ended 10/31:                          
2018(b)   $ 87,000   $ 1,066,463   $   $  
2017             87,000     1,081,317  
2016             87,000     1,006,411  
2015             87,000     886,333  
2014             87,000     888,850  
2013             87,000     810,798  
129

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

• Nuveen AMT-Free Municipal Credit Income Fund (NVG)

• Nuveen Municipal Credit Income Fund (NZF)

• Nuveen Municipal High Income Opportunity Fund (NMZ)

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NVG, NZF and NMZ were organized as Massachusetts business trusts on July 12, 1999, March 21, 2001 and October 8, 2003, respectively.

The end of the reporting period for the Funds is April 30, 2018, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2018 (the “current fiscal period”).

Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.

Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of the end of the reporting period, the following Fund’s outstanding when-issued/delayed delivery purchase commitments were as follows:

 

      NZF  
Outstanding when-issued/delayed delivery purchase commitments   $ 3,025,484  
130

Investment Income
Dividend Income is recorded on the ex-dividend date. Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.

Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (“the Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and 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 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data

131

Notes to Financial Statements (Unaudited) (continued)

and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

     
  Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
  Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
  Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.

Investments in investment companies are valued at their respective net asset value (“NAV”) on valuation date and are generally classified as Level 1.

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

 

                           
NVG     Level 1     Level 2     Level 3     Total  
Long-Term Investments:                          
Municipal Bonds*   $   $ 5,138,002,568   $   $ 5,138,002,568  
Corporate Bonds**             967,558 ****   967,558  
Short-Term Investments:                          
Municipal Bonds*         10,000,000         10,000,000  
Investments in Derivatives:                          
Interest Rate Swaps***         6,232,777         6,232,777  
Total   $   $ 5,154,235,345   $ 967,558   $ 5,155,202,903  
132

 

NZF     Level 1     Level 2     Level 3     Total  
Long-Term Investments:                          
Municipal Bonds*   $   $ 3,537,594,795   $   $ 3,537,594,795  
Investment Companies     3,171,754             3,171,754  
Corporate Bonds**             449,019 ****   449,019  
Total   $ 3,171,754   $ 3,537,594,795   $ 449,019   $ 3,541,215,568  

 

NMZ                          
Long-Term Investments:                          
Municipal Bonds*   $   $ 1,198,320,285   $ 1,071,857 **** $ 1,199,392,142  
Common Stock**     9,767,176             9,767,176  
Corporate Bonds**             20,258 ****   20,258  
Total   $ 9,767,176   $ 1,198,320,285   $ 1,092,115   $ 1,209,179,576  

 

* Refer to the Fund’s Portfolio of Investments for state classifications.
** Refer to the Fund’s Portfolio of Investments for industry classifications.
*** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
**** Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 

  (i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
  (ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

133

Notes to Financial Statements (Unaudited) (continued)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

 

Floating Rate Obligations Outstanding     NVG     NZF     NMZ  
Floating rate obligations: self-deposited Inverse Floaters   $ 192,750,000   $ 24,620,000   $ 302,258,000  
Floating rate obligations: externally-deposited Inverse Floaters     104,237,500     23,195,000     134,580,000  
Total   $ 296,987,500   $ 47,815,000   $ 436,838,000  
134

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  
Average floating rate obligations outstanding   $ 192,958,011   $ 29,365,746   $ 285,293,956  
Average annual interest rate and fees     1.82 %   1.83 %   1.81 %

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period NVG and NMZ had outstanding borrowings under such liquidity facilities in the amount of $1,486,242 and $793,368, respectively, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for NZF as of the end of the reporting period.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

 

Floating Rate Obligations – Recourse Trusts     NVG     NZF     NMZ  
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters   $ 152,540,000   $ 8,775,000   $ 233,188,000  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters     63,310,000     12,610,000     128,580,000  
Total   $ 215,850,000   $ 21,385,000   $ 361,768,000  

Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain 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.

135

Notes to Financial Statements (Unaudited) (continued)

Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).

The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the swap contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.

Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the amount recorded on these transactions is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps.”

Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers for investments in swaps” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps” as described in the preceding paragraph.

The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.

During the current fiscal period, NVG continued to invest in forward interest rate swap contracts, as part of its duration management strategies, to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

         
      NVG  
Average notional amount of interest rate swap contracts outstanding*   $ 122,400,000  

 

* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.
136

The following table presents the fair value of all swap contracts held by NVG 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
            Asset Derivatives     (Liability) Derivatives  
Underlying     Derivative                          
Risk Exposure     Instrument     Location     Value     Location     Value  
NVG                                
Interest rate     Swaps (OTC     Unrealized appreciation   $ 1,776,517       $  
      Uncleared)     on interest rate swaps                    
Interest rate     Swaps (OTC             Payable for variation margin     4,456,260  
      Cleared)                 on swap contracts*        
Total               $ 1,776,517         $ 4,456,260  

 

* Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities and is not reflected in the cumulative unrealized appreciation (depreciation) presented above. Value represents the unrealized appreciation (depreciation) of swaps as reported in the Fund’s Portfolio of Investments and not the asset and/or liability amount as described in the table above.

The following table presents the Fund’s swap contracts subject to netting agreements, and the collateral delivered related to those swap contracts as of the end of the reporting period.

 

                            Gross Amounts Not Offset
on the Statement of
Assets and Liabilities
 
            Gross     Gross     Net Unrealized                    
            Unrealized     Unrealized     Appreciation           Collateral        
            Appreciation on     (Depreciation) on   (Depreciation) on         Pledged        
            Interest Rate     Interest Rate     Interest Rate     Financial     to (from )   Net  
Fund     Counterparty     Swaps **   Swaps **   Swaps     Instruments ***   Counterparty     Exposure  
NVG     JPMorgan Chase   $ 1,776,517   $   $ 1,776,517   $   $ (1,701,391 ) $ 75,126  
      Bank, N.A.                                      

 

** Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.
*** Represents inverse floating rate securities available for offset, when applicable.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

 

                        Change in Net  
                  Net Realized     Unrealized Appreciation  
      Underlying     Derivative     Gain (Loss) from   (Depreciation) of
Fund     Risk Exposure     Instrument     Swaps     Swaps  
NVG     Interest rate     Swaps   $ 20,980   $ 5,084,705  

Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

137

Notes to Financial Statements (Unaudited) (continued)

4. Fund Shares

Common Shares

Common Shares Equity Shelf Programs and Offering Costs
NMZ has filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during the current and prior fiscal period.

Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund’s NAV per common share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.

Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current and prior fiscal period were as follows:

 

  NMZ
    Six Months
Ended
4/30/18
    Year
Ended
10/31/17
 
Additional authorized common shares   15,700,000     21,200,000  
Common shares sold   669,558     5,696,100  
Offering proceeds, net of offering costs $ 9,084,815   $ 75,368,774  

Costs incurred by the Fund in connection with its initial shelf registration is 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 shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.

Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:

 

 

  NMZ
Common shares:   Six Months
Ended
4/30/18
    Year
Ended
10/31/17
 
Issued to shareholders due to reinvestment of distributions   20,267     68,955  
Sold through shelf offering   669,558     5,696,100  
             
Weighted average common share:            
Premium to NAV per shelf offering share sold   1.13 %   1.30 %

Preferred Shares

Adjustable Rate MuniFund Term Preferred Shares
NMZ 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, NMZ had $86,867,364 AMTP Shares outstanding, at liquidation preference, net of deferred offering costs. Further details of NMZ’s AMTP Shares outstanding as of the end of the reporting period, were as follows: 

 

Fund     Series     Shares
Outstanding
    Liquidation
Preference
 
NMZ     2028     870   $ 87,000,000  
138

 

The 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 Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s AMTP Shares are as follows:

 

    Notice       Term Premium  
Fund   Period   Series   Redemption Date Expiration Date  
NMZ   360-day   2028   March 1, 2028* August 31, 2018  

 

* Subject to early termination by either the Fund or the holder.

The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

         
      NMZ *
Average liquidation preference of AMTP Shares outstanding   $ 87,000,000  
Annualized dividend rate     2.30 %

 

* For the period February 26, 2018 through April 30, 2018

 

AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.

 

AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

 

NMZ incurred offering costs of $135,000 in connection with its offering of AMTP Shares were recorded as deferred charges which are amortized over the life of the shares and are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

 

MuniFund Preferred Shares
The following Funds have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 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, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

.

139

Notes to Financial Statements (Unaudited) (continued)

 

  Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
   
Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
   
  The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
   
Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, Shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
   
  The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement 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.

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.

NVG and NZF incurred offering costs of $295,000 and $290,000, respectively in connection with their offering of MFP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

As of the end of the reporting period, NVG and NZF had $405,094,990 and $304,389,774 MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:

 

Fund     Series     Shares
Outstanding
    Liquidation
Preference
    Term
Redemption Date
    Mode     Mode
Termination
Date
 
NVG     A     4,054   $ 405,400,000     January 3, 2028     VRM     January 3, 2028*  
NZF     A     1,500   $ 150,000,000     May 1, 2047     VRM     May 1, 2047*  
      B     1,550     155,000,000     February 3, 2048     VRM     February 3, 2048*  

 

* 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  
Average liquidation preference of MFP Shares outstanding   $ 405,400,000   $ 213,370,166  
Annualized dividend rate     2.02 %   2.04 %

 

** For the period January 29, 2018 (first issuance of shares) through April 30,2018.
140

 

Variable Rate MuniFund Term Preferred Shares
The Funds have issued and have outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.

On January 29, 2018, NVG redeemed all of its outstanding Series 2018 VMTP Shares and on February 26, 2018, NMZ redeemed all of its outstanding Series 2018 VMTP Shares. Each Fund’s VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of MFP Shares (as described above in MuniFund Preferred Shares).

As of the end of the reporting period, NZF had $335,980,501 VMTP Shares outstanding, at liquidation preference, net of deferred offering costs. Further details of NVG’s VMTP Shares outstanding as of the end of the reporting period, were as follows:

 

Fund     Series     Shares
Outstanding
    Liquidation
Preference
 
NZF     2019     3,360   $ 336,000,000  

The Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s VMTP Shares are as follows:

 

Fund     Series     Term
Redemption Date
    Premium
Expiration Date
 
NZF     2019     July 1, 2019     May 31, 2017  

The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

                     
      NVG *   NZF     NMZ **
Average liquidation preference of VMTP Shares outstanding   $ 240,400,000   $ 336,000,000   $ 87,000,000  
Annualized dividend rate     2.09 %   2.29 %   2.03 %

 

* For the period November 1, 2017 through January 28, 2018.
** For the period November 1, 2017 through February 25, 2018.

VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.

Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Costs incurred in connection with each Fund’s offering of VMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

In conjunction with NVG’s and NMZ’s redemption of VMTP Shares, the remaining deferred cost of $6,931 and $6,482, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.

141

 

Notes to Financial Statements (Unaudited) (continued)

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 $1,407,633,477 and $721,949,584 VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:

 

Fund     Series     Shares
Outstanding
    Liquidation
Preference
    Maturity  
NVG     1     1,790   $ 179,000,000     December 1, 2043  
      2     3,854   $ 385,400,000     December 1, 2040  
      4     1,800   $ 180,000,000     June 1, 2046  
      5     3,405   $ 340,500,000     December 1, 2040  
      6     3,267   $ 326,700,000     December 1, 2040  
NZF     1     2,688   $ 268,800,000     March 1, 2040  
      2     2,622   $ 262,200,000     March 1, 2040  
      3     1,960   $ 196,000,000     June 1, 2040  

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 of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.

NVG’s Series 1 and Series 4 VRDP Shares are considered to be Special Rate Period VRDP, which are sold to institutional investors. 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. 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 will transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, unless the Board approves a subsequent special rate period.

During the current fiscal period, NZF designated a special rate period until November 7, 2018, for the Fund’s Series 1 and 2 VRDP Shares. In connection with the transition to the special rate period, the series of VRDP Shares have been remarketed and sold to an institutional investor. 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. During the 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 will transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by designated liquidity provider, unless the Board approves 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     1.58 %   1.79 %

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.

142

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, 2018
 
NVG     Series     Shares     Amount  
AMTP Shares issued     2028     870   $ 87,000,000  

Transactions in iMTP Shares for the Funds, where applicable, were as follows:

 

 

  Year Ended
October 31, 2017
NZF     Series     Shares     Amount  
iMTP Shares redeemed     2017     (30,000 ) $ (150,000,000 )

Transactions in MFP Shares for the Funds, where applicable, were as follows:

 

                     
    Six Months Ended
    April 30, 2018
NVG     Series     Shares     Amount  
MFP Shares issued     A     4,054   $ 405,400,000  

 

   

Six Months Ended

 
    April 30, 2018  
NZF     Series     Shares     Amount  
MFP Shares issued     B     1,550   $ 155,000,000  

Transactions in MFP Shares for the Funds, where applicable, were as follows: 

                     
    Year Ended
    October 31, 2017
NZF     Series     Shares     Amount  
MFP Shares issued     A     1,500   $ 150,000,000  

Transactions in VMTP Shares for the Funds, where applicable, were as follows: 

                     
    Six Months Ended
    April 30, 2018
NVG     Series     Shares     Amount  
VMTP Shares redeemed     2018     (2,404 ) $ (240,400,000 )

 

                     
    Six Months Ended
    April 30, 2018
NMZ     Series     Shares     Amount  
VMTP Shares exchanged     2018     (870 ) $ (87,000,000 )

Transactions in VRDP Shares for the Funds, where applicable, were as follows:

 

    Year Ended
    October 31, 2017
NVG     Series     Shares     Amount  
VRDP Shares issued     5     3,405   $ 340,500,000  
      6     3,267     326,700,000  
VRDP Shares exchanged     3     (6,672 )   (667,200,000 )
Net increase (decrease)         $  
143

Notes to Financial Statements (Unaudited) (continued)

5. 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  
Purchases   $ 419,742,535   $ 479,529,894   $ 122,667,574  
Sales and maturities     254,401,736     359,148,797     57,766,998  

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 tables below present the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of April 30, 2018.

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  
Tax cost of investments   $ 4,637,400,128   $ 3,295,562,512   $ 878,675,682  
Gross unrealized:                    
Appreciation   $ 343,102,442   $ 256,816,367   $ 78,583,104  
Depreciation     (24,281,499 )   (35,783,334 )   (50,335,607 )
Net unrealized appreciation (depreciation) of investments   $ 318,820,943   $ 221,033,033   $ 28,247,497  
                     
                     
                  NVG  
Tax cost of swaps               $ 1,017  
Net unrealized appreciation (depreciation) of swaps               $ 6,232,777  

Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, nondeductible reorganization expenses, taxable market discount, distribution reallocations, and expiration of capital loss carryforwards, resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2017, the Funds’ last tax year end, as follows:

 

                     
      NVG     NZF     NMZ  
Paid-in-surplus   $ (592,189 ) $ (483,872 ) $ (30,940,085 )
Undistributed (Over-distribution of) net investment income     469,433     113,435     (13,567 )
Accumulated net realized gain (loss)     122,756     370,437     30,953,652  
144

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2017, the Funds’ last tax year end, were as follows:

 

                     
      NVG     NZF     NMZ  
Undistributed net tax-exempt income1   $ 9,073,422   $ 7,707,977   $ 1,041,123  
Undistributed net ordinary income2     1,319,977     1,543,414     594,321  
Undistributed net long-term capital gains              

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 2, 2017, and paid on November 1, 2017.
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, 2017, was designated for purposes of the dividends paid deduction as follows:

 

                     
      NVG     NZF     NMZ  
Distributions from net tax-exempt income   $ 197,183,447   $ 141,959,988   $ 49,678,186  
Distributions from net ordinary income2     231,498     286,558     306,114  
Distributions from net long-term capital gains     5,905,855     255,176      

 

2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

As of October 31, 2017, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

 

      NVG     NZF 3   NMZ 3
Expiration:                    
October 31, 2018   $   $   $ 1,362,739  
Not subject to expiration     11,069,711     24,481,773      
Total   $ 11,069,711   $ 24,481,773   $ 1,362,739  

 

3 A portion of NZF’s and NMZ’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

As of October 31, 2017, the Funds’ last tax year end, the following Funds’ capital loss carryforwards expired as follows:

 

               
      NVG     NMZ  
Expired capital loss carryforwards   $ 322,087   $ 30,734,989  

During the Funds’ last tax year ended October 31, 2017, the following Funds utilized capital loss carryforwards as follows:

 

               
      NVG     NMZ  
Utilized capital loss carryforwards   $ 624,345   $ 4,671,028  

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.

145

Notes to Financial Statements (Unaudited) (continued)

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:

         
      NVG
      NZF
Average Daily Managed Assets*     Fund-Level Fee Rate
For the first $125 million     0.5000 %
For the next $125 million     0.4875  
For the next $250 million     0.4750  
For the next $500 million     0.4625  
For the next $1 billion     0.4500  
For the next $3 billion     0.4250  
For managed assets over $5 billion     0.4125  

 

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

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:

 

Complex-Level Eligible Asset Breakpoint Level*   Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion     0.2000 %
$56 billion     0.1996  
$57 billion     0.1989  
$60 billion     0.1961  
$63 billion     0.1931  
$66 billion     0.1900  
$71 billion     0.1851  
$76 billion     0.1806  
$80 billion     0.1773  
$91 billion     0.1691  
$125 billion     0.1599  
$200 billion     0.1505  
$250 billion     0.1469  
$300 billion     0.1445  

 

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2018, the complex-level fee for each Fund was 0.1595%.

Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled

146

inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.

During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:

 

         
Inter-Fund Trades     NZF  
Purchases   $ 37,045,331  
Sales     38,218,714  

8. Borrowing Arrangements

Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $3 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. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2018 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Funds utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows: 

               
      NVG     NZF  
Maximum Outstanding Balance   $ 42,557,485   $ 78,500,000  

During the Fund’s utilization period, during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

               
      NVG     NZF  
Average daily balance outstanding   $ 14,600,000   $ 13,215,152  
Average annual interest rate     2.46 %   2.31 %

Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable. NMZ did not utilize this facility during the current fiscal period.

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

147

 

Notes to Financial Statements (Unaudited) (continued)

net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

9. New Accounting Pronouncements

FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.

FASB ASU 2016-18: Statement of Cash Flows – Restricted Cash (“ASU 2016-18”)
The FASB has issued ASU 2016-18, which will require entities to include the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the beginning and ending cash balances in the Statement of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is currently evaluating the implications of ASU 2016-18, if any.

10. Subsequent Events

VRDP Shares
On June 21, 2018, NVG’s Series 4 VRDP Shares transitioned out of the special rate period.

VMTP and MFP Shares
On June 28, 2018, NZF redeemed all of its outstanding Series 2019 VMTP Shares at their $100,000 liquidation value per share, plus dividend amounts owed, with the $336,000,000 of proceeds from newly issued Series C MFP Shares.

148

 

Additional Fund Information

 

Board of Trustees          
Margo Cook* Jack B. Evans William C. Hunter Albin F. Moschner John K. Nelson William J. Schneider
Judith M. Stockdale Carole E. Stone Terence J. Toth Margaret L. Wolff Robert L. Young  
           
* Interested Board Member.          
           

 

Fund Manager Custodian Legal Counsel Independent Registered Transfer Agent and
Nuveen Fund Advisors, LLC State Street Bank Chapman and Cutler LLP Public Accounting Firm Shareholder Services
333 West Wacker Drive 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   250 Royall Street
      Chicago, IL 60601   Canton, MA 02021
          (800) 257-8787
           

Quarterly Form N-Q Portfolio of Investments Information

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

Nuveen Funds’ Proxy Voting Information

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

           

CEO Certification Disclosure

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

           

Common Share Repurchases

Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

  NVG NZF NMZ
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.

149

 

Glossary of Terms Used in this Report

 

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
NVG and NZF Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 4/11/16 and thereafter the returns of an 60%/40% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The

 

150

 

  S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond High Yield Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade U.S. high yield municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
The 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 fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
151

 

Reinvest Automatically, Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan

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

Easy and convenient

To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

152

Notes

153

Notes

154

Notes

155

 

Nuveen:
Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com   ESA-C-0418D 527616-INV-B-06/19

 

 

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

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

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

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(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 Municipal High Income Opportunity Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: July 9, 2018
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: July 9, 2018
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 9, 2018